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TESTING HOOTSUITE
Tuesday 6 September 2011
Tuesday 26 July 2011
Independence Day celebrated by Liberia on 26th July | Mohith.net
Washington - Liberia was founded in 1822 to give greater freedom and equality to formerly enslaved black Americans. In present-day Liberia, 5 percent of the population traces roots to Americo-Liberians, those African Americans who emigrated to Liberia and established a government modeled on American democracy. They named the capital city Monrovia, after the fifth U.S. president, James Monroe.
The first president of Liberia - a name derived from "liberty" - was Joseph Jenkins Roberts, born in Norfolk, Virginia, who emigrated to Liberia in 1829 and became the country's first black governor in 1841. Under Roberts' encouragement, the legislature founded the Republic of Liberia on July 26, 1847. He was elected president and reelected three times, serving a total of eight years. He was elected president again in 1871 and served until 1876.
In the 20th century, Liberia played an increasingly important role in international affairs. Liberia was a founding member of both the League of Nations and its successor, the United Nations. In 1946, Liberia extended the right to vote to its indigenous peoples. Liberia was a founding member of the Organization of African Unity in 1963.
After decades of civil strife, Liberia successfully conducted peaceful elections in October 2005. President Ellen Johnson Sirleaf became the first elected female head of state in Africa.
Following a meeting with Sirleaf in April 2009, Secretary of State Hillary Rodham Clinton said, "President Sirleaf and her administration have worked tirelessly over the past three years to ensure that Liberia's reforms, reconstruction and development take root and are lasting successes."
Declaration of Independence
The Liberian Declaration of Independence is a document adopted by the Liberian Constitutional Convention on 16 July 1847 to announce that the Commonwealth of Liberia, a colony founded and controlled by the private American Colonization Society, was now an independent state known as the Republic of Liberia. The Declaration was written by Hilary Teague and adopted simultaneously with first Constitution of Liberia. The anniversary of the adoption of the Declaration and accompanying Constitution is celebrated as Independence Day in Liberia.
The Declaration articulates the history of the Americo-Liberians that settled the Commonwealth and sets out the aspiration of Liberia to be accepted as a free and independent state within the "comity which marks the friendly intercourse of civilized and independent communities."
Listing the injustices committed against African Americans as a result of slavery in the United States, the Declaration notes the foundation of the colony by the American Colonization Society, as well as their gradual withdrawal from governance in favor of increasing self-governance by the immigrated colonists. The noted goal of Liberia is declared to be both to establish a state built upon the structure and principles of the law of nations and the Christianization and modernization of the indigenous peoples of the region. Read more @Wikipedia
An official press release by:
U.S.Department of State
Washington DC 20520
Source: MOHITH.NET
The first president of Liberia - a name derived from "liberty" - was Joseph Jenkins Roberts, born in Norfolk, Virginia, who emigrated to Liberia in 1829 and became the country's first black governor in 1841. Under Roberts' encouragement, the legislature founded the Republic of Liberia on July 26, 1847. He was elected president and reelected three times, serving a total of eight years. He was elected president again in 1871 and served until 1876.
In the 20th century, Liberia played an increasingly important role in international affairs. Liberia was a founding member of both the League of Nations and its successor, the United Nations. In 1946, Liberia extended the right to vote to its indigenous peoples. Liberia was a founding member of the Organization of African Unity in 1963.After decades of civil strife, Liberia successfully conducted peaceful elections in October 2005. President Ellen Johnson Sirleaf became the first elected female head of state in Africa.
Following a meeting with Sirleaf in April 2009, Secretary of State Hillary Rodham Clinton said, "President Sirleaf and her administration have worked tirelessly over the past three years to ensure that Liberia's reforms, reconstruction and development take root and are lasting successes."
