IPCC Notes GMCS ITT Time Table Syllabus Amendments RTP Suggested Answers

2016-09-19T23:53:00.001+05:30

Agriculture Income [Section 10(1)]

2. Any sum received by a Co-parcener from Hindu Undivided Family (H.U.F.) [Section 10(2)]

3. Share of Income from the Firm [Section 10(2A)]

4. Interest paid to Non-Resident [Section 10(4)(i)]

5. Interest to Non-Resident on Non-Resident (External) Account [Section 10(4)(ii)]

6. Interest paid to a person of Indian Origin and who is Non-Resident [Section 10(4 B)]

7. Travel Concession to an Indian Citizen Employee [Section 10(5)]

8. Remuneration received by an individual who is not a citizen of India [Section 10(6)]
9. Tax paid by Government or Indian concern on Income of a Foreign Company [Section 10(6A), (6B), (6BB) and (6C)]

10. Perquisites and Allowances paid by Government to its Employees serving outside India [Section 10(7)]

11. Employees of Foreign Countries working in India under Cooperative Technical Assistance Programme [Section 10(8)]

12. Income of a Consultant [Section 10(8A)]

13. Income of Employees of Consultant [Section 10(8B)]

14. Income of any member of the family of individuals working in India under co-operative technical assistance programmes [Section 10(9)]
15. Gratuity [Section 10(10)]

16. Commuted value of pension received [Section 10(I0A)]

17. Amount received as leave encashment on retirement [Section 10(10AA)]

18. Retrenchment compensation paid to workmen [Section 10(10B)]

19. Payment received under Bhopal Gas Leak Disaster (Processing of Claims) Act 1985 [Section 10 (10BB)]

19A. Compensation received in case of any disaster [Section 10(10BC) ]

20. Retirement Compensation from a Public Sector Company or any other Company [Section 10 (10C)]

21. Income by way of tax on perks [Section 10(10CC)]

22. Any sum received under a life insurance policy [Section 10(10D)]

23. Payment from Statutory Provident Fund [Section 10(11)]

24. Payment from Recognised Fund [Section 10(12)]

25. Payment from Superannuation Fund [Section 10(13)]

26. House Rent Allowance [Section 10(13A) Read with Rule 2A]

27. Any Allowance given for meeting Business Expenditure [Section 10(14)]

28. Interest Incomes [Section 10(15)]

29. Lease rental income of a foreign government or foreign enterprise from leasing of aircraft/aircraft engine to an Indian company [Section 10(15A)]

30. Scholarship [Section 10(16)]

31. Allowance of M.P./M.L.A.Ior M.L.C. [Section 10(17)]

32. Awards Instituted by Government [Section 10(17A)]

33. Pension received by certain winners of gallantry awards [Section 10(18)]

34. Family pension received by family members of armed forces including para military forces [Section 10(19)]

35. Income from one palace of a former ruler [Section 10(19A)]

36. Income of a local authority [Section 10(20)]

37. Income of scientific research association [Section 10(21)]

38. Income of a News Agency [Section 10(22B)]

39. Income of some Professional Institutions [Section 10(23A)]

40. Exemption of Income Received by Regimental Fund [Section 23AA]

41. Income of a Fund set-up for the welfare of employees or their dependents [Section 10(23AAA)]

42. Income of a pension fund set up by LIC or other insurer [Section 10(23MB)]

43. Income of Institutions established for development of Khadi and Village Industries [Section 10(23B)]

44. Income of State Level Khadi and Village Industries Board [Section 10(23BB)]

45. Income of certain Authorities set up to manage Religious and Charitable Institutions [Section 10(23BBA)]

46. Income of European Economic Community [Section 10(23BBB)]

47. Income of a SAARC Fund for regional projects [Section 10(23BBC)]

48. Any income of Insurance Regulatory and Development Authority [Section 10(23BBE)]

49. Income of Prasar Bharti [Section 10(23BBH)] [Inserted by the Finance Act 2012, w.e.f. 2013-14]

50. Any income received by a person on behalf of following Funds [Section 10(23C)]

51. Income of Mutual Fund [Section 10(23D)]

52. Exemption of income of a securitisation trust [Section 10(23DA)j [w.e.f. A.Y. 2014-15]

53. Income of Investor Protection Fund [Section 10(23EA)]

54. Income of the Credit Guarantee Trust for Small Industries [Section 10(23EB)]

55. Exemption of income of investor protection fund of depository [Section 10(23ED)] [w.e.f. A.Y. 2014-15]

56. Exemption for Certain Incomes of a Venture Capital Company or Venture Capital Fund from Certain Specified Business or Industries [Section 10 (23FB)]

57. Income of Registered Trade Unions [Section 10(24)]

58. Income of Provident and Superannuation Funds [Section 10(25)]

59. Income of Employee’s State Insurance Fund [Section 10 (25A)]

60. Income of Schedule Tribe Members [Section 10(26) and 10(26A)]

61. Income of Sikkimese individual [Section 10(26AAN] (With retrospective effect from 1-4-1990)

62. Regulating the marketing of agricultural produce [Section 10[26AAB]

63. Income of a corporation set-up for promoting the interests of Scheduled Castes, Scheduled Tribes or Backward Classes [Section 1 0(26B)]

64. Income of a corporation set-up to protect the interests of Minorities [Section 10(26BB)]

65. Any income of a corporation for ex-servicemen [Section 10(26BBB)]

66. Income of cooperative society looking after the interests of Scheduled Castes or Scheduled Tribes or Both [Section 10(27)]

67. Any income accruing or arising to Commodity Boards etc. [Section 10(29A)]

68. Amount received as subsidy from or through the Tea Board [Section 10(30)]

69. Amount received as subsidy from or through the concerned Board [Section 10(31)]

70. Income of child clubbed uls 64 (IA) [Section 10(32)]

71. Income from transfer of capital assets of UTI [Section 10(33)]

72. Income by way of dividend from Indian company [Section 10(34)]

73. Exemption of income to a shareholder on buyback of shares of unlisted company [Section 10 (34A) [w.e.f. A.Y. 2014-15]

74. Income from units of UTI and other mutual funds [Section 10(35)]

75. Exemption of income from securitisation trust [Section 10(35A)] [w;e.f A.Y. 2014-15]

76. Income from sale of shares in certain cases [Section 10(36)]

77. Capital Gain on compulsory acquisition of urban Agricultural Land [Section 10(37)]

78. Long Term Capital Gain on transfer of shares and securities covered under Security Transaction Tax (STT) [Section 10(38)]

79. Income from international Sporting event [Section 10(39)]

80. Income received as grant by a subsidiary company [Section 10(40)]

81. Income from transfer of asset of an undertaking engaged in the business of generation, transmission or distribution of power [Section 10(41)]

82. Income of a body or authority set up by two countries [Section 10(42)]

83. Reverse Mortgage [Sec. 10(43)]

84. New Pension System Trust [Sec. 10(44)]

85. Exemption of Allowance or perquisite to chairman/member of UPSC [Section 10 (45)]

86. Exemption of ‘specified income’ of certain bodies or authorities [Section 10(46)]

87. Exemption of Income of notified ‘Infrastructure debt fund’ [Section 10(47)]

88. Exemption of Income of a foreign company from sale of Crude Oil in India [Section 10 (48)]

89. Exemption of income of National Financial Holdings Company [Section 10(49)] [w.e.f. A.Y. 2014-15]

RTP Download Nov 2016 CA IPCC CA Final May 2017

2016-08-25T22:08:00.001+05:30

CA IPCC RTP for Nov 2016 and CA Final RTP for 2016 exam are made available here. Revision Test Papers (RTPs) are official books released by ICAI for each examination attempt. These RTPs will also contain all the relevant Amendments, Circulars and Notifications applicable for that particular examination.

RTPs are very important for exam because, it is estimated that, almost 10-15 marks in each exam will be asked from these RTPs only. RTPs also helps students to revise their subject.

Revision Test Papers for November 2016 exam has already been made available by ICAI at all local branches. Students can also get the RTPs from ICAI Online Book Store. Once you order the RTPs online, ICAI will dispatch the books in week and you will receive the RTPs in 4 more days.

RTPs are exclusive to each attempt. This means, RTPs released for May 2016 exam may not be relevant for Nov 2016 exam. Similarly, RTPs released for Nov 2016 exam will not in any way be useful for the next May 2017 exams. The price of CA IPCC RTP and CA Final RTP for Nov 2016 is the same.

Download RTP for Nov 2016

IPCC RTP Nov 2016	CA Final RTP Nov 2016
Accounts	Financial Reporting
Law	SFM
Costing and FM	Auditing
Taxation	Corporate Law
Advanced Accounts	AMA
Auditing	ISCA
IT and SM	Direct Tax
ICAI Feedback From	Indirect Tax

Mistake in CA final IDT RTP Nov 2016

Paper 8: Indirect Tax Laws of Revision Test Paper [Group II] for November, 2016 Examinations – Printed copy
For answer to Q. 10 on page no. 86, students are advised to refer to the answer to said question as appearing in the Revision Test Paper [Group II] for November, 2016 Examinations web hosted on the BoS Knowledge Portal of the ICAI website.

Download RTP for May 2016

IPCC RTP May 2016	CA Final RTP May 2016
Accounts	Financial Reporting
Law	SFM
Costing and FM	Auditing
Taxation	Corporate Law
Advanced Accounts	AMA
Auditing	ISCA
IT and SM	Direct Tax
ICAI Feedback From	Indirect Tax

Advantages of Preparing from RTP

Quick Revision of the subject
Easy Scoring of Marks
Confidence booster
Knowing Amendments
best for practical subjects

Electricity Companies Excluded from CA IPCC Syllabus Nov 2016

2015-05-30T13:22:00.000+05:30

Electricity Companies Excluded from Syllabus applicable for Nov 2015 exams:

The topic of “Financial Reporting of Electricity Companies” would be excluded from the syllabus of Intermediate (IPC) Paper 5 : Advanced Accounting and the same would not be applicable from November, 2015 Examination.

It is further clarified that these topics were permenantly excluded from CA IPCC syllabus and will not be applicable for exam there after.

Additional Director

BOS, ICAI

General Meetings Companies Act 2013 Procedure

2015-05-29T16:55:00.000+05:30

Points on CONVENING A MEETING

• Authority to call general meeting: Board of Directors. If they fail, any Member of the company may approach the prescribed authority, which may then direct the calling of the Annual General Meeting of the company.

• Authority to call Extra-ordinary general meeting: Board of Directors whenever deems fit or on the requisition of Members call an Extra-ordinary General Meeting of the company.

• Notice: Notice in writing of every Meeting shall be given to every Member of the company, Directors, Auditors, Secretarial Auditor, Debenture Trustees, or to other specified persons. Display

notice on company’s website.

• Notice shall be sent by hand /ordinary post/ speed post/registered post/courier/ facsimile/e-mail or other electronic means. (use a system which produces confirmation of total number of recipi

ents e-mailed and a record of each recipient to whom the Notice has been sent and copy of such record and any Notices of any failed transmissions and subsequent resending shall be retained by or on behalf of the company as ‘‘proof of sending’’.)

• If a Member requests for delivery of Notice through a particular mode & he paid fees for that notice shall be sent to him in such mode.

• Notice shall specify the day, date, time and full address (including route map and prominent land mark) of the venue of the Meeting.

• Meetings hours: 9 a.m. to 6 p.m., not a National Holiday. Meeting called by the requisitionists: only on a working day.

• AGM & Meeting called by requisitionists shall be held either at registered office or other place within the city/town/village in which the registered office is situated. Other General Meetings may be held at any place within India.

• Notice may contain a statement that a Member entitled to appoint a Proxy. Further it specify the nature of the Meeting, business to be transacted thereat, resolution for each special item along with explanatory statement, resolutions are not required for Ordinary business except where the Auditors or Directors to be appointed are other than the retiring Auditors or Directors, as the case may be.

• Disclose interest of any director, KMP, relatives of such in explanatory statement. If any item of Special Business to be transacted at a Meeting relates to/affects any other company, the extent of shareholding interest in that other company of every Promoter, Director, Manager, KMP of the first mentioned company shall, if the extent of such shareholding is not less than 2% of paid-up share capital of that company, also be stated in the explanatory statement.

• If reference is made to any document, the MOA or AOA, explanatory statement shall state that such documents are available for inspection during specified business hours at the Registered Office and copies thereof shall also be made available for inspection.

• Explanatory statement shall contain appointment/ re-appointment/ fixation remuneration of Directors/ M.D./Executive Director/WTD/Manager; variation of the terms of remuneration; details of each such Director or Manager, including age, qualifications, experience; terms and conditions of appointment/ re-appointment, details of remuneration, remuneration last drawn, date of first appointment on the Board, shareholding in the company, relationship with other Directors, manager, KMP; the number of Board Meetings attended during the year and other Directorships, Membership/ Chairmanship of Committees of other Boards; justification for choosing the appointees for appointment as Independent Directors; in case of re-appointment of Independent Directors, performance evaluation report of such Director or summary thereof.

• Notice & accompanying documents (including subsequent amended notice) shall be given at least 21 clear days in advance of the Meeting. In case a valid special received from Member(s), give Notice of the Resolution to all Members at least 7 clear days before the Meeting, if not possible published in newspaper.

• Notice at shorter period if consent in writing is given by not less than 95% of the Members.

• No business shall be transacted at a Meeting if Notice in accordance with this Standard has not been given. However, any accidental omission shall not invalidate the proceedings of the Meeting. No items of business other than those specified in the Notice and those specifically permitted under the Act shall be taken up at the Meeting.

• Notice shall be accompanied by attendance slip, Proxy form with clear instructions.

• A Meeting convened upon due Notice shall not be postponed or cancelled. If, for reasons beyond

the control, the Board may reconvene the Meeting to transact the same business as specified in the original Notice, by giving not less than 3 days intimation to the Members.

FREQUENCY OF MEETINGS

• One in each calendar year, within 6 months of the close of the financial year, with an interval of not more than 15 months between two successive AGMs. The aforesaid period may be extended by a period not exceeding 3 months with the prior approval of the ROC.

QUORUM

• For public company— 5 Members personally present if the number of Members as on the date of Meeting is not more than 1000; 15 if more than 1000 but up to 5000; 30 if exceeds 5000.

• Quorum shall be present throughout the meeting. Proxies shall be excluded for determining the Quorum.

• A representative of body corporate or the President of India or Governor of a State is deemed to be a Member personally present & enjoys all rights of a Member present in person.

PRESENCE OF DIRECTORS AND AUDITORS

• Directors: If any Director is unable to attend the Meeting, Chairman shall explain such absence at the Meeting. Chairman of the Audit Committee, Nomination and Remuneration Committee and the Stakeholders Relationship Committee, or any other Member of any such Committee authorized by the Chairman of the Committee to attend on his behalf, shall attend the General Meeting.

• Auditors: Auditors including Secretarial Auditor, (unless exempted by the company) or his representative shall attend shall have the right to be heard at such Meetings.

CHAIRMAN

• If Chairman is not present within 15 minutes after the time appointed for holding the Meeting, or if he is unwilling to act as Chairman, or if no Director has been so designated, the Directors present shall elect one of themselves to be the Chairman. If no Director is present within 15 Minutes, or is not willing to take the chair, Members present shall elect on a show of hands one of th

emselves to be the Chairman, unless otherwise provided in the Articles.

• Chairman shall explain the objective and implications of the Resolutions before they are put to vote at the Meeting. If Chairman is interested in any item of business, he shall entrust the conduct of the proceedings in respect of such item to any non-Interested Director/ Member, with the consent of the Members present, and resume the Chair after that item of business has been transacted.

