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Showing posts with label ICAI. Show all posts
Showing posts with label ICAI. Show all posts
ICAI - Representation made by ICAI w.r.t. new formats of Form No.3CA/3CB and 3CD
Representation
made by ICAI with respect to new formats of Form No.3CA/3CB and 3CD.
The
new formats of tax audit reports namely Form No.3CA, 3CB and 3CD have been
notified through Notification no. 33/2014 on 25/7/2014 with immediate effect.
With regard to the same, certain genuine concerns were raised by the members,
which, ICAI has, through a representation dated 07.08.2014, brought to the
notice of the Hon’ble Finance Minister, Revenue Secretary, and Chairman CBDT
for appropriate action at their end. Also, certain preliminary observations on
the new forms have been shared with them.
For
the reasons mentioned in detail in the representation and summarized below,
ICAI has suggested:
The new formats of tax audit reports be made effective from the Assessment Year 2015-16 and not Assessment Year 2014-15. Alternatively, the due date for furnishing tax audit reports for the Assessment Year 2014-15 may be extended to 30th November, 2014
It has
also been suggested that appropriate clarification be issued with regard to the
position of the tax audit reports e-filed during 01.04.2014 to 24.07.2014
relating to Assessment Year 2014-15.
Reasons given in brief:
a) The
Internationally accepted Standard on Auditing-700 has not been considered.
b) The audit of 50% of the taxpayers like listed companies, PSUs, Banks, Insurance Companies have already been completed and the financial statements are published. Only, the audit reports are pending for uploading in the e-filing portal.
c) The notification has been issued just two months before the last date of furnishing tax audit report and the schema for the same is not yet made available. This will cause undue hardship to both the taxpayer and the auditors.
ICAI - CA IPC May/June 2014 Exam Result date announced
Wednesday, August 20, 2014
Posted by Unknown
CA Exam, CA IPC, CA Results, CA Students, ICAI
No comments
Important Announcement dated 13th August, 2014
The result of
the Chartered Accountants Intermediate (IPC) Examination held in May/June, 2014
are likely to be declared on Thursday, the 21st August, 2014 around 4.00
P.M. and the same as well as the merit list (candidates securing a minimum
of 55% and above marks and upto the maximum of 50th Rank on all India basis
will be available on the following website:
Arrangements
have also been made for the candidates desirous of having results on their
e-mail addresses to pre-register their requests at the above website, i.e., http://www.caresults.nic.in from 14th
August, 2014. All those registering their requests will be provided their
results through e-mail on the e-mail addresses registered as above immediately
after the declaration of the result.
In addition to
above, it may be noted that for accessing the result at the above website i.e. http://www.caresults.nic.in the candidate
shall have to enter his registration no. and/or PIN no. alongwith his roll
number.
Further
facilities have been made for candidates of Intermediate (IPC) Examination held
in May/June, 2014 desirous of knowing their results with marks on SMS. The
service will be available through India Times.
For getting
results through SMS candidates should type:
(i) for Intermediate (IPC) Examination
result the following
CAINTER(Space)XXXXXX
(where XXXXXX is the six digit Intermediate (IPC) Examination roll number of
the candidate)
e.g. CAINTER
002971
and send the
message to 58888 - for all mobile services - India Times
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ICAI - Independent Directors Repository
Independent
Directors Repository operationalised. Please visit
Region wise list of Accounting Technician Certificates issued in the month of April, 2014
Region wise
list of Accounting Technician Certificates issued in the month of April, 2014
The
Certificates have already been sent to the candidates on 28th July, 2014 by
speed post at the address given by them in their applications. Those who do not
receive the same within 25 days from the date of despatch may write to
Examination Department at manju.sharma@icai.in.
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ICAI- CA Final May 2014 Exam Result date announced
Tuesday, August 05, 2014
Posted by Unknown
CA Exam, CA Final, CA Results, CA Students, ICAI
No comments
Important Announcement
July 28, 2014
The
result of the Chartered Accountants Final Examination held in May/June, 2014 is
likely to be declared on Friday, the 8th August, 2014 around 2.00 P.M. and
the same as well as the merit list (candidates securing a minimum of 55% and
above marks and upto the maximum of 50th Rank and in accordance with the
decision of the Examination Committee) on all India basis will be available on
the following website:
Arrangements
have also been made for the students of Final Examination desirous of having results
on their e-mail addresses to register their requests at the above website,
i.e., http://www.caresults.nic.in from
3rd August, 2014. All those registering their requests will be provided
their results through e-mail on the e-mail addresses registered as above
immediately after the declaration of the result.
