Showing posts with label ICAI elections 2015. Show all posts
Showing posts with label ICAI elections 2015. Show all posts

Wednesday, 4 November 2015

Single transferable system of voting – An appraisal


The next elections to the Council and Regional Councils of the Institute will be held on 4th and 5th December, 2015 at Ahmedabad, Bangalore, Chennai, Delhi/New Delhi, Gurgaon, Hyderabad, Jaipur, Kolkata, Mumbai, Pune, Surat and Thane and on 5th December, 2015 at all other places where polling booths have been set up. The members especially those who are new would, naturally, be interested in knowing how the “single transferable vote” system under which the elections are held operates. The broad details of the system are given below:

1. Each voter has only one vote for election to the Council and one vote for election to the Regional Council. The voter, in order to cast his vote, shall place on his ballot paper the number 1 (in Arabic or Roman numerals, or in words) against the name of the candidate for whom he desires to vote, and may, in addition, place on his ballot paper the number 2, or numbers 2 and 3, or the numbers 2, 3 and 4 and so on opposite the names of other candidates in the order of his preference. A voter has as many preferences as the total number of candidates from that Regional Constituency/ Regional Council. However, for the purpose of facilitating the process of election by avoiding fractions, each valid vote is notionally considered to be of the value of 100 so that if a part of the vote has subsequently to be transferred from one candidate to another (next in the order of preference), it does not become necessary to resort to fractions, which would make the counting cumbersome.

2. At the time of counting of votes, the covers containing the postal ballot papers are opened and the voting papers are separated. To these are added the voting papers taken out from the ballot boxes used at different polling booths. The ballot papers are, in the first place, examined and invalid papers are rejected and excluded from the process of counting. The total value of the valid votes is then calculated by multiplying the number of such votes by 100, as mentioned above. This total value is then divided by the number of vacancies increased by one, and the quotient increased by one gives the value that is required for any candidate to get elected. This figure is termed as the “quota”. Thus, if in a constituency, eight members are to be elected and there are 4,500 valid votes, the quota will be:-

4500 x 100
---------------- + 1 = 50,001
8+1

In other words, a candidate should get 50,001 votes to get elected. The addition of one to the quotient is explained by the fact that if it is not done, there is a possibility that more candidates may get elected than the number of vacancies.

The First Count

3. After working out the “quota”, the votes are sorted out and divided into parcels according to the candidates for whom the first preference is marked on the respective votes. The value of the first preference votes received by each candidate is then worked out and the process is known as the first count.

4. All the candidates, the value of whose votes is equal to or greater than the quota, are declared elected. The votes of the candidates who obtain exactly the quota are set aside as there is no question of transfer of any surplus from those votes.

Transfer of Surplus and Subsequent Counts

5. Then starts the process of transfer of the surplus values of the votes of those candidates who have secured more than the quota at the first count. Their cases are taken one by one in the strict order of the value of their votes, the largest surplus being dealt with first. In case no candidate obtains the quota in the first count, exclusion of candidates is resorted to (see para 12).

6. The votes of the candidate whose surplus is to be transferred are scrutinized and all those votes which are capable of being transferred (viz., on which the next preference is marked for a candidate, who has not already been elected, or if the next preference is marked for an elected candidate, the preference marked next to that and so on) are separated. The remaining votes which are not capable of further transfer are set aside and treated as exhausted.

(7.1) Before the votes are transferred to the candidates marked next in preference, a new value of each vote is worked out. This value is arrived at by dividing the total surplus of the candidate by the number of votes to be transferred, the remainder being ignored, subject to the condition that the new value does not exceed the original value at which the vote was received by the candidate whose surplus is being transferred (viz., 100 in the case of first preference votes).

(7.2) Thus, if after the first count, a candidate has a surplus of 2,962 and there are 65 votes in his parcel which are capable of being transferred, each vote will be transferred at the new value of (2,962÷65) 45. The remainder of 37 [2962-(65x45 = 37)] is treated as loss in value.

