Due date of Filing Income tax Return Extended for A.y 2012-12

On consideration of the reports of disturbance of general life caused due to failure of power and further in consideration of the fact that the e-filing of returns for a specified category of individuals and HUF has been made mandatory, the Central Board of Direct Taxes, in exercise of powers conferred under section 119 of the Income Tax Act, 1961, hereby extends the 'due date' of filing of returns of income for the Assessment Year 2012-13 to 31st August 2012 in respect of assessees who are liable to file such returns by 31st July 2012 as per provisions of section 139 of Income Tax Act, 1961.


To see the official notification click here

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List of offices of Registrar of Companies

List Registrars

Andaman (The Deputy Chief Commissioner is Ex-officio Registrar of Companies) The Registrar of Companies Andaman, Port Blair, ANDAMAN-744 101. Andhra Pradesh Registrar of Companies Andhra Pradesh, 2nd Floor, CPWD Bldg., Kendriya Sadan, Sultan Bazar, Koti, HYDERABAD - 500 195 Ph. 040-4657937, 4652807 Fax: 040-4652807 E-mail: rochyd.sb[at]sb[dot]nic[dot]in Assam, Tripura, Manipur, Nagaland, Meghalaya, Arunachal Pradesh, Mizoram and Shillong Registrar of Companies Assam, Tripura, Manipur, Nagaland, Meghalaya, Arunachal Pradesh, Mizoram and Shillong Morello Building, Ground Floor, Kachari Road, SHILLONG - 793 001 Ph. 0364-223665 E-mail: rocshi.sb[at]sb[dot]nic[dot]in Bihar and Jharkhand (ROC, Patna shall act as Registrar for registration of companies in Jharkhand State vide Notification No. S.O. 1144 (E), dt. 21.12.2000. Registrar of Companies Maurya Lok Complex, Block-A, 4th Floor, Dak Banglow Road, PATNA - 800 001 Ph. 0612-222172 E-mail: rocpat.sb[at]sb[dot]nic[dot]in Chhattisgarh Refer under Madhya Pradesh and Chhattisgarh Delhi & Haryana-I Registrar of Companies Delhi & Haryana, II Floor, B Block, Paryavaran Bhawan, CGO Complex, Lodi Road, NEW DELHI - 110 003 Ph. 011-24362708, 24362523, 24362771 Fax: 011-24364570 E-mail : rocdel.sb[at]sb[dot]nic.in Delhi & Haryana-II (for private limited companies and certain other business) Registrar of Companies Jawaharlal Nehru Stadium, Lodhi Road NEW DELHI - 110 003 Ph. 24369740, 24369742 E-mail: rociln.sb[at]sb[dot]nic[dot]in Goa, Daman & Diu Registrar of Companies Goa, Daman & Diu, EDC Complex, Plot No. 21, Patto, Panaji, GOA - 403 001 Ph[dot]/Fax: 0832-2438617/2438618 E-mail:roc-goa[at]hub[dot]nic[dot]in Gujarat Registrar of Companies Gujarat ROC Bhawan, Opp. Rupal Park Society Behind Ankur Bus Stand, Naranpur, AHMEDABAD-380013 Ph. 079-27437597 Fax: 079-27438371 E-mail: rocahm.sb[at]sb[dot]nic[dot]in Jammu & Kashmir Registrar of Companies Jammu & Kashmir H. NO. 405 to 408, Bahu Plaza South Block, Rail Head Complex, Jammu, J&K-180012 Ph. 0364-470306 Fax: 0191-470306 E-mail: rocjam.sb[at]sb[dot]nic[dot]in Office of ROC SRINAGAR - 470595 Jharkhand Refer under Bihar and Jharkhand Karnataka Registrar of Companies Karnataka `E' wing, 2nd Floor, Kendriya Sadan Koramangala, BANGALORE-560 034 Ph. 080-5538531 Fax. 080-5528531 E-mail: rocban.sb[at]sb[dot]nic[dot]in Kerala, Union territories of