The most crucial time for the profession of CAs i.e. 3 yearly elections of the Institute are scheduled for December 4-5, 2015. How we exercise our vote will decide future of each one of us. The role being played by the Elected Central Council & the Regional Council is very crucial and it is important to understand while voting that We need a leadership which takes the profession in a right Direction, new and larger professional opportunities are harnessed nationally as well as internationally,we meet various challenges as a profession and all members are effectively, efficiently and respectfully deliver professional services and add a highly acclaimed value to the corporate, while being in employment.
Opportunities for Startups in Union Budget 2022Vinit Deo
Posiview Ventures along with Centre for Innovation Incubation and Enterprise(CIIE), SPPU (Pune University) is glad to present its
Knowledge Capsule on Union Budget 22-23 : Opportunities for Start-ups.
We hope you find it useful.
Dr. Apoorva Palkar
Director - Innovation, Incubation & Linkages
Savitribai Phule Pune University
CA Vinit Deo
CA Prajakta Shetye-Deo
Posiview Ventures
mdoffice@posiview.in
#sppu #ciie #posiviewventures #languageofgrowth #budget22 #startups #innovation #startupindia #venturecapital
The present situation of foreign direct investment in Bangladesh comes next in the report. This part shows us foreign direct investment in Bangladesh is increasing gradually though still not up to the satisfactory level with some necessary statistics. The foreigners perceive Bangladesh as a country of natural disaster and political instability which is another reason for the low flow of invest able funds.
The National Commission for Enterprises in the Unorganised Sector (NCEUS) was set up in 2004 by the United Progressive Alliance (UPA) government as an advisory body and a watchdog for the informal sector. In this report, the Commission discusses the technological needs of the unorganised sector and makes recommendations to increase the productivity, employment and earnings of the sector’s enterprises and the workers.
The report states that more than 94 per cent of enterprises in India are in the unorganised sector, many of them in rural India – micro, khadi and village enterprises such as handlooms, handicrafts, coir, leather, apparel, food processing and retail trade, which contribute over 31 per cent to GDP. The Third All India Census of Small Scale Industries (2001-02) says that more than 85 per cent of the total registered small-scale industry (SSI) units did not have access to technical know-how.
The post-liberalisation business environment had become difficult for micro and small enterprises because of increased domestic and international competition. They were not prepared for the ensuing challenges. This report highlights the consequent issues, including low incomes, inadequate credit, low education levels, a lack of training, difficulties in procuring materials, logistics and low sales margins. It lists recommendations to overcome each of these challenges, with a focus on improving the overall efficiency of the sector.
Atmanirbhar Bharat Stimulus decoded for Startups3one4 Capital
3one4 Capital is happy to help India’s startups decode the “Atmanirbhar Bharat” stimulus package. The scope of this note is limited to general areas of business and for measures that would be directly applicable to a majority of the portfolio companies. All founders are encouraged to go through the presentations for additional details. For specific measures for certain industries (agriculture, NBFCs, etc), kindly consult the presentation or reach out to the 3one4 Capital team. We are here to help. If you have any queries, reach us at hello@3one4capital.com
Includes expectations from the Union Budget of 2016 in 3 sectors - Infrastructure, Startup Funding and Ease of Doing Business. It includes an analysis of policies in the Budget of 2015 and a log of measures the Government could take up
Opportunities for Startups in Union Budget 2022Vinit Deo
Posiview Ventures along with Centre for Innovation Incubation and Enterprise(CIIE), SPPU (Pune University) is glad to present its
Knowledge Capsule on Union Budget 22-23 : Opportunities for Start-ups.
We hope you find it useful.
Dr. Apoorva Palkar
Director - Innovation, Incubation & Linkages
Savitribai Phule Pune University
CA Vinit Deo
CA Prajakta Shetye-Deo
Posiview Ventures
mdoffice@posiview.in
#sppu #ciie #posiviewventures #languageofgrowth #budget22 #startups #innovation #startupindia #venturecapital
The present situation of foreign direct investment in Bangladesh comes next in the report. This part shows us foreign direct investment in Bangladesh is increasing gradually though still not up to the satisfactory level with some necessary statistics. The foreigners perceive Bangladesh as a country of natural disaster and political instability which is another reason for the low flow of invest able funds.
The National Commission for Enterprises in the Unorganised Sector (NCEUS) was set up in 2004 by the United Progressive Alliance (UPA) government as an advisory body and a watchdog for the informal sector. In this report, the Commission discusses the technological needs of the unorganised sector and makes recommendations to increase the productivity, employment and earnings of the sector’s enterprises and the workers.
The report states that more than 94 per cent of enterprises in India are in the unorganised sector, many of them in rural India – micro, khadi and village enterprises such as handlooms, handicrafts, coir, leather, apparel, food processing and retail trade, which contribute over 31 per cent to GDP. The Third All India Census of Small Scale Industries (2001-02) says that more than 85 per cent of the total registered small-scale industry (SSI) units did not have access to technical know-how.
The post-liberalisation business environment had become difficult for micro and small enterprises because of increased domestic and international competition. They were not prepared for the ensuing challenges. This report highlights the consequent issues, including low incomes, inadequate credit, low education levels, a lack of training, difficulties in procuring materials, logistics and low sales margins. It lists recommendations to overcome each of these challenges, with a focus on improving the overall efficiency of the sector.
Atmanirbhar Bharat Stimulus decoded for Startups3one4 Capital
3one4 Capital is happy to help India’s startups decode the “Atmanirbhar Bharat” stimulus package. The scope of this note is limited to general areas of business and for measures that would be directly applicable to a majority of the portfolio companies. All founders are encouraged to go through the presentations for additional details. For specific measures for certain industries (agriculture, NBFCs, etc), kindly consult the presentation or reach out to the 3one4 Capital team. We are here to help. If you have any queries, reach us at hello@3one4capital.com
Includes expectations from the Union Budget of 2016 in 3 sectors - Infrastructure, Startup Funding and Ease of Doing Business. It includes an analysis of policies in the Budget of 2015 and a log of measures the Government could take up
Newsletter on daily professional updates- 21/03/2020CA PRADEEP GOYAL
“A hero is an ordinary individual who finds the strength
to persevere and endure in spite of overwhelming obstacles.”
Here is your Daily dose of professional updates 21.03.2020
The recent statement of Shri Narendra Modi, the Prime Ministerial Candidate of BJP that the BJP is very seriously examining to bring in a more friendly tax structure is heartily welcome. It is important to analyze the current issues and options available before the policy makers to initiate a meaningful public debate.