8. The votes under transfer are then divided into parcels according to the candidates to whom they are to be transferred. The parcels of the transferred votes are also added as sub-parcels to the parcels of original (viz., first preference) votes of the candidates concerned. The total value of the votes going to a particular candidate is obtained by multiplying the new value of each vote by the number of votes going to him and is added to the value of his original votes. The result of the transfer is then struck out and the candidates who obtain at this stage the “quota” are also declared as elected.

9. This process of transfer of the surpluses of the elected candidates continues till the required number of candidates are elected or till all the surpluses have been dealt with.

10. As already stated, the surpluses are transferred in the strict order of their value, but all surpluses arising at an earlier count are disposed of before the surpluses arising at subsequent counts are taken up.

11. In the case of transfer of surplus of a candidate who was not elected at the first count but only as a result of transfer of some votes to him at a subsequent count, since the surplus arises out of the last sub-parcel of his votes, it is only the last sub- parcel that is scrutinized and the unexhausted votes contained therein which are capable of further transfer are revalued, in the manner stated in para 7.1 and 7.2 above, and then transferred to the candidates marked next in order of preference. If there is no vote in the last sub-parcel which is capable of further transfer, the whole of the surplus is treated as loss in value.

Exclusion of Candidates

12. When there is no surplus left for transfer and the number of candidates elected is less than the number of seats, the exclusion of candidates is resorted to. The process of exclusion comprises the transfer of votes (both original and transferred) of the candidate to be excluded to the candidates marked next in order of preference and who have not already been elected or excluded.

13. The candidate, the value of whose votes is lowest at the time of exclusion, is first excluded.

14. The parcels and the sub-parcels of the votes of the candidates to be excluded are taken up one by one in the order in which they were received and the votes contained in each parcel and sub-parcel which are capable of further transfer are transferred to the candidates marked next in order of preference at the same value at which they were received by him. Each parcel and sub-parcel is dealt with separately. It is only after the parcel and all the sub-parcels have been duly transferred that count is completed.

15. If, as a result of transfer of votes of a parcel, or a sub-parcel, any other candidate secures the quota and is elected, the count in progress is completed but no further votes are transferred to the elected candidate from the subsequent sub-parcels. The following example would make it clear. Let us suppose that the votes of candidate “A” who is to be excluded consist of the original parcel and two sub-parcels subsequently transferred to him. Suppose as a result of the transfer of votes contained in the original parcel, another candidate “B” gets elected. Then the remaining two sub-parcels will be dealt with one by one but no vote therefrom will be transferred to candidate “B” and such of the votes as would have normally gone to “B” will now be straightaway transferred to the candidates marked next to “B” in the order of preference on the respective votes.

16. The process of exclusion continues till the requisite number of candidates has been elected or the number of candidates left in the field (i.e., the continuing candidates) is equal to the number of vacancies still unfilled.

17. If, as a result of any exclusion, another candidate gets the quota and is thus elected, no further exclusion is done till the surplus of the elected candidate has been transferred and it becomes necessary thereafter to again resort to exclusion. In other words, a candidate is to be excluded only when there is no surplus to be transferred.

(18.1)If, at any time during the course of counting of votes, the number of candidates remaining in the field is reduced to the number of vacancies not yet filled, all those candidates are declared as elected without resorting to any further calculations.

(18.2)It, therefore, follows that a candidate may be elected even though he does not get the required quota.

19. If at a particular time only one vacancy is left unfilled and the value of votes (both original and transferred) of anyone continuing candidate at that time exceeds the total value of votes of all the other candidates left in the field, including the surplus of any candidate not yet transferred, that candidate is declared as elected.

20. When after counting of votes, a tie is found to exist between candidates, regard is given to the original votes and if the original votes are also equal, then the process of draw of lots is resorted to. In case of tie amongst more than two candidates, the candidate whose slip is picked up is excluded from the poll. If the tie is between two candidates, the candidate whose slip is picked remains in the poll or declared as successful, as the case may be.