Amindivi, Minicoy and Lakshadweep Islands Registrar of Companies Kerala, M.G. Road, Ernakulam, COCHIN-682 011 Ph. 0484-355231 Fax: 0484-361424 E-mail: rocern.sb[at]sb[dot]nic[dot]in Madhya Pradesh and Chhattisgarh (ROC, Gwalior shall act as Registrar for registration of companies in Chattisgarh State vide Notification No. S.O. 1144 (E), dt. 21.12.2000. Registrar of Companies Madhya Pradesh, 3rd Floor, `A' Block, Sanjay Complex, Jayendra Ganj, GWALIOR Ph. 0751-2321907 Fax: 0751-2331853 E-mail: rocgwa.sb[at]sb[dot]nic[dot]in Maharashtra-I (except for districts covered by ROC Pune), Dadra and Nagar Haveli (Nasik District has been re-transferred to ROC Mumbai vide DCA F. No. 11013/1/98 - Admn. II, dt 26.2.1999 Registrar of Companies Maharashtra 100, Everest Marine Drive, MUMBAI-400 002 Ph. 022-22812639 Fax: 022-22811977 Maharashtra-II Registrar of Companies Hakoba Mills Compound, 2nd Floor, Dataram Lal Marg Chinchpokli, Kalachowki, Mumbai Ph. 022-23782497 E-mail: rocom.sb[at]sb[dot]nic[dot]in Odisha Registrar of Companies Odisha 2nd Floor, Chalchitra Bhawan, OFDC, Buxi Bazar, CUTTACK-753001 Ph. 0671-2305361, 2306958 Fax: 0671-2305361 E-mail: roccut.sb[at]sb[dot]nic[dot]in Pondicherry Registrar of Companies No. 35, I Floor, Elango Nagar, PONDICHERRY-605 011 Ph. 0413-2240129 E-mail: rocpon.sb[at]nic[dot]in Pune, Kolhapur, Ratnagiri, Satara, Sindhudurga, Sangli, Sholapur and Ahmednagar districts in Maharashtra Registrar of Companies Pune,PMT Building, 3rd Floor, Pune Stock Exchange, Deccan, Gymkhana, PUNE-411 004. Ph. 5530042/ 5521376 E-mail: rocpun.sb[at]sb[dot]nic[dot]in Punjab, Himachal Pradesh and Union Territory of Chandigarh Registrar of Companies Punjab, Himachal Pradesh & Chandigarh, Kothi No. 286, Defence Colony, JALLANDHAR - 144 001 Ph. 0181-223843 Fax: 0181-223843 E-mail: rocjal.sb[at]sb[dot]nic[dot]in Rajasthan Registrar of Companies Rajastha,132, Vijay Nagar, Kartarpura Near Kartarpura Railway Crossing, JAIPUR-302 006 Ph. 0141-500564/5 Fax: 0141-500564 E-mail: rocjai.sb[at]sb[dot]nic[dot]in Tamil Nadu-I Registrar of Companies Tamil Nadu, Block No. 6, B Wing 2nd Floor, Shastri Bhavan 26, Haddows Road CHENNAI-600 039 Ph. 044-8277182, 8272676, 8276652, 8276654 Fax: 044-8234298 E-mail: rocmad.sb[at]sb[dot]nic[dot]in Tamil Nadu IICoimbatore, Nilgiris, Periyar Salem, Dharmapuri and Dindigul, Quaid-e-Milleth Registrar of Companies Coimbatore Stock Exchange Building 2nd Floor, 683-686, Trichy Road Singanallur, COIMBATORE-641 005 Ph. 0422-2318170, 2318089 Fax: 0422-2324012 E-mail: roccoi.sb[at]sb[dot]nic[dot]in Uttar Pradesh and Uttarakhand(ROC, Kanpur shall act as Registrar for registration of companies in Uttarakhand State vide Notification No. S.O. 1144(E), dt. 21.12.2000 Registrar of Companies Uttar Pradesh, 37/17, Westcott Building, The Mall Mahatma Gandhi Marg KANPUR - 208 001 Ph. 0512-352304, 367253, 360656 Fax: 0512-291769 E-mail: rockan.sb[at]sb[dot]nic[dot]in Uttarakhand Refer under Uttar Pradesh and Uttarakhand West Bengal Registrar of Companies West Bengal Nizam Palace, II MSO Building, 2nd Floor, 234/4 Acharya Jagdish Chandra Bose Road CALCUTTA-700 020 Ph. 033-2800409/ 2473795 Fax: 033-2473795 E-mail: roccalsb[at]sb[dot]nic[dot]in

