Feedback of Candidates on Question Paper-Chartered Accountants Examinations, May 2012
| Examination Department Feedback of Candidates on Question Paper-Chartered Accountants Examinations, May 2012. |
The Institute has developed an online Feedback form on the Question Papers of Chartered Accountants Examinations to be held from 2nd May 2012 to 17th May 2012 at the link http://www.icai.org/app_forms/student_feedback.html. |
Students and other stakeholders may make use of the facility. |
| Examination Department |
Job Openings at Hari Bhakti for CA
Guys from our Sources we come to know that there are job openings in Hari Bhakti(BDO). Job Location is Mumbai and CTC will be 4.5 to 5.5 Lacs. Intrested Candidate can send there CV at hr@bdoindia.co.in
To See other job openings for CA Click Here
To See other job openings for CA Click Here
Little known schemes u/s. 80C of Income Tax Act
Little known schemes u/s. 80C of Income Tax Act
If an individual falls in the 30% tax bracket and has exhausted the maximum limit of Sec 80C, one can save Rs 30,900 in taxes. We run you through the provisions of Section 80C. However, we highlight those schemes that are little known and which many investors avail of sparingly.
Stamp duty and registration charges
The first and foremost provision that many taxpayers are not aware of is stamp duty and registration charges. According to the law, ‘the amount paid towards stamp duty, registration fees and other expenses for the purpose of transfer of house property to the owner also qualifies for tax exemption’. This is over and above the principal payment that qualifies under Section 80C. But deduction u/s. 80C for total amount including Principal Loan Repayment and stamp duty and registration charges cannot exceed Rs. One Lakh.
Exemption for interest payment towards home loan is permissible under another section hence the above limit of Rs 1 lakh does not apply to it.
Let us take an example, Mr A purchases a house property of Rs 32 lakh and takes a home loan of Rs 25 lakh at 10%. His stamp duty and registration charges on this work out to approximately Rs 1.75 lakh. The interest for the first year comes to Rs 2.48 lakh and principal payment comes to Rs 41,376.
Thus, Mr A can claim maximum tax exemption of Rs 1.5 lakh on his interest payment under Sec 24. The entire principal payment (not more than Rs 1 lakh) of Rs 41,376 can be claimed under Sec 80C.
Nonetheless, it still leaves Rs 58,624 to be invested in other tax-saving instruments to reduce overall tax liability. In reality, buying a house is quite often an expensive affair, leaving little cash with the homebuyer. On top of it, if one has to make additional investment to save on tax, it becomes difficult.
But with the inclusion of registration and stamp duty fees under Section 80C, it not only reduces tax liability but also saves the property buyer from further cash outgo.
Fixed-deposit with HUDCO or any housing board
Another provision that would be eligible for exemption under Section 80C is ‘any sum paid towards fixed-deposit schemes of HUDCO or to any housing board, which is constituted in India for the purpose of planning, development or improvement of cities or towns’.
Another provision that would be eligible for exemption under Section 80C is ‘any sum paid towards fixed-deposit schemes of HUDCO or to any housing board, which is constituted in India for the purpose of planning, development or improvement of cities or towns’.
Typically, these schemes are promoted by state housing boards to promote long-term social sector objectives, or for infrastructure development of city. In fact, principal payment towards home loans taken from Housing and Urban Development Corporation (HUDCO) also qualifies for exemption under Sec 80C.
Even subscription to a home loan account scheme of the National Housing Bank (NHB) or contribution to any notified pension fund set up by the NHB also meet the requirements. Hence, if these two offer home loans at competitive rates, one can avail loan from them as well.
Contribution to a non-commutable deferred annuity plan
Further, contribution to a non-commutable deferred annuity plan is also an option to avail tax exemption. In normal parlance, this is nothing but a standard pension plan eligible for tax exemption under Section 80C.
This includes schemes such as Jeevan Suraksha by LIC or Pension Plus plan by HDFC Standard Life. Contribution to an approved superannuation fund is also a way to claim tax benefit.
Typically, large organizations maintain superannuation funds and contribute to them. In case employees want to make a higher contribution; they can do so to the extent of 15% of basic plus dearness allowance. Besides these lesser-known options, the other commonly used options are contribution to employee provident fund, life insurance premium, or payment of tuition fees. Five-year tax saving fixed deposits issued by banks can also be bought.