PROXIES

• Member entitled to attend & vote is entitled to appoint a Proxy. Proxy Instrument is valid only if it is properly stamped. Proxy form which does not state the name of Proxy, Undated Proxy shall be invalid. Proxy-holder shall prove his identity at the time of attending the Meeting.

• If a company receives multiple Proxies for the same holdings of a Member, last dated proxy shall be considered valid. Proxies shall be deposited not later than 48hrs before the commencement of the Meeting and a Proxy shall be accepted even on a holiday if the last date by which it could be accepted is a holiday.

• Member who has not appointed a Proxy, may appoint a Proxy for any adjourned Meeting, not later than 48 hours before the time of such adjourned Meeting, If the Articles so provide.

• Proxy is valid until written notice of revocation has been received before the commencement of the Meeting/ adjourned meeting. If Proxy is appointed for original meeting and such meeting is adjourned, any Proxy given for the adjourned Meeting revokes the Proxy given for the original Meeting.

• Time duration for Inspection of proxies - 24 hours before the commencement of the Meeting and till the conclusion of the meeting. (9 a.m. and 6 p.m.)

• Proxies received by the company shall be recorded chronologically in a register. In case any Proxy entered in the register is rejected, the reasons there for shall be entered.

VOTING

• Resolutions shall be proposed by a Member and seconded by another Member.

• Listed company shall provide e-voting facility to their Members. (Facility of e-voting does not dispense with the requirement of holding a General Meeting by the company.) Ev

ery company, which has provided e-voting facility, shall also put every Resolution to vote through a ballot process at the Meeting. Proxy can vote in the ballot process.

• Company shall at the Meeting put every Resolution (except which has been put to e-voting) to vote on a show of hands at the first instance, unless a poll is validly demanded. (Proxy cannot vote on a show of hands)

• Chairman shall order a poll upon receipt of a valid demand for poll either before or on the declaration of the result of the voting on any Resolution on show of hands. Poll in such cases shall be through a Ballot process. While a Proxy cannot speak at the Meeting, he has the right to demand or join in the demand for a poll. The poll may be taken by the Chairman, on his own motion also.

• Every Member holding equity shares and, in certain cases as prescribed in the Act, every Member holding preference shares, shall be entitled to vote on a Resolution.

• Member who is a related party is not entitled to vote on a Resolution relating to approval of any contract or arrangement in which such Member is a related party.

• Chairman shall have a second or casting vote. ( Unless otherwise provided)

CONDUCT OF E-VOTING

• Company providing e-voting facility shall offer such facility to all Members, irrespective of (whether they hold shares in physical form or in dematerialized form.) The facility for Remote e-voting shall remain open for not less than 3 days; voting period shall close at 5 p.m. on the day preceding the date of the General Meeting.

• Board Approval - The Board shall- appoint one or more scrutinizers for e-voting or ballot process, the scrutinizer may be a C.S./C.A/C.W.A in Practice, or an Advocate or any other person not in the employment of the company; appoint an Agency; decide the cut-off date for the purpose of identifying members who are entitled to voting rights; authorize Chairman to receive the scrutinizer’s register, report on e-voting and other related papers with requisite details.

• Notice shall contain information regarding procedure of e-voting. Notice of the Meeting, wherein the facility of e-voting is provided, shall be sent either by registered post/ speed post/ courier/ e-mail or by any other electronic means.

• An advertisement containing prescribed details shall be published, after dispatch of notices for meeting but at least 21 days before the date of the General Meeting in newspaper. Advertisement shall also be displayed on the website till the date of General Meeting.

• On the receipt of scrutinizer’s report Chairman/ Director shall countersign the scrutinizer’s report and declare the result of the voting forthwith with all details.

• Result shall be displayed on the Notice Board of the company at its Registered Office or Head

• Office/ Corporate Office & on the website of the company.

• Resolution passed by a requisite majority shall be deemed to have been passed on the date of the relevant General Meeting

• Scrutinizers’ register, report and other related papers shall be kept in the custody of the Company Secretary.

CONDUCT OF POLL

• When a poll is demanded on any Resolution, chairman will verify and order the poll forthwith if it is demanded on the question of appointment of the Chairman or adjournment of the Meeting and, in any other case, within forty-eight hours of the demand for poll.

• Poll which is not taken immediately Chairman shall announce the date, venue & time of taking the poll (or within 24 hours of closure of the Meeting.). Chairman may permit any Member who desires to be present at the time of counting of votes.

• Each Resolution put to vote by poll shall be put to vote separately. One ballot paper may be used for more than one item.

• Chairman shall appoint scrutinizers, who may include a C.S./C.A/C.W.A in Practice, or an Advocate or any other person not in the employment of the company. At least one of the scrutinizers shall be a Member who is present at the Meeting, provided such a Member is available and willing to be appointed.

• Based on the scrutinizer’s report, Chairman Shall countersign & declare the result (with details) of the poll within 2 days of the submission of report by the scrutinizer.

• Result of the poll shall deem to be the decision of the Meeting on the Resolution on which the poll was taken.

PROHIBITION ON WITHDRAWAL OF RESOLUTIONS

• Resolutions for items of business which are likely to affect the market price of the securities & resolution proposed for consideration through e-voting shall not be withdrawn.

RESCINDING OF RESOLUTIONS

• A resolution passed at a meeting shall not be rescinded otherwise than by a resolution passed at a subsequent Meeting.

MODIFICATIONS TO RESOLUTIONS

• Modification of resolution which does not change the purpose of the Resolution materially can be carried out by majority at the meeting and then the modified resolution shall be proposed, seconded and put to vote. Modification shall not be made if it in alters the substance of the Resolution as set out in the Notice. No modification shall be made to any resolution which has already been put to vote by Remote e-voting before the Meeting.

READING OF REPORTS

• Qualifications, observations , remarks on the financial transactions or matters which have any adverse effect on the functioning of the company mentioned in the Auditor’s Report & Secretarial Audit shall be readout at the AGM and attention of Members present shall be drawn to the explanations / comments given by the Board of Directors in their report.

DISTRIBUTION OF GIFTS

• No gifts, gift coupons, or cash in lieu of gifts shall be distributed to Members at or in connection with the Meeting.

ADJOURNMENT OF MEETINGS

• Duly convened Meeting shall not be adjourned unless circumstances so warrant. Chairman may adjourn a meeting with the consent of the Members, at which a Quorum is present, and if so directed by the Members.

• Meetings shall stand adjourned for want of requisite Quorum.

• Chairman may adjourn a Meeting in the event when it becomes impossible to conduct the Meeting and complete its business.

• If Meeting is adjourned sine-die or for a period of 30 days or more, Notice of the adjourned Meeting shall be given. If Meeting is adjourned for a period of less than 30 days, company shall give not less than 3 days Notice specifying the day, date, time and venue of the Meeting, either individually or in

newspaper.

• If Meeting, other than a requisitioned Meeting, stands adjourned for want of Quorum, the adjourned Meeting shall be held on the same day, in the next week at the same time and place or on such other day, not being a National Holiday, or at such other time and place as may be determined by the Board.

• If a Meeting is adjourned for want of a Quorum to the same day on the next week, at the same time and place or with a change of day, time or place, the company shall give not less than 3 days.

• If at an adjourned Meeting, Quorum is not present within half an hour from the time appointed, the Members present, being not less than 2, will constitute the Quorum.

• If, within half an hour from the time appointed for holding a Meeting called by requisitionists, a Quorum is not present, the Meeting shall stand cancelled.

• At an adjourned Meeting, only the unfinished business of the original Meeting shall be considered.

PASSING OF RESOLUTIONS BY POSTAL BALLOT

• Listed company shall provide facility to its Members in respect of those items, which are required to be transacted through postal ballot.

• The Board shall: identify the businesses to be transacted; approve the Notice incorporating proposed Resolutions and explanatory statement; authorize the Company Secretary to conduct postal ballot process and sign and send the Notice along with other documents; appoint one scrutinizer for the postal ballot; appoint an Agency in respect of e-voting for the postal ballot; decide the record date for reckoning Voting Rights and ascertaining those Members to whom the Notice and postal ballot forms shall be sent. Only Members as of the record date shall be entitled to vote on the proposed Resolution by postal ballot.

• Notice (accompanied by the postal ballot form with the necessary instructions)of the postal ballot shall be given in writing to every Member of the company, Directors, Auditors, Secretarial Auditor, Debenture Trustees, other specified recipients. Advertisement/notice containing prescribed details shall be published newspaper & website also.

• Notice shall- specify the day, date, time and venue where the results of the voting by postal ballot will be announced and the link of the website where such results will be displayed & also inform the Members about availability of e-voting facility, if any, and provide necessary information thereof to enable them to access such facility.

• Each item proposed to be passed through postal ballot shall be in the form of a Resolution and shall be accompanied by an explanatory statement.

• Postal ballot forms: shall be accompanied by a postage prepaid reply envelope addressed to the scrutinizer. A single postal ballot Form may provide for multiple items of business to be transacted.

• Postal ballot form shall be considered invalid if: form other than one issued by the company has been used; It has not been signed member; Signature doesn’t match; not possible to determine assent or dissent; Neither assent nor dissent is mentioned; competent authority given directions in writing to freeze the Voting Rights of the Member; postal ballot form received after the last date; postal ballot form, signed in a representative capacity, is not accompanied by a certified copy of the relevant specific authority; received from a Member who is in arrears; defaced or mutilated so that identity cannot be established; Member has made any amendment to the resolution or imposed any condition while exercising his vote.

• Based on the scrutinizer’s report, Chairman Shall countersign & declare the result (with details)

• The result of the voting with details of the number of votes cast for and against the Resolution, invalid votes and whether the Resolution has been carried or not, along with the scrutinizer’s report shall be displayed on the Notice Board of the company at its Registered Office and its Head Office as well as Corporate Office, if any, if such office is situated elsewhere, and also be placed on the website of the company, in case of companies having a website.

• The postal ballot forms, other related papers, register and scrutinizer’s report shall be kept in the custody of the Company.

• Resolution passed by postal ballot shall not be rescinded otherwise than by a Resolution passed subsequently through postal ballot.

• No amendment or modification shall be made to any resolution circulated to the Members for passing by means of postal ballot.

MINUTES

• Minutes shall be recorded in books. Distinct minutes book shall be maintained for Meetings of the Members of the company, creditors and others as may be required under the Act.

• Resolutions passed by postal ballot shall be recorded in the Minutes book of General Meetings.

• Minutes may be maintained in physical or electronic form (with Timestamp). The pages of the Minutes Books shall be numbered. In the event any page or part thereof in the Minutes Book is left blank, it shall be scored out and initialed by the Chairman who signs the Minutes.

• Minutes shall not be pasted or attached to the Minutes Book, or tampered with in any manner. Minutes, if maintained in loose-leaf form, shall be bound.

• Minutes Books shall be kept at the Registered Office or at such other approved place.

• Contents of the minutes will be general and specific.

• In respect of Resolutions passed by e-voting or postal ballot, a brief report including the Resolution proposed, the result of the voting hereon and the summary of the scrutinizer’s report shall be recorded in the Minutes Book and signed by the Chairman within 30 days from the date of passing of Resolution by e-voting or postal ballot.

• Minutes shall contain a fair and correct summary of the proceedings of the Meeting. It shall be written in clear, concise and plain language. Each item of business taken up at the Meeting shall be numbered.

• Minutes shall be entered in the Minutes Book within 30 days from the date of conclusion of the Meeting & date of entry of the Minutes in the Minutes Book shall be recorded by the Company Secretary.

• Minutes, once entered in the Minutes Book, shall not be altered.

• Minutes of a General Meeting shall be signed and dated by the Chairman of the Meeting within 30 days of the General Meeting. Chairman shall initial each page of the Minutes & sign and put date on the last page where he has signed the Minutes.

• Directors, Members, C.S. in Practice, Secretarial/ Statutory/ Cost Auditor/ Internal Auditor are entitled to inspect the Minutes, during business hours of the company, without charge, subject to reasonable restrictions.

• Extract of minutes shall be given only after the minutes have been duly signed (otherwise certified by the Chairman or any Director or the Company Secretary).

PRESERVATION OF MINUTES AND OTHER RECORDS

• Minutes of all Meetings shall be preserved permanently & shall be kept in the custody of the Company Secretary

• Office copies of Notices, scrutinizer’s report, and related papers shall be preserved for as long as they remain current or for 8 financial years, whichever is later and may be destroyed thereafter with the approval of the Board.

REPORT ON ANNUAL GENERAL MEETING

• Listed company shall prepare a report on Annual General Meeting in the prescribed form, including a confirmation that the Meeting was convened, held and conducted as per the provisions of the Act.

DISCLOSURE

• The Annual Return of a company shall disclose the date of Annual General Meeting held during the financial year.

CA Final ISCA Syllabus Changes Study Meterial Nov 2016

2015-05-29T15:34:00.000+05:30

Recent Changes and Amendments in Information Systems Control and Audit (ISCA) Syllabus for CA Final Students:

ICAI has recently made amendments in the ISCA Study Material by including new topics into the current syllabus and also removing certain topics.

The new Chapters in ISCA are as follows:

ISCA Chapter 1: Concepts of Governance and Management of Information Systems
ISCA Chapter 2: Information Systems Concepts
ISCA Chapter 3: Protection of Information Systems
ISCA Chapter 4: Business Continuity Planning and Disaster Recovery Planning
ISCA Chapter 5: Acquisition, Development and Implementation of Information Systems
ISCA Chapter 6: Auditing of Information Systems
ISCA Chapter 7: Information Technology Regulatory Issues
ISCA Chapter 8: Emerging Technologies

Download ISCA New and Amended Study Material below with new syllabus:

ISCA Chapter 1 Study Material: Concepts of Governance and Management of Information Systems

ISCA Chapter 2 Study Material : Information Systems Concepts

ISCA Chapter 3 Study Material: Protection of Information Systems

ISCA Chapter 4 Study Material : Business Continuity Planning and Disaster Recovery Planning

ISCA Chapter 5 Study Material: Acquisition, Development and Implementation of Information Systems

ISCA Chapter 6 Study Material:Auditing of Information Systems

ISCA Chapter 7 Study Material: Information Technology Regulatory Issues

ISCA Chapter 8 Study Material: Emerging Technologies

Download ISCA New and Amended Practice Manual below with new syllabus:

ISCA Chapter 1 Practice Manual: Concepts of Governance and Management of Information Systems

ISCA Chapter 2 Practice Manual: Information Systems Concepts

ISCA Chapter 3 Practice Manual: Protection of Information Systems

ISCA Chapter 4 Practice Manual: Business Continuity Planning and Disaster Recovery Planning

ISCA Chapter 5 Practice Manual: Acquisition, Development and Implementation of Information Systems

ISCA Chapter 6 Practice Manual: Auditing of Information Systems

ISCA Chapter 7 Practice Manual: Information Technology Regulatory Issues

ISCA Chapter 8 Practice Manual: Emerging Technologies

Industrial Training Vacancy Chennai Aditya Birla Money

2015-05-29T10:06:00.002+05:30

Industrial Training Vacancy in Aditya Birla Money, Chennai:

Required:

Young, Energetic and Ambitious candidates having good communication skills Candidate will work under multiple are asincluding core accounts, MIS, taxation.

Vacancies at corporate office, Chennai

How to apply:

Send your CV to revathy.a@adityabirla.com

Industrial Training Vacancy in Michelin Tyres, Gurgaon

Company Profile:

Michelin, the leading tire company, is dedicated to sustainably improving the mobility of goods and people by manufacturing and marketing tires for every type of vehicle, including airplanes, automobiles, bicycles, motorcycles, earthmovers, farm equipment and trucks.

Job description:

Michelin India is looking for “CA Student as Industrial Trainee” at its head office located in Gurgaon, Haryana.

