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Marksheet of CA-IPCC May /June 2014 Exam First Rank holder


IPCC May/June 2014 Pass Percentage

IPCC Pass % May 2014
.
Group (1) 16.41% 
Group (2) 13.45 %
.
both group 9.40 percent 

Toppers of IPC Examination - May/june 2014.


Download Revised Utility for Tax Audit Report for AY 2014-15

CBDT on 20.08.2014 released Revised Form 3CA-3CD & Form 3CB-3CD filing utility along with updated Schema. Revised Utility is is now available for e-Filing. CBDT has revised the Format of Tax Audit report vide its  Notification No. 33/2014 dated 25/07/2014 and all Tax audit reports  submitted on or after 25.07.2014 are required to be submitted in the revised format. - 

Form 3CA-3CD
Audit report under section 44AB of the Income-tax Act, 1961 in a case where the accounts of the business or profession of a person have been audited under any other law
Form 3CB-3CD
Audit report under section 44AB of the Income-tax Act, 1961, in the case of a person referred to in clause (b) of sub-rule (1) of rule 6G

Form 15CA
Information to be furnished for payments, chargeable to tax, to a non-resident not being  a company, or to a Foreign company

Due date of obtaining tax audit report extended till November 30, 2014 vide CBDT Order No.133/24/2014-TPL dated August 20, 2014

Order Under Section 119 of the Income-tax Act, 1961 - 

Extension of due date for furnishing audit report. - Order-Instruction - Dated 20-8-2014 - Income Tax

F.No.133/24/2014-TPL
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(DEPARTMENT OF REVENUE)
(CENTRAL BOARD OF DIRECT TAXES)
                                                
                                                            Room No. 147 B-II, North Block                                                           New Delhi, the 20th August, 2014
Order Under Section 119 of the Income-tax Act, 1961

In exercise of power conferred by section 119 of the Income-tax Act (‘the Act’), 
the Central Board of Direct Taxes (CBDT) hereby extends the due date for
 obtaining and furnishing of the report of audit under section 44AB of the Act
 for Assessment Year 2014-15 in case of assessees who are not required to 
furnish report under section 92E of the Act from 30th day of September, 2014
 to 30th November, 2014.

2. It is further clarified that the tax audit report under section 44AB of the Act 
filed during the period from 1st April, 2014 to 24th July, 2014 in the pre-revised Forms shall be treated as valid tax audit report furnished under section 44AB of the Act.                                                                                                 (J.Saravanan) 
                                                                          Under Secretary (TPL-III)
Copy to:-
  1. The Chairman (CBDT), All Members, Central Board of Direct Taxes for information.
  2. All Cadre Controlling Pr. Chief Commissioners of Income-tax with a request
  3.  to circulate amongst all officers in their regions/charges.
  4. The Pr. Director General of Income Tax (Admn.) Mayur Bhawan, New Delhi.
  5. The Director General of Income Tax (Systems) with a request for uploading 
  6. it on the Departmental website.
  7. Commissioner of Income Tax (M&TP), CBDT.
(J. Saravanan)
Under Secretary (TPL-III)


Tags: CBDT Order No.133/24/2014, CBDT Order u/s 119, Due date of obtaining tax audit report extended

