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

PCC/IPCC: http://www.box.net/shared/u16un066ij 

CA Final: http://www.box.net/shared/7udnv1g3vp 

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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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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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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 1.FOLLOW US ON TWITTER CLICK HERE: http://twitter.com/taxpertindia 2.Posted www.taxpertindia.blogspot.com 3.Get Tax updates from my blog through by joining my google group CA_taxmannindia:http://groups.google.co.in/group/ca_taxmannindia?hl=en 5.Get Free Quality SMS updates from my blog on your MOBILE:http://labs.google.co.in/smschannels/subscribe/ca_taxmannindia OR Send a message JOIN ca_taxmannindia to 9870807070 thru ur mobile nd receive updates

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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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.

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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