Petition in Rajasthan High Court challenges provision on deducting TDS on Cash Withdrawals from Bank

A petition has been filed in Rajasthan High Court challenged the provision deducting TDS on Cash Withdrawals from Bank. The high court has issued notice to the centre and CBDT on the provision of deducting TDS on cash withdrawal from a bank account.

The Petitioner Abhay Singla has challenged the validity of the newly introduced Section 194N of Income Tax Act, 1961 through Finance (No. 2) Act, 2019 as the said provision is clearly violating the Article 14, 19, 21 & 265 of the Indian Constitution.

The provision provides proposal to levy TDS @ 2% on cash payments in excess of Rs. 1 Crore for those who file Income Tax Return and Rs. 20 Lakh for those who have not file Income Tax Return of last three years in aggregate made during the year, by a banking company or corporate bank or post office, to any person from one or more accounts maintained by the recipient. Section 194N providing for 2% TDS on cash withdrawals exceeding Rs. 1 crore or Rs. 20 Lakh as per their respective conditions is doubtful. Since tax to be deducted at source is on cash withdrawals which shall not be treated as income, the question of deduction of any tax at source does not arise. When the transaction is not liable to levy of income tax, the question of deduction of income tax at source with a provision for adjustment of the same against the ultimate tax liability cannot be said to be legal.

A division bench of Acting Chief Justice MM Srivastava and Justice Samir Jain has asked the Union Finance Ministry Secretary, CBDT Chairman, and the Principal Chief Commissioner of Income Tax , Rajasthan to respond to the notice in four weeks.

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No TDS Liability on Holding Company on the Share Purchase Transaction by its Subsidiary: Bombay HC [Read Order]

The Bombay High Court has held that even the holding company is not liable to deduct tax at source under Section 195 of the Income Tax Act, 1961 if it did not make any payment to a non-resident under the transaction. The Assessing Officer was of the view that that petitioner was required to deduct…

Maharashtra Govt. announces Amnesty Scheme, 2022

The Maharashtra Government has announced the Amnesty Scheme 2022 to settle the cases pertaining to the period for payment of the requisite amount will  be from April 1^st2022 to September 30^th, 2022.

The State Government has notified the Maharashtra Settlement of Arrears of Tax, Interest, Penalty or Late Fee Act, 2022.

For the past two years, the world has been going through an unprecedented pandemic that has hit the business world hard and has had an adverse effect on economic growth. To provide relief to the industry and business sector, an Amnesty Scheme on various taxes levied by the Sales Tax Department before the introduction of the Goods and Services Tax is introduced. This amnesty scheme is applicable to all the pending dues for the periods up to 31/06/2017 i.e. before introduction of GST.

Under this Amnesty Scheme, the period for payment of the requisite amount will he from April I. 2022 to September 30, 2022. In order to avail the benefit of this scheme, the appeal filed by the dealers will have to be withdrawn unconditionally.

Arrears up to Rs. 10.000 or less per year as per any statutory order passed under the various tax laws implemented by the department are waived off completely. Around 97(X)0 small cases will be benefited by this relief.

Dealers having arrears as on the 1st April 2022 up to Rs. 10 lakhs or less as will have the option to pay a lump sum amount of 20 per cent of the total arrears. Waiver will be granted to the remaining 80 per cent of the arrears.

Dealers having dues above 10 lakh or who would not opt for lump sum option will have to pay 100% of the undisputed tax, 30% of the disputed tax, 10% of the interest and 5% of the penalty for the periods up to 31st March 2005. For the periods from 1st April 2005 to 30th June 2017, this proportion would be 50% of the disputed tax, 15% of the interest and 5% of the penalty. Upon payment as per the aforesaid proportions. the balance arrears shall be waived.

In order to avail the benefits of this Amnesty Scheme, one has to pay the requisite amount at one time within the stipulated period. However, the dealers having arrears of more than Rs. 50 lakhs have been provided an option to pay the requisite unionist in instalments.

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Financial Analyst vacancy in Google

The Google has invited applications for the post of Financial Analyst Ads Finance.

