Revenues Worth Rs 153 Cr With ICAI Councils: Govt
| New Delhi | Aug 05, 2014 | ||||||||||
| | |  | COMMENTS | |||||||
The government today said last fiscal revenues worth over Rs 153 crore were available with the regional councils of the Institute of Chartered Accountants of India (ICAI), and councils of the Institute of Cost Accountants of India had about Rs 40 crore.
These amounts are provisional figures for 2013-14, according to the data provided to the Rajya Sabha by Minister of Corporate Affairs Arun Jaitley.
While five regional councils have been constituted by the ICAI, four such councils have been established by Institute of Cost Accountants, Jaitley said.
ICAI's council in the Southern region had revenues (provisional) worth Rs 45.94 crore available, Western region (Rs 42.99 crore), Central region (31.83 crore), Northern region (22.41 crore) and Eastern Region (Rs 10.45 crore).
Together, these councils have Rs 153.63 crore of revenues available with them.
In the case of Institute of Cost Accountants, its council in Southern region had revenues of Rs 14.43 crore, Western region (Rs 12 crore), Eastern region (Rs 7.42 crore) and Northern region (Rs 6.04 crore) -- amounting to a total of Rs 39.9 crore.
Both institutions are "self-governing institutions constituted under the acts of Parliament," Jaitley said.
"The central government does not have any control over the functioning of regional centres and chapters of the institutions," the Minister added.
He also said that "so far, no parliamentary committee has reviewed the financial and administrative functioning of the two institutes".
On query related to foreign visits by the members of the two institutes, Minister of State for Corporate Affairs Nirmala Sitharaman said that the government had "no role to play in clearing the visits abroad of the members of ICAI and ICWAI (Institute of Cost and Works Accountants of India) as such visits are financed from institutes own funds".
"However, as per information furnished by the two institutes, their representative visit abroad in connection with meetings of various international boards and committees of which the institutes are members or with whom they have agreements for collaboration and cooperation," she added.
These amounts are provisional figures for 2013-14, according to the data provided to the Rajya Sabha by Minister of Corporate Affairs Arun Jaitley.
While five regional councils have been constituted by the ICAI, four such councils have been established by Institute of Cost Accountants, Jaitley said.
ICAI's council in the Southern region had revenues (provisional) worth Rs 45.94 crore available, Western region (Rs 42.99 crore), Central region (31.83 crore), Northern region (22.41 crore) and Eastern Region (Rs 10.45 crore).
Together, these councils have Rs 153.63 crore of revenues available with them.
In the case of Institute of Cost Accountants, its council in Southern region had revenues of Rs 14.43 crore, Western region (Rs 12 crore), Eastern region (Rs 7.42 crore) and Northern region (Rs 6.04 crore) -- amounting to a total of Rs 39.9 crore.
Both institutions are "self-governing institutions constituted under the acts of Parliament," Jaitley said.
"The central government does not have any control over the functioning of regional centres and chapters of the institutions," the Minister added.
He also said that "so far, no parliamentary committee has reviewed the financial and administrative functioning of the two institutes".
On query related to foreign visits by the members of the two institutes, Minister of State for Corporate Affairs Nirmala Sitharaman said that the government had "no role to play in clearing the visits abroad of the members of ICAI and ICWAI (Institute of Cost and Works Accountants of India) as such visits are financed from institutes own funds".
"However, as per information furnished by the two institutes, their representative visit abroad in connection with meetings of various international boards and committees of which the institutes are members or with whom they have agreements for collaboration and cooperation," she added.
Empanelment with SBI for Concurrent Audit in Maharashtra and Goa
STATE BANK OF INDIA
LOCAL HEAD OFFICE,
MUMBAI
LOCAL HEAD OFFICE,
MUMBAI
EMPANELMENT OF EXTERNAL CONCURRENT AUDITORS FOR BRANCHES / CPC SITUATED IN THE STATE OF MAHARASHTRA & GOA
Applications are invited from partnership Firms of Chartered Accountants of RBI Grade 2/3 situated in the state of Maharashtra & Goa for carrying out Concurrent Audit on full time contractual basis (renewal every year at Bank's discretion, at its selected branches / Credit Processing Centres (CPC) situated in the state of Maharashtra and Goa.
