Sunday 28 October 2012

NEW BATCH FOR C.S. STUDENTS


 “We believe nothing is unachievable once we determine to achieve it.”

INSTITUTE FOR CORPORATE ACHIEVERS (ICA) announces
 new batches- full time as


CS EXECUTIVE - GROUP II , JUNE 2013

from 30th October, 2012 at 5.30pm


 OUR FACULTY MEMBERS
  CS MANOJ KUMAR BHAGAT
 CS MEENAKSHI SRIVASTAVA
  CS SHANTANU BHANDARY
  CA SAMEER NIGAM
  CS ATUL CHAUHAN
  CS GURPREET  SINGH
  CS ATUL RAWAT
  CS ANUJ KUMAR

  
HIGHLIGHTS  OF  THE  INSTITUTE
  ACADEMIC AMBIENCE
  COMPUTER AND INTERNET FACILITY
  REFRESHER CLASSES
  LEARNER CENTRIC
  WELL EQUIPED LIABRARY
  EXAMS PREPARATORY NOTES


INSTITUTE FOR CORPORATE ACHIEVERS
3rdFloor, Chitrahar Building,
 Naval Kishor Road,(Near Lela Cinema Hall), Hazratganj, Lucknow-226001.
Ph, (0522)-4011081 , Mob, 9554279814 , 9935778867 , 9415010364
Or write to us at- Ica_queiries@yahoo.co.in

Limited seats available….Book your seats asap so as to avoid last minute rush.. ….
 Hurry… Get Enrolled now!!

Saturday 27 October 2012

Online Chat facility made available by ICSI

ICSI Chat facility

Did you know that….?
ICSI has an online chat facility available for all students and members to interact with each other and build professional connections.
Click on the link below to download a .exe file and start using it…
http://www.icsi.edu/Facilities/Chat.aspx

Thursday 25 October 2012

Further Simplification and Revision of Softex Procedure


Further Simplification and Revision of Softex Procedure

Simplification and Revision of Softex Procedure
A software exporter from any part of India , whose annual turnover is at least Rs.1000 crore or who files at least 600 SOFTEX forms annually on all India basis, will be eligible to submit a statement in excel format
Attention of the Authorised Dealers is invited to Regulation 6 of the Notification No. FEMA 23/2000-RB dated May 3, 2000 viz. Foreign Exchange Management (Export of Goods and Services) Regulations, 2000, as amended by the Notification No.FEMA.36/2001-RB dated February 27, 2001, in terms of which designated officials of the Ministry of Information Technology, Government of India at the Software Technology Parks of India (STPIs) or at Free Trade Zones (FTZs) or Export Processing Zones (EPZs) or Special Economic Zones (SEZs), had been authorized to certify exports declared through SOFTEX Forms.
2. Considering the spurt in the volume of software exports from India in recent times, the complexity of work contracts involved, the voluminous nature of contract agreements and the duration involved in execution of each contract as well as the time-consuming process involved in the certification of SOFTEX forms, simplified and revised Softex procedure was introduced vide A.P. (DIR Series) Circular No.80 dated February 15, 2012. Initially the revised procedure was applicable in STPI at Bangalore, Hyderabad, Chennai, Pune and Mumbai with effect from April 01, 2012.
3. Since the revised procedure is running successfully at the 5 designated centres, it has been decided to implement the revised procedure in all the STPIs in Indiawith immediate effect.
4. As per the revised procedure, a software exporter, whose annual turnover is at least Rs.1000 crore or who files at least 600 SOFTEX forms annually on all India basis, will be eligible to submit a statement in excel format as detailed in our A.P. (DIR Series) Circular No.80 dated February 15, 2012

Ref- AP DIR- 47 dated 23 October 2012

MCA EXTENDED FILING DATE FOR FILING 23AC-XBRL & 23ACA-XBRL UPTO 15.12.2012 !!

MCA EXTENDED FILING DATE FOR FILING 23AC-XBRL & 23ACA-XBRL UPTO 15.12.2012 !!


Dear All,

In continuation of the earlier MCA Circular No. 16/2012 dated July 6, 2012 in respect of filing of e-form 23 AC-XBRL & e-form 23 ACA-XBRL, MCA has further extended the time period to file Financial Statements in XBRL mode without addiional fee/penalty upto 15th December 2012 or within 30 days of the Annual General Meeting, whichever is later.

The circular for the same shall be updated on MCA Portal shortly.

Tuesday 23 October 2012

DIFFERENCE BETWEEN NOMINATION AND WILL


 Nomination?
‘Nomination’ has different meanings depending on whether the asset is property, shares, insurance or bank accounts. In most cases (except shares, discussed later) nomination does not lead to ownership. A
nominee gets a charge of the assets and acts as a trustee but will have to hand them over to the heirs if there is a Will. A nominee can also be an heir, but not necessarily. Most often, though, you nominate
a person who you intend to be the beneficiary of a bank account, insurance policy or asset.

