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Greater Bank - Vacancy for the post of Branch Manager

Jobs Opportunity in Greater Bank in Mumbai

Experience : Minimum 5 years Yrs.

Qualifications : Graduate and Additional Qualification –CA/MBA is desirable.

AGE                :  30 – 40 years.

Experience     : Minimum 5 years in similar area.

• Strong in Money Market Operations.
• Overall Management of Treasury Operations as a Profit Centre.
• Strategic Management, Monitoring and Forecast of interest rates.
• Knowledge of investing in CBLO, Govt. Securities, Commercial Paper, Certificate of Deposit, Call Money, Repo , Mutual Funds , Fixed Deposits etc.
• Optimum Utilization of resources in managing Treasury Function 
• Monitoring of SLR and CRR

For More Details And to apply online Click Here.

Budget 2015 - Clarification regarding increase in Service Tax Rate

Amid huge expectations and challenges facing the economy, the Honble Finance Minister Shri Arun Jaitley has presented his 1st Full-year Union Budget for the year 2015-16 on 28th February, 2015.  In his Budget Speech, he has proposed to increase the effective rate of service tax from 12.36% to 14%. This proposal has created doubts in the minds of some assessees and professionals as well. The objective of this article is to identify various issues/queries relating to proposed rate of service tax and try to clarify the same in simple language. To begin with, I quote the relevant Clause 121 of the Budget Speech as below:-

“121. Introduction of GST is eagerly awaited by Trade and Industry. To facilitate a smooth transition to levy of tax on services by both the Centre and the States, it is proposed to increase the present rate of service tax plus education cesses from 12.36% to a consolidated rate of 14%.

1. Do  I  have  to  charge  new  rate  of  service  tax  fro01-03-2015 onwards like we do in case of changes in rates of central excise?

No, you dont have to charge new rate of service tax from 01-03-2015 onwards as the new rate has not yet come into effect. Till then, the existing rate of 12% (service tax) + 2% (Education Cess on tax) + 1% (SHE Cess on tax) i.e. effective rate of 12.36% shall continue.

2.   Whether  the  new  enhanced  rate  of  service  tax  going  to  be effective from 1st  April, 2015?

No, the proposed service tax rate will not become effective from 01-04-2015. Many service providers and receivers are having the misconception that any change in rate of service tax takes effect from 1st April of the year. It shall come into effect from a date to be appointed by the Central Government, by way of notification in the Official Gazette, AFTER the enactment of the Finance Bill, 2015. The proposed amendments vide Clause 106 of the Finance Bill, 2015 is quoted as below:-

“106. In section 66B of the 1994 Act, with effect from such date as the Central Government may, by notification in the Official Gazette, appoint, for the words twelve per cent.”, the words fourteen per cent. shall be substituted.

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This article has been shared by Manoj Agarwal. He can be reached at

Most awaited Books for May 2015 exams

Most awaited Books for May 2015 exams are now launched at :

National Thermal Power Limited (NTPC) - Required CA/ICWA

Job profile -  Finance Executives 

No. of Vacancies - 15

Educational Qualification: CA/ ICWA with 2/4/6 years post qualification experience.
How To Apply : Candidates seeking Government jobs in Delhi for the above mention posts may send application along with all required documents to the address given in notification below.
Important Date :
Last date to receive application form: 16/03/2015
For Official Advertisement Click Here.

Steel Authority of India Limited (SAIL) - Vacancy for Chartered Accountant

Job Profile :  Management Trainee (Finance)

Education QualificationCA/ICWA

Application Fee: Rs 500/- (Rs 100/- for SC/ ST/ PH / Departmental candidates)

Last date to apply online: 18/03/2015

For More Details and to read official notification Click Here.

Lakshmi Vilas Bank Ltd. - Vacancy for Chartered Accountant

 Job Profile 

1. Chartered Accountant in Deputy Manager Grade for Credit/Audit/Accounts Taxation

Commerce Graduate/ Post Graduate with CA. Should have atleast 5 years experience in relevant area in Bank having thorough knowledge of the regulatory environment under RBI, SEBI, Income Tax etc., in depth knowledge in Balance Sheet Management, Taxation, Corporate Budgeting, Credit Appraisal, Audit and Financial control. Age: Max 32 years – relaxable in deserving cases.