It will be ensured that partnership firms chosen for engagement as Concurrent Auditors are other than the ones selected for empanelment as Statutory Auditors to eliminate any room for conflict of interest.
Last date for receipt of Application : 1ST SEPTEMBER 2014
Those who are interested may submit :
i) Application / Bio-data together with passport size photographs of all partners (as per the format enclosed).
ii) Copies of Degree Certificate, Membership Certificate of Institute of Chartered Accountant of India (ICAI).
iii) Details of empanelment of Chartered Accountant in the other Banks as Concurrent Auditors.
iv) Any other certification obtained, etc.,
In a sealed cover to the Assistant General Manager (Audit), State Bank of India, Audit Department, Local Head Office, Bandra Kurla Complex, Bandra (East), Mumbai – 400 05, on or before the last date for receipt of applications.
For More Details, Term and Conditions and Format of Application Download the below File
Your Rights as a Taxpayer in America
The Internal Revenue Service, USA on 10th June 2014 unveiled a 'Taxpayers' Bill of Rights' that groups together the existing rights of taxpayers of America into 10 broad categories, which are as follows :-
The Taxpayer Bill of Rights
This publication explains your rights as a taxpayer in America .
1. The Right to Be Informed: Taxpayers have the right to know what they need to do to comply with the tax laws. They are entitled to clear explanations of the laws and IRS procedures in all tax forms, instructions, publications, notices, and correspondence. They have the right to be informed of IRS decisions about their tax accounts and to receive clear explanations of the outcomes.
2. The Right to Quality Service: Taxpayers have the right to receive prompt, courteous, and professional assistance in their dealings with the IRS, to be spoken to in a way they can easily understand, to receive clear and easily understandable communications from the IRS, and to speak to a supervisor about inadequate service.
3. The Right to Pay No More than the Correct Amount of Tax: Taxpayers have the right to pay only the amount of tax legally due, including interest and penalties, and to have the IRS apply all tax payments properly.
4. The Right to Challenge the IRS's Position and Be Heard: Taxpayers have the right to raise objections and provide additional documentation in response to formal IRS actions or proposed actions, to expect that the IRS will consider their timely objections and documentation promptly and fairly, and to receive a response if the IRS does not agree with their position.
5. The Right to Appeal an IRS Decision in an Independent Forum: Taxpayers are entitled to a fair and impartial administrative appeal of most IRS decisions, including many penalties, and have the right to receive a written response regarding the Office of Appeals' decision. Taxpayers generally have the right to take their cases to court.
6. The Right to Finality: Taxpayers have the right to know the maximum amount of time they have to challenge the IRS's position as well as the maximum amount of time the IRS has to audit a particular tax year or collect a tax debt. Taxpayers have the right to know when the IRS has finished an audit.
7. The Right to Privacy: Taxpayers have the right to expect that any IRS inquiry, examination, or enforcement action will comply with the law and be no more intrusive than necessary, and will respect all due process rights, including search and seizure protections and will provide, where applicable, a collection due process hearing.
8. The Right to Confidentiality: Taxpayers have the right to expect that any information they provide to the IRS will not be disclosed unless authorized by the taxpayer or by law. Taxpayers have the right to expect appropriate action will be taken against employees, return preparers, and others who wrongfully use or disclose taxpayer return information.
9. The Right to Retain Representation: Taxpayers have the right to retain an authorized representative of their choice to represent them in their dealings with the IRS. Taxpayers have the right to seek assistance from a Low Income Taxpayer Clinic if they cannot afford representation.
10. The Right to a Fair and Just Tax System: Taxpayers have the right to expect the tax system to consider facts and circumstances that might affect their underlying liabilities, ability to pay, or ability to provide information timely. Taxpayers have the right to receive assistance from the Taxpayer Advocate Service if they are experiencing financial difficulty or if the IRS has not resolved their tax issues properly and timely through its normal channels.
After Reading the above thought which comes to our mind is that why Indian taxpayer do not have such rights in India? Why our system cannot provide such rights to taxpayers? Why we cannot define the rights of taxpayers?
Source-http://www.irs.gov/
Accounting Treatment of Expenditure Incurred on Stamp Duty and Registration Fees for Increase in Authorized Capital
Issue – The company is a registered non-banking financial company and is engaged in the business of lending for purchase of equipments. The company has received share application money and to allot further equity shares, the shareholders of the company have approved increase in authorized share capital. The company has incurred an expenditure toward stamp duty and registration fees paid to the registrar of companies for increase in authorized share capital. The Expert Advisory Committee (EAC) considered the issue whether the expenditure incurred on increase in authorized capital can be treated as share issue expenses and can be recognized as an asset till the time shares are issued.