The candidates will be selected for the enrollment through an interview, the date for which shall be informed directly to the candidate.

Pay: Rs.1,50,000 to 2,00,000

To apply online, go to the following link:

http://www.michelincareers.com/in/eng/michelin/offre/15001046

Industrial Training Vacancies in Gurgaon
Industrial Training Vacancies
Industrial Training Vacancies in New Delhi
Industrial Training Vacancies in Bangalore
Industrial Training Vacancies in Mumbai
Industrial Training Vacancies in Ahmedabad
Industrial Training Vacancies in Hyderabad
Industrial Training Vacancies in Kolkata
Industrial Training Vacancies in Pune
Industrial Training Vacancies in Agra

GMCS Next Batch ITT Orientation Batch Details

2015-05-28T22:16:00.003+05:30

GMCS, ITT and Orientation Next batch seats available in the following cities:

Vadodara, Bharuch, Panjim, Jalgaon, Jamnagar, Kolhapur, Nagpur, Nashik, Navi Mumbai, Pune, Rajkot, Sangli, Solapur, Surat, Thane, Amravati, vapi, Gandhidham, Bhavnagar, ALAPPUZHA, BANGALORE, Bellary, Belagaum, Kochi, Erode, Guntur, Hubli, Hyderabad, Kakinada, Kottayam, Kumbakonam, Madurai, Mangalore, Mysore.

Nellore, PALAKKAD, PUDUCHERRY, Kollam, Rajumundry, salem, TIRUCHIRAPALLI, Tirichi, TIRUNELVELI, TIRUPUR, Trichi, TRICHUR, THIRUVANANTHA PURAM –, Trivendrum, TUTICORIN, UDUPI, Vellore, Vijayawada, Vizag, Visakhapatnam, Tirupathi

What is General Management & Communication Skills (GMCS) Course?

General Management & Communication Skills Course is 15 days full time course introduced to equip the entrants to the profession with interpersonal and management skills. This course is a prerequisite for membership enrolment of the Institute under regulation 51A/72A

What is the eligibility for attending GMCS Course?

(i) A student who has passed Intermediate / Professional Education (Examination – II) and registered in Final Course and either has completed practical training or is serving last 12 months of practical training is eligible to undergo the course. (ii) A student who has passed Professional Competence Course / Integrated Professional Competence Course and registered for Final Course and either has completed practical training or is serving last 12 months of practical training is eligible to undergo the course.

What is the exception for the students who attend Four Weeks Residential Programme?

A student who completes Four Weeks Residential Professional Skills Development programme organized by the Board of Studies will not be required to undergo GMCS Course.

What is the fee structure for attending GMCS Course?

The fees for attending GMCS Course shall not exceed Rs.5500/- per student (w.e.f. 1st July, 2013) on non-residential basis inclusive of course and study materials. The fee structure does not apply to Dubai Overseas Office.

IPCC Group-1 Important Topics Questions Chapters Nov 2016

2015-05-28T18:47:00.003+05:30

CA IPCC Group-1 Important questions / Chapters / Topics for Nov 2015 exams, Important Subject Topics Preparation Tips of Group 1 Accounting, Law, Costing and FM and Taxation

(Extracts of notes by previous toppers)

CA IPCC Taxation paper Tips, Important Topics:

Important Topics in Chapter 3: Income which do not form part of Total Incomes:

Section 10(1): Agricultural Income
Section 10AA: Tax Holiday for SEZs
Section 10(10BC): Compensation received by an Individual or his legal heir on account of any disaster.
Section 10(2A): The Partner's share in total income of the LLP.

Important Topics in Clubbing of Income:

Section 64(1)(iv): Income arising to spouse from assets transferred without adequate consideration.
Section 64(1)(ii): Income arising to spouse by way of remuneration from a concern in which the individual has substantial interest.
Section 64(1A): Income of Minor child.

Important Topics in Income from Salaries:

Section 10(13A): House Rent Allowance
Section 10(14)(ii): Children Education allowance
Section 10(10): Gratuity
Section 10(5) : Leave Travel Concession.
Section 16(iii) - Professional Tax

Important Topics in Income from Business or Profession chapter:

Section 32: Depreciation
Section 35: Expenditure on Scientific Research
Section 37(1) : General Deductions

Accounting Important Chapters, Questions:

Group-I Accounting is all about common sense. This is one of the important subjects, because, it helps a lot in securing the required aggregate marks in the group. A few recent facts are stated below:

On a sample survey of last four IPCC exams, it was found out that, if you take 100 students who have secured exemption in Group 1, among those 100, a staggering 60-70 number of exemptions have come from the Accounting subject.

In another survey of students who failed in the Nov 2013 exam but got an exemption in one or more subject, there are 68% students who have got their exemption only in Accounting.

The trick is choosing a wise material. Recent toppers have stated that, ICAI’s practice manual is the best and that’s what makes the difference.

Important Chapters/Topics:

Partnership – Retirement
Single Entry
Insurance for loss of Profit
AS 6,9 and 10

Download Accounts Notes for Revision

Law Ethics and Communication Important Topics:

We have conducted a survey of 160 students who have secured exemption in Law. Below are a few notes they have made:

Side-headings, Side-headings and Side-headings. 56% of the students have told the same thing. The importance of sub-headings. Once you write a suitable sub-heading, the examiner will have no need to go into the matter.

70% of the students have given the credit to Ethics and Communications. Ethics and Communications have a comparatively very much smaller syllabus. Combined reading based on sub-headings have got them the success.

For Law, most of the students have credited the need of ICAI Practice Manual.

Important Chapters/Topics:

Meetings, Incorporation
Workplace Ethics, Ethics in Accounting and Finance
Communication channels and Ethics

Download Law, Ethics Notes for Revision

Costing and FM Important Chapters:

Recent stats say that, out of the students who have failed Group-1, 72% have failed in Costing and FM along with some other subject, and 46% students failed only in Costing and FM.

This subject has two shades. It has been a boon for a set of students and for some, it has been a curse.

So we decided to go deep into the matter and have inquired 300+ students, which includes students who have been failing this subject for at least two attempts and students who have got exemptions. We also extracted much needed info from a student from Vijayawada who scored 86 in this subject.

Almost all the students who succeeded in this have noted the same point, PRACTICING WITH PEN AND A BOOK. A close analysis of the preparation style of students who have been failing revealed that, most of them were just going through the questions and not putting them on to the paper. Not just Seeing, PRACTICE, PRACTICE and PRACTICE. By looking at the book, it looks like everything is ok, but once you put the pen on the paper, it wont move after two steps.

Second point is the presentation. Costing is all about presentation. You may bring the solution, but unless you present it in a format, you are not going to score marks. We have obtained the certified copies of a few students which revealed the same.

Important Chapters/Topics:

Costing:

Material Cost
Contract Costing
Marginal Costing
Joint and By Products (Theory)

Financial Management:

Cost of Capital
Cash Flow Statement
Management of Working Capital

Costing and FM Important Theory Questions

Download Costing FM Notes for Revision

Taxation Important topics

Exam point of view, the first thing you need to start and finish is VAT, and then Service Tax and then move on to Income Tax.

There have been plenty of amendments in Service Tax and recent Practice Manual is well updated with all the changes and very good practical questions.

Most important point you should remember while preparing for Taxation is, NEVER READ A BULK OF SYLLABUS IN A SINGLE DAY. Taxation is a tricky subject who should be prepared over a period of time. Don’t finish topics in a single stretch. For that day you may feel like you got that but after a week, everything comes to the starting point. Slow and Steady.

Killer tip: Go though Amendments made in Finance Act, 2013. A minimum of 50-55 Marks will be covered from those topics only.

Download these Amendments here

Important Chapters/Topics:

Residential status, Clubbing, House Property
ST: Valuation, POT, Returns
VAT: Calculation and procedures

Important Theory Questions:

Service Tax @ Life Insurance business
Benefits of Composition scheme under VAT
Advance Payment of Tax on Capital Gains (5M)
Deduction u/s 80CCG
Section 197A (1F)
Service Tax on Vocational Course offered by Govt Org

IPCC Nov 2014 Tax Amendments

CA Final Preparation Tips Nov 2016 Exams

2015-05-28T16:00:00.000+05:30

How to Prepare Corporate and Allied Laws
Author: Tejpal Sheth

Dear Students,

During my interaction with number of students of CA Final on their questions "how to prepare for Corporate and Allied law", I come across difficulties faced by them. More particularly, what to read, how to read, what are important topics and what kind of language should be used while writing paper.

I would like to suggest following points to ponder before you start reading for corporate and allied law:

1. Do not ignore the allied law because it is of 30 marks. Most of students decide to read the allied law later on. Allied law is based upon theory. Student should try to understand it. Student can remember it by noting down relevant points.

2. You will find atleast one question each from SEBI Guideline, FEMA and competition Act. These acts are lengthy but do not dare to avoid it.

3. Lot of changes and amendment are taking place in provisions of SEBI Guidelines. Keep yourself updated.

4. Most of questions from FEMA includes; residential status and current and capital account transaction.

5. Most of students focus on chapters like board of directors, directors and remuneration of directors but last two papers trend show that only 16 marks coverage from same portion. These chapters are very lengthy.

6. You will find one question from interpretation of statute.

7. You should write your answer in technical language so far as possible. As and when necessary, you may quote relevant landmark judgment to support your answer.

8. Do not write paper in one paragraph. Plan your answer and divide your writing in to few paragraph. There is no universal rule for same. The number of paragraph is depend upon subject matter and how you cover points.

9. Select the book or material which gives you coverage but in most simple and compact way because most of students have complaint that they could not complete the reading on last day of exam. Students may refer my latest book - Corporate and allied law - By Pearson Publication. - Author Tejpal Sheth. Book is available on www.flipkart.com, www.pearson.vrvbookshop.com, www.bookadda.com,www.junglee.com,

10. While answering the practical question length of answer is not important but what is important is coverage of required provisions of law. So do not bother about length of your answer.

11. Do not just write yes or no, correct or incorrect while attempting practical question, support your answer with logical reason.

I do hope with these tips, you will be able to prepare subject and for exam in lucid manner. Best wishes. Feel free to contact me for your query or doubt on subject.

About Tejpal Sheth:

Tejpal Sheth is practicing company secretary at Ahmedabad. He holds Dip in Pharmacy, company secretary and MBA in international Business. He holds certificate in Intellectual Property Rights of World Intellectual Property Organization and cyber law.

Mr. Sheth is active educator and trainer. He is visiting faculty with ICAI, ICSI, ICWAI, IIPM, Gujarat University, Gandhinagar Institute of Technology (GIT). Sheth has authored 14 books so far.

CA IPCC Tax Imp Topics Preparation Tips Nov 2016

2015-05-28T15:23:00.002+05:30

CA IPCC Taxation paper Tips, Important Topics:

Important Topics in Chapter 3: Income which do not form part of Total Incomes:

Section 10(1): Agricultural Income
Section 10AA: Tax Holiday for SEZs
Section 10(10BC): Compensation received by an Individual or his legal heir on account of any disaster.
Section 10(2A): The Partner's share in total income of the LLP.

Important Topics in Clubbing of Income:

Section 64(1)(iv): Income arising to spouse from assets transferred without adequate consideration.
Section 64(1)(ii): Income arising to spouse by way of remuneration from a concern in which the individual has substantial interest.
Section 64(1A): Income of Minor child.

Important Topics in Income from Salaries:

Section 10(13A): House Rent Allowance
Section 10(14)(ii): Children Education allowance
Section 10(10): Gratuity
Section 10(5) : Leave Travel Concession.
Section 16(iii) - Professional Tax

Important Topics in Income from Business or Profession chapter:

Section 32: Depreciation
Section 35: Expenditure on Scientific Research
Section 37(1) : General Deductions

Strategy to Pass CA Final by All India Rank Holder

2015-05-28T11:28:00.003+05:30

Hello friends,

I am CA Manoj Bothra; secured AIR 44 in CA Final May 2014 Exam.

I am here to share a strategy to crack CA Final Exam in First Attempt and study plan.

1. First thing first, you should have at least a period of 6 month to prepare.

2. During this long period, you are required to plan your studies in such a manner that you can complete one time revision of the all eight subjects.

3. One should go for in depth study at first reading; it would make you to learn all the topic of the subjects. None of the topic should be escaped by saying “it can be done at a day prior exam or I will leave it or it’s too tough to prepare”. I think in such a case you should ask doubt and understand the topic from your teacher or friends.

4. Let come to the study plan.

You all have 6 months (180 days) to prepare. I think you should have to allot 15 days for 1st depth study of a subject in entirely( we will discuss breakup of 15 days in details further, later on). In this way you can complete all of your subjects in 4 months.

Some of you are thinking that 15 days period is quite long or short for study a subject, believe me guys it is enough time and you may even complete some subject within 12 days too and on the other hand sometime a subject like direct tax may take more than 15 days to prepare.

This is all about 4 months schedule

5. This was your first round of studies and after 4 month, you may have doubt in your mind “I may forget first subject in this long period”. Don’t worry guys. I have a solution of this problem too.

After completing 4 months successful journey of 1st round of studies, you guys are now required to go through all the subjects once again. But this time you are not been provided such a long period for each subject. Actually this is time of 1st revision.

Let me explain way of revision

Each subject will be given a period of 6 days (6*8=48 days). And you may have 2 days of grace to manage revision within this 50 days period.(discuss it in detail later on)

6. Study plan of last 10 days. This is most precious and valuable time as after 10 days your exam will going to start. Many time students seem confused what to do in these days and how to manage studies..?

I would like to say after going through revision, you will be confident about your preparation and from now onwards you have prepare for exam. I suggest to prepare paper 3 audit and 4 corporate and allied law within 4 days ( 2days for each). In next 2 days you should go through 3 to 4 topics of strategic financial management. And give last 4 days for financial reporting.

7. Now I would like to suggest you on the plan of 15 days details studies

First of all you should list out all the topics and learning objects of a subject. After this you should make a time table for completing the subject within 12 to 13 days. In this period of 12 days, you should have to go through entire studies, notes and practice manual. Remember one thing solve practice manual as you go through the topic, you can say I have completed Director chapter, so go through director chapter of practice manual on the same days.

After this you will have 2 or 3 days, I think now you should summarize the subject in 2 days and with

one day remaining in your hand, you will have to do a lot.

On the last day, take a paper of any previous exam and set a clock for 3 hours alarm and sit in an exam like environment and try to complete the paper in 3 hours, so that you can know about your weakness and area of improvements.

8. One important thing you have t do in the depth study time to highlight or mark (*), (**),(***) on the various question or short note that are important from your point of view.

What I have said, you have to judge yourself about the question level.

Reason for doing this is that at the exam time or on revision time, you need not have to go through same question again and again so as to save time. This is a way of smart study.

9. Now we will discuss the plan of 6 days of revision. Firstly, you should go through all star marked topics and try to solve at least one question on each topic. Here you are also required to plan for 5 days and save one day for mock test. This is time to check preparations and mistakes, so as to avoid mistake which usually take place in real exam.

This was all about my way of preparing.

Now I would like to give some tips to you-

A. Many times we are confused which subject to start first and which to put on last.

It is easy to select, as you should start that subject which is tough for you and you are weak in that.

The reason is that at initial level, you will have time to study hard and come out of your fear of a particular subject. For example- I have gone for Strategic Financial Management First, as I was weak in this but I manage to score 78 marks in this. So now you can imagine how this strategy can help you.

B. Sequence of subject for revision. I think it would be better if you go group wise, 1st group in first 24 days and next 24 days for 2nd group. And after this you will have 10 days to revise you 1st -group again before the exam. In this way, you will be in touch will all the subjects.

