Important Announcement Sub: Exclusion of certain topics from the Paper 7A of IPCC – Information 2013 examination and onwards It has been decided that in IPCC Group II Paper 7A: Information Technology will be asked from the following Chapters/Units from the study material in and onwards. Chapter Number Chapter/UnitName Excluded Portion Chapter 1 Unit I: Introduction to Computers Unit II: Input and Output Devices Complete unit Complete unit Chapter 4 Internet and Other Technologies Electronic Data In It is further clarified that complete Unit III “Software” of Chapter 1 and apart from EDI in Chapter IV: Internet and Other Technologies would continu for May 2013 examination. IPCC students may note that in the July, 2012 edition of Vol. I of the IPCC Pap Material, in pages 2.25, 2.53, 2.66 and 2.71 of Chapter 2 Unit 1: Preparation of Financial S expenses has been erroneously shown in the Balance Sheet instead of being expensed off as per para 5 Assets’. Unit 1 of Chapter 2 has, accordingly, been modified to inter alia incorporate th further updated to reflect the latest provisions. The updated chapter has been hosted on the inst www.icai.org>>Students>>BoS Knowledge Portal>>Study Material>>IPCC>>Accounting>>V
Transcript
Important Announcement
Sub: Exclusion of certain topics from the Paper 7A of IPCC – Information Technology for May 2013 examination and onwards
It has been decided that in IPCC Group II Paper 7A: Information Technology paper, no questions will be asked from the following Chapters/Units from the study material in May 2013 examination and onwards.
Chapter Number Chapter/UnitName Excluded Portion
Chapter 1 Unit I: Introduction to ComputersUnit II: Input and Output Devices
Complete unitComplete unit
Chapter 4 Internet and Other Technologies Electronic Data Interchange (EDI)
It is further clarified that complete Unit III “Software” of Chapter 1 and all other topics apart from EDI in Chapter IV: Internet and Other Technologies would continue to be applicable for May 2013 examination.
IPCC students may note that in the July, 2012 edition of Vol. I of the IPCC Paper 1: Accounting Study Material, in pages 2.25, 2.53, 2.66 and 2.71 of Chapter 2 Unit 1: Preparation of Financial Statements, preliminary expenses has been erroneously shown in the Balance Sheet instead of being expensed off as per para 56 of AS 26 ‘Intangible Assets’. Unit 1 of Chapter 2 has, accordingly, been modified to inter alia incorporate the above correction and further updated to reflect the latest provisions. The updated chapter has been hosted on the institute’s website www.icai.org>>Students>>BoS Knowledge Portal>>Study Material>>IPCC>>Accounting>>Vol.I chapter 2 .
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Thursday, 7 March 2013
Secondment in CA Articleship
Secondment is the process where articles of one firm are interchange with another firm, by secondment CA firms get benefit of new ideas of new article where as article get benefit of new working environment. Secondment can be taken in last year of Articleship. If you don't want to go for Industrial training then you should go for secondment.
This Article has been posted by Vinanti Zatakiya. She Can be reached at [email protected]
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Service Tax Notification
CBEC Extends Date of Submission of the Form ST-3 for the Period from 1st July 2012 to 30th September 2012, from 25th March, 2013 to 15th April 2013.
In exercise of the powers conferred by sub-rule(4) of rule 7 of the Service Tax Rules, 1994, the Central Board of Excise & Customs (CBEC) hereby extends the date of submission of the Form ST-3 for the period from 1st July 2012 to 30th September 2012, from 25th March, 2013 to 15th April' 2013.
The circumstances of a special nature, which have given rise to this extension of time, are as follows:
• The Form ST-3 is expected to be available on ACES around 20th March, 2013.
• This will result in all the assessees attempting to file their returns in a short time period, which may result in problems in the computer network and may cause further delay and inconvenience to the assessees.Subscribe to Studycafe by Email
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Wednesday, 6 March 2013
DUE DATE TO DEPOSIT TDS MARCH 2013 ,FORM 16 ,16A , 24Q,26Q
Due date to deposit tax deducted(TDS) in March 2013 is30.04.2013
Etds return due date for salary Q4 *(01.01.2013to 31.03.2013) *(form 24 Q) is15.05.2013
Etds return due date for other than salary **Q4*(01.01.2013 to 31.03.2013) (26q) is 15.05.2013
Due date for form 16(salary) Fy 2012-13 is 31.05.2013*Due date for Form 16A quarter four (01.01.2013 to 31.03.2013) is 30.05.2013*Please note down all date given above and make sure that you are on time in each case.