Declaration of Independence
The Liberian Declaration of Independence is a document adopted by the Liberian Constitutional Convention on 16 July 1847 to announce that the Commonwealth of Liberia, a colony founded and controlled by the private American Colonization Society, was now an independent state known as the Republic of Liberia. The Declaration was written by Hilary Teague and adopted simultaneously with first Constitution of Liberia. The anniversary of the adoption of the Declaration and accompanying Constitution is celebrated as Independence Day in Liberia.
The Declaration articulates the history of the Americo-Liberians that settled the Commonwealth and sets out the aspiration of Liberia to be accepted as a free and independent state within the "comity which marks the friendly intercourse of civilized and independent communities."
Listing the injustices committed against African Americans as a result of slavery in the United States, the Declaration notes the foundation of the colony by the American Colonization Society, as well as their gradual withdrawal from governance in favor of increasing self-governance by the immigrated colonists. The noted goal of Liberia is declared to be both to establish a state built upon the structure and principles of the law of nations and the Christianization and modernization of the indigenous peoples of the region. Read more @Wikipedia
An official press release by:
U.S.Department of State
Washington DC 20520
Source: MOHITH.NET
Wednesday 15 June 2011
Non-applicability of Revised Schedule VI in November, 2011 examination
Important Announcement
Non-applicability of Revised Schedule VI for November 2011 Examination
Non-applicability of Revised Schedule VI for November 2011 Examination
This is to bring to the attention of students that a decision has been taken to defer the applicability of the Revised Schedule VI for CA examination, consequent to which the same will not be applicable for the PCC, IPCC and Final examinations to be held in November, 2011.
Accordingly, in the list of publications/amendments relevant for November 2011 examination published in Students’ Journal “The Chartered Accountant Student”, the following portions given in column (4) of the table below are to be excluded:
Month of Issue | Page No. | Particulars / Heading | Portion to be excluded |
(1) | (2) | (3) | (4) |
May 2011 | 27 | List of Institute’s Publications relevant for November 2011 examination | Sl. No. III. relating to Revised Schedule VI (under Final Course Paper 1: Financial Reporting) |
May 2011 | 30 | -do- | Note 1 (Common for PCC/IPCC Paper 1/Paper 5) under Paper 5: Advanced Accounting |
June 2011 | 28-29 | Applicability of relevant amendments etc. relating to Corporate and Allied Laws (Final) for November, 2011 examination | The seventh row under the said heading relating to Schedule VI |
Further, the first sentence in the Note given in page 25 below the illustrative format of “Notes to Accounts” published in the June 2011 issue of the Students’ Journal, mentioning, inter alia, that the Revised Schedule VI is applicable from November 2011 examination should also be ignored.
Director- Board of Studies - ICAI
Source : ICAI
Announcement Relating to AS-11 - (02-04-2009)
Accounting Standard-11 relating to “The Effects of Changes in Foreign Exchange Rates” earlier prescribed under the Companies (Accounting Standards) Rules 2006 has been now amended by the Central Government, in terms of the powers conferred on them under the Companies Act, 1956, vide Notification dated 31st March, 2009. The said Notification contains an amendment i.e. a new Paragraph-46 to be inserted in the AS-11 earlier prescribed as aforementioned. The Notification so published by the Central Government is available at http://220.227.161.86/
It may be noted that the amendment as contained in the said Notification shall be applicable to corporates registered under the Companies Act, 1956.
As for entities other than those registered under the Companies Act, 1956, the Accounting Standard-11 as issued by the Institute shall continue to apply.
