Wednesday, December 29, 2010

UPLOADED NEW 5 DIGIT ACTIVITY CODES FOR VAT AUDIT PURPOSE.

MVAT AUDIT 2009-10-ACTIVITY CODES


AS WE FOUND THAT MANY OF OUR CA FRIENDS AND STP'S ARE NOT HAVING THE NEWLY REQUIRED ACTIVITY CODE 5 DIGIT FILES.
HERE BY WE ARE UPLOADING IT FOR OUR COMMUNITY.


CLICK HERE TO DOWNLOAD (2 LINKS)-- DOWNLOADING TAKES TIME (FILE SIZE 1.31 MB)


http://dhavaldesaisays.files.wordpress.com/2010/12/activitycode1-2-1.pdf


OR


https://docs.google.com/viewer?a=v&pid=explorer&chrome=true&srcid=0Bz0INWeiJAEQNDFiOTQyODItNmQ2MS00ZDgxLWJjNzctYWRlNzRkYTZjMDM3&hl=en

Saturday, December 25, 2010

Case law-Ability to pay demand is no bar for grant of stay on recovery

KEC International Limited vs. ACIT (ITAT Mumbai)


The assessee filed a stay application before the Tribunal. The Department opposed by relying on the observations of the Supreme Court in CCE vs. Dunlop India 154 ITR 172 (SC) and contended that as paucity of funds had not been sufficiently demonstrated, for this reason alone stay should not be granted. HELD rejecting the Department’s contention and granting stay while following B. N. Nobis & Co vs. JCIT 71 TTJ 153 (Kol):

(i) While the Supreme Court has decried ‘the practice of granting interim orders merely because assessee is able to show a good prima facie case’, the observations have to be understood in the context of the case which was one of indirect taxation where the burden had already been passed on to the consumer. Also it was a case of a Writ Petition under Article 226 & not that of an appellate jurisdiction. The observations of the Supreme Court in the context of grant of stay in writ proceedings does not have binding force on, or even direct relevance to, the principles governing grant of stay during appellate proceedings though it does provide guidance on principles governing the decision to grant stay;

Saturday, December 18, 2010

Cash Flow v/s Profit & loss A/c

In case of entities like companies which present its financial statements on accrual basis, Cash flow Statements fulfills vital information needs of users?

The Supreme Court in Reliance Energy Ltd Vs. Maharashtra State Road Development Corporation Ltd.

When P&L accounts and balance sheets are prepared on accrual basis, revenues and expenses are recognized on accrual basis
i.e. when events or transaction occurs. However, timing of cash flow is not reckoned in such system of accounting.

Similarly, in cases where accounts are based on accrual system of accounting, recognition of assets & liabilities is not dependent on the actual timing of cash spent on capital Expenditure & Cash inflow on Capital receipts.

Thus, financial statements prepared on accrual basis don not reflect the timing of Cash flow & amount of Cash flow.

The object of the cash flow statement is to assess the company ability to generate the cash flow in future and to assess reason for difference between “NET PROFIT” and “NET CASH FLOW” from operations.

In Fact Cash flow from operations is the regular sources of cash for any enterprise that determines whether or not an enterprise will continue to exist in the long run.

Accrual basis of accounting requires that revenues be recorded when earned and the expenses be recorded when incurred. Earned revenues more often include credit sales that have not been collected in cash & expense incurred that may not have been paid in cash during the accounting period.

Thus, Net Income will not indicate the net cash provided by operating activities or net loss will not indicate the net cash used in operating activities.

 In order to calculate the net cash provided by (or used in) operating activities, it is necessary to replace revenues and expenses on accrual basis with actual receipts and actual payments in cash. This is done by eliminating non- cash revenues and non-cash expenses from the given earned revenues & incurred expenses in the profit & loss account.

Profit & Loss account is also debited with purely non-cash items which reduces and increase the profits respectively but do not affect the cash at all. Eg: Depreciation, P/L on sale of fixed assets, amortization of deferred revenue expenses and so on.
Since Cash provide by operations is to be calculated, certain Non-operation item like rent income, interest income, dividend income, refund of tax etc should be adjusted although these items may have recorded on cash basis. Such items are analysed separately in the cash flow statement as operating, financing & investing activities.


