Crash Course for ISCA

ISCA Crash Course for CA Finals

Full course within 7 Days

By CA. Bharat Lohar

New Batches beginning:
Mumbai - 25.02.2013
Udaipur - 09.03.2013

Timings - 10 AM to 2 PM

For Registration,
Contact:
Udaipur - Mangal Classes - 09549234400, 09783914772

Mumbai - R S Classes, Boriwali - 02232977009

Note:
1.These are not Crash Courses, these are FULL Courses (i.e. every topic will be taught in detailed conceptual way, not on Fast track way)...
2. Residential Facility available in Udaipur for outsiders...

Book on ISCA authored by CA. Bharat Lohar also available...

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IPCC November 2012 Result

THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA

[Set up by an Act of Parliament]
25th January, 2013
IMPORTANT ANNOUNCEMENT

The results of the Chartered Accountants Professional Competence and Integrated Professional Competence Examinations held in November, 2012 are likely to be declared on Tuesday, the 5th February, 2013 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 e-mail addresses to pre-register their requests at the above website, i.e., http://www.caresults.nic.in from 31st January, 2013.  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.  or PIN no. alongwith his roll number.

Further facilities have been made for students of Professional Competence and Integrated Professional Competence Examinations held in November, 2012 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 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 IPC 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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CA Final Crash Course for IDT

Indirect Tax Crash Course
For CA, CS & CMA Finals

Full course within 15 Days /35 DAYS

By CA. Yashvant Mangal

New Batches beginning:
Udaipur - 28.01.2015
Mumbai - 18.02.2015

For Registration,
Contact:
Mangal Classes for Udaipur Batch:
201, Second Floor, Above Lotus Showroom, 3D, Bhupalpura, Udaipur (Rajasthan) 
Ph:- 0294- 2426400, 09549234400, 09799555056, 07877906796

A T Academy for Mumbai Batch:
Vertex Vikas, Wing-B, 5th Floor,
Above Sarangi Hotel, Opp Andheri Station,
Andheri-East Mumbai
Ph:- 09757262866, 09820568915


Special Features:

1. Its Full Course, Not Crash

2. Record of Students scoring 80+ marks in each batch and around 50% students scoring 60+ marks in each batch

3. Practical Approach Focused study by IDT Expert to clarify all Concepts & Doubts (as students have very less practical exposure in the field of IDT)

4. Practical & Live examples to make IDT very interesting

5. Make IDT Highest Scoring subject amongst all subjects of CA, CS & CMA Finals in just 80 hours

6. Special lectures on Exam Oriented Case Laws

7. Special Revisionary lectures of IDT in 3 Days also available

8. Latest 9th revised edition of "HandBook on Indirect Taxation" is also available (Covering Solved papers of last 11 CA Final Exams (including Nov. 14) as per amended current Laws applicable & various analytical illustrations & Case laws to clarify each topic in its practicality with lucid language)

9. Virtual Lectures Available...

Revised edition of Handbook on IDT authored by CA. Yashvant Mangal is also Available.

Tags: CA Final Indirect Tax Classes, IDT Crash Course in Udaipur, CA Final Crash Course For IDT, CA. Yashvant Mangal, Crash Course, Crash Course in Mumbai, IDT Crash Course, IDT Hand Book

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Ca Final November 2012 Toppers

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CA Final November 2012 First Ranker Marksheet

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CA Final November 2012 Result Percentage

Results Analysis of CA Final November 2012 and CPT December 2012:


Total 29,339 students appeared in November 2012 Attempt and out of this 3,804 Students Qualified CA Final

CA Final Pass Percentages:

Both Group - 12.97%
However in Group I (27.30% ) & 
Group II (21.85%) became successful.

In CPT 30,305 passed out of 111,961 appeared (27.07%).

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Toppers of CPT December 2012 Exam

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Discontinuation of Professional Competence Examination

As notified in the ‘Implementation Schedule’ on the Institute website, students
who are pursuing Professional Competence Course (PCC) are hereby informed that the Professional Competence Examination (PCE) will be discontinued on culmination of November, 2012 examination. PCC students who wish to continue their studies in Chartered Accountancy Course, are required to switchover to Intermediate (Integrated Professional Competence) Course immediately and students who are appearing for November, 2012 Examination, may switchover to Intermediate (IPC) Course after declaration of PCE result, by fulfilling the following procedure:
To see the procedure and full article click here.