Challenges of Doing Business in india - Corruption, Efficiency and the Way Fo...IPPAI
Mr. Dhanendra Kumar
Former Chairman CCI, & Principal Advisor
Indian Institute of Corporate Affairs
Ministry of Corporate Affairs, Govt. of India
at RPR 2012, 23-26 August, Goa, India
“Knowledge is like a garden; if it is not cultivated, it cannot be harvested.” Hi Good morning, attached today's newsletter dated 17.09.2020. have a great day ahead
we are here to help you in the duration of your preparation
feel free to contact us for any query regarding your exam
contact us at : 9454721860, 0522-4241011
or log on to our website : www.iasnext.com
Zinnov Management Consulting provides an insightful comparison between Special Economic Zones (SEZ) and Software Technology Parks (STP) in the current Indian Landscape
Newsletter on daily professional updates- 21/03/2020CA PRADEEP GOYAL
“A hero is an ordinary individual who finds the strength
to persevere and endure in spite of overwhelming obstacles.”
Here is your Daily dose of professional updates 21.03.2020
The recent statement of Shri Narendra Modi, the Prime Ministerial Candidate of BJP that the BJP is very seriously examining to bring in a more friendly tax structure is heartily welcome. It is important to analyze the current issues and options available before the policy makers to initiate a meaningful public debate.
Challenges of Doing Business in india - Corruption, Efficiency and the Way Fo...IPPAI
Mr. Dhanendra Kumar
Former Chairman CCI, & Principal Advisor
Indian Institute of Corporate Affairs
Ministry of Corporate Affairs, Govt. of India
at RPR 2012, 23-26 August, Goa, India
“Knowledge is like a garden; if it is not cultivated, it cannot be harvested.” Hi Good morning, attached today's newsletter dated 17.09.2020. have a great day ahead
we are here to help you in the duration of your preparation
feel free to contact us for any query regarding your exam
contact us at : 9454721860, 0522-4241011
or log on to our website : www.iasnext.com
Zinnov Management Consulting provides an insightful comparison between Special Economic Zones (SEZ) and Software Technology Parks (STP) in the current Indian Landscape
The election to the Council of the Institute of the Chartered Accountants of India- Central Council and Regional Councils has been notified and are scheduled on December 3, 2015 and Dec 4, 2015. These elections are very important for Chartered Accountants Community as a whole including members in practice, members in employment as well as members in Industry/ Businesses.
GOVERNMENT SHOULD DESIST FROM INTERFERING IN THE CA PROFESSIONNeha Sharma
Over the last few years, the Government is bent upon interfering in the affairs of the CA profession being regulated by the Institute of Chartered Accountants of India, a body set up by an Act of the Parliament. Satyam episode is being cited as the example for mismanagement and lack of regulation.
INDIAN ECONOMY LOOKING FOR DIRECTION FOR INDIA TO SHINE AGAINNeha Sharma
The Indian economy is in the threshold of a big leap towards India shining once again, but the main stumbling block being a sense of confusion about government policies, scarcity of low cost adequate money for funding further investments and most importantly India Inc. awaiting for specific policy decisions and creative actions in the areas which has been adversely impacted due to lack of policy initiative.
NON PERFORMING ASSETS – NEED FOR PRAGMATIC & PRACTICAL REGULATORY FRAMEWORK Neha Sharma
The Reserve Bank of India, Indian Banks Association, almost all Public Sector Banks and the Indian businesses are deeply concerned about significant rise in nonperforming assets during last one year. The Indian economy has been passing through unprecedented turbulent times. Many important sectors of the economy have been adversely affected.
The general public and the society including top bureaucrats, politicians, media personnel, social activists, thinkers, intellectuals and policy makers and those who determine the future directions of the society and the economy expect the auditing profession to perform the roles of a watchdog who can monitor the auditee entity comprehensively to ensure that interest of owners, minority shareholders, investors, bankers, government, regulators, suppliers, customers and other stake holders are fully protected. Most importantly interest of the auditee entity are preserved and various financial and operational decisions taken by the management at various levels were in the interest of the company and were within the policy framework laid down by the Board.
Indian economy towards growth momentum strategic moves neededNeha Sharma
In a recent international survey Indian economy has been rated as the 3rd largest economy of the world, after USA and China, on the basis of Purchase Power Parity (PPP). IMF has also projected a smart recovery of growth rate of Indian GDP to around 5.5% to 6% in next 2 years.
INDIAN ECONOMY THE SHOW MUST GO ON GROWTH PADDLENeha Sharma
The monsoon session of parliament was over without transacting any meaningful business.In this process, the government could not get the constitutional amendment passed by Rajya Sabha (Lok Sabha has already passed the bill) to bring Goods and Service Tax (GST) to replace Excise, VAT and few other indirect taxes. Even the Land Acquisition Bill to facilitate Industrial Development and other public purposes was deffered on the recommendation of the joint parliamentary comittees.
The initiatives proposed by honourable Finance Minister in his budget speech on February 28, 2016 to effectively deal with the problem of black money, which eats into vitals of our society and economy, are highly commendable. The measures initiated by the government in the last nine months to bring back the black money in Swiss Banks has already brought very fruitful results and the names and the details of possible offenders have already been disclosed to Special Investigation Team set up by honorable Supreme Court.
Ease of doing business challenges persistingNeha Sharma
The new government has been brought to power by electorate of our nation along with large expectations by industry, businesses and professions and other stakeholders of the Indian economy.
Companies Act 2013 and the draft Rules towards better corporate GovernanceNeha Sharma
The Companies Act 2013 has already been passed by the Parliament and has also received the assent of the President. The government is expected to announce the date from which the specific section of the new Act will come in force.
FALL IN RUPEE - A MAJOR CONCERN FOR THE ECONOMYNeha Sharma
The recent fall of the Indian rupee visà-vis US Dollar and other major currencies have caused serious concern in the business, profession and Indian intellectuals. The fall of Indian rupee indicate serious inherent weakness of the Indian economy and in spite of some arrests of the inflationary tendency the overall outlook is very weak. Some major indicators include:
MSME Summit - R&D and IPR Support Schemes - Part - 6Resurgent India
MSME Summit - R&D and IPR Support Schemes - Part - 6
. R&D Funding scheme provides funds to institutions/ organizations in the area of research and development, for technical collaboration, etc.
The Delhi high court, in a leading judgement delivered on 3rd June, 2016, has declared service tax audit being conducted by Central Excise and Service tax department as ultra virus, in the matter of Mega Cabs Vs UOI. The matter was argued by Mr. J.K. Mittal, FCA as advocate of the petitioner.