Opinion of EAC of ICAI – The EAC is of the view that increase in authorized share capital is an independent process which does not necessarily lead to issue of shares and the amount spent does not give rise to any resource controlled by the enterprise. In fact, such expenses are only permitting the company to enhance the limit for the paid-up capital of the company which does not ensure any flow of funds to the company. Hence, the EAC opined that expenditure incurred cannot be considered as share issue expenses and should be treated as expense to be charged off in the statement of profit and loss.
Missed 31st July Deadline for filing Income Tax Return? What Now?
CA Chirag Chauhan
Most of tax payers comply with 31st July deadline for filing Income tax returns. However many miss out due to other commitment in professional and personal life. Missing the deadline does not mean you cannot file your return. Infact if you have missed to file your return for last year ended March 2013, you can still file however there are some catch. Read the article to know in detail importance of filing of return by 31 July and and methods to file return after due date.
What Section 139(1) Says?
Every person,-
Every person,-
a. being a company; or
b. being a person other than a company, if his/her total income or the total income of any other person in respect of which he is assessable under this Act during the previous year exceeded the maximum amount which is not chargeable to income-tax, shall, on or before the due date, furnish a return of his income or the income of such other person during the previous year, in the prescribed form.
31st July is the last date to file tax returns for individuals and those whose accounts are not subject to any audit. The assessee can do himself or call on his chartered accountant who can file the tax returns by just asking for few information.
What Section 139(4) says?
If a person has not furnished the return of income within the time allowed under section 139 (1), then he may furnish the return of income at any time before the expiry of one year from the end of the relevant assessment year or before the completion of assessment, whichever is earlier.
What if you have not filed your return by due date?Don't feel dejected. You can still file the returns without paying any penalty until March 31, 2015. However there would be following implications:
- Failure to file Returns within the due date attracts interest @ 1% p.m. on the balance tax payable from the due date to the actual date of filling.
- If a person required to file Return u/s 139(1) fails to file Return before the end of the relevant Assessment Year, i.e 31st March 2015 a penalty of Rs. 5,000 shall be levied. Means you can file return for March 14 ending till 31st March 2016. Even NRI can take benefit of this provision and claim refund of TDS if any deducted.
- Many a time, tax-payers make mistakes while filing returns and notice the errors much later. In such cases, the option to file revised returns helps. However, this won't be the case if you miss the deadline. You are not allowed to file a revised return if you complete the filing after July 31.
- if you fail to file returns before the due date, you will have to forgo the benefit of carrying forward losses incurred under the head `Capital Gains' and `Business Losses
- Delay in filing could mean having to let go of interest due on tax refund if any
Importance of filing Income Tax return for various reasons:
- While processing for VISA, the embassy of the respective country insists the Income Tax returns for the last 3 years as one of the documents for eligibility.
- For applying bank loan (be it personal loan, housing loan or car loan), Income Tax papers are one of the necessary requirements for eligibility.
- For individuals who are currently employed and would like to become an entrepreneur in the future must file their IT returns regularly. This is because when a company / Partner applies for a bank loan, the IT papers of its directors / Partners are also required
Important points to be noted for filing return after due date:
If you are filing the income tax returns after July 31 2014, you need to take extra care to ensure your return is error-free. As you will not get an opportunity to rectify your mistakes later, as revised returns cannot be filed. You need to make sure documents like Form-16, bank statements, 80G receipts, bank account details etc are handy. This will help you verify all the details you would be entering in your income tax return form. You need double check your bank account details, as refunds will be credited to directly to account. At last if you have doubt or not sure you can always ratified your Income Tax Return by a Chartered Accountant before submitting it.
For any query you can write to Chirag@cachauhan.in . Before making any decisions do consult your Professional / tax advisor. Author does not take any responsibility for misrepresentation or interpretation of act or rules. Neither the author nor the firm accepts any liability neither for the loss or damage of any kind arising out of information in this document nor for any action taken in reliance there on. form is attached as document separately.
__._,_.___
No comments:
Post a Comment