Sunday, August 31, 2014

[aaykarbhavan] Kidney transplant Tommorrow:Thanks for your support,Our best wishes for early recovery



From: ROSHAN AGRAWAL <roshanagrawalca@gmail.com>

Dear All,

 

This is to inform you all that Master Rudra Mishra and his mother has been admitted to Fortis Hospital, EM Bypass yesterday for transplant of Kidney which will be done tomorrow @ 9.00am.

 

"
Collection target has been achieved with the support of all
"
.

 

Our best wishes are with him for his and his mother’s (Donor of one Kidney) operation and
early recovery.

 

Regards,


CA. Roshan Agrawal |
B.Com (H), FCA, DISA (ICAI) |

Partner | D A V A & Associates | Chartered Accountants |

Central Plaza | 41, B.B. Ganguly Street | 5th Floor, Room # 5-'O' | Kolkata 700 012 |

Phone +91 33 4003 5060 | Cell +91 933 098 0009 |

mail: roshanagrawalca@gmail.com

web: www.davaassociates.com 

Branch: Chandrapur, Delhi, Kolkata & Thane

"Print this mail only if absolutely necessary. Save Paper. Save Trees."

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Re: [aaykarbhavan] Important Update - MCA -- Amendment in Schedule II



Pl see if u can understand. i dont.


From: "Nitesh More moreassociate@gmail.com [aaykarbhavan]" <aaykarbhavan@yahoogroups.com>
To: NM00 <niteshmore-00@googlegroups.com>
Sent: Monday, 1 September 2014 10:30 AM
Subject: [aaykarbhavan] Important Update - MCA -- Amendment in Schedule II

 
Dear Professional/ Stakeholder,
 
Ministry of Corporate Affairs vide notification dated 29th August 2014 has made amendment in Schedule II of the Act related to Useful Lives for the purpose of computing Depreciation. 
 
The text of the amendment is reproduced as below:-
 
1. In Schedule II of the Companies Act, 2013, - 
 
(a) in Part 'A', in paragraph 3, for sub-paragraph (i), the following sub-paragraph shall be substituted, namely:-
 
i. The useful life of an asset shall not ordinarily be different from the useful life specified in Part C and the residual value of an asset shall not be more than five per cent of the original cost of the asset:
 
Provided that where a company adopts a useful life different from what is specified in Part C or uses a residual value different from the limit specified above, the financial statements shall disclose such different and provide justification in this behalf duly supported by technical advice";
 
(b) in Part-C , under the Heading Notes -
(i) for paragraph 4, the following paragraph shall be substituted namely -
"4(a) Useful Life specified in Part-C of the schedule is for whole of the asset and where cost of a part of the asset is significant to total cost of the asset and useful life of that part is different from the useful life of the remaining asset, useful life of that significant part shall be determined separately.
 
(b) The requirement under sub-paragraph (a) shall be voluntary in respect of the financial year commencing on or after April 1, 2014 and mandatory for financial statements in respect of financial years commencing on or after April 1, 2014.
 
(c) in paragraph 7, in sub-paragraph (b) for the words "shall be recognized", the words "may be recognized" shall be substituted.
 
--
With Best Regards,
Reema Jain & Associates | M: +91 9582300127 | Web : http://reemajainassociates.com/| Email: reema@reemajainassociates.com
 
You may follow the updates on our facebook page https://www.facebook.com/ReemaJainAssociates
This e-mail is confidential and for the purpose of knowledge sharing among the professionals and shall not be treated as solicitation in any manner or for any other purpose whatsoever. It may also be legally privileged. If you are not the addressee you may not copy, forward, disclose or use any part of it. If you have received this message in error, please delete it and all copies from your system and notify the sender immediately by return e-mail. Internet communications cannot be guaranteed to be timely, secure, error or virus-free. The sender does not accept liability for any errors or omissions. You are kindly requested to verify & confirm the updates from the genuine sources before acting on any of the information's provided here above.
To unsubscribe the updates, you are requested to mail back.
 
 





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Posted by: swarnalatha ganapathy <swarnalathaganapathy@yahoo.co.in>


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[aaykarbhavan] Important Update - MCA -- Amendment in Schedule II



Dear Professional/ Stakeholder,

 

Ministry of Corporate Affairs vide notification dated 29th August 2014 has made amendment in Schedule II of the Act related to Useful Lives for the purpose of computing Depreciation. 