Mr Punmiya points out that the Supreme Court of India ruled in 1984 that “A nominee is a mere trustee with whom the (co-operative) society can initially deal after the death of a member. All the legal heirs of
the deceased member have a right of succession to the property of the deceased member and a nominee cannot exclude the other legal heirs.”

If you hold shares in demat accounts, then remember the recent Bombay High Court judgement which held a nominee’s rights to be higher than those of an heir. Legal expert Dr Israni says that the wording of the amended Section (109A) of the Companies Act (dealing with nomination for shares) is such that the Bombay High Court judgement will probably be upheld by other courts as well, unless the government amends the badly-worded Section.

Section 109A (3) reads: “The nominee shall, on the death of the shareholder/s or holder/s of debentures of the company become entitled to all the rights in the shares or debentures… to the exclusion of all
other persons.”

WILL
A Will is not something we think of. Even the rare few who are tracking their wealth are not thinking of it, though this number is growing, as our survey shows. But a Will is an essential component of
your personal finance, especially since a lot of average people have become wealthy, thanks to the rising value of their financial assets and real estate. Make a Will now.


Know more about Wills
Some Important Terms
Will: A legally-valid document that enables you to choose who gets
your self-earned assets after your death.

Testator: A person making the Will.

Legatee: A person who inherits under the Will.

Intestate: Person who dies without leaving a Will.

Law Applicable to Intestate Succession: For Hindus, Buddhists, Jains and Sikhs, the laws of inheritance have been codified in the Hindu Succession Act, 1956. For Christians, the Indian Succession Act, 1925,
is applicable. Zoroastrians have a different law of inheritance. Similarly, Muslims have their own law. That has, however, not been codified in any legislation but is based on their religious texts.
There are two major sects of Muslims—Shias and Sunnis. Both have different laws of inheritance.

Who Can Make a Will: A person who is not a minor and is of sound mind. Finality of Will: A Will can be revoked any time and updated as many times, under the Indian Succession Act.

Codicil:
Changes to a Will or explain certain provisions, without rewriting the entire Will. Must be signed by the testator and attested
by two witnesses.

Other Benefits of a Will: Wills can be made for appointing executors, for creating trusts and for appointing testamentary guardians of minor children.

Testamentary Guardian: A guardian appointed through a Will. Single parents usually appoint testamentary guardians to take care of minor children, if something were to happen to the parents.

Executor: An executor is a person appointed by the testator to administer his/her Will. It is important that an executor agrees to perform this role, because otherwise the court appoints an
administrator.

Registration: Registration is not mandatory but it provides strong legal evidence of proper execution of a Will.

Probate: It is the copy of a Will certified by a court, usually after checking, if other heirs have objections.

Nomination: A person can be nominated to take charge of assets such as bank accounts, insurance and flats in co-operative societies by filling the prescribed forms. A nominee is not necessarily the heir or
beneficiary but only has the right to receive the asset.

Essential Components of a Will


* A Will has to be in writing.
* Only Muslims can make a valid oral Will. The law allows members of the armed forces engaged in actual warfare/expeditions and mariners at seas to make an oral Will. This is known as a ‘Privileged Will’.
* The law does not prescribe a format for a Will. It can be on plain paper and can be handwritten (ensure it is legible).
* A Will must list and document all your movable and immovable assets and clearly specify your bequests. It can be updated through a Codicil or can contain a ‘residual clause’ to cover assets that are not specifically mentioned or acquired later.
* You can only bequeath what you own. Providing proof of ownership of assets avoids disputes.
* A Will must be signed in the presence of at least two witnesses. Every page of the Will must be signed by the testator and initialled
by the witnesses in each other’s presence.
* The Will must contain the name, address of the testator as well as those of the Witnesses. If an executor is appointed, he/she must be clearly identified to avoid ambiguity or confusion.

Kinds of Wills

Conditional or Contingent Will: They come into effect only if a certain event happens. A conditional Will is invalid if the condition imposed is invalid or contrary to law.

Joint Will: A joint Will by two persons is intended to take effect after the death of both; it will not be enforceable during the lifetime of either.

Mutual Will: Two testators confer reciprocal benefits—either of them constituting the other as his/her legatee. These are usually made by husband and wife.

Monday 22 October 2012

Difference between Court and Tribunal?