Responsibilities:

• Provide management with clear insights and recommendations into drivers of business growth, market trends, risks, and opportunities leading to business enhancing growth and product actions.
• Engage in analyses to understand business performance, and provide concise summaries and recommendations to management.
• Support critical financial planning processes such as business growth forecasting, goal setting, budget management, and business performance evaluation.
• Identify new business opportunities to increase business growth performance and profitability

Qualifications:

• Bachelor’s degree in a quantitative field of study or equivalent practical experience.
• 7 years of experience in strategy consulting, corporate finance, or similar commercial analytical role.
• Ability to communicate with a management team.
• Excellent analytical and technical skills (e.g., Spreadsheets/SQL) working with large volumes of complex data.
• Distinctive problem-solving and analysis skills.
• Impeccable business judgment and leadership skills.

Location: Gurugram, Haryana, India

For more details and to apply, click here:

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Finance Administrator vacancy in Siemens Energy

The Siemens Energy has invited applications for the post of Finance Administrator – Accounts Payable.

Responsibilities:

• Receive, review, track in excel, and process daily invoices in EZ-suite or pay by procard
• Follow the invoice through the entire process from EZ-suite, to SAP, and if paid by PO, goods receipt.
• Review invoice in EZ-suite against PO and if all is correct, approve. If not correct, invoice is rejected and sent back to vendor with reason for rejection.
• Research any discrepant invoices and correct or reject.
• Create reverse and repost forms to correct invoices already posted.
• Create new-vendor and modify-vendor forms when necessary.
• Review telco invoices for accuracy, proper coding and charging, correct billing address, and appropriate WBS.

Qualifications:

• Bachelor’s / Master’s Degree in finance with 4 -6 years of experience
• Proven work experience as Finance Administrator or similar role handling the topics related to IT costing and budgeting
• Experience with financial postings in SAP a must
• Ability to deal tactfully with vendors, suppliers, and contractors who provide a broad spectrum of products and services.
• Experience at working both independently and in a team-oriented, collaborative environment is essential.
• Can conform to shifting priorities in company requirements, product demands, and purchasing timelines through analytical capabilities.
• Strong written and oral communication skills.
• Strong interpersonal skills.
• Strong attention to detail.
• Must be able to learn, understand, and apply new technologies.
• Ability to prioritize and execute tasks in a high-pressure environment.
• Ability to comprehend, interpret, and comply with company policies and procedures.

Location: Gurugram, India

For more details and to apply, click here:

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Uber hiring Chartered Accountants

The Uber has invited applications for the post of Senior Analyst, Financial Risk Management -Finance Operations, Finance & Accounting.

Responsibilities:

• Manage and assist in Global SOX controls testing for key processes and guidance to internal stakeholders on documentation, risk and control framework and IPEs
• Assist senior management in defining the control objectives and monitoring compliance efforts
• Design and administer internal controls over financial reporting. Review financial reporting, identify process deficiencies and recommend improvements
• Evaluate business risk and control measures around Revenue Assurance process and assess the effectiveness of the control mechanism
• Review test findings within the Internal/External Audit Team, facilitate the remediation of control gaps, and escalate possible critical issues to the senior management. Serve as a liaison between management and external auditors. Stay abreast of changes in SOX/ICFR regulations to ensure timely compliance
• Identify areas of potential improvement for key processes and procedures and support the management of the related processes and procedures. Responsible for maintaining and updating all aspects of the internal SOX compliance
• Assisting the Manager with the development of management self-testing and overall improvement of the financial control maturity in Uber India and other Global Regions
• Build and implement SOX control framework for Uber acquired entities. Partner with the stakeholders and helping them identifying financial risk, building financial controls, QC and monitoring of the key controls
• Work closely with the FRM IT teams to bridge gaps between IT controls and business controls, including automated controls and appropriate system scoping efforts (ITGC)
• Work with process owners/business functions to improve the efficiency of the control environment through implementation of automation or process improvement
• Build and maintain relationships across Finance and the wider business, Internal Audit, external audit and other external stakeholders to drive effective Financial Risk Management
• Understand and manage existing and emerging risks arising out of new products or existing products and adopt preventative measures to manage them.