 

The text of the amendment is reproduced as below:-

 

1. In Schedule II of the Companies Act, 2013, - 

 

(a) in Part 'A', in paragraph 3, for sub-paragraph (i), the following sub-paragraph shall be substituted, namely:-

 

i. The useful life of an asset shall not ordinarily be different from the useful life specified in Part C and the residual value of an asset shall not be more than five per cent of the original cost of the asset:

 

Provided that where a company adopts a useful life different from what is specified in Part C or uses a residual value different from the limit specified above, the financial statements shall disclose such different and provide justification in this behalf duly supported by technical advice";

 

(b) in Part-C , under the Heading Notes -

(i) for paragraph 4, the following paragraph shall be substituted namely -

"4(a) Useful Life specified in Part-C of the schedule is for whole of the asset and where cost of a part of the asset is significant to total cost of the asset and useful life of that part is different from the useful life of the remaining asset, useful life of that significant part shall be determined separately.

 

(b) The requirement under sub-paragraph (a) shall be voluntary in respect of the financial year commencing on or after April 1, 2014 and mandatory for financial statements in respect of financial years commencing on or after April 1, 2014.

 

(c) in paragraph 7, in sub-paragraph (b) for the words "shall be recognized", the words "may be recognized" shall be substituted.

 

--

With Best Regards,

Reema Jain & Associates | M: +91 9582300127 | Web : http://reemajainassociates.com/| Email: reema@reemajainassociates.com

 

You may follow the updates on our facebook page https://www.facebook.com/ReemaJainAssociates

This e-mail is confidential and for the purpose of knowledge sharing among the professionals and shall not be treated as solicitation in any manner or for any other purpose whatsoever. It may also be legally privileged. If you are not the addressee you may not copy, forward, disclose or use any part of it. If you have received this message in error, please delete it and all copies from your system and notify the sender immediately by return e-mail. Internet communications cannot be guaranteed to be timely, secure, error or virus-free. The sender does not accept liability for any errors or omissions. You are kindly requested to verify & confirm the updates from the genuine sources before acting on any of the information's provided here above.

To unsubscribe the updates, you are requested to mail back.

 

 




__._,_.___

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[aaykarbhavan] Notification on increase in PF Limit:EPF LIMIT INCREASED TO Rs.15,000 from Rs.6,500 wef 1st Sept,2014 [1 Attachment]



EPF LIMIT INCREASED TO Rs.15,000 from Rs.6,500 wef 1st Sept,2014

Henceforth, salaried people earning up to Rs. 15,000 a month will have to compulsorily maintain an employee provident fund account, with the Government notifying the new norm. Earlier the salary limit was Rs. 6,500 a month.

The minimum pension has also been hiked to Rs. 1,000/month, a longstanding demand of workers’ representatives in the Employees Provident Fund Organisation (EPFO). All the revised schemes will be implemented from September 1.

The decisions had been taken by the EPFO trustees towards the end of the UPA’s tenure, but had not been notified. After taking over in June, the Narendra Modi Government had assured trade unions that it would notify them within two weeks.

The Gazette notification, dated August 22, also raised the maximum assured sum under the Employees’ Deposit Linked Insurance Scheme to Rs. 3 lakh.

Accordingly, in a circular issued on August 28, the EPFO has requested all regional PF commissioners to implement the schemes in “letter and spirit”.

In his maiden Budget speech in July, Finance Minister Arun Jaitley had said that it was mandatory for salaried persons earning up to Rs. 15,000 a month to maintain PF accounts.

More subscribers

The move to hike the wage ceiling, as per EPFO estimates, will draw in about five million new PF subscribers. The hike in pension is expected to benefit 2.8 million pensioners, including 500,000 widows, some of whom have been getting a measly amount of Rs. 150-200 a month.

Orphaned children of the deceased subscriber will now get a maximum assured sum of Rs. 750 a month for 2014-15.

 

 


--
Best Wishes

CA. V.M.V.SUBBA RAO
Chartered Accountant

Door No.24-2-1885,
I Floor, Flat No.5,
Siddivinayaka Residency, I Cross,
Central Avenue, MSR Nagar,
Magunta Layout,
Nellore-524 003
Andhra Pradesh
India
Mobile:+91 - 0 9390221100
           +91 - 0 9440278412
e-Mail: vmvsr@rediffmail.com
           vmvsr@yahoo.co.uk
http://pdicai.org/MyPage/203038.aspx





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[aaykarbhavan] ICAI Accounting Research Foundation (ICAI ARF) Invites Research Scholars





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Posted by: Nitesh More <moreassociate@gmail.com>