Micro, Medium and Small Enterprises
It is helpful for enterpreneurs and persons having interest in economy and want to gain knowledge regarding society.
You can contact me directly for any type of assistance
The BJP Government is on the verge of completing a year and has now stabilised. Major economic initiatives and actions are emerging for a high growth oriented economy.
The topic was delivered by Shri B.S. Mubarak IFS, Director (South) – Ministry of External Affairs, Government of India, Delhi | Former Consul General of India in Saudi Arabia.
Financial Management eLearning:
By Md.Monowar Hossain FCA, CPA,FCMA,FCS,CIPFA(UK),CGA
https://youtu.be/4TxjrE7gZxY
Soft copy:
https://drive.google.com/drive/folders/1dJ16AMJ9NuwGa3GDrYpm5clEb5QGdbRc?usp=sharing
Fundamentals of Ethics, Corporate Governance, and Business Laws
Module -02: Ethics and Business (cont.)
4. The role of national ‘Professional Oversight Boards for Accountancy’ and ‘Auditing Practices Boards’.
5.Financial Reporting Council (FRC) Bangladesh.
FEMALE SECURITY - A MATTER OF MAJOR CONCERNNeha Sharma
The recent incidents in Delhi followed by the mass protests at India Gate and all across the nation have brought to light a major threat to safety and security of females in the country. The profession of Chartered Accountancy consists of a substantial number of female members and about 50% CA students are also female.
CII has identified accelerating growth and creating employment as the foremost priorities for the nation as we recover from two years of slow growth and falling investments. We believe that a proactive reform agenda could lift GDP growth to 6.5 per cent this year and to above 8 per cent by 2016-17. The objective should be to create 150 million jobs over the next decade. The CII Theme for the year therefore is ‘Accelerating Growth, Creating Employment’.
In this issue of Policy Watch, we examine the critically important enablers that have the potential to boost economic growth, and help India return to a high-growth trajectory. These enablers include:
• Education System
• Skill Development
• Economic Growth
• Manufacturing Sector Growth
• Investments
• Ease of Doing Business
• Export Competitiveness
• Legal and Regulatory Architecture
• Labour Law Reforms
• Entrepreneurship
India Inc. endorses Government’s Speed of Decision making and Implementation Agenda. Sumit Mazumder, President, CII, addressed CII's first Press Conference on its National Agenda 2015-16. Since coming to power in May 2014, the new government has adopted several measures to generate positive sentiment about the Indian economy. CII’s theme for the year is to Build India: Invest in Development. This would involve CII’s engagement in four broad areas: promoting growth and competitiveness, developing human capital, promoting infrastructure investments encouraging social development. CII is involved in three national missions – on smart cities, on digital India and on Sanitation in schools. CII is working with central, state and local governments for the successful implementation of these missions.
The March-April edition of the Multilateral Newsletter gives insights on the key happenings at the various multilateral institutions and highlights the key discussions and deliberations at the informal WTO Ministerial Meeting held in New Delhi.
WTO plays a vital role by bringing stability and predictability to the multilateral trading system. It is a collective responsibility of WTO members to address the challenges faced by the system and putting the economies back on steady and meaningful way forward.
Several proposals and initiatives on investment facilitation were tabled at the WTO in the run-up to the 11th Ministerial Conference. The proponents advocated discussions on Investment Facilitation within the WTO framework. However, there was no consensus on initiating negotiations, or even establishing a Work Programme, on Investment Facilitation. A clear need of more work to look at all aspects of a potential multilateral rules on Investment, particularly on its impact on domestic policy space was stated.
In order to deepen the understanding between the member it is important that an open, transparent and inclusive approach of decision making for the various interventions. The informal WTO Ministerial gathering in New Delhi saw convergence of around 53 members representing a broad spectrum of the WTO membership.
CII, as an Industry Institution is cognizant of the need for India to engage constructively in some of the new issues being discussed under the WTO framework.
Introduction to MSMEs in India, Key Government Policies and Support for MSMEs, Ease of Doing Business : The India Story, Financing Sources for MSMEs, MSME Issues and Challenges and Role of Information Technology and Innovation
The November issue of #PolicyWatch focuses on the overall state of #MSME development in the country, opportunities for MSMEs in some critical sectors, some of the latest MSME initiatives by the Government demonstrating its commitment towards the melioration of business environment for MSMEs and significant policy recommendations in various areas that will assist in putting Indian MSMEs on a high growth trajectory.
Similar to ICAI Elections -Your Vote will make the Difference (20)
FINANCE BILL 2012 – MAJOR ISSUES AND CHALLENGESNeha Sharma
The Finance Bill 2012 was presented in the Lok Sabha recently and is under consideration of the Parliament. A very heated debate is happening on several new provisions and issues arising there from.
RBI AS WELL AS GOVERNMENT OF INDIA MUST RECONSIDER RELAXATION ALLOWED RECENTL...Neha Sharma
The RBI had set up a committee to review various important aspects of audit of public sector banks. The committee, despite serious objections by the Central Council of the Institute of Chartered Accountants of India, gave its interim report recently which inter alia include exemption from audit of branches having Rs. 100 crore advances for large banks and Rs. 50 crore advances for mid size banks. On the basis of the report, RBI has recommended that all the branches of public sector banks having less than Rs. 20 crore advances should be exempted from audit, except once in 5 years.
INDIAN ECONOMY: CHALLENGES AND EXPECTATIONSNeha Sharma
The Reserve Bank of India has recently released a small dose of liquidity by reducing Cash Reserve Ratio (CRR) by 0.5% for the commercial banks. Government borrowings have swallowed significant resources from the banking sector in recent months. The Liquidity with banking sector is still a major issue.
NATION UNDER ANGUISH - ACRIMONIOUS ENVIRONMENT Neha Sharma
The recent announcements of election results are historic and has brought to light serious concerns of the nation, the economy, society and most importantly public at large about the current political as well as economic state of affairs. This is very clear from active involvement and a record turnout of voters for the election.
Election in 4 States: Expectations from the GovernmentNeha Sharma
The Indian democracy is in an active mode in the backdrop of NovemberDecember Elections in 4 important States. The performance of the State Government as well as of the Central Government is under active analysis. The national economic and political scenario will have a major bearing on the voting pattern.
COMPANIES ACT, 2013 - CORPORATE GOVERNANCE IN NEW DIRECTIONSNeha Sharma
The Government of India has already notified 98 sections of the new Companies Act and has also announced draft rules in 1st phase as well as in 2nd phase on most of the chapters of Companies Act, 2013. It may be an interesting debate to examine certain issues having wider implications.
