NJGB (Narmada Jhabua Gramin Bank) Recruitment 2015 - Vacancy for Chartered Accountant

Name of the Post : Officer Scale-II (CA)

Selection Procedure : Selection will be made on the basis of performance in RRBs- Online CWE III conducted by IBPS in September/October 2014, and Performance in Personal Interview will be Conducted by Narmada Jhabua Gramin Bank. Merit list of the candidates for final selection based on Total Weighted Scores (TWS) obtained by them in CWE III of IBPS Plus Personal Interview Scores will be prepared in descending order under each SC/ST/OBC/UR category. 



Last date to apply Online 8^th April 2015


To read the official notification click Here.

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MAZAGON DOCK LIMITED - Required CA/CMA

Job Profile : Executive Trainee (Finance)

Qualification : CA/ CMA 

                          OR

                        Two years Full Time MBA (Finance)/ MMS (Finance) from a                               recognized University or Deemed University or Institute                                     recognized by AICTE with First Class or 60% Marks 

                          OR 

                        Two years Full Time Post Graduate Degree in Management                               (Finance)/ Two years Full Time Diploma in Management                                   (Finance) from an Institute recognized by AICTE with First Class                         or 60% Marks. Computer Literacy is a must. Working                                       knowledge of computers in an ERP environment would be an                             added advantage.

No. of Vacancies : 11


For More Details Refer the official Advertisement.

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GST – Grow and Share Together

The much awaited Goods and Services Tax (‘GST’) now seems to be a reality as the broad contours are slightly visible.  The Finance Minister in his Budget speech made it clear he has all the intentions to implement GST from April 1, 2016.  Though, we have seen in the past (during VAT introduction days) that statements made by the Ministers and their actual implementation are always poles apart, it seems this time the Government has something ready in its hands.

I happened to meet a former senior CBEC Member during one of the Budget sessions and he informed the Government has already done a lot of work in relation to GST.  The most important ‘Place of Supply’ Rules have been drafted and GST legislation to an extent has also been finalized.  He was of the firm opinion that if political will exists, there is a good chance GST getting introduced from the above date.  His statement was both a matter of exhilaration and disappointment because on one side he excited me by disclosing that a lot of groundwork has been done but the same was caveated by mentioning the words ‘political will’.  We all know how important and crucial projects have got stalled in the past only because of political unwillingness.  Time will only unfurl whether we would see GST happening next year or not.

But definitely some steps in the Budget 2015 indicate the willingness to create a path for GST.  The rate of Service tax increased to14% that may eventually go up to 16% (if Swach Bharat Cess is introduced) is an indication to the service providers to get ready for at least that rate under the GST.  Though, the probability of GST rates more than 16% cannot be ruled out, there is definitely an indication now that the rate would at least be 16%.  The manufacturers are already paying at least 16% (12.5% excise duty and 4% VAT or 2% CST) and therefore, through this amendment the convergence of different rates seems to be happening.  Further, GST being a tax without exemptions, the Government has done some work on that front as well with removal of few exemptions.  So all in all, a good and fair move towards GST.

From a CEO or the CFO’s perspective, it looks like time has come to probably get some bit of understanding on how this new piece of legislation would unfurl things and its likely impact on the business operations.  Until now, not many people were looking at this seriously, but we feel there is no harm in getting some basic education on how GST is going to impact your company’s bottom line. 

The CFO/ CEO’s would also need to ascertain the tax impact on the entire value/supply chain and its potential impact on the product prices and bottom line.  Currently, there are multiple non-CENVATable taxes that organization's pay and those add to the prices of the finished products.  These include taxes like Octroi, Entry tax, CST, Luxury taxes etc.  Once GST subsumes all these taxes, there is going to be an immediate impact on the product price and the bottom line of your organization.  Consequently, a deep understanding of how these taxes would be subsumed and a careful monitoring of their impact on the costs of the business is important. 

A critical implication that arises out of the above is managing the cash flows resulting out of payment of taxes at each stage.  Currently taxes are not paid at each stage whereas under the GST, each leg of the transaction shall be taxed, resulting in cash flow issues.  This would also get heightened with the increase in the rates of GST vis-à-vis current rates of VAT and Service tax.