In
addition to above, it may be noted that for accessing the result at the above
website i.e. http://www.caresults.nic.in the
student shall have to enter his registration no. and/or PIN no. alongwith his roll
number.
Further,
facilities have been made for students of Final Examination held in May/June,
2014 desirous of knowing their results with marks on SMS. The service will be
available through India Times.
For
getting results through SMS, students should type:
i)
for Final Examination result the following
CAFNL(space)XXXXXX
(Where XXXXXX is the six digit Final examination roll number of the candidate)
e.g.
CAFNL 000028
and
send the message to:
58888 - for all mobile services - India Times
Trouble Shooting Guide for Problems in accessing www.incometaxindiaefiling.gov.in
Since
ICAI was reported of the difficulties being faced while uploading the income
tax returns in the e-filing website, the matter was taken up with appropriate
authorities. The authorities have shared a Trouble Shooting guide for problems
in accessing the www.incometaxindiaefiling.gov.in with us with a
request to spread the message. Members interested may please click on the link
below.
ICAI - Study Material relevant for Nov. 2014 Examinations
Based
on the decisions of the Council the syllabus of the following subjects of
Intermediate (IPC) Course has been revised and the study materials as mentioned
against the subjects are applicable for Nov. 2014 Examinations:
Subjects
|
Study Material
|
Paper
2:
Business
Laws, Ethics and Communication
|
Study
Material & Practice Manual- July 2013 edition and Supplementary- BLEC-
June 2014 edition
|
Paper
4: Part II-
Indirect
Taxes
|
Study
Material – Aug. 2013 & Practice Manual- Apr. 2014 edition
|
Paper
7: Section A-
Information
Technology
|
Study
Material – Nov. 2013 & Practice Manual- Apr. 2014 edition
|
Students
are advised to refer to the above study materials, practice manuals and
supplementary study papers while preparing for their forthcoming examinations
being held in Nov. 2014.
ICAI submits Post-Budget Memorandum, 2014
ICAI
submits Post-Budget Memorandum, 2014
ICAI – November 2014 CA IPC & CA Final Exams- Details (Dates, Fees etc.)
Friday, July 18, 2014
Posted by Unknown
CA Exam, CA Final, CA IPC, CA Students, ICAI, ICAI Notifications, Notifications
No comments
CA Examinations - November, 2014 –
Notification
Notification, dated 16 July, 2014
No. 13-CA (EXAM)/N/2014: In pursuance of Regulation 22 of
the Chartered Accountants Regulations, 1988, the Council of the Institute of
Chartered Accountants of India is pleased to notify that the Intermediate (IPC)
and Final examinations will be held on the dates given below:
INTERMEDIATE (IPC) EXAMINATION
[As per syllabus contained in the
scheme notified by the Council under Regulation 28 E (3) of the Chartered
Accountants Regulations, 1988]
Group-I: 8th, 10th, 12th &
14th November 2014
|
Group-II: 16th, 18th & 20th
November 2014
|
(Afternoon Session: 2.00 PM to 5.00 PM)
(IST)
FINAL EXAMINATION
[As per syllabus contained in the
scheme notified by the Council under Regulation 31 (ii) of the Chartered
Accountants Regulations, 1988.]
Group -I: 7th, 9th, 11th &
13th November 2014
|
Group -II: 15th, 17th, 19th &
21st November 2014
|
(Afternoon Session: 2.00 PM to 5.00 PM)
(IST)
Payment of fees for the
examinations should be made by Demand Draft only. The Demand Drafts may be of
any Scheduled Bank and should be drawn in favour of The Secretary, The Institute
of Chartered Accountants of India, payable at New Delhi only.
The Council reserves
the right to withdraw any centre at any stage without assigning any reason.
Applications for
admission to Intermediate (IPC) and Final examinations are required to be made either
online at http://icaiexam.icai.org free of cost (i.e. Rs. 500/-
for Intermediate (IPC) & Final candidates for the cost of application form
shall not be charged if applications are filled in online) or in the relevant
prescribed form, copies of which may be obtained from the Additional Secretary
(Examinations), The Institute of Chartered Accountants of India, ‘ICAI
BHAWAN’, Indraprastha Marg, New Delhi – 110002 on payment of Rs. 500/- per
application form in respect of Intermediate (IPC) and Final Examination
candidates. The forms shall also be made available in the Regional and Branch
Offices of the Institute and can be obtained there from on cash payment on or
from 12th August, 2014.
