IPCC November 2013 Result Date Announced

IPCC November 2013 Result Date Announced, Result Date of IPCC November 2013, IPCC November 2013 Result, Check IPCC November 2013 Result, Namewise Result of IPCC November 2013, IPCC November 2013 Result, Date of IPCC November 2013 result

IPCC November 2013 Result Date Announced January 31, 2014:

The result of the Chartered Accountants Intermediate (IPC) Examination held in November, 2013 are likely to be declared on Friday, the 31st January, 2014 around 4.00 P.M. and the same as well as the merit list (candidates securing a minimum of 55% and above marks and upto the maximum of 50th Rank on all India basis will be available on the following website:

www.caresults.nic.in

Arrangements have also been made for the candidates desirous of having results on their e-mail addresses to pre-register their requests at the above website, i.e., www.caresults.nic.in from 27th January, 2014. All those registering their requests will be provided their results through e-mail on the e-mail addresses registered as above immediately after the declaration of the result.

In addition to above, it may be noted that for accessing the result at the above website i.e. www.caresults.nic.in the candidate shall have to enter his registration no. and/or PIN no. alongwith his roll number.

For getting results through SMS candidates should type:

(i) for Intermediate (IPC) Examination result the following

CAINTER(Space)XXXXXX (where XXXXXX is the six digit Intermediate (IPC)

Examination roll number of the candidate)

e.g. CAINTER 002971

and send the message to 58888 - for all mobile services

ICAI Branch in Sikar CICASA Branch at Sikar Rajasthan

ICAI Branch in Sikar, CICASA Branch at Sikar Rajasthan:

ICAI Branch in Sikar CICASA Branch at Sikar Rajasthan, ICAI Sikar Branch, Sikar Branch of ICAI, ICAI Sikar Branch Address and Contact Number, ICAI SIkar Branch Contact Number, Sikar Branch of CICASA

The Institute of Chartered Accountants of India has been announced to set up a ICAI Branch at Sikar, Rajasthan with effective from 2nd January 2014. The ICAI has passed a notification related to this. You can read this notification here.
"In pursuance of Regulation 81(5) of the Chartered Accountants Regulations, 1988, read with Rule 4 of the Chartered Accountants Students' Association (CICASA) Rules, the Council of the Institute of Chartered Accountants of India is pleased to announce the setting up of  a branch of Central India Chartered Accountants Students' Association at Sikar with effect from January 2, 2014.

The Branch shall be known as Sikar Branch of CICASA."

CA IPCC May 2013 Topper Kruti Shah Interview: CA Toppers Interviews

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CA IPCC May 2013 Topper (1st Rank) Kruti Shah Interview:  CA Toppers Interviews:

·  Kruti B Shah a Mumbaikar, has topped the all India Chartered Accountancy (CA) examination. She is a shy girl with aspirations of pursuing Law after this. She has credited her success to her parents and teachers. A very positive and down to earth girl who is very happy to have this achievement. Let us find out what she has to say

First of all many congratulations to you, Kruti.

Thank you!!

So how are you feeling now after getting 1st rank in CA Final. 

Amazing, feeling like top of the world.

Ok nice!! So, what was your first reaction? 

It was very difficult to believe initially. Then I checked the site again and saw that I have cleared it with a rank. I was at home only with my family and shared the moment with them, the first person I told this is my mother.

So, how important is this for you?

It is the biggest achievement. Nothing can be better than this. It's the biggest milestone that I have ever dreamed to cross.

Now expectations from everywhere must be high.

Ya you are right.

Who guided you in this whole journey and anyone who inspired you?

Everyone- all my teachers and my tutorials, my seniors at my workplace and everyone use to guide me in this whole journey.

Any special name you would like to mention or you would like to thank?

I would definitely thank all my teachers and specially my principal. My family was the one who motivated me. They have always inspired me to work hard and were very supportive.

So, Kruti, how you have achieved this? What was your schedule, time-table and strategy?

Actually, I used to go to the library early morning at 8 o'clock and I used to study till 11 and I used to take a small break, just to keep myself fresh. I have prepared in such a manner that I could get time to revise two times at-least before the day of examination. So, I have planned in such a manner that I could revise and be prepared with all the things before the exams. I never used to count how many number of hours I have spent in a day on study, I used to keep on studying unless I am tired.

