Happy New Year 2014

May the spirit of joy and happiness embrace you always.

Wish you and your family

a very Happy New Year 2014

INSTITUTE FOR CORPORATE ACHIEVERS: NEW BATCH FOR CS FOUNDATION AND EXECUTIVE

INSTITUTE FOR CORPORATE ACHIEVERS: NEW BATCH FOR CS FOUNDATION AND EXECUTIVE: FOUNDATION SUBJECT                                                         FACULTY ACCOUNTS                                         ...

NEW BATCH FOR CS FOUNDATION AND EXECUTIVE

FOUNDATION

SUBJECT                                                         FACULTY
ACCOUNTS                                          CA ALOK
LAW                                                      CS NIDHI
ECONOMICS                                        CS SONAM
BUSINESS COMMUNICATION            MRS. HIMANI KAPOOR, MBA

                                                                    EXECUTIVEMODULE -I
SUBJECT                                                         FACULTY
TAX LAWS                                             CA SAMEER NIGAM/CA ALOK GUPTA
COMPANY LAW-                                   CS ALOK/CS NIDHI
COST ACCOUNTS                               CMA VSU
ECONOMIC & COMMERCIAL LAWS  CS VERTIKA SRIVASTAVA/CS MEENAKSHI SRIVASTAVA

MODULE -II
SUBJECT                                                          FACULTY
SECURITIES LAW                                CS SONAM KESARWANI
COMPANY ACCOUNTS-                      CA MAURIKA SRIVASTAVA

INDUSTRIAL LAW                                 CS VERTIKA SRIVASTAVA

http://instituteforcorporateachievers.blogspot.in/2012/09/best-cs-coaching-in-lucknow.html

GUIDELINES FOR GRANTING PAPER WISE EXEMPTION

            MODIFICATION IN GUIDELINES FOR GRANTING PAPER WISE EXEMPTION ON THE BASIS OF
This is to inform that the Council of Institute has modified the criteria for granting paper-wise exemptions to CS students on the basis of their higher qualifications as per details given below : 

1. Paper 7 of Executive Programme (i.e. Industrial, Labour and General Laws) shall be exempted for LL.B. passed Students (Both three Year Degree Course and Five Year integrated Law Course); 

2. The exemption under reciprocal arrangement with Institute of Cost Accountants of India will continue. i.e. following papers shall be exempted to Final examination passed student of the Institute of Cost Accountant of India : 

•••>> CS Executive Programme : 
i) Cost and Management Accounting ( Module1, Paper2) 
ii) Tax Laws and Practices ( Module 1, Paper 4 ) 
iii) Company Accounts and Auditing Practices ( Module 2, Paper 5 ) 

•••>> CS Professional Programme : 
i) Advanced Company Law and Practice ( Module 1, Paper 1 ) 
ii) Financial, Treasury and Forex Management (Module 2, Paper 5 ) 
iii) Advanced Tax Laws and Practice ( Module 3, Paper 7 ) 

3. No exemption shall be given on the basis of any other higher 
education. 

The above modified guidelines shall be applicable w.e.f. 1st December 2013. 

In case you need any further information / clarification in the matter, please contact Mr. A K Srivastava, Deputy Director (Student Services) at E-Mail Id ashvini.srivastava@icsi.edu or at Tel No. 0120-4522083 / or Ms. S Hemamalini, Administrative Officer at E-Mail Id exemption@icsi.edu or at Tel.No. 0120-4522074. 

Issued as per decision of the council of the Institute of Company Secretaries of India. 

(Sohan Lal) 
Director (Student Services)
ICSI (Institute of Company Secretaries of India)

NEW BATCH FOR CS FOUNDATION/EXECUTIVE/PROFESSIONAL

FOUNDATION
SUBJECT                                                         FACULTY
ACCOUNTS                                            CA ALOK
LAW                                                         CS NIDHI
ECONOMICS                                          CS SONAM
BUSINESS COMMUNICATION            HIMANI KAPOOR, MBA


MODULE -I
SUBJECT                                                         FACULTY
TAX LAWS                                              CA SAMEER NIGAM
COMPANY LAW-                                   CS ALOK/CS NIDHI
COST ACCOUNTS                                 CMA VSU
ECONOMIC & COMMERCIAL LAWS  CS VERTIKA SRIVASTAVA