2.  Credit Processing Officer - Contract
 Graduate/Post Graduate from any recognized University – CAIIB /CA/ICWA will be additional qualification Experience: Should have a minimum 5 years of experience in Bank/Term lending institution in the area of Credit Management, including appraisal, assessment, sanction and post sanction monitoring of Bank advances in Corporate/SME segment including imports and Exports / Trade Finance. Age: Maximum 62 years as on 31.03.2015 or at the time of initial engagement.

Last date to receive application form: 14/03/2015

For More Details and to read official notification Click Here

Simplification of Registration Procedures in Service Tax

F. No. 137/22/2012-Service Tax ( Part-I) 
Government of India 
Ministry of Finance 
Department of Revenue 
Central Board of Excise and Customs 
Service Tax Wing 
New Delhi, the 28th February, 2015 

The legal provisions for registration in service tax are contained in section 69 of the Finance Act, 1994, rule 4 of the Service Tax Rules, 1994 and the Service Tax (Registration of Special Category of Persons) Rules, 2005. Paragraph 2 of Circular 97/8/2007-Service Tax dated 23-8-2007 and Order No. 2/2011-Service Tax dated 13-12-2011 also explain some of the procedural aspects of registration in service tax. 

In supercession of Order No. 2/2011-Service Tax dated 13-12-2011, the Central Board of Excise and Customs specifies the following documentation, time limits and procedure with respect to filing of registration applications for single premises, which shall come into effect from 1-3-2015. 

2. General procedure 

(i) Applicants seeking registration for a single premises in service tax shall file the application online in the Automation of Central Excise and Service Tax (ACES) website in Form ST-1. 

(ii) Registration shall mandatorily require that the Permanent Account Number (PAN) of the proprietor or the legal entity being registered be quoted in the application with the exception of Government Departments for whom this requirement shall be non-mandatory. Applicants, who are not Government Departments shall not be granted registration in the absence of PAN. Existing registrants, except Government departments not having PAN shall obtain PAN and apply online for conversion of temporary registration to PAN based registration within three months of this order coming into effect, failing which the temporary registration shall be cancelled after giving the assessee an opportunity to represent against the proposed cancellation and taking into consideration the reply received, if any. 

(iii) E-mail and mobile number mandatory: The applicant shall quote the email address and mobile number in the requisite column of the application form for communication with the department. Existing registrants who have not submitted this information are required to file an amendment application by 30-4-2015. 

(iv) Once the completed application form is filed in ACES, registration would be granted online within 2 days, thus initiating trust-based registration. On grant of registration, the applicant would also be enabled to electronically pay service tax. 

(v) Further, the applicant would not need a signed copy of the Registration Certificate as proof of registration. Registration Certificate downloaded from the ACES web site would be accepted as proof of registration dispensing with the need for a signed copy. 

3. Documentation required 

The applicant is required to submit a self attested copy of the following documents by registered post/ Speed Post to the concerned Division, within 7 days of filing the Form ST-1 online, for the purposes of verification:- 

(i) Copy of the PAN Card of the proprietor or the legal entity registered. 
(ii) Photograph and proof of identity of the person filing the application namely PAN card, Passport, Voter Identity card, Aadhar Card, Driving license, or any other Photo-identity card issued by the Central Government, State Government or Public Sector Undertaking. 
(iii) Document to establish possession of the premises to be registered such as proof of ownership, lease or rent agreement, allotment letter from Government, No Objection Certificate from the legal owner. 
(iv) Details of the main Bank Account. 
(v) Memorandum/Articles of Association/List of Directors. 
(vi) Authorisation by the Board of Directors/Partners/Proprietor for the person filing the application. (vii) Business transaction numbers obtained from other Government departments or agencies such as Customs Registration No. (BIN No), Import Export Code (IEC) number, State Sales Tax Number (VAT), Central Sales Tax Number, Company Index Number (CIN) which have been issued prior to the filing of the service tax registration application. 
4. Where the need for the verification of premises arises, the same will have to be authorised by an officer not below the rank of Additional /Joint Commissioner. 
5. The registration certificate may be revoked by the Deputy/Assistant Commissioner in any of the following situations, after giving the assessee an opportunity to represent against the proposed revocation and taking into consideration the reply received, if any: 
(i) the premises are found to be non existent or not in possession of the assessee. 
(ii) no documents are received within 15 days of the date of filing the registration application. 
(iii) the documents are found to be incomplete or incorrect in any respect.