It must be varying from day to day according to your mood!!

Ya (smiles)...

Would you suggest some tips on how to prepare for the exams and how to attempt for the exams for your juniors?

Definitely, I would just tell them that never be afraid of whatever is there in the paper. Everything is possible. Even if it is difficult, you can patiently and calmly try and put all your efforts and you will definitely be able to crack it. Panic is something which many times cleans away whatever is there in our mind. And we definitely have mock-test so we can get a glimpse of how to appear in the final exam. So, I would recommend everyone to have mock-test before appearing for the exams.

What is the importance of Articleship, how it fits in the exam?

It definitely does help you in subjects like DT, IDT comes, Articleship comes to a great rescue; like when you do it practically, you get to know more things, you get interest in it. I actually, used to love studying DT, IDT books because we had some practical knowledge, like how actually does the thing happen and studying that one was a great fun. So one should take his/her articleship very seriously, seniors also comes as a great help and guide you in exams.

So, what are you saying is that one should give good number of mock tests before appearing for examination?

Not much but atleast if possible, once or twice; so that one can have an idea of in 3 hours how to write a paper, whether you are able to complete and what kind of paper pattern is that. Actually, I got to learn many things from the mock test.

Any hurdles you have faced in this whole journey, you would like to share with us?

Whatever challenges were there, all my friends, my family was always there to support me. It wasn't difficult to come out of it. I think I am blessed for having such a great family as well as friends and teachers around me.

So, what is your next plan after this?

Actually, I am planning to do LLB.

That's really interesting because in the past we have interacted with previous toppers but none of them have showed their interest in Law after CA.

Ya, I have already applied at GLC, Mumbai. Have not planned yet that what I will do after that, may be will go in corporate law or something but right now I am concentrating on law.

Interesting!! Rank No. 1 and Rank No. 2, both are from Mumbai so how does it feel?

It feels great when we see that Mumbai is having toppers and we can prove that Mumbai students are bright. Usually, it is from Chennai or from somewhere else we feel that ranks will come from there, but from past 2 years it's from Mumbai so we feel great.

So, do you have any message for the aspiring CA students?

Just do your best and leave the rest for God to decide. He will definitely give you what you what you want.

Thanks a lot Kruti for your time, now we would wish you for the celebrations. Once again congratulations and all the best for your future!

Thank you!!

CA Final Nov 2013 Result CPT December 2013 Result on Caresults.nic.in

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CA CPT December and Final November 2013 Exam Result:

The result of the Chartered Accountants Final Examination held in November, 2013 and Common

Proficiency Test (CPT) held in December, 2013 are likely to be declared on Wednesday, the 15th

January, 2014 around 2.00 P.M. and the same as well as the merit list (candidates securing a minimum

of 55% and above marks and upto the maximum of 50th Rank in the case of Final Examination and

candidates securing a minimum of 60% and above marks and upto the maximum of 10th Rank in the case

of Common Proficiency Test and in accordance with the decision of the Examination Committee) on all

India basis will be available on the following website:

www.caresults.nic.in

Arrangements have also been made for the students of Final Examination and Common Proficiency

Test (CPT) desirous of having results on their e-mail addresses to register their requests at the above

website, i.e., http://www.caresults.nic.in from 10th January, 2014. All those registering their requests

will be provided their results through e-mail on the e-mail addresses registered as above immediately after

the declaration of the result.

In addition to above, it may be noted that for accessing the result at the above website i.e.

http://www.caresults.nic.in the student shall have to enter his registration no. and/or PIN no. alongwith his

roll number.

Further, facilities have been made for students of Final Examination and Common Proficiency Test

(CPT) held in November/December, 2013 desirous of knowing their results with marks on SMS. The service

will be available through India Times.

For getting results through SMS, students should type:

i) for Final Examination result the following

CAFNL(space)XXXXXX (Where XXXXXX is the six digit Final examination roll number of the

candidate)

e.g. CAFNL 000028

ii) for Common Proficiency Test result the following

CACPT(Space)XXXXXX (Where XXXXXX is the six digit Common Proficiency Test roll

number of the candidate

e.g. CACPT 000171

and send the message to:

58888 - for all mobile services

Dates of CA Final May 2014 Exams, CA Exam Dates May 2014

Dates of CA Final May 2014 Exams, CA Exam Dates May 2014, IPCC May 2014 Exam Dates, Chane in CA Final May 2014 Exam Dates

Dates of CA Final May 2014 Exams, CA Exam Dates May 2014:

There is a lot of confusion about the CA Final May 2014 Exam Dates and IPCC May 2014 Exam Dates due to Lok Sabha Elections. Election Commission has recently announced that Lok Sabha Elections will be held in six phases starting from April 2014 to Mid of May 2014.

