AUBSP: All Updates and Books for Students and Professionals.

Reporting of LRS data only through Online Returns Filing System

noreply@blogger.com (Suresh Prasad) — Thu, 23 May 2013 18:27:23 PDT

From 1st day of July, 2013, Authorised Dealer (AD) Category – I banks are required to upload the Liberalised Remittance Scheme (LRS) data in Online Returns Filing System (ORFS) on or before 5th of the following month.

Note that in case there is no data to furnish, AD banks shall have to upload ‘nil’ figures in the ORFS system.

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Revised fee structure and upcoming batches of GMCS Course

noreply@blogger.com (Suresh Prasad) — Thu, 23 May 2013 11:30:02 PDT

Recently, the Council of the Institute of Chartered Accountants of India (ICAI) has revised the fee structure of the General Management and Communication Skills (GMCS) Course, a prerequisite for membership enrolment of the CA Institute under Regulation 51A/72A.

Accordingly, every participants have to pay Rs. 5,500 for each GMCS Course (GMCS – I and GMCS – II courses) including existing GMCS Course with effect from 1st July, 2013.

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Download Admit Card for CS June 2013 Examination

noreply@blogger.com (Suresh Prasad) — Wed, 22 May 2013 18:09:15 PDT

All students who has applied for Company Secretaries (CS) June, 2013 session examination to be conducted by the Institute of Company Secretaries of India (ICSI), may download their Admit Card or hall ticket in PDF form after entering their registration number.

However, all students should have to check at least 2 most important instructions otherwise it may entail cancellation of your examinations:

a) Check all entries/ particulars of your Admit Card just after downloading it.

b) Do not forget to carry your Student Identity Card along with Admit Card.

Thus, you may download your Admit Card from India Education after entering your 17 digit Reg. No. (e.g. 120271470/02/2011) as per Students Identity Card.

You may like to read:

A) New Type of main Answer Books

B) Amendments applicable for June 2013 Exam

C) New Syllabus and Pattern for Foundation Programme

D) 6 Months Training for Executive/ Professional Pass Students

Please read the following extract of important instructions as prescribed by the CS Institute:

1) Verification of Particulars: You should have to verify all particulars mentioned in your Admit Card/ Hall Ticket such as Name, Registration Number, Stage and Module(s) of Examination enrolled for, Examination Centre, Exemption granted, etc.

In case of any discrepancy, please inform to ICSI Institute immediately through:

a) E-Mail id: enroll@icsi.edu;

b) Telephone No.(s) 0120-4522081-86;

c) Speed Post

The Director (Student Services),

The Institute of Company Secretaries of India, C-37,

Institutional Area, Sector-62, NOIDA – 201 309

2) Admission to the Examination Hall: Never forget to carry your Admission Certificate (i.e. Admit Card/ Hall Ticket) and Student Identity Card otherwise you will not be allowed to enter the Examination Hall.

3) Photograph/ Signature in Admit Card: If the downloaded Admission Certificate does not bear your photograph/ signature then don’t worry about it and just do the following instruction prescribed by CS Institute:

a) Affix your recent passport size photograph;

b) Put your signature;

c) Get it Attested by either from

i) Member of ICSI

ii) Gazetted Officer of State/ Central Government

iii) Principal of Recognised School

iv) Manager of Nationalised Bank.

e) Handover one identical photograph to the Superintendent of Examination Centre for affixing the same in the Attendance Sheet.

4) Allowable Calculator and Rough Work: Bring your own battery operated noiseless and cordless pocket calculator with not more than 6 functions, 12 digits and 2 memories. Remind that irrespective of use of calculator you have to show all working notes relating to solutions of practical problems along with their answers and rough work done should be marked as “ROUGH WORK TO QUESTION No. ……..” and scored off by drawing two parallel lines across such rough work.

5) Questions to be Attempted: ICSI has strictly stated that candidates must attempt questions in accordance with the directions given on each Question Paper. If the questions are attempted in excess of the prescribed number, only the questions attempted first upto the required number will be valued and awarded marks and the remaining answer(s) will be ignored.

6) Attempt Questions in Consecutive Order: You are required to start answering each question from a fresh page and all parts/sub-question(s) of that question should be attempted in a consecutive order and do not leave any blank space(s)/page(s) in between the answers or answer book(s). Always mention the respective Question No. at the start of answer in bold capital letters and draw parallel lines underneath the question number on the left-hand side margin of the page.

