Wednesday 9 October 2013

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.

Tuesday 8 October 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 "



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.




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 :-






(For Executive Programme)




(For Professional Programme)

Sunday 6 October 2013

TDS Credit must be given even if TDS Certificate is not available/ entry is not shown in Form 26AS

TDS Credit must be given even if TDS Certificate is not available/ entry is not shown in Form 26AS
The assessee claimed credit for TDS which was denied by the AO on the ground that the claim did not match the entries shown in Form No. 26AS and that there was a discrepancy. On appeal, the CIT(A) held that the assessee would be entitiled to credit to the extent shown in the computer system of the department. On further appeal by the assessee to the Tribunal HELD:
The AO is not justified in denying credit for TDS on the ground that the TDS is not reflected in the computer generated Form 26AS. In Yashpal Sahwney 293 ITR 539 the Bombay High Court has noted the difficulty faced by taxpayers in the matter of credit of TDS and held that even if the deductor had not issued a TDS certificate, still the claim of the assessee has to be considered on the basis of the evidence produced for deduction of tax at source. The Revenue is empowered to recover tax from the person responsible if he had not deducted tax at source or after deducting failed to deposit with Central Government. The Delhi High Court has in Court On Its Own Motion Vs. CIT 352 ITR 273 directed the department to ensure that credit is given to the assessee even where the deductor had failed to upload the correct details in Form 26AS on the basis of evidence produced before the department. Therefore, the department is required to give credit for TDS once valid TDS certificate had been produced or even where the deductor had not issued TDS certificates on the basis of evidence produced by assessee regarding deduction of tax at source and on the basis of indemnity bond.

CRASH COURSE FOR CS EXECUTIVE FROM 23RD OCTOBER


NEW BATCH OF CS EXECUTIVE FROM 17TH OCTOBER