Income Tax Department - Refunds-Useful information

The Income Tax Department has put on its website the list of income tax refunds of all salary tax payers which could not be sent to the concerned persons for want of correct address.
Salary taxpayers who have not received refunds for assessment years 2003\04 to 2006\07 can click on the link below and query using the PAN number and assessment year whether any refund due to them has been returned undelivered from the menu `undelivered salary refund management system'. If any refund has been returned undelivered due to change in address, then the taxpayer can enter the present address and the refund will be sent to the taxpayer at the new address.
The link to the website is as under:
http://www.incometaxindia.gov.in/CCIT/refundsearch.asp

CPE Credit of 2 Hours........

Respected all,
Please go through this link.
http://www.icai.org/fillup_form.html?token=27bf070de161f454f5708b4f0ba496d7
by filling this questionnaire you will get CPE credit of 2 Hours.
Regards,
CA Dhara Darji

Dear All,

BCAS has published a set of four books on Service Tax authored by Ms. Puloma Dalal and Others. Total cost is just Rs. 345. Publications are recommended for your library.

Best Wishes,
Manoj Ganatra

The full day seminar on 19th October was a good success. Congrats to all the office bearers of the BCAA and CPE Chapter. I suggest that at least one such event is organized by December and one more between January and March. Happy Festive Season to all.

the income tax department has given a very interesting statistics about the online filing of returns posted on its site. the fact to be noticed is that on the last three days the number of returns filed is given hour wise. this shows how much pain our professional brothers including us has taken to make it for our clients in last dates and last hours. the only thing we can take proud is amongst all the states , gujarat is third in efiling numbers. once it was published in our newsletter that what is the definition of a C.A. the answer was : the one who takes the tention of the client on its own head. this is excat represntation of the above definition!!!

Dear All,

At the outset, I congratulate our President, Mehul Vora for taking this innovative step and putting his hard work to make the blog a success.
I am sure that this will go a long way in sharing professional views among all of us.
Wishing the BCAA all the success in the years to come.

Best Wishes,
Manoj Ganatra

ADVISORY SERVICE RULE OF EXPERT ADIVSORY COMITTEE

1. Queries should be stated in clear and unambiguous language. Each query should be self-contained. The querist should provide complete facts and in particular give the nature and the background of the industry or the business to which the query relates. The querist may also list the alternative solutions or viewpoints though the Committee will not be restricted by the alternatives so stated.

2. The Committee would deal with queries relating to accounting and/or auditing principles and allied matters and as a general rule, it will not answer queries which involve only legal interpretation of various enactments and matters involving professional misconduct.

3. Hypothetical cases will not be considered by the Committee. It is not necessary to reveal the identity of the client to whom the query relates.

4. Only queries received from the members of the Institute of Chartered Accountants of India will be answered by the Expert Advisory Committee. The membership number should be mentioned while sending the query.

5. The fee charged for each query is as follows:

(i) Rs. 25,000/- per query where the query relates to:

(a) an enterprise whose equity or debt securities are listed on a recognised stock exchange, or

(b) an enterprise having an annual turnover exceeding Rs.50 crore based on the annual accounts of the accounting year ending on a date immediately preceding the date of sending the query.

(ii) Rs. 10,000/- per query in any other case.

The fee is payable in advance to cover the incidental expenses. Payments should be made by crossed Demand Draft or cheque or Postal Order payable at Delhi or New Delhi drawn in favour of the Secretary, The Institute of Chartered Accountants of India.

6. Where a query concerns a matter which is before the Board of Discipline or the Disciplinary Committee of the Institute, it shall not be answered by the Committee. Matters before an appropriate department of the government or the Income-tax authorities may not be answered by the Committee on appropriate consideration of the facts.

7. The querist should give a declaration in respect of the following as to whether to the best of his knowledge:

(i) the equity or debt securities of the enterprise to which the query relates are listed on a recognised stock exchange;

(ii) the annual turnover of the enterprise to which the query relates, based on the annual accounts of the accounting year immediately preceding the date of sending the query, exceeds Rs. 50 crore;

(iii) the issues involved in the query are pending before the Board of Discipline or the Disciplinary Committee of the Institute, any court of law, the Income-tax authorities or any other appropriate department of the government.

8. Each query should be on a separate sheet and five copies thereof, typed in double space, should be sent. The Committee reserves the right to call for more copies of the query. A copy of the query may also be sent on a floppy or through E-mail at eac@icai.org

9. The Committee reserves its right to decline to answer any query on an appropriate consideration of facts. If the Committee feels that it would not be in a position to, or should not reply to a query, the amount will be refunded to the querist.

10. The right of reproduction of the query and the opinion of the Committee thereon will rest with the Committee. The Committee reserves the right to publish the query together with its opinion thereon in such form as it may deem proper. The identity of the querist and/or the client will, however, not be disclosed, as far as possible.