C. Now plan about ISCA, it is also important to study this subject. I would like to suggest that manage schedule of study and have one depth study with 2 times of revision near the exam so that all the point and topic refresh your mind again and again.

D. One exam tip, if one of your subject is not gone as per your expectation, never lose hope and please don’t waste time on such type of thinking about the past paper, prepare well for next one so as to score good in next subject.

E. Many times we hesitate to get our queries solved by teacher or friend, don’t become narrow minded, even ranker may have to go to average one for asking something. Be “Besharm and ask Bindas”. At the end you will have clarity of topic.

F. Don’t waste time to read same subject again and again, in this way you will not get any productive results and find you are reading what you already know.

G. Make at least 2 papers within a group as your strength so that you can cross 60 in those and clear hurdle of aggregate marks.

H. Last one….—

Subject based tips-

(i) FINANCIAL REPORTING- Never ignore or undervalue Accounting Standards. It is part and parcel of 50-60 marks paper in FR (paper-1) and Audit (paper-3).

(ii) STRATEGIC FINANCIAL MANAGEMENT- Try to solve question from your own, not audit your note book otherwise you will not be able to solve it at the time of Exam Paper. And one more thing to remember, give equal weight to each topic, it is on ICAI to ask anything and in any manner (weight of topic) is not fixed.

(iii) AUDITNG- Try to remember topic point wise and present it also in point wise manner to score good marks.

(iv) CORPORATE AND ALLIED LAW- Pay equal attention to allied law too and remember section number and interlinking of section to score well.

(v) ADVANCED MANAGEMENT ACCOUNTING- Make sure that you solve each question from your own and solve practice manual too. Go through development in AMA, these small topics carries handsome amount of marks in exam.

(vi) ISCA- Again Answer in point wise manner and to the point only. Never try to answer a question which is not known to you in exam sheet at early pages. Answer it on the end.

(vii) DIRECT TAX-it is nice subject to read on and learns, prepare well and solve practical question too. One more thing is amendment and case laws will have to be given equal importance

(viii) INDIRECT TAXATION- Topic wise clarity of provision and common topic is required.

Pay attention to valuation rules, case laws and amendment carries high weight-age in exam paper.

At the end I would like wish you a happy study and best of luck.

Thanks & regards,

CA Manoj Bothra

Crack CA Final Exams Tips to Pass CA Final Nov 2016

2015-05-28T11:28:00.000+05:30

How to Pass CA Final Exams. How to Get Rank in CA final Exams. CA Final Preparation tips

My Dear Friends,

I would like to ask you “Is CA Final Cracking difficult?” Many of you must be thinking that it is difficult. But let me tell you it’s not so. It’s just a matter of effort. Rather I will call it a smart effort.

Friends I have cracked my CA final in 2nd attempt, was blaming the institute for my terrible failure in November 2013 attempt. But it was not so. When I started framing the strategy for my second attempt I realized that I was the alone person to be blamed & not the institute. I did a little bit of reengineering & was able to crack it. The strategy which I implemented was as follows.

I used to start my day at 7.30 am with Accounting Standards. I used to give 2 hours per day for any two accounting standards. Then compulsory half hour devotion to costing theory per day which was followed by one theory subject and one practical subject. This schedule was followed continuously for two months was able to get exemption in Audit and ISCA. Got 59 in DT.

Book Referred \ Classes Done:-

Subject Name	Author
Accounts	I did classes for Practical part & Accounting Standards from V.K.Agarwals Book.
Audit	Surbhi Bansal along with Practice Manual.*
Strategic Financial Management	I did classes.
Corparate & Allied Laws	Munish Bhandari. One day before examination from Munish Bhandari’ Laws along with Practice Manual for those Chapter which are given in brief in handbook from Practice Manual e.g. SEBI.
Costing & QT	I did classes. But do institutes study material along with practice manual. (Will help you in solving theory).
ISCA	Prof. Jignesh Chedda’s Book
DT	I did classes. But referred Practice Manual & Supplementary Study paper. Do go through RTP for latest case laws.
IDT	CA Yashwant Mangals Handbook along with Practice Manual & suggested Case Laws from Institute. Do go through RTP.

*Friends for audit paper you also require knowledge of all other subjects.

Do practice previous year papers that are available on I.C.A.I websites for all subjects except DT and IDT (as these will be reflect the answers as per the relevant Finance Act).

Hope this article helps you in framing your strategy. Friends no one can provide you with the fool proof strategy. It’s only you who can do it for yourself.

All the Best

Online Registration ITT GMCS Orientation Register Online Procedure

2015-05-28T00:55:00.000+05:30

Online Registration procedure for ITT, Orientation and GMCS-1, GMCS-2 :

Online Registration Portal for GMCS, ITT and Orientation Programme on All India Basis.

Board of Studies and IT Directorate has developed an Online Registration Portal for GMCS, ITT and Orientation Programme on all India Basis for Registration/allocation of batches for all Programmes to facilitate the students to register from anywhere for any center. In the first Phase, “Faculty Module” of Online Registration Portal is launched on 20th December, 2013 for registering as a faculty for ITT/OP/GMCS Course.

Key features in ITT online registration Orientation, GMCS:

Facility for Student: The application will provide facility for the student to -

Register online from anywhere in any open batch.
Register in waiting list with preferred location, in absence of current batch.
Make payment online through payment gateway and offline by DD. For offline, DD to be submitted to respective branch who in receipt of the same will confirm batch on auto generated email.
Check the student detail from CITRIX / VIP software.
Transfer from allotted batch.
Submit of feedback online.
Process the completion certificates online.

Facility for Faculty: The application will provide facility for faculty to -

Register online for taking classes.
Modify his registration form time to time.
View the result of feedback given by the students.

1. What is Information Technology Training (ITT)?

As a part of the scheme of education and training for Chartered Accountancy Course, a student has to mandatorily pursue a course on 100 hours Information Technology Training from any of the ITT
Centers established at Regional Offices/ branches and Chapters of ICAI all over the country.

Who will conduct the 100 hours IT Training?

The 100 hours ITT is conducted through ITT centers established by the ICAI. A student can join any of the accredited Regional Office/Branch IT Centre for undergoing this training. The details of accredited Regional Office/Branch IT Centers are hosted on the website at http://220.227.161.86/20315itt100hrs_centrelist.pdf.

Is it necessary fora student to get registered with the Board of Studies for undergoing 100 hours ITT? No, when a student registers for IPCC with the Institute, automatically he/she is granted registration for ITT. Registration fee for Information Technology Training (ITT) is Rs. 2,000/-.

Is there any separate fees required for undergoing the 100 hours IT Training?

Yes, the course fee payable to the Branch for ITT is Rs. 4,000. This fee is inclusive of all costs such as the cost of registration for the course, library fee, computer and Internet usage charges and cost of conducting training, module tests, project and final online examination. It also includes the cost for evaluation, marking, preparing results for issuance of completion certificate and submitting the list of eligible candidates to the Board of Studies, ICAI, Noida.

Where a student has to deposit this course fee?

A student has to deposit the course fee of Rs. 4000/- to the concerned Regional Office/ Branch/CPE Chapter IT Centre where he/she wishes to pursue the training. icaionlineregistration.org sircoficai

Is there any exemption to the disabled student from undertaking 100 hrs ITT?

Disabled students are exempted from undergoing 100 Hours ITT with accredited Branches. They have to self-study the course materials for at least three months and qualify two specially designed test papers supplied on request by the concerned Regional Office. Disabled student has to submit a certificate of suffering from disability, certified by a physician / surgeon / oculist working in a Government hospital, as the case may be.

What is the day wise schedule of the ITT Centers while conducting IT Training?

The branches follow a teaching schedule of 3-5 hrs per day, covering 100 hrs in maximum 40 days. Normally, it is completed in 25 days @ 4 hours per day. icaionlineregistration.org sircoficai

Does the Board of Studies provide any study material for ITT to the students?

Yes, the Board of Studies provides set of study modules covering various topics of the ITT. These are issued to students along with other study material at the time of registration for IPCC icaionlineregistration.org sircoficai

Can a student undergo ITT from the first day of registration in IPCC scheme?

Yes, a student is eligible to enroll for 100 hours ITT course on receiving the registration letter for IPCC course. icaionlineregistration.org sircoficai

GMCS, ITT and Orientation is available in the following cities:

AMRITSAR, Bathinda, Chandigarh, Faridabad, Gurgaon, Shimla, Hisar, Jalandhar, Jammutawi, Karnal, Ludhiana, Panipat, Lewer Mall, Rohtak, Sonepat, Yamunanagar, Sangur, Agra, Ajmer, Allhabad, Alwar, Bareilly, Bhilai, Bhopal, Bhilwara, Bikaner, Bilaspur, Dehradun, Dhanbad, Gaziabad, Gorakhpur, Gwalior, Indore, Ahmedabad, Ahmednagar, Akola, Anand, Aurangabad, Vadodara, Bharuch, Panjim, Jalgaon, Jamnagar, Kolhapur, Nagpur, Nashik, Navi Mumbai, Pune, Rajkot, Sangli, Solapur, Surat, Thane, Amravati, vapi, Gandhidham, Bhavnagar, ALAPPUZHA, BANGALORE, Bellary, Belagaum, Kochi, Erode, Guntur, Hubli, Hyderabad, Kakinada, Kottayam, Kumbakonam, Madurai, Mangalore, Mysore, Nellore, PALAKKAD, PUDUCHERRY, Kollam, Rajumundry, salem, TIRUCHIRAPALLI, Tirichi, TIRUNELVELI, TIRUPUR, Trichi, TRICHUR, THIRUVANANTHA PURAM –, Trivendrum, TUTICORIN, UDUPI, Vellore, Vijayawada, Vizag, Visakhapatnam, Tirupathi

CA Syllabus 2016 - Revised Syllabus from 2016 for CA Students

2015-05-27T23:17:00.000+05:30

New CPT Syllabus from 2016

The present entrance exam CPT (Common Proficiency Test) has changed to “Foundation Exam”

CPT MCQ (Multiple Choice Questions) based exam has changed to Foundation descriptive exam. Now you can register for CPT before 6 months. In new scheme you should register before 9 months.

Adequate time gap is given so that students get sufficient time to study since the Foundation Course has been made descriptive. Also, there is an addition of full paper.

Foundation Examination will be partly descriptive in nature.

At present there are 4 subjects in CPT syllabus. In new scheme there are 6 subjects.

ICAI has added two additional papers in Foundation exam (CPT). They are 1. General English for 50 Marks. 2. Business communication for 50 Marks.

CA Course 2016 – Foundation Course (CPT) syllabus applicable from 2016

Foundation Course: Number of Papers — 4

Paper 1 : Fundamentals of Accounting (100 marks)
Paper 2 : Quantitative Aptitude (100marks)
Paper 3A : Mercantile Law (60 marks)
Paper 3B : General Economics (40 marks)
Paper 4A : General English (50 marks)
Paper 4B : Business Communication (50 marks)
Two papers will be MCQ based papers.

IPCC New Syllabus from 2016:

CAI has announced some changes in CA IPCC syllabus too:

Present CA IPCC exam has 7 papers. In new scheme there are 8 papers for IPCC exam.
Changes in CA IPCC Cost accounting and Financial Management
Now costing and Fm exam for 100 Marks. But in new scheme
- Costing exam for 100 marks (Group – 1)
- Financial Management exam for 100 marks (Group – 2)
Changes in CA IPCC Law Paper
Communication of Law paper 20 Marks has removed from CA IPCC Law paper.
Business Law of 30 Marks removed from CA IPCC.
Marks weightage of Company Act has increased to 60 marks
Other laws is for 20 marks and Ethics for 20 marks

Changes in CA IPCC Tax exam. Tax paper has divided into 2 parts
- Direct Tax – 100 Marks (Group – 1)
- Indirect Tax – 100 Marks (Group – 2)
Information Technology and Strategic Management Paper removed from CA IPCC Group – 2 completely.

New CA Final Syllabus from 2016:

The subject Information Systems Control and Audit (1SCA) has removed in CA Final syllabus.

International Taxation for 40 marks has been added in CA Final syllabus 2016 view of increasing importance of the subject in the present globalized world.

A new subject ‘Financial Services and Capital Market’ has been included to make CA more competitive in the finance related areas.

The nomenclature Corporate Laws and other Economic Laws has been kept to make the name more representative of the subject.

IPCC IT SM Tips to Pass Exam | Preparation Tips Important Topics |

2015-05-27T22:16:00.002+05:30

Author: Ankur Garg

Dear CA Students,

At IPCC level the subject of IT SM is considered as a difficult subject by most of the students. Let me admit that I have never prepared IT SM subject for exam but still an attempt has been made to suggest some general tips and tricks to handle this paper.

Indeed IT SM is a crucial paper and it is difficult for students to get away with this paper without proper preparation and conceptual knowledge. I am sure this brief write up would be of some help as November 2014 exams are approaching and it is high time for us to start preparation for November 2014 exams and clear our doubts w.r.t. a subject.

TIPS TO PREPARE ITSM Paper:

ITSM is the last paper of IPCC second group. Please find below some general points which the help of which you can make your IT SM preparation a success. Well this is my personal belief.

1. First of all understand that IT SM is not a very tuff subject and with proper guidance and planning it can be handled easily. I know IT SM is not in the list of your favourite subject and it is not possible to make it your favourite subject in a day. Here I must say once you start working over this subject, this would become your favourite subject and you’ll be able to score great marks in IT SM. You know everything is possible in life. I will try my best to share some relevant IT SM tips.

2. ICAI Study Material is must:

As a general understanding ICAI study material is a must for IT SM preparation. Many successful students have shared their opinion that ICAI study material is best for exam preparation and for fetching good marks. Chapter in the study of IT SM has been organized to provide a logical sequence to facilitate easy understanding. It is a fact that language of the material is a bit technical and so is the subject. But regular study you’ll be able to understand the language of Study material. For a quick grasp of the subject during the examination days a summery has also been inserted in the end of each chapter.

3. Reference Book for IT SM:

It is important to use right reference book for IT SM or any other subject from start in order to get good result. As per my simple opinion for IT SM you are advised to use the book of Dinesh Madan or Paduka. These 2 are the most preferred book for IT SM exam preparation. The book of Dinesh Madan provides an examination oriented material with Review Questions to analyze the understanding of the topics. It is also available in Hindi.

4. Use secondary source of preparation provided by ICAI:

It is highly recommended to use secondary source of exam preparation provided by ICAI. These secondary sources of exam preparation provided by ICAI include Revision Test papers, Practice Manual, Mock Test Papers, Suggested Answers. Use of these secondary source of exam preparation is very crucial to check and finalise your preparation. So take note of this point.

Particularly in IT SM paper, you may find question worth 30-40 marks from practice manual paper and questions are usually repeated. So please take note of this fact.

5. Conceptual Understanding and regular Revision is must:

In subject like ITSM Conceptual study and understanding along with regular revision is must. Without Conceptual clarity it would be tuff for you to recall the contents in ITSM subject. With Conceptual understanding one can easily understand the practical questions and solve them easily.

6. I would also suggest you one strategy that a heavy topic should be followed by a small topic. In other words after completing a heavy chapter, start a small and easy chapter. Just to give you an example after completing the chapter of flowchart and Decision table don’t start another heavy chapter. Simply start easy chapters like Data Storage, Retrieval and DBMS. This will help you to retain concepts for a longer period and avoid mixing up of concepts.

7. Revision Strategy:

A good Revision strategy is also important in a subject like ITSM. In case of poor revision, it would be difficult for you to recall ITSM concepts and formulas in exam hall. If you fail to revise, your ITSM paper would be a complete disaster. So beware about the same. Hence after completing all the chapters revise all of them one by one in the same order in which you have made first reading.