With a 6-7 .75% quarterly compounding interest rate, these FD’s have an edge over NSC with a one-year lesser lock-in period. However, the NSC has an edge because of the fact that interest accrued is also eligible for 80 C limit for the first five years that is not the case with FDs.
Equity-linked savings scheme MF or Ulips
besides, these low risk options, one can go for high-risk return schemes such as equity-linked savings scheme MF or even Ulips. ELSS usually provides a higher return in the long run than small savings schemes and carries a lower lock-in period of three years.
besides, these low risk options, one can go for high-risk return schemes such as equity-linked savings scheme MF or even Ulips. ELSS usually provides a higher return in the long run than small savings schemes and carries a lower lock-in period of three years.
Small savings schemes offer a lower return of around 8 to 8.5%. Further, there is a relatively long lock-in period -15 years for the PPF and six years for NSC. The advantage with these schemes is that they offer a guaranteed return unlike equity-based products where there is no guaranteed return and one can lose money like when the markets tumbled in 2008.
Risk profile and investment strategy are the key determinants for allocating funds to any scheme. Also, one must consider inflation-adjusted returns before taking a decision.
This article has been Authored by Mukul Gulati. He can be reached at avsm.pegasus@gmail.com
Implementation of New GMCS Programme
The Council has decided that the General Management and Communication Skills (GMCS) Programme, presently being organized for 15 days for the CA students should be organized twice during the period of articled training as under:
(i) GMCS-I (15 days) - during 1st year of articled training
(ii) GMCS-II (15 days) - after completion of 18 months of training but before completion of articled training
In view of the above decision, it is hereby informed that GMCS-I & II Programme will be implemented in respect of those students, who will be registered for articled training on or after 1st May, 2012. Students, who are undergoing articled training or have been registered for articled training prior to 1st May, 2012 shall be governed by the existing GMCS Scheme. The fee for each programme of GMCS I & II shall be Rs.6,500/- only.
Director
Board of Studies..
(i) GMCS-I (15 days) - during 1st year of articled training
(ii) GMCS-II (15 days) - after completion of 18 months of training but before completion of articled training
In view of the above decision, it is hereby informed that GMCS-I & II Programme will be implemented in respect of those students, who will be registered for articled training on or after 1st May, 2012. Students, who are undergoing articled training or have been registered for articled training prior to 1st May, 2012 shall be governed by the existing GMCS Scheme. The fee for each programme of GMCS I & II shall be Rs.6,500/- only.
Director
Board of Studies..
Jobs for CA In NMA Consultants
Job Title: Audit Manager
Company Name: NMA Consultants
Country: India
City: New Delhi, Mumbai
Address: B 9, Green Park Main, New Delhi-110016.
Qualification: CA
Skills: Strong Audit and Communication Skills
Experience: 0-1 Years
Pay Scale: 300000P.A, Desired Candidate can get more than that also
Other Details: Our service lines are headed by experts from the varied fields of Audit and Assurance, Taxation,Financial Consultancy, Corporate Laws , Capital Markets and the like who ensure timely delivery of value added services to our clients.
Contact Person: Srinjaya Lahiri
Contact Number: +91-11-46021550-52
Email/Website: http://nmaconsultants.com
You may also like:
Jobs for Experienced CA at Beml Limited
BEML Limited
(A Govt. of India Undertaking)
BEML Soudha, 23/1, 4th Main, Sampangirama Nagar,
Bangalore-560 027, INDIA, Toll Free No. 1800-425-2365
BEML Limited a pioneering Multi Business (Defence, Rail & Metro, Mining & Construction, Aerospace and Dredging) Heavy Engineering Company is looking for experienced personnel, for the following positions:
General Manager (Finance)
Senior Manager (Design) – Naval Architecture
Manager (Design) – Naval Architecture
Manager (Metro Rolling Stock Interface)
2) Age & Experience criteria:
Post Grade Pay Scale Upper Age Min. CTC Post
with 30 % HRA, Qualification Exp.
excl. PRP
General VIII 43200-66000 48 13.94 Lakhs 22
Manager
Senior V 29100-54500 38 9.12 Lakhs 13
Manager
Manager IV 24900-50500 34 7.80Lakhs 9
*Annual increment is 3% of Basic Pay.