Difference between NRE and NRO account

Know the difference between NRE and NRO account
Many NRIs are often faced with the situation of maintaining a Rupee account in India. There are two options available with NRI interested in opening bank account in India - NRE or NRO account. Read this space to know the difference between these two accounts and know when to choose what account.
A Non-Resident Indian is often faced with the situation of maintaining a Rupee account in India. Primarily there are two reasons for opening such account: NRI wants to repatriate overseas earned money back to India and/or NRI wants to keep India based earnings in India.  NRI has the option of opening a Non Resident Rupee (NRE) account and/or a Non Resident Ordinary Rupee (NRO) account. An NRO account can also be opened by a Person of Indian Origin (PIO) and an Overseas citizen of India (OCI).
Similarities between NRE and NRO accounts:
Both accounts can be opened as Savings as well as current accounts and are Indian Rupee accounts. One needs to maintain an average monthly balance of Rs 75000 in both NRE and NRO accounts.
The Differences between NRE and NRO accounts:
1. Repatriation: NRE account is freely repatriable (Principal and interest earned) while the NRO account has restricted reparability i.e up to USD 1 (one) million per financial year (April-March), for any bonafide purpose, out of the balances in the account, e.g., sale proceeds of assets in India acquired by way of purchase/ inheritance / legacy inclusive of assets acquired out of settlement subject to certain conditions after giving undertaking along with a certificate from a chartered accountant.
2. Tax Treatment: NRE account is Tax free (no Income tax, wealth tax and gift tax) in India. On the other hand the interest earned in NRO account and credit balances are subject to respective income tax bracket and are also subject to applicable wealth and gift tax.
3. Deposit of Rupee funds generated in India: If an NRI/PIO/OCI  is earning income originating in India (such as salary, rent, dividends etc.) he/she is only allowed to deposit it in NRO account. Deposit of such earnings is not permitted in NRE account.
4. Joint Holding: NRE account can be iointly held with another NRI but not with resident Indian. On the other hand NRO account can be held with NRI as well as resident Indian (close relative) as defined under Section 6 of the Companies Act 1956.
Choose NRE accounts if you:
(Primary reason) want to park your overseas earnings remitted to India converted to Indian Rupees;
want to maintain savings in Rupee but keep them liquid;
want to make a joint account with another NRI;
want Rupee savings to be freely repatriable
Choose NRO account if you: (Primary reason) want to park India based earnings in Rupees in India;
want account to deposit income earned  in India such as rent, dividends etc;

want to open account with resident Indian (close relative)

Setting up a Company abroad by Indian Residents-Regulatory Requirements

Setting up a Company abroad by Indian Residents-Regulatory Requirements
By CA Pratik Anand, ACA


With the advent of Globalization, more and more Indians are interested in doing business outside India. They want to set-up a branch office or a subsidiary abroad. There are multiple benefits of doing so such as cost reduction because they save on import duty, ease of doing business, building an international brand etc.

We are often asked this question whether an Indian Residents can set-up a Company abroad?

Let us first look at the ways in which an Indian Resident can remit the money for investment outside India.

    1)      Liberalised Remittance scheme (LRS)

As per this Scheme, resident individuals may remit up to USD 125,000 per financial year for any permitted capital and current account transactions or a combination of both.

   a)      What are some of the capital account transactions permitted under the scheme?

·  Under the Scheme, resident individuals can acquire and hold shares or debt instruments or any other assets including property outside India, without prior approval of the Reserve Bank.

Q. Can remittances be made to acquire Joint Ventures abroad?
Ans. With effect from August 05, 2013, this Scheme, can be used by Resident individuals to set up Joint Ventures (JV)/ Wholly Owned Subsidiaries (WOS) outside India for bonafide business activities within the limit of USD 125,000 subject to the terms & conditions stipulated in FEMA Notification No.263.

Fema Notification 263:

Acquisition or Setting up of a JV or WOS abroad by resident individual
A resident individual (single or in association with another resident individual or with an ‘Indian Party’ as defined in this Notification) satisfying the criteria as per Schedule V of this Notification, may make overseas direct investment in the equity shares and compulsorily convertible preference shares of a Joint Venture (JV) or Wholly Owned Subsidiary (WOS) outside India.”
  
Conditions to be followed are:

1. Resident individual is prohibited from making direct investment in a JV or WOS abroad which is engaged in the real estate business or banking business or in the business of financial services activity.

2. The JV or WOS abroad shall be engaged in bonafide business activity.

3. Resident individual is prohibited from making direct investment in a JV / WOS [set up or acquired abroad individually or in association with other resident individual and / or with an Indian party] located in the countries identified by the Financial Action Task Force (FATF) as "non co-operative countries and territories" as available on FATF website www.fatf-gafi.org or as notified by the Reserve Bank.

4. The resident individual shall not be on the Reserve Bank’s Exporters Caution List or List of defaulters to the banking system or under investigation by any investigation / enforcement agency or regulatory body.

5. At the time of investments, the permissible ceiling shall be within the 
overall ceiling prescribed for the resident individual under Liberalised Remittance Scheme as prescribed by the Reserve Bank from time to time.
[Explanation: The investment made out of the balances held in EEFC / RFC account shall also be restricted to the limit prescribed under LRS.]

6. The JV or WOS, to be acquired / set up by a resident individual under this Schedule, shall be an operating entity only and no step down subsidiary is allowed to be acquired or set up by the JV or WOS.

7. For the purpose of making investment under this Schedule, the valuation shall be as per Regulation 6(6)(a) of this Notification.

