ICAI workshop on Service Tax

Advocate V.Sridharan, lawyer, Supreme Court, dealt with various issues in Service Tax relating to the Commercial or Industrial Construction Service, Refund of Service Tax and Other Practical Issues, Good and Service Tax and overview at the ICAI one-day workshop on ‘Service Tax' organised by the Ernakulam Branch of The Institute of Chartered Accountants of India. He spoke extensively on the topics ‘Issues in Service Tax on Real Estate Transactions,' ‘Cenvat-Credit, Refund and Other Issues' and ‘Road Map to GST.' Various queries regarding online registration and e-Filing returns were cleared by him. There was also a Panel Discussion on Service Tax which was led by Mr Thomas P. A., Superintendent of Central Excise, and Mr Aravinda Raj, Inspector, Excise Department. Mr Saji Mathew, Chairman, presided over the function. Mr Mathukutty P. P., Vice-Chairman, Ms Minu Mathew, Secretary, and Mr Balagopal R, Managing Committee member of the Ernakulam branch, addressed the delegates. - www.thehindubusinessline.com

ICAI Accounting Research Foundation invites application from candidates for its project on Sustainability Reporting and Government Accounting Reforms

Announcement-Assessment Test of the Certificate Course on International Taxation organised by the Committee on International Taxation of ICAI - (02-06-2011)

It is notified for the information of all the registered members pursuing Certificate Course on International Taxation of the ICAI that the Assessment Test of the Course is proposed to be conducted on Sunday 3rd July, 2011 from 2.00 PM to 5.00 PM in the following centres: New Delhi Mumbai Kolkata Bangalore Ahemdabad

Eligibility criteria for appearing in the Assessment Test:

1.   Members who had registered for the Certificate Course and attended the same but not yet appeared for the Assessment Test.

2.   Members who had appeared for the Assessment Test but not declared successful. Such members may reappear by paying the fees of Rs. 1000/-. The fees may be paid through Demand Draft in favour of “The Secretary, The Institute of Chartered Accountants of India” payable at New Delhi only and forward the same to the following address:

Secretary, Committee on International Taxation, The Institute of Chartered Accountants of India, ICAI Bhawan, Research Block, 1st Floor, A-29, Sector-62, Noida (U.P.) - 201301, India

Members intending to appear in the Assessment Test should inform the office latest by Monday 20th June, 2011 on the e-mail citax@icai.org

Last Date of Registration for Post Qualification Course in International Trade Laws & WTO for November 2011 Part I Examinations

Registration for the Course is open throughout the year. Candidates shall be eligible to appear for Part I Examination to the Course only after six months of registration and specified minimum attendance at PCPs currently this examination is held only for November attempt. Therefore, for appearing in the November, 2011 Examinations for Part I of the Course, the last date for taking registration in the Course is APRIL 30, 2011.

For obtaining registration, the Prospectus for the Post Qualification Course in ‘International Trade Laws and World Trade Organisation’, priced at Rs. 150/- (Rs. One Hundred Fifty only), can be obtained from the Institute’s sale counters at New Delhi and the Regional Offices at Mumbai, Chennai, Kolkata & Kanpur and the Branches of the Institute. Copy of Prospectus can also be obtained by post from the Postal Sales Department of the Institute at ICAI Bhawan, A-29, Sector 62, Noida - 201301 (U.P.) India by sending a Demand Draft of Rs. 150/- plus postal charges (Rs. 9 within New Delhi & Rs. 20 for Rest of India, if required by Courier; or Rs. 40/-, if required by registered post) favouring ‘The Secretary, The Institute of Chartered Accountants of India’ payable at New Delhi.

For any further information regarding the Course, please visit the website of the Institute http://www.icai.org .

Announcement-Certificate Course on Arbitration of the ICAI

The Committee on Economic, Commercial Laws & WTO is planning to organise further Batches* of the Certificate Course on Arbitration at various Cities/Towns in the Regions/Branches during the period April - June 2011.

The objective of this Course is to familiarize the members with the relevant laws which impact the arbitration process and the practical procedural aspects and to build the competency level of the members of the Institute to position them as multidisciplinary consultants in the global service market. The course is targeted at members who are desirous of building their expertise and skills in the area. Apart from the comprehensive theoretical aspects, this course, will also cover practical and procedural aspects of the arbitration process with case studies and mock arbitration proceedings.

