Kotak Mahindra Bank to acquire ING Vysya Bank for RS 15,000 crore

MUMBAI: In India's biggest banking merger, Kotak Mahindra Bank on Thursday announced the acquisition of mid-sized private sector ING Vysya Bank in an all-share deal worth Rs 15,000 crore.

The merger will catapult the nation's fourth largest private bank to nearly Rs 2 lakh crore balancesheet size ahead of the entry of new players next year.

In the all-share deal, 725 equity shares of Rs 5 each (face value) of Kotak Mahindra will be issued for every 1,000 shares of Rs 10 each held in ING Vysya Bank.


Post merger, Dutch lender ING Group NV which currently holds 42.73 per cent stake in ING Vysya Bank, will become the second largest shareholder in Kotak Mahindra Bank at 6.5 per cent.

Holding of Uday Kotak in the merged entity will also be diluted to 34 per cent from 39.71 per cent. The deal will help him to comply with RBI directive of bringing his stake down to 30 per cent by end of 2016.

The combined banking entity will have a network of 1,214 branches across the country.

Announcing the deal, Uday Kotak, vice chairman and managing director, Kotak Mahindra Bank said, the deal is expected to close by April 1 after it gets all statutory approvals, including from RBI and Competition Commission of India.

The share swap ratio announced indicates a price of Rs 790 for each ING Vysya Bank share based on average closing price this month, valuing the deal at just over Rs 15,000 crore.

ING Vysya Bank shares closed 7.15 per cent at Rs 814.20 per on the BSE ahead of the announcement which came after trading hours. Kotak Mahindra Bank too jumped by 7.28 per cent to close at Rs 1,157.05 per unit at the BSE.

This is the first amalgamation of a profit earning entity post global financial meltdown in 2008. Although two more mergers took place during this period but those were amalgamations under different circumstances.

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Vacancy in United Health Group

DM - Revenue Accounting - Hyderabad


Job Details
  • Maintain general ledger accounts and related activities for the production of financial statements and reports.
  • Reconcile, analyze and review general ledger accounts in preparation for month end close.
  • Prepare journal entries and reviews accounting classifications, in accordance with generally-accepted accounting principles.
  • Prepare documentation in support of external and internal audits.
  • Perform ad hoc reporting and analysis and investigate issues providing explanations and interpretation.
  • Analyze and prepare financial statements, including balance sheets and statements of financial position.
  • Assist with or lead the month end quarterly end close process for assigned businesses or groups
  • Performs work in a self-directed manner and works with less structured, more complex issues.
  • Serve as a resource to others.

Skills required for this job
  • Bachelors Degree in Accounting, Finance or equivalent
  • 8+ years of professional accounting experience.
  • Solid understanding of generally accepted accounting principles and financial statements

For More Details Click Here.


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Reversed Cenvat credit can be re-taken even after six months

By C.A Pratik Anand, ACA


The CBEC has issued circular No. 990/14/2014-CX-8 dt. 19/11/2014, wherein it has clarified that the cenvat reversed or amount paid for reversal in respect of cenvat credit wrongly availed where the conditions relating to availment of cenvat credit were not fulfilled, can again be claimed as input credit on the fulfilment of prescribed conditions even after six months from the date of issue of a document (i.e invoice challan etc) prescribed under rule 9(1) of Cenvat Credit Rules’2004.

The CBEC has clarified that the limit of availing cenvat credit within six months from date of the issue of document under rule 9(1) is applicable where cenvat credit is taken for the first time. It would not apply for taking re-credit of amount reversed, after meeting the conditions prescribed in the Cenvat Credit Rules’2004.