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How to get back your Income tax refund in just 60 days !

Do you have any idea about your income tax refund status ? Have you filed your Income tax return long back, but have no idea when will you get your tax fund ? This is one issue faced by millions of tax payers in India. They file a income tax return where they claim back their income tax refund, but have no idea what happens to their cases after that!.

For months and years, they keep waiting for the refund status, but they have no idea when they will get their money back. Ideally they should get it back in few months, but in many cases they wait for as long as 3-4 yrs. In this article, we will see how you can find out your income tax refund status online and how you can use RTI application to find out the status of your tax refund and speed up the process of getting it back.
How to find income tax refund status online

If you have filed income tax return asking for your tax refund, and you have no clue about the current status, the first thing you do is track it’s status online. All you need is your PAN number and assessment year for which you have applied for refund. Here is what you need to do

Visit tin.tin.nsdl.com/oltas/refundstatuslogin.html

Enter your PAN number
Select Assessment Year
Click Submit

You can also track your income tax refund status by contacting the help desk of SBI at 080-26599760 or contacting the Aaykar Sampark Kendra at 0124 2438000
File RTI application for income tax refund status

If you are not able to do much and you feel that just finding out online status is not helping you and you want to now get 100% clarity about your tax refund status, the next step is to file RTI application against income tax department. So your next step is to file RTI in your tax refund case also. but you should wait for at least a year before you file for RTI against the income tax department.

Note that the RTI application has to be addressed to CPIO officer. Now the next question is how to find out the CPIO information. Its actually not organised in a clean manner, but you need to start by going to this website http://www. incometaxindia.gov.in/ccit/ rtipage.asp and then on that page you need to choose your state (your jurisdiction) from the drop down and click on “go.” It will take you to the next page where you need to click on “CPIO/CAPIO” and play around to find out the exact place where they have dumped all that information. Below you can find a RTI template which you can use .

Download this RTI template for income tax refund

What should you ask while filing RTI

You should ask for name and designation of the officer who is supposed to process your income tax refund claim

Also ask for the officer official address and his contact number

Also ask for how long the refund is pending with the officer and the reason for the delay

Ask if some senior authority has instructed for delay and the certified copies if any

Also ask for the name, telephone number and address of the higher officer with whom you can file the first appeal

These above mentioned 5 things if asked in RTI, will be enough to move the earth below the concerned authorities feet and they might act faster on your case, because in most of the cases there are no valid reasons for delay. The delay is created just because of lethargy and at times in expectation that someone will visit them and bribe them to process the request!. Note that only the concerned person can file the RTI, no one else on his behalf can file it. In case you have tax refund for different years, better file separate RTIs for each. Do not mix them into one.

Tips while filing for Income Tax Refund

There are few well known mistakes people do while filing returns, because of which income tax refund delays happen. Lets see those points and make sure you dont do them.

1.Make sure your give permanent Address

A lot of salaried people who live on rent, give their present temporary addresses while claiming tax refund, and when after 1-2 years their tax refund cheque arrives, in many cases the person has moved out of the current location. This causes the cheque to return back and the person is not there on the given address. So make sure you always give the permanent address where you or your family lives and there is almost no chances of cheque returning back.

2. Give accurate Account Details, IFSC code

There has been cases where the account number given was inaccurate by 1-2 digits or the IFSC code was wrong, and that created the problem. This small thing can result in lot of frustration later, so double-triple check these details.

3. Try to do E-filing of your tax returns, if possible

As far as possible, try to file your income tax returns online and apply for tax refund, because the tax refund is much faster if e-filing was done. In case you are filing offline manually, make sure you fill form 30, contact your CA if you want to delegate this totally to someone else!
Conclusion

If you have been waiting for your tax refund from years, its the time to file a RTI application for it and find out why your income tax refund has been delayed for so long.

By: https://www.facebook.com/groups/CA.MEERUT/

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Recruitment of Industrial Trainees in IOCL

Applications are requested for the post mentioned as above for Business Development – Finance at IOCL Zonal Office :-
PETROCHEMICAL,WZO,
INDIAN OIL CORPORATION LIMITED
1 ST FLOOR, SARJAN PLAZA,
100,DR. AB ROAD, WORLI,
MUMBAI-400 018.

