vishal das SaysThe notification issued dated 23.3.2012 said that it will be effective after 45 days from the date of publification...so it wil be effective from 9/4/12..so wait for some more days
Hey can u give a link of this.. as i couldn't find 1
Hey can u give a link of this.. as i couldn't find 1
ab1991 SaysHey can u give a link of this.. as i couldn't find 1
right now i dont have the link but wait for few more days ICAI will notify it..
anyone writing CS inter this june..?
Puys,
Please let me know about the good coachings in New Delhi for CPT. ALso what are there admission criteria?
Cheers
Anuj
Puys,
Please let me know about the good coachings in New Delhi for CPT. ALso what are there admission criteria?
Cheers
Anuj
Are you a graduate? If ur graduate u can enroll direct in inter level..:biggrin:
@all guys cant we discuss abt CA/CS/CWA topics n subjects
Are you a graduate? If ur graduate u can enroll direct in inter level..:biggrin:
@all guys cant we discuss abt CA/CS/CWA topics n subjects
No, I am 12th passout and want to appear for CPT June 2012. Please let me know about the coaching and study material which can be used.
Cheers,
Anuj
How is the topper's institute in Delhi for CPT??? IS there any better institute??
No, I am 12th passout and want to appear for CPT June 2012. Please let me know about the coaching and study material which can be used.
Cheers,
Anuj
I dunno about Delhi. In Mumbai, J.K.Shah Classes , Mahesh Tutorials and Enkay's Classes are the best ones.
To know more about coaching in Delhi, contact a CA you might be knowing, he and the article clerks employed by him will help you in this regard. :)
Any way, institute modules are the most important, so don't overlook them
Few Important topics on income tax
LONG TERM CAPITAL ASSET {Sec.2(29B)}
It is to be decided based on the period of holding by the assessee.
a.Ordinary asset: A capital asset held by an assessee, before the date of its transfer, for > 36 months is a Long term Capital Asset.
b.Shares etc.: In case of shares held in a company, Securities (listed), Units of UTI & Units of a mutual funds specified U/s.10 (23D), Zero coupon bonds will be treated as Long Term Asset if the period of holding is >12 months, before the date of its transfer.
SHORT TERM CAPITAL ASSET {Sec.2(42B)}
It is a capital asset other than the long term capital asset.
Issues:
-If land is held for more than 36 months but the building constructed thereon is less than 36 months old as on the date of transfer, land becomes long term where as the building is short term.
-In the case of transfer of a depreciable asset, capital gain is taken as short-term capital gain, irrespective of period of holding.
SEC.112 - TAX ON LONG TERM CAPITAL GAINS
1.Tax rates:
a.In case of Specified Securities: Indexation + 20 % flat rate Or Without Indexation + 10 % flat rate, Whichever is more beneficial to the Assessee can be opted i.e. the alternative which results in less tax liability can be adopted (*).
Specified Securities are - Listed Shares, Listed Debentures/Bonds & Listed Government Securities, Zero coupon bonds. (Includes bonus shares also)
b.In case of any other capital asset: At 20 % flat rate.
* If several transactions have taken place by way of sale of shares, etc., the assessee can avail the benefit of indexation in a few transactions and avail the 10 per cent tax rate on the remaining transactions-Devinder Prakash Kalra Vs. CIT .
2.Unexhausted limit: In the case of individuals & HUF (Other than Non resident's), if the basic exemption is not exhausted by any other income then the Long term capital gain shall be reduced by the unexhausted or unavailed basic exemption limit and only the balance shall be taxed at 20 %.
3.Deductions under Chapter VIA are not available in computation of Taxable LTCG.
4.Surcharge is also payable on tax payable on Long Term Capital gains after claiming the eligible rebate U/s 88E. (In addition it is subject to Education Cess of 2%)
5.Set Off Of Losses: The CBDT in circular No.721 dated 13.9.95 has clarified that if there is loss from any other source or under any other head of income which is eligible for set off, such loss can be set off against long term capital gain and only the balance is taxed.