- CA Kasliwal Ambar

Tuesday, 18 August 2015

FAST TRACK EXIT (FTE) FOR DEFUNCT COMPANIES

FAST TRACK EXIT (FTE) FOR DEFUNCT COMPANIES 
 (Sec 560 of 1956 Act now Sec 248 of 2013 Act)

CONDITIONS FOR FTE

The defunct company should have “Nil” Assets & Liabilities and has not commenced any business activity or operation since incorporation; or is not carrying over any business activity or operation for last one year before making application and Company which has “Active” status or identified as “Dormant” by the MCA

COMPANIES NOT ELIGIBLE FOR FTE

Listed Companies/ De-listed Companies/Section 8 Co/ Vanishing Companies/ Companies under Inspection/Investigation pending in any Court/ Companies where order under Section 234 has been issued and reply thereto or prosecution, if any, is pending in the court/ Companies against which prosecution for a non-compoundable offence is pending in court/Companies which have accepted public deposits and has made defaults in repayment of the same/Companies having secured loans/Companies having management disputes/Companies whose filing of documents has been stayed by Court or CLB or CG / Companies having dues to Taxes, banks and FI or CG or SG or any local authorities

HOW TO APPLY FOR FTE?

The application shall be made in Form FTE accompanied by filing fees of Rs. 5,000/-.

Attachments to Form FTE

1. Affidavit (as per “Annexure A” to the Circular) to be given individually by all Directors;

2. Indemnity Bond (as per “Annexure B” to the Circular) to be given individually by all Directors;

3. Statement of Accounts (as per “Annexure C” to the Circular) certified by PCA  or Statutory Auditor

4. Board Resolution stating to Strike off the name of the Company under FTE Mode;

5. Board Resolution for closure of Bank Accounts;

6. Confirmation letter duly signed by the concerned Banks Official that the Bank Account of the Company is closed;

7. The company shall disclose pending litigations, if any, involving the company while applying under FTE;

8. Form FTE shall be certified by PCA/ PCS/PCMA.

9. If database of directors not maintained by the MCA, a certificate from PCA/ PCS/PCMA  certifying that applicants are present Directors of the Company. Then no need to file Form DIR-12  and  DIR-3 (earlier  DIN 3).

PROCEDURE AT ROC

1. ROC shall examine the same and if found in order,  shall intimate the Co by issuing a notice under Section 560 (3) giving 30 days time, stating that unless cause is shown to the contrary, the name of Company be struck off from the register and the lead to dissolution of the Company.

2.  The Registrar on being satisfied shall strike off the name of the Company from its Register and send notice under Section 560 (5) of the Act for publication in the Official Gazette and the Company stands dissolved from date of publication of the notice in the Official Gazette.

3.  A Company dissolved under Section 560 of the Act can be restored before expiry of 20 years from the date of publication of notice in the Official Gazette by order of the Court. The application for restoration can be made only by the Company, member or creditor.

Monday, 17 August 2015

Complete Details for Sukanya Samriddhi Yojana

Complete Details for Sukanya Samriddhi Yojana



Sukanya Samriddhi Account Scheme is a small deposit scheme for girl child, as part of 'Beti Bachao, Beti Padhao’ campaign, which would fetch yearly interest rate of 9.1 per cent and provide income tax deduction Under section 80C of the Income Tax Act,1961.

Notification by government:

Sukanya Samriddhi Account Scheme is been notified by Ministry of Finance vide Notification No. G.S.R.863(E) Dated 02.12.2014. This Shceme become operational by notification of rules namely Sukanya Samriddhi Account Rules, 2014.

Terms to be known:

1.Depositor-

For this scheme Depositor is an individual who on behalf of a minor girlchild of whom he or she is the guardian and deposits amount in account opened under this scheme.

2.Guardian:

under this Scheme – In relation to a minor girl Child Guardian means
(i) either father or mother
(ii) where neither parent is alive or is incapable of acting, a person entitled under the law for the time being in force to have the care of the property of the minor.

