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

Update from Department of Sales Tax, Government of Maharashtra

Department of Sales Tax, Government of Maharashtra has issued Trade Circular 13T of 2015 dated 14th August 2015 modifying some requirements for online registration and most important is 
(a) accepting the non-registered documents for place of residence and business and 
(b) facility to replace the documents or add other documents is in process and will be communicated at appropriate time after it becomes operational.

- 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