Post uploaded by: Sumeet Mishra.

Tuesday, November 30, 2010

Renting Judgement In Favour of Govt. by P&H High Court - Bad News

IN
THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH.
CWP No. 11597 of 2010 (O&M)
M/s Shubh Timb Steels Limited-----Petitioner
Versus
Union of India and another----Respondents


Coram:Mr. Justice Adarsh Kumar Goel and Mr. Justice Ajay Kumar Mittal
Date of Judgment: 22.11.2010

Excerpts : It cannot be held that renting of property did not involve any service as service could only be in
relation to property and not by renting of property. Renting of property for commercial purposes is certainly a service and has value for the service receiver. Even if it is held that transaction of transfer of right in immovable
property did not involve value addition, the provision cannot be held to be void in absence of encroachment on List II.(Para 22)

It is well settled that competent legislature can always clarify or validate a law retrospectively. It cannot be held to be harsh or arbitrary. Object of validating law is to rectify the defect in phraseology or lacuna and to effectuate and to carry out the object for which earlier law was enacted. We do not find any ground to set aside giving of retrospective effect to the amendment from 1.6.2007 on which date levy was initially provided."
 
FULL TEXT ATTACHED
 

Tuesday, May 25, 2010

CA IPCC Group 1 papers with sugested answers.

Frnds,

Just click here to download the IPCC grp1 papers with sugested answers.

Click here: http://docs.google.com/leaf?id=0Bz0INWeiJAEQOTg0NTNlODAtNjg0Zi00NTVkLTkwYTUtMTIwZWQ4NGY2NTI5&hl=en

I am thankful to pavan kumar & Sayad vakeel who have contributed to our blog and this file is shared by them.

Dhaval Desai

Wednesday, May 5, 2010

Company Audit Important Sections,AS and SA's and revised text of Companies Act 227 (1A)

 Friends,

I know that at the end time i m publishing this article but i believe that this file will surely help you to score well in exams and will help you to score well.

Best wishes
Dhaval Desai & this document is verified by Pappu Mishra.

Click here to download the files
1.Company Audit (Sections,AS and SA.s): http://docs.google.com/fileview?id=0Bz0INWeiJAEQZTFjYzMxN2QtNTAxZi00OTZhLThlZDQtZDk0NjZiNTYzZTdi&hl=en

2.Companies Act 227 (1A): http://docs.google.com/fileview?id=0Bz0INWeiJAEQYjNlMGMzYzAtYjgzMS00OGFhLWE3OGUtN2UzZjcxZmNlNDhm&hl=en


This file is Shared by and his message is given below.
Friends here is some important sections of company audit.You are advised to verify the same from module/compilations.This is exclusively for Taxpertindia members and welwishers. Have a good luck!!!!
Vakeel Ali
Dhule, Maharashtra.

Thursday, April 29, 2010

Auditing Standards revised for CA Final/PCC/IPCC & PE-II

Dear Subscriber,

Notes on Standards on Auditing.

Please note "What I had best with me in this regards I am providing the link for download but before using make it sure that these notes are updated as per your exam attempt."

Link-
http://docs.google.com/leaf?id=0Bz0INWeiJAEQYTY1MzI5NGItM2RlMi00MzA5LTljNTAtZmJiMGU1MTM2N2Fh&hl=en



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Notification & Circulars from 01.05.2009 to 31.10.2009

Just click here to download the relevant Notification & Circulars from 01.05.2009 to 31.10.2009

For CA Final (old/new):http://docs.google.com/fileview?id=0Bz0INWeiJAEQYWI1N2VlMzctMjc3Yy00NzBmLThkMTYtY2VmOTUxNzAyMDg3&hl=en


For PCC/IPCC:http://docs.google.com/fileview?id=0Bz0INWeiJAEQMmIxMTI1NjctYzhjMy00MmFlLWE5NzUtYTE1YTI5ZDdiMDI0&hl=en


For PE-II: http://docs.google.com/fileview?id=0Bz0INWeiJAEQMjEwNDhmYjItZTA3OS00ODEyLTg0ZGMtNTExOTZkNzlkN2Ux&hl=en

Monday, April 12, 2010

May'10 Exams:RECENT CHANGES IN STANDARDS ON AUDITING (w.e.f 01.04.2010)

 Friends,
I m sharing with u a very good pdf file with recent changes in standards on auditing.
Hope this file will help u & gain u the conceptual knowledge.