The situations wherein this clarification is applicable is as follows:

    1)      Newly inserted third proviso to Rule 4(7) provides that if the value of input service as well as service tax thereon is not paid within a period of three months from the date of the invoice etc., the manufacturer or the service provider who has taken credit on such input service has to make payment of an amount equal to the CENVAT Credit availed. It is further clarified that said payment of reversal may be made by cash or through debiting Cenvat credit. This proviso does not apply to cases where 100% of the service tax is to be paid by the recipient.
    Therefore if a manufacturer or service provider could not pay the value of input service availed as well as the service tax thereon within 3 months of raising of invoice then the CCR has to be reversed. The CCR can be re-taken on payment of the amount of service as well as the service tax thereon even after expiry of six months from the date of invoice.
  
     2)      According to Rule 3(5B) of CCR, 2004, if the value of any input or capital goods before being put to use on which CENVAT Credit has been taken, is written off or such provisions made in Books of Account, the manufacturer or service provider is required to pay an amount equal to credit so taken. However, when the inputs or capital goods are subsequently used, the amount so paid can be re-credited in the account i.e cenvat credit can be re-taken even after expiry of six months from the date of invoice for the purchase of input or the capital good.  
    3)      Rule 4(5)(a) of CCR, 2004 prescribes that in case inputs sent to job worker are not received back within 180 days, the manufacturer or service provider is required to pay an amount equal to credit taken on such inputs in the first instance. However, when the inputs are subsequently received back from job worker, the amount so paid can be re-credited in the cenvat credit account even though the goods are received back from the job-worker after expiry of six months from the date of original invoice.

Hope you find the above information relevant and useful in your daily practice  



The author is a CA in practice at Delhi and can be contacted at:
E-mail: capratikanand@gmail.com
Website: www.capratikanand.com
Mobile: +91-9953199493


Vacancy for Senior Chartered Accountant - Jaipur



Senior Chartered Accountant - Jaipur

Devi Construction Company

15 - 20 yrs 
Jaipur

Job Description
    • The candidate will be responsible to handle multiple areas in the nature of accounts, taxation, assurance, and FCRA and FEMA matters besides providing consulting to domestic clients. 
    • He would also be required to monitor and handle all kinds of statutory, internal, management and operational audits besides compliances under direct and indirect taxes including Service Tax, TDS, VAT, and Excise etc. 
    • He will be handling portfolio of clients and advising clients on business transaction such as Mergers and Acquisitions.
    • He will also be managing junior colleagues and providing training and motivating them to lea more and also expected to maintain proper decorum in the office etc. 
    • Handle the accounting function for various profit verticals compiling and circulation of periodical MIS reports for the benefit of various stakeholders.
    • Managing cash flows with an active involvement in the collection process.
    • Liaison with the Statutory and Internal Auditors during periodical reviews / audits.
    • Close interaction with the legal Head to ensure timely legal action on system defaulters.
Salary:As Per Industry Standards
Industry:Construction / Engineering / Cement / Metals
Functional Area:Accounts , Finance , Tax , Company Secretary , Audit
Role Category:Accounts
Role:Chartered Accountant

Source: Naukri.com
For More Details Click Here.

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Kisan Vikas Patra relaunched to boost household savings rate

Union Finance Minister Arun Jaitley and Communication Minister Ravi Shankar Prasad relaunched the Kisan Vikas Patra (KVP) investment scheme on Tuesday to tap household savings for funding infrastructure development in the country and to lure them away from ponzi schemes.
The savings instrument will be available in the denomination of Rs. 1000, Rs. 5,000, Rs. 10,000 and Rs. 50,000. There will be no upper ceiling on investments an investor can make in them. However, no tax benefits would be available on these investments.
Banks will accept these certificates as pledged security for loans.
To begin with, the certificates will be available only at post offices. Over time, however, designated branches of nationalised banks will also sell them.
The certificates will carry a lock-in period of 2 years and 6 months after which they will become encashable on pre-determined maturity value. Investments made in the certificate will double in 8 years and 4 months.
Government will deploy the collections under the scheme to finance development plans of the Centre and State Governments.
"In the last 2-3 years, savings rate in country has declined from a record high of 36.8% to below 30% due to slowdown in the economy. It is, therefore, necessary to encourage people to save more," Union Finance Minister Arun Jaitley said on Tuesday at the launch of the revamped Kisan Vikas Patra (KVP).It will be a freely tradable, fully secured instrument with no upper limit on the amount one can invest in it. Available in denomination of Rs 1,000, 5,000, 10,000 and 50,000, the amount invested in KVP will double in 100 months, which translates into effective annual interest rate of 8.7%. The instrument can be encashed after a lock-in period of 30 months. 