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How to Register a Company

Registrars of Companies (ROC) appointed under Section 609 of the Companies Act covering the various States and Union Territories, are vested with the primary duty of registering companies floated in the respective States and Union Territories and of ensuring that such companies comply with statutory requirements under the Act. These offices function as registries of records relating to the companies registered with them, which are available for inspection by members of the public on payment of the prescribed fee.

The Registrars of Companies in different States primarily deal with the Incorporation of companies, change of name of companies, change of financial year, conversion of companies from Private to Public and vice versa, striking off of the names of companies, and default action against companies.

The steps to be followed for registering a private limited or a public limited company are enlisted here.

Steps to be taken to get incorporated a private limited Company:

• Select, in order of preference, a few suitable names, not less than four, indicative of the main objects of the company.
• Ensure that the name does not resemble the name of any other company already registered and also does not violate the provisions of Emblems and Names (Prevention of Improper Use) Act, 1950.
• Apply to the concerned ROC to ascertain the availability of a name in the General Rules and Forms along with a fee of Rs.500/- If the proposed name is not available apply for a fresh name on the same application.
• Arrange for the drafting of the Memorandum and Articles of Association by the solicitors, the vetting of the same by the ROC and the printing of the same.
• Arrange for the stamping of the Memorandum and Articles with the appropriate stamp duty.
• Get the Memorandum and Articles signed by at least two subscribers in his own hand, his father's name, occupation, address and the number of shares subscribed for and witnessed by atleast one person.
• Ensure that the Memorandum and Articles are dated after the date of stamping.
• Get the following forms duly filled up and signed:
  • Declaration of Compliance
  • Notice of the situation of the registered office of the company
  • Particulars of the Director, Manager or Secretary
• Present the following documents to the ROC with the filing fee and the registration fee:
  • The stamped and signed copies of the Memorandum and Articles of Association (3 copies).
  • Form-1, 18 & 32 in duplicate.
  • Any agreement referred to in the M & A.
  • Any agreement proposed to be entered into with any individual for appointment as Managing or whole time Director.
  • Name availability letter issued by the ROC.
  • Power of Attorney from the subscribers in favour of any person for making corrections on their behalf in the documents and papers filed for registration.
  • Pay the Registration and Filing Fee by Demand Draft/Banker's Cheque if it exceeds Rs.1000/-
  • Obtain the Certificate of Incorporation from ROC.

Additional Steps to be taken for formation of a Public Limited Company

• Consent of Directors to act as such in Form No.29.
• Arrange for payment of application and allotment money by Directors on shares taken or agreed to be taken.
• File the Statement in Lieu of Prospectus with the ROC in schedule-iv of the Companies Act.
• File a declaration in Form-20 duly signed by one of the Directors.
• Obtain the Certificate of Commencement of Business.

List of offices of Registrar of Companies 

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Section 40(b)

Amounts not deductible – Partnership - Remuneration to Partners - CBDT Circular, which specifies that for section 40(b)(v), the partnership deed should specify the remuneration, is invalid.

Ø Section 40(b)(v) allows a deduction of payment of remuneration to a working partner if it authorized by the partnership deed and not in excess of the limits.

 

Ø Section 40(b)(v) does not lay-down any condition that the partnership deed should fix the remuneration or the method of quantifying remuneration.

