Issue #112

Technology work for business







SBI launches Social Media Banking Platform

State Bank Of India (SBI) launched a social media banking patform “SBI Mingle”, enabling customers to access a host of banking services through their Facebook & twitter accounts. Further, SBI has parnered with e-commerce firm Flipkart to offer pre-approved EMI facility for purchase.

Kingfisher Airlines’ accounts missing:

Kingfisher Airlines’ executives told the Serious Fraud Invetigation Office (SFIO) that airline’s accounts

have been lost as an IT vendor pulled out the Computer system which stored them, a report said. The airline further claimed that no backup had been maintained. The SFIO had earlier begun invetigation on the now defunct airline amid allegations of financial irregularities.

RBI attains target erasing cash crunch, rates to fall faster

RBI has successfully turned the banking system to neutral from a high cash-crunch zone three-four months ago, a move that will help consumers to derive faster benefits from the central bank's policy rate cuts, "The RBI has achieved its desired neutral liquidity in the first quarter itself mainly on account of Rs 80,000 crore OMO (open market operation) purchases in the past three months and a reduction in cash in circulation in June2016

  • ICICI Bank to add 400 branches & 1000 ATM’s this fiscal year.
  • President inaugerates smart model village pilot projects which includes villages from Gurgaon & Haryana
  • Tata Steel may freeze the auction of steelworks to assess Brexit
  • Total FPI Investment reach Rs. 20,600 crore in 2016.
  • CNG price hike in national capital by 25 paise per Kg.
  • Rs. 43000 Cr, the undislcosed income found in last 2 years: Govt.
  • NGO’s notfiling annual returns to be penalised.
  • FPI’s invest Rs. 3.7 K Cr in equity markets in June-16


International Section

George Osborne targets business tax cut in Brexit fightback

British Finance minister George Osborne said Monday he would seek to slash corporation tax over fears of a corporate exodus following the country's shock decision to leave the European Union. Chancellor of the Exchequer Osborne could extend planned cuts to Britain's levy on company profits to under 15%, the Treasury said Monday, confirming a weekend report in the Financial Times newspaper.

French billionaire Serge Dassault on trial for tax fraud

Billionaire French Industrialist Serge Dassault, of aviation and software giant Dassault Group, went on trial Monday for allegedly stashing millions of euros in tax havens. The 91-year-old Dassault, who is also a member of the French Senate with the conservative Republicans party, is France's third wealthiest person with a net worth estimated by Forbes magazine of $14.8 billion (13.3 billion euros).


What does Brexit mean for the economy?

The Brexit victory sent economic shockwaves through global markets and UK stocks on Friday had their worst drop since the financial crisis.
The pound on Friday fell to its lowest level since 1985 and emergency steps are now being taken to calm the economic turmoil. Britain has lost its top AAA credit rating.
There is ongoing uncertainty over what will happen when Britain leaves the EU because it has to make new trade agreements with the rest of the world.
Bank of England Governor Mark Carney said: "Some market and economic volatility can be expected as this process unfolds. But we are well prepared for this."

Supporters of Brexit argue that EU countries have every incentive keep trading with the UK, which is a large importer of goods and services.
But Europhiles worry that foreign companies will be less likely to invest here and could relocate their headquarters if Britain loses access to the EU's single market.
a specified price with delivery set at a specified time in the future.)
Ahead of the referendum, investor Neil Woodford, founder of Woodford Investment Management, described pro-European claims that the economy would be damaged as “bogus”.
Mr. Woodford said: “I think it's a nil-sum game frankly, whether we stay or whether we leave."
Mr. Farage has also said the Brexit vote is good news for exporters who have struggled with the high value of the pound.
Now Britain has voted to leave the EU, it will no longer have to contribute billions of pounds a year towards the European Union's budget.
During the campaign Euro sceptics slammed a Confederation of British Industry report that claimed that Brexit would cause a £100billion “shock” to the UK economy. The Treasury was also accused of “doom and gloom” after predicting that a Brexit would cost households £4,300 a year by 3030, leaving Britain worse off for decades.
Anti-EU campaigners have rubbished claims that a EU exit will push up the cost of the weekly shop, everyday items and travel abroad. But there are still concerns about what will happen to Britain's expats living in European countries such as Spain and European footballers playing in the UK.


Dy. Director of Income Tax(E), Vs. The Institute of Chartered Accountants of India(ITAT-Delhi) (2 June, 2016)

Held: : The coaching classes are conducted for the benefit of the CA students to make them professionally efficient and the coaching classes are integral part of imparting education and its activities come under the definition of education u/s. 2(15) of the Act “The Institute as such merely it is receiving coaching fee from students for imparting education, cannot be said to have been carrying on business and accordingly it is not required to maintain separate books of accounts as alleged by DIT(E). The income of the coaching classes earned by the assessee institute is within its objects and its Regulations and further these activities are educational activity within the definition of section 2(15) of the Income Tax Act, 1961, and consequently therefore cannot be activity of business for which separate books of accounts are required to be maintained. The order of the ld.DIT(E) is therefore, not sustainable as the income of the Institute is exempt not only u/s 10(23C)(iv) but also under section 11. The institute is an educational institute and hence its income will also be exempt under section 11 as education falls within the meaning of charitable purpose under section 2(15) of the Act. Appeal dismissed.