Source: ICAI
Source: ICAI
Friday 3 June 2011
TAX : Important Sections
| Section | Head | Limit | Remarks |
| Salary: | |||
| 10(10) | Gratuity | 1. 3,50,000 2. Actual 3. Yr*15/30*Ang salary of 10 Months(Basic+DA+Comm) | Basic + DA (forming part of retirement benefits) + Comm based on % of turn over |
| 10(10A) | Pension | If gratuity is also available: Accumulated Pension*1/3 Otherwise: Accumulated pension*1/2 | |
| 10(10AA) | Leave Encashment | 1. Actual 2. 3,00,000 3. 10 months avg salary(last drawn) 4. leave encashment max 30 days for every completed yr of service | Basic + DA (forming part of retirement benefits) + Comm based on % of turn over |
| 10(10B) | Retrenchment Compensation | 1. Actual 2. 5,00,000 3. Amount calculated in accordance with Industrial Dispute Act | |
| 10(10C) | voluntary Retirement | 1. Actual 2. 5,00,000 3. Last drawn salary*3*Months of completed yr of service 4. Last drawn salary* Balance no of months in yr of service left | |
| 10(13A) | House Rent Allowance | 1. Actual 2. Rent paid - 10% of salary 3. 40% or 50% of salary | Basic + DA (forming part of retirement benefits) + Comm based on % of turn over |
| 10(19) | Family Pension | 15000 or 1/3rd of Family Pension | |
| 11(1A) | Capital Gains | ||
| 11(2) | Accumulations of Income | ||
12 | Income from Voluntary Contributions | ||
| 13A | Tax Exemption to Political Parties | ||
| 16(ii) | Entertainment Allowance | 1. 5,000 2. Actual 3. 20% of Basic | Basic |
| House Property: | |||
| Annual Value | (a). Sum reasonably expected from letting (b). Actual rent recd or receivable (c). If owing to such vacancy actual rent recd or receivable < (a), Actual rent | GAV Less: Municiple Taxes Unrealisable rent NAV Less: 30% of NAV Int(Max 150,000) paid/payable | |
| 25AA | Arrears of rent received | Deduction 30% allowed | |
| Deductions from GTI: | |||
| 80C | LIC, PF Etc | 1,00,000* | Maximum of 1,00,000 |
| 80CCC | Pension Funds | 1,00,000* | |
| 80CCD | Pension scheme of CG | 1,00,000* | |
| 80D | Medical Insurance Premia | 20000 for SS/ 15000 for other | Spouse, Parents and children |
| 80DD | Handicapped Dependant | 75000 for severe/50000 for normal | Spouse, Parents and children, Bro & Sis (Dependent) |
| 80DDB | Medical treatment | 60000 for SS/40000 for other or Actual (Whichever is less) | |
| 80E | Higher education | Entire amount for 7 yr from Initial Ass Yr. | |
| 80G | Donation to funds etc | No ceiling of 10% of Adj GTI 50% for Gandhi, nehru/100% other Ceiling of 10% of Adj GTI 100% for family planning, sport etc 50% for mandir, charitable etc | |
| 80GG | Rent paid | 1. 2000 PM 2. 25% of TI (After all deductions) 3. Exp.-10% of TI (After all deductions) | |
| 80GGA | donation to scientific research | 100% | |
| 80GGB | Political parties by company | 100% | |
| 80GGC | Political Parties by Individual | 100% | |
| 80JJA | Bio Degradable waste | 100% for 5 consecutive assessment | |
| 80JJAA | Employement of new workmen | 30% of additional wages paid to new regular workmen for 3 Ass yr. | |
| 80LA | offshore bankng units | 100% for 5 yr/50% for next 5 yr | |
| 80P | Co Operative societies | 1. For Banking, Cottage, Fishing, Milk Etc=100% 2. Other- a. Consumer Co-Op Socity=100% b. Other=50% 3. Other=100% | |
| 80QQB | Royalty from Books | 1. Lumpsum- 100% 2. Not Lumpsum- Actual or 3,00,000 (lower) | Royalty>15% shall be ignored, if not paid Lumpsum |
| 80RRB | Royalty from Patents | Actual or 3,00,000 (lower) | Not available to NR |
| 80U | Person with Disability | 75000 for severe/50000 for normal | |
| 80-IA | a. Infrastructure | 100% for 10 yr out of 20 yr's | |
| b. Telecommunication | 100% for 5 yr and 30% for next 5 yr | ||
| c. SEZ/IT park developmt | 100% for 10 yr out of 15 yrs | ||
| d. Power business | 100% for 10 yr out of 15 yrs | ||
| 80-IAB | SEZ developmt | 100% for 10 yr out of 15 yrs | |
| Taxation of Firms: | |||
| Surcharge 10% applicable even if firms Net Income is below Rs. 1 Cr | |||