Applications together
with the prescribed fee by Demand Draft of any Scheduled Bank may be sent so as
to reach the Additional Secretary (Examinations) at New Delhi not later than 30th
August, 2014. However, applications will also be received at Delhi Office
after 30th August, 2014 and upto 4th September, 2014 with
late fee of Rs. 500/-. Applications for the students’ examinations only
duly filled in will also be received by hand delivery at the office of
Institute at New Delhi and at the Decentralised Offices of the Institute at
Mumbai, Chennai, Kolkata, Kanpur, Delhi, Ahmedabad, Bangalore, Ernakulam, Hyderabad,
Indore, Jaipur, Nagpur, Pune, Surat, Thane and Vadodara upto 4th September,
2014. Candidates residing in these cities are advised to take advantage of
this facility.
Applications received
after 4th September, 2014 shall not be entertained under any circumstances.
The candidates who
apply online at http://icaiexam.icai.org from 12th August, 2014
to 30th August, 2014 and remit the fee online by using either VISA or MASTER
Credit/ Debit Card shall not be charged Rs. 500/- in case of Intermediate (IPC)
& Final examination (i.e. cost of application form fee). They shall
however, be required to remit additional Rs. 500/- towards late fee in case the
application online is made after 30th August 2014 and upto 4th September,
2014.
The fees payable for
the various examinations are as under:
INTERMEDIATE (IPC)
|
|
For Both the Groups /
Unit - 9
|
Rs. 1600/-
|
For one of the Groups
/ Unit 1 to 8
|
Rs. 1000/-
|
FINAL EXAMINATION
|
|
For Both the Groups
|
Rs. 2250/-
|
For one of the Groups
|
Rs. 1250/-
|
Candidates of Intermediate (IPC)
and Final examination opting for Dubai /Abu Dhabi / Muscat are required to
remit, US$ 350 and US$ 400 respectively or their equivalent Indian Currency
irrespective of whether a candidates appears in a group or in both the groups
or in a unit.
Candidates of Intermediate (IPC)
and Final Examinations opting for Examination Centre at Kathmandu are required
to remit Indian Rs. 2250/- and Indian Rs. 3000/- respectively or their equivalent
relevant foreign currency irrespective of whether the candidates appear in a
group or in both the groups or in a unit.
OPTION TO ANSWER PAPERS IN HINDI:
Candidates of Intermediate (IPC)
and Final Examinations will be allowed to opt for Hindi medium for answering
papers. Detailed information will be found printed in the Information Sheets
attached to the relevant application form.
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ICAI – December, 2014 CPT Exam - Details (Dates, Fees etc.)
Friday, July 18, 2014
Posted by Unknown
CA CPT, CA Exam, CA Students, ICAI, ICAI Notifications, Notifications
No comments
CPT - December,
2014 – Notification
Notification,
dated 16 July, 2014
No.13-CA (EXAM)/CPT/December/2014: In pursuance of
Regulation 22 of the Chartered Accountants Regulations, 1988, the Council of
the Institute of Chartered Accountants of India is pleased to notify that the Common
Proficiency Test will be held on Sunday, 14th December, 2014 in two
sessions as below:
[This Common
Proficiency Test will be conducted as per provisions of Regulation 25 D (3) of
the Chartered Accountants Regulations, 1988.]
First Session
(i.e. Morning
Session)
|
10.30 AM to
12.30 PM (IST)
Section - A
Fundamentals of Accounting
Section - B
Mercantile Laws
|
Second Session
(i.e.
Afternoon Session
|
2.00 PM to
4.00 PM (IST)
Section - C
General Economics
Section - D
Quantitative Aptitude
|
The Council reserves the right to withdraw any
centre at any stage without assigning any reason.
Applications for admission to Common Proficiency
Test is required to be made in the relevant prescribed form as contained in the
Information Brochure, which may be obtained from the Additional Secretary
(Examinations), The Institute of Chartered Accountants of India, ICAI
Bhawan, Indraprastha Marg, New Delhi – 110002 on payment of Rs.1000/- (Rs. 500/-
towards examination fee and Rs. 500/- towards cost of application form and
Information brochure) per application form. The fee for candidates opting for
Abu Dhabi, Dubai, Doha and Bahrain centres will be US $160 (US $ 150 towards examination
fee and US $ 10 towards cost of application form and information brochure) or
its equivalent Indian Currency. The fee for the candidates opting for Kathmandu
centre are required to remit INR.1350/- (INR 850/- towards examination fee and
INR 500/- towards the cost of application form and information brochure) or its
equivalent foreign Currency. Since the cost of Information brochure containing
Common Proficiency Test application form includes the examination fee, no
separate fee is required to be remitted at the time of submitting the filled in
application form. The Information brochure containing Common Proficiency Test
application form will also be available in the Regional and Branch Offices of
the Institute and can be obtained there from on cash payment on or from 7th
October, 2014.