Click here to download
 RECENT CHANGES IN STANDARDS ON AUDITING: http://docs.google.com/leaf?id=0Bz0INWeiJAEQOGRhMWE1OTctMjkzZC00MTc3LTgzZTgtYTFmNDM5YTBmYjVl&hl=en


May'10 exms:Fast track ready reference notes on IDT Amendments & case laws.

Friends,

         Less than one month is left for your May'10 exams and many things may be left to be revised.
So to help u, a fast track ready reference notes of IDT amendments (4 pages) and IDT case laws (16 pages) is shared with u for your ready reference.

Clik here to download:
IDT AMENDMENTS: http://docs.google.com/leaf?id=0Bz0INWeiJAEQNzUxYTY4ZWMtOTk0MS00MjYwLWJlZWYtMGNlNTEwN2E4MDUy&hl=en

IDT CASELAWS: http://docs.google.com/leaf?id=0Bz0INWeiJAEQODQ5NjEwOTctNGIxZi00ZDBiLTliY2ItN2VkZjliNGY5OTMy&hl=en


Monday, March 29, 2010

Final NEW Suggested Answers November 2009- ISSUED BY ICAI

Hello,
I would like to bring your attention on a new post published on the Website. Details of the post follow; I hope you will find it interesting.
Best regards,
 Dhaval

Final NEW Suggested Answers November 2009- ISSUED BY ICAI
GROUP - I Not Yet Released. 

Group - II Click here to download: http://www.box.net/shared/rfufppujov

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PCC Suggested Answers November 2009 - ISSUED BY ICAI

Hello,
I would like to bring your attention on a new post published on the Website. Details of the post follow; I hope you will find it interesting.
Best regards,


PCC Suggested Answers November 2009 - ISSUED BY ICAI
Group - I -- Not Yet Released Group --- wud soon upload

Group II- Click here to download: http://www.box.net/shared/sq7lnff203

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Tuesday, March 16, 2010

"Tax-Rate of C-schedule goods (except declared goods) is increased from 4% to 5% from 1st April 2010."

"Tax-Rate of C-schedule goods (except declared goods) is increased from 4% to 5% from 1st April 2010."

Click here to download the file:
http://docs.google.com/fileview?id=0Bz0INWeiJAEQY2VkNmVkOGMtMjgxOS00NjcwLWE5MjktZWQ1ODlkMzZjODU4&hl=en



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Tuesday, March 9, 2010

Compilation of Suggested Answers Professional Competence Course( PCC) Cost Accounting



  • CHAPTER 2 - MATERIAL




  • CHAPTER 3 - LABOUR



  • CHAPTER 4 - OVERHEADS




  • CHAPTER 5 - NON INTEGRATED ACCOUNTING



  • CHAPTER 6 - METHOD OF COSTING (I)




  • CHAPTER 7 - METHOD OF COSTING (II)



  • CHAPTER 8 - STANDARD COSTING




  • CHAPTER 9 - MARGINAL COSTING



  • CHAPTER 10 - BUDGETS AND BUDGETARY CONTROL 




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    Revision Test Papers for MAY 2010 Examination






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    Friday, March 5, 2010

    Enclosed 4 CA Final-MAY 2010 Exams---Competition (Amendment) Act, 2009,Prevention of Money Laundering (Amendment) Act, 2009

    Friends

    Enclosed herewith the link to download The Competition (Amendment) Act, 2009 and Prevention of Money Laundering (Amendment) Act, 2009 Which would b applicable for May 2010 Exams.-- ICAI

    Just click here: http://www.box.net/shared/c745hqpfd1




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    Enclosed 4 PCC/IPCC-MAY 2010 Exams---The Payment for Gratuity (Amendment) Act, 2009