8. Prepare List of Imp topics: Prepare a list of frequently asked theory questions in previous examinations and prepare them thoroughly. You may prepare short notes of ITSM in your own language and revise them regularly. Also discuss important and crucial topics within your friend circle to ensure better grip on the topic and chapter.

9. Some tips found on Internet:

Please find below some tips to prepare IT and SM found on internet. It was posted by someone on Facebook. I have no idea about the author but points are quite relevant:

Tips for ‎Information Technology:

i. Start with easy chapters like Data Storage, Retrieval & DBMS and they have good weight-age also. So do this first.

ii. Prepare flowchart and Decision table as marks covered are 8 to 10. For a good grip in this part, do all illustrations from module and questions of Practice Manual.

iii. After that prepare Internet and Other Technology. Many topics also easy under this chapter and scoring also. So do it properly.

iv. Now do Software and Computer Network & Network Security chapter this chapters is a bit heavy i.e. have lots of topic. So try to cover as much as you can.

v. Now just check the definitions asked in past exams from practice manual and RTPs, and from module too.

Tips for ‎Strategic Management:

i. Start SM preparation from last chapter to first chapter.

ii. Do Practice Manual first as if once you do it around 60-70% course will be covered. From Practice Manual its quite easy to read topics as they are given question format rather than paragraphs as given in modules. And generally questions get repeated, so prepare those questions thoroughly and you will definitely score in subjects.

iii. Now start reading from Chapter 7. You can read from module as its language is easy.

iv. Do all chapter end questions from module because true & false many times comes out of it. So better to go through that. And there are sometime 4 marks filling the blanks, so for it, just go through the quotation given before starting the chapter. Just go through past papers, you will find those one liners in the form of filling the blanks.

Other notable points: Please take note of the below mentioned relevant point regarding preparation of ITSM:

a. It is really important to classify less relevant portion of your study. I would suggest you to refer Scanner to figure out the portion of ITSM subject which is least important from exam point of view. This will help you to save time and energy.

b. Lack of good presentation is one of the major drawbacks for most of the CA students. So workout on your writing and presentation skills.

c. You are advised to practice such numerical questions which cover the technical points, formulas and adjustments of entire chapters.

d. Try and make an effort to complete your paper 100%. In other words attempt full paper of 100 marks to fetch some extra marks as marking is done on step basis.

e. Keep a query diary with you during study time and note your queries in this diary and resolve them same day or next day. Do not keep your query unresolved. Don’t forget to mention answer of your query in the query diary.

f. Prior understanding of Question paper pattern is very important. So before going to exam refer last attempt question paper to understand exam pattern properly. Further the presentation is very important in ITSM subject so you should avoid unnecessary cuttings and corrections.

g. Before answering any question you need to make a rough solution in your mind and then go accordingly. No need to make hurry in papers like ITSM as one mistake may spoil your entire efforts. In ITSM you won’t get amendments very frequently, so no need to worry about amendments etc.

I sincerely believe that the suggestions mentioned above would be of some help in ITSM preparation. Remember ITSM is a different subject and with right approach you can fetch great marks in ITSM as it is a high scoring subject.

GMCS NOC Format No-Objection Certificate Sample

2015-05-27T12:43:00.001+05:30

See below the No-Objection Certificate - NOC Format and Sample to be used in GMCS-1 and GMCS-2 courses.

The format was prepared for SIRC Region of GMCS classes. So students are requested to change the same.

The NOC Format can be used by all the students across India taking up both GMCS-1 and GMCS-2 courses.

NOC Format for GMCS:

The SIRC of ICAI,

122,Mahatma Gandhi Road,

Nungambakkam,

Chennai-600034.

Sub: No Objection Letter from Principal

Dear Sir,

This is to certify that Mr./Ms./Mrs. YOUR NAME (SRO No.) is undergoing articleship training in our firm since DATE MONTH YEAR. We hereby state that we have no objection in allowing the trainee to attend the General Management and Communication Skills scheduled for (MONTH YEAR). He/She has commenced his/her articleship in MONTH YEAR and it is mandatory for him/his to complete the programme before MONTH YEAR.

Thanking you,

For FIRM NAME

NAME OF THE PARTNER.

Partner

M.No.

IPCC Contract Costing Notes Nov 2015 Costing Important Notes

2015-05-27T09:01:00.002+05:30

Notes on Sub-Contract Costing: When a contract either completely or partly given to another contractor by the principal contractor (to whom contractee has entered into an agreement) to get the work completed is known as sub-contracting and work given is known as sub-contract work.

Notes on Work Certified Costing: The portion of work which is certified as complete by architecture, surveyor, engineer or any other person as may be agreed between the contractor and contractee is called work certified.

Notes on Progress Payment Costing: Contractors receive payments from the contractees periodically for the work done on the contract. This is known as progress payment or running payment. This is paid on the basis of certificate of work completion issued by the architect.

Notes on Retention Money Costing: Retention money is a part of the value of work certified which though certified but is not paid by the contractee. Retention amount is kept by the contractee as security amount against any damage.

Notes on Cost plus contract Costing:Under Cost plus contract costing, the contract price is ascertained by adding a percentage of profit to the total cost of the work. Such type of contracts are entered into when it is not possible to estimate the contract cost with reasonable accuracy due to unstable condition of material, labour services, etc.

Notes on Escalation Clause Costing: Escalation clause is a clause written in the agreement (contract) between the contractor and contractee which states that in case of increase in the prices of materials, wages or other supplies beyond a certain level the contract price will be increased by an agreed amount.

Notes on Profits on incomplete contracts Costing: Profits on incomplete contracts are recognised on prudent basis. The overriding principle being that there can be no attributable profit until the outcome of a contract can reasonably be foreseen.

Contract Costing Exam Summary for quick revision:

Notes on Main features of Cost-Plus-Contracts in costing:

1. This method is adopted in the case of those contracts where the probable cost of the contract can not be ascertained in advance with a reasonable accuracy.

2. These contracts are preferred when the cost of material and labour is not steady and the contract completion may take number of years.

3. The different costs to be included in the execution of the contract are mutually agreed, so that no dispute may arise in future in this respect. Under such type of contracts contractee is allowed to check or utilization the concerned books, documents and accounts.

4. Such a contract offers a fair price to the contractee & also a reasonable profit to the contractor.

5. The contract price here is ascertained by adding a fixed and mutually pre-decided component of profit to the total cost of the work.

Notes on Escalation Clause:

This clause is usually provided in the contract as a safeguard against any like changes in the price or utilization of material and labour. If during the period of execution of a contract, the price of materials or labour rise beyond a certain limit, the contract price will be increased by an agreed amount. Inclusion of such a term in a contract deed is known as an ‘escalation clause’.

An escalation clause usually relates to change in price of inputs, it may also be extended to increased consumption or utilization of quantities of materials, labour etc. In such a situation the contractor has to satisfy the contract that the increased utilization is not due to his inefficiency

Notes on Basic Formula in Contract Costing:

1. When work on contract has not reasonably advanced, no profit is taken into account. In practice, no profit is calculated when work certified is less than 1/4th but less than ½ of the contract price.

2. When work certified is more than 1/4th but less than ½ of the contract price, following formula is used to determine the figures of profit to be credited to profit and loss account:

[1/3 × Notional profit × Work certified/Cash recieved]

3. When work certified is more than ½ of the contract price, but it is still not in the final stage, following formula is used to determine the figure of profit to be credited to profit and loss account:

[2/3 × Notional profit × Work certified/Cash recieved]

4. When the contract is almost complete, an estimate total profit is determined by deducting aggregate of cost to date and estimated additional expenditure from contract price. A portion of this estimated total profit is credited to profit and loss account. The figure to be credited to profit and loss account is ascertained by adopting any of the following formulae:

[Estimated total profit × Contract price/Work certified]

[Estimated total profit × Contract price/Cash received]

[Estimated total profit × Estimated total cost/Cost of Work to date]

Section 148 Cost Audit under Companies Act 2013

2015-05-27T08:41:00.005+05:30

Basics of Section 148:

Where the Central Govt is of the opinion that the cost records of such class of companies engaged in the production of such goods and providing such services as may be prescribed , is required to be audited , then the CG on consultation with the regulatory bode can demand for cost audit to be conducted u/s 148.

Appointment of Cost Auditor under section 148:

Cost auditor is to be appointed by the Board. A cost Accountant in practice or a firm of cost accountants can be appointed as a cost auditor.

Remuneration Of Cost Auditor under section 148 :

In case of a company which is required to constitute audit committee: Remuneration in this case shall be recommended by the audit committee. The remuneration recommended by the audit committee shall be considered and approved by the Board and which shall be ratified subsequently by the shareholders
In other Companies: Remuneration in these companies shall be decided by the Board and which shall be ratified by the shareholders subsequently.

Rights, Qualification, Duties of Cost Auditor under section 148:

Same as company auditor appointed under section 139.

Audit Report under section 148:

The cost audit report shall be submitted by the cost auditor to the Board of directors of the company. The company shall within 30 days of receipt of such aufit report furnish to the central govt with such report along with full information and explanation on every reservations or qualification contained therein. After receipt of such information from the board the CG is of the opinion that any further information and explanation is necessary , it may call for such other information and explanation and the compamy shall furnish the same within such time as specified by CG.

Punishment on contravention of this section under section 148 :

1. To the company:
Under Section 148, The company shall be punishable with a fine which shall not be less than Rs. 25000.00 but which may extend to Rs. 500000.00. Every officer of the company who is in default shall be punishable with imprisonment for a term which may extend to 1 year or fine which shall not be less than Rs. 10000.00 but which may extend to Rs. 100000.00 or with both Under Section 148.

2. To the auditor:
Under Section 148, He shall be punishable with a fine which shall not be less than Rs. 25000.00 but which may extend to Rs. 500000.00.However if the auditor has contravened such provisions willfully with the intention to deceive the company or its shareholders or creditors or tax authorities , he shall be punishable with imprisonment for a term which may extend to one year and with fine which shall not be less than Rs. 100000.00 but which may extend to Rs. 2500000.00.

In case the criminal liability of an audit firm, the liability other than fine shall devolve only on the concerned partner who acted in fraudulent manner.

NOTE:

Person appointed under section 139 of the company’s act 2013 cannot be appointed as cost auditor.
Audit conducted under this section shall be in addition to the audit conducted under section 143 . It shall not be the substitute for the audit under section 143.

Admit Card Nov 2015 CA IPCC, CA Final Admit Card icai.nic.in

2015-05-26T21:55:00.001+05:30

Admit Cards for Nov 2015 CA IPCC and CA Final Exams are likely to be released by ICAI on 8th Oct 2015

The Admit Cards for Nov
2015 examinations will be made available at: icai.nic.in

IMP: In such cases where your photograph is not on the admit card, you should carry a photo identity card issued by the Govt. or issued by ICAI at the time of registration as articled assistants, failing which you will not be allowed entry into the examination hall.

Where details in the Admit Card are different from what you had filled in your exam application form, Send an email or contact the Helpline numbers ( mentioned below) immediately, quoting your registration number, bar code number of your examination form and receipt number issued by the regional office(s), centre opted (with zone, if applicable), telephone number, fax number etc.

The Admit Cards for Nov 2015 examinations will be made available at: icai.nic.in

2. Will the admit cards bear my photograph and signature?

Yes, if the application you have submitted bears them.

3. I had not affixed my photograph in the exam form. Can I send them now?

Yes. However, once the admit cards are posted/hosted, no changes will be made thereon. The photographs will be used at the time of preparation of pass certificates.

We advise you to carry with you a photo identity card issued by the Govt. or by ICAI at the time of registration as articles assistants, to the examination hall, along with the admit card downloaded/printed from the website.

4. How do I print my admit card from the website

Visit the site http://www.icai.nic.in. Enter the following: Select the examination in which you intend to appear Student registration number or the bar code of the examination form; and Personal Identification Number (PIN) indicated by you in your application form. Your admit card and the “Instructions to Examinees” will appear on the screen. You can then print the same in A 4 size paper.

5. What is PIN? It is the four digit number of your choice which you have entered in your exam form.

It is like a password. Without this, you will not be able to download/print your admit card from the website.

6. I forgot my PIN. What can I do now?

We had advised you, earlier, while you filled up the exam form, to memorise or keep it safe for future reference. We had also advised you to keep a copy of the exam form for reference at a later date, if need be.

You can now check the copy of the form for the PIN. You can also call our Helpline numbers of the Exam Dept. or the respective regional office(s) for assistance in the matter.

7. My photograph and/or signature are not there in the admit card. Is it valid?

Yes. It is valid. However, in such cases where your photograph is not on the admit card, you should carry a photo identity card issued by the Govt. or issued by ICAI at the time of registration as articled assistants, failing which you will not be allowed entry into the examination hall.

Else, you may get your photograph and signature attested by a Chartered Accountant or a Gazetted Officer on the official letterhead indicating inter-alia the following Name Registration Number Exam Month and Year of exam Roll NO. Medium Group Centre Postal address and carry the same to the examination centre, as proof of your identity.

8. I have downloaded my admit card from the website. However, details therein do not relate to me. What should I do?

Contact the Helpline numbers ( mentioned below) immediately, quoting your registration number, bar code number of your examination form and receipt number issued by the regional office(s), centre opted (with zone, if applicable), telephone number, fax number etc.

9. I have downloaded my admit card from the website. However, details therein are different from what I had filled in my exam application form. What should I do now?

Send an email or contact the Helpline numbers ( mentioned below) immediately, quoting your registration number, bar code number of your examination form and receipt number issued by the regional office(s), centre opted (with zone, if applicable), telephone number, fax number etc.

10. I have not yet received the physical admit card sent by post by ICAI. What should I do?

Physical admit cards have already been dispatched. You will be receiving them shortly. However, even if you do not receive them, due to delays in transit, do not worry. You can print your admit card from the website icai.nic.in and carry the same to the examination hall. It is also valid.

11. I have not yet received the physical admit card sent by post by ICAI. Can I have a duplicate admit card issued?

No. Duplicate admit cards will not be issued. However, a print out of the admit card on A4 size paper will be issued, on request, which will be valid for admission to the examination. In fact, you can take a print out of the admit card from the website www.icai.nic.in yourself and use the same.

12. I am not able to print my admit card from the site. What should I do?

Contact the Helpline numbers (mentioned below) immediately, quoting your registration number, bar code number of your examination form and receipt number issued by the regional office, centre opted (with zone), telephone number, fax number etc.

13. I received my admit card. I have a valid exemption in a paper. However, the admit card does not show that exemption. Will I get the exemption?

Exemptions granted to you are not shown on the admit card. Please go through the relevant statement of marks of the exam, where in your opinion, you were granted an exemption in a paper(s). So also, “#” symbol printed against the marks of a paper denotes that you have been granted an exemption in that paper, which will be valid for the next three following exams. The result of that group is also shown as “F-EX” ( i..e failed with exemption).Alphabet “E” printed against the marks of a paper denotes that marks of that paper have been brought forward from an exemption granted in that paper in an earlier attempt. If no such symbol (#) is printed against the marks of any paper, even though the marks obtained in that paper may be more than 60, then that indicates that no exemption has been granted in that paper.

14. What are the contact details?

Help Line Telephone numbers: 0120 3054 851, 852, 853 or 835 Fax 0120 3054 841, 843 E-mail: Intermediate (IPC) candidates : intermediate_examhelpline@icai.in Final candidates : final_examhelpline@icai.in CPT candidates : cpt_exam@icai.in

Section 139 of Companies Act - Appointment of Auditors

2015-05-26T16:45:00.001+05:30

Sec 139 of the Companies Act 2013 provides that every company shall appoint an individual or firm as an auditor of the company at the first AGM . The person so appointed shall hold the office from the conclusion of the AGM in which he was appointed till the conclusion of the sixth AGM. Although the auditor will hold the period for a period of 5 years but the matter relating to such appointment for ratification by the member shall be placed at each AGM.