MODULE -II
SUBJECT                                                          FACULTY
SECURITIES LAW                                   CS SONAM KESARWANI
COMPANY ACCOUNTS-                      CA MAURIKA SRIVASTAVA

INDUSTRIAL LAW                                  CS VERTIKA SRIVASTAVA

ONLINE FACILITY FOR REFUND OF EXCESS TDS LAUNCHED AT TRACES

ONLINE FACILITY FOR REFUND OF EXCESS TDS LAUNCHED AT TRACES

Department of Income Tax through TRACES has launched this new facility to claim Refund of Excess TDS. This is again a welcome step on the part of the Department and major sigh relief to the deductors. Now they will not have to visit the Department for claiming the refund of Excess TDS. News is flashing at the TRACES 
in this regards as 

Refunds of challans has been enabled on TRACES. Deductors can navigate to 'Statement / Payments' -> 'Request for Refund' 

This facility can be availed by the deductor after logging into its account created at Traces and then by registering his digital signatures . Registration of Digital Signature has been enabled on TRACES for deductors. Deductors can register their Digital Signature in PROFILE after registration

IT : 'Deemed registration' to trust as CIT didn’t pursue request even after 6 months from date of ITAT’s order

IT : 'Deemed registration' to trust as CIT didn’t pursue request even after 6 months from date of ITAT’s order

■■■

[2013] 38 taxmann.com 309 (Lucknow - Trib.)

IN THE ITAT LUCKNOW BENCH 'A'

Harshit Foundation

v.

Commissioner of Income-tax*

S.K. YADAV, JUDICIAL MEMBER
AND PRAMOD KUMAR, ACCOUNTANT MEMBER

IT APPEAL NOS. 104 & 105 (LUCK.) OF 2012

JUNE  28, 2013 

Section 12AA of the Income-tax Act, 1961 - Charitable or religious trust - Registration procedure [Deemed registration] - Whether where Commissioner does not pass any orders even after six months from receipt of Tribunal's order remitting matter of registration under section 12AA to him, registration will be deemed to have been granted - Held, yes [Para 5] [In favour of assessee]

CASE REVIEW

Society for the Promotion of Education, Adventure, Sport & Conservation of Environment v. CIT [2008] 171 Taxman 113 (All.) (para 5) followed.

CASES REFERRED TO

Bhagwad Swarup Shri Shri Devraha Baba Memorial Shri Hari Parmarth Dham Trust v. CIT [2008] 111 ITD 175/[2007] 17 SOT 281 (Delhi) (SB) (para 2) and Society for the Promotion of Education, Adventure, Sports & Conservation of Environment v. CIT [2008] 171 Taxman 113 (All.) (para 2).

Abhinav Mehrotra for the Appellant. Alok Mitra for the Respondent.

ORDER

Pramod Kumar, Accountant Member - ITA No. 104/Luck/2012 : By way of this appeal, the assessee appellant has raised grievance against denial of registration u/s. 12AA of the Income Tax Act 1961, vide order dated 28th October, 2011 passed by the learned Commissioner of Income Tax, Faizabad.

2. When this called out for hearing, Shri Abhinav Mehrotra, learned counsel for the assessee raised a preliminary legal issue. He pointed out that we are at present in second round of proceedings before this Tribunal, and that, in the first round of proceedings, matter was remitted to the file of the learned Commissioner for fresh adjudication on merits. It is also pointed out that even though the Tribunal had passed the order, so remitting the matter to the file of the CIT on 12.12.2008, learned CIT passed the order only on 28.10.2011. This inordinate delay, according to the learned counsel, is contrary to the scheme of things visualized under the law. Our attention was then pointed out to Special Bench decision in case of Bhagwad Swarup Shri Shri Devraha Baba Memorial Shri Hari Parmarth Dham Trust v. CIT [2008] 111 ITD 175/[2007] 17 SOT 281, which is, in principle, approved by Hon'ble Jurisdictional High Court in the case of Society for the Promotion of Education Adventure Sport & Conservation of Environment v. CIT [2008] 171 Taxman 113 (All.). It was thus contended that when a decision is not taken on the request for registration u/s.12AA within a period of six months, the registration is deemed to have been granted. By the same logic, according to the learned counsel, when learned Commissioner does not decide the matter one way or the other within six months even after the matter is restored to him, the registration should be deemed to have been granted. In the present case, learned Commissioner has taken almost three years to dispose of the remanded matter. For this short reason alone, we are urged to grant the registration u/s. 12AA.

