Postal Ballot in Progress

Counting of postal ballots is in progress.

Bookmark this page for live coverage from today night for the results.

Please note, nothing is going to happen till tomorrow morning, when the allocation of ballots starts. So have a nice sleep today, and join me here tomorrow morning live from the venue...

Of course the Gujarat results too will be cynosure of all eyes tomorrow morning..

10 Things- Company Incorporation

10 Things You Should Know while Incorporating Your Company

1.   Can same person be a Director as well as Shareholder of the Company?

Shareholders and directors have two completely different roles in a company. The shareholders (also called members) own the company and the directors take day to day managerial decisions including tactical and strategically decision making. However, a single person can play both the roles and can act as a shareholder as well as a director of the Company. A person invested (having shares) in the company and also having proficiency on the responsibility of managing or supervising the corporation then the person can individually play both the roles.

2.   Can I use my home address as the address of Registered Office of My Company?

All Indian registered companies are required by law to have a registered office address in India. It is the address of a company to which all official letters and reminders will be sent. The registered company address must be in a state in which company is registered.

Therefore, a home address can also be used as the Registered Office address of the Company. It is not compulsorily required that an address where the company is actually situated can only be used as address of the registered office of that company.

3.   Can a Registered Office and an Administrative Office situated at a different place?

Registered Office is the location (or merely the address) where the company has registered as a corporation. All official letters and reminders will be sent at this address only. On the other hand, an administrative office is the office where the actual operations are conducted. It is for the convenience of business activities and infrastructure from where all commercial activities of a company are undertaken. So, either both can lie at the same address or can be situated at a different places too. There are no restrictions for the same.

4.  Do I need to contribute my Capital immediately into the bank before Incorporating A Company?

To open a Company's Bank Account, it is necessary to have the company PAN Card. Further, PAN can only be applied for only when the company is incorporated. Thus, capital amount is a pre-requisite of the company as it needs to be acknowledged in the subscriber's sheet, which is required at the time of incorporation. Hence, deposit into the Bank is not possible, and therefore the initial capital infusion may be in cash.

5.   Can a Shareholding Ratio be in 99:1 proportion?

The ideal shareholding pattern of the company is 50:50, for a two shareholder company. But in case you intend to hold the majority stake of the company you can make the proportion to 60:40, 70:30 etc. In case if the other shareholder focuses on having a substantial interest in the company then the proportion would, in all general circumstances  be 80:20. Alternatively, to have complete stake of the company restricted to self, then the proportion has to be 99:1, since there has to be at least two shareholders of the Pvt. Ltd Company.

6.  I am already employed. Can I still be a Director of the other Company?

It depends on the terms and conditions of the offer letter which you will receive as an employee of the Company. If you are not bound to any restrictions or if there is no clause in your offer letter which prohibits you to take part in some other company (directly or indirectly), then you can be a Director of other company.

7.   I am already a Director of the Pvt. Ltd. Co and therefore have a DIN. Do I need to have another DIN to become a Director of another Co.?

A DIN allotted to any person is valid for the lifetime of the individual like PAN Number and shall not be allotted to any other person during his lifetime. Since you are the director of the Pvt. Ltd. Co. and already having DIN, then you are not required to have another DIN, as the same can be used to become the director of other Companies or designated partners of other LLPs.

8.   Can I have two Companies at the same Registered Office?

For startup companies, it is very common to share common workspace to deliver services, thereby sharing the rent of the premises and minimizing outflows in the initial years. In that case, the companies, while getting incorporated under MCA, can use the same registered address proof. On an alternate scenario, an IT professional having two different private limited companies can use his common residential address to fit the purpose.

9. Difference between Authorised and Paid Up Capital of the Company.

Authorised Capital is that amount of capital with which a company is registered with the registrar of companies (body responsible for registration of companies). It is the maximum amount of capital which a company can raise through shares i.e. share capital can be maximum up to the authorized capital and not beyond. Authorized capital is also called registered capital or Nominal capital.

On the other hand, the Paid up Capital is that amount of capital (out of called-up capital) against which the company has received the payments from the shareholders so far. In other words, Paid up capital means that capital for which investors have actually paid money.

