Direct admission to the Chartered Accountancy Course - Exemption from passing Common Proficiency Test (CPT)
Pursuant to Notification No. 1-CA(7)/145/2012 dated 1stAugust, 2012 published in the Gazette of India notifying amendments made to the Chartered Accountants Regulations, 1988, the following categories of students shall be exempted from passing the Common Proficiency Test (CPT) and such students with effect from 1st August, 2012 shall be eligible for direct admission to the Chartered Accountancy Course. Applicants who fulfil the requirements, as given below, may register for the Intermediate (Integrated Professional Competence) Course by downloading “Registration Form for admission to the Intermediate (Integrated Professional Competence) Course under Direct Entry Scheme” by submitting the filled-in applications to respective Offices of the ICAI as
mentioned in the application form. (Application Form will be available from 17th August, 2012)
1. Direct Entry to Chartered Accountancy Course:
Exempted Categories:
The following categories of students shall be exempted from passing the Common Proficiency Test (CPT):-
(A) Graduates or Post Graduates in Commerce having secured in aggregate a minimum of 55% of the total marks or its equivalent grade in the examination conducted by any recognised University (including Open University) by studying any three papers of 100 marks each out of Accounting, Auditing, Mercantile Laws, Corporate Laws, Economics, Management (including Financial Management), Taxation (including Direct Tax Laws and Indirect Tax Laws), Costing, Business Administration or Management Accounting;
OR
Graduates or Post Graduates other than those falling under Commerce stream mentioned above having secured in aggregate a minimum of 60% of the total marks or its equivalent grade in the examination conducted by any recognised University (including Open University).
IMPORTANT ANNOUNCEMENT
BoS/Announcement/227/12 (2) Date: 16thAugust, 2012
Sub: Relaxation in Eligibility Criteria for students registering upto 30 th September, 2012 under the Direct Entry Scheme – Eligible to appear in Intermediate (Integrated Professional Competence) Examination to be held in May, 2013. The Council, in order to mitigate the hardships being faced by the studentsregistering under Direct Entry Scheme to Chartered Accountancy Course upto 30th September, 2012, has relaxed the eligibility criteria as a one time dispensation, as under, so as to be eligible to appear in the Intermediate (Integrated Professional Competence) Examination to be held in May, 2013.
“The Council has resolved as under -
By virtue of powers vested under Regulation 205 of the Chartered Accountants
Regulations, 1988, the Council of The Institute of Chartered Accountants of India hereby resolves that the eligibility requirement(s), inter alia, for the students registering under the Direct Entry Scheme for the Intermediate (IPC) Course till 30th September, 2012, shall be as under, so as to become eligible to appear in the Intermediate (IPC) Examination to be held in May, 2013:-
Students registered for the articled training till 30·th
September, 2012 and have also completed Orientation Course and Information Technology Training (ITT) latest by31st March, 2013.
Such students shall be eligible to appear in the Intermediate (IPC) Examination ·to be held in May, 2013 by completing 7 months of articled training and study course concurrently, instead of 9 months of articled training and 8 months of study course respectively.
Students registered for Intermediate (IPC) Course by passing Intermediate level ·examination of The Institute of Cost Accountants of India/ The Institute of Company Secretaries of India shall have to undergo 7 months of study course instead of 8 months as prescribed under Regulations, so as to become eligible to appear in the May, 2013 Examination”.
The eligibility criteria including fee structure for the fresh students registering and existing CPT/ IPCC/ PE-II/ PCC students converting (under the transition scheme), as the case may be, under the Direct Entry Scheme are given below for the information of student.
Due Dates of August
5th August 2012 Deposit service tax monthly in challan GAR-7 for the month of July in case of assesses other than individual, proprietary concern, partnership firms. E-Tax payment compulsory if output tax liability is above `10 lacs in the preceding year.
6th August 2012 Deposit service tax in challan GAR-7 for the month of July by corporate assesses making e-payment
7th August 2012 Deliver a copy of form 15G/15H/27C to CCIT or CIT for declarations received in the month of July.
7th August 2012 Deposit TDS/TCS in challan no.ITNS 281 for deductions/collections made in the month of July. E-Tax payment compulsory for all corporate assesses and for persons whose A/c’s audited u/s 44 AB of I.T. Act.
11th August 2012 File DVAT/CST returns in electronic form for the Qtr. ending June for class of dealers, having quarterly tax period. File annexures 2A & 2B electronically. (Extended Date Cir. No.8 dt. 11 July 2012)Composition dealers file DVAT-17 in electronic form for the quarter ending June (tax period). (Extended Date Cir. No.8 dt. 11 July 2012).