Qualifications:

• Qualified Chartered Accountant/ MBA Finance, Certified Public Accountant and preferably from Big 4 Audit Firm or consulting firms
• Minimum 6-8 years of Post Qualification work experience in Internal Controls, Statutory Audit & Risk management and Assurance Function
• Team management, problem-solving, conflict management, and time management skills
• Experience in SOX compliance/business controls testing, Risk Management, or related Audit & Assurance field.
• Working and technical knowledge of Indian Accounting Standards, IFRS, US GAAP (preferred), IFC Reporting, SEC reporting requirements, SOX requirements, etc.
• Experience in SOX testing program, leading Internal Audit/ controls, and compliance assignments for global organizations
• Multi-tasking abilities to handle various issues simultaneously and work under tough timelines during quarter close
• Knowledge and experience of Governance, Risk and Control, COSO, and Financial Reporting Requirements
• Knowledge and experience of regulatory requirements & standards of the SOX Act and the Indian Companies Act, working knowledge of PCAOB requirements
• Excellent knowledge of ERP systems and Automated Control Environments
• Ability to influence and work with various stakeholders at all levels of the Group across the organization with frequent coordination

Location: Gurgaon, India

For more details and to apply, click here:

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Capital Gain to be determined as per Share of Parties in Property, Internal Family Arrangement need not be considered: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Chennai bench has held that the capital gains shall be determined according to the respective share of the parties in residential property and not according to any internal family arrangement under the provisions of the Income Tax Act, 1961. The Assessee had filed his income tax return, which was…

Licensing of Microsoft Softwares in India is not Taxable as ‘Royalty’ as per Indo-US Treaty: Delhi HC [Read judgment]

The division bench of the Delhi High Court has held that the licensing of software products of Microsoft in the Territory of India by the Respondent was not taxable in India as Royalty under Section 9(1)(vi) of the Act read with Article 12 of the Indo US DTAA.

The Revenue approached the High Court against the decision of the Tribunal contending that the distribution model in the case of the respondent-assessee involved making of multiple copies of the software clearly indicating transfer of copyright.

Having heard learned counsel for the appellant, this Court the bench comprising of Justices Manmohan and Sudhir Kumar Jain found that the issue raised in the present appeals is no longer res integra as the Supreme Court in Engineering Analysis Centre of Excellence Private Limited vs. Commissioner of Income Tax and Anr, wherein it was held that the amounts paid by resident Indian end-users/distributors to nonresident computer software manufacturers/suppliers, as consideration for the resale/use of the computer software through EULAs/distribution agreements, is not the payment of royalty for the use of copyright in the computer software.

The ebnch further relied on the decision of the same Court on similar facts in EY Global Services Limited vs. Assistant Commissioner of Income Tax &Anr held that the payment received by EYGSL (UK) for providing access to computer software to its member firms of EY Network located in India, that is, EYGBS (India), does not amount to ‘royalty’ liable to be taxed in India under the provisions of the Income Tax Act, 1961 and the India-UK DTAA.

Upholding the order of the ITAT in the light of the above rulings, the bench held that “since, the issue of law raised in the present appeals has been conclusively decided in the favour of the assessee by the Supreme Court, no substantial question of law arises for consideration in the present appeals. It is also pertinent to mention that the appellant had admitted before the ITAT that the dispute in question had been decided in favour of the assessee by the Tribunal in earlier years. Accordingly, the present appeals are dismissed.”

Commissioner of Income Tax (International Taxation)-2 VS Gracemac Corporation

CITATION: 2022 TAXSCAN (HC) 116

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CA, CMA vacancy in UBS

The UBS has invited applications for the post of Finance Analyst.