10.  What is Face Value per Share?

Face value is the nominal, or stated, amount of security. The face value of a bond is the amount the issuer agrees to pay upon maturity. Face value is also the amount upon which interest payments or discount is determined.

Source: Taxmantra

Old Cheque Book- 31-03-2012

Now, you may use your old cheques till March 2013

Mumbai
December 14, 2012

Banks will have to roll out cheques compliant to CTS-2010 standards from April 1 next year

The Reserve Bank of India ( RBI) has extended the deadline of implementing Cheque Truncation System-2010 (CTS- 2010) cheques by another three months. This was the second time the deadline is extended by the regulator.

The banks now have been asked to roll out cheques compliant to CTS-2010 standards by April 1, 2013. Earlier, the deadline for the implementing the same was December 31, 2012.

The earlier deadline to roll out the CTS-2010 compliant cheques was October 1, 2012 which was extended to December 2012.

RBI in its circular to the banks also said, "Residual non-CTS-2010 standard cheques that get presented in the clearing system beyond this extended period (March 2013) will continue to be accepted for the clearing but will be cleared at less frequent intervals."

This means the non-CTS-2010 compliant cheques will take more time for the clearing beyond March 2013.

The central bank, however, indicated that it might impose some kind of fees for such cheques after March 2013.

The banking regulator said, the modalities are being discussed with all stakeholders and it will issue a separate communication in this regard. One of issues is should there be some kind of charges levied against non-CTS-2010 complaint cheques.

The CTS-2010, there is no need of physically presenting a cheque to payee bank as it is the current practice which will substantially reduce the clearing time of outstation cheques.

[Source: The Business Standard]

Case Law on CA

CA is supposed to be diligent and careful enough in his professional work; a member suspended for being negligent

Not only 'gross negligence', but 'due diligence' is equally relevant and important criterion in measuring and determining "professional misconduct" in case of a Chartered Accountant. In the instant case, the petitioner, a practicing CA, was aggrieved by two concurrent orders passed by disciplinary and appellate committee whereby punishment of removal of petitioner's name from the register for a period of 1 year was imposed and confirmed. The above order was passed on the basis of following reasoning: a) The petitioner did not exercise due diligence; b) He had shown gross negligence and carelessness in certifying tax audit report which did not reflect true and fair picture of the company's affairs; and c) He had signed the tax audit report without actually performing the audit as required The High Court dismissed the petition by holding as under: 1) The petitioner was conveniently overlooking the fact that as a professional CA while certifying audit report, it was his duty to diligently prepare the report without any mistake. It was his obligation to be diligent, careful and cautious before issuing certificate; 2) "Gross negligence" alone is not required to be taken into account while examining the act of the petitioner. But the exercise of due diligence is equally vital to decide whether acts of omission and/or commission amount to misconduct; 3) Once a particular factual aspect or entries, etc., are prepared, signed and certified by CA they are ordinarily accepted without further probing or investigation. In such circumstances, the duty and obligation of being absolutely diligent, conscious and careful are multiplied manifold and a CA shouldn't perform his duties lightly or casually; 4) A mistake by a petty clerk or lower level accountant may be dealt with in a different manner but a mistake by a CA cannot be treated casualty; 5) The professional or trained CA is equipped with knowledge, training and experience to catch a mistake and if such trained and experienced professional allows so many mistakes, pass-by without detecting them and if he signs and authenticates report containing such mistakes, etc., and also issues certificate, then, in such circumstances, any fault cannot be found with the conclusions drawn by the Disciplinary Committee, also confirmed by the Appellate Committee; 6) The petitioner had tried to wish-away his failure in detecting, catching and correcting the mistakes by attributing the blame to typist and computer operator. Therefore, the Court was not inclined to accept the petitioner's contention that the action taken by the institute was too harsh - CA RAJESH v. DISCIPLINARY COMMITTEE [2012] 28 taxmann.com 100 (Gujarat)

XBRL Time Limit Extended

Filing of Balance Sheet and Profit and Loss Account in extensible Business Reporting Language (XBRL) mode for the financial year commencing on or after 1-4-2011

General Circular No. 39/2012, dated 12-12-2012

In continuation of the Ministry's General Circular Nos: 16/2012 dated 6-7-2012 and 34/2012, dated 25-10-2012 on the subject cited above, it is stated that the time-limit to file the financial statements in the XBRL mode without any additional fee/penalty has been extended up to 15th January 2013 or within 30 days from the date of AGM of the company, whichever is later.