CAPITAL GAINS EXEMPT FROM TAX
U/S 54:
U/S 10:
EXEMPTION OF C.G'S ON TRANSFER OF UNITS OF US-64 - SEC.10(33): It provides that any income arising from the transfer of a capital asset being a unit of US 64, if such transfer takes place on or after 1.4.02, shall be exempt from tax. This is applicable whether the capital asset (US-64) is long-term capital asset or short-term capital asset.
EXEMPTION OF C.G. ON COMPULSORY ACQ. OF URBAN AGR. LAND - SEC.10 (37):
Capital gains will be exempted if the following conditions are satisfied:
a.The assesse is an individual or a HUF.
b.He or it owns an agriculture land situated in specified area.
c.There is a transfer of the agriculture land by way of compulsory acquisition.
d.The agriculture land was used by the assessee (and/or his parents if the land was owned by an Individual) for agricultural purposes during 2 years immediately prior to the date of transfer.
e.The assets may be long term capital asset or short term capital asset.
f.Capital gain arises from compensation which is received on or after 1.4.04 (the date of compulsory acquisition may be before 1.4.04). (*)
g.Even enhanced compensation which is received on or after 1.4.04 is eligible for such exemption.
(*) If part of the compensation is received before 1.4.04, then exemption shall not be available even though balance compensation is received on or after 1.4.04.
"ASSESSEE":Section 2 (7) of the act, defines the term "assessee" to mean a Person
by whom any tax or any other sum of money is payable under the act and includes :
(i.)Every person in respect of whom, any proceeding under the act has been taken up, whether in respect of assessment of his own income or income of any other person,
(ii.)A person who is deemed to be an assessee under any provision of the act. For e.g.: Representative assessee, Agent of Non-Resident, etc.
(iii.)A person who is deemed to be 'an assessee in default' under any provision of the act. For e.g.: An employer who fails to deduct tax at source from salary paid by him to his employee.
"PERSON": As per Section 2 (31), Person includes :-
(i.) An Individual,
(ii.) A Hindu Undivided Family (H.U.F.),
(iii.) A Company,
(iv.) A Firm,
(v.) An Association of Persons (A.O.P.) (e.g.:'Navjeevan Co.Op. Housing
Society' is an A.O.P.) or Body of Individuals (B.O.I.), whether incorporated
or not,
(vi.) A Local Authority (e.g.: MUMBAI MUNICIPAL CORPORATION)
(vii.) Every Artificial Juridical Person not falling in any of the above (e.g.
UNIVERSITY OF MUMBAI)
The term 'Person' has been defined in an inclusive manner. If one observes the definitions of the terms "assessee" and "person" both, then one will find that every 'assessee' is necessarily a 'person', but every 'person' need not necessarily be an 'assessee'.
The term 'Association of Persons (A.O.P.)' or 'Body of Individuals (B.O.I.)' has not been defined anywhere in the Act, but in general sense would mean coming together of more than one person or more than one individual for some common purpose or goal. There are mainly two basic differences between an AOP and BOI. An AOP can be formed by two or more persons, wherein the term 'person' would mean the same as defined by section 2(31) and on the other hand BOI can be formed by two or more 'individuals' only. And second difference is that an AOP is formed for the purpose or desire to earn income, whereas such intention is not necessary in case of BOI, BOI may be for non-income earning purposes also. For e.g.: Legal Heirs of a deceased person, coming together to receive income from the estate/property belonging to the deceased, will be said to have formed Body of Individuals.
"ASSESSMENT": The term assessment has not been defined by the act, but it
would mean evaluating or computing the income and determining the income tax
liability of an assessee. According to Section 2 (
of the act, the term 'assessment',
includes 'reassessment'. Therefore, one can say that 'Assessment' is quantification
of Income and Income Tax Liability of an assessee.
"PREVIOUS YEAR" (P.Y.): The financial year in which the income is earned is
known as Previous Year (and the year in which it is taxed is known as assessment
year). Income Tax Act, has defined the term in Section 3 as 'The financial year,
immediately preceding the assessment year'. For e.g.: For the Assessment Year
2010-2011, Previous Year would be 2009-2010 i.e. the Financial Year beginning
on 01st April, 2009 and ending on 31st March, 2010.
