ICAI Published the date sheets for November examinations od CA Final and CA IPC
INTERMEDIATE (IPC) Examination dates
Group 1 : 8th , 10th , 12th and 14th of November 2014.
Group 2 : 16th, 18th, 20th of November 2014.
Group 1: 7th, 9th, 11th, and 13th of November 2014.
Group 2:: 15th, 17th, 19th, and 21st of November 2014.
Applications for the examinations will be available from 12th August 2014.
ICAI published the results of Common Proficiency Test (CPT) held in June 2014. The Pass percentage of examination is 28.63%.
The detailed analysis of the result is as follows :
|Gender||No. of candidates appeared||No. of candidates passed||% of Pass|
Rank holders details :
ICAI announced that the results of Common Proficiency Test (CPT) held in June 2014 will be declared on 16th July 2014.
Students can check results from the website www.caresults.nic.in by entering their roll number and their Personal Identification Number (PIN)
A quick glance on changes proposed in indirect taxes.
Change in excise and customs duties:
‘Indian Customs Single Window Project’ to facilitate trade, to be implemented.
The scheme of Advance Ruling in indirect taxes to be expanded to cover resident private limited companies. The scope of Settlement Commission to be enlarged to facilitate quick dispute resolution.
2014 INDIAN UNION BUDGET HIGHLIGHTS
1.Basic Exemption limit of Income Tax raised from 2lakhs to 2.5 lakhs. (3 lakhs for senior citizen).
0-250000 : NIL
250000 to 500000 : 10%
500000 to 1000000 : 20%
Above 10,00,000 : 30%
For senior citizen (60 years or more):
0-300,0000 : NIL
300,000 to 500000 : 10%
500,000 to 1000000 : 20%
Above 10,00,000 : 30%
For super senior citizen (80 years or more)
0-500,0000 : NIL
500,000 to 1000000 : 20%
Above 10,00,000 : 30%
2. Interest on housing loan : Exemption limit increased to 2 lakhs from 1.5 lakhs.
3. 80C deduction limit increased to 1.5 lakhs from 1 lakhs.
4. Investment allowance of 15% for 3 years to manufacturing company which invest more than Rs.25 crores in Plant and Machinery
5. 10 year tax holiday for power companies starting production and distribution on or before March 31, 2017..
6. No retrospective changes of Taxes.
9. Hiked Customs duty on flat Steel products to 7.5% from 5%. Reduced excise duty of foot wears to 6% from 12%. Increased duty on tobacco products and aerated water.
10. Reduced duties on Computer Parts , LED , LCD TVs below 19 inches , footwear and food products
11. Hiked duties on Cigarettes, Pan Massala, tobacco products, Gutka, Aerated water, imported steel products.
12. Indian customs single window project to be taken up for facilitating trade.
13. 60 more Aaykar Sewa Kendras to be setup.
14. Clean energy cess increased from Rs 50/tonne to Rs 100/tonne.
15. Net effect of direct tax proposals is expected on revenue loss of Rs 22,200 crore.
16. Internet and mobile advertising now under service tax net.
17.Presumptive income under section 44AE being increased to Rs 7,500 per month per vehicle irrespective of heavy goods vehicle or other vehicle.
18.Payment to non residents not to be disallowed in case tax on such payment is deposited before due date of filing return.
19.Disallowance under section 40(a)(ia) to be restricted to 30per cent as against 100 per cent disallowance.
20.All payments liable for TDS including Payment of Salaries and Directors fee will be covered by section 40(a)(ia).
21.Concessional rate of15 per cent tax under Section 115BBD to continue in perpetuity in respect of dividend recd from foreign companies.
22.Reopening for TDS possible for 7 years from the end of financial year in which amount is paid or credited under section 201(3).
23.Tax to be deducted at source at the rate of 2 per cent on payment of Maturity amount of Key man insurance.
24.Shares other than of listed companies and units of mutual fund ( other than equity oriented) to be considered as short term capital asset if held for less than 36 months as agains present period of 12 months.
25.Deduction under section 54EC for investment in Bonds to be restricted to Rs 50 lacs even if it is spread over two years
26.Benefit of Section 54 and Section 54F to be allowed only for one residential house and that too in India. No benefit for residential house outside India.
27.Advance forfeited in respect of sale of property to be taxed as Income From Other Sources.
28.Trust can claim benefit of registration in case of pending assessments in case registration under section 12AA is granted.
29.Benefit of Section 10(23C) will not be allowed if trust is registered under section 12AA.
30.Depreciation will not be allowed while computing income of Charitable Trust and Institution. judgement of Punjab and Haryana High Court in the case of Tiny Tots being overruled
31.Income of business to be computed in accordance with Computation and Disclosure Standards to be notified under Section 145(2).
32.Divedend Distribution tax rate effectively increased from 17. Per cent to 20.4 per cent
33.CSR Expenditure will not be eligible for deduction while computing business income.
MAJOR FUND ALLOCATIONS
1. Rs.100 crores for women's safety in large cities.
2. Rs.100 crores for Beti Bachao , Beti Padhao Yojana (Women empowerment)
3. Rs.200 cores for New Agriculture and Horticulture univarsities.
4. 5 more IIMs and IITs.
5. 4 more AIIMs. Vision for all Indian states to get AIIMs.
6. Rs.8000 crores for Rural Housing schemes.
7. Rs.500 crores for power projects in rural areas.
8. Rs. 3,600 crores for drinking water projects.
9. Rs. 500 crores for broadband connectivity in rural areas.
10. Rs.200 crores for Sardar Patel Statue development in Gujarat.
11.Rs.7060 crores for development of 100 smart cities.
12. Rs. 1000 crores for PM irrigation scheme.
13. Rs.50,047 crores for welfare of SC, ST communities.
14. Notifying Rs.1000 pension per subscriber of EP scheme. Rs. 50 crores set aside.
15. Rs. 14,389 crores for Rural road development.
16. 12 more medical colleges with dental facilities.
17. Rs.100 crores for rural entrepreneurship programme.
18. Rs.100 crores for metro projects of Lucknow and Ahmedabad.
19. Rs.28,635 for Sarva Shiksha Abhayaan.
20. Rs, 100 crores for Agri infrastructure fund, Rs. 500 crores for farm warehousing plans,Rs.56 crores for soil testing labs.
21. Addl 3% interest subsidy on farm loans.
22. Proposes Rs. 10,000 crores fund for start up firms.
23. Rs.11,635 crores for harbour projects.
24. 16 new Port projects to be awarded in FY 2015.
25. Rs.4,200 for Jal Marg Vikas project on Ganga river.
26. Rs. 2.29 lakh Crores for defense sector.
27. Rs. 100 crore to Technology Development fund.
28. Rs. 990 crore for Socio economic development of villages along border.
29. Rs.150 crores for connectivity needs of Andaman and Nicobar.
30. Rs.1000 crore for rail connectivity in North Eastern region.
31. Rs.1000 crore for one rank, one pension scheme.
32. Rs.100 crore for new sports university in Manipur.
ICAI has not yet announced the dates for publishing final and IPC examinations held in May/ June 2014.
However it is expected that the results of Final examinations will be declared on the second week of August 2014 and the results of IPC examinations will be declared on the last week of August 2014.