11. It should be understood clearly that although the Committee has been appointed by the Council, an opinion given or a view expressed by the Committee would represent nothing more than the opinion or view of the members of the Committee and not the official opinion of the Council.

12. It must be appreciated that sufficient time is necessary for the Committee to formulate its opinion.

13. The queries conforming to above Rules should be addressed to the Secretary, Expert Advisory Committee, The Institute of Chartered Accountants of India, ICAI Bhawan, Post Box No. 7100, Indraprastha Marg, New Delhi- 110 002.
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ABOUT CPE MEETING

Dear Members,

We to arrange maximum CPE meetings in the Month of Oct-2008 to Dec.-2008, so that members can complete their CPE requirements locally. so I request all the members pl. come forward for giving speech at CPE meeting. Pl. select your favourite subject and contact me or Pareshbhai Bhatt for the arragement of CPE meeting.

Happy Dashera to all.

Jk Shah (Dy. Convener)

Time Limit : Form No. 23B

Form No. 23B is to be filed by the Auditor within 30 days from the date of appointment by the company.

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CA PARTNERSHIP RULES

Now a Chartered Account can enter into a Multidisciplinary Partnership Firm
October 2, 2008
Institute of Chartered Accountants of India has issued a
notification no. Na.1-CA(7)/116/2008 dated 25-9-2008 incorporating various amendment to the Chartered Accountants Regulations, 1988.
There are 16 amendments to the regulations. One of the major amendments is provisions relating to multidisciplinary partnership firm.
These amendments are summarized as under:
Earlier vide Chartered Accountants (Amendment) Act, 2006 [w.e.f. 17.11.2006] the provision of First Schedule of the Chartered Accountants Act, 1949 amended substantially and central government has allowed multidisciplinary partnership firms.
It took almost two years to prescribe other qualifications (professionals occupying such qualifications) which are eligible for valid partnership or to share profits / remunerations with a practicing chartered accountant.
The qualifications to share profits / remunerations / commission / brokerage etc. [ Regulation 53A]
(i) Company Secretary within the meaning of the Company Secretaries Act, 1980;
(ii) Cost Accountant within the meaning of the Cost and Works Accountants Act, 1959;
(iii) Actuary within the meaning of the Actuaries Act, 2006;
(iv) Bachelor in Engineering, from a University established by law or an Institution recognised by law;
(v) Bachelor in Technology from a University established by law or an Institution recognised by law;
(vi) Bachelor in Architecture from a University established by law or an Institution recognised by law;
(vii) Bachelor in Law from a University established by law or an Institution recognised by law;
(viii) Master in Business Administration from Universities established by law or technical institutions recognised by All india Council for Technical Education.

Prescribed qualifications of a eligible partner who is not a member of ICAI [ Regulation 53B]
(a) Company Secretary, member, The Institute of Company Secretaries of India, established under the Company Secretaries Act, 1980;
(b) Cost Accountant, member, The Institute of Cost and Works Accountants of India established under the Cost and Works Accountants Act, 1959;
(c) Advocate, member, Bar Council of India established under the Advocates Act, 1961;
(d) Engineer, member, The Institution of Engineers, or Engineering from a University established by law or an Institution recognized by law.
(e) Architect, member, The Indian Institute of Architects established under the Architects Act, 1972;
(f) Actuary, member, The Institute of Actuaries of India, established under the Actuaries Act, 2006.
(g) Professional bodies or Institutions outside India whose qualifications relating to accountancy are recognised by the Council.
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ROC Form 23B Digital Sign required

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While uploading form 23B to ROC digital signature of member is required.
This any member having audit of company must have digital signature. If not already obtained you must apply now.

Initial Remark

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Thanks for bringing the association to web world.
This will help the members to augment their professional skill and knowledge and make practice effective.

TAX COMPLIANCE SCHEME - IT DEPT

The Income-Tax department may soon follow the proverb 'charity begins at home', as for the first time the department will publicise tax compliance schemes on its office walls across the country.
"The publicity campaign would include 831 field stations of the department and other office locations across the country," said a senior IT official. The buildings are located at vantage places in the capital itself, he added.
Aaykar bhawans or Income-Tax offices are situated at prominent Delhi addresses like Connaught Place, ITO square, R K Puram among others. An amount of Rs 30 crore has been earmarked for the publicity campaign.
Plans are also afoot to erect hoardings and billboards at prominent places in the national capital. The publicity messages would display various schemes and and deadlines.
"We have very meticulously planned the advertisements over a few years which do not talk about the penalties or punishments for non-compliance of taxes but only encourage the taxpayer to file his/her taxes and be a contributor to the national economy," the official said.
It would publicise its schemes and policies through different forms of mass-media as television, newspapers, radio, posters, banners and mass mailing systems
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TIME IS CHANGING