So there is most probability of changing of the Exam Dates of CA Final May 2014 and IPCC May 2014 Exam Dates. Normally. ICAI organises the CA Exams that starts from the first 4 days of May to 20th May. But there may be some amendments in the Exam Dates of CA Final Exams of May 2014 due to Lok Sabha Elections. Still, the ICAI has not yet announced any press release or notification related to the Exam Dates of CA Final May 2014 Exams.

Online Registration of GMCS ITT and OT in CA Course icaionlineregistration.org

Online Registration Portal for GMCS ITT and OT in CA Course, Online Registration of GMCS, Online Registration of  ITT, Online Registration of Orientation Program in CA Course, www.icaionlineregistration.org/index.html

Online Registration of GMCS ITT and OT in CA Course icaionlineregistration.org:

ICAI has started an Online Registration Portal for GMCS, ITT and Orientation Program on All India Basis. BOS has developed Online Registration Portal for GMCS, ITT and OT. Now you can do online registration of GMCS, ITT and Orientation Program across India. Students can register online for GMCS, ITT and OT from anywhere and for anywhere ( Any Branch). In the first phase, "Faculty Module" of Online Registration Portal has been started on 20th December 2013 for registration as a Faculty for GMCS, ITT and OP Course. Visit icaionlineregistration.org/index.html

You can check here this facility and register online for GMCS, ITT and OP courses. You can visit here for Online Registration of GMCS, ITT and OP course.

icaionlineregistration.org

Non-applicability of Companies Act 2013 for May 2014 Examinations and Nov 2014 Exams

Non-applicability of Companies Act 2013 for May 2014 Examinations and Nov 2014 Exams:

Non-applicability of Companies Act 2013 for May 2014 Examinations, Applicability of New Companies Act for CA Final May 2014 Exams, Applicability of New Companies Act for CA Final November 2014 Exams

Non-applicability of Companies Act, 2013 for May 2014, Examinations:

ICAI has released a notification related to the Applicability of New Companies Act 2013 for CA Final and IPCC Exams of May 2014 and November 2014. As per ICAI Notification, the Companies Act 2013 is not applicable for May 2014 exams of CA Final and IPCC.

ICAI Notification on Companies Act 2013:

"This is to bring to the notice of students that the Companies Act, 2013 notified in the Official Gazette on 30th August, 2013 (with partial enforcement of only 98 sections of the Companies Act, 2013 from 12th September, 2013) shall not be applicable for May 2014 examinations both at the Intermediate (IPC) and Final levels. The examinations will be based only on the existing syllabus. "

You can also find out the notification related to Applicability of Companies Act 2013 for May 2014 Exams here.

Electronic filing of Annexureless Return of WEALTH TAX Sections 14A & 14B

Electronic filing of Annexureless Return of WEALTH TAX Sections 14A & 14B:

(Effective from 1st June, 2013) 

As per section 14 of the Wealth-tax Act, 1957, every person, whose net wealth or net wealth of any other person in respect of which he is assessable under the Act on the valuation date, exceeds the maximum amount not chargeable to wealth-tax, is required to furnish a return of his net wealth or the net wealth of such other person as on the valuation date in the prescribed form and verified in the prescribed manner setting forth particulars of the net wealth and such other particulars as may be prescribed. 

The Wealth-tax Act, 1957 and the Wealth-tax Rules, 1957 require furnishing of certain documents and reports along with the return of net wealth. Consequent to implementation of e-filing of income-tax returns and making the same mandatory for certain classes of income-tax assessees, sections 139C and 139D were introduced in the Income-tax Act, 1961. These sections contain enabling provisions for electronic filing of annexure-less return of income. Likewise, for promoting electronic filing of annexure-less return of net wealth, new sections 14A and 14B have been inserted in the Wealth-tax Act, 1957 in line with sections 139C and 139D of the Income-tax Act, 1961.