1 for 1:

One Girl One Account means Depositor cannot open multiple or more than one account in the name of a Girl Child.

Maximum:

Natural or legal guardian of a girl child allowed to open one account each for two girl children

For third Girl:

Under this scheme natural or legal guardian of the girl child shall be allowed to open third account in the event of birth of twin girls as second birth or if the first birth itself results into three girl children,  production of a certificate to this effect from the competent medical authorities where the birth of such twin or triple girl children takes place.

Age limitation:

The account may be opened by the natural or legal guardian in the name of a girl child from the birth of the girl child till she attains the age of ten years and any girl child, who had attained the age of ten years, one year prior to the commencement of these rules shall also be eligible for opening of account under these rules. Scheme has been commenced from 02.12.2014.

Document required for Sukanya Samridhi Yojana :

1. Birth certificate of girl child.
2. Address proof.
3. Identity proof.

How to open the account :

Birth certificate of a girl child in whose name the account is opened shall be submitted by the guardian at the time of opening of the account in post office or bank along with other documents relating to identity and residence proof of the depositor. As of now, government owned banks are still in the process of completing formalities to open the Sukanya Samriddhi Yojana (SSY) Account, So you may visit any of the government banks for the purpose of opening the account ,like State Bank of India , Bank of Baroda, Punjab National Bank, Bank of India, Canara Bank, Andhra Bank, UCO Bank, Allahabad Bank, Corporation Bank

Interest Rate:

Rate of interest on Sukanya samridhi yojana has been increased to 9.2% for financial year 2015-16

Under this scheme Interest rate is not fixed and Government will declare on yearly basis the Interest on accounts opened under these rules. For the Financial Year 2014-15 Government has declared Interest Rate of 9.10%

Interest will be compounded yearly and will be credited to account till the account gets matured or withdraw from the date of opening.In case of account holder opting for monthly interest, the same shall be calculated on the balance in the account on completed thousands, in the balance which shall be paid to the account holder and the remaining amount in fraction of thousand will continue to earn interest at the prevailing rate.

Maximum and Minimum Deposit:

The account may be opened with an initial deposit of one thousand rupees and thereafter any amount in multiple of one hundred rupees may be deposited subject to the condition that a minimum of one thousand rupees shall be deposited in a financial year but the total money deposited in an account on a single occasion or on multiple occasions shall not exceed one lakh fifty thousand rupees in a financial year.

Minimum – Rs, 1000/- Per Year

Maximum- Rs. 1,50,000/- Per Year.

- CA Kasliwal Ambar

Unique Code Number allotment to Ineligible Firms



  • The Professional Development Committee, ICAI will be using the panel formed on the basis of the MEF form for panel to various requesting authorities/regulators. Therefore, it is requested that all the fields of the form should be filled-in/replies. The information/ replies shall be correct and based on the related document/evidence so as to avoid the delay and causing in-eligibility.

  • For MEF 2015-16, Unique Code Number (UCN) will also be allotted to the non-eligible applicants for Bank Branch Auditors' Panel so that their data can be sent to the requisite authorities for other bank audits and other assignments. However, the following applicant will not be allotted UCN:

  1. Member practicing in his individual name not holding full time CoP and/or associated as partner/ proprietor/Chartered Accountant employee in any other firm.
  2. In case of firm, if none of partner/proprietor is exclusively associated with the firm holding full-time Certificate of Practice (CoP).
  3. A member is not treated as exclusively associated with the firm if he is a partner in any other firm or is a sole proprietor of any other proprietary firm or is a paid employee elsewhere.

