SHOCKING: REASON FOR COMPULSORY TAX AUDIT EFILING

In the year 2011-12, ICAI along with CBDT did a thorough check of tax audit reports and observed that a number of tax audits reports were filed by the assessee by quoting Fake Membership details of the Chartered Accountants. Some of the points observed were:

a) 696 membership numbers (1385 tax audits conducted) quoted by the assessees in e-returns do not subsist at all.
b) 420 membership numbers belong to deceased members.

Further it was pointed out that
1. Approx. 9,500 Members conducted tax audits in excess of specified limit of 45

2.Approx. 2,700 Members with NO COP as on 21.01.2012 conducted Tax Audits.

3. Approx. 736 Members holding Part time COP conducted Tax Audits.

To avoid such irregularities, CBDT has made tax audit report efiling mandatory. The membership details of the auditor would now be checked electronically and any error could be easily pointed out.

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3 IDIOTS of real world

Apart from being a super hit revolutionary movie it has showcased students’ life in the best possible manner. We all have Rancho, Farhan and Raju Rastogi in our lives. Sometimes you are one of the 3’s, sometimes you are the ‘Chatur’ aka Silencer.

But let us see one of the personality traits very much prevalent now a days.

Raju can be seen as a guy who would want good marks in all the subjects with all the studying efforts insured by tantra mantra.

He would study his notes word by word, goes to best coaching centre at the cost of movie plans and cheese burgers.

He would make the time table at the back of his notes copy and get sad if unable to follow.

The number of visits to temple is inversely proportional to days left for exam.

He would leave no stone unturned to get important questions for the exam.

He thinks that remaining serious would mean getting good marks.

But if we introspect in this kind of personalities, they are right in their own race. They are worried because they have seen the consequences of failures and fear that. They only have this opportunity at their disposal and they don’t want to lose on it on account of any reason. They are not risk takers and should not be, as the cost of taking the risk is way high for them. But what makes them start following a particular ‘act’ to ensure the success. It is the hard earned success which made them believe in something or some act which worked with their efforts.

The best part about these people is they don’t get into comparisons with others. They set their own targets and put best foot forward to achieve them. They always remain rooted and grounded to their basics.

And we have so many people having Raju traits in them. Like Ekta Kapoor with letter “k” in all her ventures to ensure success.  Subash Ghai always announces his new venture on 24^th Oct. Katrina visits Ajmer Dargah before her every release. Chris Gayle wears a black bandana with his helmet.

Nothing is wrong with such beliefs but make sure the desired efforts are put.

PS:  The writer belongs to the same breed discussed above.

Keep check this space for more personality traits like Rancho, Chatur etc.

This Article has been shared by Commerceshala. Join Commerceshala at www.facebook.com/Commerceshala

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CPT Macro Economics Changes relevant for Upcoming Exam

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E-Filing of IT Return mandatory for Individuals having Total Income of more than Rs.5 Lakhs.

The Central Board of Direct Taxes (CBDT) is Spreading e-tax net through Notification dated 34/2013 dated 01.05.2013. E-filing of I-T returns is now mandatory for individuals, including salaried taxpayers, earning more than Rs 5 lakh taxable income during the financial year ended March 31, 2013. 

Earlier the same was mandatory for thae Individuals having salaried Income more than 10 Lakhs. CBDT’s earlier notification that salaried Individual having Income less than 5 Lakhs need not to file Income tax returns continues to be in force. Therefore salaried Individual earning less than Rs 5 lakh and whose saving bank interest income is less than Rs 10,000 in a year will need not to file Income Tax returns. However, if an employee has switched jobs during the financial year, then this leeway of tax filing exemption is not available. Since there is a condition to get the exemption that the employer has discharged the entire tax liability through deduction of tax at source and deposited it with the government & there is very chance that either of the employers will not discharge entire tax liability due to lower tax calculations at their end.
After the above said new notification comes into force income tax return filing is mandatory for three types of individuals having salaried income:

i) Individuals having salaried income over 5 lacs

ii) Individuals having salaried income over 5 lacs & switch over their job during the financial year.

iii) Individuals having salaried income less than 5 lacs & switch over their job during the financial year.

iv) Employees having income less than over 5 lacs but having other incomes and/or having interest income over 10000.

For the first two categories of employees e-return filing is mandatory. For the other category of individuals e filing is mandatory if their total income exceeds Rs. 5 lacs. Simultaneously e-filing of I-T returns also helps speed up the process of granting refunds to taxpayers – the processing is carried out at the CPC-Bangalore. After making the income tax return mandatory for the individuals having total income over 10 lacs, IT department needs to extend the time limit for return filing of individuals from 31st July to 31st august (for 1 Month) due to non availability of access of website of the tax department which enables e-filing of returns. As per IT department there is about 18 lacs of individuals who file return between 5 lakhs to 10 lakhs which gather more traffic in the e-return filing website in this AY. It’s a good step by the IT department to gear up the Income tax return processing but a question that how the department’s website handles such huge traffic especially during the peak return filing
season. Through the same notification, the CBDT has also introduced e-filing of tax audit reports, transfer pricing (TP) reports and Minimum Alternate Tax (MAT) certificates. Earlier, while e-filing of I-T returns was mandatory for India Inc, these reports had to be physically filed at
the local tax offices.