Section 14A empowers the CBDT to provide for a class or classes of persons who may not be required to furnish documents, statements, certificates, audit reports, reports of registered valuers etc. which are otherwise required to be furnished under any other provision of the Wealth-tax Act, 1957 (except section 14B) along with the return of net wealth. However, such documents, statements etc. have to be produced on demand before the Assessing Officer. 

Penalty on failure of furnish Annual Information Return section 285BA(5)

Penalty on failure of furnish Annual Information Return section 285BA(5):

Higher penalty for failure to furnish Annual Information Return in response to notice under section 285BA(5) [New section 271FA] 

As per section 285BA(1), the persons listed there under who are responsible for registering, or, maintaining books of account or other document, containing a record of any specified financial transaction, are required to furnish an annual information return in respect of such transactions within the time prescribed under section 285BA(2) i.e.,on or before 31st August, immediately fol owing the financial year in which the transaction is registered or recorded. 

If the annual information return has not been furnished within the prescribed time, section 285BA(5) empowers the Director of Income-tax (Central Information Branch) to issue notice requiring furnishing of annual information return within a period not exceeding 60 days from the date of service of such notice. 

At present, under section 271FA, if a person who is required to furnish an annual information return, as required under section 285BA(1), fails to furnish such return within the time prescribed under that sub-section, the prescribed income-tax authority may direct that such person shal pay, by way of penalty, a sum of  Rs. 100 for every day during which the failure continues.

Section 271FA has now been substituted to provide that if a person who is required to furnish an annual information return, as required under section 285BA(1), fails to furnish such return within the time prescribed under section 285BA(2), the prescribed income-tax authority [i.e., Director of Income-tax (Central Information Branch)] may direct that such person shal pay, by way of penalty, a sum of `100 for every day during which the failure continues.

Further, where such person fails to furnish the annual information return within the period specified in the notice under section 285BA(5), he shal pay, by way of penalty, a sum of five hundred rupees for every day during which the failure continues, beginning from the day immediately following the day on which the time specified in such notice for furnishing the return expires.

Penalty :

The penal provisions under section 271FA w.e.f. 1st April, 2014 are summarized below -

i.) 285BA(1)  Rs. 100 per day of 1st September immediately fol owing the continuing default financial year in which the transaction is registered or recorded til the date of furnishing the AIR or the date of expiry of the

time specified in the notice under section 285BA(5), whichever is earlier.

ii.) 285BA(5) Rs. 500 per day of The day immediately following the day on continuing default which the time specified in notice under section 285BA(5) for furnishing the AIR expires til the date of furnishing of AIR.

(Effective from 1st April, 2014) 

Sec 194-IA of Income Tax Act TDS on Immovable Property

Sec 194-IA of Income Tax Act TDS on Immovable Property:

A New Section 194-IA has been inserted in the Income Tax Act, 1961 of India. Section 194 IA is inserted for TDS liability on transfer of Immovable Property other than Agricultural Land.

Tax to be deducted from payment on transfer of certain immovable property other than agricultural land [New Section 194-IA] 

TDS will be deducted at the rate of 1% of the sales consideration amount of immovable property if the sales consideration of such property exceeds RS. 50 Lakhs. Section 194-IA applies all immovable properties other than Agricultural land.

In case of transfer of immovable property by a non-resident, the TDS provisions under section 195 are attracted in the hands of the transferee. However, in case of transfer of immovable property by residents, there is no requirement to deduct tax at source, the only exception being a case of compulsory acquisition of immovable property (other than agricultural land) in respect of which tax deduction is required under section 194LA.

For the twin purposes of having a reporting mechanism of transactions in the real estate sector and also collecting tax at the earliest point of time, new section 194-IA has been inserted to require every transferee responsible for paying any sum as consideration for transfer of immovable property (land, other than agricultural land, or building or part of building) to deduct tax, at the rate of 1% of such sum, at the time of credit of such sum to the account of the resident transferer or at the time of payment of such sum to a resident transferer, whichever is earlier.

However, tax is not required to be deducted at source where the total amount of consideration for the transfer of immovable property is less than  Rs. 50 lakh.