But for a Business or a Profession newly set up, the very first Previous Year
would begin on the date on which business/profession is set up. For e.g.: If a business
is set up on 17th October, 2009, then first previous year would begin on 17th October,
2009 and end on 31st March, 2010 and thereafter, it would begin on 01st April every
year and end on 31st March, of the next year.
Upto Assessment Year 1988-89, assessees were allowed to follow any year as
their previous year, but from Assessment Year 1989-90 onwards this liberty was
withdrawn and now all assesses are required to follow 'Financial Year' as their
Previous Year.
"ASSESSMENT YEAR" (A.Y.): Assessment Year has been defined by Section
2 (9), to mean 'A Financial Year, which immediately succeeds the relevant Previous
Year'. For e.g.: For Financial Year 2009-2010, Assessment Year will be 2010-2011.
Income of one financial year is taxed in the next year, which is known as 'Assessment
Year'.
"INCOME": The term 'Income' has been defined by Section 2 (24) of the act in a n
illustrative manner. According to Section 2 (24), 'income' includes;
(a.)Profits and Gains,
(b.)Dividend,
(c.)Voluntary contributions received by Charitable or Religious Trust or Institution,
(d.)Value of any perquisite, Profit in lieu of salary, Special Allowance or any other benefit received by an employee from his employer,
(e.)Export Incentive (e.g.: Duty Drawback),
(f.)Any Interest, Salary, Bonus, Commission or remuneration received by a partner of a firm from the firm,
(g.)Capital Gains,
(h.)Winnings from Lotteries, Crossword Puzzles, Card Games, Races including Horse Races, any other game of any sort or from Gambling or Betting of any nature,
(i.)Any sum received by the assessee from his employees towards Welfare Fund, Provident Fund, Superannuation Fund, etc.
(j.)Any sum received under KEYMAN INSURANCE POICY including any Bonus if any, on such policy,
(k.)Non-Compete Fees, Compensation for not sharing any intangible asset such as Know-how, Patent, Trademark, etc.
(l.)Any sum referred to in section 56 (2)(v).
Are you a graduate? If ur graduate u can enroll direct in inter level..:biggrin:
Well as it turns out this rule is yet to be passed so even graduates have to appear for this paper.. :)
Is there still time to apply for CA cpt exam of june 2012,otherwise when will the notification regarding CPT dec 2012 be out?
satyajeetnayak SaysIs there still time to apply for CA cpt exam of june 2012,otherwise when will the notification regarding CPT dec 2012 be out?
Still not yet passed if you want to write CPT june 2012, today is the last date for submission of application form..According to me by next few months notification will be out..
Hi,
I have finished my B.E and i wanna shift my career path in finance and i choose cost accounting course in ICWAI. Pls help me out if i will be able to cope with the new subjects and what are the ground works that needs to be done b4 joining the course. And also, will a guy with commerce background + ICWAI have a greater preference than someone like me i.e non commerce background + ICWAI ?
Thanks in advance
Charu
Hi can you pls suggest me some materials on accountancy and economics to start off with..
Thanks in advance
Hi can you pls suggest me some materials on accountancy and economics to start off with..
Thanks in advance
I would say institutes book is the best book...As you are engg so i would say try to get bacholer degree books for accounts and economics..Try this E-book Principles of Accounting by Larry M. Walther - download here
And what is the salary scale for ICWAI final passed candidates? for freshers initially ..
Thanks in advance
And what is the salary scale for ICWAI final passed candidates? for freshers initially ..
Thanks in advance
Well you cant excatly tell how much you can get..
AS PER MY IDEA....
IT RANGES BETWEEN 4 LACS TO 5.5 LACS P.A.
One more quick question.. can i do this course ICWAI in correspondence.. ?? Given that I'm currently doing my IT job, will it be easy for me if i spend some 5 hrs to study and how will be the placements for correspondence ppl ?? can i make it up .. please help.. i'm so confused ..
charuorangy SaysOne more quick question.. can i do this course ICWAI in correspondence.. ?? Given that I'm currently doing my IT job, will it be easy for me if i spend some 5 hrs to study and how will be the placements for correspondence ppl ?? can i make it up .. please help.. i'm so confused ..
There is no such full time or correspondence..Ya you can opt for classes in weekends or weekdays depends upon ur work timings..Even if you dont opt for classes and wish to study also no problem ..