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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.

 

FINAL EXAMINATION

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. 

Wednesday, 16 July 2014 00:00

CPT results June 2014

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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
Male 78453 21190   27.01
Female 51838 16113 31.08
Total 130291 37303 28.63

 

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)

ICAI has also extended the facility of downloading the CPT Result Card June 2014 online. The CPT Result card of June 2014 Exams can be downloaded after 10 days of the announcement of result from the website - http://www.icai.nic.in/cptresultcard/

Thursday, 10 July 2014 00:00

Budget 2014 : Changes proposed in Indirect taxes

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BUDGET 2014.

A quick glance on changes proposed in indirect taxes.

Change in excise and customs duties:

  • Color picture tubes exempted from Basic Customs duty
  • LCD, LED Tvs below 19 inches :Basic Customs Duty (BCD) reduced to NIL
  • Flat rolled product of stainless steel : BCD increased to 7.5%
  • Concessional basic customs duty of 5 percent extended to machinery and equipment required for setting up of a project for solar energy production.
  • Specified inputs for use in the manufacture of EVA sheets and back sheets and flat copper wire for the manufacture of PV ribbons exempted from basic customs duty.
  • Forged steel rings used in manufacture of bearings of wind operated electricity generators : BCD reduced to 5%.
  • Concessional basic customs duty of 5 percent on machinery and equipment required for setting up of compressed biogas plants (Bio-CNG).
  • Anthracite coal, bituminous coal, coking coal, steam coal and other coal to attract 2.5 per cent basic customs duty and 2 per cent CVD.
  • BCD on metallurgical coke increased to 2.5%.
  • Duty on ship breaking scrap and melting scrap of iron or steel rationalized by reducing the basic customs duty on ships imported for breaking up from 5 percent to 2.5 percent
  • BCD on semi processed , half cut or broken, cut and polished diamonds and colored gemstones : 2.5%.
  • Pre-forms of precious and semi-precious stones exempted from basic customs duty
  • Duty free entitlement for import of trimmings, embellishments and other specified items increased from 3 percent to 5 percent of the value of their export, for readymade garments.
  • Export duty on bauxite increased to 20%.
  • Free baggage allowance to passangers increased to Rs.45,000.
  • reduction in excise duty on specified food processing and packaging machinery from 10 percent to 6 percent.
  • Reduction in the excise duty from 12 percent to 6 percent on footwear of retail price exceeding Rs.500 per pair but not exceeding Rs.1,000 per pair.
  • Withdraw concessional excise duty (2 percent without Cenvat benefit and 6 percent with Cenvat benefit) on smart cards and a uniform excise duty at 12 percent.
  • Concessional excise duty of 2 percent without Cenvat benefit and 6 percent with Cenvat benefit on sports gloves..
  • Specific rates of excise duty increased on cigrettes in the range of 11 per cent to 72 per cent.
  • Excise duty increased from 12 percent to 16 percent on pan masala, from 50 percent to 55 percent on unmanufactured tobacco and from 60 percent to 70 percent on gutkha and chewing tobacco.
  • Levy of an additional duty of excise at 5 percent on aerated waters containing added sugar.
  • Clean Energy Cess increased from Rs.50 per tonne to Rs.100 per tonne.

Service Tax

  • Sale of space or time for advertisements in broadcast media, extended to cover such sales on other segments like online and mobile advertising. Sale of space for advertisements in print media however would remain excluded from service tax.
  • Service provided by radio-taxis brought under service tax.
  • Services by air-conditioned contract carriages and technical testing of newly developed drugs on human participants brought under service tax.
  • Services provided by Indian tour operators to foreign tourists in relation to a tour wholly conducted outside India to be taken out of the tax net and Cenvat credit for services of rent-a-cab and tour operators to be allowed to promote tourism.
  • Service tax exempted on loading, unloading, storage, warehousing and transportation of cotton, whether ginned or baled.
  • Services provided by the Employees’ State Insurance Corporation for the period prior to 1st July 2012 exempted, from service tax.
  • Exemption available for specified micro insurance schemes expanded to cover all life micro-insurance schemes where the sum assured does not exceed Rs.50,000 per life insured
  • Services provided by common bio medical waste treatment facilities is exempted.

‘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.

Thursday, 10 July 2014 00:00

Budget analysis : Direct tax changes at Budget 2014

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  • Basic Exemption limit of Income Tax raised from 2lakhs to 2.5 lakhs. (3 lakhs for senior citizen).
  • No change in surcharge.
  • Education cess and sec. higher edu. cess to continue at 2% and 1 % respectively.
  • Investment limit under section 80C of the Income-tax Act raised from Rs.1 lakh to Rs.1.5 lakh.
  • Deduction limit on account of interest on loan in respect of self occupied house property raised from Rs.1.5 lakh to Rs.2 lakh.
  • Investment allowance at the rate of 15 percent to a manufacturing company that invests more than Rs.25 crore in any year in new plant and machinery. The benefit to be available for three years i.e. for investments upto 31.03.2017.
  • 10 year tax holiday extended to the undertakings which begin generation, distribution and transmission of power by 31.03.2017.
  • Income of foreign portfolio investors to be treated as Capital gains.
  • Introducing rage concept in determining arm's length price on transfer pricing transaction
  • In case of non deduction of tax on payments, 30% of such payments will be disallowed instead of 100 percent.
  • Payment to non residents not to be disallowed in case tax on such payment is deposited before due date of filing return.
  • Presumptive income under section 44AE being increased to Rs 7,500 per month per vehicle irrespective of heavy goods vehicle or other vehicle.
  • Concessional rate of15 per cent tax under Section 115BBD to continue in perpetuity in respect of dividend recd from foreign companies.
  • Reopening for TDS possible for 7 years from the end of financial year in which amount is paid or credited under section 201(3).
  • Tax to be deducted at source at the rate of 2 per cent on payment of Maturity amount of Key man insurance.
  • 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.
  • Deduction under section 54EC for investment in Bonds to be restricted to Rs 50 lacs even if it is spread over two years
  • 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.
  • Advance forfeited in respect of sale of property to be taxed as Income From Other Sources.
  • Trust can claim benefit of registration in case of pending assessments in case registration under section 12AA is granted.
  • Benefit of Section 10(23C) will not be allowed if trust is registered under section 12AA.
  • Divedend Distribution tax rate effectively increased from 17. Per cent to 20.4 per cent
  • CSR Expenditure will not be eligible for deduction while computing business income.
Thursday, 10 July 2014 00:00

Budget 2014 Highlights.

Written by

2014 INDIAN UNION BUDGET HIGHLIGHTS

TAXES

1.Basic Exemption limit of Income Tax raised from 2lakhs to 2.5 lakhs. (3 lakhs for senior citizen).

Slab rates:

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.

 

OTHERS

 

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. 

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