14th August 2012 Furnish quarterly return in DVAT 16/Form 1 central return for the qtr. ending June (tax period) for dealers whose turnover below ` 5 crores in preceding year. Furnish acknowledgement of online filing of annexures 2A & 2B (monthly) (Extended Date Cir no.8 dt 11 July 2012)Composition dealers u/s 16 DVAT Act furnish return in DVAT 17 along with tax challan in DVAT- 20 and attach month wise summary of purchase register in form DVAT- 30 (Notn dt. 27 January 2012) for quarter ending June (tax period). (Extended Date-Cir no.8 dt. 11 July 2012)
16th August 2012 Deposit TDS (VAT) in challan no. DVAT-20. Now e-tax payment compulsory for all contractees (TAN holders) from portal of 18 designated banks. (Notification dt. 28 Dec. 2011/26 July 2012). Issue certificate for TDS in Form DVAT- 43 for deductions in the month of July.
21st August 2012 Deposit tax for month of July in DVAT-20/Central Sales Tax Challan (Notification dt. 28 March 2012). Now e-tax payment compulsory for all registered dealers from portal of 18 designated banks. ((Notification dt. 28 Dec. 2011/26 July 2012).
25th August 2012 File DVAT/CST returns in electronic form for the month of July for the class of dealers, having monthly tax period. File annexures 2A & 2B electronically.
28th August 2012 Furnish monthly return in DVAT 16/Form 1 central return for the month of July (tax period) for the dealers whose turnover exceeded `.5crores in preceding year or who have opted for monthly returns. Submit details of commodity wise TTO and Tax in DVAT – 16. Furnish acknowledgement of online filing of annexures 2A & 2B.
31st August 2012 Furnish Annual information returns u/s 285BA of I.T. Act in respect of specified financial transactions for the F.Y. 2011-12.
31st August 2012 Submit return of income and wealth for A.Y. 2012-13 in case of all assesses (other than those assesses requiring audit of accounts or a working partner of a firm whose accounts require audit). Now e-return mandatory for an indl./HUF having income above ` 10 Lacs; having assets located outside India
ICAI Clarification On A Canditate "Divya Vasudeva" Pass In A Group With 133 Marks
| Announcement | ||||||||||||||||||||
The result of Group-II, Integrated Professional Competence Examination (IPCE) held in May 2012 of Ms. Divya Vasudeva (Roll No.310853) which was hosted on the Institute’s website on August 7, 2012 showed her as `pass’ in that group with a total of 133 marks which was an error. The factual position of the candidate has been that she is a both groups candidate securing the following marks in the said examination: | ||||||||||||||||||||
| ||||||||||||||||||||
Accordingly, her rectified result is - Both Groups `pass’ under CA Regulations, 1988 | ||||||||||||||||||||
While deeply regretting the inadvertent error of not including her Group I marks, it is mentioned that because of the programmic complexities, her earlier result in the website could not be modified and, therefore, has since been disabled. |
FAQ’s on E-filing of Income-tax Returns & Refund
The Direct Taxes Committee of ICAI had requested the CPC to provide the FAQ’s on matters relating to e-filing, CPC and refund. In response to the request, the FAQ’s on E-filing of Income-tax Returns have been received. Click on the links below to download the relevant FAQ:
FAQ’s on CPC and E-filing- http://220.227.161.86/
Data inconsistency issues which need to be avoided for accurate processing- http://220.227.161.86/
FAQ’s relating to Refund/Demand/No refund No demand-http://220.227.161.86/
FAQ’s on CPC and E-filing- http://220.227.161.86/
Data inconsistency issues which need to be avoided for accurate processing- http://220.227.161.86/
FAQ’s relating to Refund/Demand/No refund No demand-http://220.227.161.86/
Articles and Audit Assistant Required
Company : Ramaswamy & srinivasan chartered accountants
Job profile: Bank Audit, internal audit
Desired candidate profile : Candidate should be from Chennai,
Articles and paid assistants required.
Experience : For paid assistant 1-2 years of experience.
Salary / Compensation: negotiable.
Location: Chennai
Address : 1, 3rd Abhiramapuram, Chennai 600018
Email id: srinivassudarsan@yahoo.co.in
Contact number : 9789885689
Toppers of CA IPCC May 2012 Exam.
-IPCC
Both- 19.39%, Grp.1- 30.30%,
Grp.2- 26.58%
-PCC
Both- 14.76%, Gr.1- 32.02%, Gr.2- 31.23%
-PCC
Both- 14.76%, Gr.1- 32.02%, Gr.2- 31.23%
How to get Income tax Refund?