Also, one does not need to provide permanent account number (PAN) to purchase this instrument, though one should provide address and identity proof. 

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Ensure that your TDS reaches the income-tax department

Recently, a senior citizen received a notice from the Income Tax Department, asking her to pay Rs 30,000, the tax on her bank fixed deposits for assessment year 2013-14, along with interest, for late payment of tax. She was surprised, as her bank had deducted the tax at source (TDS).

What had happened was the bank had deducted TDS after the end of the financial year, owing to which she didn’t get the tax credit for the previous year.

There are several instances of taxpayers getting notices from the I-T department for no fault of theirs. Notices might be sent if TDS hasn’t been deducted, or if the TDS has been deducted but not paid to the I-T department on time.

If a bank doesn’t deduct TDS on fixed deposits, or does this after the end of the financial year, the onus is on the taxpayer to show he/she doesn’t intend to avoid tax, that it was merely an error. One of the ways to go about this is showing the interest income while filing tax returns and paying taxes. In case this isn’t done, you could file a revised return. But ensure you revise the tax return before the end of the next assessment year, says Rakesh Nangia, of Nangia and Company, chartered accountants.


However, if the interest income is being declared on a cash basis, the assessee can carry forward the TDS by the bank and clam credit in the year in which the income is taxed. In case the fixed deposit is for five years, you could carry forward the TDS and pay it in the last year, when it matures.

If your bank deducts and pays the tax later and you, too, do this (while following an accrual basis), you could claim the tax paid twice by filing a revised return. This process, however, might take time, says Nangia. You will have to take up the matter with the assessing officer of your ward and explain to him the details of your case.

Also, if you change jobs in the middle of a year and the previous employer deducts tax but doesn’t pay this to the I-T department, you might get a tax notice. In this case, too, one must show the income while filing ITR-V and take up the matter with the tax officer.

The sale of a property worth at least Rs 50 lakh involves TDS of one per cent. For such sales, it is the buyer’s responsibility to pay the TDS; also, it is mandatory to do this online. Only then will the seller be able to claim credit for such TDS. Otherwise, the seller could end up paying a huge interest and penalty, Nangia says.


(Business Standard)

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Just two weeks to go for sending tax returns verification

120-day window will end this month. If you pass this, your returns will be considered not filed

November 30 is the deadline for sending the income-tax returns verification (ITR-V) for 2013-14, as it will be four months or 120 days since July 31, the deadline to file IT returns. And if you don't send your ITR-V till then, your returns will be considered not filed. ITR-V is an acknowledgement of the returns filed.

The I-T department allows you to send ITR-V in 120 days of filing your returns online. If not done, your registration with the department is cancelled.

Around five per cent of tax assesses do not file their ITR-V, says Sudhir Kaushik, co-founder and chief financial officer, Taxspanner.com. "Many don't know they need to send the ITR-V to the tax department's Bengaluru office after filing returns online," he adds. Citizens earning a salary of more than Rs 5 lakh a year need to file returns online.

Sometimes, the department extends the 120-day deadline. Those who had e-filed returns in 2010 were allowed to send acknowledgements till July 2011. This year also, the department started a campaign reminding taxpayers who had filed their returns without digital signatures and had not sent the signed copy of the ITR-V. The department extended the deadline to October 31.

Not mailing ITR-V on time has many negatives. You might be fined Rs 5,000 a return for failing to file returns by the end of the assessment year.