We need to understand GST shall be a transaction tax and consequently, each and every transaction has to be analyzed and thread-bear to figure out the tax implications.  Further, the current concepts of ‘sale of goods’ and ‘provision of service’ shall be completely replaced with the concept of ‘supply of goods and supply of service’.  The term ‘supply’ is a much wider term and means even if goods or services are not sold, they would still get taxed under GST by virtue of them being supplied.  Transactions relating to ‘stock transfers’ are proposed to be included in the ambit.

In addition to the transactional issues that would merit a deep-dive, there is another aspect requiring a significant overhauling and that is the IT set-up of your company relating to accounting and taxation.  GST would bring with itself plethora of compliances and if you operate in various states, it would mean maintaining documentation for all the states and effectively managing credit movements across the India.  Being dual in nature, each company would need two separate registrations, one with the Centre and the other with the State.  For service providers who only provide services and pay Service tax, this would mean added compliance since they would need to pay both CGST (Central GST) and SGST (State GST) and undertake compliances at both the levels. 

As per me, the other larger issue unrelated to tax requiring a well-designed change management strategy is the attitude of the staff and other stakeholders.  The current regime of taxation has been place for last 60 years and therefore any change unless embraced well within the organization can be quite catastrophic.  Proper education on the new provisions, their impact on the business & on the roles and responsibilities of the staff and how this change is going to make their life easy and more profitable has to be properly fed in the system and particularly into the staff’s minds.  More than hard issues, it is the softer issues that are going to be a key in ensuring a smooth transition for any organization.

I think in order to get away from the last minute rush and getting into a panic mode, the organizations should start sensitizing themselves on the broad nuances of GST and how it is likely to impact them. After all, only those who handle situations proactively are the ones who manage changes quite effectively.

I would like to end with a highly relevant quote by Jack Welch:

“An organization’s ability to learn and translate that learning into action rapidly, is the ultimate competitive advantage”

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Authored by Nimish Goel (www.nimishgoel.com), a chartered accountant with more than 12 years of experience and who’s passion is to coach and help young chartered accountants and aspiring students achieve the best in their life.  Nimish used to work with EY and PwC in India and has also worked with KPMG in Europe.  He now runs his own consulting company and runs a blog www.nimishgoel.com.  He can be reached for any queries and issues on his blog and on his Facebook page “Nimish Goel Blog”. 

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Ambedkar University Delhi - Vacancy for Chartered Accountant as senior consultant

Ambedkar University Delhi

Founded by Govt. of NCT of Delhi

Job Profile : Senior Consultants

No. of Vacancies : 03

Educational Qualifications :– 

Essential: Master’s Degree with 55% marks or its equivalent grade of ‘B’ in the UGC seven point scale. 

Desirable:

i. Experience in Supervisory or equivalent Cadre in a Group `B’ post in a Government Department or a University or Educational or Research Institution or Teaching or Research experience along with proven administrative capabilities. 

ii. Excellent knowledge of computer applications and office procedure. 

iii. LLB or MBA or CA or MCA or equivalent qualification.

Last Date to receive application is 30th March

For More Details Read the Official Adv.

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5 Books That Can Change Your Life & Career

I have been getting requests from some of the readers of my blog on the kind of books one should read.  As majority of you would have realized through my blog posts that I am always of the view that one should develop a keen habit to read and read good books.  By reading books you educate yourself with what’s happening around the world, you can learn and develop new skills and tools to enhance your productivity and competency to shine and excel in your areas.

As the famous motivational speaker Robin Sharma says – “Education is the inoculation against disruption”, reading does give you an edge, it lets you know what successful people have done in their lives and how you can pick up clues from their lives and become a super achiever. 

In this article I want to share 5 books that I recently bought for myself and have found them extremely powerful and super useful.   Kindly note that I am not earning anything out of this, and the effort to write this article is purely driven out of my desire to help each one of you who read my blog – www.nimishgoel.com.

1.        The Power of Your Subconscious Mind – Authored by Dr. Joseph Murphy

This book was an eye-opener for me as I realized how powerful our subconscious mind and how one can utilize its full potential.  Obviously, I am not a pro when it comes to using the power of subconscious mind, but I have personally gained a lot from this book.