3. Learned Departmental Representative does not dispute the factual elements embedded in the above contentions but submits that it will be unrealistic to proceed on this basis due to heavy work load on the Commissioner, and it will seriously affect legitimate interests of revenue. We are thus urged to deal with the matter on merits.

4. In our considered view, plea of the assessee deserves to be accepted in the light of Hon'ble jurisdictional High Court's judgment in the case of Society for the Promotion of Education Adventure Sport & Conservation of Environment (supra), wherein their Lordships have, inter alia, observed as follows:—

"The apex Court has also applied doctrine of purposive interpretation in fiscal statutes that would be evident from its decision inCIT v. Anjum M.H.Ghaswala & Ors. [2001] 171 CTR (SC) 1 : JT 2001 (9) SC 61. Considering the pros and cons of the two views, we are of the opinion that by far the better interpretation would be to hold that the effect of non-consideration of the application for registration within the time fixed by section 12AA(2) would be a deemed grant of registration. We do not find any good reason to make the assessee suffer because the IT Department is not able to keep its officers under check and control, so as to take timely decisions in such simple matters such as consideration of applications for registration even within the large six month period provided by s. 12AA(2) of the Act.

We accordingly direct the respondents, subject to any order which may be passed under s. 12AA(3), to treat the petitioner society as an institution duly approved and registered under s. 12AA and to recomputed its income by applying the provision of s.11 of the Act. Accordingly, a formal certificate of approval will be issued forthwith to the petitioner by the respondent No.2."

5. Applying the principle so laid down, where Commissioner does not pass any orders even after six months from receipt of Tribunal's order remitting the matter to him. The registration will be deemed to have been granted. Of course, this is subject to exercise of Commissioner's power u/s.12AA(3) in appropriate cases, but the registration will be deemed to have been granted.

6. For the reasons set out above, we uphold the preliminary objection raised by the assessee and direct the Commissioner to issue approval of registration forthwith. In this view of the matter, we see no need to deal with other legal and factual issues raised by the assessee.

7. In the result, the appeal in ITA No.104/Luc/2012 is allowed.

ITA No. 105/Luck/2012

By way of this appeal, the assessee appellant has challenged denial of approval u/s. 80G of the Income Tax Act 1961, vide learned Commissioner's order dated 28th October, 2011.

2. The short reason for denying 80G approval was denial of registration u/s.12AA. Now that, vide our order of even date, registration u/s.12AA is granted. The very foundation for denial of approval u/s.80G thus ceases to hold good in law.

3. In view of the above, the order denying approval u/s.80G is reversed. Learned CIT is directed to grant the approval.

4. In the result, this appeal in ITA No.105/Luc/2012 is also allowed.

USP

Facility for Downloading the Result Card of CPT (Examination) - (13-11-2013)

Facility for Downloading the Result Card of CPT 

(Examination) - (13-11-2013)

Common Proficiency Test (CPT) - (Paper-pencil Mode examination) is held twice in a year

 i.e. in the months of June and December. Eligible candidates appeared in the last CPT 

(examination) can download their Result Cards from the 

website www.icai.nic.in/cptresultcard by using their Roll number or Registration number 

along with their four digit PIN (Personal Identification Number) as filled up by them in their 

CPT examination application form for the respective CPT (examination), as per tentative 

schedule given below:

June CPT -- from 10 days after declaration of result to 20th November subsequent to the 

declaration of result.

December CPT -- from 10 days after declaration of result to 20th May subsequent to the 

declaration of result.

The downloaded Result Card of CPT bearing the photograph and signatures of the 

candidate is a valid document for admission to the next level of C.A. Course, i.e. 

Intermediate (IPC) Course.

Addl. Secretary (Exams.)