8. The financial commitment by a resident individual to / on behalf of the JV or WOS, other than the overseas direct investments as defined under Regulation 2(e) read with Regulation 20A of this Notification, is prohibited.

9. 'Indian party' means a company incorporated in India or a body created under an Act of Parliament or a partnership firm registered under the Indian Partnership Act, 1932 making investment in a Joint Venture or Wholly Owned Subsidiary abroad, and includes any other entity in India as may be notified by the Reserve Bank.

Provided that when more than one such company, body or entity make an investment in the foreign entity, all such companies or bodies or entities shall together constitute the 'Indian party'
Therefore, It is clear that Resident Individuals can remit money outside India for setting up either a joint venture or a wholly owned subsidiary abroad under the LRS.

Points to be noted:

Recently, the RBI has permitted the purchase of immovable property abroad under the LRS. Therefore, a person can now not only set-up a Company abroad but also purchase an immovable property abroad for setting up the office of such a business under the LRS within a total limit of USD 125000 per financial year.

2)      Overseas Direct Investment

The Second way by which Residents can set-up business abroad is by way of Overseas Direct Investment.
·         What is overseas Direct Investment?

This can be understood by reading the definition of Overseas Direct Investment on the RBI Website which is as follows:

Direct investment outside India means investments, either under the Automatic Route or the Approval Route, by way of contribution to the capital or subscription to the Memorandum of a foreign entity or by way of purchase of existing shares of a foreign entity either by market purchase or private placement or through stock exchange, signifying a long-term interest in the foreign entity (JV or WOS).

It means that direct investment outside India is either by way subscribing to the capital of a New Company set-up outside India or by purchase of shares of an existing Company outside India.

Here also the entity to be set-up will be either a Joint venture or a wholly owned Subsidiary.

Q. Mention the ways in which Overseas Direct Investment outside India can be made.

·         Direct Investment outside India can be made either by way of the Automatic Route or the Approval Route
·        Automatic Route
·         Under the Automatic Route, an Indian Party does not require any prior approval from the Reserve Bank for making overseas direct investments in a JV/WOS abroad.
·         The Indian Party should approach an Authorized Dealer Category I bank with an application in Form ODI and the prescribed enclosures/documents for affecting the remittances towards such investments. However, in case of investment in the financial services sector, prior approval is required from the regulatory authority concerned, both in India and abroad.

Q.    Who can make investment under the Automatic route?
·         An ‘Indian Party’ is eligible to make overseas direct investment under the Automatic Route.
·         An Indian Party is a company incorporated in India or a body created under an Act of Parliament or a partnership firm registered under the Indian Partnership Act 1932 or a Limited Liability Partnership (LLP) incorporated under the LLP Act, 2008 and any other entity in India as may be notified by the Reserve Bank. When more than one such company, body or entity makes investment in the foreign JV / WOS, such combination will also form an “Indian Party”.
·         Therefore, the Investment under the overseas direct investment automatic route can only be made by an Indian Company, a registered partnership firm, LLP or a Body Corporate set-up under an Act of parliament.
    
  Q.   Can overseas direct investment be made in any activity?
·         An Indian Party can make overseas direct investment in any bonafide activity (except those that are specifically prohibited. However, for undertaking activities in the financial services sector, certain additional conditions as specified in Regulation 7 of the Notification ibid should be adhered to.

      Q.   What are the prohibited activities for overseas direct investment?
·         Real estate as defined in Regulation 2(p) of the Notification and banking business are the prohibited sectors for overseas direct investment.
·         However, Indian banks operating in India can set up JVs/WOSs abroad provided they obtain clearance under the Banking Regulation Act, 1949, from the Department of Banking Operations and Development (DBOD), CO, RBI.
·         An overseas JV / WOS, having direct or indirect equity participation by an Indian party, shall not offer financial products linked to Indian Rupee (e.g. non-deliverable trades involving foreign currency, rupee exchange rates, stock indices linked to Indian market, etc.) without the specific approval of the Reserve Bank. Any incidence of such product facilitation would be treated as a contravention of the extant FEMA regulations and would consequently attract action under the relevant provisions of FEMA, 1999.