            

CA CPT DECEMBER 2013 RESULT DATE ON CARESULTS.NIC

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CA CPT DECEMBER 2013 Result Date on caresults.nic:

The ICAI has conducted the CA CPT Exam on 15th December 2013. Result Date of CA CPT Dec 2013 exam is not yet declared by the Institute of Chartered Accountants of India but it is expected to be declare after 15th January 2014. CA CPT Result Date is mostly declared by the ICAI before 5 to 7 days of the result. So still there is no announcement about the CPT December 2013 Exam Result Date.

The ICAI has conducted the CA CPT December Exam on almost 150 centers across India on 15th December 2013. After the examination, every students wants to get the CA CPT Exam Answer Key but it is difficult to get. Because the ICAI never announce the Answer Key of CA CPT Exam. You may find some answer keys posted by many sites, but it is not 100% correct because it is prepared on the basis of virtual memory of the students.

There are so many students who wants to get the CA CPT Result Namewise but it is quite impossible to get the CPT Result Name wise. As the ICAI announces the Date of CA CPT Result, we will publish it into the post. So if you want to get the announcement quickly, please subscribe us through e-mail. As the CA CPT December 2013 Result Date announces, you will get an e-mail for this.
So subscribe us or stay tuned with us.

Rebate of Rs. 2000 in Tax Payable under section 87 of Income Tax Act

Rebate of up to  Rs. 2,000 for resident individuals having total income of up to 5 lakh [New Section 87A]

Rebate of Rs. 2000 in Tax Payable under section 87 of Income Tax Act:

Related amendment in section: 87

(i) In order to provide tax relief to the individual tax payers who are in the 10% tax slab, section 87A has been inserted to provide a rebate from the tax payable by an assessee,being an individual resident in India, whose total income does not exceed Rs. 5,00,000.

(ii) The rebate shall be equal to the amount of income-tax payable on the total income for any assessment year or an amount of  Rs. 2,000, whichever is less.

(iii) Consequently, any individual having total income up to Rs. 2,20,000 will not be required to pay any tax. Further, every individual having total income above Rs. 2,20,000 but not exceeding  Rs. 5,00,000 shall get a tax relief of Rs. 2,000. In effect, the rebate would be the tax payable or Rs. 2,000, whichever is less.

(iv) Consequential amendment has been made in section 87 providing that in computing the amount of income-tax on the total income of an assessee with which he is chargeable for any assessment year, rebate as computed under section 87A shall be allowed.

(v) Further, the aggregate amount of rebate under section 87A shall not exceed the amount of income-tax (as computed before al owing such rebate) on the total income of the assessee with which he is chargeable for any assessment year.

(Effective from A.Y.2014-15) 

For Example you can understand the accurate situation and method of taxation after taking the benefit of this section:

The gross total income of Mr. X, a resident aged 30 years, for the P.Y.2013-14 comprises of salary Rs. 5,05,000 and interest on savings bank Rs.8,000. Compute his tax liability for the A.Y.2014-15, assuming that he has deposited Rs. 50,000 in public provident fund.  

Solution:

Computation of total income of Mr. X for the A.Y.2014-15

Salary                                                                 Rs. 5,05,000

Interest on savings bank account                          Rs. 8,000

Gross Total Income                                             Rs. 5,13,000

 Less: Deductions under Chapter VIA

          Section 80C (deposit in PPF)                    Rs.  50,000

            Section 80TTA (interest on savings bank account)  Rs. 8,000 

            Total Income                                        Rs.     4,55,000

            Tax on total income@10% of  Rs. 2,55,000 ( Rs. 4,55,000 – 2,00,000) = Rs. 25,500

             Less: Rebate under section 87A                   Rs. 2,000

                                                      Tax                        Rs. 23,500

             Add: Education cess@2%                               Rs.  470

            Secondary and higher education cess@1%       Rs. 235

           

            Total tax liability                                           Rs.  24,205 

  

Welcome on my new blog - Tax Amendments

Hello Friends..!!

 Myself is Vikram Jakhar, a CA Final Students from New Delhi. Today I'm going to start writing blog on Tax Amendments. I'll always try to be up to date you with all amendments of Income Tax Act, 1961, Service Tax and Custom Act. If you've found any new amendments from which i am not aware, please inform me through e-mail.

With Regards,
Vikram Jakhar
e-mail: vikram.jakhar.ca@gmail.com