CTC includes Basic Pay, Special Grade pay, DA, Company Accommodation / HRA, PF, Gratuity, and allowances under the cafeteria system limited to 21.55 % of basic pay. The above ceiling is excluding the monetized value of some of
the welfare facilities provided by the Company which will be limited to a maximum of 8.45% of Basic Pay of Officers. Over and above, Performance related pay (PRP) will be payable as per Company rules.
For More info Click Here
(A Govt. of India Undertaking)
BEML Soudha, 23/1, 4th Main, Sampangirama Nagar,
Bangalore-560 027, INDIA, Toll Free No. 1800-425-2365
BEML Limited a pioneering Multi Business (Defence, Rail & Metro, Mining & Construction, Aerospace and Dredging) Heavy Engineering Company is looking for experienced personnel, for the following positions:
General Manager (Finance)
Senior Manager (Design) – Naval Architecture
Manager (Design) – Naval Architecture
Manager (Metro Rolling Stock Interface)
2) Age & Experience criteria:
Post Grade Pay Scale Upper Age Min. CTC Post
with 30 % HRA, Qualification Exp.
excl. PRP
General VIII 43200-66000 48 13.94 Lakhs 22
Manager
Senior V 29100-54500 38 9.12 Lakhs 13
Manager
Manager IV 24900-50500 34 7.80Lakhs 9
*Annual increment is 3% of Basic Pay.
CTC includes Basic Pay, Special Grade pay, DA, Company Accommodation / HRA, PF, Gratuity, and allowances under the cafeteria system limited to 21.55 % of basic pay. The above ceiling is excluding the monetized value of some of
the welfare facilities provided by the Company which will be limited to a maximum of 8.45% of Basic Pay of Officers. Over and above, Performance related pay (PRP) will be payable as per Company rules.
For More info Click Here
What’s better- Trust, Society or Sec.25 Company?
There are three different ways in which one can share good fortune with others in an organized and enduring manner and receive legal protection as well as tax benefits.
One can set up either a public charitable trust, a registered society, or a Section 25 Company (a trust corporation). Each has its own advantages and constraints. If a person wishes to set apart either property or money for a charitable purpose so that the income may be devoted in perpetuity for the fulfillment of the charitable activity, and wants to limit control over the disposal of that income to persons whom he knows and trusts, then it is best to set up a public charitable trust. A public charitable trust can be set up under the Bombay Public Charitable Trusts Act 1950 in Maharashtra or Gujarat. Elsewhere in the country it can be set up under the general law, i.e., by registration of the trust deed with the registrar. But a private trust whose beneficiaries generally are relatives or friends and not society at large does not enjoy tax benefits.
A minimum of only two persons are required to form a trust which can be set up by executing a trust deed on non-judicial stamp paper worth 4 per cent of the value of the trust property, with either the charities commissioner in Maharashtra or Gujarat or with the registrar of documents elsewhere. The trust deed enshrines the aims and objects and mode of management of the trust. The management rests with the board of trustees who can remain so for life, and need not stand for election. Changes in the composition of the board are usually by invitation and not election. This ensures that the trust is managed by those approved by the original donor/s or trustee/s who cannot be removed by election as in the case of a society. There is thus minimum danger of a takeover by persons not approved by the trustees or settler.
The disadvantage is that the alteration of the objects laid down in the trust deed is difficult and only the settler can modify them. The charities commissioner also has more power to intervene in the affairs of a trust than in a society, and a trust cannot be dissolved easily. Hence a trust should be set up only when one wishes to make an endowment of property for perpetuity and the trustees desire that this property be used only for specified charitable purposes with close control by the original settlers/trustees.