Content right to :eJurix


Mega Cabs Pvt. Ltd. Vs. Union of India & Ors. (HC-Delhi)(3 June, 2016)

Held: There is a distinction between auditing the accounts of an Assessee and verifying the records of an Assessee. Audit is a special function which has to be carried out by duly qualified persons like a Cost Accountant or a CA. It cannot possibly be undertaken by any officer of the Service Tax Department. The officers of the Service Tax Department, the audit party deputed by a Commissioner or the CAG to seek production of the documents mentioned therein on demand is ultra vires the Finance Act and, therefore, strikes it down to that extent. The expression 'verify' in Section 94(2)(k) of the Finance Act cannot be construed as audit of the accounts of an Assessee and, therefore, Rule 5A(2) cannot be sustained with reference to Section 94(2)(k) of the Finance Act. Declares that the CBEC Circular No. 995/2/2015-CX dated 27th February 2015 on the subject 'Central Excise and Service Tax Audit norms to be followed by the Audit Commissionerates' and the Central Excise and Service Tax Audit Manual 2015 issued by the Directorate General of Audit of the CBEC are ultra vires the Finance Act, do not have any statutory backing and cannot be relied upon by the Respondents to legally justify the audit undertaken by officers of the Service Tax Department. The petition disposed of.


M/s. Nuts 'n' Spices Vs. The Assistant Commissioner of Income Tax.(ITAT-Chennai)(20 May, 2016)

Held: The determination of "total income" under sub-section (1) of section 143 was made on 21.02.2012. No regular assessment was made u/s.143(3) of the Act. Notice was issued u/s.148 of the Act on 02.01.2014 and assessment was made u/s.143(3) of the Act read with section 148 on 27.06.2014 for the first time. This re-opened assessment was resulted in demand of Rs.1,23,150/- A demand notice u/s.156 was served on the assessee on 08.07.2014. The assessment made for the first time u/s.143(3) read with section 147 of the Act fits into Explanation-2 to section 234B(1) of the Act, which is to be regarded as "Regular Assessment" for the purpose of sec.234B of the Act. As intimation u/s.143(1) is obviously not an assessment and it is the case of "Assessment " for the first time in the hands of assessee u/s.147, the case will fall under sub- section(1) of section 234B. Therefore, court hold that the AO is justified in coming to the conclusion that the starting point for charging interest u/s.234B have been as First April 2011 and end point of the same is 27.06.2014 and as such there is no error in the assessment order so as to rectify u/s.154 of the Act. Appeal dismissed.



Real Time Case Study @ CADashboard

The Company Information:
Vijay Mukesh & Co is a leading accountancy firm rendering comprehensive professional services which includes audit management consultancy, tax consultancy, accounting services, manpower management, and secretarial services and holds almost 20 years of rich experience in serving clients from various industries.Firm represents a combination of specialized skills which are geared to offers sound financial advice and personalized proactive services.
“Typically a CA Firm has to work on different project at same time. Thus, we keep tracking of job and time spend on each task, very challenging.”
-Vijay Agrawal

Need of Tracking:
Firm is committed to:
• Place the interest of clients before theirs
• Upholds high standards of honesty & integrity
• Endeavor to improve the quality of services
• Excellence in professional services

.“Before CADashboard we were allocating jobs manually. Even reports were getting prepared using excel sheets for all our employees then manually collected at one place to assess the productivity which always fell short of giving a clear picture.”
-Mukesh Jain

Solution Provided by CADashboard:
Vijay Mukesh & Co is one of the most valuable firms to adopt CADashboard. They were approached by CADashboard Team to appraise the product.Partners at Vijay Mukesh & Co. had thoroughly evaluated CADashboard, the software was configured to fit their needs. This was followed by the training for selected partners and articles on modules of Contacts, Job Management, Capacity Planning, Invoicing, Reports and Dashboard which were simultaneously implemented.

Key to increasing Productivity and Profitability
Cadashboard enabled Vijay Mukesh & Co. to centralized customer communication, from status of the projects, Jobs attached to the projects, to the payment status and more, on a single screen. The software also immediately allowed the Firm to streamline Jobs Management. This saved a lot of time spent in managing the activity manually. Mangers are now able to monitor the productivity of articles. CADashboard is giving the Firm a better control over its cash flows. Now all the invoices are stored at one place where the entire process of follow-ups has improved.


We are reaching out !!!

National Conference @ ICAI Aurangabad

CADADASHBOARD Team with ICAI President.

The Human Resources Officer asks a young engineer fresh out of the Massachusetts Institute of Technology, "And what starting salary are you looking for?" The engineer replies, "In the region of $125,000 a year, depending on the benefits package." The interviewer inquires, "Well, what would you say to a package of five weeks’ vacation, 14 paid holidays, full medical and dental, company matching retirement fund to 50% of salary, and a company car leased say, a red Corvette?" The engineer sits up straight and says, "Wow! Are you kidding?" The interviewer replies, "Yeah, but you started it."


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