Due date to deposit the tax deducted on amount/Income paid in March 2013 and Tax deducted on provisions created in March 2013 is 30.04.2013. This is as per notification 41/2010 (see whole notification attached above in this regards.)
This Article has been posted by Vinanti Zatakiya. She Can be reached at [email protected]
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Finance Minister P. Chidambaram has presented a conventional Budget. He has not touched the income tax slabs, and has abstained from major tax concessions. Given below are the key highlights of the Union Budget 2013-14:
Highlights of the Budget 2013
Macro Statements
India faces challenge of getting back to its potential growth rate of 8 per centOnly China and Indonesia growing faster than IndiaPlan expenditure pegged at Rs. 555,322 croreNon-plan expenditure pegged at Rs. 11,09,975 crore for 2013-14Revised estimate for total expenditure is Rs. 14.3 trillion in 2012/13, which is
96 percent of budget estimate India's greater worry is the current account deficit - will need more than $75
billion this year and next year to fund deficitFood inflation is worrying, will take all steps to augment supply side3000 km of road projects to be awarded in the first six monthsRefinancing capacity of SIDBI increased to Rs. 10,000 crore from Rs. 5,000
crore for MSMEsHousehold sector must be incentivised to save in financial instruments rather
than goldAllocation to defence spending up 4.5 per cent at Rs. 2.03 trillionNational Institute for Sports to train coaches to be set up at Patiala at a cost
of Rs. 250 croreClean drinking water and sanitation to get Rs. 15,260 croreRs. 1,400 crore to set up water purification plants to fight fluoride affected
areasProposal to set up India's first women's bank as a PSU bank; initial capital to
be Rs. 1,000 croreSIDBI's refinancing capacity increased to Rs. 10,000 crorePSU banks to get Rs. 14,000 capital infusion in FY142 new ports to be set up in West Bengal and Andhra PradeshKYC of banks will be sufficient to acquire insurance policies, banks to act as
brokersFY13 fiscal deficit estimated at 5.2 per cent; FY14 fiscal deficit estimated at
4.8 per centRs. 6,275 crore allocated to Ministry of Science and Technology; Rs. 5,880
crore to Department of Atomic EnergyAll cities with population of more than 1 lakh to be covered with FM radio
services11 lakh beneficiaries have received benefit under Direct Benefit Transfer
schemeRs. 532 crore to make post offices part of core bankingGrant of Rs. 100 crore each to AMU (Aligarh), BHU (Varanasi) and TISS
(Guwahati) and INTACH.By 2025 India can be a $5 trillion economy.
Policy Proposals
Tax Administration Reforms Commission to be set up to review tax lawsOil and gas policy will be reviewed and changed from a profit-sharing
structure to a revenue sharing structureNatural gas pricing policy will be reviewedNELP projects that were stalled will be clearedA PPP policy framework is being devised with Coal India as a partner to
provide coal to power producers. The Coal Ministry is working on it.A proposal to amend the SEBI Act to strengthen the regulator is under
considerationCabinet committee on investment set up to monitor stalled projects and
guide decision makingThe Insurance Law Amendment Bill and the PFRDA Bill are before the House,
hope it gets passed in this sessionFIIs can participate in Exchange Traded Currency DerivativesNirbhaya fund set up with an allocation of Rs. 1,000 crore set up to ensure
safety and security of women10 per cent stake or less will be treated as FII, and stake of more than 10 to
be treated as FDI Insurance companies can open branches in Tier II cities without prior
approval of IRDACompany investing Rs. 100 crore or more between now and 2015 will be
entitled to deduct an investment allowance of 15 per cent in addition to depreciation
Government has decided to constitute a regulator for the road sectorGovernment committed to food security bill. Rs. 10,000 crore set apart for
expenditure likely under the ActTax Proposals
Surcharge of 10% on persons whose taxable income exceeds Rs. 1 croreThe current slabs were introduced last year. Hence, there is no case of
revision, says ChidambaramRs. 5,87,082 crore to be transferred to states under share of taxes and non-
plan grants in 2013-14Person taking a loan for his first home during the period 2013-14 will be
entitled to an additional deduction of Rs. 1 lakhSurcharge of 10% on persons whose taxable income exceeds Rs. 1 croreTDS of 1 per cent on land deals over Rs. 50 lakhExcise duty on certain SUVs hiked to 30 per centSpecific excise duty on cigarettes increased by 18 per centOn mobile phones priced at more than Rs. 2000, excise duty hiked to 6 per