I want to quote something very beautiful from this book:

“One of the main reasons that you do not succeed at achieving certain goals is because you have not accepted in your subconscious that you are capable of that achievement. The moment your subconscious mind accepts a goal, it starts in motion a powerful force that overcomes obstacles, stimulates creative thinking and brings into your life a power that is nothing short of miraculous. Use your subconscious power to build: Prosperity, Relationships, Happiness, Success, Self Confidence”

 

To have a look, click here - http://goo.gl/mZ1Syx

2.        How To Get From Where You Are To Where You Want To Be – Authored by Jack Canfield

This is book that one much have in his/her library and specially for those who really want to improve their lives, personal, professional and financial.

          This book provides 25 principles that one should adopt in their lives and each and every principle has been beautifully explained, illustrated with examples and highly motivating.  Once you start it, I can bet you wont leave it until you have finished it.

Summary of the book – “This book is an inspiring and practical guide which will help people achieve success in their everyday endeavors”.

To have a look, click here - http://goo.gl/eGqNQ4

3.        The Power of Habit – Authored by Charles Duhigg

          One of the very few books I have read that has been so thoroughly researched and very logically presented.  An absolute eye-opener to how we develop habits and whether those can be changed or not.  This book also very beautifully describes how we can create new habits. 

Summary of the book – “In the book ‘The Power of Habit’ we learn that habits are not the end of everything.  One can change their habits to succeed in every aspect of their lives whether it is their professional or personal life”.

          To have a look, click here - http://goo.gl/Pt6eU4

4.        The Pumpkin Plan – Authored by Mike Michalowicz

           

           I still haven’t completed reading this book, but it surely is an awesome book on entrepreneurship.  It’s a good book to read if you are planning to start your own venture and want to know what to do and what not to do whilst starting up.  The way Mike has developed the plot of the story is quite unique and his philosophy to create a business like pumpkin owners is very different and interesting to read. 

The summary - ‘The Pumpkin Plan’ guides you through unconven­tional strategies to help you build a truly profitable blue-ribbon company that is the best in its field.

            To have a look, click here - http://goo.gl/kGTZRS

5.        The Constitution of India

          The recent events in India, be it formation of new Government at the Centre or a new Government in any State or a coalition of two parties to form Government or passing of any new bill in the Constitution has always made me wondered – what’s the underlying Constitutional provision that determines all these political and economic activities.

I personally believe that each and everyone of us (being commerce and economics students) should have a sound knowledge of our Constitution.  What is Lok Sabha, Rajya Sabha, how are members of these bodies selected and what are the powers of our elected members?  Some very interesting and useful information that should be read and retained in our brains.       

           

To have a look, click here - http://goo.gl/tK4ErG

I hope this article helps you take some informed choices.  I wish you all green lights in your life…

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Authored by Nimish Goel (www.nimishgoel.com), a qualified chartered accountant who’s passion is to coach young chartered accountants and aspiring students achieve the best in their life.  Nimish used to work with EY and PwC in India and has also worked with KPMG in Europe.  He now runs his own consulting company and runs a blog www.nimishgoel.com.  He can be reached for any queries and issues on his blog.

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CPC (TDS) follow up: Online Correction facility not availed after sending "Intermediate Communication for Short Payments" in course of processing of Original Quarterly TDS Statements

Dear Deductor,(TAN XXXXXXXXXX)

As per the records of CPC (TDS), an Intermediate communication was sent to you intimating Short Payment errors in the Original TDS Statements filed by you during January 1 - February 10, 2015 and you were requested to use Online Correction facility at TRACES for closure of the above within a week of receipt of above communication.
However, after the above was communicated to you, no actions were taken using Online Correction functionality (without Digital Signatures) to correct above errors.
There may be a possibility that the above communication could not reach you due to incorrect email/ Mobile number provided and you are requested to correctly report the above in your TDS Statements.
Also, CPC (TDS) intends to collect your feedback to understand any challenges in using the Online Correction facility to correct potential errors.You are, therefore, requested to provide us the reason by sending your response to info@tdscpc.gov.in
You are also requested to submit a Correction Statement, without any further loss of time, to close the Short Payment Defaults in your Original TDS Statement(s).

Please note that

·         This further significance towards ensuring non-intrusive TDS Compliance, since, Short Payment Defaults ought to be closed at the time of submitting requests to download Consolidated Files or TDS Certificates from the web portal TRACES.

·         The onus for closure of Short Payment Defaults lies on the deductor submitting the TDS Statements.