 

Ø Accordingly, CBDT Circular No. 739 dated 25.3.1996 which requires that either the amount of remuneration payable to each individual should be fixed in the agreement or the partnership agreement deed should lay down the manner of quantifying such remuneration goes beyond section 40(b)(v).

 

Ø The CBDT cannot issue a circular which goes against the provisions of the Act. The CBDT can only clarify issues but cannot insert terms and conditions which are not part of the main statute.

 

Ø A partnership deed which provides that the remuneration would be as per the provisions of the Act meaning thereby that the remuneration would not exceed the maximum remuneration provided in the Act is valid and deduction is admissible. ( A.Y. 1996-97)

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CAmpus for Newly Qualified CA's

Studycafe in Association with PROCAMP is organinsing a campus in Mumbai, Delhi & Jaipur for Chartered Accountants’s qualified in May’12 & Nov’11.


PROCAMP is the 1st Private Campus Initiative for newly qualified CAs After two Successful CAmpus Programme Promaynov is back with its Campus Initiative - PROCAMP III.  This time in Jaipur, New Delhi and Mumbai.


All students who qualified as Chartered Accountants in November 2011 or May 2012 attempt are eligible for registration.


To register send Your CV's at contact@studycafe.in

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Compulsory Maintenance of books of account under Income Tax

There is confusion among taxpayers about maintenance of books of accounts under Income Tax Act like who is required compulsorily to maintain the books of accounts and for how many years one has to keep his books of accounts.  Some views are expressed on this topic as follows:

Maintenance of books of accounts by Professionals:Section 44AA of Income Tax Act and rule 6F of Income Tax rules deal with the provisions regarding maintenance of books of accounts under Income tax Act. As per section 44AA(1) read with rule 6F the persons carrying on any of the profession as mentioned below are required to maintain books of accounts and other documents as may enable the assessing officer to compute his total income, if yearly gross receipts of the profession exceeded  Rs 150000.

1) Legal
2)Medical
3)architectural
4)engineering
5)accountancy
6)technical consultancy
7)interior decoration
8)authorized representative
9)film artist
10)any other profession as is notified by the board

When no books of accounts are required to be maintained by professionals covered u/s 44AA(1): Proviso to Rule 6F (1) provides that if the gross receipts of a profession do not exceed Rs 150000 in any one of the three years immediately preceding the previous year or where the profession has been newly setup in the previous year, his total gross receipts in the profession for that year are not likely to exceed the said amount, then such professional need not to maintain any books of accounts as mentioned in sub rule 2 of rule 6F.

It means that if the gross receipts of a profession exceed Rs 150000 in all the three years preceding the previous year only then the books of accounts will be required to be maintained, if the gross receipt exceed the prescribed limit in the two preceding years but not in the third preceding year then there will be no need to maintain books of accounts as contemplated in sub rule 2 of rule 6F.

Maintenance of Books of accounts by other Persons covered u/s 44AA (2): In relation to any other persons engaged in any other profession or carrying on any business other than section 44AA (1), the requirement of compulsory maintenance of books of accounts applies if- either the income from business or profession exceeds Rs 120000 or the turnover or gross receipts exceed Rs 10 Lakhs in any one of the three years immediately preceding the previous year.

When no books of accounts are required to maintained by other persons covered u/s 44AA (2): If the Income or the gross receipts or gross turnover of a person carrying on business or profession other than profession as mentioned u/s 44AA (1) do not exceed in any one of the three years preceding the previous year then no books of accounts will be required to be maintained u/s 44AA (2).

Presumptive Income scheme: The  persons who are filling their return of income under the presumptive income scheme like under section 44AD or 44AE or 44AF etc are not require to compulsorily maintain books of account u/s 44AA. However where the profits and gains from the business are deemed to be profits and gains u/s 44AD or 44AE or 44AF or 44BB or 44BBB as the case may be, and the assessee has claimed his income to be lower than the profits or gains so deemed, then the books of accounts will be required to be maintained u/s 44AA.