Responsibilities:

• implement accounting controls and manage their governance
• compile and analyze financial information for FX products, analyse daily pnl and Balance sheet
• controls and work closely with the team on issues, escalate them where needed and be responsible for daily Pnl and Balance sheet production
• reconcile trade capture system feeds to the general ledger and manage journal entries
• prepare financial statements and other financial reports for the business and external auditors
• collaborate on continuous improvement of quality, efficiency and effectiveness of controls
• comply with requests from internal and external auditors, Internal testing teams
• innovate through agile working and automation
• month end close of pnl and balance sheet, trial balance substantiation .

Qualifications:

• chartered Accountant, Cost Accountant, Master’s degree or equivalent in accounting or related field
• ideally previous experience in a similar role focusing on product control, financial reporting and reconciliation
• demonstrated knowledge of product controls
• know-how to develop a robust set of controls to the financials (cost and revenue) of a global business
• analytical and methodical, with great attention to detail
• excellent communicator who can adapt style to audience.

Location: Hyderabad

For more details and to apply, click here:

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Foreign Exchange Fluctuation Loss is an Expenditure allowable u/s 37(1) Income Tax Act: ITAT [Read Order]

The Income Tax Appellant Tribunal, Chennai has held that the loss suffered by the assessee on account of foreign exchange difference as on the date of the balance sheet is an item of expenditure allowable u/s.37(1) of the Act. The appellant, M/s. Venture Lighting India Limited is engaged in the business of manufacturing and sale…

Dell hiring Chartered Accountants

The Dell Technologies has invited applications for the post of Accounting Senior Analyst – Stat audit.

As a Senior Accounting Analyst, you will resolve financial support issues and inquiries from both internal and external customers and work with relevant non-accounting personnel in reviewing contracts to confirm company policies are adhered to and financial reporting requirements of the company are met.

Responsibilities:

• Preparation of financial statements
• Audit Support: Understand the process of the audit area assigned, execute the schedules in timely appropriate manner and close the audit of the same with statutory auditors
• Direct Tax accounting Support: Support accounting data requirement for direct tax assessments
• Deal with any other ad hoc statutory requirements/ compliance that may arise from business from time to time. 

Qualifications:

• Chartered Accountant (1 – 2 years experience)
• Strong accounting knowledge and understanding of statutory reporting requirements under Companies Act, 2013, Income Tax Act, 1961
• Expertise in excel to able to handle the volume and complexity of workings that may be involved.

Location: Bangalore, India

For more details and to apply, click here:

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CHA cannot escape from Liability Pleading ignorance of Transaction in a Scheme of Conspiracy: CESTAT [Read Order]

The Chennai bench of the CESTAT, in a recent ruling held that the Customs House Agent cannot escape from liability pleading ignorance of the transaction in a scheme of conspiracy as held by the Madras High Court in the case of Rama ThennaThaylan. The appellants, R S Aruchalam, faced investigation of filing export documents in…

Restrictions on Gold Import as per DGFT Notification dt. 18.12.2019 not applicable to prior Imports where Goods imported as Normal Importer: CESTAT [Read Order]

The CESTAT, Chennai bench has held that the restrictions imposed under the DGFT notification dated. 18.12.2019 not applicable to prior import of Gold imported as normal importer.

The appellant, M/s Rajesh Exports Ltd, filed Bill of Entry No. 3682159 dated 20/10/2017 under Notification No. 46/2011, Sl. No. 966 (i) for import of 150 pieces of Gold Bars of purity 99.10% totally weighing 150 Kg falling under Customs Tariff Heading 7108 12 00 of Customs Tariff Act, 1975. The gold was detained and a query was raised to the appellant to clarify the end use of eligibility of import of gold in terms of DGFT Notification No. 34/2017 dated 18/10/2017.

The appellant contended that the show-cause notice but the adjudicating authority absolutely confiscated the imported gold and also imposed a penalty of Rs. 6,00,00,000/- under Section 112 of the Customs Act.