LUCKNOW STUDY CIRCLE MEETING ON COMPANIES ACT 2013 & DRAT RULES

Dear Friends, 

On the enactment of Companies Act, 2013 there are many interpretation issues, concerns, confusions and also need for improvement in procedural aspects for the professionals working in Corporate Sector as well as Consultancies. This confusion or discomposure can only be lessened by un-learning Companies Act 1956 and re-learning Companies, Act 2013 with fresh approach.

With intent of KNOWLEDGE DISSEMINATION AND COMPREHENSIVE DISCUSSIONS,) I am proposing LUCKNOW STUDY CIRLCLE MEETING every Saturday, where professionals are cordially invited for sharing their thoughts as well as discussing new concepts of Companies Act 2013 and latest Draft rules.

I have always been of the opinion that PROFESSIONAL ENRICHMENT and ACUMEN is possible through SEEKING AND SHARING KNOWLEDGE. So I invite all my professional friends to attend the study circle meeting to LEARN, UNLEARN AND RELEARN the fundamentals of New Company Law and be part of the evolution process.

The LUCKNOW STUDY CIRCLE MEETING will be held on Saturday 23rd November 2013 at 5PM at:
3rd FLOOR CHITRAHAR BUILDING
NAWAL KISHORE ROAD, (NEAR LEELA CINEMA HALL) HAZRATGANJ, LUCKNOW
MOBILE:- 9415010364,8957962970, PHONE:-0522(4011081)

Professionals interested to provide some special study material to the members can send it before the meeting for circulation among the members at csmanojbhagat@gmail.com.
Members are e requested to make it convenient to attend the Study Circle Meeting.

Thanks & Regards
======================================================================
CS MANOJ KUMAR BHAGAT
M/s MANOJ BHAGAT & ASSOCIATES, COMPANY SECRETARIES
3rd Floor, Chitrahar Building , Naval Kishore Road , Hazratganz, Lucknow .
Ph No. (0522) 4011081, Mob:919415010364
Email : bhagatmk@yahoo.co.in,csmanojbhagat@gmail.com,
csfratenity group <csfratenity@yahoogroups.co.in>;
https://www.facebook.com/bhagatmk
*"Nothing is unachievable once we decide our goal believing in ourselves that we have fortitude to achieve it. *

Executive Programme and Professional Programme students need not required to sumbit response sheets or obtain coaching completion certificate

Executive Programme and Professional Programme are not 
required to: 
 a. submit response sheets to test papers on various subjects to the Institute under 
 Postal Tuition Scheme, or 
 b. obtain coaching completion certificate from the Institute or from Class Room 
 Teaching Centres of the Institute, or 
 c. submit coaching completion certificate for enrollment to examinations of Executive 
 and Professional Programmes.
http://icsi.edu/portals/0/Announcement_for_students_%20Discontinuation_of_CCC.pdf

Physical copies training documents shall not be entertained by the Institute with effect from 15th October, 2013

Physical copies of the  training documents shall not be entertained by the Institute with effect from 15th October, 2013

Students are requested to submit their application and other documents pertaining to 15 months training and 15 days training in pdf or scanned form duly signed by the trainer (documents should be in a single file of size not exceeding 1 MB and legible on the email IDs
http://www.icsi.edu/Webmodules/Linksofweeks/Submission%20of%20Training%20Documents.pdf

Voluntary disclosure does not release assessee from mischief of penal proceedings under section 271(1)(c)

Voluntary disclosure does not release assessee from mischief of penal proceedings under section 271(1)(c)

SUPREME COURT OF INDIA

MAK Data (P.) Ltd.

v.

Commissioner of Income-tax – II

OCTOBER  30, 2013 

Under Explanation 1 to s. 271(1)(c), voluntary disclosure of concealed income does not absolve assessee of s. 271(1)(c) penalty if the assessee fails to offer an explanation which is bona fide and proves that all the material facts have been disclosed