INDIAN MANUFACTURING SECTOR NEED FOR A POSITIVE ENVIRONMENT FOR GROWTHNeha Sharma
The Indian Economy, the Government, the public at large and specially the people who are in industry, manufacturing sector, service sector or any other arena of business activity , all are deeply concerned with poor growth rate of manufacturing sector during last 2 to 3 years and specially in 2012-13.
The Union Budget was presented on 28th February, 2013 in the Parliament. It was being touted as a good mix of growth and reform. The major challenges outlined by the Economic Survey, RBI as well as by the FM were in respect of considerably reduced estimated growth of GDP, increase in fiscal deficit, mounting current account deficit and high inflation rate.
Young Chartered Accountants - New Age CAs, A New Age PowerNeha Sharma
The profession of chartered accountants has enrolled a large number of students in last 7 years and accordingly the number of young bright students who are qualifying as chartered accountants has also grown significantly. This is being seen as a major challenge for the entire profession. We perceive this as a major opportunity not only for the profession, the young chartered accountants, and young C.A. students but also for the entire nation - our motherland INDIA.
INCOME DECLARATION SCHEME A time to come cleanNeha Sharma
The IDS scheme announced by the government is open till 30th September, 2016. It is an important opportunity and the government has committed to not to seek any details or source of money earned and assets created once disclosed in terms of the scheme.
The Indian profession of Chartered Accountants has in recent past faced a large number of challenges including aspersions on their integrity and independence arising out of certain large scale financial frauds and manipulation of financial statements by banks, investment banks and large companies outside India including companies like Satyam in India. The Institute of Chartered Accountants of India have severely punished those who were found guilty in various financial frauds and even removed certain chartered accountants found guilty for Satyam scam for their life from the membership of the Institute. Most of these corporate failures did not had any Indian origin CA firm as their Auditors.
Make in india – a formidable step in right directionNeha Sharma
Make in India campaign of Prime Minister Narendra Modi has evoked lots of attention all over the world. Prospective investors from China, Japan, USA etc are eagerly watching changes being made in the directions of investment liberalization . There is no doubt that with this PM has taken a major initiative to bring Indian and International Corporate Sector on one platform to aggressively boost industrial production and growth in India.
At the outset, the new BJP led NDA Government is to be congratulated for winning the General Election with a thumping majority. The agenda of the BJP government in the shape of their visionary Election Manifesto will lead the direction to a Growth oriented, people friendly, consensus driven policies.
Indian economy towards growth momentum strategic moves neededNeha Sharma
In a recent international survey Indian economy has been rated as the 3rd largest economy of the world, after USA and China, on the basis of Purchase Power Parity (PPP). IMF has also projected a smart recovery of growth rate of Indian GDP to around 5.5% to 6% in next 2 years.
The general election to Lok Sabha is the most important democratic process in the Indian Constitutional Framework. Current elections have attracted a huge turnout of the voters, clearly indicating to the political leadership that India need change and Indian democracy, economy and expectations of public and society is under transformation.
National General Election – Our vote to be decisiveNeha Sharma
The general elections have been announced and within 3 to 4 weeks voting process will commence. It is very important for the Chartered Accountants fraternity to actively participate in the election process not only by casting their votes but also actively participating in shaping the thought process of the society.
Our Honorable Chief Minister of Delhi, announced a special seven day drive of removing Malba, dust and garbage in case he receives photographs through a special mobile application. Huge amounts were spent on the entire exercise specially on advertisement. Delhi did not see any result and the outcome couldn't be measured, in the absence of accounting, Management Information System, proper checks and control and no provision for monitoring of outcome.
The issues of proper Financial Management and Corporate Governance have taken a centre stage. The Public Sector Banks as well as Private Sector Banks are witnessing acute rise in nonperforming assets, moving up to 4.6% in March, 2015, whereas stressed advances have increased to 11.1% of the total advance, from 8% about 2 year ago. The major reasons as per a research of a large sample are as follows:
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Cracking the Workplace Discipline Code Main.pptxWorkforce Group
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Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
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Attending a job Interview for B1 and B2 Englsih learnersErika906060
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Remote sensing and monitoring are changing the mining industry for the better. These are providing innovative solutions to long-standing challenges. Those related to exploration, extraction, and overall environmental management by mining technology companies Odisha. These technologies make use of satellite imaging, aerial photography and sensors to collect data that might be inaccessible or from hazardous locations. With the use of this technology, mining operations are becoming increasingly efficient. Let us gain more insight into the key aspects associated with remote sensing and monitoring when it comes to mining.
ICAI Elections -Your Vote will make the Difference
1. EDITORIAL
* Mr. Vinod Jain, FCA, FCS, FICWA, LL.B., DISA (ICA), Chairman, INMACS and Vinod Kumar & Associates. vinodjain@inmacs.com, vinodjainca@gmail.com, +91 9811040004
contd......Pg.3
ICAI Elections -Your Vote will make the Difference
1NOVEMBER 2015
The most crucial time for the
profession of CAs i.e. 3 yearly
elections of the Institute are
scheduled for December 4-5,
2015. How we exercise our vote
will decide future of each one of
us. The role being played by the
Elected Central Council & the
Regional Council is very crucial and
it is important to understand while
voting that We need a leadership
which takes the profession in a
right Direction, new and larger
professional opportunities are
harnessed nationally as well as internationally,we meet
various challenges as a profession and all members are
effectively, efficiently and respectfully deliver professional
services and add a highly acclaimed value to the corporate,
while being in employment.
Backdrop
The scenario in the society, economy, Industries, service
sector, international and domestic investment, technology
and regulatory frame work is changing very fast including:
Companies Act, 2013 and the rules hereunder have
recently given us a flavour of new challenges and
opportunities
International Financial Reporting Standards (IFRS)
phase 1 will be implemented in the current year ending
March 31, 2016.
The Goods &Services tax (GST) is likely to be
implemented very shortly, draft rules have started
pouring in.
The Income Tax Act is being comprehensively
modified by a Finance Minister appointed High
Powered Committee
The Economic growth is entering the phase of steep
growth momentum in next few months
Foreign Direct Investment (FDI) has recently crossed
highest record levels.
CA Vinod Jain*
Convener National Economic
Forum, Former Chairman BoS
and Member Central Council
Institute of Chartered
Accountants of India
Need of the Hour
In the above backdrop, the CA profession will have to
play a very crucial role not only in implementation of the
new laws but also in giving shape to new projects,
implement new regulations, establish controls, arrange
resources and to provide a strong footing for sustained
growth of business in India.
