KEY FEATURES OF BUDGET 2015-16

CS RESULT

ICA congratulates all the students for clearing their exams.

Niharika Gupta
Shalini Tandon
Shruti Dwivedi
Raman Singh
Anjali Singh
Payal Agarwal
Etika Bhatnagar
Nuzhat Siddiqui
Mahesh Soni
Umme Saleem
Anika Prasad
Kanchan Vimal
Komal Singh
Prakhar Dwivedi
Supriya Shukla
Juhi Tiwari
Richa Mishra
Divyanshi Srivastava
Sumbul Qamar
Ankita Agarwal
Anjali Pandey
Sanjeev Tripathi
Namit Goel
and many others who came out with flying colors

BEST OF LUCK FOR RESULTS

UPDATES

1. Use of designation other than designation of chartered accountant unless it be a degree of a university established by law in India or recognized by the Central Government not allowed and may invite disciplinary action. ICAI Announcement of 18-02-2015. 
2. Extension to 25-02-2015 of last date to apply online for CAG empanelment for 2015-2016 at www.saiindia.gov.in. Send paper documents also.
3. The DGFT has introduced a new format for issuance of e-IEC as appendix 18B-1 in the handbook of procedure Vol. I (Appendices and Aayat Niryat Forms), 2009-2014 and further notifies that the existing format, Appendix 18B, will continue to be in force for IEC numbers  being issued in physical form, based on manual applications.
4. Request you to join as NIRC of ICAI is going to inaugurate newly allotted bar room at G-7, Civic Centre, Income Tax Office,  New Delhi on 23rd February, 2015 at 02:30 P.M. for its members facilities.

UPDATES

1. Private company  to be small company  if  paid up capital upto 50 lakhs and (or earlier) turnover upto 2 crores. [Companies (Removal of Difficulties) Order, 2015 of  13-02-2015].
2. Email addresses in DSCs should be unique i.e. DSCs not to be issued to different persons on same email lD. CCA Order  of 23-01-2015. [FNo CCA/DC(T)/201 3-98/1294].
3. New upgraded and secure portal for E-Filing of applications for foreign direct investment launched by department of economic affairs, ministry of finance . The new website is http://fipb.gov.in.
4. Printing work is in the nature of works contract and value of ink and processing material is exigible to sales tax. [ Vibha Publications Pvt. Ltd. vs. Commissioner, Trade Tax, UP. Lucknow (2015 (2) TMI 431 – Allahabad High Court)].
5. Interest on delayed refund is permissible from expiry of 3 months from the date of filing of refund application and not from the date of refund order.  [ Tata Chemicals Ltd. vs. Commissioner of Central Excise, Rajkot].

MCA UPDATES

MCA has clarified the much awaited provision of Small Company as defined under Section 2(85) of the Companies Act, 2013. According to the existing provision, a Company is a Small Company, if it meets either of the conditions provided therein thereby making the second limit unrestricted or inconsequential. Difficulties have arisen in this regard as companies which, though, meet one of the criteria but exceed the monetary limit in respect of second criteria excessively are also getting classified as 'small companies'. Accordingly through the Companies (Removal of Difficulties) Order, 2015, in Section 2(85)(i), for the word "or" occurring at the end, the word "and" shall be substituted and now both conditions are simultaneously required to be complied with.

  

MCA

MCA through the Companies (Removal of Difficulties) Order, 2015 has provided relief to a banking company or an insurance company or a housing finance company making acquisition of securities in its ordinary course of business. The existing provisions, only provides exemption to the NBFC, making it difficult for the Banking & Insurance Company to acquire securities. Now the position has been rectified and new provision has been inserted vide Section 186(11)(b)(iv) to exempt a banking company or an insurance company or a housing finance company, making  acquisition of securities in the ordinary course of its business.

An advocate’s profession is not commercial activity

HC directs Bescom to treat lawyers' offices as domestic and not charge them commercial tariff


A city-based advocate defied Bangalore Electricity Supply Company (Bescom) after officials of the company rendered power supply he consumed at his home commercial because he practiced from there: He moved High Court. The court ordered Bescom to treat an advocate's profession non-commercial or domestic.

Advocate A V Gangadharappa, 64, a resident of Dr Rajkumar Road, Rajajinagar filed a writ petition accusing in it the chief engineer (Electrical) and assistant executive engineer (Electrical) of No 1, Sub-Division, Bescom, Rajajinagar on September 12, 2013.

In his petition Gangadharappa stated that he is an advocate and practices from a chamber in his house situated in 4th M Block, Rajajinagar. He declared that he was not using electricity for any other purpose than his profession. His profession could not be termed commercial since it was not a manufacturing activity, nor a trade or business.

He had asked Bescom to treat the electricity consumed in his home, including his professional chamber as domestic and not commercial. A Bescom engineer had communicated to him on June 11, 2013 only to inform him that the said electricity consumption could not be treated as domestic.

Gangadharappa's counsel Rajagopal M R said that the office of a lawyer or a firm is not a shop that comes under the Shops and Commercial Establishments Act. Hence, electricity consumed by it be considered 'domestic' usage. The court cited an earlier judgment, that of M/s Singhvi Dev and Unni Chartered Accountants, wherein it held that chartered accounts' profession does not come within the provisions of Shops and Commercial Establishments Act, 1961 and was instead a purely social service.

High Court judge Huluvadi G Ramesh directed Bescom authorities to treat power consumed by Gangadharappa as domestic and impose tariff accordingly. The judge said that professions like law and chartered accountancy are not business or trade.

ICSI declared Timetable for CS Executive & Professional Program for June 2015 Exams, which has been reproduced