Q. What are the limits and requirements for overseas direct investment to be made under the Automatic Route?
A. The criteria for overseas direct investment under the Automatic Route are as under:
  1. The Indian Party can invest up to the prescribed limit of its net worth (as per the last audited Balance Sheet) in JV/WOS for any bonafide activity permitted as per the law of the host country.
  2. The Indian Party is not on the Reserve Bank’s exporters' caution list / list of defaulters to the banking system published/ circulated by the Credit Information Bureau of India Ltd. (CIBIL) /RBI or any other credit information company as approved by the Reserve Bank or under investigation by the Directorate of Enforcement or any investigative agency or regulatory authority; and
  3. The Indian Party routes all the transactions relating to the investment in a JV/WOS through only one branch of an authorised dealer to be designated by the Indian Party.
  4. The prescribed limit is 100% of the net-worth of the Indian Party.
What is the procedure to be followed by an Indian party to make overseas direct investment in a JV/WOS under the Automatic Route?
·         The Indian Party intending to make overseas direct investment under the automatic route is required to fill up form ODI duly supported by the documents listed therein, i.e., certified copy of the Board Resolution, Statutory Auditors certificate and Valuation report (in case of acquisition of an existing company) and approach an Authorized Dealer (designated Authorized Dealer) for making the investment/remittance.
Therefore, to summarise the Investment outside India under the automatic route can be made to set-up a new company abroad (JV or WOS). This can only be done by an Indian Company set-up under the Companies Act’1956 or a registered partnership firm or a Body Corporate set-up by an Act of Parliament.

· Approval Route                                                                                                                                                                                                                                
·        Proposals not covered by the conditions under the automatic route require prior approval of the Reserve Bank for which a specific application in Form ODI with the documents prescribed therein is required to be made through the Authorized Dealer Category – I banks. Some of the proposals which require prior approval are:
·         i) Overseas Investments in the energy and natural resources sector exceeding the prescribed limit of the net worth of the Indian companies as on the date of the last audited balance sheet;
·         ii) Investments in Overseas Unincorporated entities in the oil sector by resident corporates exceeding the prescribed limit of their net worth as on the date of the last audited balance sheet, provided the proposal has been approved by the competent authority and is duly supported by a certified copy of the Board Resolution approving such investment. However, Navaratna Public Sector Undertakings, ONGC Videsh Ltd and Oil India Ltd are allowed to invest in overseas unincorporated / incorporated entities in oil sector (i.e. for exploration and drilling for oil and natural gas, etc.), which are duly approved by the Government of India, without any limits, under the automatic route;
·         iii) Overseas Investments by proprietorship concerns and unregistered partnership firms satisfying certain eligibility criteria;
·         iv) Investments by Registered Trusts / Societies (satisfying certain eligibility criteria) engaged in the manufacturing / educational / hospital sector in the same sector in a JV / WOS outside India;
·         Points To remember:
·         Requests under the approval route are considered by taking into account, inter alia, the prima facie viability of the JV / WOS outside India, likely contribution to external trade and other benefits that may accrue to India through such investment, financial position and business track record of the Indian party and the foreign JV / WOS, experience and expertise of the Indian party in the same or related line of activity of the JV / WOS outside India, etc.
·         Applications in Form ODI- Part I may be forwarded through the designated Authorized Dealer Category – I bank to:
The Chief General Manager
Reserve Bank of India
Foreign Exchange Department
Overseas Investment Division
Central Office
Amar Building, 5th Floor
Mumbai 400 001

·         After Establishment Obligations
    A.    An Indian Party will have to comply with the following: -
        i.            receive share certificates or any other documentary evidence of investment in the foreign JV / WOS as an evidence of investment and submit the same to the designated AD within 6 months;
      ii.            repatriate to India, all dues receivable from the foreign JV / WOS, like dividend, royalty, technical fees etc.;
    iii.            submit to the Reserve Bank through the designated Authorized Dealer, every year, an Annual Performance Report in Part III of Form ODI in respect of each JV or WOS outside India set up or acquired by the Indian party;
    iv.            report the details of the decisions taken by a JV/WOS regarding diversification of its activities /setting up of step down subsidiaries/alteration in its share holding pattern within 30 days of the approval of those decisions by the competent authority concerned of such JV/WOS in terms of the local laws of the host country. These are also to be included in the relevant Annual Performance Report; and
      v.            in case of disinvestment, sale proceeds of shares/securities shall be repatriated to India immediately on receipt thereof and in any case not later than 90 days from the date of sale of the shares /securities and documentary evidence to this effect shall be submitted to the Reserve Bank through the designated Authorised Dealer.