2. All other terms and conditions of the General Circular No: 16/2012, dated 6-7-2012 will remain the same.

Application for concurrent audit of Central Bank of India

Central Bank of India is inviting application for concurrent audit of its branches all over India for the period 01.01.2013 to 31.12.20013. 

Please click the link below for application:

http://119.82.71.21/con2012/con_audit_details.aspx

Supreme Court on Excise Valuation-Fiat India Case

SUPREME COURT ON EXCISE VALUATION

(Fiat India)

Excise valuation basis manufacturing cost plus profit upheld by Supreme Court where sales are made at below manufacturing cost to penetrate market

The Supreme Court ("Court") has dismissed the review petition filed by Fiat India Private Limited on the issue of valuation under the Central Excise Act, 1944.

 The Court, vide order dated November 27, 2012, observed that there was no reason to interfere with its original order dated August 29, 2012.

 Key observations of the Court in the Original order.

1.       The Court had upheld the best judgement valuation by the revenue authorities ("RA") on manufacturing cost plus profit basis, where the goods were sold at below manufacturing cost for market penetration, though no additional money consideration was received from the buyer.  The Court had observed as follows:  ·        

·         Sale at a lower price to penetrate market will constitute extra-commercial consideration and not sole consideration  ·    

·              Price is not sole consideration where:

·          o   Sale is influenced by considerations other than price

·          o Lower price fixed to penetrate market and to compete with other manufacturers. If an unusually low price is charged because of extra-commercial considerations, the price charged cannot be taken to be fair and reasonable, arrived at on purely commercial basis  

BMR comments

This is a very important decision in the context of central excise valuation.  Upholding the valuation on cost plus basis in a transaction value regime, without flow of additional consideration from the buyer, creates a major impact on industry.   Basis the original order of the Supreme Court, RA have already issued notices to many manufacturing companies seeking details of production cost data. The dismissal of the review petition is likely to accelerate the proceedings initiated by the RA against such companies.   Manufacturers need to analyze the applicability of this decision to their specific facts, assess the risks involved and plan the mitigation steps in a proactive manner.

Source: BMR Advisors

Rule 5(1)- Ultra Vires

Service Tax (Determination of Value) Rules, 2006 - Constitutional validity of Rule 5

Re-imbursement of expenses in the value of taxable services for the purposes of levy of service tax - Company providing consulting engineering services - Petitioner receives payments not only for its service but is also reimbursed expenses incurred by it such as air travel, hotel stay, etc - It was not paying any service tax in respect of the expenses incurred by it, which was reimbursed by the clients 

Section 67 states that 'Service tax was to be charged on the gross value including reimbursable and out of pocket expenses' –

Charging Section 66 states that 'the charge of service tax is on the value of taxable services' - Section 67 (1) makes the provisions of the section subject to the provisions of Chapter V, which includes Section 66 - This is a clear mandate that the value of taxable services for charging service tax has to be in consonance with Section 66 which levies a tax only on the taxable service and nothing else - Rule 5 (1) which provides for inclusion of the expenditure or costs incurred by the service provider in the course of providing the taxable service in the value for the purpose of charging service tax is ultra vires Section 66 and 67.

Rule 5 may also result in double taxation - If the expenses on air travel tickets are already subject to service tax and is included in the bill, to charge service tax again on the expense would certainly amount to double taxation. It is true that there can be double taxation, but it is equally true that it should be clearly provided for and intended; at any rate, double taxation cannot be enforced by implication 

Even if the rule has been made under Section 94 of the Act which provides for delegated legislation and authorises the Central Government to make rules by notification in the official gazette, such rules can only be made "for carrying out the provisions of this Chapter" i.e. Chapter V of the Act which provides for the levy, quantification and collection of the service tax. The power to make rules can never exceed or go beyond the section which provides for the charge or collection of the service tax.