centExcise rate, service tax rate unchangedNon tax benefits to SME units to remain for 3 years after they outgrow from
the category Import duty on rice bran oilcake withdrawnNo change in basic customs duty rate of ten per cent and service tax rate of
12 per centDirect Taxes Code (DTC) bill to be introduced in current Parliament session:
FMNo change in peak rate of customs duty for non-agriculture productsModified GAAR norms to be introduced from April 1, 2016Commodities transaction tax levied on non-agricultureCommodities futures contracts at 0.01 per cent
This Article has been Posted By CA Kamal Choudhary. He can be reached at [email protected]
To Download Budget Highlights Click here
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Wednesday, 27 February 2013
Service Tax Notification 01/2013-ST dt. 22-02-2013
MOST AWAITED SERVICE TAX RETURN FORM (FORM ST -3) RELEASED:
Central Government vide Notification No. 01/2013-ST dated 22.02.2013 has released the most awaited form for filing of Service Tax Return for the period July, 2012 to September, 2012. For new form of Service Tax Return. Government has also inserted proviso in Rule 7(2) of Service Tax Rules, 1994 to provide 25th March, 2013 as last date for filing of Service Tax Return for the period July, 2012 to September, 2012.
Please click on the link below to read the Notification:http://servicetax.gov.in/st-notfns-home.htm
This Article has been Posted By CA Kamal Choudhary. He can be reached at [email protected]
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Saturday, 23 February 2013
Revised passing requirements for Common Proficiency Test (CPT) effective from June, 2013
Announcement20th February,
2013
Revised passing requirements for Common Proficiency Test (CPT) effective from June, 2013
“A candidate for the Common Proficiency Test shall ordinarily be declared to have passed the test if he obtains at one sitting a minimum of thirty per cent marks in each section and a minimum of fifty per cent marks in the aggregate of all the sections, subject to the principle of negative marking, in such manner as may be determined by the Council, from time to time.”
¼ (one fourth) mark shall continue to be deducted for each wrong answer and multiple darkened circles for a question will also be treated as wrong answer.
Accordingly, the minimum marks required in each section and in the aggregate in all sections of CPT as per the revised passing requirements will be as under:-
(Mandatorily to be secured after negative marking)
AFundamentals of 60 18
Accounting
B Mercantile Laws 40 12
C General 50 15
Economics
D Quantitative 50 15
Aptitude
Total 200 100*
*A candidate is required to secure a minimum of 30 per cent marks in each Section and a minimum of 50 per cent marks in aggregate in all the four Sections to pass the Common Proficiency Test.
In other words, it is clarified that if a candidate secures a minimum of 50 per cent marks in the aggregate but fails to secure the minimum marks required in any one or more of the sections A, B, C or D (as mentioned above), his result will be FAIL. Similarly, if a candidate secures a minimum of 30 per cent marks in each section but fails to secure 50 per cent marks in the aggregate of all sections, his result will be FAIL. The following table will further illustrate the revised passing requirements :-
M A R K S S E C U R E D #
Section A Section B Section C Section D
Cand-
FundamentalsMercantile General Quantitative Total
of Accounting Laws Economics Aptitude
Result
idate
MarksMaximum Marks
Maximum Marks
Maximum Marks
Maximum Marks
Maximum
obtained Marks
obtained Marks
obtained Marks
obtained Marks
obtained Marks
1. A 55 60 25 40 28 50 17 50 125 200PASS
2. B 36 60 20 40 15 50 29 50 100 200PASS
3. C 47 60 25 40 23 50 10 50 105 200FAIL
4. D 30 60 22 40 25 50 15 50 92 200FAIL
5. E 17 60 20 40 15 50 10 50 62 200FAIL
# Marks secured are after negative marking, if any, for wrong answers/multiple darkened answers for a question/s.
Complete text of the said Notification is hosted on www.icai.org under the link “Notifications” on home page.
EXAMINATION DEPARTMENT
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3/6/2013
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MOST AWAITED SERVICE TAX RETURN FORM (FORM ST -3) RELEASED:Central Government vide Notification No. 01/2013-ST dated 22.02.2013 has released the most awaited form for filing of Service Tax Return for... Posted By: www.studycafe.in