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Professional Ethics

Important compilation of FAQ’s on Chartered Accountants ethics as is given by Ethical Standards Board of ICAI

1. Can a member in practice render Management Consultancy and other services?

Yes, however, the areas covered under the Management Consultancy and other services have been summarized by the Council.

2. Can a Chartered Accountant provide `Portfolio Management Services' (PMS) as part of CA practice?

No, the Explanation to Clause (xix) of the definition of 'Management Consultancy and other Services' expressly bars the activities of broking, underwriting and Portfolio Management.

3. Whether a Chartered Accountant in practice is required to obtain any trade license for practicing?

No, a Chartered Accountant in practice is not required to obtain any trade licence for practicing as a professional. The certificate of practice issued by the Institute is the only requirement to practice as a Chartered Accountant.

4. Can a Chartered Accountant in practice work as a ‘Collection Agent/Recovery Agent'?

No, a Chartered Accountant in practice cannot work as a Collection Agent. However, he can act as a Recovery Consultant.

5. Whether a Chartered Accountant in practice can use expression like Income Tax Consultant, Cost Accountant, Company Secretary, Cost Consultant or a Management Consultant?

No, Council direction under Clause (7) of Part I of the First Schedule to the Act which is appearing at page 154 of the Code of Ethics, 2009 prescribes that it is improper for a Chartered Accountant to state on his professional documents that he is an Income-tax Consultant, Cost Accountant, Company Secretary, Cost Consultant or a Management Consultant, whereas it is permitted to mention his degrees.

6. Can a Chartered Accountant in practice also practice as an Advocate?

Yes, Cois given buncil direction under Clause (7) of Part I of the First Schedule to the Act prescribes that a Chartered Accountant in practice who is otherwise eligible may practice as Advocate subject to the permission of the Bar Council but in such cases, he should not use designation 'Chartered Accountant' in respect of the matters involving the practice as an Advocate. In respect of other matters he should use the designation 'Chartered Accountant' but he should not use the designation 'Chartered Accountant' and 'Advocate' simultaneously.

7. Whether a Chartered Accountant in practice can engage in any business or occupation other than the profession of Chartered Accountancy?

No, in terms of Clause (11) of Part I of First Schedule to the Act in general a Chartered Accountant in practice is not permitted to engage himself in any business or occupation other than the profession of Chartered Accountants.

However, there are following exceptions to it:-

(i) A Chartered Accountant can be a Director of a Company (not being a Managing Director or Whole-Time Director), unless he or any of his partners is interested in such company as an auditor. [Proviso to Clause (11)]

(ii) A Chartered Accountant in practice may engage in any business or occupation with the permitted granted in accordance with a Resolution of the Council. (Regulation 190A) Appendix-9 of the CARegulations contains the above resolutions under two heads (A) permission granted generally and (B) permission to be granted specifically.

8. Whether a member in practice can be a director of a company?

Yes. a member in practice is permitted generally to be a Director Simplicitor in a company provided he is not a Managing Director or Wholetime Director and is required only in the Board Meetings of the company and not paid any remuneration except for attending such meetings.

9. Whether a member in practice is allowed to become whole-time director of a company?

No, Members are not allowed to become whole-time Director of a company generally. However, a member in practice may become a Managing Director or a whole-time Director of a body corporate within the meaning of the Companies Act, 1956 subject to the Council Guidelines of Corporate Form of practice.

10. Can a member in practice be Promoter/Promoter Director of the Company?

Yes, there is no bar for a member to be a promoter/signatory to the Memorandum and Articles of Association of any company. There is also no bar for such a promoter/signatory to be a Director Simpliciter of that company irrespective of whether the objects of the company include areas, which fall within the scope of the profession of chartered accountants. Therefore members are not required to obtain specific permission of the Council in such cases. There is also no bar on holding any snumber/percentage of shares in the company.