Common Proficiency Test application forms duly
filled in may be sent so as to reach the Additional Secretary (Examinations)
at New Delhi not later than 28th October, 2014. Applications received
after 28th October, 2014 shall not be entertained under any
circumstances. Applications duly filled in will be received by hand delivery at
the offices of Institute at New Delhi and at the Decentralised Offices of the
Institute at Mumbai, Chennai, Kolkata, Kanpur, Ahmedabad, Bangalore, Ernakulam,
Hyderabad, Indore, Jaipur, Nagpur, Pune, Surat, Thane and Vadodara upto 28th
October, 2014. Candidates residing in these cities are advised to take
advantage of this facility. It may be noted that there is no provision for acceptance
of application forms after 28th October, 2014 with late fee.
The candidates who fill up the examination
application form online at http://icaiexam.icai.org from 7th October, 2014 (10.00 hrs) to 28th
October, 2014 (17.30 hrs) and remit the fee online by using either VISA or
MASTER Credit/ Debit Card shall not be charged Rs. 500/- (i.e. cost of
application form fee).
The aforesaid Common Proficiency Test (CPT) is open
only to students registered with the Institute of Chartered Accountants of
India for the Common Proficiency Course on or before 1st October, 2014 and
fulfill the requisite eligibility conditions.
QUESTION PAPER BOOKLET LANGUAGE:
Common Proficiency Test is an objective type
multiple choice questions based examination. Candidates will be allowed to opt
for Hindi medium Question Paper Booklet for answering the questions. Detailed
information will be found given in the Information brochure.
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ICAI - Result of the CPT Exam held in June, 2014 declared
Thursday, July 17, 2014
Posted by Unknown
CA CPT, CA Exam, CA Results, CA Students, ICAI
No comments
Result of the
Common Proficiency Test (CPT) held in June, 2014 declared.
ICAI - Highlights of Union Budget 2014-15 – Direct Taxes
Direct Tax Proposals
Personal Taxation
·
Basic exemption limit to be increased from Rs. 2
lakhs to Rs. 2.5 lakhs for taxpayer below the age of 60 years and from Rs. 2.5
lakhs to Rs. 3 lakhs, in case of senior citizens.
·
The existing limit of deduction under section 80C
to be increased from Rs. 1 lakh to Rs. 1.5 lakhs. The annual ceiling limit for
investment in Public Provident Fund to be increased from Rs. 1 lakh to Rs. 1.5
lakh.
·
The deduction in respect of interest on housing
loan borrowed for self occupied property to be enhanced from Rs. 1.5 lakhs to
Rs. 2 lakhs.
·
No change proposed in the rate of surcharge rate
and education cess.
Business Taxation
·
Tax on distributed profits of domestic companies
under section 115-O and tax on distributed income to unit holders under section
115-R to be levied on the gross amount of dividend and not on net amount of
dividend distributed.
·
Deduction under section 32AC@15% of investment in
new plant and machinery to be allowed if such investment exceeds Rs. 25 crores
during the previous year. Such deduction is allowable for investment made in
plant and machinery upto 31.03.2017.
·
The terminal date for power sector undertakings to
set-up, start transmission or distribution or substantial renovation and
modernization of existing network to be extended for a further period upto 31st
March, 2017.
·
Deduction in respect of capital expenditure
extended to two new sectors, namely, laying and operating of slurry pipelines
for the transportation of iron ore, and setting up and operating semi conductor
wafer fabrication manufacturing units. Period of 8 years being specified for
which capital asset to be used for specified business
·
The Corporate Social Responsibility (CSR) expenditure
under section 135 of the Companies Act, 2013 not deductible under section 37.
·
Disallowance of payments made to non-residents not
to be attracted if the tax is deducted during the previous year and deposited
on or before the due date of filing of return of income.
·
Disallowance of payments made to residents without
deduction of tax to be limited to 30% of such payment. Further, disallowance to
be attracted for all payments on which tax is required to be deducted under
Chapter XVII-B.
·
Presumptive income of an assessee engaged in the
business of plying, hiring or leasing goods carriage to be computed at Rs.
7,500 per month per vehicle for all types of goods carriage vehicles, whether
heavy vehicles or not.