Your attention is also drawn to the essence of above communication and the advantages of taking actions with Online Correction feature:

·         You would have preliminary information of potential Short Payments, before the Original Statement is completely processed for Defaults and Intimations are generated

·         The central point in the process is identification of errors in challans and facilitating their corrections before CPC (TDS) computes defaults in TDS statements

·         Correction of above defaults using Online Correction can be submitted within 7 days of receipt of the Intermediate Communication, before computation of Defaults for the referenced TDS statements

·         The above actions Above action will facilitate avoidance of multiple Correction Statement filing later, after the defaults are identified CPC (TDS) and Intimations have been sent.

What Action to be taken on receipt of Intermediate communication:

·         Please take note of the Intermediate communication from CPC (TDS) and submit Online Correction for potential defaults in TDS statement within the stipulated time frame.

·         Only "Online Correction" facility can be used for correction of above Short Payments and PANs

To avail the facility, you are requested to Login to TRACES and navigate to Defaults tab to locate Request for Correction from the drop-down menu. For any assistance, please refer to the e-tutorial available on TRACES.

·         The action requires to be completed within 7 days of receipt of the Intermediate Communication.
It is hoped that you will avail of the time window to correct errors, if any, going forward.

CPC (TDS) is committed to provide best possible services to you.

CPC (TDS) TEAM

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NBCC Recruitment 2015 Vacancy for Assistant Manager

Job Profile : Assistant Manager (Company Secretary)

Essential Qualification : Qualified Company Secretary

Essential Post Qualification experience : 02 years experience. Candidate should have excellent communication and drafting skills. Adequate experience required in legal compliance as per Companies Act, 1956 and SEBI regulations/e-filing of documents with exposure to public issue/dividend related matters, handling of investor’s grievances and coordination with other regulatory agencies, stock exchange, ROC etc. candidates having knowledge and proficiency in use of Computer will be preferred.
   
 The interested and eligible candidates alongwith application in the prescribed form (annexed herewith) may report for interview at NBCC Ltd., EDC, Ghitorni, Near Ghitorni Metro Station, New Delhi-110030 (between 9.30 AM to 11.00 AM) on 20.03.2015.

For More Details and to read the official notification Click Here.

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CPC (TDS) communication: Intimation regarding Outstanding TDS demand on account of Short Payments from FY 2007- 08 onwards - Reg.

To

 M/s. __________________
 TAN:__________________
 Address:_______________
_______________________
_______________________

     CPC (TDS) communication: Intimation regarding Outstanding TDS demand on account of Short Payments from 
   FY 2007-08 onwards- Reg.

Please refer the subject mentioned above.

·         As per the records of the Centralized Processing Cell (TDS), there is an outstanding demand from FY 2007-08 onwards, exceeding Rupees XX Crore in aggregate, on account of Short Payment defaults identified in the TDS statements filed by you.
Intimation u/s 154 read with section 200A of the Income Tax Act, 1961 intimating the outstanding demand for different years has already been sent by Income Tax Department on Registered email address and by post, at the address, as mentioned in the relevant TDS Statement.

·         Justification report for TDS defaults can be downloaded TDS statement wise from the web portal TRACES. (www.tdscpc.gov.in).

·         Short payment default may be on account of mismatch in challan particulars, as quoted by you in TDS statement and challan particulars as per OLTAS. You are requested to close the Short Payment Defaults through "Tagging" of correct challan or "Move Deductee rows" facility using "Online Corrections" at TRACES (www.tdscpc.gov.in). In case of any clarification, you may contact your assessing officer and can also send e-mail at info@tdscpc.gov.in.

·         It is to inform that while downloading TDS certificate (Form 16/16A), you would be prompted to first close the 'Short Payment' default, if any. As the next due date for download of form 16/ 16A is 30th May 2015, you are requested to close your defaults well in advance to avoid any issue in downloading of TDS certificates for last quarter of FY 2014-15.

                                                                                             
                                                     Tarun Jarwal
                                                     Deputy Commissioner of Income Tax
                                                     Central Processing Cell - TDS

For any ,you can write to info@tdscpc.gov.in or call our toll-free number 0120-4816103.

CPC (TDS) is committed to provide best possible services to you.