Is it mandatory to furnish Annual Performance Reports (APR) of the overseas JV/WOS based on its audited financial statements?
A. Where the law of the host country does not mandatorily require auditing of the books of accounts of JV / WOS, the Annual Performance Report (APR) may be submitted by the Indian party based on the un-audited annual accounts of the JV / WOS provided:
  1. The Statutory Auditors of the Indian party certifies that ‘The un-audited annual accounts of the JV / WOS reflect the true and fair picture of the affairs of the JV / WOS’ and
  2. That the un-audited annual accounts of the JV / WOS has been adopted and ratified by the Board of the Indian party.
What are the penalties for non-submission of Annual Performance Reports (APRs)?
Delayed submission/ non-submission of APRs entail penal measures, as prescribed under FEMA 1999, against the defaulting Indian Party.
Points to remember:       
·         An annual return on Foreign Liabilities and Assets (FLA) is also required to be submitted directly by all the Indian companies which have received FDI (foreign direct investment) and/or made FDI abroad (i.e. overseas investment) in the previous year(s) including the current year i.e. who holds foreign Assets or Liabilities in their Balance Sheets.
·         FLA return is mandatory under FEMA 1999 and companies are required to submit the same based on audited/ unaudited account by July 15 every year.
·         If the Partnership firms, Branches or Trustees have any outward FDI outstanding as on end-March of the reporting year, then they are required to send a request mail to get a dummy CIN number which will enable them to file the Excel based FLA Return. If any entity has already got the dummy CIN number from the previous survey, they should use the same CIN number in the current survey also. (Therefore Return of Foreign Assets and Liabilities is also mandatory for Registered Partnership Firms and trustees etc. also).


The author is a CA in practice at Delhi and for any queries and assistances on the above especially APR and return of Foreign Assets & Liabilities can be contacted at:
Mobile: +91-9953199493




Job Vacancy In Life Style For Chartered Accountant Freshers

The Landmark Group, founded in 1973 with a single store in Bahrain has grown into one of the largest retail conglomerates in the Middle East with revenues in excess of USD 4.7 billion and CAGR of 23%. It has its presence in 20 countries with over 1350 outlets and retail space of over 18 million sq. ft and employee base of over 40,000. In addition to its retail sector, the Group has also diversified into leisure, food, hotels and electronics and has created a comprehensive infrastructure including its own logistics and distribution division, to support its retail operations and other businesses.

Landmark Group entered India as Lifestyle International (P) Ltd in 1999 and in a little over a decade has come to be recognized as one of the leading retail companies in the country. Today Landmark Group"s India business revenues are in excess of 5280crs, with 41 stores and retail space of 2.5 million sq. ft. Each Lifestyle store brings together five concepts under one roof; Apparel, Footwear, Children's Wear & Toys, Household & Furniture and Health & Beauty, offering convenient one-stop shopping and a choice of over 250 national & international brands. The Group has also has other businesses in India apart from Lifestyle; Home Centre, Splash, Max Fashions, Auchan, Citymax.
DesignationCharted Accountant - Fresher - 5 Opening(s)
Job DescriptionAnalysis
  • Perform variance analysis to support management decisions
  • Focus on areas of cost control
  • Coordinate with accounts & territory for variance reasons & actions to be taken
  • Competition Analysis
  • Prepare Project feasibility reports for new stores and projects

Reports
  • Upload budget on Oracle Apps on time
  • Consolidate financials of distribution channel, Brands, and concepts
  • Prepare ad hoc reports - Weekly Sales Report

Annual Budget
  • Ensure involvement in annual budget process
  • Prepare timely & accurate budgets for all locations
Desired ProfileCHARTED ACCOUNTANTS - FRESHER 2014 BATCH PREFERRED
Responsible to perform variance analysis to support management decisions. Prepare Project feasibility reports for new stores and projects. Prepare ad hoc reports. Prepare timely & accurate budgets for all locations. Competition Analysis.
Experience0 - 1 Years
Industry TypeRetail / Wholesale
RoleChartered Accountant
Functional AreaAccounts, Finance, Tax, Company Secretary, Audit
EducationUG - Any Graduate - Any Specialization
PG - CA, CS, ICWA
DOCTORATE - Doctorate Not Required
LocationBengaluru/Bangalore
KeywordsFinanceBudgetingAccountingChannel DistributionSalesReportingCompetitor AnalysisCost ControlOracle Apps,Variance Analysis
ContactRicha Sharma
Lifestyle International Pvt Ltd
Lifestyle International Pvt. Ltd,8th Floor Delta
Towers, Sigma Soft-tech Park, No.7,Whitefield
Main Road
BANGALORE,Karnataka,India 560066
Telephone91-80-41796565
Websitehttp://www.lifestylestores.com
Job Posted13 Aug
ReferenceCA - 255
Official Announcement