·
Provisions of AMT to be attracted to assessees
claiming investment linked tax deduction under section 35AD
·
Since the tax accounting standards that were placed
in public domain are not intended for maintenance of accounts but for the
purpose of computation of income, the term “accounting standards” is to be replaced
with “income computation and disclosure standards”.
Capital Gains
·
Units of debt oriented mutual funds and unlisted
securities to qualify as a short-term capital asset, if held for not more than
36 months. The period for qualifying as a short-term capital asset to be
increased from 12 months to 36 months.
·
Long-term capital gains on units of debt-oriented
mutual funds not eligible for concessional rate of tax@10% (without indexation
benefit);
·
Advance received and retained in the course of
negotiations for transfer of a capital asset which did not materialize to be
treated as income chargeable to tax under the head “Income from other sources”
Currently, such sum is being deducted from the cost of acquisition for
computing capital gains when the asset is subsequently transferred.
·
Enhanced compensation on compulsory acquisition of
a capital asset received in pursuance of an interim order of a court, tribunal
or other authority to be deemed as income chargeable under the head “capital gains”
in the previous year in which the final order of such Court, Tribunal or other
authority is made.
·
“Cost Inflation Index” in relation to a previous
year to mean such index as may be notified by the Central Government having
regard to 75% of average rise in the Consumer Price Index (Urban) for the
immediately preceding previous year to such previous year. Reference to
Consumer Price Index (CPI) for urban non-manual employees to be removed since release
of CPI for such employees has been discontinued.
·
Sections 54 and 54F to be amended to provide that
the benefit of exemption thereunder would be available only in respect of
investment in one residential house situated in India.
·
Exemption under section 54EC for investment in
long-term specified asset, out of capital gains arising from transfer of one or
more original assets, to be restricted to Rs.50 lacs, whether such investment
is made in the same financial year or in the next financial year or partly in
the same financial year and partly in the next financial year.
Charitable Trusts
·
Where a trust or institution has been granted
registration for availing benefit under section 11 and the registration is in
force for a previous year, then, such trust or institution cannot claim any
exemption under any provision of section 10 [other than section 10(1) and
section 10(23C)]. Likewise, where an entity has been approved or notified for
claiming benefit of exemption under section 10(23C), it would not be entitled
to claim any benefit of exemption under the other provisions of section 10 [except
the exemption under section 10(1)].
·
Income for the purposes of application under
section 11 and section 10(23C), shall be determined without providing deduction
or allowance for depreciation in respect of an asset, acquisition of which has
been claimed as an application of income under these sections in the same or
any other previous year. In effect, if the cost of asset has been claimed as
application of income, then depreciation on such asset cannot be claimed in the
same or any other previous year.
·
The power of the Commissioner or Principal
Commissioner to cancel the registration of the trust or institution has been
expanded. Section 12AA has been amended to provide that where a trust or
institution has been granted registration and subsequently, it is noticed that
its activities are being carried out in such a manner that –
(a) Its
income does not enure for the benefit of general public;
(b) It is for
the benefit of any particular community or caste;
(c) Any
income or property of the trust is applied for the benefit of specified persons
like author of trust, trustees, etc.; or
(d) Its funds
are invested in prohibited modes.
the
registration may be cancelled, if such trust or institution does not prove that
there was a reasonable cause for the activities to be carried out in the above
manner.
·
Anonymous donations in excess of one lakh or 5% of
total donations received by the assessee, is taxable at 30%. The income-tax
payable by the assessee shall be the aggregate of 30% of such donations and the
income tax, which would be leviable, had the total income been reduced by the aggregate
of anonymous donations which is in excess of 5% of total donations received by
the assessee or one lakh, whichever is higher.
Non-resident Taxation
·
The benefit of concessional rate of withholding
tax@5% extended to borrowings by way of issue of any long-term bond, and not
restricted only to long-term infrastructure bonds. Further, the period for
which the benefit is available to be extended by two years i.e. borrowings made
before 1st July, 2017.
·
Benefit of concessional rate of 15% on dividend
received by Indian companies from specified foreign companies to be extended
without limitation to a particular assessment year;
·
“Roll Back mechanism” to be provided in the APA
scheme upto a period not exceeding 4 previous years preceding the first
previous year for which the APA applies .
·
Income arising from transfer of security by a
Foreign Portfolio Investors to be in the nature of capital gains.
Tax Deduction at Source
Tax to be deducted @2% from the sum paid under life insurance policies which
are not exempted under section 10(10D). No tax to be deducted where the amount
in aggregate exceeds Rs. 1 lakh.
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