Our institute will be launching two certificate courses on 'International Financial Reporting Standards' and 'Valuation'. The details of these two certificate courses would be available on the website of the ICAI and WIRC shortly.
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Extracts from Cir. No.6/2008 issued by CBDT

It has come to the notice of the Board that in spite of the directions contained in the Instructions for filling the return forms, the practice of accepting returns, along with annexures is still continuing. This practice goes against the expressed policy of the Government and is not in consonance with the legal provisions. Therefore, it is emphasized that Chief Commissioners of Income Tax must ensure strict compliance with the provisions of law. It may be reiterated that all annexures accompanying the income tax return forms should be detached and returned to the tax payers by the receiving official.

thanks to all members

I am thankful to all the members who has started and
supported for this blog.

Create your mail ID - your name @ icai.org

Our institute has on it's website - www.icai.org has put up the facility to create member's E-mail ID in their name at ICAI.ORG. Do take advantage of this facility as it shall show our identity to society at large that we are member of ICAI

Nostradamus of the accounting World

COMPILED BY CA RAJU R BAXI:

Prescience or the ability to see into the future is a gift sparingly given to humans. It is
a mixed blessing, for such people are often inadequately recognized in life. Pesi Narielvala was the only such person I was privileged to personally witness up close. A philosopher among accountants, an orator par excellence, his vision was astounding. He realized, for accounting to become a universal language, it must be codified. Single-handedly, he started the technical directorate of the Institute of Chartered Accountants ( ICAI ), dictating landmark professional standards such as the Guidance Note on Expenditure during Construction. This was way back in 1970, when the International Accounting Standards Board, the US Financial Accounting Standards Board and our own Accounting Standards Board were yet to be formed. The framework for Special Reports and Certificates developed by him is the only framework that even today Indian accountants rely on when issuing a certificate or even an Examination report for an IPO.

At a time when it was unheard of, Pesi in his capacity as President of ICAI was instrumental in forming the Accounting Standards Board. In fact, he stood up to great opposition by Chambers of Commerce and the industry to the basic concepts of standardization. Today when the industry and regulators have finally acknowledged the importance of standards, their justified grouses have not been heeded by anybody apart from Pesi who recognized these issues and stood by the industry despite their initial opposition towards him. In ICAIs journal some time back, Pesi justified industries unrest regarding the accounting profession treating industries as “soft targets” while promulgating standards, but doing lesser than what it should have to “sell” these standards to the Tax authorities, regulators and other groups, whose attitude towards standards compounded industries problems in implementation. Pesi was convinced that professional excellence had to receive primacy over ICAI’s tendency to seek equal distribution of work amongst its members. Not a popular view, but one which will survive the test of time. He was apprehensive about the rate of growth in the availability of information not matching with our capacity to develop applications to make meaningful use of it.

He often remarked that the complete change of mindset that technological advances warranted was not adequately evidenced since “one may change ones mind several times a day but one is fortunate to possess the wisdom to change ones mindset even once in a lifetime”. On the archaic issue of prohibition of advertising by accounting professional, Pesi was confident that ultimately the need for the consumer to know the product he was buying would triumph. As recent amendments indicate this is actually materializing.

A keen supporter of globalization, Pesi was convinced that it entailed giving up narrow sectoral and nationalistic concepts of sovereignty. He argued that when we could converge on standards of aviation, nutrition and environment what was so sacrosanct about accounting and auditing that we felt insecure about adopting international standards. Further, he prophesied that mere convergence of accounting would not work and would be a disaster if it was not accompanied by a convergence of interpretations, performance standards, and monitoring standards. In fact, counter intuitively he argued that convergence of knowledge standards – where highest quality of standards are known and practiced by professionals,- would not help, unless there was convergence of standards of understanding among the stakeholders and lay users.

Always a student, Pesi was a rank holder in the examinations of economics and law of Calcutta University in the 1940s and the English Institute of Chartered Accountants. At the age of eighty plus he took up and mastered IFRS, the new body of professional standards and in one of his last public appearances captivated the audience at a chamber of commerce with his technical insights thereon.

His prescience was legendary, in the 1980s he singled out a freshman speaker at a conference and said “you will go a long way in the profession”, 10 years later that person became the youngest in history to head a major accounting profession in the world. A person of strict discipline- he would complete reading all his daily papers, fold them and place them in the dustbin before half past ten in the morning,- on the August 8, he called his secretary of the past three decades in the morning and made her write down how he would like to divide some of his possessions among all his attendants and loyal helpers who had been with him over the years. At the end of this before he sat down to lunch, he said to her, “Anne, now I can die in peace”. He did so, - in the night, - after dinner.