"The Rules were meant only for the purpose of carrying out the provisions of the Act and they could not take away what was conferred by the Act or whittle down its effect." as decided in case of Taj Mahal Hotel (1971 (8) TMI 2 - SUPREME COURT) 

Rule 5 (1) of the Rules runs counter and is repugnant to Sections 66 and 67 of the Act and to that extent it is ultra vires. It purports to tax not what is due from the service provider under the charging Section, but it seeks to extract something more from him by including in the valuation of the taxable service the other expenditure and costs which are incurred by the service provider "in the course of providing taxable service". What is brought to charge under the relevant Sections is only the consideration for the taxable service. By including the expenditure and costs, Rule 5(1) goes far beyond the charging provisions and cannot be upheld. 

Sub-ordinate legislation - The fact that the rules framed under the Act have to be laid before each House of Parliament would not confer validity on a rule if it is made not in conformity with Section 40 of the Act. 

Quash the show-cause notice and allow the writ petition in favour of assessee.

Delhi High Court strikes down Rule 5(1) of Service Tax (Determination of Value) Rules - Holds Rule is ultra vires Sections 66 and 67 of Finance Act, 1994

WHILE the Revenue had a winning spree in Supreme Court in recent past, it has got a big jolt from the Delhi High Court a few days back. In a judgment that has far reaching consequences, ( including a possible retrospective amendment) the High Court has struck down the Rule 5(1) of the Service Tax (Determination of Value) Rules, 2006 as ultra vires the provisions of Section 66 and 67 of the Finance Act, 1994.

The Petitioner Company is engaged in providing consulting engineer services and receives payments not only for its service but is also reimbursed expenses incurred by it such as air travel, hotel stay, etc. It was paying service tax in respect of amounts received by it for services rendered to its clients. It was not paying any service tax in respect of the expenses incurred by it, which was reimbursed by the clients. Department issued Show Cause Notice demanding service tax on the expenses reimbursed by invoking the provisions of Rule 5(1) of the Service Tax (Determination of value) Rules 2006. The Petitioner has challenged the provisions of Rule 5(1) in a Writ Petition.

The High Court, while allowing the Petition filed by the assessee, held:

++ Section 67, both before and after 01.05.2006 authorises the determination of the value of the taxable service for the purpose of charging service tax under Section 66 as the gross amount charged by the service provider for such service provided or to be provided by him, in a case where the consideration for the service is money. It is only the value of such service that is to say, the value of the service rendered by the petitioner to NHAI, which is that of a consulting engineer, that can be brought to charge and nothing more. The quantification of the value of the service can therefore never exceed the gross amount charged by the service provider for the service provided by him. Even if the rule has been made under Section 94 of the Act which provides for delegated legislation and authorises the Central Government to make rules by notification in the official gazette, such rules can only be made "for carrying out the provisions of this Chapter" i.e. Chapter V of the Act which provides for the levy, quantification and collection of the service tax. The power to make rules can never exceed or go beyond the section which provides for the charge or collection of the service tax.

++ We have no hesitation in ruling that Rule 5 (1) which provides for inclusion of the expenditure or costs incurred by the service provider in the course of providing the taxable service in the value for the purpose of charging service tax is ultra vires Section 66 and 67 and travels much beyond the scope of those sections. To that extent it has to be struck down as bad in law. The expenditure or costs incurred by the service provider in the course of providing the taxable service can never be considered as the gross amount charged by the service provider "for such service" provided by him.

++ In the illustration given ( under Rule 5), the architect who renders the service incurs expenses such as telephone charges, air travel tickets, hotel accommodation, etc. to enable him to effectively perform the services. The illustration, therefore, says that these expenses are to be included in the value of the taxable service. The illustration clearly shows how the boundaries of Section 67 are breached by the Rule.

++ There is ample authority for the proposition that the rules cannot override or overreach the provisions of the main enactment.