Before appointing a person as an auditor of the company shall obtain a written consent and a certificate that if the appointment is made then it will be in accordance with the conditions as may be prescribed, from the auditor.

After appointing the person as an auditor the company shall inform the auditor as well the Registrar within 15 days from the date of the meeting in which the auditor was appointed.

The auditor so appointed cannot be reappointed for more than one term of 5 consecutive years. If the auditor is individual and if the auditor is a firm then it can’t be reappointed for more than 2 terms of 5 consecutive years. The individual auditor as well as a firm who has completed their respective terms of 5 consecutive years shall not be reappointed as an auditor in the same company for five years from the date of completion of his terms. In case a person is a partner in two audit firms and if one of these audit firms has already completed the tenure of audit for a particular company then the another firm of which that person is a partner can’t do the audit of that particular company also. Both the firms cannot be appointed as an auditor of that company.

However no provisions of this section will take off the right of the company to remove an auditor or the right of the auditor to resign from the company.

The time period boundation of 5 consecutive years and 10 consecutive years as the case may be applies to following class of companies:

Listed Company
Unlisted public company having paid up share capital of Rs. 10 crore or more
All private limited companies having paid up share capital of Rs. 20 crore or more
All companies having paid up share capital of below threshold limit mentioned in (a) and (b) above but having public borrowing from financial institutions, banks or public deposit of Rs. 50 crore or more.

The companies other than the above mentioned companies are not required to compulsorily rotate the auditor after 5 years or 10 years as the case may be.

For the purpose of rotation of auditor, the period for which the individual or the firm has held the office prior to the commencement of the act will be taken into account for calculating the period of 5 years or 10 consecutive years.

Incoming auditor or the audit firm shall not be eligible if the auditor or the audit firm is associated with the outgoing auditor or the audit firm under the same network. Same network means the firms working under the same brand name, trade name or common control.

If a person who is a partner in an audit firm and also certifies the financial statement of the company retires from the said firm and joins another firm such other firm will also be ineligible for a period of 5 years.

Sec 139(5)

Irrespective of the provisions mentioned above, the audit of the GOVT Company shall be appointed by the C&AG of India within a period of 180 days from the commencement of the year who shall hold the office till the conclusions of the general meeting.

Sec 139(6)

This section provides that the First Auditor will be appointed by the BOD within 30 days from the date of registration of the company.
In case BOD fails to appoint the auditor within such time then they shall inform the members of the company regarding such failure.

Now the member will appoint the auditor at an extraordinary general meeting within 90 days . The auditor so appointed shall hold the office till the conclusion of first AGM.

SEC 139(7)

The first auditor of the Govt Company shall be appointed by the C&AG of India within 60 days from the date of registration of the company. If the C&AG of India fail to appoint the auditor within such time period then BOD will appoint the first auditor with next 30 days. In case BOD also fails to appoint within such time then the appointment of auditor will be done by the member of the company at Extraordinary general meeting within next 60 days .The person so appointed shall hold the office till the conclusion of first AGM.

Sec 139(10)

This section provides that where at any AGM is not appointed or reappointed then the existing auditor shall continue to be the auditor of the company.

Sec 139(8)

Casual vacancy in case of Govt Company shall be filed by the C&AG of India within 30 days. In case the C&AG fails to appoint within such time period then BOD will fill the vacancy within next 30days.

Casual Vacancy in case of other companies shall be filled by BOD within 30 days. However if the casual vacancy is due to resignation then such vacancy shall be approved by the company at general meeting convened within 3 months of the recommendations of the BOD .It means in case of casual vacancy through resignation also can be filed by the BOD but the approval of the shareholders are required in that case.

The person so appointed for filling the casual vacancy in both the cases shall hold the office till the conclusion of next AGM.

In case of the company where the auditor is appointed by C&AG , the casual vacancy will be filled by the C&AG within 30 days. In case the casual vanacy is not filled by the C&AG then the BOD will fill the vacancy within next 30 days.

Sec 139(11)

Where a company is required to constitute an audit committee then the all appointments of auditor including filling of casual vacancy shall be made after taken into account the recommendations of such audit committee.

Date Sheet Time-Table Nov 2016 CA IPCC, CA Final Exam Date

2015-05-26T10:07:00.000+05:30

Time-Table November 2015 Exams

CA IPCC exams will commence from 3rd Nov, 2015

CA Final exams will commence from 2nd Nov 2015

Nov 2015 Exam Fee for CA IPCC and CA Final

Time Table, Date sheet, Exam Dates of May 2015 Exams

Time Table, Date sheet, Exam Dates of Nov 2013 Exams

Time Table, Date sheet, Exam Dates of Nov 2014 Exams

Study Tips to Pass IPCC in 3 Months May 2015 Exams with good time table

How to Clear / Pass IPCC in 19 days:

Author: Roohani Deshpande

I am not trying to discourage students who efficiently utilise many months for their studies - this article is for those who, by any reason, have not been able to prepare well and have very less time remaining for their examination. To those students I say, don't give up! It is still possible and achievable for you to pass your exams. IPCC Exam Time Table, Date Sheet.

Here's my story of clearing IPCC. Due to certain unfortunate circumstances and bad choices, I could not study anything at all before my first attempt and failed to clear IPCC. Feeling discouraged and demotivated, I spent the next few months in despair and disappointment. All I could think of was my failure. As a result, I wasn't able to study again and wasted most of my time - before I knew it, there was just one month left for my second attempt. CA Final Exam schedule, Date Sheet and Time Table

I decided that this vicious cycle must come to an end. I began to rebuild my confidence and faith in myself. I realised that it is very important to refuse to let the fear of failure take over my mind. I gathered all the courage I could manage and decided that I CAN and WILL clear both groups this time, no matter what. Within half a month, my confidence and resolve to succeed was back. [What is the time table for upcoming CA IPCC exams].

Now, I was left with 19 days before the first IPCC exam. I broke off all social contact and took proper care of my health. I decided that I will let nothing stop me this time - and when you fully believe in yourself, nothing can stop you from succeeding. Based on my experience, I want to share my story and suggest a study plan to those who are in a similar situation as I was. I used the following plan to prepare for my exams and it may work for you too.

Note: This plan will work only if you have taken classes for some subjects and you have some basic idea about everything - if you know absolutely nothing, no one can save you with good time table.

1. Create a schedule on paper for the next 19 days. Keep the last 2 days for revising Accounts.

2. Buy a set of Solved IPCC Scanners (solved past year question papers) and go through the pattern of papers. CA exams can be quite unpredictable, but still you can get some idea about topics repeatedly asked in every attempt. I know it is advised to study every single topic before the exams, but if you study the most repeated topics first, you can go through the remaining ones in the gaps between exams. On the first day, mark the most-important chapters from each subject and write them down somewhere.

3. Now, you have 17 days and 6 subjects. Do not let this discourage you. Strengthen your determination and take a resolve that you can do this. Believe in yourself and in your capabilities. Each day, tell yourself that it is possible for you. Eliminate all your distractions and prepare yourself to study for around 17-18 hours a day. You will need to invest all of your free time into studying to be able to achieve the task of clearing the IPCC in first attempt.

4. Take your list of most important chapters. Divide the important chapters of Law and Audit equally among the 17 days (not all chapters, only the ones important). You should complete the topics of Law each morning before going on to practical subjects, and complete the topics of Audit at night. Read the questions and answers from scanners only if time is less, as it has limited questions and will save a lot of time time table and good schedule for exam.

In Law, start with Ethics and Communications, then go on to Business Law, and then Company Law; in Audit, start with SA and then go on to the chapters and exam dates.

5. Now schedule the practical subjects.

Divide the important chapters of Costing among the first 4 days, and study them from the scanner. If you are stuck on any topic, refer to that topic from your notes or other material, then get back to the scanner. Don't practice each question on paper, but practice the ones which you are not confident about.

Divide the chapters of Financial Management in the next 3 days. FM is easier than Costing and more scoring with good time table and exam date schedule for ipcc and ca final.

Don't forget to read the theory as well side by side. Around 30 marks consist of theory in each attempt. When you get tired of the practical questions, take a break and read the theoretical questions from scanner.

6. List out the important chapters of Taxation in the next 5 days - start with VAT and Service Tax. If you read only the questions from scanners, you will be able to complete this in 2 days. Keep the next 3 days to read only the most important chapters of Income Tax. You can read the remaining chapters during the gap between exams.

7. Divide the chapters of IT in the next 3 days. IT is not as tough as it seems. Go through the institute material (only important chapters) and learn the definitions. Practice flowcharts. On the third day, go through the important chapters of SM from the scanner. SM can be done properly during the gap between exams date sheet, exam date can be well schedules for upcoming exams.

8. Advanced Accounts is a really easy subject. If you have taken classes, you will not need much time to prepare for it. Take the next 2 days to go through the scanner and refer to your notes or other books if you are stuck anywhere. You will not have time to practice questions on paper so try to read the answers and retain them in your mind. Focus on accounting standards and amalgamation the first day, and keep others chapters for the next day.

9. Go through the accounts scanner in the last 2 days before the exam. Do accounting standards and company accounts on the first day and do the others on the next day. Memorise what to do by reading answers because you will not have time to practice.

10. During the holidays between exams, go through the entire scanner and read all the important topics as well as the chapters you had left out. If you are left with more time, revise your notes and go through other study material you have.

If you take a decision to succeed no matter what, you will be able to achieve this and clear IPCC. This plan sounds extremely difficult to implement, but I speak from personal experience that it is possible. Do not give up, invest your time and energy into hard work and believe in yourself. Let nothing come in your way. You can do this!

About Me

I am Roohani Deshpande, a student of CA Final, who cleared both groups of IPCC with 19 days of preparation.

I scored 88% in 10th, 92% in 12th, 148 marks in CPT.

If you need any advice or help, contact me on facebook: http://facebook.com/roohani

time table schedule exam date

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How to pass IPCC both group in just 20 days with good time table:

Author: Pankaj Sharma

My self Pankaj Sharma student of CA FINAL from Jaipur.

Now I come to point "How to pass IPCC in just 20 days". 1st let me share my personal experience with you. How I passed my IPCC I took many wrong decisions that time. But just 1 month concentrate study make me pass my exam in very 1st attempt.

1st I choose a very bad coaching for IPCC. I pay full amount but didn't attend the classes for 2nd group and Law. I did all subject by self study.

2nd wrong decision I registered my self with FACEBOOK at starting of IPCC.

Starting two Months of IPCC went good I did regular study, but then on the advise of one of my friend I started my ITT in the month of October, this was hell for me. It took 3.5 month to complete in time table.

With ITT and Coaching I could not manage to study, now it was January. I started my little bit study, my whole January went in confusion that should I go for both or just to go for 1st or should I drop this attempt. Then finally I filled my form for both group and thought "JO HOGA DEKHA JAYEGA". Time table and exam dates for ca ipcc But at that time World cup came and I am just a big fan of Cricket, I didn't even miss a single match. Now it's time for my B.COM 1st year exam in March. My whole march ate by my B.COM.

I just did 2 hour study in January and February. And not a single hour study in march. Now it was 4th April my last exam of B.Com and The World cup final.

On 5th morning I got up I counted the remaining days of Exam. Just 27 days were left. I didn't even remember the single section "USI TIME MENE PURI DUNIYA SE TALAK LE LIYA". I switched off my mobile till exams. I never failed in life. I never wanted to be fail. Now all ways were clear for me. So I just started study of 16-18 hour per day. I did so much hard work in that last month time table and exam date sheet and schedule. I didn't misuse even a single minuts. I didn't even shave. And now results is here I passed my both group Exam in 1st attempt.

I know I am so late in writing this article. But I realized this thing just last night that I should share my story with you all. So I thought to write this article. Now on the analysis of my that 27 days study I made a full proof plan of study of just 20 days. I don't guarantee that you will pass after doing all this Time Table. But "SAB KUCH CHOD KAR JANE SE ACCHA H LET'S HAVE A TRY ON IT KYA PATA KAM KAR JAYE". My way of study is just simple and personally tested by me on My self.

First of all make your mind to study 16-20 hour per day. You have 20 days to study. So we will make a schedule for whole 20 days CA IPCC Exam time table. And you have to follow this schedule for every day.

Now leave(RESERVE) last 3 day for A/C and don't even touch a/c and any other day. 3 days are more then sufficient for scoring 60+. Now just 17 days left

Now took ITSM, LAW, AUDIT and divide them in 17 parts ca ipcc schedule.

Took a paper and write down the all the remaining dates on it. And "HAR DATE KE AAGE 3no sub. Ka EK EK Part likh do...the all we have to do that TINO SUB. Ko 17 PARTS ME BAT LO AND HAR DIN KA WO PORTION COMPLETE KARNA H JO US DIN KE LIYE ALLOT HUA Hai.."
In law do ethics and communication strong exam time table and schedule.

Now I comes to taxation divide income tax in 7 parts and allot it to coming next 7 days (7 Din me jo jitna b ho sake kar lo because it's little bit tough so jitna jo ap se ho wo kar dalo) And in rest 10 days me VAT and SERVICE TAX ko Rat DALO COZ ye hi TAX ke paper me pas kara sakti h exam date sheet.

Now advance a/c This subject is so simple if you have taken coaching then just night before exam in sufficient to pass...Nahi to starting Ke 5 din me isko Nipta do.

Now just just COSTING AND FM left. This paper contain 30-35 marks theori so ye hi hame pas kara sakti h.

Took costing. 3 chapter a day Study kar Ke Costing 5 din me khatam karo and next 2 days me theori finish karo dhand se...FM is easy to usi ko Strong Kar lo Last 10 days Me Dhang se pad lo...and don't forget to do theori...wahi pas karegi.

So friends here is the Study plan of study in last 20 days. Har din kya kya karna h wo likh lo..paper pe.

You have to study 6 subjects a day. I know it's so tough to manage but it's not impossible, because I have done this. You have to do just ki Har din ke study ke liye Jo portion allot Hua h use complete Karke hi Sona h chahe khuch b ho jaye.

My philosophy is that " MASTI KARO TO ITNI KARO KI DUNIYA KAHE KITNA NALAYAK LADKA H AND PADHO TO ITNA PADHO KI DUNIYA KAHE TUM JESA KOI DUJA NAHI.."

Friend just think after passing how proud you feeling infront of every one. How much happy your parent will be.

So friends Jo hona tha ho gaya ab Sab kuch chod kar bus padhai me lag jao..Don't leave a hope Passing IPCC is still possible. Pray every day to GOD for your success. I am sure if you do all the things written above properly then No one can stop you Passing your IPCC.

In last just I wanna say BEST OF LUCK For exam do well and STUDY HARD NOW. And PARTY HARDER LATER.

Best wishes.

Thanks for reading this.

If you wanna give any suggestion or you have any query then just mail me at pankaj.jpr18@gmail.com or you can msg me on FACEBOOK @ www.facebook.com/pankaj.jpr18

Please don't send request just msg me.

And friends Please msg me or mail me how do you like my this article. Was this helpful for you?

Thanks
Pankaj Sharma
My achievements
12th= all Rajasthan 25th merit
CPT=153
IPCC=BOTH GROUP IN 1ST ATTEMPT

Industrial Training Vs Articleship - A Practical comparision

2015-05-25T16:33:00.001+05:30

In Chartered Accountancy, we put a lot of emphasis on articleship with a CA firm and there are very few students who enjoy the learnings and benefits of Industrial Training (IT). Also, the corporates miss a big opportunity to get great financial talent available among the CA students at low cost.
I was reading our monthly CA Journal and saw a link available on Board of Studies for ‘Online Articles Placement Portal’.