  • It is suggested to fill MEF 2015-16 and get the Unique Code Number (UCN)
  • In case applicant faces any problem of any sort, they may login the complaint at the Complaint Centre available at http://www.meficai.org/complaints/complaint_enrty_enter.jsp.
  • In case the issue is not resolved than you may mail to the Secretary, PDC (secretarypdc@icai.in).
- CA Kasliwal Ambar

WIRC Update: Recognition of CAs in Social Service

Dear All,

WIRC has taken the initiative to recognise the CAs of Western Region, involved in Social Services (any category) by organising an event namely “Recognition of CAs in Social Service” on August 27, 2015.

A CA can nominate self as well as submit the recommendation for other CA, who is in Social Service. All the forms selected by screening committee will be appreciated by way of "Certificate of Appreciation".

Request to nominate yourself and inform your known professional counterparts to nominate themselves in “WIRC’s Recognition of CAs in Social Service”, who have undertaken social services. Kindly note that there is “No Nomination Fee”. (Last date for submission of nomination form is August 20, 2015) 

The softcopy of nomination form and brochure is also available at http://wirc-icai.org/noticeboard-detail.aspx?id=%20570 

- CA Kasliwal Ambar

Professional Updates Part 2 (August 17) by CA Kasliwal Ambar

Income Tax:

1) FROM ITAT, PUNE: Kunal Polymers Pvt. Ltd. Vs. DCIT, ITA No. 1859/PN/2012, order dt. 15.07.15: "provisions of section 14A r.w. Rule 8D would not apply in case of dividend on the shares held as stock-in-trade"

2)The date for filing ITR-V for returns e-Filed for A.Y 2013-14 (filed on or after 1st April 2014 till 31st March 2015) and for A.Y 2014-15 (filed on or after 1st April 2014 till 30th June 2015) extended till 31st October 2015. Notification no. 1/ 2015

3)ITAT sounds note of caution for frivolous appeal by revenue; it damages public faith. Filling of appeal with complete knowledge of its fate by the Revenue only reflects the mischievous adamancy to attempt to mislead the Tribunal and waste the time of the Court and the officers concerned.[2015] 60 taxmann.com 160 (Delhi - Trib.) IN THE ITAT DELHI BENCH 'E' ACIT v. R.

LBT Update

LBT Amnesty scheme date extended up to 31.8.2015

SERVICE TAX

Service Tax Commissioner Office is coming up with empanelment of CA/ICWA for service tax Audits. Apply at The Commissioner Service Tax Audit - I Comm, 17-B, IAEA house, I.P. Estate, New Delhi - 110002


COMPANIES ACT
MCA has initiated the process of the constitution of the NCLT & NCLAT and in this regard notified the vacancies for the post of Technical Member & Judicial Member.

PRIDE OF OUR PROFESSION

Our Hon. Past President Padmashri CA T.N.Manoharan appointed as Non Executive Chairman of leading PSU Bank -Canara. Bank.

















- CA Kasliwal Ambar

Professional Updates August 17, 2015 by CA Kasliwal Ambar

Income Tax: Electronic Verification of Income Tax Returns for AY 2015-16. CBDT vide Notification No. 2/2015 dated 13th July 2015 introduced e-verification of ITRs. Download from the below link:
https://incometaxindiaefiling.gov.in/eFiling/Portal/StaticPDF/EVC_notification.pdf















RBI: Vide Notification No. RBI/2015-16/152 dated 13 August, 2015 Government of India has approved the implementation of the Interest Subvention Scheme for the year 2015-16.
















ICDS Update: Applicable from AY 2016-17 and onwards. Applicable to all corporates following mercantile system of accounting irrespective of income, turnover, asset size, etc. Relevant only for computing income under head "Profits and gains of business or profession" (PGBP) and "Income from other sources".

Case Study: DVAT - ITC - levy of VAT on sale price of transaction which is yet to take place / deemed sales - such levy cannot be sustained in law - Veer Service Station, Delhi Petrol Dealers Association & Another, The Commissioner, DVAT & Others - Delhi High Court

ICAI: Election 2015 - Draft List of Voters as on 1.4.2015 - Views/Suggestions on proposed Polling Booths - http://icai.org/post.html?post_id=11810

- CA Kasliwal Ambar