Friday, July 29, 2011

IPCC / PCC RESULT DATE DECLARED

8TH AUGUST IS THE FINAL DATE , 2 P.M for IPCC / PCC

refer : http://220.227.161.86/23537announ290711.pdf

AT caresults.nic.in

From 4th Aug. Email Registration Would Get Started !

DO TELL US HOW YOU ARE FEELING ??

COUNTDOWN WOULD BE SOON UPLOADED !

Sunday, July 24, 2011

National Conference Indore Branch 11th & 12th August



ALL CA STUDENTS
YOU ARE INVITED TO COME IN NATIONAL CONFERENCE IN INDORE ON 11th & 12th August,2011

CA Student are invited to give their paper on topics in the link below

Registration is Open !! Rs. 400 Till July 31st after that Rs. 500.

Click Here to Join the Event On Facebook

Special Scheme for SAARC CA Student do check details : click here


TOPICS & DETAILS link

For Registration Contact :

Sagar Satwani ( Vice Chairman) 8103495515
Mitresh Gandhi ( Secretary ) 9827098003
Anand Jain ( Member ) 9893533385
Rajnish Luniya ( Member ) 9074472970



TOPICS & DETAILS link




Thursday, July 21, 2011

Date of IPCC / PCC Nov,2011 ICAI

Date of Nov,2011 Exams :

IPCE :

Accountancy : 2th Nov,2011

Law, Ethics & Communication : 4th Nov,2011

Cost Accountancy & Financial Management : 6th Nov,2011

Taxation : 9th Nov,2011

Adavanced Accountancy : 12th Nov,2011

Audit & Assurance  : 14thNov,2011

Information Tech. & S.M : 16th Nov,2011

PCE :

Group 1 : 2, 4, 14

Group 2 : 6, 9, 16

Date of Exam for Nov,2011 Final ICAI

Group 1 :  1, 3 ,5 , 8 ( Nov,11)

Group 2 : 11, 13, 15, 17 (Nov,11)






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Wednesday, July 20, 2011

May,2011 Final Result Statistics Region Wise and Gender Wise



GroupNo. of Candidates AppearedNo. of Candidates PassedPass Percentage
Both Group32419664920.51%
Male21603427919.81%
Female10816237021.91%
Group 1485481764136.34%
Male325121169335.97%
Female16036594837.09%
Group 2537661433826.67%
Male36946942425.51%
Female16820491429.22%









RegionNo. of Candidates AppearedNo. of Candidates PassedPass Percentage
WIRC
Both Group11428235020.56%
Group 115210544235.78%
Group 217288469027.13%
SIRC
Both Group509181716.05%
Group 18312230827.77%
Group 29231191820.78%
EIRC
Both Group328287926.78%
Group 14916204741.64%
Group 25427171831.66%
CIRC
Both Group6641130619.67%
Group 110456398938.15%
Group 211352295226.00%
NIRC
Both Group5877127921.76%
Group 19487380240.08%
Group 210274301229.32%
Overseas
Both Group1001818.00%
Group 11675331.74%
Group 21944824.74%






CPT June,2011 Results Statstics

Total No. of Student appeared for CPT :- 1,39,226 out of these, 33.31 % Passed.

Analysis :
Means About 46,372 Student Would be Giving their First attempt of IPCE in May,2012.




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Tuesday, July 19, 2011

Suggested Answers for IPCC May,2011

Here are the Suggested Paper for May,2011 as published by individuals and Coaching Classess :

Do Right click , and select "Download Link" or "Save as File".


Accounting ( Not Aval. )

Cost Accountancy

Financial Management

Law , Ethics & Communication (Not Aval. )

Taxation

Advanced Accounting

Audit & Assurance ( Not Aval. )

Info. Tech




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Monday, July 18, 2011

Definition of Place of Effective Management (POEM)

As you all Know POEM is Introduced in Direct Tax Code,
In DTC the company having Place of Effective Management in India would be treated as Resident of India.

1) Place Where Board of Director or Executive Directors Take Decision.

2) Where the board of directors routinely approve the commercial and strategic decisions made by the executive directors or officers of the company, the place where such executive directors or officers of the company perform their functions


CAN YOU THINK WHAT DRASTIC CHANGE WOULD IT CREATE ! LETS DISCUSS ! 




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New Block of Asset in Direct Tax Code

As In Income Tax Act,1961 the Block was asset concept was used same in DTC, block of asset concept is used but here some new Blocks are Introduced.