| Maximum Interest on Capital Account 12% | |||
| Remuneration to working partner only and only with authorisation in partnership deed | |||
| Maximum limit: | Business Firm | First 75,000 | 50,000 or 90% of Book Profit( Higher) |
| Next 75,000 | 60% | ||
| balance profit*(before adjusting remuneration to partners) | 40% | ||
| Professional Firm | First 1,00,000 | 50,000 or 90% of Book Profit( Higher) | |
| Next 1,00,000 | 60% | ||
| balance profit | 40% | ||
| Remuneration and Interest is allowed from presumptive income U/s 44AD,44AE & 44AF. | |||
| If there is a change in constitution of firm than share of retired partner shall not be carry forward | |||
| Presumptive Taxation: | |||
| 44AD | Civil Construction | 8% of Gross receipt | |
| 44AE | Goods carriage | 3500/3150 PM for Heavy/Light Vehicle | |
| 44AF | Retail Business | 5% of Turnover | |
| Capital Gain: | Repurchase | ||
| 54 | House to house | 1 Yr prior or 2 yr after pur/3yr construct | |
| 54B | land to land (Agri) | 2 Yr from date of transfer | |
| 54D | L&B to L&B | 3yr from date of transfer | (Compulsary Acquisition) |
| 54EC | Any capital assets to Shares etc. | 6 Month from date of transfer | |
| 54F | Other to House | 1 Yr prior or 2 yr after pur/3yr construct | Not own >1 house other than new asset |
| 54G | L&B/P&M to L&B/P&M | 1 yr prior or 3 yr after fron dt of trnsfer | (Urben to Non Urben) |
| 54GA | L&B/P&M to L&B/P&M | 1 yr prior or 3 yr after fron dt of trnsfer | (Urben to SEZ) |
| 139(3) | Return of loss | Before 31st Oct of relevant AY | |
| 139(4) | Belated return | Before 1 Yr from end of Relevent AY or Before completn of Assessment | |
| 139(5) | Revised Return | Return filed originaly U/s 139(1)/142(1) Before 1 Yr from end of AY or compln of Assessment. | |
| 139(9) | Defective/Incomplete return | ||
| 139A | PAN | ||
| 139B | Tax return prepares | ||
| 234A | Default in furnishing ROI | 1% P.M. or part of Month | |
| 234B | Default in payt of Adv. Tax | 1% P.M. or part of Month If Adv tax paid is <90% of Tax due. | From April 1 to date of determination of Income |
| 234C | Deferment of Adv tax | 1% P.M. or part of Month | |
| 234D | Int on Excess Refund | 0.50% PM or part of month |
THOUGHTS Hi friends…hope you all are fine. I hope that my first short story on success and failure helped you all…and with the same hope I have set to tell you all one another story. This may be a little big article or a short story, so I would humbly request the readers to patiently read the entire story…I would also like to add that this one is nothing similar to my earlier story..:) (THIS IS AN COMPLETE FICTION) It was February 8th 2011, I was reluctantly waiting for my CA-IPCC results, every one in the house was normal and cool as if nothing is about to happen, I was thinking what would be their reaction if they know that my ship was about to sink in the ocean, any how I was boldly waiting for my results, sitting in front of the monitor with my grandpa on my side for an support if I ….. Then the time struck 1.30 pm, the results was announced and indeed my ship sank in an edge, … I was broken my parents consoled me … saying it’s ok da it happens, just don’t give up and give your best in next attempt But I started thinking all negatively, as I would never pass again, never going to do good things happen, never going to shine, never going to get respect, and all those ugly stuffs….my grandpa watching me intently asked What thinking about results dear? He asked Yes then what else. I replied Leave it dear it’s not a big deal it happens in all walks of life to everyone in different ways..Just be positive and don’t give up. He said WHAT, NOT A BIG DEAL AFTER ALL MY HARDWORK?!!! I am never gone a achieve anything again in my life. I sobered May be your work was not upto the requirement dear, but this does not mean you could do nothing in your life, don’t think negatively of course you are gone a get through this I bet.. .he said Easy for u to say, sitting there