Procedure to be followed if refund cheque not received:
A Know whether Return was filed online or manually
B If return is filed online then refund will be processed by CPC Bangalore and need to send a request letter for change in address to CPC Bangalore or
C If return is filed manually then first it will be processed by the concerned officer and thereafter ECS/ Cheque will be issued by SBI. Write a letter to the department stating that refund cheque was not received due to change in address.
D Below are the necessary data required in order to get the Refund through Cheque?
1. PAN should be Valid
2. Account Name should have at least 2 alpha – characters.
3. Account Number characteristics:
a. There should be a minimum of 1 numeric digit (1-9) in the Account Number
b. Forward slash and Hyphen are the only two special characters which are allowed.
c. The first digit cannot be a special character.
d. Between two special characters there should be at least one alphabet or number, for example, /A/ is allowed but // is not allowed.
e. In Account Number, Last digit should be a number. For example, BSD 124350 is allowed but ABS 123C is not allowed.
f. In Account Number, any numeric string between alphabets or special characters cannot be all zeros.
g. Account Number should not be all zero (Anything like 0, 00, 0000, 000000 etc will be Rejected)
h. Account no & Account Name should not be null.
E Basic data required all the validations to get the Refund through ECS?
1. Same as above regarding account no.
2. There should not be any alpha or special character in the account number field. It should CONTAIN only numbers
F If my Refund is failed due to change in my Communication Address then change the address by following below steps.
For the change in Address and all address related issues. Taxpayer has to Login to http://incometaxindiaefiling.gov.in.
a. Login to the above website, where in the login id will be the PAN Number and Password is which is created when logging in for the first time.
b. Now go to My account tab and select ( 143/1 , Refund Re-issue, 154 ).
c. Refund re-issue address has a drop down arrow where you can select to which address the refund cheque needs to be dispatched.
d. There are few validations for verification details, so all the details entering should be same as per the Intimation.
e. The mandatory fields( includes verification details) to be filled in are: CPC Reference number, AY( Assessment year), Refund Sequence number, Total Refund amount, Gross total income, Net amount refundable, DOB(Date Of Birth).
f. IF there is any change of name, it can be changed in Refund Re-issue specification changes, just click the radio button which says: Name as in PAN.
g. Click on save and submit button to complete it.
G If all the necessary validations are satisfied, then the Refund will automatically be sent to the Banker within 3 working days, where in the Taxpayer can contact the SBI for further details.
H If my Refund is failed due to error in A\c number or Change in the A\c details then go through the below steps?
a. Tax Payer needs to download the “Response Sheet”from the Income Tax website( www.incometaxindia.gov.in ) and take a printout of the same.
b. If intimation is received, then the Response sheet will be sent along with it.
c. Fill in the necessary fields in the Response sheet, Original Cancelled Cheque should be enclosed with it as a proof.
d. Incase if there is no cheque, Passbook front page/Bank statement with seal and signature is accepted.
I Below Points to be noted while sending a Response Sheet:
a. Signature of the Tax Payer on the Response Sheet is Mandatory.
b. Original Cancelled Cheque should be enclosed, Photocopied cheque is not accepted.
c. The Original cancelled cheque should have printed or handwritten A/C no on it.
d. A/C number and MICR code on the Response Sheet should be as on Cheque.
e. Overwritten A/C no and Dual A/C no on the cheque are not accepted.
f. Signature on the Response Sheet and the cancelled Cheque should be same.
CIRCULAR NO-6/2012 Dated: 3/08/2012
Relaxation from compulsory e-filing of return of income for assessment year 2012-13 – for representative assessees of non-residents and in the case of private discretionary trusts –regarding.
Rule 12 of the Income-tax Rules, 1962 mandates that an individual or Hindu undivided family, if his or its total income or the total income in respect of which he is or it is assessable under the Act, during the previous year, exceeds ten lakh rupees, shall furnish the return electronically for the assessment year 2012-13 and subsequent assessment years.
2. It has been brought to the notice of the Board that the agents of non-residents, within the meaning of section 160(1) (i) of the Income –tax Act, are facing difficulties in electronically furnishing the returns of non-residents. This is because there may be more than one agent of the non-resident in India for different transactions or a person in India may be an agent of more than one non-resident. Such situations are not covered by the existing e-filing software which functions on the principle of one assessee-one PAN-one return.
3. It has also been brought to the notice of the Board that ‘private discretionary trusts’ having total income exceeding ten lakh rupees are facing problems in filing their return of income electronically in cases where they are filing their return in the status of an individual. This is because status of a private discretionary trust has been held in law as that of an ‘individual’. The existing e-filing software does not accept the return of a private discretionary trust in the status of an ‘individual’.