    Friends

    Enclosed herewith the link to download The Payment for Gratuity (Amendment) Act, 2009 Which would b applicable for May 2010 Exams.-- ICAI

    Just click here: http://www.box.net/shared/7q45qga8ju




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    Monday, February 22, 2010

    Announcement relating to taxation papers for students appearing in May 2010 examination PE-II [Income-tax and Central Sales Tax], PCC/IPCC [Taxation], Final (Old) Course [Direct Taxes] and Final (New) Course [Direct Tax Laws] - (22-02-2010)

    Announcement relating to taxation papers for students appearing in May 2010 examination PE-II [Income-tax and Central Sales Tax], PCC/IPCC [Taxation], Final (Old) Course [Direct Taxes] and Final (New) Course [Direct Tax Laws] - (22-02-2010)






    Announcement relating to taxation papers for students appearing in May 2010 examination  

      PE-II [Income-tax and Central Sales Tax], PCC/IPCC [Taxation],

    Final (Old) Course [Direct Taxes] and Final (New) Course [Direct Tax Laws]

    (1)   Fringe Benefit Tax is not applicable from A.Y.2010-11 and hence, is not relevant for May 2010 examination. 

    (2)   Consequential Notification of new perquisite rules on 18.12.2009 not to apply for May 2010 examination

    Consequent to abolition of fringe benefit tax, certain benefits taxed earlier as fringe benefits in the hands of the employer would now be taxable as perquisites in the hands of the employees.  For this purpose, new perquisite valuation rules have been notified vide Notification No.94/2009/ F.No.142/25/2009-S.O.(TPL), dated 18.12.2009 with retrospective effect from 1.4.2009.  However, the new perquisite valuation rules would be applicable only for November 2010 examination.  They would not be applicable for May 2010 examination, since only notifications/circulars issued up to 31st October, 2009 are relevant for May 2010 examination.

    (3)   Applicability of erstwhile Rule 3 for May 2010 examination 

    (a)   Therefore, the erstwhile Rule 3 would be applicable for May 2010 examination. All the perquisites which were earlier taxable in the hands of the employee, only if the employer was not liable to pay fringe benefit tax, would now be taxable in the hands of the employee in all cases, since no employer is liable to pay fringe benefit tax for A.Y.2010-11. 

    (b)   Rule 3(7), providing for valuation of “other fringe benefits and amenities”, is based on the terms of the provisions contained in the erstwhile clause (vi) of section 17(2).  The Finance (No.2) Act, 2009 has amended section 17(2) by including certain other perquisites under clauses (vi) and (vii) of section 17(2). Consequently, the residual clause, namely, clause (viii) of section 17(2), now provides for taxing the value of any other fringe benefit or amenity as may be prescribed.  Therefore, the Rule 3(7), prescribing the fringe benefits or amenities in terms of the erstwhile clause (vi) [now clause (viii)] of section 17(2)] have been given in the latest study material relevant for May 2010 examination.



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    Wednesday, February 17, 2010

    ISCA NOTES & Information Technology ACT 2008 (2 FIles uploaded)

    Friends.. There might be a sure shot question in the forthcoming exam…

    The Information Technology Act 2000 is covered under Chapter 14 of Paper 6: MICS ( Final Old ) and Chapter 10 of Paper 6: Information Systems

    This act was amended in the Year 2009. And keeping in mind the institute’s eternal inclination towards all the recent amendments I would say that we all should go through amendments made in the Act (since the changes are of significant importance too!).

    and i am also hereby uploading ISCA (CA FInal NEW)notes with past papers analysis which are prepared by Nikunj S. Shah B.Com., LL.B., FCA, DISA(ICA), CIA(USA), ACFE --- which would sure shot help u to score well marks.