Creditbility and glory of the profession is
being tarnished by ulterior motives. A
strategic move is important to address this.
Role of Central Council
The Central Council is the top most policy making
governing body of the Institute which takes crucial
decision, actions and initiatives in respect of:
Education, training and examination of students
Development of specialised skills and capacity building
among members
Rejuvenation of senior members in the current
framework and update them comprehensively.
Setting up of Accounting Standards and Auditing
standards
To monitor quality of professional services and
prosecute erring members under its disciplinary
mechanism.
Auditing is core area of the profession for which it is
recognised and the goodwill of the institute and
members per se is directly attached to our
performance as auditors.
To negotiate international relationships with the
Institutes in various countries and International
Federation of Accountants(IFAC) , International
Auditing Standard Board (IASB), International
Accounting Standards Board (IASB) Confederation
of Asian Pacific Accountants (CAPA), South Asian
Federation of Accountants (SAFA), etc.
Ability to understand, appreciate, plan
and respond to various issues and
challenges is very crucial.
Volume XXVI | No. 11 | November 2015
2. 2
THE CHARTERED ACCOUNTANT WORLD
NOVEMBER 2015
LATEST IN FINANCE
2
1.0 Jan Dhan Bank Accounts gain currency with
` 400 crore daily transactions
The transaction volumes have been significant,
as indicated by the RuPay debit cards linked to
the accounts.The daily transactions have crossed
` 20 lakh as indicated by the card usage with the
average transaction size being 2,000 totalling to
` 400 Crore per day.
2.0 Government opens door for Private Airport
Developers
In a major boost to private airport developers,
the Union Government will continue to encourage
airport development through the Public- Private
Partnership (PPP) Model. Airports Authority of
India (AAI) will closely monitor the cost of
airports built through the PPP route.
3.0 NHAI to bridge Road Projects Funding Gap
The Cabinet Committee of Economic Affairs
(CCEA) decided to extend a one-time dispensation
for funds infusion by NHAI into such under-
construction build, operate and transfer or (toll)
highway projects announced earlier to stranded
BOT (annuity) projects also.
National Authority of India loan will carry an
interest of 9.75% (bank rate plus 2%).NHAI will
have the first charge on the receivables (toll/
annuity) once these projects are completed.
4.0 WorldBankmaintains7.5%GDPgrowthinFY16
The World Bank has maintained its growth
forecast for India at 7.5 per cent for 2015-16,
but marginally lowered the projections for 2016-
17 and 2017-18 to 7.8 per cent and 7.9 per cent,
respectively.
5.0 Non Residents given access to National
Pension Scheme
The Reserve Bank of India allowed Non Resident
Indians to subscribe to the national pension
scheme, governed and administered by the
Pension Fund Regulatory and Development
Authority, in a move which will allow non-
residents access to old-age income security.
6.0 Exempted PFs told to pay for investment
blunders
Employees’ Provident Fund Organisation has
warned exempted provident funds that losses
LATEST IN FINANCE
arising out of wrong investment decisions have
to be compensated by the manangement.
7.0 Food Ministry for Production Linked Subsidy
to sugarcane farmers
For holistic development of the sugar sector, the
Food Ministry has proposed direct payment of
`47.50 per quintal to growers out of total cane
price of ` 230 per quintal as production
subsidyfor 2015-16 seasons.
8.0 Foreign Ancillary Firms Plan in defence
sector- a new opportunity
Many foreign ancillary firms that supply defence
components to big manufacturers are moving to
set up base in the country, eyeing the thousands
of crores of opportunity that is set to open soon
with government raising foreign investment limit
for the sector and finalising an offset policy.
9.0 Major incentive in Export from India Scheme
The Commerce Ministry has expanded the ambit
of its Merchandise Exports from India Scheme
(MEIS) to boost export of key products such as
textiles, telecom and electronic items.
Under the MEIS, the government provides
exporters duty credit scrip at 2%, 3% and 5% of
their export turnover, depending upon the
product and the country, as envisaged in the
foreign trade policy 2015-20. The scrip can be
transferred or used for payment of a number of
duties, including the basic customs duty.
Exports which used to get duty benefits only for
a few countries–would be entitled to global
support. Similarly, higher support has been granted
to certain categories of products, manufactured
by MSMEs.
10.0 Patent rule changes on anvil
The Indian Patent Amendments (Amendment
Rules), 2015 released by the Department of
Industrial Policy and Promotion (DIPP) seeks to
fast-track the patent application and processing
procedure, and clarifies the manner in which
certain information and supporting drawings are
to be furnished. Stake holders have 30 days to
give their feed back. The rules, however, do not
touch substantive parts of the law — the demands
from pharma MNCs for the removal of Section
3(d), the extra filter for patentability, have not
been met. While some quarters allege that Section
3. 3
ALL INDIA CHARTERED ACCOUNTANTS’ SOCIETY
NOVEMBER 2015
EDITORIAL/LATEST IN FINANCE
ALL INDIA CHARTERED ACCOUNTANTS’ SOCIETY
3(d) is a TRIPS-plus provision, India has long
maintained that it is meant to prevent
‘evergreening’ of patents by way of incremental
changes sans therapeutic value, and is fully in
conformity with the Trade Related Aspects of
Intellectual Property Rights (TRIPS) .
Expedited examination is also available when the
applicant or his assignee or prospective
manufacturerhas already started manufacturing
of the invention in India, or has undertaken that
the manufacturing shall commence within 2 years
from the grant of patent.
Professional development-new
opportunities, managing competition
and most importantly ensuring that
the image of the profession and
respect for the professionals gains
strength.
To represent the profession on various key
decision making committees of SEBI, Ministry
of Corporate Affairs, Central Board of Direct
Taxes, Central Board of Excise & Customs
To represent on International Forums like World
bank, Securities Exchange Commission,
multilateral and bilateral agencies and foreign
GovernmentThe Regional Councils play a very
important role
Vision and a focused approach is a must
for playing a meaning full role with the
Government and international bodies.
Role of Regional Council
In continuing education of members by
organising professional update programs on
contemporary topics in a practical manner-
Quality of elected leaders will decide
quality of the profession
Dealing with Registrar of Companies- identifying
issues, providing practical solutions, taking up
system related issues and guiding members to
solve them.
In case of Taxation, there are large numbers of
issues bringing harassment as well as system
related issues- the Regional Council needs to take
regular action on all such professional issues.