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[aaykarbhavan] Retrospective Amendment of 2012 - CBDT Constitutes High Level Committee



Retrospective Amendment of 2012 - CBDT Constitutes High Level Committee 

IN his Budget speech, Finance Minister Arun Jaitley had said,

This Government will not ordinarily bring about any change retrospectively which creates a fresh liability. Hon'ble Members are aware that consequent upon certain retrospective amendments to the Income Tax Act 1961 undertaken through the Finance Act 2012, a few cases have come up in various courts and other legal fora. These cases are at different stages of pendency and will naturally reach their logical conclusion. At this juncture I would like to convey to this August House and also the investors community at large that we are committed to provide a stable and predictable taxation regime that would be investor friendly and spur growth. Keeping this in mind, we have decided that henceforth, all fresh cases arising out of the retrospective amendments of 2012 in respect of indirect transfers and coming to the notice of the Assessing Officers will be scrutinized by a High Level Committee to be constituted by the CBDT before any action is initiated in such cases.

Accordingly, the CBDT has yesterday constituted a High Level Committee. Now Assessing Officer shall thereafter proceed in accordance with the directions of the Committee.

Relevant CBDT Order under Section 119 in F.No. 149/141/2014-TPL, Dated: August 28, 2014 available at 

http://www.incometaxindia.gov.in/archive/Order-under-section-119-28-08-2014.pdf


with regards,
---
CA. Mukesh Saran
M.Com.,FCA, DISA(ICAI)
Lucknow
09415465330

saranfca@gmail.comsaranfca@icai.org
I believe in three "H"s of life - Humour, Hard work and Honesty


__._,_.___

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[aaykarbhavan] Railway Certificate-CENVAT Credit [1 Attachment]




CERTIFICATE ISSUED BY INDIAN RAILWAYS IS AN ELIGIBLE DOCUMENT FOR CENVAT CREDIT

 

 

Service tax on transportation of goods was effectively levied w.e.f. 1st Oct’12(though levied from 1st July’12, but was deferred till 30th Sep’12).

 

However, abatement of 70% was allowed vide N/N 26/2012-ST, hence effective rate of tax imposed was 3.708%.

 

Ministry of Railways issued a circular- TCR/1078/2011/2 ,dated 27th Jun’12 to deal with the issues arising out of the aforesaid levy & in para 4(xi) of the same, it was stated that on written request from customers, a consolidated certificate for each customer shall be issued by the authorised officer of Indian Railways(CCM/Dy. CAO) on monthly basis giving following details date-wise & rake-wise:

 

·         o Service Tax;

·         o Education Cess;

·         o Higher Education Cess; and

·         o Total Service Tax

 

 It further stated that the said certificate can be used by the customers for taking CENVAT. However, no corresponding amendment was made by Ministry of Finance in rule 9 of CENVAT Credit rules, 2004, which deals with the list of eligible documents for availment of CENVAT.·

 

 Now, vide N/N 26/2014-C.E.(N.T.), rule 9 of CENVAT Credit Rules, 2004 has been amended· & clause (fa) has been inserted therein to include following certificate as an eligible document for the purpose of availing CENVAT:

 

“a Service Tax Certificate for Transportation of goods by Rail (herein after referred to as STTG Certificate) issued by the Indian Railways, along with the photocopies of the railway receipts mentioned in the STTG certificate”.

 

Henceforth, the eligibility stated vide circular issued by Ministry of Railways has finally been brought at par with CENVAT credit rules.

Notification No. 26/2014 – Central Excise (N.T.), dated 27-Aug-2014

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3,SUB-SECTION (i)]

GOVERNMENT OF INDIA

MINISTRY OF FINANCE

(DEPARTMENT OF REVENUE)

 

Notification No. 26/2014 – Central Excise (N.T.)  New Delhi, the 27th August, 2014

 

G.S.R. (E). – In exercise of the powers conferred by section 37 of the Central Excise Act, 1944 (1 of 1944) and section 94 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following rules further to amend the CENVAT Credit Rules, 2004, namely : –

 

1. (1) These rules may be called the CENVAT Credit (Eighth Amendment) Rules, 2014.

 

(2) They shall come into force from the date of their publication in the Official Gazette.