    Or click here to download: http://www.box.net/shared/qfbgsa7vyf




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    Wednesday, February 10, 2010

    Wednesday, February 3, 2010

    CA Results Analysis

    RESULT ANALYSIS OF CHARTERED ACCOUNTANTS PROFESSIONAL EDUCATION ( EXAMINATION-II) , PROFESSIONAL COMPETENCE AND INTEGRATED PROFESSIONAL COMPETENCE EXAMINATIONS HELD IN NOVEMBER-2009


    P
    R
    E
    S
    S

    R
    E
    L
    E
    A
    S
    E

          The results of the Chartered Accountants Professional Education Examination-II (PEE-II) ,Professional Competence(PCE) and Integrated Professional Competence Examinations(IPCE) were declared recently.
             The details of percentage of candidates passed in the above said examinations are given below:

    EXAMINATIONGROUPNo.of candidates appearedNo.of candidates passed
    % of pass

    PEE-II
    Both Group3407431.26
    Group – I70256829.71
    Group - II91915255.71



    EXAMINATIONGROUPNo.of candidates appearedNo.of candidates passed
    % of pass

    PCE
    Both Group37661581015.42
    Group – I469551205325.66
    Group - II581801527526.25



    Monday, February 1, 2010

    Friends annoyed refreshing website for CA Results---here its gets directly refreshed

    Friends you may b Anoyed refreshing ICAI website 4 results then visit http://taxpertstudents.blogspot.com/ page gets refreshed Automatically

    Best of luck for the results. 


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    Friday, January 29, 2010

    Supplementary Study Paper for PCC/IPCC and CA Final May and Nov 2010 students

     Supplementary Study Paper for PCC/IPCC and CA Final Students May and Nov 2010 Exams
    Hereby i m attaching herewith the link to download the Supplementary Study paper




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    FBT ADJUSTMENT AGAINST ADVANCE TAX-CBDT CIRCULAR

    CIRCULAR NO

    2/2010, Dated: January 29, 2010

    Sub: Adjustment of “Advance Tax in respect of Fringe Benefits” for Assessment Year 2010-11 against “Advance Tax” – matter regarding.

    The Finance Act, 2005 introduced a levy namely Fringe Benefit Tax (FBT) on the value of certain fringe benefits as contained in Chapter XII H (Sections 115 W to 115 WL) of Income Tax Act, 1961. By the Finance (No. 2) Act, 2009 a new Section 115 WM was inserted to abolish the FBT with effect from Assessment Year (A.Y.) 2010-11. Consequently, benefits given to employees are taxed as perquisites in the hands of employees in terms of amendments to Clause 2 of Section 17 of Income Tax Act, 1961. However, during the current Financial Year 2009-10 some assessees have paid “advance tax in respect of fringe benefits” for Assessment Year 2010-11. In such cases the Board has decided that any installment of “advance tax paid in respect of fringe benefits” for A.Y. 2010-11 shall be treated as Advance Tax paid by assessee concerned for A.Y. 2010-11. The assessee can adjust such sum against its advance tax obligation in respect of income for A.Y. 2010-11 or in case of loss etc claim such payment as refund as advance tax paid in A.Y. 2010-11.

    2. This circular may be brought to the notice of all officers in the field for compliance.

    Hindi version to follow

    F. N0.385/05/2010-IT (B)

    (Ansuman Pattnaik)
    Director (Budget)


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    Thursday, January 21, 2010

    Results of the Chartered Accountants PE–II, PCE and IPCE held in November, 2009 are likely to be declared on Friday, the 29th January, 2010 around 2 P.M. - (21-01-2010)

    January 21, 2010
    The results of the Chartered Accountants Professional Education – II, Professional Competence Examinations and Integrated Professional Competence Examination held in November, 2009 are likely to be declared on Friday, the 29th January, 2010 around 2 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:

    http://www.caresults.nic.in

    Arrangements have also been made for the students 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 22nd January, 2010. 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.

    Further facilities have been made for students of Professional Education – II, Professional Competence Examinations and Integrated Professional Competence Examination held in November, 2009 desirous of knowing their results with marks on SMS. The service will be available through MTNL, India Times and Reliance.