Alternatively, one can set up a registered society under the Societies Registration Act of 1860 or its versions in force in different states. Unlike trusts, a society has a more democratic set up with membership and an elected body to manage the society. The original members of a society can continue to remain in control as long as they are elected to the managing committee, but at the same time can opt out of the society if they wish, which trustees cannot. The society can exist as long as the members wish, but there is always a possibility of complete renewal of members and objects can be modified easily. It is easier to wind up a society than it is to wind up a trust. A minimum of seven members are required to form a society. They have to file a memorandum of association on non-stamp paper, setting out the objectives of the society before the registrar of societies in the state in which the society is set up. The legal requirements are much simpler than in the case of a trust or Section 25 companies. But the main disadvantage is that due to democratic procedures, the society can be taken over by elements opposed to the founding members.
For an individual who wishes to create a nonprofit concern for charitable purposes as an adjunct to his main business activities it would be best to create a Section 25 company under the Indian Companies Act of 1956. Only seven members are required to set up a nonprofit company. The main instrument is the memorandum and articles of association filed on non-stamp paper before the registrar of companies.
Its advantages are that a wide range of activities can be taken up. Though complex, its objects can be modified if need arises, and providing services and trading on a no-profit basis is possible. The management is with the board of directors and prevention of takeovers is easier than in a society. However, under company law, the formation and regulation procedures are more complex than in either a trust or society.
In sum the type of legal incorporation to be chosen would depend mainly upon requirements and preferences. All three types of organizations can hope to get tax benefits provided they meet the necessary criteria, though.
Jobs for CA in National Institute of Technology Calicut
Jobs for CA in National Institute of Technology Calicut
Position: Accountant
Eligibility: CA, ICWA
Location: Kozhikode
Last Date: 04-May
Job Details
Qualification: CA/ICWA. Experience: Preferably 2-3 year experience in the relevant areas of accounting and finance with knowledge in Tally system.Note: In the absence of candidates with above qualification, CA/ICWA Inter qualified candidates will be considered.
Age: Should not exceed 40 year as on 01/03/2012. For persons having more experience, age limit can be relaxed up to 45 years.
Pay Scale: Rs.30000/-
Position: Accountant
Eligibility: CA, ICWA
Location: Kozhikode
Last Date: 04-May
Job Details
Qualification: CA/ICWA. Experience: Preferably 2-3 year experience in the relevant areas of accounting and finance with knowledge in Tally system.Note: In the absence of candidates with above qualification, CA/ICWA Inter qualified candidates will be considered.
Age: Should not exceed 40 year as on 01/03/2012. For persons having more experience, age limit can be relaxed up to 45 years.
Pay Scale: Rs.30000/-
ICAI JOB FAIR 2012
ICAI Is Organising Job Fair For Freshers as well as Experienced Chartered Accountants.
PLEASE FOLLOW THE BELOW LINK FOR ALL THE DETAILS:-
http://www.cmii.icai.org/imgs/Steps%20for%20resubmission%20of%20online%20form%20for%20candidate%20on%20www.htm
PLEASE FOLLOW THE BELOW LINK FOR ALL THE DETAILS:-
http://www.cmii.icai.org/imgs/Steps%20for%20resubmission%20of%20online%20form%20for%20candidate%20on%20www.htm
Jobs for CA In SyndicateBank
SyndicateBank, a leading Public Sector Bank, invites applications from Indian Citizens for appointment of Chartered Accountants in Middle Management Grade/Scale –II. The details are given below:
IMPORTANT DATES :
Payment of Application Fees 26.4.2012 TO 12.5.2012
Last date for Receipt of Applications 19.5.2012
Last date for Receipt of Applications from far flung areas (See clause No.8)26.5.2012
Pay Scale, Allowances and Perquisites as applicable.
Scale Pay Scale Approx. total emoluments at the start of the scale inclusive
of DA, CCA & HRA at Metropolitan Centres. MMGS II `19400 - 28100 ` 33,811/-
In addition, Quarters facility/rent reimbursement (in lieu of HRA), Conveyance, Medical Aid, LFC and retirement benefits are admissible as per the rules of the Bank.
Application Fee (Including postage/intimation charges) (Non Refundable) :
For Reserved Category SC/ST/PWD : 50/-
For all others (including OBC) : 500/-
Requisite Application Fee may be paid at any of the Branches of Syndicate Bank, by means of a Payment Voucher as per the format given in Banks website. The payment at Syndicate Bank Branches can be made free of charges. The payment towards application fee through CBS can be made between 26.04.2012 and 12.05.2012.