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Download ITR- 4S E Filing Utility for AY 2013-14 / FY 2012-13

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Download ITR- 2 E Filing Utility for AY 2013-14 / FY 2012-13

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Download ITR- 1 E Filing Utility for AY 2013-14 / FY 2012-13

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Documents to be submitted with Annual Reports by listed company

The SEBI circular No. CIR/CFD/DIL/7/2012  dated August 13, 2012 had inter-alia  amended the clause 31(a) of the Listing Agreement by advising the listed companies to submit the following forms, as may be applicable, along with copies of annual reports submitted to Stock exchanges:

Form A: Unqualified/Matter of Emphasis Report

Form B: Qualified/Subject to/Except for Audit Report

The companies are required to ensure that
1) Form A or Form B as applicable is submitted with copies of the Annual Report to the Stock Exchanges where they are listed. Non-submission of Form A & B may be treated as non-submission of Annual Report and thus non-compliance with clause 31(a) of the listing agreement 

2) The relevant Form, i.e. Form A/B is submitted. Submission of incorrect Form may be treated as non-submission.

3) Form A or Form B is signed by ALL the four entities mentioned in the SEBI circular i.e. CEO/ MD, CFO, Auditor and the Chairman of the Audit Committee, as per SEBI clarification. Form A or Form B not signed by all four mandated entities would be considered as incomplete submission.

4) Management comments are also submitted on the Auditors qualifications in case Form B is submitted. Companies are advised to comply with the above and extant provisions of the said SEBI circular.

This Article has been posted by Vinanti Zatakiya. She Can be reached atvinanti2504@gmail.com

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Tips on self Study

SOME TIPS ON SELF STUDY

I did self study and that’s why i wanna share some tips with you guys and I hope it proves useful to you too.

 Here are some tips:

Ø  GO THROUGH THE SYLLABUS: The very first thing you should do is to go through the syllabus. You should know what topics you have to cover and marking scheme if any.

Ø  IMPORTANT TOPICS: First refer those topics which are fixed in exams and can fetch you good marks for passing. This will boost your confidence level to do self study.

Ø  TIME MANAGEMENT: This is a very important point. You should make a time table and study according to that time table only. This will bring you fruitful results and you will be satisfied with your study also and again this will boost your confidence level.

Ø  KEEP UR EGO ASIDE: If you don’t know anything then feels free to ask from others or refer any other study material.

Ø  SET SMALL TARGETS: You should set goals that are manageable, that you think you can achieve in a single day. This will help you complete your syllabus well on time.

Ø  REVISE THE SAME DAY: You should revise the topics the same day whether at night or at any other time which suits you the most. It will cement the information in your mind so that at next time when you recall it will be easy for you.

Ø  REGULARITY: Regular Studies are very important. In CA syllabus is very vast but it doesn’t mean you can’t enjoy and you just have to study alone you should manage all these with your studies and be regular with your studies.

Ø  LATEST AMENDMENTS: Be aware of latest changes in your syllabus and do your study accordingly. Be in touch with Institute’s site.

To conclude I can just say:

“If u wanna achieve something you will find 100 ways to achieve it otherwise you will find 101 reasons to avoid it.”

This Article has been written by Palak Aggarwal. You can reach her at aggarwal.palak2809@gmail.com

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POSTPONEMENT OF EXAMINATION OF GROUP-II, PAPER-7, INFORMATION TECHNOLOGY AND STRATEGIC MANAGEMENT OF INTERMEDIATE (INTEGRATED PROFESSIONAL COMPETENCE) EXAMINATION SCHEDULED ON 15TH MAY – 2013

It is hereby informed that due to unavoidable circumstances the examination of Group – II, Paper - 7 – Information Technology and Strategic Management of Intermediate (Integrated Professional Competence) Examination scheduled on 15th May-2013 stands postponed. The said examination for the candidates will now be held on 24th May - 2013 (Friday) from 2.00 PM to 5.00 PM. The venue and timing of the said examination will remain unchanged. Admit Card already issued would remain valid for the examination on 24th May 2013.

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ICAI warns CA students who are pursuing additional course

                       For attention of Members and Students

Restriction on pursuing additional course during Articled Training/ Breach of CA Regulation 65 - Serious view taken by the Institute 

As you are aware, the Council of the Institute, under Regulation 65 of the Chartered Accountants Regulations, 1988 has permitted Articled Assistants to pursue/attend, with prior permission to be obtained from concerned Decentralised offices, only one course simultaneously with CA course subject to the condition that the classes being attended for such permitted courses do not overlap with the Principal`s office hours.

The Executive Committee of the Council of the Institute, has had an occasion to consider certain instances of breach of the above Regulation 65 / relevant decision of the Council and taking a serious view of the matter, it has decided to impose severe consequences by delaying grant of Membership for substantial period as deemed fit corresponding to quantum of overlapping period between office timings of the Principal and attendance at the classes. 

It has also been decided that the conduct of members/employers concerned would also be simultaneously examined and appropriate action initiated against them, whenever required.

Members and students are therefore hereby cautioned to be careful in observing the provisions of the Chartered Accountant Regulation / decisions of the Council. 

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CA IPCC May 2013 Law Ethics and Communication Paper

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CA Final May 2013 SFM Paper

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CA IPCC May 2013 Accounts Paper

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CA Final May 2013 Accounts Paper

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