++ Section 66 levies service tax at a particular rate on the value of taxable services. Section 67 (1) makes the provisions of the section subject to the provisions of Chapter V, which includes Section 66. This is a clear mandate that the value of taxable services for charging service tax has to be in consonance with Section 66 which levies a tax only on the taxable service and nothing else. There is thus in built mechanism to ensure that only the taxable service shall be evaluated under the provisions of 67. The thread which runs through Sections 66, 67 and Section 94, which empowers the Central Government to make rules for carrying out the provisions of Chapter V of the Act is manifest, in the sense that only the service actually provided by the service provider can be valued and assessed to service tax. We are, therefore, undoubtedly of the opinion that Rule 5 (1) of the Rules runs counter and is repugnant to Sections 66 and 67 of the Act and to that extent it is ultra vires.

ST 1 Amended

Service Tax Registration Form Amended to include Accounting Codes

GOVERNMENT has amended the S.T-1 FORM; Sl. No. 7 of the Form now is as:

7. Description of taxable services provided or to be provided by applicant

S.No	Description of service	Relevant clause of section 65 of the Finance Act, 1994, to be indicated, if possible
(1)	(2)	(3)

It is now changed to:

S.No	Description of taxable service (Choose from ANNEXURE)
(1)	(2)

And the Annexure gives the DESCRIPTIONS OF TAXABLE SERVICES AND ACCOUNTING CODES FOR PAYMENT OF SERVICE TAX.

Sl. No 120 in this list is Other taxable services.

Earlier the requirement of mentioning the classification was only 'if possible'. Now it is mandatory to choose from one of the 120 in the list.

The Commissioner, Service Tax in the Board has written a letter to all the Chief Commissioners and Commissioners informing them that:

Notification 48/2012-Service Tax dated 30-11-2012 seeks to amend Form ST-1 so as to enable applicants seeking registration to choose the description of the service being provided by them 

 

Know your candidates Pooja, Prafulla and Hegde

Sorry guys swamped with work and couldn't get time to keep my promise to write this blog every day.  Finally could get some time to talk to some of the candidates of the ICAI elections. Let’s talk about their profile and candidature.

CA Pooja Gupta is the only female candidate in the fray for the Elections of Central Council from Western Region. Is being woman an advantage? "Absolutely not", that is the reply of Pooja. She says, “I don't have any gender bias and I don't look at all from any such angle. I am equally working hard like any male candidate to achieve my objectives of serving the profession.  People feel sense of honesty and transparency and people like me because of this and not because I am a woman.”If you go little back in the history, Pooja was elected to regional council for the term 2000-2003. She was a very young candidate at that time and won the election comfortably. There after she chose an International career and went to Germany. She worked there for a big four firm from 2004 till 2008 and she came back in 2008 to India. "My country was calling, and I had obtained lot of exposure in IFRS which I felt I could contribute to my fellow CAs.”

While following Pooja’s election campaign, I have realized she is very popular on the social media sites. She has lots of followers and likes on her profile. She is pursuing a career of full time professor in Mumbai’s management college and her core areas of interest are IFRS, risk management, and derivatives. She is actively involved in ICAI’s various course and seminars on IFRS. She has been a sought after speaker on IFRS and was also on various committees for accounting standards. She has strong views on CA syllabus and she thinks this need to be changed to accommodate the changes taking place around the world.

Pooja has written a book, “Financial Instruments Standards” published by Tata McGraw-Hill. This is a very popular publication sold around the world and available on leading online book stores like Amazon. And her views on the some aspects of the election campaign are reflected by her status on one social networking site, Dinner party is not winner party….

My opinion, she is a force to reckon with. Her advantage is, she has been a regular contributor as an IFRS faculty and people recognize her name. Her campaign on the social media is very popular and well received. Disadvantage is the number of members has increased manifold in last 10 years, and indeed she has an upheaval task ahead to reach out to members.