On appeal, the Commissioner set aside the adjudication order of confiscating the gold and imposing penalty but gave a direction to release the imported gold with the condition that the appellant will utilize the same for manufacture and export by themselves. The appellant further challenged the order before the Tribunal contending that although the Airway bill was issued on 17/10/2017 but the goods left the exporting country after 18/10/2017. Therefore, it cannot be said that goods have been imported prior to the date of the Notification. He further submitted that appellant being a Nominated Agency, they have imported the gold and they are bound by end use conditions in terms of Notification No. 34/2017 dated 18/10/20

Judicial Member Ms. Sulekha Beevi observed that as per the Notification dated 18/12/2019, it has been held that after issuance of the Notification dated 18/12/2019, only Nominated agencies can import the gold with end use condition which otherwise means that prior to issuance of the Notification dated 18/12/2019, the gold was also freely importable.

“In view of the above analysis, we hold that prior to the notification dated 18/12/2019, the gold was also freely importable by the Normal importer in terms of RBI Guidelines. 7. In view of the above analysis, we hold that the appellant imported the goods as a normal importer; therefore, the restrictions contained in Notification No. 34/2017 dated 18/10/2017 are not applicable to the appellant and the import has been done prior to introduction of the Notification dated 18/10/2017,” the Tribunal said.

Advocate K.S. Ramaswamy appeared for the appellants.

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Financial Director vacancy in Microsoft

The Microsoft has invited applications for the post of Financial Director – FP&A.

As the Chief Planning & Orchestration officer for the subsidiary, the FP&A Director owns and is accountable for executing the subsidiary’s core finance processes. As the manager of the Financial Controller, Business Analysis Manager, Investment Finance Manager, and CSA , the FP&A Director is accountable for the end-to-end management of the P&L and proper statutory and tax compliance. As the main Finance partner of the Area M&O Lead and a key stakeholder of the Area CVP, the FP&A Director delivers crisp, timely and challenging business support for the success of the subsidiary and senior leadership team.

Responsibilities:

• Chief Planning & Orchestration officer for the Area. Drives effective the Rhythm of Business (MSA: including engagement across Subsidiaries)
• Lead all key finance processes (Budget, Forecast, Closing, QBU) to ensure seamless end to end flow
• Manage Team of Financial Controllers, CSA Controllers, Investment Finance Manager, Business Analysis Manager,
• Oversee Area Financials all up, area consolidation intelligence, area connection with WW ROBs
• Controllership of Area-wide resources, P&L governance and management
• Long-Range planning for the area, connect company-wide strategies to local characteristics
• Oversee productivity analysis for optimal local resource allocation to drive growth and shareholder value
• Lead Finance transformation (i.e. Simplification, standardization, centralization)
• Enables CSA analytics to the area, performance measures, identify product trends and opportunities for the area.
• Leads Consumption forecast, usage metrics analytics for the area
• Evangelize the Compliance framework supporting Compliance Lead with execution

Qualifications:

• 18+ years of experience in finance positions
• Demonstrates leadership skills and decision-making ability. 
• Exceptional communication skills
• Strong attention to detail
• Strong analytical skills and intellectual curiosity
• Team player
• Ability to influence, establish credibility, trust and partnership at all levels of the organization.
• Presentation of results to senior management on a regular basis
• Fluent in English

Locations: Gurgaon, Bangalore.

For more details and to apply, click here:

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Barclays hiring Chartered Accountants

The Barclays has invited applications for the post of Credit Analyst.

The purpose of the Wholesale Credit Risk – Credit Analysis team is to contribute towards building sound quality asset portfolio and a strong risk culture while ensuring that the credit review and recommendation process remains responsive to the customer needs.

Responsibilities:

• Transform high-level requests into focussed and specific analysis by deep dive analysis
• Structure lending proposals based on observations/ knowledge of client and industry risks
• Prepare well- reasoned & succinct credit proposals highlighting key risks and mitigants to enable decision making
• Identify new opportunities for enhancing/ streamlining the process services
• Formulate opportunities into proposals, share with the manager and help implement, where applicable 
•  Work effectively with peers and management team to achieve shared business objectives
• Contribute to the wider colleague agenda of the BI and Wholesale Credit Risk functions in India, as required

Qualifications:

• CA or MBA (CFA/FRM added advantage)     
• Prior experience in corporate credit analysis in a bank or related industry
• Ability to generate insights from data and information, assess the risk impact and recommend action
• Understanding of financial statements to enable appropriate interpretation of results
• Deep understanding of Corporate Lending products, Opportunity Assessment and Deal Structuring 
• Familiarity with Microsoft Excel, Word and PowerPoint 
• Conceptual thinking – find innovative ways to solve analytical problems
•  Ability to deliver accurate results within tight deadlines
•  Team work – Commitment and ability to work with cross-functional teams
• Strong interpersonal skills
• Oral and written communication skills with ability to translate insight into a coherent story
• Knowledge of UK GAAP and IFRS 
• Awareness of legislation affecting the Bank and customers (including the Data Protection Act, Companies Act, Insolvency Act, Financial Services Act, Money Laundering and confidentiality regulations, Sarbanes Oxley and Basel).

Location: Delhi

For more details and to apply, click here:

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Financial Controller vacancy in UBS

The UBS has invited applications for the post of Financial Controller

Responsibilities:

• Financial closing & timely submission of month end results to Group for consolidation, including ensuring the financial information reflected in the general ledger are reconciled and evidence maintained
• Processing of journals for accruals and prepayments of both costs and revenues
• Handling data validations and providing signoff
•  Close package, Executive financial summary
• Analysis of the monthly P&L and balance sheet trend reports, and production of commentary on each
•  Statutory to GAAP walk/adjustments
•  Reconciliations of bank accounts & cash transactions, intercompany and other balance sheets accounts
• Interfaces and feed reconciliations
•  SLA Transfer pricing calculations, postings and reconciliations
• Fixed Asset Accounting & cost allocation (manual & system with attribute key management)
•  Balance Sheet substantiation and evidencing
•  Preparation of various financial reports, MIS & management reporting’s
•  Cooperate with other parts of Finance, IT and other stakeholders to improve quality, efficiency and effectiveness of the team
• Ensure accounting policies are adhered to and new policies are implemented accordingly where applicable
•  Governing, Supporting and monitoring the team in the Accounts payable process

Qualifications:

• 8-10 years experience in Financial accounting, closing & reporting & Legal Entity Controlling
•  Preference to be given to candidates with experience with Banking or Financial services Organizations
•  Any experience of transitioning Financial & Accounting processes from onshore locations will be a plus
•  Intermediate to advance level of knowledge around accountings standards, IFRS
•  Should have intermediate to advance level of knowledge for accounting principles & practices with ability to understand conceptually and analytically the financial terms and transactions.
• Prior experience in SAP application & aptitude with systems
•  Advance level of proficiency in MS-Office (Excel & Word)
•  Finance & Accounting domain knowledge
• Proficient in GAAP, accounting principles & IFRS
•  Understanding and preferably working knowledge of multi GAAP ledgers set-up

Location: Hyderabad

For more details and to apply, click here:

Taxpayers can Check Eligibility of E-Invoice on GST Portal: Check Complete Details

The Central Board of Indirect Taxes and Customs ( CBIC ) has enabled the facility to Taxpayers to check the eligibility of E-Invoice on GST Portal.

The CBIC had notified the reduction in the Applicability of GST E-invoicing threshold from Rs.50 Crores to Rs.20 Crores with effect from April 1, 2022.‘E-invoicing’ facilitates the exchange of the invoice document (structured invoice data) between a supplier and a buyer in an integrated electronic format by way of standard e-invoice schema (INV-01) through looping the government authorities i.e. invoicing portal to keep a check on suspicious taxpayers.

The taxpayer can check the eligibility for e-Invoicing by following steps:

• Go at Search
• Click on ‘e-Invoice Status of Taxpayer’
• Mention your GST Number
• Enter Captcha code

Earlier, the CBIC notified registered person, other than a Special Economic Zone unit and those referred to in sub-rules (2), (3), (4), and (4A) of rule 54 of the GST rules, whose aggregate turnover in any preceding financial year from 2017-18 onwards exceeds Five hundred crore rupees, as a class of registered person who shall prepare the invoice and other prescribed documents, in terms of sub-rule (4) of rule 48 of the said rules in respect of the supply of goods or services or both to a registered person or for exports. Later on, the applicability of the E-invoicing threshold was Rs.500 crores till December 31, 2020, thereafter 100 crores and then reduced to Rs.50 Crores now it is again capped to Rs 20 crores.