11. Can a member in practice be a sleeping partner in family business concern?

Yes, a member in practice can be a sleeping partner in a family business concern provided he takes specific permission from the Council in terms of Regulation 190A of Chartered Accountants Regulations, 1988.

12. Whether a Chartered Accountant in practice is entitled to accept teaching assignment?

Yes, a Chartered Accountant in practice is allowed to accept teaching assignment in university, affiliated colleges, educational institution, coaching organization, private tutorship, provided the direct teaching hours devoted to such activities taken together do not exceed 25 hours a week with effect from 1.4.2005.

13. Can a Chartered Accountant working in a CA firm hold Certificate of Practice?

Yes, a Chartered Accountant working in a C.A. firm can hold CoP. However, w.e.f.1.4.2005, he is not entitled to do any attest function.

14. Can a member who is in part-time/full time employment apply for Certificate of Practice and do attest functions?

Yes, he can apply for Certificate of Practice but cannot do attest function. Please refer Regulation 190A of the CA Regulations.

15. Can an auditor write the books of accounts of the auditee?

No, Council directions under Clause (4) of Part I of the Second Schedule to the Act prescribes that an auditor is not permitted to write the books of accounts of his auditee clients.

16. Can a member holding Certificate of Practice is entitled to own Agricultural land and continue agricultural activity?

Yes, member holding Certificate of Practice can own and hold agricultural land and continue agricultural activity.

17. Whether a member holding Certificate of Practice can own Agricultural Land and continue Agricultural activity?

Owning Agricultural Land and carrying out Agricultural activities by a member holding Certificate of Practice is covered under activities “Permission Generally Granted” under (9) of the Chartered Accountants Regulations, 1988, and is, therefore permitted.

18. Whether a Chartered Accountant in practice accept a professional assignment of investigation given by Insurance Company?

It is permissible for Chartered Accountant in practice to accept such assignment as the work of investigation is akin to audit.

19. Whether Management Consultancy Companies floated by Practicing Chartered Accountants can receive remuneration from an employer based on percentage of the annual CTC of such candidate while providing recruitment or placement of such candidate(s)?

Practicing Chartered Accountants or Management Consultancy Companies floated by practicing Chartered Accountants can receive remuneration from an employer on percentage basis for providing the services of recruitment or placement of candidate(s), being the management consultancy services, a non exclusive area.

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MCA has extended date of filing Form 23B to 4th August’12 without any fee

“Ministry vide circular number 14/2012 dated 21.06.2012 had imposed fees on Form 23B (Information by auditor to Registrar) w.e.f. 22/07/2012. Kindly note that the last date for filing the Form 23B without fee has been extended for two weeks. Fee shall be charged on any eForm 23B filed on or after 5th August, 2012. You are therefore advised to file the pending eForms within the time limit to avoid any last minute rush.”

Please see relevant notification in MCA website-  www.mca.gov.in

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Ca Final May 2012 Topper

CA Final Ist Rank
R.No 140628
Name: ABHISHEK GUPTA
FR 090
SFM 090
Auditing 074
Corp. Laws 054
AMA 076
ISCA 070
DT 070
IDT 084
Total 608.

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CAmpus for Newly Qualified CA's

PROCAMP is the 1st Private Campus Initiative for newly qualified CAs Promaynov is back with its Campus Initiative - PROCAMP III.  This time in Jaipur, New Delhi and Mumbai.


All students who qualified as Chartered Accountants in November 2011 or May
2012 attempt are eligible for registration.


To register, please visit www.promaynov.com 




For any further details please contact Jyoti Sharma on +91 9650355450.

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Relevant changes made in the Service Tax law by the Budget 2012

From 1^st July 2012 Service Tax Law has been amended and various new provision have been inculcated in the Law.

Below are the relevant amendments:

Reverse Charge:

Before 1^st July 2012 reverse charge concept was applicable only in case of Services received from outside India. Under reverse charge the liability of Service Tax shifts from the Service provider to the Service receiver.

After 1^st July 2012 it has been introduced under certain services provided by domestic service providers also.