 

2. In the CENVAT Credit Rules, 2004, in rule 9, in sub-rule (1), after clause (f), the following clause shall be inserted, namely:-

 

“(fa) a Service Tax Certificate for Transportation of goods by Rail (herein after referred to as STTG Certificate) issued by the Indian Railways, along with the photocopies of the railway receipts mentioned in the STTG certificate; or” 

 

[F. No. 267/87/2013-CX.8]

(Pankaj Jain)

Under Secretary to the Government of India

 

Note.- The principal rules were published in the Gazette of India, Extraordinary, Part II,  Section 3, Sub-section (i), dated the 10th September, 2004, vide Notification No. 23/2004 –Central Excise (N.T.) dated the 10th September, 2004, vide number G.S.R. 600(E), dated the 10th September, 2004 and last amended vide Notification No. 25/2014 - Central Excise (N.T.) dated the 25th August, 2014 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 615 (E), dated the 25th August, 2014.


--
Best Wishes

CA. V.M.V.SUBBA RAO
Chartered Accountant

Door No.24-2-1885,
I Floor, Flat No.5,
Siddivinayaka Residency, I Cross,
Central Avenue, MSR Nagar,
Magunta Layout,
Nellore-524 003
Andhra Pradesh
India
Mobile:+91 - 0 9390221100
           +91 - 0 9440278412
e-Mail: vmvsr@rediffmail.com
           vmvsr@yahoo.co.uk
http://pdicai.org/MyPage/203038.aspx





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[aaykarbhavan] 'Indirect Tax Express'-E-News Letter August 14-Issue 2 by D A V A & Associates [1 Attachment]



From: Narayan Agarwal <narayanagarwalca@gmail.com>

Dear Friends,

Greetings of the day. We had started 'Indirect Tax Express' fortnightly E-News Letter from June, 2014 onwards and we are glad with overwhelming response we are receiving. We are pleased to share with you the latest issue (Vol-3, issue -2, August 2014) of E-newsletter

Following is the Highlight of this issue:

PART-A

"Service Tax on Commission From Overseas Clients- Issue Settled So Far, Unsettled Now W.E.F.01.10.2014"

PART-B

 "Quiz Time" section  along with answers to last fortnights' quiz.

PART-C

Two important & recent Case updates related to  repairs and maintenance of motor vehicles and deputation of staff to subsidiary companies

PART-D

Query and reply from E-news Letter team on outsourcing housekeeping services and Paying guest accommodation services


We look forward to your valuable suggestions & feedback to enhance the value of this e-news letter further.



--
Thanks & Regards;

CA Narayan Kr. Agarwal; FCA

(Partner)

M/s D  A V A & Associates,

'Mercantile Building'; Block-B, Room No.-8; 1st Floor,

9, Lal Bazar Street, Kolkata-700001

Office Ph: (033) 22313940/ 40046893

Mobile: +91 9874355518/9433135518


offices: Chandrapur, Delhi, Kolkata & Thane





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[aaykarbhavan] CL:Important Update - MCA - General Circular No. 35/2014



Dear Professional / Stakeholder,

 

MCA has released General Circular No. 35/2014 dated August 27, 2014. It is a Clarification regarding AS-10 - Capitalization of Cost.

 

AS-10 and AS-16 prescribes principles of capitalization of various costs on the underlying principle that expenditure should be capitalized as form a part of the cost of fixed assets which increase the worth of assets. Cost incurred during the extended delay in commencement of commercial production after the plant is otherwise ready, but which does not increase the worth of assets, should not be capitalized.

 

AS 16 guides with regard to part capitalization, where some units of a project are complete. Costs should be capitalized in relation to that part which is ready for commercial production.

 

Further clarified that AS-1 and AS- are applicable irrespective of whether the power projects are "Cost-Plus Projects" or "Competitive-Bid Projects".

Top of Form

 

Bottom of Form

--

With Best Regards,

Reema Jain & Associates | M: +91 9582300127 | Web : http://reemajainassociates.com/| Email: reema@reemajainassociates.com

 

You may follow the updates on our facebook page https://www.facebook.com/ReemaJainAssociates

This e-mail is confidential and for the purpose of knowledge sharing among the professionals and shall not be treated as solicitation in any manner or for any other purpose whatsoever. It may also be legally privileged. If you are not the addressee you may not copy, forward, disclose or use any part of it. If you have received this message in error, please delete it and all copies from your system and notify the sender immediately by return e-mail. Internet communications cannot be guaranteed to be timely, secure, error or virus-free. The sender does not accept liability for any errors or omissions. You are kindly requested to verify & confirm the updates from the genuine sources before acting on any of the information's provided here above.

To unsubscribe the updates, you are requested to mail back.

 

 




__._,_.___

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