4. Accordingly it has been decided by the Board that:
(i) it will not be mandatory for agents of non-residents, within the meaning of section 160(1) (i) of the Income –tax Act, if his or its total income exceeds ten lakh rupees, to electronically furnish the return of income of non-residents for assessment year 2012-13;
(ii) it will not be mandatory for ‘private discretionary trusts’, if its total income exceeds ten lakh rupees, to electronically furnish the return of income for assessment year 2012-13.
[Ashis Mohanty]
Under Secretary (TPL-IV)
Post A Job
Respected Member,
Today despite of hard work and dedication many of CA’s are unemployed and searching for good opportunities. The reason for the same is either they are unemployed or under employed.
So Friends being the noble professionals don’t you think it’s our duty to support our newly qualified members or our professional fellows. We should do something to groom our profession and our members to keep our Profession’s value always alive and shine.
For that, it’s our humble request to all respected members of ICAI, if there is any opportunity in your office or in your knowledge then please post it on www.studycafe.in in Post a Jobs Section or you can mail the detail to us at contact@studycafe.in.
Here we are trying to provide a platform where you can post job openings in your organization and at the same time you can search a job opportunity of your choice.
Hope all of us will not let our new members moral down and will do at our level best.
With Best Regards,
Studycafe
DIRECT ENTRY TO CHARTERED ACCOUNTANCY COURSE
This is to inform all concerned that with the issuance of the Notification No. 1-CA(7)/145/2012 on August 1, 2012, the provisions relating to Direct Entry Scheme for Graduates/Post Graduates, etc., with prescribed percentage of marks, to the Chartered Accountancy Course have come into force from August 1, 2012. The said Notification is reproduced herein below for information of all concerned. Interested persons/students, i.e., freshers and existing students are advised to watch for the details of registration formalities and of transitional scheme including fee payable, registration form which will be announced/published by around August 16, 2012.
To Download this notification click here
Placements for Semi-Qualified CA’s to be conducted for one of the leading BIG 4
Promaynov brings First Ever Campus placements for Semi-Qualified CA’s to be conducted for one of the leading BIG 4.
Please find the details as follows:
1. Eligibility: CA(Inter) / CA (Final ) Group 1
2. Should have completed articleship
3. Division: Forensic Investigation (Audit)
4. Job Location: Noida (Delhi NCR)
5. Salary to be offered: 2.5 lacs- 5 lacs(Depending upon the experience and quality of work)
6. Contract basis job for 1 year
7. After completion of contract, Confirmation will be made to deserving candidates for permanent employment.
For register send your CV to US at contact@studycafe.in with Subject "Application for Semiqualified"
Date for Drive: 4 Aug 2012 or 8 Aug 2012
Location for the drive: Jaipur
Best Regards
www.studycafe.in
Please find the details as follows:
1. Eligibility: CA(Inter) / CA (Final ) Group 1
2. Should have completed articleship
3. Division: Forensic Investigation (Audit)
4. Job Location: Noida (Delhi NCR)
5. Salary to be offered: 2.5 lacs- 5 lacs(Depending upon the experience and quality of work)
6. Contract basis job for 1 year
7. After completion of contract, Confirmation will be made to deserving candidates for permanent employment.
For register send your CV to US at contact@studycafe.in with Subject "Application for Semiqualified"
Date for Drive: 4 Aug 2012 or 8 Aug 2012
Location for the drive: Jaipur
Best Regards
www.studycafe.in
Applicability of Service tax on Outbound Tours
This Article has been Shared by CA Rahul Gupta. He can be Reached at gstupdations@gmail.com
Result of CA CA IPCC and PCC May 2012
IMPORTANT ANNOUNCEMENT
The results of the Chartered Accountants Professional Competence and Integrated Professional Competence Examinations held in May, 2012 are likely to be declared tentatively on Tuesday, the 7th August, 2012 around 5.00 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 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 desirous of having results on their email addresses to pre-register their requests at the above website, i.e.,http://www.caresults.nic.in from 3rd August, 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 Professional Competence and Integrated Professional Competence Examinations held in May, 2012 desirous of knowing their results with marks on SMS. The service will be available through India Times. For getting results through message students should type:
(i) for Professional Competence Examination result the following
CAPCE(Space)XXXXXX (where XXXXXX is the six digit PCE examination roll number of the candidate) e.g. CAPCE 000197
(ii) for Integrated Professional Competence Examination result the following
CAIPCE(Space)XXXXXX (where XXXXXX is the six digit IPCE examination roll number of the candidate) e.g. CAIPCE 002971 and send the message to
58888 - for all mobile services - India Times
(G. SOMASEKHAR)
ADDITIONAL SECRETARY (EXAMS.)
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