The services covered under reverse charge are:

1.       Service provided or agreed to be provided by a good transport agency in respect of transportation of goods by road.

2.       Service provided or agreed to be provided by way of sponsorship to any body corporate or partnership form located in taxable territory.

3.       Service provided by –

-          An arbitral tribunal

-          An individual advocate or a firm of advocates by way of support services

-          Government or local authority by way of support services excluding renting of immovable property.

4.       Service by way of renting of a motor vehicle to carry passengers by any service provider who is either an individual/HUF/partnership firm/AOP.

5.       Service by way of supply of manpower for any purpose by any service provider who is either an individual/HUF/partnership firm/AOP.

6.       Work contract service provided by any service provider who is either an individual/HUF/partnership firm/AOP.

7.       Service provided by any service provider located in J&K.

8.       Service provided by an insurance agent to any person carrying on insurance business.

In all the above cases the Service tax needs to be paid on the basis of reverse charge. The government has also notified the percentage of the service tax liability that needs to be discharged by the service receiver in all the above cases

As per the new law certain services in relation to the agriculture or agriculture produce has been exempted from levy of Service Tax. The same are mentioned below:

-          Seed Testing

Apart from above another major change is that the payment of Service Tax shall not be made under different Accounting codes. Now there is just one code for all services and separate codes for Education Cess and SHEC. Please go through the attached circular for the Payment codes.

Please take note of the above amendments and take necessary actions to incorporate the same the accounts function.

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Guidelines by Ethical Standard Board on number of tax audits and company audits permissible for a member in practice (Central Council Guidelines)

Tax Audits under section 44AB of the Income Tax Act 1961

·         Not to accept in a financial year, more than the “specified number of tax audit assignments” i.e. 45 in case of a CA in practice/ proprietary CA firm and 45 tax Audit assignments per partner in the firm in case of a CA Firm

(This does not include audits conducted under section 44AD, 44AE and 44AF of the Income Tax Act 1961)

·         In case of membership of a CA in more than one Firm, the total assignments taken by him in all the firms shall not exceed 45

·         Where any partner of a CA Firm accept one or more audit assignments in individual capacity, the total assignments which may be accepted by him shall not exceed 45

·         A CA in practice shall maintain a record of the tax audit assignments accepted by him in each financial year

Company Audits under section 224/228 of the Companies Act 1956

·      Not to hold at any time appointment of more than the “specified number of audit assignments” of Companies (i.e. 30 in case of CA in Practice / Proprietary firm and 30 Audit assignments per partner in the firm in case of CA Firm

(Provided that the number of audit assignments of public companies each of which has a paid up share capital of Rs 25 Lakhs or more shall not exceed 10)

·         In case of membership of a CA in more than one Firm, the total assignments taken by him in all the firms shall not exceed 30

·         Where any partner of a CA Firm accept one or more audit assignments in individual capacity, the total assignments which may be accepted by him shall not exceed 30

·         A CA in practice shall maintain record of the tax audit assignments accepted by him in each financial year

Applicable to both Tax Audits and Company Audits

·         In a CA Firm, specified number of assignments (45/30) are reckoned partner wise and not firm wise

·         Audit of one or more branches of the same concern by one CA in practice shall be construed as one assignment.

·         A CA being a part time practioner  or part time partner of a firm shall not be entitled for audit assignment

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CA Final & CPT Result dated Changed. Result to be declared on 19th July 2012

In supersession of our announcement dated 11th July, 2012 on the likely date and timing of the declaration of the results of the Chartered Accountants Final examination held in May 2012 and of the Common Proficiency Test held in June 2012, this is to inform that due to unavoidable reasons, both the above referred results are now likely to be declared latest by the evening of Thursday, the 19thJuly, 2012. The details of the said results 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:


For more info visit: http://220.227.161.86/27340exam16843revised.pdf

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CA Final May 2012 Suggested Answers by ICAI