6. The provisions of sub-rules (5A) and (6) of rule 4 of the Service Tax Rules, 1994 may be referred to regarding change in any information or details furnished by an assessee and transfer of business to another person, respectively. Similarly, sub rule (7) of the Service Tax Rules, 1994 may be referred 
to in case a registered person ceases to provide the service for which he has been granted registration. 

7. Paragraph 2.0 of Circular 97/8/2007-Service Tax dated 23-8-2007 consisting of subparagraphs 2.1 to 2.7 may be treated as withdrawn since there have been changes in the relevant legal provisions since the issuance of that Circular. The current legal provisions in the Service Tax Rules, 1994 and the Service Tax (Registration of Special Category of Persons) Rules, 2005 may also be referred to.  

Budget Implication on Personal Taxes

The Finance Bill, 2015 presented by the Finance Minister, Mr. Arun Jaitely on 28th February, 2015. Given the economic scenario, very few reliefs particularly for lower and middle income groups are been provided. The basic purview taken by the government behind rationalising the transformations is to bring the current taxing provisions in line with the proposed plan of Goods and Service Tax. Below are the major highlights of Finance Bill 2015:

Direct Tax:

Ø  Basic Exemption Limits for Individuals
There has been no change in personal tax rates. With a view to replace Wealth tax, an additional surcharge of 2% is proposed in case wherein income exceeds Rs. 1 Crore
Ø  Increase in the limit of deduction of Mediclaim
In view of continuous increase in medical expenditure, it is proposed to increase the limit of deduction under section 80D from Rs. 15,000 to Rs. 25,000. In case of senior citizens, the limit of deduction is proposed to be increased from Rs. 20,000 to Rs. 30,000.
As a welfare measure towards very senior citizens who are not covered under medical insurance, it is proposed to provide a deduction to the extent of any payment made on account of medical expenditure but restricted to Rs. 30,000 under section 80D.
The aggregate deduction available to any individual in respect of health insurance premium and the medical expenditure incurred would however be limited to Rs. 30,000.
Ø  Clarification on investment in Sukanya Samriddhi Account Scheme under Section 80C
In order to promoter welfare of girl Child, Sukanya Samriddhi Account Scheme was launched as eligible instrument under Section 80C. further it is clarified that the interest accruing on deposits in, and withdrawals from this account will be tax exempt.
Ø  Increase in limits of deduction under Section 80DD and 80U for disabled person
In view of the rising cost of medical care and special needs of a disabled person, it is proposed to amend section 80DD and section 80U so as to raise the limit of deduction in respect of a person with disability from Rs. 50,000 to Rs. 75,000. It is further proposed to raise the limit of deduction in respect of a person with severe disability from Rs. 1 lakh to Rs. 1.25 lakhs.
Ø  Increase in limits of deduction under Section 80CCC and 80CCD
In order to promote social security, it is proposed to raise the limit of deduction for an amount paid or deposited for a contract for any annuity plan of LIC or any other insurer for receiving pension from a fund set up under a pension scheme, under section 80CCC from Rs. 1 lakh to Rs. 1.50 lakh.
With a view to encourage people to contribute towards National Pension Scheme, it is proposed that in addition to the limit of deduction under section 80CCD(1), an additional deduction in respect of any amount paid, of upto Rs. 50,000 for contributions made by any individual assessees under the NPS.
However, the overall limit of deductions under Section 80C, 80CCD and 80CCC cannot exceed Rs. 1.50 lakhs as per existing provisions of Section 80CCE.

To Download the copy of Memorandum to Finance Bill Click Here

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