    For getting results through message students should type:

    i) for Professional Education - II Examination result the following

    CAPE2(Space)XXXXX (Where XXXXX is the five digit PE II examination roll number of the candidate)

    e.g. CAPE2 00171

    ii) for Professional Competence Examination result the following

    CAPCE(Space)XXXXX (where XXXXX is the five digit PCE examination roll number of the candidate)

    e.g. CAPCE 00197

    iii) for Integrated Professional Competence Examination result the following

    CAIPCE(Space)XXXXX (where XXXXX is the five digit IPCE examination roll number of the candidate)

    e.g. CAIPCE 00297

    and send the message to:

    52001 - for DOLPHIN AND TRUMP users only

    58888 - for all mobile services - India Times

    51234] - for Reliance subscribers (Also accessible through R-World and Voice Portal – To call 51234815 from Reliance Mobiles)

    (G. SOMASEKHAR)
    ADDITIONAL SECRETARY (EXAMS.)

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    Saturday, January 16, 2010

    Useful Presentations - Tax and Allied Aspects of Construction Industry


    ---------- Forwarded message ----------
    From: Rebecca Andrews <rebecca.andrews88@yahoo.in>
    Date: Sat, Jan 16, 2010 at 12:08 PM
    Subject: Useful Presentations - Tax and Allied Aspects of Construction Industry
    To:

    Click Here to download the files: http://www.box.net/shared/al9sgpbfvj


     I am pleased to forward Power Point Presentations at  Chamber of Tax Consultants on 9th January 2010, on following Topics :

    1. Accounting Standards Applicable to
    Construction Industry by Jayant Gokhale


    2. PRECAUTIONS FOR PURCHASE AND ACQUISITION OF PROPERTY
     By SHAILESH S. VAIDYA, PARTNER, KANGA AND COMPANY,
    ADVOCATES AND SOLICITORS.
     
    3. Construction & Works Contracts (Service Tax) by Sunil Gabhawala

    Kind regards,

    Rebecca Andrews


    14th January,2010
    Dear Members,

    Please find attached herewith Presentations given by CA. Jayant Gokhale, CA. Sunil Gabhawalla and Shri Shailesh Vaidya Solicitor at the Two Days Conference on "Tax and Allied Aspects of Construction Industry" held on 8th & 9th January, 2010 at J. W. Marriott Hotel, Juhu, Mumbai - 400 049.

    Thanks & Regards,

    For THE CHAMBER OF TAX CONSULTANTS

              Sd/-

    SUNIL RAMANI
    CHAIRMAN
    ADVANCE REFRESHER COURSE COMMITTEE

    Encl : As above


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    Wednesday, January 13, 2010

    TDS | Payments to Contractors (Sec 194C) -- covering most of the circulars

     

      
      
    Under the Indian Income Tax Act, the following provisions relate to the
    Tax Deduction at Source from payments to Contractors and Subcontractors
    under section 194C.

    • Person responsible for paying
      any sum for carrying any work to any resident
       contractor should deduct tax at source.
         
         
    • Tax
      should be deducted at source only if the contract is between the
       contractor and the following specified persons:
       
    1.    The Central Government or any State Government.


    2.    Anylocal authority.


    3.    Any corporation established by or under a Central, State or Provincial Act


    4.  A company


    5.  Any Co-operative Society.


    6.    Any authority, constituted in India by or under any law, engaged either for the purpose of dealing with and satisfying the need for housing accommodation or for the purpose of planning, development or improvement of cities, towns and villages, or for both.
     

    7.    Any Society registered under the Societies Registration Act, 1960 or any
     law corresponding to that Act in any part of India.

     

    8.   Any Trust.
     

    9.   Any University established by or under any Central, State or Provincial Act
    or any institution declared to be a University under the University
    Grants Commission Act.

     

    10.Any firm.
     

    11.Any individual or Hindu Undivided Family whose books are required to be
    audited under section 44AB during the immediately preceding financial
    year. [The turnover from business/profession exceeds the limits
    specified u/s 44AB during the immediately preceding financial year].




    Note: Budget 2008 introduced the burden of
    deduction of tax under this section to Association of Persons and Body
    of Individuals also, whether they are incorporated or not.



    •  Individual or HUF need not deduct tax if the contract is exclusively for personal
      purposes.

    • Income Tax should be deducted at the time of payment or credit to the account of the contractor whichever is earlier.

