CAsansaar.com,link was shared in the name of professional updates, this website contains commercial contents and copied material from ICAI website....
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Opinion of Ethical Standard Board on sharing of commercial website link by NIRC Member in the name of professional updates..
Opinion of Ethical Standard Board on sharing of commercial website link by NIRC Member in the name of professional updates..
Dear Sir,
This is with reference to the issue raised by you.
The issue was considered by the Ethical Standards Board at its 137th Meeting held on 5th May, 2017, wherein the Board made the the following observations/views:-
1) So far as a website of a Firm of Chartered Accountants is concerned, a member is governed by the ICAI Website Guidelines.
2) So far a website only for the purpose of giving professional updates is concerned, there will be no solicitation involved, and accordingly there is no issue in the same. The fact that the member operating such website is also sending the updates to members will not alter the above position.
3) The presence of commercial objective of such website is an important parameter, from the point of view of provisions of Clause (11) of Part-I of First Schedule to The Chartered Accountants Act, 1949, to decide on its permissibility.
4) The member operating such website should also ensure at his end that there is no infringement of copyright in the operation and nomenclature of such website.
5) The Board was of the view that a particular website , not being CA Firm website, may be guilty, for instance, of the provisions of Clauses (6) , (7) or (11) of Part-I of First Schedule to The Chartered Accountants Act, or of provisions relating to copyright, and it is not possible to lay down a rule for every possible eventuality .
6) The Board also noted that the above conditions , based on provisions of Clauses (6), (7) and (11) of Part-I of First Schedule to The Chartered Accountants Act, 1949, would not apply to the website operated by a member not in practice , as the said conditions do not apply to such member.
This is with reference to the issue raised by you.
The issue was considered by the Ethical Standards Board at its 137th Meeting held on 5th May, 2017, wherein the Board made the the following observations/views:-
1) So far as a website of a Firm of Chartered Accountants is concerned, a member is governed by the ICAI Website Guidelines.
2) So far a website only for the purpose of giving professional updates is concerned, there will be no solicitation involved, and accordingly there is no issue in the same. The fact that the member operating such website is also sending the updates to members will not alter the above position.
3) The presence of commercial objective of such website is an important parameter, from the point of view of provisions of Clause (11) of Part-I of First Schedule to The Chartered Accountants Act, 1949, to decide on its permissibility.
4) The member operating such website should also ensure at his end that there is no infringement of copyright in the operation and nomenclature of such website.
5) The Board was of the view that a particular website , not being CA Firm website, may be guilty, for instance, of the provisions of Clauses (6) , (7) or (11) of Part-I of First Schedule to The Chartered Accountants Act, or of provisions relating to copyright, and it is not possible to lay down a rule for every possible eventuality .
6) The Board also noted that the above conditions , based on provisions of Clauses (6), (7) and (11) of Part-I of First Schedule to The Chartered Accountants Act, 1949, would not apply to the website operated by a member not in practice , as the said conditions do not apply to such member.
7) The Ethical Standards Board noted that it would not go into examination of any particular website, as it was outside the purview of the Board to do so, and falls within the domain of Disciplinary Directorate.
Thanking you,
Regards,
Ashish Swaroop Bhatnagar
Secretary
Ethical Standards Board
Secretary
Ethical Standards Board
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Govt Releases Comparative Chart on Rates of Goods & Services under GST & Haryana VAT Acts
Read more at: http://www.taxscan.in/govt-releases-comparative-chart-rates-goods-services-gst-haryana-vat-acts/10137/
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Regular/Casual assessees to pay GST & file simple return Form GSTR-3B (summary of outward & inward supplies) for July 2017 by 20-8-17 (Sunday).
Packaged food products sold under names that are yet to receive trademark confirmation could attract a goods and services tax (GST) rate of 5 per cent, ending the exemption they enjoy now.
The exchequer got 19.1 per cent more from direct taxes in the first four months of the current financial year (F.Y.-2017-18), but the amount paid by companies reflected their struggle with the GST.
Employee Reimbursements like Per Diem, Accommodation, Food, Conveyance and Travel Claim shall not be liable to GST under Reverse Charge as Tweeted by Official Twitter Handle of Government of India.
SEBI has issued circular in respect of Disclosures by listed entities of defaults on payment of interest/ repayment of principal amount on loans from banks/ financial institutions, debt securities, etc.
Aadhaar may soon become mandatory for buying shares and mutual funds. The government and the SEBI are planning to link Aadhaar to financial market transactions to try and curb sharp practices such as conversion of black money into white through the stock market.
SEBI has issued Circular to announce Online Registration Mechanism for Custodian of Securities. It has now been decided to operationalize SEBI Intermediary Portal.
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# *TODAY* (11 AUG 2017) deliberating on “*Changes in Schedule III, Audit Report, Tax Audit Report & Presumptive Taxation*” at Vikas Marg CA Study Circle, Delhi at Crystal Banquet, near Nirman Vihar Metro Station, Delhi at 5PM Onwards.