Prafulla Chhajed is past chairman of WIRC. He served three terms in WIRC. In the last two elections, he was one of the highest first preference vote getters in WIRC elections. Though he couldn’t make it to Central council in his last election, he expects he would be through this time, “Things has changed since last elections, and I look forward to love and support from the members.” Says Prafulla.  Coming from a small Maharashtra village of Dhulia, Prafulla has a very wide base in the town and mofussil. During his tenure as a chairman of WIRC, he had led an official delegation to meet the President of India, her Excellency Pratibha Patil. He also undertook a Gujarat Yatra to reach out to CAs from small towns. He played a pivot role in pushing for opening of Ahmednagar and Akola branch of WIRC. What’s he is up to? He is raising issue of continuing part time COP. He strongly feels that a new member can’t survive in current situation if he opts for a full time practice. Therefore, for a limited period of time, we should allow him to hold a part time COP and do attestations function along with part time job in industry, so that after a period of time, he can make a decision that he wants to make a career in industry or practice. He should be given a chance and opportunity. Prafulla says, he wants to be a voice of members and students in the council.

My opinion, Prafulla is a popular candidate around the region and especially mofussil Maharashtra where he has personal relations with lots of members. Being a past chairman, his name is recognized and he had visibility. Much of the things have changed since last election, when he lost. Many people not contesting who had common followers with him. Disadvantage is, for last three years, not being in the council, his visibility was not as much compared to the sitting council members. The increase in CA membership is very high and therefore we never know which way new members go. He needs to work hard, and has a fair chance to go ahead in his Endeavour.

Nandkishore Hegde is the sitting regional council member of the regional council. It is his second term in the regional council. He has served on various committees and hails from one Big four firm. He is very soft spoken and sober person. He is frequent speaker at various seminars and study circles on the subject of Income tax. His performance in the regional council has been impressive, and he crossed his quota for first preference votes in last elections.  Hegde has been contesting first time in Central council. He always raised the issue of high expenditure in the ICAI elections. “If people contest to serve the profession, why they need to spend lots of money in the elections?” he asks. He thinks, the election campaign should not be expensive. Institute should ask for the mailers from the candidates and all the mailer should be sent to members together by the institute. So that, we can cut on expenditure and members can’t be bothered again and again. Even institute can provide a central website and everyone should be allowed to upload their page about their agenda and views about their candidature. Go green is his mantra. He is very upset about the growing trend of the dinner parties for the election campaigning.

My opinion, Hegde has a great network personal and due to his firm. His popular base and his firm is his biggest advantage. He had secured very high no. of votes in his very first regional council election and thereafter. He is sitting council members and visibility as speaker is also goes in his favour. Many feels, he is a sure shot win. But you know, after all, it is election and voters are highly qualified chartered accountants, who make their considered decision which is known only after results. Having lesser exposure and visibility compared to the other sitting regional council members is his disadvantage.

Taxation Of Gifts U/s 56(2): CBDT Modifies Rule For Valuation Of Unquoted Shares

Taxation Of Gifts U/s 56(2): CBDT Modifies Rule For Valuation Of Unquoted Shares

U/s 56(2)(vii)(c), (viia) & (viib), the receipt of shares of a company for a consideration which is less than the aggregate fair market value of the shares is deemed to be "income" to the extent that the fair market value of the shares exceeds the consideration. The formula for determining the "fair market of the shares" is set out in Rule 11UA. Vide Notification No. 52/2012 [f.no. 142/19/2012-so (tpl)]/so 2805(e), dated 29-11-2012, Rule 11UA has been amended to provide, in respect of unquoted shares, a revised method of determining the FMV and to give the assessee the choice of valuing the shares as per the Discounted Free Cash Flow method

New TDS Website

New website for TDS

https://www.tdscpc.gov.in/

About Us

TRACES Vision Statement:

"To partner in the nation building process through progressive tax policy, efficient and effective administration and improved voluntary compliance."

TDS (Tax Deducted at Source) Centralized Processing Cell (CPC) or TDS CPC is a transformational initiative undertaken by the Income Tax Department (ITD) to enable easy filing of TDS / TCS correction statements by deductors / collectors and related functionalities. TDS CPC endeavours to improve overall service levels for deductors and tax payers. Deductors / collectors can file online correction statements after registering on TRACES. Tax Payers can also register to view and download Form 26AS. TDS CPC will facilitate timely filing and processing of statements and follow-up with deductors / collectors for rectification of defaults to enable correct reporting of TDS / TCS. The system has been designed to bring in transparency and efficiency to the taxation process.