E.g. ANSWER TO QUESTION No. ….

Further, except the Question No. or Sub-Question No., do not write anything on the left-hand side margin of pages of answer books.

7) To the point Answers and Bad or illegible Handwriting: Institute has advised that the candidates are expected to write to-the-point answers to the questions in neat and legible handwriting citing relevant provisions, of the Acts/Rules quoting case law in support of the answers, wherever applicable. Bad and illegible handwriting will be penalised. Note that any answer book containing entirely illegible (unreadable) handwriting is liable to be awarded “ZERO” marks, if in addition to the original examiner; another examiner had examined and declared that the candidate’s handwriting in the answer book(s) was illegible.

Did You Know: Central Government (CG) has prescribed under section 383A of the Companies Act, 1956 that all companies having a paid -up share capital of Rs 5 crore or more are statutorily required to appoint a whole-time Company Secretary.

Information Systems Audit Course Assessment Test - June 2013

noreply@blogger.com (Suresh Prasad) — Thu, 16 May 2013 19:25:05 PDT

The present scenario of the world is based on the technology and therefore a Chartered Accountant (CA) in practice must have the profound knowledge of the digital environment so that he can help the present business world and form an opinion in a better way as to whether the financial statement of his client give true and fair views of its profit or loss for the period.

You may be acquainted with the words like ERP/ CAAT/ GAS/ E-Governance/ Network Security Audit & Review/ IT Enabled Services (ITES) etc. and all these IT challenges would be converted into opportunities for our ISA qualified CA professionals.

Read the Full Article for conclusion !

Banks should strictly follow Clean Note Policy of RBI

noreply@blogger.com (Suresh Prasad) — Wed, 15 May 2013 11:30:01 PDT

Did you know? India’s Central Bank will soon run a trial pilot project for plastic or polymer currency notes with a view to increase the shelf-life of notes.

According to the Reserve banks data, on an average, 20% i.e. 1 out of 5 paper notes in circulation gets disposed of every year after getting soiled and in the fiscal year 2012-13 that ended on 31 March 2013, the number of such soiled currency bills stood at over 13 billion units.

This is because , the Reserve Bank of India (RBI) always endeavours to ensure a steady supply of fresh banknotes to public and try to make improvement in quality of bank notes to dispose of the soiled bank notes and to discontinue the practice of stapling bank notes.

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Alteration of Articles of Association of a Company

noreply@blogger.com (Suresh Prasad) — Tue, 14 May 2013 11:30:01 PDT

The expression “Articles” has been defined in section 2(2) of Companies Act, 1956 and accordingly, articles means

- the Articles of Association (AOA) of a company

- as originally framed or as altered from time to time

- in pursuance of any previous Companies Law or of Companies Act, 1956.

It is most important to note that articles cannot override the provisions of Companies Act. This is because section 9 of Co. Act clearly states that the provisions of Co. Act shall have effect notwithstanding anything to the contrary contained in the articles of a company and any provision contained in the articles shall, to the extent to which it is repugnant (inacceptable) to the provisions of Co. Act, become or be void, as the case may be.

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Revised Schedule of CA Examination for May, 2013

noreply@blogger.com (Suresh Prasad) — Fri, 17 May 2013 20:53:24 PDT

The Institute of Chartered Accountants of India (ICAI) has clarified on 13th May, 2013 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.

In other words, ICAI has cancelled the CA IPC exam of GP-II, Paper-7, ITSM scheduled to be held on 15th may, 2013.

Accordingly, the said examination for the candidates will now be held on 24th May, 2013 (Friday) from 2.00 PM to 5.00 PM.

Read the Full Article for conclusion !

Result of Assessment Test of the Certificate Course on International Taxation

noreply@blogger.com (Suresh Prasad) — Sat, 11 May 2013 20:07:41 PDT

The Institute of Chartered Accountants of India (ICAI) has declared the result of the Assessment Test of the Certificate Course on International Taxation. This test was organised by the Committee on International Taxation of ICAI on Sunday 24th March, 2013.

This year only 41 members has got success in this Assessment Test of the Certificate Course on International Taxation whereas total 168 chartered accountants were passed in the last year assessment test organised on Sunday 12th August, 2012.