1) Family Planning Assets
2) Rails
3) Scientific Research ( Important to Note )
4) Etc.




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Friday, July 15, 2011

IPCC / PCC / FINAL Nov,11 Exam Date

IPCC / PCC / FINAL November,2011 Exams date are declared by ICAI.

Its :

1st Nov,2011 - 17th Nov,2011

Application would be available from 9th August to 30th August.

Late Application dates : 31st August to 6 September,2011

Forms would be available online on icaiexam.icai.org

refer :- link




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Direct Tax Code New Group Computation

In Direct Tax Code,
Two Groups Are made at the bird eye level on basis of Source of Income :-

1) Ordinary Sources
2) Special Sources

In Ordinary Sources again the income is dividend in the following categories :
1) Income from employment
2) Income from house property
3)Income from business
4) Capital gains
5) Income from residuary sources.

In Special Sources there are incomes like royalties, Fees for technical services etc. and these would be taxable at gross amount.

SOON PRESENTATION ON DTC WOULD BE PUBLISHED ! LIVE CONNECTED ! 





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Tuesday, July 12, 2011

Direct Tax Code ! Tax on Transfer of Foreign Companies Shares

In Direct Tax Code , 2010 Proposed :- 


The Transfer of Foreign Companies Share Shall be Tax , because it would be taken as an capital asset is being transfer in India,

 Conditions : 50% or more of Fair Value of the Asset is Held by Foreign Company in India (Directly and Indirectly )




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Monday, July 11, 2011

Direct Tax Code Changes in Section 41


The Section No. 41 of Income Tax Act 1961 Says that if any Remission of Debt occurs it would be treated as Business Income but if Creditor Confirms that Liability is Still due, than its not treated as Business income, even if Liability is due since 20-100 year ( No Worry ).

BUT IN DIRECT TAX CODE :

The Condition of 5 year has been Introduced which requires that :
 - If Liability is Due Since 5 year and,
 - If No transaction with Creditor had happened since these 5 year

Than the amount of debt would be treated as income under the head Business and Profession.




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Exemptions From CPT for ICSI / ICWAI / Graduates Full / Proper Details


Commerce Graduates with 55%

Other Stream Graduates with 60%

Passed Intermediate level of CS/CWA







Brief Details ( Not Copied ) :




Graduates / Post Graduates can start there Article Traning Directly :



  • Commerce graduates/post-graduates and have studied any three full papers of 100 marks each out of Accounting, Auditing, Mercantile Laws, Corporate Laws, Economics, Management including Financial Management, Taxation including Direct Tax Laws, Indirect Tax Laws etc., Costing, Business Administration, Management Accounting and passed the graduate/post-graduate examination by securing in the aggregate a minimum of 55% of the total marks or its equivalent grade from any recognized Universities including Open Universities.
  • Other graduates/post-graduates not falling in the above category who have passed the graduation/post-graduation examination by securing in the aggregate a minimum of 60% of the total marks in the examination or its equivalent grade from any recognized Universities including Open Universities.


Early / Provisional Registration for Students pursuing Graduation Course :
Can Register When They Would in there Final Year of Graduation.



The students pursuing final year of graduation be allowed for provisional registration to the Integrated Professional Competence Course (IPCC) and appear in the Integrated Professional Competence Examination (IPCE) only after appearing in the final year examination of graduation course and after completion of prescribed study period of 9 months from the date of registration to the IPCC.
Their provisional registration to the CA Course would be confirmed only after submission of satisfactory proof of their having passed the graduation course with the prescribed percentage of marks.

ALL THIS IS NOT STILL Applicable, Waiting Going ! Subject to relevant provisions of the Chartered Accountants Regulations, 1988 and Its All Upon Central Government.

 Refer :- link
  






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Sunday, July 10, 2011

ICAI Student Statistics on 3rd July,11

Students As on 03rd June, 2011

CPT - 4,61,138

PCC - 69,075

IPCC - 1,83,625

FINAL - 1,25,191

TOTAL--8,39,029





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Saturday, July 9, 2011

Thursday, July 7, 2011

Direct Tax Code 2012 House Property ( Interesting Points)

Some Interesting Things to Know about the Direct tax Code House Property had for those how are familiar with Income Tax act 1961.


1) Renting Is Business !! Still You are in House Property Head ! 

