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Wednesday 15 June 2011

Non-applicability of Revised Schedule VI in November, 2011 examination

Posted by VENKATESWARULU On 00:45

                                   Important Announcement
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)

Posted by VENKATESWARULU On 00:37

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://220.227.161.86/15726mca193_and_194.pdf
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

Friday 3 June 2011

TAX : Important Sections

Posted by VENKATESWARULU On 08:20


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….

 
 
 
With Best SUPPORT from CA AV HARANATH BABU