To understand day to day problems of the
CharteredAccountants profession in practise and
in industry and to play hand holding role,
organising practical workshops, providing
professional updates in atimely, purpose-full and
............from Pg. 1
ICAI elections -Your Vote will make the
Difference
EDITORIAL in depth manner, explaining implications of the
new developments.
A practical outlook and deep understanding of
all the subject related issues is amust in our
Regional Council Representatives.
Just sending e-mail updates as a
candidate seeking election may not
be enough. High Quality updates
coming from some of the potential
candidates are needed to be
institutionalised through Regional
Council and Central Council.
A regular active interaction between Institute and
members will add great value to meet
expectations of members as well as users of our
services and stakeholders.
How will you choose?
It is important to elect highly competent and
seasoned professionals for Central Council. It is
important to examine their commitment, past
contributions, level of understanding and
capabilities of facing severe challenges.
Technical knowledge, presentation skill and ability
to take up issues strongly are a must.
The regional council candidates should be a mix
of young and experienced, should have the
professional capabilities, ability and commitment
to give time
Understanding deep minute details of practical
professional issues both for members in industry
as well as members in practise is most important
The learned Chartered Accountants can-not vote
based on personal connection, parties,and get
together or other extraneous factors as the
correct selection shall directly benefit your own
future. Let us all meet the candidates, have free
and frank discussions, understand their
capabilities and commitments and also study
carefully their credentials, their academic record
and most importantly to check theirand most importantly to check theirand most importantly to check theirand most importantly to check theirand most importantly to check their
confidential reference whileconfidential reference whileconfidential reference whileconfidential reference whileconfidential reference while
undertaking due diligence.undertaking due diligence.undertaking due diligence.undertaking due diligence.undertaking due diligence.
4. 4
THE CHARTERED ACCOUNTANT WORLD
NOVEMBER 2015
FOREIGN DIRECT INVESTMENT
Review of Foreign Direct Investment (FDI)
policy on various sectors
1. Construction Development sector
Following changes have been made in the FDI
policy on Construction Development sector:
Conditions of area restriction of floor area in
construction development projects and minimum
capitalization have been removed.
Each phase of the construction development
project would be considered as a separate project
for the purposes of FDI policy.
A foreign investor will be permitted to exit and
repatriate foreign investment before the completion
of project under automatic route, provided that a
lock-in-period of three years, calculated with
reference to each tranche of foreign investment
has been completed.
Further, transfer of stake from one non-resident
to another non resident, without repatriation of
investment will neither be subject to any lock-in
period nor to any government approval.
Nonetheless, exit is permitted at any time if project
or trunk infrastructure is completed before the
lock-in period.
FDI is not permitted in an entity which is engaged
or proposes to engage in real estate business.
Condition of lock-in period will not apply to Hotels
&Tourist Resorts, Hospitals, Special Economic
Zones (SEZs), Educational Institutions, Old Age
Homes and investment by NRIs
100% FDI under automatic route is permitted in
completed projects for operation and management
of townships, malls/ shopping complexes and
business centres.
Consequent to foreign investment, transfer of
ownership and/or control of the investee company
from residents to non-residents is also permitted.
However, there would be a lock-in-period of three
years, calculated with reference to each tranche
of FDI, and transfer of immovable property or
part thereof is not permitted during this period.
“Transfer”, in relation to FDI policy on the sector,
includes,—
(a) the sale, exchange or relinquishment of the asset
; or
(b) the extinguishment of any rights therein ; or
(c)the compulsory acquisition thereof under any
law ; or
(d)any transaction involving the allowing of the
possession of any immovable property to be taken
or retained in part performance of a contract of
the nature referred to in section 53A of the Transfer
of Property Act, 1882 (4 of 1882) ; or
(e) any transaction, by acquiring shares in a
company or by way of any agreement or any
arrangement or in any other manner whatsoever,
which has the effect of transferring, or enabling
the enjoyment of, any immovable property.
2. Defence Sector
The following changes have inter-alia been brought
in the FDI policy on this sector:
Foreign investment up to 49% will be under
automatic route.
Portfolio investment and investment by FVCIs will
be allowed up to permitted automatic route level
of 49%.
Proposals for foreign investment in excess of 49%
will be considered by Foreign Investment
Promotion Board (FIPB).
In case of infusion of fresh foreign investment
within the permitted automatic route level, resulting
in change in the ownership pattern or transfer of
stake by existing investor to new foreign investor,
Government approval will be required.
3. Broadcasting Sector
Sector/ Activity New Cap and Route
Terrestrial Broadcasting 49%Government
FM (FM Radio), Route
Up-linking of ‘News &
Government route Current
Affairs’ TV Channels
Up-linking of Non-‘News 100%
& Current Affairs’ Automatic
TV Channels Route
Down-linking of
TV Channels
4. Special Dispensation for NRIs
Non-Resident Indians (NRIs) have special
dispensation for investment in construction
development and civil aviation sector. Further,
investment made by Non-Resident Indians under
schedule 4 of FEMA (Transfer or issue of Security
by Persons Resident Outside India) Regulations is
deemed to be domestic investment at par with the
investment made by residents.
5. 5
ALL INDIA CHARTERED ACCOUNTANTS’ SOCIETY
NOVEMBER 2015
FOREIGN DIRECT INVESTMENT
The special dispensation of NRIs has now been
also extended to companies, trusts and partnership
firms, which are incorporated outside India and
are owned and controlled by NRIs. Henceforth,
such entities owned and controlled by NRIs will
be treated at par with NRIs for investment in India.
5. Banking Sector
Government has decided to introduce full
fungibility of foreign investment in Banking- Private
sector. Accordingly, FIIs/FPIs/QFIs, following
due procedure, can now invest up to sectoral limit
of 74%, provided that there is no change of control
and management of the investee company.
6. Plantation Sector
In addition to tea plantation, other plantation
activities namely; coffee, rubber, cardamom , palm
oil tree and olive oil tree plantations also for 100%
foreign investment. Foreign investment in the
plantation sector would henceforth be under
automatic route.
7. Manufacturers- E-commerce without
Government Approval
It has been decided that a manufacturer will be
permitted to sell its product through wholesale
and/or retail, including through e-commerce
without Government approval.
8. SINGLE BRAND RETAILTRADING
8.1 High Tech Retail- Single Brand
To provide opportunity to such single brand
entities, it has been decided that in case of ‘state-
of-art’ and ‘cutting edge technology’ sourcing
norms can be relaxed subject to Government
approval.
8.2 E-commerce Single Brand
It has been decided that an entity which has been
granted permission to undertake Single Brand Retail
Trading will be permitted to undertake ecommerce
activities.