In case of Chartered Accountant Industrial Trainee a minimum qualification criterion are:-
1. The candidate should have cleared IPCC both groups.
2. The candidate should have at least 9 months of Article Ship Period left and he should be eligible to take Industrial Training as per CA Regulations.
In case of Cost Accountant Industrial Trainee a minimum qualification criterion are:-
1. The candidate should have cleared Cost-Inter both groups.
2. The candidate should have at least 12 months of Training Period left and he should be eligible to take Industrial Training as per Cost Accountant Regulations.
The applications including detailed CV should be sent to the undersigned via post or by email latest by 31.01.2013.

Saurabh Garg
Accounts officer – BD (Finance)
1st Floor, Indian Oil Bhavan
1, Sri Aurobindo Marg, Yusuf Sarai, Delhi – 110016.
Mob: - 9899355886
Email: - sgarg@indianoil.in

By: VenKat

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CPT Passed Students Exempt from CS Foundation

Registration of CPT passed students of ICAI / or Foundation  passed students of ICoAI to CS Executive Program. We are pleased to inform that students who have passed Foundation Examination of The Institute of Cost Accountants of India ( ICoAI ) / or students who have passed Common Proficiency Test ( CPT) of The Institute of Chartered Accountants of India ( ICAI ) are eligible to take direct registration in CS Executive Program.  ( Earlier only Final Passed students of ICoAI  / or ICAI were eligible to take direct registration in CS Executive Program.) Rs 7000/- shall be charged from them for admission in CS Executive Program. ( fees as applicable to commerce graduate ). All interested students are advised to take a note of it.   

To See the official notification click here.

Sohan Lal  
Director (Student Services)                                                                                 
                                                                                                                                        
                                                              

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CA Final November 2012 Result Date

The results of the Chartered Accountants Final Examination held in November, 2012 and Common Proficiency Test (CPT) held in December, 2012 are likely to be declared on 21th January, 2013 around 2:00 PM Final Result would be posted along with the merit list and As per the leading online and offline resources Chartered Accountants Final Examination was held on Nov 2012 

CA Final November 2012 result for all those examine who applied for it can be accessible with the use of admit card at the official site http://www.caresults.nic.in 

Result will be available on the following website: 

http://www.caresults.nic.in  

According to sources around 2 to 3 lacks candidates were appeared for the Exam. To check the CA Final Result of December 2012 you should visit http://www.caresults.nic.in and enter you CA Final 6  digit Admit Card Roll. No. in the space provided on the website .

You may Also Like: CA IPCC November 2012 Result

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Section 80TTA Income Tax

A New Section 80 TTA is  introduced to provide deduction to an individual or a Hindu undivided family in respect of interest received on deposits (not being time deposits) in a savings account banks, co-operative banks and post office. The deduction is restricted to Rs 10,000.

It is also proposed to provide that where the income referred to in this section is derived from any deposit in a savings account held by, or on behalf of, a firm, an association of persons or a body of individuals, no deduction shall be allowed under this section in respect of such income in computing the total income of any partner of the firm or any member of the association or any individual of the body.

The section is applicable with effect from April 01, 2013 and will apply from AY 2013-14 and onwards.

This Article has been posted by CA Prahsnat Doshi. He can be reached at prashantdoshi22@gmail.com

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How to save tax by forming HUF??

A Common Question which a Taxpayer usually asks a Chartered Accountant at the time of filing his Income tax Return;

How to save tax legally by forming HUF?
The Hindu Undivided Family (HUF) structure is a very effective way to save tax and a lot of people are eligible to create HUFs but somehow there is very little awareness about it.

What is HUF?
Hindu Undivided Family is a separate Tax Entity recognized under Income-tax Law. It may be noted here that as per the definition in section 2(31) of the Income-tax Act, 1961 a Hindu Undivided Family is treated as a separate Tax Entity.

The Income of an HUF can be assessed in the hands of the HUF alone and not in the hands of any of its members. The senior most member of the family who manages the affairs of the family is called the Karta. Minimum two people (at least one male member) are required for the HUF to come into an existence.

How to create HUF?
Sometimes a question arise in the minds of a tax payer that now a days it is not possible to create new tax entity in the form of Hindu Undivided Family. Well if we screen very carefully all the provisions as are contained in the Income-tax Act, 1961, we come to the conclusion that there is no provision existing in the Statute as on today prohibiting creation of a new tax entity of your HUF. However, what is prohibited now is gifting of the money by the members of the HUF to their own HUF. Hence, from practical angle the tax payers will be happy to note that it is possible today to create a new tax entity in the name of your HUF.