MODE OF PAYMENT:-
Offline Mode, kindly take note of the following:-
1. Take a print of the entire Recruitment Notification, including the 'FEE PAYMENT CHALLAN'.
2. Fill in the Fee Payment Voucher in a clear and legible handwriting in BLOCK LETTERS.
3. Go to the nearest SYNDICATE BANK Branch with the Fee Payment Voucher duly filled in and pay, in Cash the appropriate Application Fee in Account No with Manipal Branch, Manipal, in favour of "SYNDICATE BANK CHARTERERED ACCOUNTANTS RECRUITMENT PROJECT-2012-13" .
4. Obtain the Counterfoil (Applicant's Copy) of the Fee Payment Voucher duly received by the Bank with
(a) Branch Name & BIC Number (b) Transaction ID/Scroll No (c) Date of Deposit
& Amount filled by the Branch Official.
Note:
Application once made will not be allowed to be withdrawn and fees once paid will NOT be refunded on any count nor can it be held in reserve for any other
recruitment or selection process.
HOW TO APPLY:-
All eligible candidates should apply in the prescribed Application format given in the Banks website, to reach the address given below on or before the last date for receipt of applications. . Applications received after the last date will not be considered.
Application should be in A - 4 size paper (11.69” X 8.27”) and should be strictly as per the format. Certified copies of the following shall be enclosed to the application:
1) Caste/Tribe/Community/Disability/Defence Service Certificate in the case of candidates belonging to SC/ST/ OBC/PH/XS.
2) SSLC/X Class Certificate/Marks Card containing Date of Birth.
3) Degree Certificate & Marks Card, if any .
4) Marks card issued by the Institute of Chartered Accountants of India.
5) Computer qualification Certificate.
6) Certificate of experience, IF ANY.
APPLICATION COMPLETE IN ALL RESPECTS SHOULD BE SENT ONLY BY ORDINARY POST IN A CLOSED ENVELOPE SUPERSCRIBED “APPLICATION FOR THE POST OF CHARTERED ACCOUNTANTS 2012-13” TO THE FOLLOWING
ADDRESS:
SYNDICATE BANK CHARTERED ACCOUNTANTS RECRUITMENT PROJECT –
2012-13.
POST BOX NO. 64
MANIPAL - 576 104.
UDUPI DISTRICT, KARNATAK
For More information Click Here
IMPORTANT DATES :
Payment of Application Fees 26.4.2012 TO 12.5.2012
Last date for Receipt of Applications 19.5.2012
Last date for Receipt of Applications from far flung areas (See clause No.8)26.5.2012
Pay Scale, Allowances and Perquisites as applicable.
Scale Pay Scale Approx. total emoluments at the start of the scale inclusive
of DA, CCA & HRA at Metropolitan Centres. MMGS II `19400 - 28100 ` 33,811/-
In addition, Quarters facility/rent reimbursement (in lieu of HRA), Conveyance, Medical Aid, LFC and retirement benefits are admissible as per the rules of the Bank.
Application Fee (Including postage/intimation charges) (Non Refundable) :
For Reserved Category SC/ST/PWD : 50/-
For all others (including OBC) : 500/-
Requisite Application Fee may be paid at any of the Branches of Syndicate Bank, by means of a Payment Voucher as per the format given in Banks website. The payment at Syndicate Bank Branches can be made free of charges. The payment towards application fee through CBS can be made between 26.04.2012 and 12.05.2012.
MODE OF PAYMENT:-
Offline Mode, kindly take note of the following:-
1. Take a print of the entire Recruitment Notification, including the 'FEE PAYMENT CHALLAN'.
2. Fill in the Fee Payment Voucher in a clear and legible handwriting in BLOCK LETTERS.
3. Go to the nearest SYNDICATE BANK Branch with the Fee Payment Voucher duly filled in and pay, in Cash the appropriate Application Fee in Account No with Manipal Branch, Manipal, in favour of "SYNDICATE BANK CHARTERERED ACCOUNTANTS RECRUITMENT PROJECT-2012-13" .