8.3 Indian Brands
It has been clarified that Indian brands are equally
eligible for undertaking SBRT. It has been decided
that certain conditions of the FDI policy on the
sector namely; products to be sold under the same
brand internationally and investment by non-
resident entity/ entities as the brand owner or under
legally tenable agreement with the brand owner,
will not be made applicable in case of FDI in Indian
brands.
8.4 Indian Brand- Manufacturer- FDI- Single
Brand
An Indian manufacturer is permitted to sell its own
branded products in any manner i.e. wholesale,
retail, including through e-commerce platforms.
For the purposes of FDI Policy Indian
manufacturer would be the investee company,
which is the owner of the Indian brand and which
manufactures in India, in terms of value, at least
70% of its products in house, and sources, at most
30% from other Indian manufacturers.
8.5 Duty Free Shops
100% FDI is now permitted under automatic route
in Duty Free Shops located and operated in the
Customs bonded areas.
9.0 Same entity to carry out both wholesale and
single brand retail trading
“Same entity to carry out both wholesale and single
brand retail trading” has been permitted subject to
FDI compliance in each case.
10. FDI in LLPs
FDI policy on Limited Liability Partnerships (LLP)
has been amended to provide that investments in
LLPs will not require Government approval. 100%
FDI is now permitted under the automatic route
in LLPs operating in sectors/activities where 100%
FDI is allowed, through the automatic route and
there are no FDI-linked performance conditions.
Further, the terms ‘ownership and ‘control’ with
reference to LLPs have also been defined.
11. Downstream Investment by LLPs
It has been decided that in line with companies, an
LLP having foreign investment will be permitted
to make downstream investment in another
company or LLP in sectors in which 100% FDI is
allowed under the automatic route and there are
no FDI-linked performance conditions. Further,
for the purposes of FDI policy, the term ‘internal
accruals’ has also been defined.
12. The Regional Air Transport Service
The Regional Air Transport Service will also be
eligible for foreign investment upto 49% under
Automatic Route.
13. Satellites
Establishment and operation have been placed
under the automatic route.
14. Investment Company - SPV
It has now been decided that for infusion of foreign
investment into an Indian company which does
6. 6
THE CHARTERED ACCOUNTANT WORLD
NOVEMBER 2015
CORPORATE LAWS / CAPITAL MARKET
not have any operations and also does not have
any downstream investments, Government
approval would not be required.
15. Establishment and Transfer of Ownership and
Control of Indian Companies
As per the FDI policy establishment and ownership
or control of the Indian company in sectors/
activities with caps requires Government approval.
This provision has now been amended to provide
that approval of the Government will be required
if the company concerned is operating in sectors/
activities which are under Government approval
route rather than capped sectors.
16. Swap of Shares- No Approval
No approval of the Government is required for
investment in automatic route sectors by way of
swap of shares.
FIPB Approval Limit
It has been decided that the threshold limit for FIPB
approval may be increased to `5000 crore.
CORPORATE LAWS
1.0 Trade marks are not for hoarding
The Supreme Court stated last week that a
company cannot claim the right to a trade mark
if it registers the name but does not use it for a
long time. It would be assumed that the company,
by its lethargic conduct, had abandoned its right
Neon Laboratories Ltd. vs. Medical Technologies Ltd.
2.0 SC asks Governments to junk Old Labour Cases
The government should not refer the grievance
of an employee to the labour court if the
complaint is made after a long lapse of time and
has become ‘stale’. The government has the
power to refer a dispute to a labour court but
even if the employee has a valid grievance, “a
right not exercised for a long time is non-existent,”
the Supreme Court stated in its judgment.
The judgment stated the law of limitation does
not apply to industrial disputes. Still, as a matter
of “sound public policy”, old cases should be ignored.
Prabhakar vs Joint Director
3.0 Insurer to pay interest on damages
The Rajasthan High Court has ruled that an
insurance company would be liable to pay interest
on delayed payment from the date of industrial
accident besides the amount of compensation
under the Workman’s Compensation Act.
National Insurance Co. vs Smt. Raju Bhai
4.0 Govt doubles bonus eligibility ceiling
Now, all employees earning up to ` 21,000 a
month will be eligible for bonuses, compared with
the earlier cut-off of ` 10,000 a month. The
government has also decided to raise the ceiling
for calculation of bonus from ` 3,500 a month
to ` 7,000 per month.
This implies, if an employee is earning a salary
of up to ` 7,000 per month, he or she is entitled
to get a bonus on his or her entire salary or wage.
However, if the salary is between ` 7,000 and
` 21,000 a month, the payable bonus will be
calculated by considering the salary at ` 7,000 a
month.
5.0 Authorities can cancel tenders
The Supreme Court has quashed the Delhi High
Court order and upheld the cancellation of the
tender by South Delhi Municipal Corporation for
civil works stating that the corporation, “being
the custodian of public finance, took its decision
objectively with bona fide intention to serve the
best interest of the public in general. It has not
committed any wrong in cancelling its earlier
tender notice and ordering e-tender afresh.
CAPITAL MARKET
1.0 Mandatory dividend policy for listed firms
The Securities and Exchange Board of India
would require listed companies as well as those
looking to get listed through the Initial Public
Offering (IPO) route to state the circumstances
under which their shareholders can or cannot
expect a payout.
2.0 IPO Prospectus &Application trimmed to 5 pages
Key Points
1. Abridged prospectus, including the
application form, cannot exceed five sheets.
It has often been felt that investors find it
difficult to get the key information from bulky
documents.
2. The order in which items appear in the
abridged prospectus shall be as specified by
SEBI. The application form shall be so
positioned that on the tearing-off of the
application form, no part of the information
given in the abridged prospectus is mutilated.
3. The information which is of generic nature
and not specific to the issuer would need to
7. 7
ALL INDIA CHARTERED ACCOUNTANTS’ SOCIETY
NOVEMBER 2015
CAPITAL MARKET/ DIRECT/INDIRECT TAXATION
be brought out in the form of a General
Information Document (GID).
3.0 SEBI: Major Streamlining in Process of Public
issue of Equity Shares and Convertibles
To reduce the time taken for listing after the
closure of issue to 6 working days as against the
present requirement of 12 working days, and
To broad-base the reach of investors by
substantially enhancing the points for submission
of applications.
All the investors applying in a public issue shall
use only Application Supported by Blocked
Amount (ASBA) facility for making payment i.e.
just writing their bank account numbers and
authorising the banks to make payment in case
of allotment by signing the application forms, thus
obviating the need of writing the cheques.