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Procedure for Appointment of First Auditor of a Company

noreply@blogger.com (Suresh Prasad) — Fri, 10 May 2013 11:30:02 PDT

It is well known to everyone that each public as well as private company registered under the companies act, 1956, shall have to comply the provisions contained in sections 224-233B [except sec. 224(1B) which applies only to public companies] of the Companies Act, 1956.

The power for appointment of the first auditor of a company confers in the hands of Board of Directors (BOD) of that company and it governs only with the provisions of sub-section (5) of sec. 224 of Companies Act, 1956.

Accordingly, the first auditors of a company which has been recently formed can not be appointed through the Memorandum of Association (MOA) or Articles of Association (AOA).

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Additional course permitted simultaneously with CA course

noreply@blogger.com (Suresh Prasad) — Fri, 10 May 2013 07:17:43 PDT

At present there are two routes for doing Chartered Accountancy (CA) course viz. CPT (Common Proficiency Test) route and Direct Entry route to enroll as a member of the Institute of Chartered Accountants of India (ICAI) to be designated as “Chartered Accountant”.

In both the routes there is a compulsory requirement of practical training for the period of 3 years as an Articled Assistants/ Audit Trainee to apply theoretical knowledge in practical situations and to acquire work experience of a professional nature.

Under the present scheme of education and training CA students may join Articleship Training / Audit Training (8 months equivalent to 6 months of articleship training) just after passing either Group I or Both Groups of Intermediate (Integrated Professional Competence) Course.

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CBEC extends the last date of e-filing of Service Tax Return (ST3) for Third Quarter

noreply@blogger.com (Suresh Prasad) — Mon, 29 Apr 2013 18:20:17 PDT

As we know that Service TaxPayers have to pay their service tax on all services except those mentioned either in the Negative List or in the Mega Exemption vide Notification No. 12/2012-ST dated 17.03.2012.

Accordingly, from 1st July, 2012 after implementation of the Negative List concept in Service Tax by Central Government (CG) vide Notification No. 19/2012-ST dated 05.06.2012, the return filing cycle of six months (April-September, 2012) has been spilt into quarterly service tax return filing.

As we know that in exercise of the powers conferred by rule 7(4) of the Service Tax Rules, 1994, the Central Board of Excise & Customs (CBEC) had extended the last date of submission of the New Service Tax Return Form ST-3 for the period from 1st July 2012 to 30th September 2012, from 15th April, 2013 to 30th April, 2013 vide Order No 2/2013 dated the 12th April, 2013.

Thus, today is the last day for submission of Service Tax Return (ST-3) for second quarter July-September, 2012 and Automation of Central Excise and Service Tax (ACES) has released the modified version of the Service Tax Return (ST3) for the period 1st July- 30th September, 2012.

Read the Full Article for conclusion !

How to Check Enrollment Status for CS June, 2013 Examination

noreply@blogger.com (Suresh Prasad) — Wed, 22 May 2013 18:44:09 PDT

Are you waiting for your Admit Card for CS June, 2013 exams? Are you avid to know your enrollment status for the coming Company Secretary Examinations to be held in June, 2013?

If your answer is in glaring then you had come at the right place where you will get all relevant information relating to your exam viz. Status, Name, Stage, Module, Exam Centre Name, Exam Year and medium etc. and guidance regarding your query.

All those students whose request for examination enrollment have been rejected due to expiry of registration but applied for renewal of registration in time may contact the CS Institute at e-mail id extension@icsi.edu or at telephone number 0120-4522072/75 for verification of records.

Further, if your exam form/fee has not been received by CS Institute or you had entered wrong registration number then the following message will be displayed on screen:

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How to download CA Intermediate (IPC)/ATE and Final Exam Admit Card for May, 2013?

noreply@blogger.com (Suresh Prasad) — Tue, 23 Apr 2013 18:20:32 PDT

As per Paragraph 11 of Guidance Note “Issue of Admit Cards” hosted on www.icaiexam.icai.org the dispatch of physical admit cards has now been discontinued.

Therefore, all students of CA Intermediate (IPC)/ATE and Final course who are going to appear for the coming examination to be held in the month of May, 2013, have to download and/ or print their Admit Card online for May, 2013 examination.

For downloading/ printing of CA exam admit cards online, you will be asked for enter the following information:

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How to make complaint for non-receipt of CA journal?

noreply@blogger.com (Suresh Prasad) — Tue, 23 Apr 2013 18:21:44 PDT

Every month there are more than two lakhs CA members and students update their knowledge through the journal “The Chartered Accountant” issued by the Institute of Chartered Accountants of India (ICAI).