    • Income Tax is to be deducted at source @ 1% on Advertising contracts and @2% on any other contracts on the amount paid/credited. In the case of sub-contracts, the main
      contractor should deduct tax at source @1% on the amount paid/credited
      to the subcontractor.

    • Provisions of Section 194C are applicable only where the contract is either a “contract for carrying out any work” or a “contract for supply of labour for works contract”. Hence, these provisions are not applicable for payments made under the contract of sale of goods.     
       
       
    • For the purpose of this section, the following contracts are also
      included in the scope of “Work”:

    1.   Advertising.

    2.   Broadcasting
    and telecasting including production of programs for broadcasting and
    telecasting.

    3.   Carriage
    of goods and passengers by any mode of transport other than Railways.

    4.  Catering.



    • No deduction of tax at source shall be made under this section in the
       following circumstances:

    1.  If the amount paid/payable or credited/likely to be credited to the
    contractor/sub-contractor does not exceed Rs.20,000/-
    in a single instance. However, the total of amounts paid or credited
    during the financial year should not exceed Rs.50,000/-.
    If the said amount exceeds Rs.50,000/-, then, the liability for payment
    arises on the whole of amount paid or credited and not on the amount in
    excess of Rs.50,000/-

    2.   In the case of a sub-contractor who is a resident individual and who owns
    not more than two goods carriages during the previous year, no tax
    shall be deducted at source during the course of business of plying,
    hiring or leasing goods carriages if he provides a declaration to the
    person responsible for payment to that effect in the prescribed form.
    [Form 15-I]



    Result of the Information Systems Audit [ISA] Assessment Test held on 19th December, 2009 is likely to be declared on 17th January, 2010 around 2.00 PM - (13-01-2010)

    12th January, 2010
    The result of the Information Systems Audit [ISA] Assessment Test held on 19th December, 2009 is likely to be declared on 17th January, 2010 around 2.00 PM at the Institute’s office at New Delhi.

    The result of the above Assessment Test will be available on the Institute’s website www.icai.org

    (G. SOMASEKHAR)
    ADDITIONAL SECRETARY (EXAMS)


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    ICAI launched facility to post your Grievance online

    ICAI - e-Samadhaan (The ICAI Helping Hand), Grievance Resolution Management System, For more details click on below:- http://www.icai.org/help/



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    Friday, January 8, 2010

    Results of the Chartered Accountants Final and Final (New Course) Examinations held in November, 2009 and Common Proficiency Test (CPT) held in December, 2009 are likely to be declared on Sunday, the 17th January, 2010 around 2:00 PM - (08-01-2010)








    January 7, 2010

    The results of the Chartered Accountants Final and Final (New Course) Examinations held in November, 2009 and Common Proficiency Test (CPT) held in December, 2009 are likely to be declared on Sunday, the 17th January, 2010 around 2:00 PM 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 in the case of Final Examination and candidates securing a minimum of 60% and above marks and upto the maximum of 10th Rank in the case of Common Proficiency Test) on all India basis will be available on the following website:



    http://www.caresults.nic.in



    Arrangements have also been made for the students of Final, Final (New Course) Examinations and Common Proficiency Test (CPT) 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 11th January, 2010. 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.



    Further facilities have been made for students of Final, Final (New Course) Examinations and Common Proficiency Test (CPT) held in November/December, 2009 desirous of knowing their results with marks on SMS. The service will be available through MTNL, India Times and Reliance.

    Monday, January 4, 2010

    Blog opened specially devoted to CA,CS and ICWAI students

    Friends,

    Blog specially devoted for CA,CS and ICWAI students is opened which can be accessed at
    http://taxpertstudents.blogspot.com/

    The blog is at a testing stage so if you encounter any problem please let us know at email:taxpertindia@gmail.com

    As a kind of 1st installment as promised i have uploaded PCC NOV 2009 papers
    click here to go to that post: http://taxpertstudents.blogspot.com/2010/01/nov-2009-papers.html

    IF you have any kind of papers of CA,CS and ICWAI exams which you wud like to share then send us at
    EMAIL: taxpertindia@gmail.com


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