Difference between Court and Tribunal? 
IN a judgement delivered on 16th October, the Supreme Court explained,
A Tribunal may not necessarily be a court, in spite of the fact that it may be presided over by a judicial officer, as other qualified persons may also possibly be appointed to perform such duty. One of the tests to determine whether a tribunal is a court or not, is to check whether the High Court has revisional jurisdiction so far as the judgments and orders passed by the Tribunal are concerned. Supervisory or revisional jurisdiction is considered to be a power vesting in any superior court or Tribunal, enabling it to satisfy itself as regards the correctness of the orders of the inferior Tribunal. This is the basic difference between appellate and supervisory jurisdiction. Appellate jurisdiction confers a right upon the aggrieved person to complain in the prescribed manner, to a higher forum whereas, supervisory/revisional power has a different object and purpose altogether as it confers the right and responsibility upon the higher forum to keep the subordinate Tribunals within the limits of the law. It is for this reason that revisional power can be exercised by the competent authority/court suomotu, in order to see that subordinate Tribunals do not transgress the rules of law and are kept within the framework of powers conferred upon them. Such revisional powers have to be exercised sparingly, only as a discretion in order to prevent gross injustice and the same cannot be claimed, as a matter of right by any party. Even if the person heading the Tribunal is otherwise a "judicial officer”, he may merely be persona designata, but not a court, despite the fact that he is expected to act in a quasi-judicial manner. In the generic sense, a court is also a Tribunal, however, courts are only such Tribunals as have been created by the concerned statute and belong to the judicial department of the State as opposed to the executive branch of the said State. The expression ‘court' is understood in the context of its normally accepted connotation, as an adjudicating body, which performs judicial functions of rendering definitive judgments having a sense of finality and authoritativeness to bind the parties litigating before it. Secondly, it should be in the course of exercise of the sovereign judicial power transferred to it by the State. Any Tribunal or authority therefore, that possesses these attributes, may be categorized as a court.
Tribunals have primarily been constituted to deal with cases under special laws and to hence provide for specialised adjudication alongside the courts. Therefore, a particular Act/set of Rules will determine whether the functions of a particular Tribunal are akin to those of the courts, which provide for the basic administration of justice. Where there is a lis between two contesting parties and a statutory authority is required to decide such dispute between them, such an authority may be called as a quasi-judicial authority, i.e., a situation where, (a) a statutory authority is empowered under a statute to do any act (b) the order of such authority would adversely affect the subject and (c) although there is no lis or two contending parties, and the contest is between the authority and the subject and (d) the statutory authority is required to act judicially under the statute, the decision of the said authority is a quasi judicial decision.
An authority may be described as a quasi-judicial authority when it possesses certain attributes or trappings of a ‘court', but not all. In case certain powers under C.P.C. or Cr.P.C. have been conferred upon an authority, but it has not been entrusted with the judicial powers of the State, it cannot be held to be a court.

Sunday 21 October 2012

Check your enrollment status


Guys Check your enrollment status, ICSI,DEC-2012 Exams :

 :http://www.icsi.in/enrollmentstatus/webform1.aspx


Admit Card for Dec, 2012 Exam will be available after:

20th Nov, 2012- for Foundation Programme

14th Dec, 2012- for all Other Students.

Method to increase ur productivity

Procrastination may feel like the human condition, but 

it doesn't have to. To get out of your own way and 

increase your productivity, try these three tactics:

    Set deadlines. Create a schedule with clear due 


dates for each task. Remind yourself by using visual 

cues: Set reminders in your calendar, add items to 

your to-do list, or put a sticky note on your computer

screen.
    

Ask for help. Ask a trusted colleague to review your 

work. Knowing that she's expecting it can spur you to

get started.

    Change your mind-set. Stop thinking of yourself as

 a procrastinator. See yourself — and talk about 

yourself with others —as someone who gets things done.

Tuesday 16 October 2012

XBRL Filings of Financial Statements for F.Y. 2011-12 would be enabled w.e.f 14th October, 2012


FILING OF BALANCE SHEET AND PROFIT AND LOSS ACCOUNT IN EXTENSIBLE BUSINESS REPORTING LANGUAGE (XBRL) MODE FOR FINANCIAL YEAR COMMENCING ON OR AFTER 1-4-2011
GENERAL CIRCULAR NO. 16/2012, DATED 6-7-2012
It has now been decided by the Ministry to mandate the following select class of companies to file their Balance Sheet and Profit & Loss Account in XBRL mode for the financial year commencing on or after 1-4-2011:
 (i)  all companies listed with any Stock Exchange(s) in India and their Indian subsidiaries; or
(ii)  all companies having paid up capital of Rupees five crore and above; or
(iii)  all companies having turnover of Rupees one hundred crore and above; or
(iv)  all companies who were required to file their financial statements for FY 2010-11, using XBRL mode.
However, banking companies, insurance companies, power companies and Non-Banking Financial Companies (NBFCs) are exempted from XBRL filing till further orders.
Additional Fee Exemption:
All companies referred to in Para-2 above, will be allowed to file their financial statements in XBRL mode without any additional fee/penalty upto 15th November, 2012 or within 30 days from the date of their AGM, whichever is later.