HINDUSTAN PETROLEUM CORPORATION LIMITED RECRUITMENT 2014 AUGUST FOR CHARTERED ACCOUNTANTS FRESHERS,

Hindustan Petroleum Corporation Limited (HPCL) is a Navaratna and a Global Fortune  500 company, ranked at 260 with an annual Gross sales of Rs. 2, 32,188 crore and Profit after Tax of Rs. 1,734 crore during FY 2013-14 and having a strong presence  in Refining & Marketing in India with about 21% Marketing share and 18% Refining  capacity in the PSU category in the country. The 2012-13 performance of the  Corporation has qualified for ‘Excellent’ rating in terms of the MOU signed with the  Government of India with an MOU score of 1.034, which is the best score amongst all 
the PSUs under MOP&NG for the second successive year.


Commencement of online application: 12th August 2014 
Last date of online application: 16th September 2014 
No. of Vacancy: 25 (Unreserved: 13, SC: 04, ST: 02, OBC – NC: 06)
Work Exp: Freshers

QUALIFICATIONS : 
 Candidates should be a Qualified Chartered Accountant (CA) from Institute of Chartered Accountants of India (ICAI).
 Candidates applying for the post should be in possession of C.A. professional qualification completed in all respect at the time of applying for the post including completion of mandatory Articleship Training required for award of C.A. qualification. 

Selection Process:

Candidates fulfilling all of the above criteria (based on details submitted by the candidates in the online application), will be called for personal interview through a list drawn on the basis of the aggregate of CA Final marks of both the Groups. The list for personal interview would be drawn category-wise in a pre-determined ratio to the number of vacancies in each category. Candidates are required to mention only aggregate of CA final marks taking both groups into consideration (up to two decimal points). Candidates shortlisted for personal interview would be required to produce Certificate of Membership of Institute of Chartered Accountants of India.
Personal Interview would consist of assessment of behavioral competencies. Candidates will be required to qualify in behavioral interview for further selection.

Candidates belonging to SC, ST, OBC-NC & PWD would be assessed under relaxed standards during personal interview. The final selection / Offer of Employment will be based on the candidates CA Final marks in both groups and candidate’s performance in the Personal Interview. A category wise merit 
list of qualified candidates would be drawn basis CAs final score (weightage 40%) and performance in Personal Interview (weightage 60%) and appointment would be done basis category wise vacancies available subject to being declared as Medically Fit by HPCL designated Physician and fulfillment of other eligibility criteria w.r.t Academic Qualification, Age, work experience, NOC, Relieving letter from previous employer etc. as may be applicable. All the candidates are requested to remain updated at each step of the selection process by visiting our website www.hindustanpetroleum.com. All queries pertaining to recruitment including selection process may be addressed to our Corporate Recruitment Team through corpenablerrect@hpcl.co.in. Candidates are also requested to visit FAQs Section on our website with respect to this recruitment drive. Candidates may please note that personal calls and/or interaction with any of the HPCL’s officials during recruitment drive is discouraged, except when absolutely necessary. 

TO DOWNLOAD THE OFFICIAL NOTIFICATION CLICK HERE

Court Order on VAT Act in State of U.P. - (09-08-2014)

ATTENTION OF MEMBERS

ANNOUNCEMENT ON COURT VERDICT PRONOUNCED ON 6 AUGUST 2014, BY THE LUCKNOW BENCH OF THE ALLAHABAD HIGH COURT ON VAT

This is with reference to the order passed by the Lucknow Bench of the Allahabad High Court in the matter of Tax Lawyers Association & Anr. v/s State of U.P. & Ors. whereby only registered advocates are permitted to appear before the Authority under the VAT Act in the State of U.P.

The Institute is seized of the matter and taking all steps to ensure that the status quo ante is restored in the matter and interest of the profession is preserved. As a first step, it is proposed to implead ICAI in the aforesaid matter as ICAI is not a party to the said case. 

Ca-Online

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