I clicked that link (http://bosapp.icai.org/) and was disappointed to see that only students and CA firms can register and decide the respective placements. There is no room for corporates to register and hire industrial trainees. In my opinion, our Institute needs to add this facility on this link, to facilitate access of CA Students to various corporates for Industrial Training.
There are a lot of benefits of doing Industrial Training in the 3rd year of articleship when a student has already spent 2 years in regular audit work in a CA firm.

One gets to know how a company actually works. This really helps in future as one can apply the same fundamentals to every industry or company.
You learn about how to work towards improving the future instead of finding out mistakes of past – setting up processes, removing inefficiencies, taking preventive measures for non-compliances, analysing financial decisions with respect to their future impact and much more.
If you do good work in a corporate during Industrial Training, you are likely to get placed in the same company post qualification. You will get better compensation because of your experience in that Company as a trainee and hence you get a better start in your career. For IT period too, a corporate will surely pay much more than a CA firm because of the low stipend rate limits set by ICAI for the CA firms. Though money in not an important decision making factor in the learning stages of career, one should know that what he or she gets paid is also decided on the basis of value of his or her work to a particular organisation. A corporate will surely put more worth to your work than a CA firm, even more than a BIG4.
All these are subject to the Company you choose to work for. This should be true in most of the professionally run/ multinational companies.

Section 234E of Income Tax Act - Explained with Case Laws

2015-05-25T09:05:00.000+05:30

Author: Dingu

Of late this month we must have received lot of demand from CPC seeking demand for non remittance of Section 234E FEES (not Tax). Well here is something to crunch on about Section 234E.

234E will not apply to cases where TDS payment is made beyond the time limit prescribed for payment of TDS u/s 200(3)

There are two reasons:

Reason 1
Duty of person deducting tax.

200. 9[(1)] 10Any person deducting any sum in accordance with 11 [the foregoing provisions of this Chapter] shall pay within the prescribed time, the sum so deducted to the credit of the Central Government or as the Board directs.

12[(2) Any person being an employer, referred to in sub-section (1A) of section 192 shall pay, within the prescribed time, the tax to the credit of the Central Government or as the Board directs.]

13[(3) Any person deducting any sum on or after the 1st day of April, 2005 in accordance with the foregoing provisions of this Chapter or, as the case may be, any person being an employer referred to in sub-section (1A) of section 192 shall, after paying the tax deducted to the credit of the Central Government within the prescribed time, 14[prepare such statements for such period as may be prescribed] and deliver or cause to be delivered to the prescribed income-tax authority15 or the person authorised by such authority such statement in such form16 and verified in such manner and setting forth such particulars and within such time as may be prescribed.]

Section 200(3) says you have to file your Quarterly return AFTER paying the TDS within the prescribed time.

Well if i pay the TDS amount to the credit of the CG after the due date for payment there is no requirement for me to file my TDS return at all as per section 200(3)

When Charging mechanism fails where is the question of collection FEES Case law of Supreme Court P.C.Srinivasa Chetty

Reason 2

Okay We will harmoniously interpret the section in spirit along with section 201. After payment we have to file the Quarterly return!! i hope we all agree

Here comes the big one.

Section 200(3) says pay and file return else your TDS return is invalid / you cannot file your return. Fine i paid my TDs to government along with interest u/s 201 and filed my return immediately.

Part 1

Then you cannot charge me fees under 234E, since without payment of tax we cannot upload the return. If you are not accepting the return how can you ask fees for not filing Quarterly Return within the due date

LAW CANNOT ASK PEOPLE TO DO WHAT IS NOT POSSIBLE TO DO

Part 2

Let me recall a splendid decision given a decade ago

Where no books of accounts are not maintained you cannot penalise him for not getting his books of accounts audited Ram Prakash C Puri – 77 ITD 210

Okay to the fun part

Department said you have not paid my tax pay interest (interest is compensatory in nature) We pay from due date for payment to date of payment. Now when i pay interest for late payment how can i / why should i again compensate the Government in the form 234E fees

Moreover 234E starts saying "Without prejudice to the provisions of the Act" and does not start as 'NOTWITHSTANDING ANYTHING CONTAINED IN THE PROVISIONS OF THIS ACT'

So Technically the Start of Days for 234E Fees is from Due date from filling of Quarterly return or Date of TDS remittance which ever is latter..

I am open for discussion to the contrary on it.

IPCC RTP Nov 2015, RTP May 2015, Nov 2014, Download IPCC RTP Nov 2015

2015-05-24T17:46:00.000+05:30

IPCC Nov 2015 RTP will likely be made available on 22nd July, 2015

IPCC Nov 2014 RTP - Revision Test Papers

Group - 1:

Accounting

Business Laws, Ethics and Communication

Costing and FM

Taxation

Group-2 RTP:

Advanced Accounting

Auditing and Assurance

IT and SM

IPCC May 2014 RTP - Revision Test Papers

Group - 1:

Accounting

Business Laws, Ethics and Communication

Costing and FM

Taxation

Group 2:

Advanced Accounting

Auditing and Assurance

IT and SM

CA IPCC RTP -Revision Test Papers (November 2013)

GROUP I

OBJECTIVE & APPROACH

PAPER - 1 : ACCOUNTING

PAPER – 2 : BUSINESS LAWS, ETHICS AND COMMUNICATION

PAPER – 3 : COST ACCOUNTING AND FINANCIAL MANAGEMENT

PAPER – 4 : TAXATION

GROUP II

OBJECTIVE & APPROACH

PAPER – 5 : ADVANCED ACCOUNTING

PAPER – 6 : AUDITING AND ASSURANCE

PAPER – 7 : INFORMATION TECHNOLOGY AND STRATEGIC MANAGEMENT

IPCC Accounts Notes

IPCC Auditing Notes

IPCC Strategic Management (SM) Notes

CS Exam Notes

Surbhi Bhansal Auditing Notes

Costing and FM Summary Notes

IPCC FM Formula Notes

CA Final ISCA Notes
Must Read: Tips to Pass CA Exams in 3 Months

Maharashtra Value Added Tax (MVAT) - Assessment and Refund procedure

2015-05-22T16:04:00.000+05:30

From the time MVAT Act has come in force hardly any Assessment Orders were passed, only Refund Orders were generally passed in case of Refund cases, as time limit for completing assessment were not getting time barred & therefore they were not on the Department’s priority list. But as on date assessments of the two financial years i.e. 2005-06 & 2008-09 are on priority as they are getting time barred on 30th June 2013 (earlier this date was 31st March 2013) but due to the Notification Maharashtra Value Added tax (Amendment) Act, 2013, (Mah Act No. 4 of 2013 dtd 20-04-2013 time limit for passing order for F.Y. 2005-06 & 2008-09 is extended from 31st March 2013 to 30th June 2013. In view of above, lets discuss some of the provisions related to Assessment & Refund & Practical Problems & other Remedies etc…. which may be important to the STP’s, C.A.’s & Advocates etc…. at time of Assessment & Refund.

Sec 21 Time Limit for Issue of Notice in Certain Cases

* Sec. 21: No Notice for assessment in certain cases

1. Where a return is filed by the prescribed date by a registered dealer, no notice calling the dealer for assessment in respect of the period covered by the return shall be served on the dealer after 2 years from the end of the year containing the period to which the return relates

2. Where a registered dealer has not filed a return in respect of any period by the prescribed date, no notice calling the dealer for assessment in respect of the said period shall be served on the dealer after 3 years from the end of the year containing the period to which the return relates

3. Notwithstanding anything contained in sub-sec (1) or (2), a notice for assessment in respect of any period ending on or before the 31st March 2008, may be served on the dealer within a period of 6 years from the end of the year containing the period to which the return relates”

* The above mentioned section is deleted w.r.e.f 01/04/2005 by Mah. 6 of 2011 & hence now there being no limit for issuing notice for assessment under MVAT Act, 2002.

Generally In every law or an Act there is a time limit for issue of Notice for starting an Assessment but in MVAT act, as stated above, there is no time limit for issue of Notice for Assessment under MVAT Act. Therefore, now the time limit specified in every Sub-Section of Section 23 for completion of assessment , 15 days prior to that (see Rule 21) may be deemed to be the last date till which Notice for assessment can be issued as per my view & understanding.

Sec 23: Assessment under MVAT Act, 2002

Sec. 23(1): Assessment where Dealer fails to file a Return

“Sec 23 (1) Where a registered dealer fails to file a return in respect of any period by the prescribed date, the Commissioner may assess the dealer in respect of the said period to the best of his judgment without serving a notice for assessment and without affording an opportunity of being heard:

Provided that, if after the assessment order is passed, the dealer submits the return for the said period along with evidence of payment of tax due as per the return or submits evidence of return for the said period having been filed before the passing of the assessment order along with evidence of payment of tax due as per the return, then the Commissioner shall cancel, by order in writing, the said assessment order and after such cancellation, the dealer may be assessed in respect of the said period under the other provisions of this section:

Provided further that, such cancellation shall be without prejudice to any interest or penalty that may be levied in respect of the said period”

The time limit for passing the order in this case is 3 years from the end of the year containing the said period. It is to be noted that the said order is non appealable. However, on dealer’s furnishing evidence of return being filed with payment of tax, such order will be cancelled. The dealer shall have to make application for cancellation of assessment in Form 304 as per Rule 24 (1).

(Rule 24(1) - Removed from MVAT 2nd amendment rules dtd 21.05.2013)

(No time limit to submit F.304, acc. To me.)

(See Trade Circular 12T of 2012 – Where New Procedure for cancelling UAO is given)

Sec 23(2): Assessment of Full Books of Accounts, Notice in Form 301

“Sec 23(2): Where the return in respect of any period is filed by a registered dealer by the prescribed date and if the Commissioner considers it necessary or expedient to ensure that return is correct and complete] and he thinks it necessary to require the presence of the dealer or the production of further documents, he shall serve on such dealer, a notice requiring him on a date and at a place specified therein, either to attend and produce or cause to be produced all documents on which such dealer relies in support of his return or to produce such documents or evidence as is specified in the notice”.

Notice in such cases is issued in Form 301 calling the dealer to attend & to produce or cause to be produced evidence i.e. books of account & other documents/evidence in support of the returns filled by him. Time limit for passing the order is 4 years from the end of the year to which return relates.

As per 3rd proviso inserted by Maharashtra Value Added tax (Amendment) Act, 2013, (Mah Act No. 4 of 2013 dtd 20-04-2013 time limit for passing order for 2008-09 is extended from 31st March 2013 to 30th June 2013.

At time of assessment the dealer is generally required to furnish following statements & Forms:

1. VAT & CST Returns & Acknowledgements & Payment challan copies.

2. VAT Audit & TAX Audit report, if applicable, alongwith Trading, P&L A/c & Balance sheet with fixed assets schedules.

3. Monthwise Sale & Purchase summary details ( having total break up of Net amt., VAT amt., OMS , Labour etc..) along with reconciliation with P & L A/c and returns .

4. Purchase list of Parties from whom purchases made during the year exceeds Rs.25,000/- along with their name ,address, VAT TIN & sample purchase bill copies & original Tax invoices for verification.

5. Original C - forms, H- forms, F-forms ( duly filled in all respects ) received against sales made against the declarations, with Invoices & transport receipts etc…along with statement.

6. Export related documents , i.e sale bill , bill of lading/ airway bill/shipping bill, packing list etc…., if export sale are there.

7. Contract copies in case of WCT , Forms 406, 409 etc…, Original WCT TDS Certificates, workings of WCT etc..

8. Letter of Authority.

9. Fixed Assets or Capital equipments etc…. purchased details, bills & ITC on the same.

10. Ledger confirmations of Top 10 parties

11. VAT Calculations, i.e. Output VAT collected , ITC claimed, Reductions in set off, statement of Taxes paid already etc….

12. Other details, as per case to case requirements.

Sec 23(3): Best Judgment Assessment/ Ex Parte Assessment

“Sec 23(3) - Where a registered dealer has not filed the return in respect of any period by the prescribed date, then the Commissioner may, serve on the dealer a notice requiring him to attend on a date and at a place specified therein and after giving the dealer a reasonable opportunity of being heard, proceed to assess, to the best of his judgment, the amount of tax due from him”

(U/s 23 (1) – No opportunity of being heard – difference)

When the dealer fails to file the return in respect of any period by the prescribed date, the Commissioner may issue a notice & proceed to assess to the best of his judgment.

Time limit for passing order under this sub section is 5 years from the end of the year to which return relates.

The Commissioner while passing any best judgment assessment order shall have to consider past records of the dealer & all the materials available before him. Under the power of best judgment, the Commissioner is not empowered to pass any order as per his wish. Whatever disallowances or estimations or additions made should be on sound basis or reason, otherwise it may not sustain in appeal. There is no standards for it but it should be sound & reasonable having regard to the circumstances of the case.

Imp. Judgements:-

1. State of Kerala V/s C Velkutty (1966) 60 ITR 239 (SC) –

"The limits of the power are implicit in the expression "best of his judgment". Judgment is a faculty to decide matters with wisdom truly and legally. Judgment does not depend upon the arbitrary caprice of a judge, but on settled and invariable principles of justice. Though there is an element of guess- work in a "best judgment assessment", it shall not be a wild one, but shall have a reasonable nexus to the available material and the circumstances of each case.”

2. CIT vs. Laxminarain Badridas (1937) 5 ITR 170 (PC) –

"The officer is to make an assessment to the best of his judgment against a person who is in default as regards supplying information. He must not act dishonestly or vindictively or capriciously because he must exercise judgment in the matter. He must make what he honestly believes to be a fair estimate of the proper figure of assessment, and for this purpose he must, their Lordships think, be able to take into consideration local knowledge and repute in regard to the assessee's circumstances, and his own knowledge of previous returns by and assessments of the assessee, and all other matters which he thinks will assist him in arriving at a fair and proper estimate ; and though there must necessarily be guesswork in the matter, it must be honest guesswork. In that sense, too, the assessment must be, to some extent, arbitrary. "

If not satisfied with the order, dealer can prefer Appeal in Form 310, within 60 days from the date of communication of the order which is a subject matter of the appeal.

Sec 23(3A): Time Limit for Asst. for period till 2007-08

This sub-section is substituted by Mah Act 6 of 2011 & provides that the assessment under sub-section (2) or (3) of section 23 for any period upto 31st March 2008 may be made within 7 years from the end of the year containing the said period.

As per proviso inserted by Maharashtra Value Added tax (Amendment) Act, 2013, (Mah Act No. 4 of 2013 dtd 20-04-2013 time limit for passing order for 2005-06 is extended from 31st March 2013 to 30th June 2013.

Section	Time Limit for Passing Order
23(3A) (for the period ending on or before 31st March 2008)	7 years from the end of the year containing the said period.
23(2) & (3) for the period commencing on or after 01st April 2008	1. 4 years (where returns are filed) from the end of the year containing the said period. 2. 5 years (where return is not filed) from the end of the year containing the said period.

Sec 23(4): Assessment for Unregistered Period

Where the dealer has failed to apply for registration within the time required, the Commissioner may issue Notice & assess him for any period or periods subsequent thereto. The time limit in this case is 8 years from the end financial year containing the said period.

Sec. 23(5): Transaction/Period/Claim wise Assessment, Notice in Form 302:

Clause (a) of this sub section was substituted by Maharashtra Tax Laws (Levy & Amendment) Act, 2010 & is effective from 01/05/2010.