4. Obtain the Counterfoil (Applicant's Copy) of the Fee Payment Voucher duly received by the Bank with
(a) Branch Name & BIC Number (b) Transaction ID/Scroll No (c) Date of Deposit
& Amount filled by the Branch Official.
Note:
Application once made will not be allowed to be withdrawn and fees once paid will NOT be refunded on any count nor can it be held in reserve for any other
recruitment or selection process.
HOW TO APPLY:-
All eligible candidates should apply in the prescribed Application format given in the Banks website, to reach the address given below on or before the last date for receipt of applications. . Applications received after the last date will not be considered.
Application should be in A - 4 size paper (11.69” X 8.27”) and should be strictly as per the format. Certified copies of the following shall be enclosed to the application:
1) Caste/Tribe/Community/Disability/Defence Service Certificate in the case of candidates belonging to SC/ST/ OBC/PH/XS.
2) SSLC/X Class Certificate/Marks Card containing Date of Birth.
3) Degree Certificate & Marks Card, if any .
4) Marks card issued by the Institute of Chartered Accountants of India.
5) Computer qualification Certificate.
6) Certificate of experience, IF ANY.
APPLICATION COMPLETE IN ALL RESPECTS SHOULD BE SENT ONLY BY ORDINARY POST IN A CLOSED ENVELOPE SUPERSCRIBED “APPLICATION FOR THE POST OF CHARTERED ACCOUNTANTS 2012-13” TO THE FOLLOWING
ADDRESS:
SYNDICATE BANK CHARTERED ACCOUNTANTS RECRUITMENT PROJECT –
2012-13.
POST BOX NO. 64
MANIPAL - 576 104.
UDUPI DISTRICT, KARNATAK
For More information Click Here
You may also like:
SRCC student bagged Rs. 30 lakh package
One thing which is buzzing all over the DU colleges is exams, apart from which student's placement is another topic of anxiety among students. The college ensures that all students get placed in one or another company with good profile and package. The placement season at SRCC has noticed a big change. This time many new companies visited the campus and used many measures to select best students for their firms. According to the placement data there were more than 600 students who registered for the placement process. Near about 45% students got placed through the session.
More than 30 big and small companies visited the campus and placed various offers to students. Some of the top notch companies which participated in the placement process were Rio Tinto, Deutsche Bank in the banking sector. Some other big players were Bain, McKinsey, Citibank, Barring Pvt Ltd. Google, Godrej, PWC, Deloitte, Towers Watson, EnY, Index Capital etc. These companies offered profiles in : Analysis, Financial Consultancy, Marketing, Management Training, Research Analysis, and Trade to students.
This year Rio Tinto made the maximum offers by beating the record of Deutsche Bank. It offered highest packages to Mehtab Singh Chima and Akshita Kapur of Rs. 30 lakh per annum. Being a fresher and just an undergraduate the figure is quite high and impressive. This year the average package was near about Rs. 5.5 lakh. This placement record indicated that this reputed college has lot more to offer to students and recruiters and it is a promising host for all deserving employers.
You may also like:
Jobs for CA In Luna Exports Pvt Ltd
Job Description:
To look after the complete account of the company from initial stage to the Balance Sheet level including statutory audit.
Desire Profile Specification:
Should be a Chartered Accountant.
Qualification required:
C.A.
Salary Pakage and Perks
Salary package:
Min: 250000 INR Max: 400000 INR
Perks:
As per company rules.
Job Location:
NEW DELHI
Job Classified Category:
Private Jobs
Functional Area:
Accounts, Finance, Tax, CS, Audit
To apply this job Click Here
To look after the complete account of the company from initial stage to the Balance Sheet level including statutory audit.
Desire Profile Specification:
Should be a Chartered Accountant.
Qualification required:
C.A.
Salary Pakage and Perks
Salary package:
Min: 250000 INR Max: 400000 INR
Perks:
As per company rules.
Job Location:
NEW DELHI
Job Classified Category:
Private Jobs
Functional Area:
Accounts, Finance, Tax, CS, Audit
You may also like:
To apply this job Click Here
Subscribe to our mailing list to get the updates to your email inbox.. Just Enter your email id below and click on subscribe button! After that, verify it through the verification email received on your email id and start learning more!..
Posts
