Author: Sukhwinder Singh

Which one is better CA, CS OR CMA..??

Hello everyone, Today I would like to share about my views regarding which one is  best or better course (CA/CS/CMA). Details are below :- The reason for talking about these three professions in the same breath is that all three fall under the jurisdiction of the Ministry of Corporate Affairs. The bodies responsible for educating and training professionals in the respective fields are different, and work independent of each other. While a chartered accountant (CA) is trained by The Institute of Chartered Accountant of India (ICAI), a cost accountant (CA) is a descendant of The Institute of Cost Accountant of India (ICAI). A separate statutory body, The Institute of Company Secretaries of India (ICSI), churns out company secretaries (CS). Of the three professions, the statutory powers enjoyed by a CA is much wider in scope than those of a CWA or CS. ON THE POINT OF VIEW OF WORK Chartered accountants are sought-after professionals in specialized areas of accounting, auditing, corporate finance, corporate law and taxation. A CA also acts as a business advisor by preparing financial reports, helping the business to secure loans, preparing financial projections and determining business viability. As a tax advisor, a CA helps businesses and individuals to comply with tax laws. As a Cost accountants, you will maintain and scrutinise statutory books of accounts, prepare cash budgets, cash flow statements, do cost management planning and...

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Grant-in-aid to Voluntary and other Organizations Working for Scheduled Castes

The main objective behind the scheme is to involve the voluntary sector and training institutions of repute to improve educational and socioeconomic conditions of the target group i.e. Scheduled Castes with a view to upgrade skill to enable them to start income generating activities on their own or get gainfully employed in some sector or the other. The principle that good voluntary organizations should not only be assisted but also consciously built up has been guiding spirit behind the formulation of the Scheme. Scheme launched by http://socialjustice.nic.in/ngosch1.php (Read full scheme before taking any decision) Quantum of assistance The quantum of assistance shall be determined in each case on merit. The Government of India may, however, meet 90% of the approved expenditure on any or all the items enumerated in para 4.1 and 4.2 of scheme. The remaining expenditure is to be met by the concerned voluntary organization from its own sources. In cases involving reimbursement of tuition fee to the training institution 90% of the amount approved per student per training module shall be released. The balance ant shall be paid by the student herself. The component of assistance for construction of building stands de-linked from the Scheme and if deemed necessary would be considered by standing Finance Committee on case to case basis keeping in view the broad parameters for similar purpose in other Schemes of the Ministry of...

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Corporate Updates

Corporate Law Updates Service Tax : Secondment/expatriation of staff from foreign holding company to assesses, being Indian subsidiary, to work as ’employee’ of assesses would not amount to ‘manpower supply services’ Samsung India Electronics (P.) Ltd. vs Commissioner of Central Excise and Service FINAL ORDER NO. 54953/ 2014, APPLICATION NO ST/STAY/51132/2014-CU(DB)AND APPEAL NO. ST/50970/2014-CU (DB) Excise & Customs : Time lost in pursuing remedy before wrong forum (viz. appeal before Tribunal instead of revision application) must be excluded in computing time-limit for filing revision application Gilco Exports Ltd. v. Union of India. C.W.P. NO. 1775 OF 2012 & C.M. NO. 12812 OF 2014 Excise & Customs : Extended period cannot be invoked, if, even as per department, there were doubts as to whether process amounted to manufacture Excise & Customs : Cutting larger size plates into small size and shapes using gas cutting machines, as per requirements of customers amounts to manufacture. SUPREME COURT OF INDIA, Sanjay Indl. Corporation. vs Commissioner of Central Excise, Mumbai. CIVIL APPEAL NOS. 6999-7000 AND 7142 OF 2003 AND 4530 OF 2006. Team Updatetia | Sukhwinder...

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Mandatory Requirment Related to AGM

As you all are aware that as per Companies Act, 2013 following mandatory requirements are to be fulfilled in respect of Adoption of Accounts and holding of AGM for the year 31.03.2015:- 1. Call meeting of the board of directors to adopt the accounts as on 31.3.2015 on or before 06.09.2015. 2. Get the accounts audited for the Financial Year ended 31st March 2015. It must be before 24 clear days for the date of AGM i.e. upto 06.09.2015. 3. Give notice to shareholders for holding of the AGM. It must be before 24 days from the date of AGM i.e. 4. To hold Annual General Meeting on or before 30.09.2015. The due dates for filling of mandatory forms are as follows: ????The appointment of auditors (Form ADT-1) has to be filed within 15 days of AGM and it has to filed by the company now, not by auditors. ????Balance sheet & Profit & Loss a/c (form AOC-4) has to be filed within 30 days of the AGM. ????Annual return (Form MGT-7)  has to be filed within 60 days of the AGM. ????MGT-14 within 30 days for adoption of accounts in case of public companies...

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GOI Increased Free Overseas Remittance Limit

The government has recently raised the permissible limit of free overseas remittance by a resident Indian from $125,000 to $250,000 per year, further liberalising the guidelines on foreign exchange management. A resident individual in the country, including a minor, will now be allowed to freely remit up to $250,000 ($125,000 earlier) per financial year for any permissible current or capital account transaction or a combination of both, minister of state for finance Jayant Sinha informed the Lok sabha. These include the purposes of education or for maintenance of close relatives. Further, authorised dealers may allow remittances exceeding $250,000 based on the estimate received from the educational institution abroad or a hospital abroad. For small value remittances of up to $25,000, the documentation requirement is simpler and even a PAN card is not insisted upon, he said. Currently, as per the provisions of the income-tax rules, no certificate from a chartered accountant is required for certain remittances, including sending money to students, ie, for remittances made under RBI’s purpose Code ”S0305-Travel for education (including fees, hostel expenses etc.)” and remittance towards personal gifts and donations (RBI’s Purpose Code ”S1302”) The government has recently modified the Foreign Exchange Management (Current Account Transactions) Rules, 2000 and the Liberalized Remittance Scheme (LRS) for resident individuals for further liberalising the existing guidelines, the minister...

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