10 December 2013

Clarification on Applicability of CPE hours requirement for the newly enrolled members

Clarification on Applicability of CPE hours requirement for the newly enrolled
members during the block of three years 1.1.2011 to 31.12.2013. - (09-12-2013)1.

As per the Statement on CPE a member is exempted only for the particular calendar year during which he gets his membership for the first time.2.  For Example: members enrolled at any point of time during the Calendar year 2011 (1st January-31st December, 2011) are exempted for the Calendar Year 2011. For the Calendar Years 2012 & 2013 they would be required to comply with proportionate CPE hours requirement. Members enrolled during the year 2011 with COP would be required to complete 60 CPE hours in the calendar year 2012 and 13. Out of 60 CPE hours, minimum 40 CPE hours should be under Structured Learning and 20 CPE hours under Structured/Unstructured Learning as per choice and Non-COP holders are required to complete 30 CPE hours under Structured/Unstructured Learning as per choice.3   members enrolled at any point of time during the Calendar year 2012 (1st January-31st December, 2012) are exempted for the Calendar Year 2012. For the Calendar Year 2013 they would be required to comply with proportionate CPE hours requirement. Members enrolled during the year 2012 with COP would be required to complete 30 CPE hours for the calendar year 2013. Out of 30 CPE hours minimum 20 CPE hours should be under Structured Learning and 10 CPE hours under Structured/Unstructured Learning as per choice and Non-COP holders are required to complete 15 CPE hours under Structured/Unstructured Learning as per choice for the calendar year 2013.4   members enrolled at any point of time during the Calendar year 2013 (1st January-31st December, 2013) whether holding COP or not are exempted for this block of three years (2011 to 2013)5.  ICAI’s CPE Advisory on Unstructured Learning and prescribed format for claiming Unstructured CPE Credit hours is available at URL:http://www.cpeicai.org/Advisory-Unstructured%20Learning%20Activities.pdf. 

09 December 2013

Revision of Work Distribution-CBDT


CBDT revises work distribution in Foreign Tax and Research Tax division

REVISION OF WORK DISTRIBUTION IN FOREIGN TAX AND TAX RESEARCH (FT&TR) DIVISION UNDER CENTRAL BOARD OF DIRECT TAXES (CBDT)
OFFICE ORDER [F.NO.500/59/2003-FTD-I]DATED 6-12-2013
In partial modification of the office order No. 4/2003 dated 28th August, 2003 and 26th October, 2009, the work distribution in the Foreign Tax and Tax Research (FT&TR) Division under the Central Board of Direct Taxes (CBDT) is revised as under:-
Joint Secretary (FT&TR-I)Joint Secretary (FT&TR-II)
1Providing inputs on Policy issues relating to international Taxation, Transfer Pricing, Advanced Pricing Agreements, International tax Evasion and Avoidance and Exchange of Information in the work area related to JS (FT&TR-I), in consultation with JS(FT&TR-II).
2All matters relating to Double Taxation Avoidance Agreements (DTAA) and Agreement for the Exchange of Information and Assistance in Collection of Taxes (AEI & ACT) with countries in the following geographical regions:
a. North America including Caribbean Islands; and
b.Europe
3All matters relating to Exchange of Information in respect of countries in geographical regions referred to in serial no. 2 above.
4All matters relating to FATCA and Automatic Exchange of Information (Including at the Global Forum on Transparency and Exchange of Information for Tax Purposes and OECD Working Party 10}
5All matters relating to Mutual Agreement Procedures and bilateral Advance Pricing Agreements in respect of countries in geographical regions referred to in serial no 2 above.
6All matters related to unilateral APAs.
7All matters related to taxation in G20.
8Coordination with OECD in work related to BEPS, including In CFA and Working Parties 1, 6, 10 and 11; In relation to Forum on Tax Administration Including FTA MAP Forum; Global Forum on Tax Treaties and Transfer Pricing.
9All matters related to Central Direct Tax Advisory Committee and Tax Administrative Reforms Committee.
10All matters relating to sections 94A, 95, 115A, 115AB, 115AC, 115BBA, Chapter XII-A, 195 and 230 of the Income-tax Act, 1961.
11Any other matters relating to foreign tax that may be assigned by Chairperson, CBDT.
1Providing inputs on Policy issues relating to International Taxation, Transfer Pricing, Advanced Pricing Agreements, International Tax Evasion and Avoidance and Exchange of Information in the work area related to JS (FT&TR-II) in consultation with JS (FT&TR-I),
2All matters relating to DTAA and AEI & ACT with countries in the following geographical regions:
a.Asia including Japan;
b.Australia Including Pacific Islands;
c.Africa; and
d.South America
3All matters relating to Exchange of Information in respect of countries in the geographical regions referred to in serial no 2 above.
4All matters relating to Mutual Agreement Procedures and bilateral Advance Pricing Agreements in respect of countries in geographical regions referred to in serial no 2 above.
5All matters relating to multilateral agencies including United Nations, BRICS, IBSA, SAARC, CATA, CIAT and Global Forum on Transparency and Exchange of Information for Tax Purposes (excluding issues relating to automatic exchange of information).
6Coordination with OECD on issues relating to Global Relations, Training, Working Party 2, ITD, Tax and Crime, Tax and Development and Tax Inspectors without Borders,
7Capacity building in developing countries through bilateral and multilateral arrangements and coordination of training on international taxation, transfer pricing and exchange of information with NADT and RTIs.
8All matters relating to foreign training.
9All matters related to Dispute Resolution Panels and Standing Committee on Parliament.
10All matters relating to sections 6(2), 9, 10(15), 44B, 44BB, 44BBA, 44BBB, 44C, 44D, 44DDA, 44G, 44H, 90, 90A, 91, 163, 172, 173 and 174 of the Income-tax Act, 1961.
11All matters related to FIPB.
12Any other matters relating to foreign tax that may be assigned by Chairperson CBDT, and any other such matter not otherwise covered in the work area of JS(FT&TR-1).
2. This order is issued with the approval of Hon'ble Finance Minister.
3. This revised order comes into force with immediate effect.

IICA Vs ICAI

Amendment of Accounting Standards


Examination of various Rules and Accounting Standards under the Companies Act, 2013 is an ongoing process. Giving this information in written reply to a question in the Rajya Sabha today, Shri Sachin Pilot, Minister of Corporate Affairs, said that Accounting Standards are amended from time to time keeping in view the requirements of the situation. No amendment to the Standards is currently being considered. He also informed the House that the Indian Institute of Corporate Affairs, as part of its MOU with an agency had facilitated the release of a ready reckoner for acquainting stakeholders with various laws including the Companies Act, 1956. 
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01 December 2013

Changes in Excise Valuation


CE :- The Rule 8, 9, 10 of CEVR,2000 now covers the cases even where the part of excisable goods are captively consumed. Hence even in case of those partly captively consumed goods, the 110% clause shall be applicable. It is important to note that previously it covered only those cases where the whole of excisable goods were captively consumed.

Similarly amendment is also made in Rule 9 & 10 which governs the valuation in case of related parties / Interconnected Undertakings.


Empanel as Concurrent Auditors

BANK OF MAHARASHTRA invites online applications from practicing firms of Chartered Accountants, in the prescribed format, who are willing to...