This section reads as follows;

“Sec 23(5)(a) During the course of any proceedings under this Act, if the prescribed authority is satisfied that the tax has been evaded or sought to be evaded or the tax liability has not been disclosed correctly or excess set-off has been claimed by any dealer or person] in respect of any period or periods by not recording or recording in an incorrect manner, any transaction of sale or purchase, or that any claim has been incorrectly made, then in such a case notwithstanding that any notice for assessment has been issued under other provisions of this section or any other section of this Act, the prescribed authority may, after giving such dealer or person a notice in the prescribed form and a reasonable opportunity of being heard, initiate assessment of the dealer or person in respect of such transaction or claim.

(b) During the course of any proceedings under section 64, if the prescribed authority is satisfied that the tax has been or is sought to be evaded, as provided under clause (a) by any dealer or person, the said authority may, after issuing a notice in the prescribed form and after giving a reasonable opportunity of being heard to such dealer or person, proceed to assess such dealer or person as provided in clause (a) in respect of any such transaction or claim relating to any period or periods and such authority shall, notwithstanding anything contained in section 59, be deemed to have the requisite jurisdiction and power to assess such dealer or person in respect of such transaction of sale or purchase or claim, covered by clause (a) and such assessment proceedings shall, for all purposes of this Act, be deemed to have been transferred to such authority.

(c) The assessment proceedings under this sub-section shall be without prejudice to the assessment proceedings in respect of the said period or periods under any other provisions of this Act by any authority who otherwise has the jurisdiction to assess such dealer or person in respect of other transactions of sale or purchase or any other claim which are not covered by clause (a) and clause (b).

(d) The assessment under this sub-section shall be made separately in respect of the transaction or claim relating to the said period or periods to the best of the judgment of the prescribed authority where necessary and irrespective of any assessment made under this sub-section, the dealer may be assessed separately under the other provisions of this section in respect of the said period or periods:

Provided that, once the dealer or person is assessed under this sub-section, no tax from such transaction or claim and penalty and interest, if any, consequent upon such tax shall be levied or demanded from such dealer or person, at the time of assessment to tax under the other provisions of this section in respect of the said period or periods relating to such transaction or claim.”

In Simple terms it means that if during investigation proceedings / or as per any information with the department, if tax-evasion or incorrect recording of transactions/claim in any period is noticed then transaction / period / claim wise assessment can be completed. The transaction / period / claim wise assessment can be made for a any transaction of sales/ purchase or any claim taken incorrectly for any period. This assessment shall be without prejudice to the other provisions of assessment & once the tax has been assessed on particular transaction / period / claim by the Assessing Officer it shall not be taxed again at the time of regular assessment.

Note - No Time Limit is given in Sec. 23(5), for Passing Asst. Order.

Issues/Problems Faced during transaction / period / claim assessment also called as Issue Based Audit or Desk Audit by the department :

1. J1 J2 mismatch or Excess ITC Credit due to bill date & delivery date difference & J3 J4 mismatch ( i.e Dealer showing less purchase returns than the sales returns shown by suppliers ).

2. Composition dealer wrongly issuing Tax Invoice collecting VAT Separately & during the IBA/DA proceedings same being disallowed & purchasing dealer asked to pay the same without first enquiring or initiating proceedings against the Non-compliant Composition dealer.

3. F.Y. 2008-09 being the 1st year of Annexures all the VAT Tin Nos of the Customers & Suppliers not available & hence not inserted in the VAT audit report, , or wrong TIN insertion in VAT audit report resulting in notices of Sales suppression , J1 J2 mismatch, TAX Credit from Wrong TIN etc….

4. CST Declarations not filed properly & given by customers & even incomplete in some cases etc…. & Form C or F Excess Value – Value of C of F forms issued by the Central Repository is in excess of the OMS purchases shown in the Returns or 704.

5. Declartions not recd. shown in Audit report, Consequential diff. Tax + Interest payable notices & Notices for Asked to pay MVAT / CST by Auditor.

6. Tax credit from Return defaulter, i.e Department proposes to recover Tax along with interest from ITC claimant dealer whose supplier has not filed returns, instead of catching hold that defaulting dealer first.

7. Tax Credit from RCC , i.e Disallowance of ITC claimed by the dealer on the Tax Invoice from such Suppliers whose registrations are cancelled prior to the audit period of the ITC claimant dealer.

8. ITC Disallowance from purchases effected from Hawala Dealers.

(Acc. To my info. Hawala lists includes:

1) Hawala dealer,

2) Payment & Return defaulter,

3) Dealer not found at POB.)

Imp. Note - Application in Form 316 (i.e. cancellation of Asst. Order in case of unability to remain present at time of hearing when Asst. Order was passed) cannot be made against the order passed under this sub section as explained in Sec 23(11).

Sec. 23(6): Notice in Form 315 - If Commissioner is of the opinion that there is non disclosure of sales/purchases, wrong set-off claim, deduction has been wrongly claimed or payment of tax at lesser rate, then notwithstanding anything contained in the other provisions of this section, he may serve a notice & proceed to assess after giving a reasonable opportunity of being heard. The time limit to pass assessment order here is within 6 years from end of year containing such period.

Sec. 23(7): Where Fresh assessment has to be made to give effect to any findings or directions given by the Tribunal or High Court or supreme court , then notwithstanding anything contained in this section, such assessment shall be made within 36 months from the date of communication of such finding or direction.

Sec. 23(8): The Commissioner has powers to assess as provided in Sub-section (2) after providing an opportunity of being heard to the dealer & pass an assessment order, notwithstanding the fact that in a similar matter, the tribunal has given a decision against the state government or commissioner, if in such matter, the comm. has already filed appeal before the appropriate forum. However No recovery of such dues shall be made pending decision by such forum.

Sec. 23(9): Application to Commissioner in F. 305, to issue directions to complete assessment :

If dealer applies to the Commissioner in Form 305 (i.e. Form for application for the issuance of direction to the Assessing authority), where an assessment is pending, & if he considers that owing to the nature of the case, or amount involved or for any other reason, it is necessary, he may issue such directions for the guidance of the assessing authority, to enable him to complete the assessment & those will be binding on assessing authority. Directions which are prejudicial to the dealer shall not be issued without giving the dealer a reasonable opportunity of being heard.

The exact wordings used in the section are “ The Commissioner , may on an application in the prescribed form made by any dealer, call for and examine the record of any proceeding in which an assessment is pending and………..”

Issue:- Whether F.305 can be submitted only in case , where Assessment notice is issued & the assessement is pending or also in cases where no assessement notice is issued, but still dealer due to some circumstances & its facts of the case wants to apply or say in cases of refund proceedings ?

Sec. 23(10): Dealer may be assessed under a single notice and by a single order of assessment in respect of more than one period covered by a return as long as all such periods are comprised in one year.

Sec. 23(11): Cancellation of Assessment , Application in F.316 :-

Where a dealer has been assessed under sub-section (2), (3) or (4) and he makes an application in the prescribed form to the Commissioner within thirty days of the date of service of the assessment order, for cancellation of the assessment on the ground that he had not been able to attend or remain present before the commissioner at the time of hearing when the assessment order had been passed, the commissioner shall , after verifying ……… will cancel the order including penalty or interest levied and shall make a fresh assessment. The Fresh order of assessment may be passed before the expiry of 18 months from the date of service of cancellation order. The dealer can apply for such cancellation in Form 316 u/r 24(2) within 30 days from the date of service of the order, if the order is passed u/s 23(2), (3) & (4). The cancellation order shall be made in Form 317.

Imp. Note - Application in Form 316 (i.e. cancellation of Asst. Order in case of unability to remain present at time of hearing when Asst. Order was passed) can be made against the order passed under sub section (2) (3) & (4) only & not if order is passed under any other sub-section , i.e. the recent issue based or transaction assessment orders ( notice issued in F.302 ) passed u/s 23(5) cannot be cancelled u/s Sec 23(11).

Assessment order u/s 23 & rule 23 shall be in Form 303 ( now F.303 also amended by MVAT 2nd amendment rules dtd 21.05.2013 ).

Section 51 - Grant of Refunds

Section 51 (1) – Where a registered dealer has in any return, fresh return or revised return shown any amount to be refundable and has not undertaken to adjust such amount against the amount due as per any return in accordance with section 50, the commissioner shall, on an application made by the dealer and subject to rules, and other provisions of this act, grant refund of such amount to the said dealer.

The Important points of Section 51 are as follows:

• The application for refund is required to be uploaded in E-Form 501. The Refund claimed amount in the application & the refund claimed reflected in the last return for that year should generally tally.

The application for refund can be made after filing of return, fresh return or revised return, as the case may be, and necessarily not to wait for completion of year by following dealers:-

1. An exporter with in the meaning of the section 5(1) or 5(3) of CST Act, if his exports are more than 50% of the total turnover.

2. A unit specified in section 8(3), i.e. 100% EOU,SEZ,STP or EHTP,

3. A unit holding certificate of entitlement under PSI schemes except tourism projects,1999 scheme,

4. The canteen stores department or the Indian Naval Canteen Services,

5. Dealer selling the goods in the course of Interstate trade & turnover of the said interstate sales in immediate previous year exceeds 50 % of his total turnover of sales for that year.

In any other case application for refund can be made only after the end of the year.

{(Sec. 51 (2)}.

The Commissioner may on receipt of the Refund Application require the claimant dealer to furnish such Bank Guarantee for such period as may be prescribed. On receipt of such guarantee, the commissioner shall subject to rules, conditions and restrictions grant the dealer a refund of the amount claimed refundable within one month from the date of receiving such Bank Guarantee.

Section 51 (4) - Save as otherwise provided in this section, the Commissioner shall grant the refund under this section within eighteen months from the end of the month containing the date of the receipt of the application for refund. However for the Refund applications made on or before 31st march,2011, the time period is given as below:

Date of Application made	Refund to be made
In respect of the periods ending on or before the 31st march 2010	On or before the 30th September 2011
In respect of the periods beginning with the 1st april 2010 and ending on the 31st march 2011	On or before the 30th June 2012

The refund shall not be granted under this section if before the grant of refund, a notice for assessment covering the period to which the refund relates is issued or proceedings under subsection (3) or (4) of section 64 in respect of the period to which the refund relates are initiated. However, refund shall be granted of an amount equal to amount of Bank Guarantee furnished, if any.

If it is found that the refund granted is in excess of the refund found due, then the excess shall be recovered as if it is a tax due from the dealer and on such excess, interest shall be leviable at the prescribed rate in rule 88(4) @ 1.25% per month or part thereof from the date of grant of the refund.

Section 51 (7) - No refund under this section shall be granted unless an application as provided is made and no application under this section shall be entertained unless it is made within eighteen months from the end of the year containing the period to which the return relates.( Earlier 18 months time limit was 3 years, but substituted w.e.f 1.5.2011 )

But according to the Recent Bombay High Court judgment dated 22nd March 2013 in

Writ Petition No 10816 of 2012 , in case of M/s Sachin Impex vs. The State of Maharashtra & Ors.,

The refund of the petitioner was held up due to non-filling of F.501 within prescribed time & the petitioner filed a writ in the Bombay High Court requesting that the assessment of the dealer may be completed, since its refund is held up in consequence. The Bombay High Court passed the judgement in favour of the petitioner by directing the assessing officer to expedite the completion of the assessment.

Hence , now in cases where dealer’s have failed to upload their F.501 refund application in time, they can take the support of the above Bombay High Court (jurisdictional high court) & make an application to the respective Joint/Additional Commissioner’s to complete their assessment & grant the due refund.

a. When the Commissioner is satisfied that the refund is due, he shall record an order in Form 502 showing the amount of refund due and shall communicate the same to the dealer.

b. Earlier, there was no provision in the act, to c/fd the refund claim from 1 year to another , i.e. the dealer could have carry forward refund as per any return to subsequent period within the said year, but not to subsequent year, & administratively the commissioner issued Trade Circulars for allowing to C/fd the Refunds/excess ( generally Rs.1 Lakh ) upto certain amounts from 1 year to another. i.e.

Sr. No.	Trade Circular	Refund C/fd from year to year
1	2T of 2007, dtd. 08.01.2007	2005-06 to 2006-07
2	41T of 2007, dtd. 21.05.2007 42T of 2007, dtd. 31.05.2007	2006-07 to 2007-08
3	15T of 2010, dtd. 15.04.2010	2009-10 to 2010-11
4	6T of 2011, dtd. 15.04.2011	2010-11 to 2011-12
5	6T of 2012, dtd. 21.04.2012	2011-12 to 2012-13

* Hence ,it can be noted that No c/fd was allowed in F.y. 2007-08 & F.y. 2008-09, compulsory Refund claim application to be filed.

In any other case, it could not be carried forward to the next year. Such dealers, previously in that years, if their refund/excess amounts were more than the limit specified in the circulars or if there were no circulars would compulsorily had to file application in Form 501 within prescribed period, if they wanted to claim the refund. But now as per proviso added to sub-section (2) of section 50 by Mah. Tax Laws ( Levy & amendment ) Act, 2013 (w.e.f 01.05.2013), refunds or excess upto Rs. 5 Lakhs for periods commencing on or after 01.04.2012 can be c/fd to immediate succeeding year) i.e. see below actual text of proviso added to sub-section (2) of section 50

Provided that , for the period commencing on or after the 1st april 2012, a dealer whose refund claim in a year is rupees five lakh or less, may, carry forward such refund to the return or revised return for immediate succeeding year to which such refund relates.

• For filling of Refund Application in E-Form 501 following details are required:

a. Invoice wise Purchase Register ( including all items on which due eligible ITC have been claimed i.e. expenses, Capital assets etc.) having columns of Date, Invoice No, Tin No, Net & Vat.

b. List of Declarations Received & Not received in the format specified in Annex C & Annex D of Form 501.

• The detailed refund Guidelines are explained in Trade Circular 22T of 2010 dtd 05/10/2010 & 5T of 2011 dtd. 11/04/2011 & different types of Refund procedure are also explained therewith i.e. a) Fast Track Scheme, b) Refund under Exporters Scheme, c) Part Refund for Annual Refund & d) General Refund.

Sections 52 and 53: Interest on refund and interest on delayed refund

Section 52 – Interest on amount of Refund

• Refund of any tax becoming due to a R.D ( i.e. due to any assessment order etc…) is entitled for interest @ 6% p.a. {Rule 88 (2)} commencing on the date next following the last date of the period to which the refund relates & ending on the date of the order sanctioning the refund or for a maximum period of 24 months, whichever is less.

• Section 52 provides that interest under this section shall not be granted towards any refund granted under section 51 , i.e. if Refund is applied in E- Form 501, u/s 51.

Section 53 – Interest on Delayed Refund

• In case of delayed refund, i.e. amount required to be refunded as per section 51 & it is not so refunded to him within 90 days of the respective period provided in Section 51 or as the case may be , of the date of the said order , then the commissioner shall pay interest @ 6% p.a. from the date immediately following the expiry of the period of 90 days to the date of refund.

• Rule 88: Rate of interest presently notified for Sections 52 and 53 is half percent of amount of tax for each month or for part thereof.

Sections 54 : Power to Withhold any Refund in certain cases

• Section 54 provides for withholding of any refund payable to dealer as a result of any order passed under the act where that order is subject matter of any appeal or further proceedings & competent authority has reasons to believe that grant of such refund will affect the revenue adversely.

• The withholding of refund cannot be made without approval from the commissioner. It is further provided that commissioner shall approve it only if he is of the opinion that on the conclusion of such appeal or further proceedings, then it may not be practical or possible to recover ay amount that may become recoverable as per that order. Further the order withholding refund cannot be passed after 30 days from the date of service of order giving rise to the said refund.

Disclaimer

The views expressed in this article are the personal views of the author & the opinion expressed in this article should not construed to legal or expert advice, the author would not be responsible for any decisions taken by the readers on the basis of these views.

CA Krunal J. Davda

BCOM, ACA

E-mail ID – krunal_davda@yahoo.co.in and krunal.davda@gmail.com

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