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12% GST on Pharmaceutical Pellets, and Granules except Orlistat Pellet: AAR [Read Order]

The Telangana Authority of Advance Ruling (AAR) has ruled that as obesity is not a disease, 12% GST payable on pharmaceutical pellets, and granules except Orlistat Pellet.

The applicant has a manufacturing license for manufacturing sale of pharmaceutical pellets and granules for treatment of various ailments. It has been submitted that these pellets and granules are at a pre stage and ready to be filled into capsules compressed into tablets. These are not in measured doses which can be sold in retail markets. The applicant has been paying 18% tax on these goods under CGST & SGST and the applicant is of the opinion that they have to pay 12%.

The applicant has sought the advance ruling on the issue whether the pharmaceutical Pellets and Granules manufactured by the applicant can be classified as Medicaments under Sl.No.62 of Schedule II of the Notification No. 1/2017- Central Tax (Rate) dated 28.06.2017 and subject to GST at the rate of 12%. The AAR has observed that obesity is not a disease and hence reduction of weight cannot be seen as a treatment against a disease, therefore except the Orlistat which does not fit into the definition of medicaments, pharmaceutical Pellets and Granules are liable to be taxed at the rate of 12%.

Relying on the decision of the Supreme Court in the case of Commissioner of Central Excise Vs Wockhardt Life Sciences Ltd, a bench comprising B. Raghu Kiran (Central Tax) and S.V. Kasi Visweswara Rao (State Tax) held that ‘therapeutic or prophylactic’ would apply to substances used, “to prevent, to guard against it, before, in medicine, preventive protecting against disease; guarding against disease, a preventive of disease; a condom; preventive treatment against disease and; Serving to cure or heal, Curative concerned in discovering and applying remedies for disease.”

After analysing the arguments, the bench held that “Obesity is not a disease and hence reduction of weight cannot be seen as a treatment against a disease. Therefore except the product Orlistat which does not fit into the above definition, others fall under medicaments used in therapeutic or prophylactic applications.”

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[Breaking] ICAI permits CA in Practice, Firms of Chartered Accountants to register on GeM Portal for rendering Professional Services

The Institute of Chartered Accountants of India ( ICAI ) has permitted the Chartered Accountants ( CA ) in Practice, Firms of Chartered Accountants are permitted to register on GeM Portal for rendering professional services.

The ICAI has said that, The Institute has been receiving queries as to whether Chartered Accountants in Practice/Firms of Chartered Accountants can register themselves on GeM Portal as registration on the Portal is a pre-requirement for providing professional services to the Government departments/ organisations.

The ICAI has clarified that, the Chartered Accountants in Practice / Firms of Chartered Accountants are permitted to register on GeM Portal for rendering professional services. The information being published on the portal should be in compliance with the provisions of Code of Ethics.

The ICAI also said that, the Guidelines on Tenders dt. 7th April, 2016 issued by the Institute will be applicable to tender floated through GeM Portal also without any change. The Guidelines are appearing as Appendix -J of Volume-II of Code of Ethics, and may be accessed here. 

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Expand Your Investment Portfolio with this List of the Best Investment Plans in India

Whether it is a medical emergency or any financial catastrophe, savings can come as a knight-in-shining armour for you and your family in the most difficult times. But your monthly paycheck alone doesn’t have to be the sole contributor to your life savings. Your investment portfolio can contribute too. In fact, it can contribute significantly.

Most people refrain from investing because they want to maintain their savings. However, the truth is wealth generation is an integral aspect of life savings. There’s no better way to generate wealth than investing your money in the best investment plans in India.

Whatever your risk appetite is, high or low, here’s a list of the best investment plans in India to multiply your wealth.