You have a two-year window to file belated returns, failing which there is no way to do so, says Nagaraju P S, director of etaxmentor.com. "One can file income tax returns by (a) filing it on time at the end of each financial year (b) till two years after the financial year or (c) against a notice from the department if the two-year window expires."

But if there are any errors in the belated returns, you can’t revise. "If you do not file returns on time, you cannot carry forward capital losses incurred, if any, in a financial year to be adjusted against capital gains made in the subsequent years," says Kaushik. The good part: Loss from sale of house property can be carried forward even if returns are not filed on time.

If you are liable for a refund, it stands a good chance of being delayed, as you've filed returns after the due date.

Nagaraju says you should sign the ITR-V before posting it. Acknowledgments signed in black ink are considered scanned copies or photocopies of ITR-V and tend to get rejected. Folding the sheet leads to print ink getting erased on the creases. The department informs you about the rejection by post, which might not reach you in time to act within 120 days.

(Business Standard).

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Business Finance Manager-Chartered Accountant

Business Finance Manager-chartered Accountant

Intarvo Technologies Ltd

6 - 11 yrs 
Bengaluru/Bangalore


  7,00,000 - 14,00,000 P.A Openings: 1 
Job Descri
    inTarvo Technologies Limited (formerly known as RT Outsourcing Services Limited) is India's leading provider of Integrated Lifecycle Management (ILM) support services for Technology Products for Original Equipment Manufacturers, EMS Companies, Distributors, Large Corporation and Retail Chains. 'inTarvo stands for our core ideology of Delivering Value (inT+arvo=Integration + Value). 

    As leaders in ILM services we cover end-to-end services like Technical Helpdesk, Installation & Commissioning, Repair & Refurbishment, E-Waste recycling etc. with experience of more than 15 years with 2,500+ technical experts in 150+ cities covering 400+ service centers. Sonoma Management Partners, is one of our promoting company.

    Company:- inTarvo Technologies Ltd
    Position:- Business Finance Manager-CA Must
    Experience:- 7-10 years
    Job Location:- Bangalore
    Note:- Please reply only those candidates who are working as a "Business Finance Manager " and based out Bangalore else not.


    Job Description:-

    1. Chartered Accountant with 7-10 years experience.
    2. Experience in Business Finance , should have expert knowledge in managing business operations.
    3. Should have expert working knowledge in Excel , ERP softwares.
    4. Should have good communication skills .
    5. Should have expert knowledge in MIS reporting .




    Interested candidates email their CV's at sharma.vineet@intarvo.com
    Current CTC:-
    Expected CTC:-
    Notice Period:-
    Current Location:-
    Total Experience:-
Salary:7,00,000 - 14,00,000 P.A
Industry:IT-Software / Software Services
Functional Area:Accounts , Finance , Tax , Company Secretary , Audit
Role Category:Accounts
Role:Chartered Accountant


Desired Candidate Profile
Education-
UG:B.Com - Commerce
PG:CA
Doctorate:Any Doctorate - Any Specialization, Doctorate Not Required

Source: Naukri.com
For More Details Click Here

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Draft amendments in the Chartered Accountants Regulations, 1988 notified in the Gazette of India vide Notification No. 1-CA(7)/167/2014 dated 10th September, 2014. - (19-11-2014)

ANNOUNCEMENT

Draft amendments in the Chartered Accountants Regulations, 1988 notified in the Gazette of India vide Notification No. 1-CA(7)/167/2014 dated 10th September, 2014



The Council at its 337th meeting held on 29th, 30th and 31st October, 2014 in the office of the Institute at A-29, Sector 62, Noida considered the comments received on draft amendments in the Chartered Accountants Regulations, 1988 notified vide Notification No. 1-CA(7)/167/2014 dated 10th September, 2014 in the Gazette of India, Extraordinary, dated 10th September, 2014.