How to put funds in HUF?

There can be numerous ways, some popular ways are-

1. One can receive money by way of gift from the friends or relatives.

2. Parents can also gifts fund to an HUF via gift deed clearly specifying gift is directly towards son’s HUF not towards son.

3. Gift can be accepted from stranger but only upto INR 50,000 (section 56, income tax act, 1961)

Benefits of forming HUF:1. HUF is eligible for deduction under 80D (Insurance Premium paid on health of member), 80G (Donation), 80L (income from bank and post office deposit), 80C (assorted list of items) under Income tax act. 1961

2. HUF also enjoys exemptions under section 54 and 54F in respect of Capital gains.

3. HUF also gets advantage of slab rate taxability.

4. Also, under Wealth Tax Act, 1957 HUF is treated as a distinct entity and enjoys separate taxability.(general exemption of Rs. 15 lakh)

Specific Tax Planning tools for HUF:

Create more assessable units by partition of HUF-The tax liability can be reduced by partition of the HUF. This can be easily done in a case where the partition results in separate independent taxable units.Remuneration to Karta & members- pay remuneration to Karta & its members for the service rendered by them to the family business. The remuneration so paid would be allowed as deduction from the income of HUF.

Making loans to member of HUF- It can be used as an effective tool in tax planning. Loan can be made with or without interest.

Hindu Undivided Family is a wonderful tool of legal tax planning in a family. So if you do not have a Hindu Undivided Family tax entity in your family, then it is worthwhile that you devote some time and energy that you try to go in for creating a new tax entity of your Hindu Undivided Family.

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ICAI ask Suggestion from Members and Students

A survey is being conducted to collect opinion and valuable suggestions from various stakeholders. Members, students and others are requested to fill in and submit the form given below. The last date to submit the form is 31st January, 2013. For any queries you may please contact Shri Shaleen Suneja, Deputy Director, The Institute of Chartered Accountants of India, ICAI Bhawan, Indraprastha Marg, New Delhi 110 002, Email: ssuneja@icai.org, Phone +91-11-30110540

To Give your suggestions click here

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Section 80CCG of Income Tax

Newly inserted Section 80CCG provides deduction wef assessment year 2013-14 in respect of investment made under notified equity saving scheme. The deduction under this section is available if following conditions are satisfied:

(a) The assessee is a resident individual (may be ordinarily resident or not ordinarily resident) This scheme is not available to HUF.

(b) His gross total income does not exceed Rs. 10 lakhs;

(c) He has acquired listed shares in accordance with a notified scheme;

(d) The assessee is a new retail investor as specified in the above notified scheme;

(e) The investor is locked-in for a period of 3 years from the date of acquisition in accordance with the above scheme;

(f) The assessee satisfies any other condition as may be prescribed.

Amount of deduction –The amount of deduction is at 50% of amount invested in equity shares.
However, the amount of deduction under this provision cannot exceed Rs. 25,000. If any deduction is claimed by a taxpayer under this section in any year, he shall not be entitled to any deduction under this section for any subsequent year.

Withdrawal of deduction – If the assessee, after claiming the aforesaid deduction, fails to satisfy the above conditions, the deduction originally allowed shall be deemed to be the income of the assessee of the year in which default is committed.

After reading this proposal .Few doubts has been cleared but not all .Few point which needs clarification / details regarding actual implementation of the scheme.

This Article has been posted by CA Prahsnat Doshi. He can be reached at prashantdoshi22@gmail.com

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Extension of Common Proficiency Course (CPC) registration date upto 2nd April, 2013 for appearing in the June, 2013 Common Proficiency Test (CPT) - (31-12-2012)

For the Attention of Students - Registration for Common Proficiency Course (CPC)

BoS/Announcement/227/12

December 27, 2012

Sub: Extension of Common Proficiency Course (CPC) registration date upto 2nd April, 2013 for appearing in the June, 2013 Common Proficiency Test (CPT)

In view of the closure of Banks on account of yearly closing on 1st April, 2013, last date for registration to Common Proficiency Course (CPC) is extended upto 2nd April, 2013 for being eligible to appear in the Common Proficiency Test (CPT) to be held in June, 2013. Accordingly, students must submit the application form for registration for Common Proficiency Course (CPC) upto 2nd April, 2013, if they wish to appear in the June, 2013 – Common Proficiency Test (CPT).

Director, Board of Studies

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