1. Systematic Investment Plan (SIP)

Systematic Investment Plan, also known as SIP, has often been regarded as the best investment plan in India. That’s because it is one of the safest and return yielding investment plans.

How Does SIP work?

Systematic Investment Plan is a long-term investment plan where one has to invest a fixed sum every month for years. This invested sum is then allocated in mutual funds. The benefit of SIP doesn’t only come from market returns but the power of compound interest.

Risk Type: Low to Moderate

Suitability: Young, salaried individuals

2. Unit Linked Investment Plans (ULIP)

Unit Linked Investment Plans is a financial instrument that bears characteristics of both life insurance and investment.

How Does Unit Linked Investment Plan Work?

Once you buy ULIP, you pay monthly premiums. A part of this premium is paid as investment premium, and the other portion of it is used for investment upon maturity, the policyholder gets market-linked returns given that they survive the term. In an event of the unfortunate demise of the policyholder, the fund value or the sum assured, whichever is higher is paid to the nominee.

Risk Type: High

Suitability: Any individual open to market risks

3. Mutual Funds

As the name suggests, mutual funds are investment optionsthat offer market-linked returns. You can choose to invest a sum of money either in equity or in bonds, according to your risk appetite.

How Do Mutual Funds Work?

Mutual funds are similar to SIPs, the only difference is that Mutual Funds demand lump-sum payments. A mutual fund is a common investment instrument that is devised whenfunds collected from multiple investors are invested in bonds or stocks. The fund is managed collectively to earn the highest returns. Mutual funds are managed and organized by fund managers who put your money in different financial assets.

Risk: Both high and low, depending on the type of investment asset

Suitability: Everyone

4. Public Provident Fund

Public Provident Fund is a tax saving and investment instrument that offers additional returns in terms of interest earned. PPF allows a maximum investment of Rs. 1.5 lakhs, which can be made in a lumpsum or monthly. It has a minimum tenure of 15 years. The amount or the fund balance can be withdrawn upon maturity. It can even be withdrawn prematurely, up to a maximum of 50% of the fund.

How Does PPF Work?

Public Provident Fund is one of the best investment plans in India. One is required to open a PPF account with a bank or post office and deposit money every year (minimum Rs 500) for the account to be active. The fund value, with added interest and returns, is paid back to the account holder on maturity. The interest earned is exempted from tax.

Risk: Low

Suitability: Salaried Individuals

5. Max Life Savings Advantage Plan

You can also invest in private investment plans in India. One such plan is Max Life Savings Advantage Plan. Max Life Savings Advantage Plan helps you build a corpus by developing healthy investment habits.

How Does Max Life Savings Advantage Plan Work?

The investment plandemands regular payment of premiums. This is one of the best investment plans in India that promises guaranteed additions during the policy term and at maturity (5.5% of the sum assured at maturity for the first five years, and a 110% guaranteed sum assured on maturity with accrued bonuses.)

Risk: No Risks

Suitability: Anybody with an income

Conclusion

Whichever investment option you choose, ensure that you become a smart investor. Don’t fall prey to obscure investment schemes that offer high returns with minimal investment. Keep yourself enlightened about the do’s and don’ts of investment, regardless of which investment option you select.

Source: https://www.sebi.gov.in/sebi_data/investors/assistance/do-donts/english.pdf

Accounting vacancy in Dell

The Dell Technologies has invited applications for the post of Senior Specialist, Accounts Payable.

Responsibilities:

• Process payments and invoices in a timely and accurate manner following Dell Technologies policies and procedures
• Maintain accounts payable systems and file vendor payment documentation after a thorough check
• Assist with the improvement of existing accounts payable systems and processes.
• Liaise with adjacent departments, customers and third parties to facilitate information exchange and leads cross-functional projects

Qualifications:

• Bachelors or Masters in Finance or related studies
• 4 to 6 years of experience within an Accounting or related job role
• Expertise with Microsoft Office suite
• Desire for accuracy and precision, process orientation
• Customer first approach

Location: Bangalore, India

For more details and to apply, click here:

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