The assessee filed a return of income for AY 2004-05 declaring an income of Rs.16 lakhs. During the course of the assessment proceedings, the AO noticed certain documents comprising of share application forms, bank statements, blank share transfer deeds etc had been impounded in the course of s. 133A survey proceedings conducted in the case of the assessee’s. The AO sought specific information regarding the documents from the assessee. In reply to the show-cause notice, the assessee made an offer to surrender Rs.40.74 lakhs with a view to avoid litigation and buy peace and to make an amicable settlement of the dispute. The AO assessed the said sum of Rs.40.74 lakhs to tax and levied penalty u/s 271(1)(c) for concealment of income and not furnishing true particulars. This was upheld by the CIT(A) though the Tribunal reversed it on the ground that the surrender was without admitting any concealment. On appeal by the department, the High Court (87 DTR 172 (Del)) reversed the Tribunal on the ground that as there was absolutely no explanation by the assessee for the concealed income of Rs.40.74 lakhs, the first part of clause (A) of Explanation 1 to s. 271(1)(c) is attracted. On appeal by the assessee to the Supreme Court HELD dismissing the appeal:

(i) The Tribunal has not properly understood or appreciated the scope of Explanation 1 to s. 271(1)(c). The AO shall not be carried away by the plea of the assessee like “voluntary disclosure”, “buy peace”, “avoid litigation”, “amicable settlement”, etc. to explain away its conduct. The question is whether the assessee has offered any explanation for concealment of particulars of income or furnishing inaccurate particulars of income. Explanation to s. 271(1) raises a presumption of concealment, when a difference is noticed by the AO, between reported and assessed income. The burden is then on the assessee to show otherwise, by cogent and reliable evidence. When the initial onus placed by the explanation, has been discharged by him, the onus shifts on the Revenue to show that the amount in question constituted the income and not otherwise;

 
(ii) The assessee has only stated that he had surrendered the additional sum of Rs.40.74 lakhs with a view to avoid litigation, buy peace and to channelize the energy and resources towards productive work and to make amicable settlement with the income tax department. The statute does not recognize those types of defences under Explanation 1 to s. 271(1)(c) of the Act. It is trite law that the voluntary disclosure does not release the assessee from the mischief of penal proceedings. The law does not provide that when an assessee makes a voluntary disclosure of his concealed income, he had to be absolved from penalty;

(iii) On facts, the surrender of income is not voluntary in the sense that the offer of surrender was made in view of detection made by the AO in the search conducted in the sister concern of the assessee. In that situation, it cannot be said that the surrender of income was voluntary. AO during the course of assessment proceedings has noticed that certain documents comprising of share application forms, bank statements etc have been impounded in the course of survey proceedings u/s 133A conducted in the case of the assessee’s sister concern. The survey was conducted more than 10 months before the assessee filed its return of income. Had it been the intention of the assessee to make full and true disclosure of its income, it would have filed the return declaring an income inclusive of the amount which was surrendered later during the course of the assessment proceedings. Consequently, it is clear that the assessee had no intention to declare its true income;

(iv) It is the statutory duty of the assessee to record all its transactions in the books of account, to explain the source of payments made by it and to declare its true income in the return of income filed by it from year to year. The AO has recorded a categorical finding that he was satisfied that the assessee had concealed true particulars of income and is liable for penalty proceedings u/s 271 read with s. 274 of the Act;

 
(v) The AO has to satisfy himself whether penalty proceedings be initiated or not during the course of the assessment proceedings. He is not required to record his satisfaction in a particular manner or reduce it into writing. The scope of s. 271(1)(c) has also been elaborately discussed by the Supreme Court in UOI vs. Dharmendra Textile Processors 306 ITR 277 (SC) and CIT vs. Atul Mohan Bindal 317 ITR 1 (SC). The principle laid down by this Court has been correctly followed by the Revenue and there is no illegality in the department initiating penalty proceedings in the instant case.

NEW BATCH FOR CS FOUNDATION/EXECUTIVE

MODULE -I
SUBJECT                                                         FACULTY
TAX LAWS -                                            CA SAMEER NIGAM
COMPANY LAW-                                   CS ALOK/CS NIDHI
COST ACCOUNTS-                                CMA VSU
ECONOMIC & COMMERCIAL LAWS  CS VERTIKA SRIVASTAVA

MODULE -II
SUBJECT                                                          FACULTY
SECURITIES LAW                                   CS SONAM KESARWANI
COMPANY ACCOUNTS-                      CA MAURIKA SRIVASTAVA

INDUSTRIAL LAW                                  CS VERTIKA SRIVASTAVA

TIMELY ISSUE OF TDS CERTIFICATE TO CUSTOMERS

TIMELY ISSUE OF TDS CERTIFICATE TO CUSTOMERS

CIRCULAR DBOD.NO. LEG.BC.65/09.07.005/2013-14, DATED 6-11-2013

It has been brought to our notice that, some banks are not providing TDS Certificate in Form 16A to their customers in time, causing inconvenience to customers in filing income-tax returns timely.