TRACES covers the following areas with respect to TDS / TCS statements:

For Deductors / Collectors

• Registration on TRACES
• Add sub-users for a TAN
• View challan status
• Download NSDL Conso File
• Download Justification Report
• PAN Verification
• Download Form 16 / 16A
• Provide Feedback
• Download forms and file formats
• Manage Profile
• Download Consolidated TAN-PAN File
• Dashboard View

For Tax Payers

• Registration and Login
• View Form 26AS
• View and edit profile
• Provide Feedback

e PF Pass Book

E-PASSBOOK SCHEME FOR PF SUBSCRIBERS TO BE LAUNCHED ON FRIDAY

Subscribers to the Employees' Provident Fund Organisation (EPFO) will now be able to download their e-pass book each month, if they are active members and if their electronic challan-cum-return is uploaded. The Central PF Commissioner will launch the facility here on Friday, the Labour Ministry said. In the case of members who are not active (left service) and have not settled their account or have not become inoperative, the facility to download the pass book on request basis shall be available, it said. The facility shall be available on www.epfindia.gov.in. Once the facility comes into operation, PF members can register on the Member Portal by using his/her photo identification number, such as PAN, Aadhaar, National Population Registry, driving licence, passport, voter ID, ration card and use the mobile number as password. This way, the member will not be required to remember any user ID/password, the Ministry said. Once registered, a member can download the pass book by entering his/her account number. If available, the pass book will appear for download. "The e-pass book shall contain the transaction-wise details in the member's account (all credits and debits) since the month for which the details for the establishment have been processed in the new application software at the field offices," the Ministry added. The facility, however, will not be available for members under exempted establishments under the EPF Scheme 1952 (as the fund details are maintained by the Trust), inoperative members (i.e. in accounts where no contribution has been received during preceding 36 months). However, there will be some restrictions, as only one registration will be allowed against one mobile number, and a member can download the passbook for only one account number under one establishment. – www.thehindubusinessline.com

Old is Gold?

There are six candidates who are sitting members and contesting again for ICAI central council from WIRC. Out of these three contestants are contesting their consecutive third term as per the new regulation, so last election for them.  These are Rajkumar Adukia, Sanjeev Maheshwari, and Pankaj Jain. For Nilesh Vikamsey, Dhinal Shah and Shiwaji Zaware this is second consecutive election.

Let's analyse what's their prospects. Look back at the history. In every election for last few terms in recent past, one of the sitting members has not be able to make it again, except in last election when everyone were able got re-elected. Mahesh Sarda was on margin and won at the 11th place in 2009 and stopped the trend of one sitting member loosing. What about this time? Does anyone has a chance to repeat the earlier history? Wait and see.

Generally, it has been easier for all the sitting members to get re-elected. Visibility is their major advantage. Rajkumar Adukia is the most senior among all. He had secured second highest no. of votes after Bhavana Doshi in last elections. He has been serving the council for last five terms. He has been very well traveled through out the region and well known. Sanjeev Maheshwari and Pankaj Jain are seasoned council members. Nilesh Vikamsey has a very large fan following. Shiwaji Zaware had surprised everyone last time when he secured fifth place in first preference votes and he was above Nilesh Vikamsey and Pankaj Jain, despite the fact it was his first time. Dhinal Shah has gained more ground since his election to central council, though he is facing a stiff and united competition. We will talk about Dhinal and Shiwaji more when we will talk about Ahmedabad and Pune.

Whatever the history says, and howsoever the strong one feels, after all it is election and no one can be complacent. And that is the reason tension could be seen on everyone's face. And that's the reason, you start getting loads of mail with various professional materials, be it a knowledge forum or the publication links on various subject of professional interest...

Central Council Candidates from WIRC

Welcome back..

Let's begin with some statistics on the Central Council candidates from WIRC. Then watch this page everyday for some more information and election analysis. Use this blog as a forum of members and feel free to comment and write your views, by line your name, or anonymous, it's all right. Only request, no abuses, no personal allegations, and of course, no bound to your opinions, or thoughts.

Here you go, there are 24 candidates in fray for Central council elections from WIRC, not very unfair, it's reasonable to have at least two candidates for one seat. It's bit more than that, but not bad. 17 from Mumbai, and two each from big cities Ahmedabad, Pune, and Surat. And one from Nagpur. Why Nagpur filled only one was really surprise, because till end, we were hearing many more names. May be next time Nagpur joins the league of big cities, all the best..