Group I

PAPER – 1 : FINANCIAL REPORTING

PAPER – 2 : STRATEGIC FINANCIAL MANAGEMENT

PAPER – 3 : ADVANCED AUDITING & PROFESSIONAL ETHICS

PAPER – 4 : CORPORATE AND ALLIED LAWS

Group II

PAPER – 5 : ADVANCED MANAGEMENT ACCOUNTING

PAPER – 6 : INFORMATION SYSTEMS CONTROL AND AUDIT

PAPER – 7 : DIRECT TAX LAWS

PAPER – 8 : INDIRECT TAX LAWS

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Result of CA CPT and Final May 2012 Examination

The Institute of Chartered Accountants of India
Post Box No.7112, Indraprastha Marg, New Delhi – 110002
 July 11, 2012
IMPORTANT ANNOUNCEMENT
The result of the Chartered Accountants Final Examination held in May, 2012 and Common Proficiency Test (CPT) held in June, 2012 are likely to be declared on Wednesday, the 18th July, 2012 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 10 th 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:
http://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 14th July, 2012.  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.
Further, facilities have been made for students of Final Examination and Common Proficiency Test (CPT) held in May/June, 2012 desirous of knowing their results with marks on SMS. The service will be
available through India Times.


For getting results through the message 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 - India Times
(G. SOMASEKHAR)
ADDITIONAL SECRETARY (EXAMS.)

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Announcement for Campus Placement Programme for Newly Qualified Chartered Accountants August-September, 2012

Announcement for Campus Placement Programme for Newly Qualified Chartered Accountants  August-September, 2012

A. The schedule for Campus Interview August-September, 2012

The Committee for Members in Industry (CMII) provides opportunity to the employers to interact with newly qualified Chartered Accountants and makes all arrangements at its centres, thereby providing a cost effective mode of recruiting newly qualified Chartered Accountants. An organisation and firms of Chartered Accountants can participate in one or more centres.

Start Date for filling up initial details for validation of data: 1st July, 2012

(For Candidate who have qualified in  (i) November 2011 (ii) May 2011 or (iii) whose results were declared in revaluation/re verification after  5th March, 2012 and all covered in (i), (ii) and (iii) completing their articleship and GMCS between 31^st March, 2012 and 30^th September, 2012

Date of candidate registration (submission of form) for May, 2012 CA Final qualified (and others as mentioned above):  24th July 2012 to 28th July, 2012.

IInd round Registration of candidates: 27th August,2012 (Upto 11:00 night).

(Candidates who have missed the registration in First round and also resubmission and editing of selected portion of online form by the candidates who have opted one bigger and one smaller centre before merger with the centre of their second choice (its mandatory for inclusion of data with smaller centre).

Opening of database for Companies at S No. 1,2 and 3: 30^th July, 2012

Opening of database for Companies at S No.  4 : 28^th August, 2012

For More info Visit http://www.cmii.icai.org/imgs/Announcement%20_CampusAS12_web.htm

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New Accounting Codes for Payment of Service Tax

New Accounting Codes for Payment of Service Tax

(w.e.f. 01.07.2012)

In general course, service provider has to deposit service tax under the respective accounting codes having regard to category of taxable service provided. However, after the introduction of Negative List approach w.e.f. 01.07.2012 under the Finance Act, 1994, when various categories of taxable services are no more available, an issue arises regarding existing accounting code under which service provider is required to make payment of tax. Recently CBEC vide F.No.341/21/2012-TRU dated 6^th July, 2012 has resolved this issue by providing new accounting codes for payment of service tax as applicable with effect from 1^st July, 2012:-

Name of Services	Accounting codes
	Tax collection	Other Receipts	Penalties	Deduct refunds
All Taxable Services	00441089	00441090	00441093	00441094

 CBEC has also clarifies that service specific accounting codes will also continues to be operational for payment of service tax pertaining to period prior to 1st July, 2012. Further, accounting codes for payment of Primary Education Cess and Secondary and Higher Education Cess will continue to remain same.

By C.A. Vishal Tayal

9899122879

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