In addition to the Self Certified Syndicate Banks
(SCSBs), Syndicate Members and Registered
Brokers of Stock Exchanges, the Registrars to
an Issue and Share Transfer Agents (RTAs) and
Depository Participants (DPs) registered with
SEBI are now permitted to accept application
forms (both physical as well as online) in public
issues
4.0 Major Opportunities for Depository
Participants
The RTAs and DPs shall provide their contact
details, where the application forms shall be
collected by them, to the recognized stock
exchanges by November 30, 2015 as per the
format.
Processing of Applications by Intermediaries
Intermediaries accepting the application forms
shall be responsible for uploading the bid along
with other relevant details in application forms
on the electronic bidding system of stock
exchange(s) and submitting the form to SCSBs.
Alerts by Stock Exchanges
Similar to the systems prevalent in case of
secondary market transactions, the stock
exchanges shall develop the systems to facilitate
the investors to view the status of their public
issue applications on their websites and sending
the details of applications and allotments through
SMS and E-mail alerts to the investors
DIRECT/INDIRECT TAXATION
1.0 Indirect Tax Mop up Surges 36.8% in Oct
Indirect tax collections grew 36.8% in October
led by a surge in revenue from excise Duty. The
Collections continue to suggest a healthy growth
in the underlying tax base.
2.0 Swachh bharat cess of 0.5% on taxable
services
The government will impose a Swachh Bharat
cess of 0.5% on all services presently liable for
services tax, with effect from November 15.
3.0 CBEC revises arrest, prosecution norms
The Central Board of Excise and Customs
(CBEC) has revised the monetary limits for arrest
and its guidelines for prosecution in matters
relating to offences punishable under Customs,
Central Excise and Service Tax laws.
Arrest in respect of an offence should be effected
only in exceptional situations where
thevalueofthegoodsinvolvedis` 20lakhormore,
smuggling of high value goods such as
precious metals,
restricted items or prohibited items,
wilful misdeclaration in description of goods,
concealment of goods where the value of
such goods is ` 1 Crore or more.
Fraudulent availment of duty drawback etc.
FINANCIAL INDICATORS
CurrentRate* PreviousMonth 3 Month ago 6 Month ago
3 Month LIBOR (%) 0.3671 0.3206 0.3116 0.2799
SENSEX 25482.52 26904.11 28101.72 27507.3
NIFTY 7731.8 8143.6 8525.6 8325.25
CRR (%) 4 4 4 4
REPO (%) 6.75 6.75 7.25 7.5
REVERSE REPO (%) 5.75 5.75 6.25 6.5
Gold (per 10 gm) 25184 26568 24761 26914
Silver (per kg) 33754 36560 34020 37664
Crude (USD/bbl) 44.55 49.95 48.74 59.24
` vs USD 66.1138 64.7260 63.759 63.8495
` vs Euro 70.3914 73.5999 69.8799 71.5114
` vs 100 Yen 53.63 53.86 51.22 53.25
` vs RMB 10.3840 10.2596 10.2689 10.3321
` vs Pound 100.5128 99.2962 98.7563 98.4687
MCX Aluminium (per kg) 96.1 103.85 99 118.6
MCX Copper (per kg) 306.05 336.55 328.1 408.65
*As on November 18, 2015 (Sources: MoneyControl, NSE, BSE, RBI, MCX)
8. 8
THE CHARTERED ACCOUNTANT WORLD
NOVEMBER 2015
Contact details : Dharampal (9013363257) All India Chartered Accountants’ Society - CFO World 909, Chiranjiv Tower, 43, Nehru Place, New Delhi-110019.
Ph: 26223712, 26228410, 26226933 E-mail:aicas.cfo@gmail.com / cfoworld@gmail.com EDITOR: Pankaj Gupta, LLB, FCS E-mail: pankajguptafcs@gmail.com
PUBLISHED & PRINTED: At New Delhi by Satish Chandra, Administrative Officer, on behalf of All India Chartered Accountants’ Society, 4696, Brij Bhawan, 21A,
Ansari Road, Darya Ganj, New Delhi-110 002 Phone 23265320, 23288101 E-mail : aicas.cfo@gmail.com Printed at: EIH Ltd., Unit : Printing Press, No. 7, Sham
Nath Marg, Delhi-110054. Views expressed by contributors are their own and the Society does not accept any responsibility.
If undelivered, please return to :
All India CharteredAccountants’Society
4696, Brij Bhawan 21A, Ansari Road,
Darya Ganj, New Delhi-110 002
Date of Printing : 18th
November, 2015
R.N.I. No. 50796/90
Posting Date: 20th
-21st
November, 2015
Registration No. DL(c)-01/1268/2015-17
Licenced to post without prepayment No. U-(C)-82/2015-17
8
4.0 Exporters entitled to twin excise rebates
An exporter is entitled to rebate in excise duty both
on the inputs and on the manufactured product,
when excise duty is paid on a manufactured product
and also on the inputs. The Supreme Court stated
so while allowing several appeals by exporters.
6.0 Credit can be taken on basis of invoices
addressed to assessee or endorsed in his favour
The High Court of Madras held that credit of duty-
paid returned goods can be allowed only if invoice
is in name of person availing credit or invoice is
endorsed in favour of assessee; credit cannot be
taken on invoice in name of a third party.
Automotive Coaches & Components Ltd. v. CCE, Puducherry
Commissionerate [2015] 62 taxmann.com 28
5.0 Service provider liable if employee embezzles money
The National Commission held that misappropriation
of funds by an employee of an organisation does
not absolve the legal and financial liability of the
organisation.
Mamta and Hari Prasad vs. Postal Authorities, M.P.
7.0 No search proceedings against client due to
seizure of CA’s hard disk containing ITR data
of client
The hard disk recovered from computer belonging
to CA during search on CA’s premises containing
workings supporting client’s ITR filing cannot be
said to “belong to the client”. Therefore, section
153C cannot be invoked against the client based on
such seized hard disk. Merely because the data
pertained to the client, the hard disk seized from CA
cannot be said to belong to the client
Commissioner of Income Tax.-7 v. RRJ Securities Ltd. [2015]
62 taxmann.com 391
8.0 Advances received for job work couldn’t be held
as deemed dividend
The Supreme Court of India dismissed Special Leave
Petition against High Court’s ruling that advances
received by assessee - shareholder under an
agreement to do job work for company could not
be treated as deemed dividend.
CIT-I v. Amrik Singh [2015] 62 taxmann.com 213