And you know what, WIRC  chairmen of all the last three years, has thrown their hats in the ring. Shrinivas Joshi, Sanjeev Lalan and Durgesh Kabra, Good Luck. For last so many terms, majority of the chairman wants to try their luck in the Central Council. Prafulla Chhajed and B M Agarwal from earlier term were candidates in the last elections, Sanjeev Maheshwari and Nihar Jambusaria were the candidates prior to that election. Vipul, Atul and Mitil were candidates before that. The clout of WIRC  chairman is so big, and the photograph published on the cover of WIRC newsletter every month reaching to thousands of members gives a wonderful feeling of greatness to all the chairman of WIRC. The welcome address by all the branch chairman during branch visit before members across the region gives a  feeling of popularity and heroism. The feel  good factor is a great temptation for the chairman to try their luck in election. It's only the results that make the "chairman sir" realise the reality on the ground. Track record is not so good and the names I have listed of past chairmen only Sanjeev Maheshwari was the lucky enough to crack the Central council in first attempt. Nevertheless, serving as a chairman of WIRC is a full time job and you need to do lots of personal and professional sacrifices to ensure a successful term. Contribution of all past WIRC chairman is magnanimous and we must recognise it, irrespective of election fortunes.

Notwithstanding, Good Luck to Shrinivas Joshi, Sanjeev Lalan and Durgesh Kabra. 

Out of these candidates, six are sitting council members. Trying their luck again. Shiwaji Zaware from Pune, Dhinal Shah from Ahmedabad, Rajkumar Adukia, Sanjeev Maheshwari, Pankaj Jain, and Nilesh Vikamsey all from Mumbai. Its consecutive sixth time Rajkumar Adukia is contesting for the Central Council, and last time, as his sms goes. The senior most council member from WIRC. As per new regulation, no one can be council member for more than three continuous terms. So it would be third term for Sanjeev Maheshwari and Pankaj Jain too.

From the club of past chairmen of WIRC, Prafulla Chhajed, Nihar Jambusaria are contesting the Central council elections. There are four candidates who lost their last election and trying their luck again. Nihar Jambusaria, Duresh Buch, Tarun Ghia and Prafulla Chhajed. 

And our statistics is incomplete if I don't talk about one and only female candidate in this election, Pooja Gupta. After long years out of the scene, she is back.

We will talk about each of the candidates in coming days, how they are faring and what's bothering them...  we will also talk about the WIRC candidates, and city analysis.

Keep watch this page and don't forget to comment and express your views in the below comment space... Will be back with my next dispatch tomorrow..

IndianCAs: Grand Opening of IndianCAs Job Portal!

 

IndianCAs		IndianCAs.com
Announcing launch of IndianCAs Job Portal Dear friends and family, I'm excited to announce the grand opening of an Exclusive Job portal for Chartered Accountants to help my CA fraternity finding their dream jobs.  If you are looking for job, please post your resume, It's FREE.  Apply Now If you or your organization needs chartered accountants, Post your jobs.   Post Jobs I hope to attract lots of visitors, so I invite you to visit IndianCAs now to learn more! I hope IndianCAs will be the right forum to connect Chartered Accountants to job of their choice and to Business house to get the right candidate. Please forward this email to anyone who might be interested, to help me spread the word. To see this site, just click the "Visit My Site" button in this email. Best regards, | Ashwin Nagar | FCA and SAP-Finance & Consolidations | Success is not permanent and failure is not final		Visit IndianCAs

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Exam at Mumbai/Navi Mumbai, Thane and Panvel postponed. - (17-11-2012)

Exam at Mumbai/Navi Mumbai, Thane and Panvel postponed. - (17-11-2012)

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Bihar Urban Infrastructure Development Corporation Limited

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Proposals for Selection of Chartered Accountant Firm for outsourcing of accounting & financial management services 

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Phone :0612-2210101 

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Ugc-dae Consortiun For Scientific Research

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Uttarakhand Power Corporation Limited

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