# *GST* Council is likely to prescribe 5% GST on packaged food products sold under names that are yet to receive trademark confirmation.
# *EPF*: From next month, the EPF account will be transferred automatically when one change the job - Chief PF Commissioner.
# *IT*: Provisional attachment of bank account u/s 281B - search and seizure activity - even after expiry of period in excess of seven months department did not take any action - attachment order vacated – Rajlakshmi Guinea Museum Jewellers Pvt. Ltd. Vs Pr. CIT & Ors (2017 (8) TMI 419 - Calcutta HC).
# *ST*: CENVAT credit- – ISD credit in respect of input services utilised at the R&D centres of the appellant company and transferred to factory through ISD - credit allowed - Jubilant Life Sciences Ltd. Vs CCCE&ST (2017 (8) TMI 358 - CESTAT Allahabad).
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Points Related To Reverse Charge Under GST as Per FAQ Issued*
1. There are *two type of reverse charge scenarios* provided in law. *First* is dependent on the nature of supply and/or nature of supplier. This scenario is covered by section 9 (3) of the CGST/ SGST (UTGST) Act and section 5 (3) of the IGST Act. *Second* scenario is covered by section 9 (4) of the CGST/SGST (UTGST) Act and section 5 (4) of the IGST Act where taxable supplies by any unregistered person to a registered person is covered.
2. Any *amount payable under reverse charge shall be paid by debiting the electronic cash ledger*. In other words, reverse charge liability cannot be discharged by using input tax credit. However, after discharging reverse charge liability, credit of the same can be taken by the recipient, if he is otherwise eligible.
3. As per section 31 of the CGST Act, 2017 read with Rule 46 of the CGST Rules, 2017, *every tax invoice has to mention whether the tax in respect of supply in the invoice is payable on reverse charge*. Similarly, this also needs to be mentioned in receipt voucher as well as refund voucher, if tax is payable on reverse charge.
4. A person who is required to pay tax under reverse charge has to *compulsorily register under GST* and the threshold limit of Rs. 20 lakhs (Rs. 10 lakhs for special category states except J & K) is not applicable to him.
5. Invoice level information in respect of all supplies attracting reverse charge, rate wise, are to be furnished separately in the *table 4B of GSTR-1*.
6. *Advance paid for reverse charge supplies is also leviable to GST*. The person making advance payment has to pay tax on reverse charge basis
2. Any *amount payable under reverse charge shall be paid by debiting the electronic cash ledger*. In other words, reverse charge liability cannot be discharged by using input tax credit. However, after discharging reverse charge liability, credit of the same can be taken by the recipient, if he is otherwise eligible.
3. As per section 31 of the CGST Act, 2017 read with Rule 46 of the CGST Rules, 2017, *every tax invoice has to mention whether the tax in respect of supply in the invoice is payable on reverse charge*. Similarly, this also needs to be mentioned in receipt voucher as well as refund voucher, if tax is payable on reverse charge.
4. A person who is required to pay tax under reverse charge has to *compulsorily register under GST* and the threshold limit of Rs. 20 lakhs (Rs. 10 lakhs for special category states except J & K) is not applicable to him.
5. Invoice level information in respect of all supplies attracting reverse charge, rate wise, are to be furnished separately in the *table 4B of GSTR-1*.
6. *Advance paid for reverse charge supplies is also leviable to GST*. The person making advance payment has to pay tax on reverse charge basis
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CBEC explains concept of Reverse charge mechanism under GST http://financebirds.com/gst/faq-gst/reverse-charge-mechanism-gst/
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Over 94000 cases are pending before ITATs: Non-Filling of ITAT Vacancies to Affect the System Badly
Read more at: http://www.taxscan.in/94000-cases-pending-itats-non-filling-itat-vacancies-affect-system-badly/10125/
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Interest on FD made with the Bank on receipt of Compensation under Land Acquisition Act is Taxable Even If No Final Order is Delivered: Bombay HC
Read more at: http://www.taxscan.in/interest-fd-made-bank-receipt-compensation-land-acquisition-act-taxable-even-no-final-order-delivered-bombay-hc/10117/
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➡1. Mere transfer of micro-finance business of trust to co. won't make trust activities as non-charitable in nature
Friends of WWB, India v. Deputy Director of Income-tax (Exemption)*
Friends of WWB, India v. Deputy Director of Income-tax (Exemption)*
➡2. CBEC explains concept of Reverse charge mechanism under GST.
➡3. HC allowed claim of carry forward of speculation loss raised for first time in revised return.
Principal Commissioner of Income-tax-1 v. Babubhai Ramanbhai Patel.
Principal Commissioner of Income-tax-1 v. Babubhai Ramanbhai Patel.
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GST Gyan - The SEZ unit located in a state treated as a business vertical distinct from other units located in the state outside the SEZ. Hence Separate registration is required to be obtained for the unit located in SEZ.
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Insolvency & Bankruptcy proceedings started against J P Infratech Ltd (Jaypee Group).
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