in an easy armchair, having nice pension, good son and everything and look at me. I sobered again Ok dear, let me tell you the secret of all what you see in me. He said Now let me tell you a story of my real life experience on positive and negative thoughts and secret of the life. he said Well nothing to do immediately after failing, I sank into the chair for listening to grandpas story Well dear it was nearly 50 to 54 years back, I was going for English tuition with my two dear friend’s Sudarshan and Raglan .well about these two guys you have to know that Raglan was an complete freak he thinks every thing negatively all the time and as for the Sudarshan he is completely opposite to him. He said One day dear, while studying we came across a line on positive thoughts Instantly Sir what does positive thoughts mean? Raglan asked Our sir smiled and went to the kitchen and brought a red juicy apple and placed before us.. then he took the apple and gave it to Raglan and said “let us assume that I gave this apple to Raglan for winning in my some competition in which you both lost …so how would be, you two guys feelings on this?” he asked us I with watering mouth said: sir I would think raglan is lucky enough to get a juicy red apple. Sir laughed and he asked Sudarshan He immediately replied that “sir I would be really happy” We all asked him why He replied “sir I may have lost an apple but I gained an experience of losing an apple. Infact the very little losing experience sir” Sir smiled widely and replied now that my dears is what we call as positive thoughts...it is nothing but seeking knowledge and experience in every loss we meet Then he asked Raglan that how he would feel on losing an apple on hearing that his shoulders dropped, smile faded, and face lost in thoughts.. stop Raglan .he said Don’t sink too much in negative thoughts because everything you feared will never gone a happen it’s just a scary negative thought. Said our sir My grandpa passed for a second … I asked him that’s all what you wanted to tell me about your experience and secret No the main part is still there then he continued Then dear we all were separated in building our own fortunes … then one day I met Raglan and was very excited and asked him how was he , and what was he doing. He replied that he was some clerk in government office..And then I asked him about Sudharshan and his where about. Raglan said that sudharshan had become a successful writer. Funny I never knew about his books .I said him Of course he writes under the name The Thinker much macho isn’t it he said What I was shocked the renowned writer under the name the thinker was none other than our friend Sudharshan I greeted Raglan and came home and sat. Then grandpa stopped ….I asked him why what happened again and again Then he smiled and replied… that they experienced the power of positive thinking dear because Sudharshan was failed consecutively in 10 different careers after trying 10 times in each career and then without losing the hope he finally wrote a book named ..WHAT NOT TO DO, TO WIN IN 10 DIFFERENT CAREERS. I was just stunned and said what he used all his experience of failure and turned it into a book to win Ya ya . Replied my grandpa smiling And then he said, from that day dear I lived my life positively and as for him (sudharshan) he wrote many books on new way of thinking and living. And then I took every pain as a boon and challenge and worked very hard on it. And that’s how I am here now sitting in this easy armchair dear. AND THEN I did not reply anything to my grandpa except a thank you..infact my pains have been vanished, my spirits sprinted, and my life raced and after 90 days of hard work I gave my exams without any worry about the results, just being positive ……. Neither had I wanted to write a story like him(sudharshan) but with a hope that I could do something useful in this world for me and others with my positive thoughts I conclude my story…. |