In this CA journal you will get the latest national and international updates, amendments, announcement, upcoming events, ICAI related news etc. in physical form at your home or office address mentioned at the time of subscription.

As on 28th February, 2013, there are more than 350 CA members fail to receive “The Chartered Accountant”, Journal dispatched to them for the month of February, 2013. This is because either they not intimate the change of their address or may be due to postal problems.

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Amendments and Publications for CA Final Examination May, 2013

noreply@blogger.com (Suresh Prasad) — Tue, 23 Apr 2013 18:22:22 PDT

As we know that the Finance Act, 2012 has introduced the concept of negative list in the service tax law whereby all services are liable to service tax except those covered under the negative list and the exempted services.

On 1st day of April, 2013, ICAI has announced that all students who are going to appear for May, 2013 examination onwards are advised to study Paper 8: Indirect tax laws from latest edition (November, 2012) of the Study Material.

Read the Full Article for conclusion !

CA IPC- Applicability, Non-Applicability and Exclusion of certain topics for May, 2013 Exam

noreply@blogger.com (Suresh Prasad) — Tue, 23 Apr 2013 18:21:09 PDT

In accordance with the service tax law, as contained in the Finance Act, 1994, as amended by the Finance Act, 2012, the services which would not be taxable have been specified as against the earlier law where the individual taxable services were specified.

Accordingly, the amendment has been announced by CA Institute on 1st day of April, 2013 for Intermediate (Integrated Professional Competence) Examination applicable from May 2013 Examination onwards regarding Paper-4: Taxation (Part II: Service Tax and VAT).

Read the Full Article for conclusion !

Requirement of Accounts and Audit Officers for Kolkata Port Trust

noreply@blogger.com (Suresh Prasad) — Tue, 09 Apr 2013 21:22:12 PDT

As we know that Kolkata Port Trust (KoPT) remains one of the pioneering and most auspicious ports of India. It has two dock systems viz. Kolkata Dock System at Kolkata with the oil wharves at Baj Baj and Haldia Dock Complex at Haldia have a combination of facilities with a lot of attractive packages.

If you are qualified Chartered Accountant / Cost Accountant / Company Secretary then you may make an application for the post of Accounts /Audit Officers on or before Monday, April 29, 2013. You will get a fixed consolidated remuneration package of Rs. 35,000 per month for Kolkata Dock System and Rs. 38,500 per month for Haldia Dock Complex.

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Reporting of Long Term Foreign Currency Monetary Items

noreply@blogger.com (Suresh Prasad) — Sun, 31 Mar 2013 17:00:00 PDT

Now, the debit or credit balance in the Foreign Currency Monetary Item Translation Difference Account (FCMITDA) should be shown on the “Equity and Liabilities” side of the balance sheet under the head ‘Reserves and Surplus’ as a separate line item instead of in line with treatment given to Deferred Tax Asset/Liability, i.e. after the head ‘Investments’ or after the head.

This amendment has been made by the Council of the Institute of Chartered Accountants of India (ICAI) at its 324th meeting held on March 24-26, 2013 at New Delhi.

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Responsibility of Auditors and Telecom Operators

noreply@blogger.com (Suresh Prasad) — Mon, 08 Apr 2013 17:55:08 PDT

The Telecom Regulatory Authority of India (TRAI) issued the “Quality of Service (Code of Practice for Metering and Billing Accuracy) (Amendment) Regulations, 2013” amending the framework for audit of the metering and billing system of service providers provided in the Quality of Service (Code of Practice for Metering and Billing Accuracy) Regulations, 2006, so as to protect the interest of consumers.

The salient features of these regulations are given below:

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Revised Interest Rates for Post Office Savings Schemes for FY 2013-14

noreply@blogger.com (Suresh Prasad) — Thu, 28 Mar 2013 19:43:24 PDT

If you are a small saver having deposits under Post Office Savings Schemes then you will now get interest rates marginally lower by 0.10% with effect from Monday, April 1, 2013.

This is because the interest rates for small saving schemes has been revised for the financial year 2013-14 effective from 01.04.2013 in line with the decisions taken by the Government on the recommendations of the Shyamala Gopinath Committee for Comprehensive Review of National Small Savings Fund (NSSF).