The members who are desirous of attending the said Course may convey their interest and also send the Form duly filled at the earliest to the Secretary, CECL & WTO, ICAI Bhawan, Indraprastha Marg, New Delhi-110002 or mail the details at cecl@icai.in; ctlwto@icai.in . For more details please visit www.icai.org.

Note:*The holding of batches are subject to the minimum number of participants as prescribed by the Committee.

The Institute of Company Secretaries of India welcomes sustainable growth oriented Union Budget 2011-12

“Budget reflects financial translation of the policy initiatives of the government towards inclusive growth.”

The Institute of Company Secretaries of India welcomes the Budget for the year 2011-12 placed before the Parliament by Shri Pranab Mukherjee, Hon’ble Finance Minister of India. The budget is inclusive growth oriented and broad based and focuses on priority social sector, agriculture, infrastructure, education and financial sector. Institutional initiatives to deal with corruption and black money proposed in the budget would go a long way in providing clean administration and effective governance.

The announcement by Hon’ble Finance Minister that the Companies Bill will be placed in the current session of the Parliament is a long awaited development which the professionals have been looking forward to. It will go a long way in providing new growth oriented company legislation in the country.

Providing desired impetus to the infrastructure sector by taking a number of measures towards its growth and development will help achieve the target growth rate of 9% in the next fiscal. The proposed comprehensive policy would further help in developing public private partnerships for sustainable growth of infrastructure sector.

The black money has remained a critical issue in the development agenda of the country. The institutionalization of anti black money systems by adopting five fold strategy such as joining the global crusade against black money; creating appropriate legal framework; setting up of institutions for dealing with illicit funds; developing systems for implementation by announcing comprehensive national policy in this regard and the capacity building of manpower for effective action will enable the government to bring illicit funds into the mainstream of development and constructive use.

Similarly, the setting up of Group of Ministers to deal with the ever increasing menace of corruption would lead to better administration and governance.

The budget not only spared the common man from extra tax burden but enabled individuals and senior citizen tax payers to benefit from the increased exemption limit and by lowering of age limit from 65 years to 60 years for availing of tax benefits available to senior citizens. Further, 15% tax on dividend received from foreign subsidiaries will encourage the Indian companies to repatriate dividend instead of investing it outside. However, imposition of Alternate Minimum Tax on Limited Liability Partnerships at such a nascent stage of their growth may discourage the new entrepreneurs from adopting this form of organization. Self assessment provisions in the Customs Act is a significant step towards simplification.

The measures taken to attract foreign investment by allowing mutual funds to accept subscriptions from foreign investors who meet KYC requirements for equity schemes, enhancing FII limit for investment in corporate bonds of companies in infrastructure sector and unlisted bonds with a minimum lock in period of three years would widen the class of foreign investors in Indian market. Similarly, the budgeted target of raising of Rs. 40,000 crore by way of divestment in the Central Public Sector Enterprises would bring further vibrancy in the capital market.

Initiating legislative reforms in the financial sector would help in providing adequate regulatory framework.

Government needs to reconcile ecological concerns with developmental agenda. The Group of Ministers set up to consider the environmental concerns, should also involve stakeholders either by having stakeholder representation on the group or through stakeholder engagement. Further, the budget allocation for ten year Green India Mission, launching of environmental remediation programmes etc. is a step in the right direction and it is expected that these initiatives will be encouraged further.

Pursuant to the recommendations of Second Administrative Reforms Commission, the Government has set up a Performance Monitoring and Evaluation System (PMES) to assess the effectiveness of Government departments in their mandated functions. While this is a welcome move, financial allocation for each of the objectives and its utilization at the end of the financial year also needs to be reflected in the evaluation.

ICAI signs MOU for Insurance against Professional Indemnity for CAs.

CA. Amarjit Chopra, President, ICAI has signed an MOU with New India Assurance Co. Ltd. on 10th February 2011 extending facility for insurance against professional indemnity for members and CA Firms. Mr. Virander Kumar, Genral Manager, New India Assurance Co. Ltd. while signing the MOU on behalf of the Company stated that MOU provided cushioned insurance scheme for CAs being offered at heavily discounted rate for ICAI.

The scheme provides indemnity insurance for members covering risk of Rs. 10 lakhs with extension of allied professional colleagues and for CA Firms including partners coverage of Rs. 1 to 2 crores. This is a renewable scheme for 12 months applicable to all the members and CA Firms of ICAI. 

Source : http://www.icai.org/new_post.html?post_id=6967&c_id=219, http://www.icai.org/new_post.html?post_id=6967&c_id=219