CPC (TDS) TEAM

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CPC (TDS) drive for closure of Short Payment Defaults: Enhancement in Online Corrections feature for "Moving Deductee rows" from Unmatched Challans

Dear Deductor,

This is to inform you that Centralized Processing Cell (TDS) has initiated a special drive for closure of Short Payment Defaults in quarterly TDS Statements due to Unmatched Challans and your active participation is crucial in ensuring successful outcomes.
For closure of Short Payment Defaults arising due to Unmatched Challans quoted in TDS Statements, CPC(TDS) has further enhanced the Online Correction facility at TRACES, providing you with the feature of "Move Deductees" from Unmatched Challans to any other Unconsumed OLTAS Challan.
Please note that the above assumes further significance towards ensuring non-intrusive TDS Compliance, since, Short Payment Defaults ought to be closed at the time of submitting requests to download Consolidated Files or TDS Certificates from the web portal TRACES. To facilitate closure of Short Payments due to Unmatched Challans, CPC(TDS) has further improved the intelligence, simplicity and convenience of Online Correction feature, as follows:

·         New Feature to Move Deductees added to Online Correction facility:

CPC (TDS) has introduced Move Deductees facility in Online Corrections for closure of Short Payment defaults in your quarterly TDS Statements. With use of this feature, a portion of the Deductee Rows can now be moved to any other Unconsumed OLTAS challan with adequate balance. The facility can be used in the following situation:

Issue:

·         The challan(s) remain unmatched due to data entry errors in the TDS Statement(s).

·         Multiple OLTAS challans may have been reported in the TDS statement incorrectly, with information pertaining to only one challan, and mapped with the referenced Deductee rows.

·         The incorrect Challan information furnished above is causing Short Payment Defaults in the TDS Statement due to Unmatched Challans.

For instance, if there are two OLTAS challans reported in the TDS Statement an if:

·         Total TDS in Deductee Rows, mapped to Unmatched Challan(s): Rs. 1,10,000

·         OLTAS Challan CIN1: Rs. 1,00,000

·         OLTAS Challan CIN2: Rs. 10,000

·         Challan reporting in TDS Statement: Instead of reporting the above challans separately, incorrectly only CIN1 tagged in TDS Statement with TDS amount of Rs. 1,10,000

·         The above error causes Short Payment Default in the TDS Statement

Solution:

·         In above situation, CIN 2 should first be added to the relevant TDS Statement using Online Correction facility

·         Deductee Rows with a total TDS of Rs. 10,000 can now be moved to CIN 2, which has incorrectly not been reported in the TDS Statement

·         Now CIN 1 (Rs. 1,10,000), as mentioned in the TDS Statement, can be tagged to the Unconsumed OLTAS Challan CIN1 (Rs. 1,00,000).

Action to be taken for Moving Deductee Rows:

·         Please logon to the website TRACES and Online Correction facility of TRACES needs to be used for closure of the Short Payment default, which is available even without digital signature.

·         Please select 'Challan Correction' in 'Type of Correction' drop-down menu

·         Navigate to Unmatched Challan and tag unconsumed challans, if available on TRACES. system.

·         Select a row and click on Move deductee row - List of deductees attached to the challan are displayed

·         Select deductee rows to move to a different challan - List of challans with balance greater than total tax deposited of the selected deductee rows are displayed

·         Select a challan and click on move deductee row - All selected deductee rows are moved to a new challan.

You are encouraged to refer to the e-tutorial for detailed guidance in this regard. You are requested to take corrective actions at the earliest for closure of Short Payment Defaults due to Unmatched Challans

CPC (TDS) is committed to provide best possible services to you.

CPC (TDS) TEAM

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CPC (TDS) Advisory to Deductors for Closure of Late Payment Interest defaults in Quarterly TDS Statements

To,

 The Principal Officer
 Name - XXXXXXXXXXX

     Closure of Late Payment Interest defaults in Quarterly TDS Statements

·         Please refer the subject mentioned above

·         As per the records of Centralized Processing Cell (TDS) as on 03/03/2015 starting from F.Y. 2007 outstanding Late Payment Interest for mentioned TAN belonging to you are provided below.

Financial Year	TAN	TAN Name	Late Payment Interest
2007-2014

Action to be taken::

·         Download quarter-wise Justification Report from our portal TRACES for the details of Late Payment Interest default

·         Please use Challan ITNS 281 for payment of the above, Download the Consolidated File from our portal and submit correction statements.

·         Online Correction facility provided by TRACES can also be used for closing the above defaults by suitably tagging the challans.

For any ,you can write to contactus@tdscpc.gov.in or call on 0120-4816103.

CPC (TDS) is committed to provide best possible services to you.

CPC (TDS) TEAM

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