Did you know? India has the oldest and the largest Postal Network in the whole world operating more than 238 million Savings Accounts with over 1,54,866 Post Offices (as on 31.03.2011) of which 1,39,040 (89.78%) are in the rural areas.

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Online support to Chartered Accountants for Bank Audit

noreply@blogger.com (Suresh Prasad) — Thu, 28 Mar 2013 19:45:39 PDT

The expert panel of CA Institute will provide online support to Chartered Accountants from 26th March, 2013 to 15th April, 2013 for the bank branch audits for the year ended 31st March 2013. You may send your query at bankauditfaq@icai.org

Note that ICAI or the members of the expert Panel, in any case, would not take any responsibility of actions taken based on such advice. Further, you should not mention the name of the Bank or Branch to avoid problem of violation of confidentiality.

The Auditing and Assurance Standards Board (AASB) of the Institute of Chartered Accountants of India (ICAI) has now developed relevant audit report formats in line with the requirements of the revised SA (Standards on Auditing) 700 on “Forming an Opinion and Reporting on Financial Statements” which is applicable for audit for FY 2012-13 and onwards.

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How to apply online for CS June, 2013 Examination

noreply@blogger.com (Suresh Prasad) — Thu, 28 Mar 2013 19:47:01 PDT

As we know that the last date for online enrollment/ payment for CS Exams (Foundation/Executive/Professional) June, 2013 without late fee is 25th March, 2013 and with late fee ( Rs. 250) is 9th April, 2013(17:30 hours). So, please don’t wait for the last date and avail the online facility to save your money and valuable time as well.

Now, you may fill up and submit your examination form online for your company secretaries Examinations to be held in June, 2013 and onwards without paying any transaction charges as these charges will be borne by the CS Institute itself.

The Institute of Company Secretaries of India (ICSI) has announced this excellent online examination enrollment facility for all students who wish to apply online for their coming exam instead of physical form. The best part of this wonderful facility is that just after entering/ selecting the appropriate Center, Medium and Module you may Proceed for Payment.

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Mandatory electronic cash payment by Companies to Investors

noreply@blogger.com (Suresh Prasad) — Thu, 28 Mar 2013 19:47:41 PDT

On Monday, October 15, 2001 vide Circular No. DCC/FITTCIR-3//2001, the Depositories and Stock Exchanges were advised by the Securities and Exchange Board of India (SEBI) to instruct the companies to utilize the facility of Electronic Clearing Services (ECS) for making cash payments (dividends) to the investors.

In other words, the market regulator had already made mandatory for all the companies to use ECS facility wherever available. However, the companies may use warrants for distributing the dividends in the absence of availability of ECS facility.

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Online Exam Form, Schedule and Passing criteria for CA CPT Exam June, 2013

noreply@blogger.com (Suresh Prasad) — Thu, 28 Mar 2013 19:48:17 PDT

The Council of the Institute of Chartered Accountants of India (ICAI) has announced that the next Common Proficiency Test (CPT) Examination will be held on Sunday, 16th June, 2013 in two sessions in 142 examination centres (Cities in India) and 5 overseas centres.

CA Institute, vide announcement dated 20/03/2013, has now revised the last date of receipt of duly filled Common Proficiency Test application forms, through online or otherwise and therefore the last date shall be 25th April, 2013, instead of 24th April 2013 (a gazetted holiday) as announced earlier.

If you want to appear in CPT (Paper- Pencil Mode) June, 2013 examination then you should have to register yourself with ICAI for the Common Proficiency Course on or before 2nd April, 2013.

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RBI revised the margin requirements under LAF and MSF operations

noreply@blogger.com (Suresh Prasad) — Thu, 28 Mar 2013 19:48:47 PDT

Did you know? From 2nd April, 2013, the amount of securities offered on acceptance of a bid/ application for Rs. 100 Crore will be Rs 104 Crore (face value) of Central Government (CG) dated security/ Treasury Bills or Rs. 106 Crore (face value) of State Development Loans (SDLs) as the case may be.

This is because the Reserve Bank of India (RBI) has now revised the margin requirements under Liquidity Adjustment Facility (LAF) and Marginal Standing Facility (MSF) operations vide Circular No. FMD.MOAG No. 77 /01.01.001/2012-13 dated March 19, 2013.

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