The author is Director, Ernst & Young India Pvt Ltd. The views expressed herein are his personal views and do not necessarily represent the views of Ernst & Young Global or any of its member firms.
AUTHOR: RAHUL ROY.
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OUR INSTITUTE FREE HELP LINE NUMBERS

With a view to serve the members and students better, Institute of Chartered Accountants of India is starting two toll-free help lines -one dedicated to the members and another dedicated to students to answer their queries and resolve their problems vis-à-vis the Institute, if any. The toll free number for Members will be 18002002500 while the toll free numbers for students will be 18002002501. Members ; Students will be happy to note that the calling party (Members ; Students) calls free of charge and the subscriber (The Institute) pays for the call charges. Duration of every call shall only be for 3 minutes. Hence Members ; Students are requested to frame the QUERY ; be specific before making a call. ;These lines will become operational from 1st September 2008. All the calls received on these telephone numbers will be recorded to ensure good quality of services and necessary follow-ups and resolution of problems.
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OFFICES WILL BE PAPERLESS

Committee on Information Technology, ICAI
SAP FICO, Oracle 11i Financials & Microsoft Dynamics NAV ERP Courses
The Committee has started offering aforesaid ERP courses for the benefit of members and final/ article completed students. These courses are offered through M/s. SAP India/ M/s. Oracle University and M/s. Microsoft provide an opportunity to learn ERP for professional development at discounted prices and convenient scheduling.

SAP FICO course is offered through e-learning of 200 hours in four months @ Rs.78,000/-, Oracle 11i Financials course of 7 days @ Rs.30,000/- and Microsoft Dynamics NAV Module I of 2.5 days @ Rs.9,000/-. Further details are available at www.icai.org under announcements (Find ERP), erp@icai.org/ secyitc@icai.org/ 011-30210619/ 621.

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WE ARE HUMAN FIRST

Supreme Court Judgment => PT. PARMANAND KATARA, PETITIONER v. UNION OF INDIA AND OTHERS, RESPONDENTS. Writ Petition (Criminal) No. 270 of 1988 (Under Article 32 of the Constitution of India), decided on August 28, 1989.The Supreme Court has ruled that all injured persons especially in the case of road traffic accidents, assaults, etc., when brought to a hospital / medical centre, have to be offered first aid, stabilized and shifted to a higher centre / government centre if required. It is only after this that the hospital can demand payment or complete police formalities. In case you are a bystander and wish to help someone in an accident, please go ahead and do so. Your responsibility ends as soon as you leave the person at the hospital.The hospital bears the responsibility of informing the police, giving first aid etc.Please do inform your family and friends about these basic rights so that we all know what to expect and what to do in the hour of need. Please not only go ahead and forward, use it too!!!!The BackgroundIn a Public interest petition filed in Supreme Court of India in 1988 the Supreme Court of India had declared that " Every Doctor whether at Government Hospital or otherwise has the professional obligation to extend his services with due expertise for protecting life. The obligation is total, absolute and paramount".In spite of the fact that the Supreme Court had ordered that this order should be given wide publicity, neither the publicity had been adequate nor the knowledge of this order. Due to this there are still many instances of refusal by private hospitals to treat accident victims.Further, it is a common sight that when accident occurs there will be many to crowd around and express their views on who was responsible for the accident but hardly anyone would help to rush the accident victim to the nearest hospital.
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JUSTICE IS GREAT THAN MERCY

Hi, Do action instead of more words... An important message , Indian government has introduced a new scheme of grievance form submission through online. Government of India has an online Grievance forum at http://pgportal. gov.in/ Can you imagine this is happening in INDIA ? The govt. wants people to use this tool to highlight the problems they face while dealing with Government officials or departments like Passport Office, Electricity board, BSNL/MTNL, Railways etc. So use this grievance forum and educate others who don't know about this facility. This way we can raise our concerns instead of just talking about the ' System ' in India . Invite your friends/Collegues/Families to contribute for many such happenings.
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Hi all,

This is CA Rajesh Langalia posting the 1st blog (for me)on the blogspot " cainbhavnagar ". All of us should actively make use of this blogspot by sharing our view,thoughts,knowledge etc. and thereby we will be able to keep ourselves updated with every single query solved by fellow fraternity and we will become one family in Bhavnagar. Thanks.

regards,

CA Rajesh Langalia

WARM WELCOME TO ALL OF YOU.

HI FRIENDS,

WE HAVE STARTED A BLOG FOR MEMBERS OF BHAVNAGAR CA ASSOCIATION.

PLEASE SEND YOUR ARTICLE OR ANY OTHER NOTIFICATION/CIRCULARS/CASE LAWS ETC OF PROFESSIONAL INTEREST ON BCAA09@GMAIL.COM.

WE ASSURE YOU THAT WE WILL DEFINITELY TAKE CARE OF PUBLISHING THE SAME ON OUR BLOG.

CA MEHUL VORA

(PRESIDENT OF BCAA)