2. The matter has been examined and with a view to protect interest of the depositors and for rendering better customer service, banks are advised to provide to their customers from whose income tax has been deducted at source, TDS Certificate in Form 16A. Banks are advised to put in place systems that will enable them to provide Form 16A to the customers within the time-frame prescribed under the Income Tax Rules. Banks should avoid waiting till the last moment.

3. This advice is issued under section 36(1)(a) of the Banking Regulation Act, 1949 (10 of 1949).

FRESH BATCHES FOR (CS PROFESSIONAL)

FRESH BATCHES FOR (CS PROFESSIONAL) 

1)ADVANCE COMPANY LAW/ C.S.P (11 Nov.) -(M/W/F 5.30 TO 7PM ) BY CS MEENAKSHI
    
 SRIVASTAVA

2)DRAFTING(12Nov.) (T/T 5.30PM TO 7PM) MEENAKASHI SRIVASTAVA 

3) FINANCIAL MANAGEMENT (10 Nov.)- (10AM) CMA VSU

4)CORPORATE RESTRUCTURING -----(11 Nov.) (M/W/F 12.00 TO 2.30) BY CS TRIPTI 

GUPTA

5) CORPORATE RESTRUCTURING -----(12 Nov.) (T/T/S 10.30 TO 12.15) BY CS TRIPTI 

GUPTA

6) TAX-(12 Nov.)(T/T/S)(8.30 TO 10 AM) BY CA SAGAR TRIPATHI
http://instituteforcorporateachievers.blogspot.in/2012/09/best-cs-coaching-in-lucknow.html

FRESH BATCH OF CMA FROM 25TH NOVEMBER

WISH ALL OF U HAPPY DIWALI

Wishing all of  you a Happy Diwali glowing with Peace, Joy & Prosperity !!!

With Gleam of Diyas

And The Echos Of the Chants

May Happiness & Contentment Fill Your Life This Diwali 

Happy Diwali

CS MANOJ KUMAR BHAGAT

CHAIRMAN

Salients features of tax free bonds and points to be noted while investing in tax free bonds

Salients features of tax free bonds and points to be noted while investing in tax free bonds

The salient features of the tax-free bonds:

What are tax-free bonds: These bonds are mostly issued by government enterprises and pay a fixed coupon rate (interest rate). As the proceeds from the bonds are invested in infrastructure projects, they have a long-term maturity of typically 10, 15 or 20 years.

Tax benefits: The income by way of interest on tax-free bonds is fully exempted from income tax. The interest earned from these bonds does not form part of your total income. There is no deduction of tax at source (TDS) from the interest, which accrues to the bondholders. 

But remember that no tax deduction will be available for the invested amount.

Interest rate: The coupon (interest) rates of tax-free bonds are linked to the prevailing rates of government securities. So these bonds become attractive when the interest rates in the financial system are high.

 Interest payment: The interest on these bonds is paid annually and credited directly in the bank account of the investor. Tax free bonds vs bank fixed deposits (FDs): The interest earned on bank FDs and other normal bonds are added to the income of the investor and taxed as per the income-tax slabs. As interest earned from tax-free bonds are not taxed, investors in higher tax brackets mostly earn a better post-tax return than from FDs.

But remember, the bank FDs score over tax-free bonds in terms of liquidity as these bonds have longer maturity tenure.

 Credit risk: Since tax-free bonds are mostly issued by government-backed companies, the credit risk or risk of non-repayment is very low.

 Liquidity: The tax-free bonds get listed and then traded on the stock exchange(s) to offer an exit route to investors.

But these bonds might not enjoy high liquidity as they are long-term in nature. Do you need a demat account? The bonds could be issued both in demat and physical mode.