   Now Even if tax payer have a Business of Renting Property, The rent of the Tax Payer would be taken under House Property. As Let Out Property (LO)


2) Not Let Out (NLO) !!! Annual Value !! Its Over !!  : 


   Now Only those Income ( rental income ) would be taken, Which is been paid on Let Out Property , In case of NLO no annual value would taken into Consideration. (Sec 26)

3) 20% Replaced 30% Standard Deduction for Repairs and Maintenance. 


4) Accrual Basis Rent !! No Income if Received in Advance.
  
   Now Rent even if paid in advance for any other Financial Year. It would be Taken as income in Related Year only not in which it was received even if Tax payer Maintains accounts on Cash Basis.

5) Arrears of Rent : 
  
   - Arrears Taken as income in the FY it is Received.
   - Arrears would be taken under the House Property Head, even if not owner in that FY.
   - 20% Deduction for Repair and Maintains.

WE WOULD AGAIN LIKE TO MAKE YOU ALL NOTICE THAT ITS Financial Year NOT Assessment Year OR Previous Year.

DO SHARE YOUR VIEWS !




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CA Firms Criteria of Getting PSU Audit from CAG


Basic Eligibility Criteria for Selection as Auditor of PSU

Only Chartered Accountant firms in India with at least one full time FCA(Partner/Sole Proprietor) can apply for empanelment to the office of the CAG of India for allotment of audit of Public Sector Undertakings.
Full time partner does not include a person who is
  1. A partner in other firms
  2. Employed full time/part time elsewhere, practicing in their own name or engaged in practice otherwise
  3. Partner whose compensation from the firm is below the prescribed limit and does not commensurate with the total compensation (share of profit, remuneration and interest on capital etc) paid/payable to the partners during the assessment year
For more refer :- link





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Wednesday, July 6, 2011

Direct Tax Code Slabs

Taxable Income :


2,00,000 to 5,00,000  - 10 %


5,00,001 to 10,00,000  - 20 %


10,00,000 to  infi.  - 30 %

and Senior Citizen had given relxation by giving them 1st slab as 2,50,000 to 5,00,000.

Same Slab for Male & Female




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Sunday, July 3, 2011

NEW ICAI Site In Beta State

As Said for 1st July the New site of ICAI is there in a beta state (Still under Development or Still not Bug free).

link : myicai.org

Do register Yourself for MyICAI .




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Saturday, July 2, 2011

Person Comes Under 44AB Notification no.37- 1/7/2011

 Firms/ Individuals /HUF covered u/s 44 AB, i.e. required to get Tax Audit 


reports, need to file their Income Tax returns using digital signatures only. 


(Notification no.37- 1/7/2011)






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Income Tax Challens and Forms ALL

Download All Forms and Challens here




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New Definition of Input Service


INPUT SERVICE – NEW DEFINITION

The definition of ‘input service’ under Rule 2(l) of CENVAT Credit Rules, 2004
has been substituted by the new definition vide Notification No.3/2011-CE (NT),
dated 01.03.2011 which came into effect from 01.04.2011. According to the new
definition-
‘Input service’ means any service-
Used by a provider of taxable service for providing an output service; or
Used by a manufacturer, whether directly or indirectly, in or in relation to
the manufacture of final products and clearance of final products up to the
place of removal,
and includes services used in relation to modernization, renovation or repairs of a
factory, premises of provider of output service or an office relating to such factory
or premises, advertisement or sales promotion, market research, storage up to the
place of removal, procurement of inputs, accounting, auditing, financing,
recruitment and quality control, coaching and training, computer networking,
credit rating, share registry, security, business exhibition, legal services, inward
transportation of inputs or capital goods and outward transportation up to the place
of removal;
But excludes services,-
(A) Specified in sub clauses (p), (zn), (zzl), (zzm), (zzq), (zzzh) and (zzzza) of
clause (105) of Section 65 of the Finance Act (hereinafter referred as special
services), in so far as they are used for-
(a) Construction of a building of a civil structure or a port thereof; or
(b) laying of foundation or making of structures for support of capital goods,
except for the provision of one or more of the specified services; or
(B) specified in sub clauses (d), (o), (zo) and (zzzj) of clause (105) of Section 65
of the Finance Act , in so far as they relate to a motor vehicle except when used for
the provision of taxable services for which the credit on motor vehicle is available
as capital goods; or
(C) such as those provided in relation to outdoor catering, beauty treatment,
health services, cosmetic and plastic surgery, membership of a club, health and
fitness centre, life insurance, health insurance and travel benefits extended to
INPUT SERVICE – NEW DEFINITION
employees on vacation and such as leave or home travel concession, when such
services are used primarily for personal use or consumption of any employee.




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