The Council on a consideration of these comments decided as under:-

Regulation 39(4):
The Council noted that the existing limit prescribed under this regulation is Rs.500/- and the actual fee being charged is Rs.100/- per paper subject to a maximum of Rs.400/-. The Council also noted that the draft amendments as notified seek to increase the upper ceiling only from Rs.500/- to Rs.2500/- and this was in line with otherenabling provisions in the Chartered Accountants Act, 1949 pertaining to annual membership fee and certificate of practice fee. The Council on a consideration of these comments was of the view that under the proposed amendments also the actual fee to be charged is to be decided by the Council from time to time. However, considering the comments received, the Council decided to make the draft amendments more clarificatory and these be modified as under:-

Page No. 4 - Clause (a) of the Gazette of India - in regulation 39(4) for the words “rupees two thousand five hundred”, the words “rupees three hundred fifty per paper subject to a maximum of Rs.2500/- for all the papers taken together” be substituted.

It is clarified that the above is only an enabling provision which empowers the Council to increase the fees upto the limit prescribed over a period of time, without having to approach the Central Government. As such, the existing fee being charged currently remains unchanged.

Regulation 39A:
The Council noted that the existing fee for this purpose is Rs.500/- per answer book and that the draft amendments seek to fix the upper ceiling for inspection of answer books at Rs.5,000 and for supply of certified copy of evaluated answer books at Rs.8,000/- and that this was in line with other enabling provisions in the Chartered Accountants Act, 1949 pertaining to annual membership fee and certificate of practice fee. The Council on a consideration of these comments was of the view that under the proposed amendments also the actual fee to be charged is to be decided by the Council from time to time. However, keeping in view the comments received, the Council decided to make the following modifications on the draft amendments:-

Page No. 4 - Serial No. 4. of the Gazette of India - in proposed new regulation 39A for the words “rupees five thousand in the case of inspection of answer book and rupees eight thousand in case of supply of certified copy of evaluated answer book”, the words “rupees five hundred per paper subject to a maximum of rupees four thousand for inspection of answer book or supply of certified copy of evaluated answer book or both” be substituted.

Here again, it is clarified that the above is only an enabling provision which empowers the Council to increase the fees upto the limit prescribed over a period of time, without having to approach the Central Government. As such, the existing fee being charged currently remains unchanged.

The draft amendments as above have been sent to the Central Government for approval.

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Shifting of Exam Centre at Ajmer, Chandigarh, Chennai, Ernakulam, Hyderabad, Indore, Jaipur, Jodhpur, Kolkata/Howrah, New Delhi, Patna - For Intermediate Paper-4 on 23rd November, 2014. - (19-11-2014)

Manager Taxation in Metropolis Healthcare Ltd. - Chartered Accountant

Manager Taxation - Chartered Accountant

Metropolis Healthcare Limited

2 - 4 yrs 
Mumbai, Mumbai Suburbs

Job Description
    •  Monitoring the all direct tax compliances for the group. 
    •  Monitoring the all indirect tax compliances for the group.
    •  Working of advance tax for group companies.
    •  Computation of deferred tax assets / Liabilities.
    •  Managing audits/ Transfer price audits under the income tax act.
    •  Liaise with the various tax authorities and tax consultants for assessment.
Salary:5,00,000 - 6,00,000 P.A
Industry:Medical / Healthcare / Hospitals
Functional Area:Accounts , Finance , Tax , Company Secretary , Audit
Role Category:Accounts
Role:Chartered Accountant

Keyskills

Desired Candidate Profile

Education-
UG:Any Graduate - Any Specialization, Graduation Not Required
PG:Any Postgraduate - Any Specialization, Post Graduation Not Required
Doctorate:Any Doctorate - Any Specialization, Doctorate Not Required
    • B com & Chartered Accountant.
    • Minimum experience of 2-3 years.
    • Knowledge of Accounts & Taxation.
    • Should have knowledge of MS Office & SAP (desirable). 
    • Good Analytical skills, Team Player with Strong Interpersonal skills.

Source: Naukri.com
For More Details Click Here

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