Secondary market: Investors can buy and sell these tax free bonds on the stock exchanges. 

Though the interest earned on these bonds is tax-free, any capital gain from sale in the secondary market is taxable. Short-term capital gains from sale of tax-free bonds on exchanges are taxed at the normal rate, while long-term capital gains are taxed at 10% without indexation and 20% with indexation, whichever is lower. By indexing, you adjust the purchasing price with annual inflation.

REVISION CLASSES FOR CS EXECUTIVE/PROFESSIONAL STUDENTS

REVISION CLASS- CS EXECUTIVE STUDENTS-

6/11/2013 TAX AT 8.30AM BY CA SAMEER NIGAM

10/11/2013  COST ACCOUNTANCY AT 8.30AM
CS PROFESSIONAL STUDENTS 

10/11/2013 FINANCIAL MANAGEMENT AT 10AM 

FREE FOR ICA STUDENTS

Penal provisions for the members of the Institute who had not complied with their CPE Hours requirements for the block period of 3 years

For kind information of the members Sub : Penal provisions for the members of the Institute who had not complied with their CPE Hours requirements for the block period of 3 years (1-1-2011 to 31-12-2013)

In order to function the system of mandatory CPE effective, the Council of the Institute of Chartered Accountants of India has decided that the members who fail to comply with their CPE Hours requirement for the current block of 3 years (1-1-2011 to 31-12-2013) are appropriately sanctioned. Therefore, the Council of the Institute has decided as under : ·        All the members are required to complete their CPE hours requirements for the block period of 3 years (1-1-2011 to 31-12-2013) by 31st December, 2013. ·        Any shortfall in the CPE credit for the calendar years 2011, 2012 and 2013 should be met by the members by 31st December, 2013. ·        The names of the members who fail to comply with their CPE hours Requirements for the block period of 3 years by 31st December, 2013 would be hosted on the website of the ICAI for information of public at large. ·        Further, the ICAI will not be responsible in any way for any action taken by any of the regulatory authorities on the basis of the names hosted on the website for allotting the professional work to them as sole proprietor or to their partnership firm. ·        To strike out the name/s from the list so hosted on the website, the member/s shall have to make up any shortfall in their CPE credit hours for the above block period of 3 years by obtaining twice of the amount of the shortfall. Such addition shall be in addition to the regular CPE hours requirement for the particular Calendar year in which they are making up the shortfall.

The members are requested to note the above. The members are also requested to comply with the CPE Hours requirements for the current year by 31st December, 2013.

Clarification about Applicability of the latest Finance Act and other changes for Company Secretaries December, 2013 Examination

Clarification about Applicability of the latest Finance Act and 
other changes for Company Secretaries December,
 2013 Examination

APPLICABLE ON

Institute of Company Secretaries of India (ICSI) has issued clarification about applicability of the latest Finance Act 
and other changes for Company Secretaries December, 2013 Examination.

The clarification is applicable for the following students:-

1. Students of Executive Programme

·        For appearing in the Paper "Tax Laws (Old Syllabus)"

·        For appearing in the Paper "Tax Laws and Practice (New Syllabus)"

2. Students of Professional Programme

·        For appearing in the Paper " Advanced Tax Laws and Practice "

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DIRECT TAXES

Direct Taxes applicable for December 2013 Examination shall be Assessment Year 2013-14 (Previous Year 2012-13).

Students are advised to study:-

1.      Finance Act, 2012 for December 2012 Examination

2.      All the Circulars, Clarifications, Notifications, etc. issued by the CBDT & Central Government, on or before 
six months prior to the date of the respective examinations.

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INDIRECT TAXES

Students appearing in ‘Executive Programme’ (in the ‘Tax Laws’) and 'Professional Programme' (in the 'Advanced
 Tax Laws and Practice') respectively may take note of the following changes applicable for December 2012 
Examination.

·        All changes made by the Finance Act, 2013.

·        All Circulars, Clarifications/Notifications issued by CBEC / Central Government effective six months prior to the

                     examination.

Students can see the Official Clarification by clicking the following link :-

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Tax Applicability for December 2013 Exams

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Download Tax Amendments 

(For Executive Programme)

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Download Tax Amendments

(For Professional Programme)