ICAI has revised the fee for the General Management and Communication Skills (GMCS) courses (ie both GMCS 1 and GMCS 2 courses) with effect from 1st July 2013. The revised amount of fee is ₹5,500/- per person for each course.
It is clarified that students who have already registered by paying Rs. 4,000/- and will be undergoing the relevant GMCS classes starting on or after 1st July, 2013 are required to pay the balance amount of Rs. 1,500/- to the organising centres before commencement of the batch of GMCS or GMCS – I Course.
ICAI to take serious view on restricting additional course during articleship
Written by AdminAs per the announcement dated 07-05-2012 ICAI has announced that , they are taking serious view on imposing penalties on students pursuing another courses during articlehsip without the prior permission of institute. ICAI announced that severe punishments will be imposed including delaying the grant of membership for substantial period as deemed fit corresponding to quantum of overlapping period between office timings of the Principal and attendance at the classes.
An overview of eligibility criteria to appear in IPC examination for direct entry students
Written by AdminICAI has made an announcement regarding the eligibility criteria for students registered under direct entry scheme to appear for IPC examinations.
The summary of eligibility norms to appear in IPC exams are as follows :
Download admit cards for May 2013 examinations (Final and IPC) online.
Written by AdminICAI has uploaded the admit cards for May 2013 examinations (Final and IPC) to www.icai.nic.in.
Students can download their admit cards by providing their registration number or bar code number of exam application form along with the PIN number.
The admit card downloaded and printed is valid for entry to the examination centre subject to verification of identity of candidate with reference to photograph and specimen signature available in attendance sheet.
For downloading admit card , Visit : www.icai.nic.in
Postponement of CA Final and IPCC exams to be held on 4th and 5th of May 2013 in Karnataka
Written by AdminBy notification No.13-CA(Exam)/M/2013/II dated 25th March 2013 ICAI announced that Paper 2 in Group 1 (Strategic Financial Management) of Final Examination and Paper 2 in group 1 (Business laws , Ethics and Communication) of Intermediate examination (IPC) of ICAI scheduled to be held on 4th and 5th May 2013 respectively at Bangalore, Belgaum, Bellary, Hubli, Mangalore, Mysore and Udupi centre(s) stand postponed and the examination in the said paper(s) shall now be held at on 18th May and 17th May 2013 respectively at the same venue and at the same timings i.e. 2.00 PM to 5.00 PM. This is in view of Elections to the Karnataka State legislative Assembly and applicable only in the state of Karnataka.
Companies Directors Identification Number (Amendment) Rules, 2013
Written by superrockerMCA has published notification dated 15th March 2013, regarding the amendment of Companies (Directors Identification Number) Rules, 2006. The amendment is regarding the insertion of rule 8 for cancellation or deactivation if the already issued DIN.
As per the proposed amendment :
Check your articleship/membership status with ICAI online
Written by AfzalThese are the ways through which you can check your registration , articleship and membership status with ICAI online.
1. Check your status of articleship: (Click on the below link. Replace xxxxx with your student registration number)
http://220.225.242.179/student_details.asp?SRN=xxxxxx
2. Details of all students who are undergoing/ undergone training under a chartered accountant.(Click on the below link. Replace xxxxx with membership number of principal)
http://220.225.242.179/locm_article.asp?MRH_MRN=xxxxx
3. Members record and firm name search (Need to give membership number and date of birth)
http://220.225.242.179/mem_card.asp
4. Employment status of member(Click on below link and replace xxxxx with membership number)
E filing of ITR compulsory for persons with income over Rs.5 lakhs
Written by abdulmeeranA person with income over Rs.5 lakhs is now needed to mandatory e file their income tax returns, a senior official in finance ministry told today. He also stated that the ministry is also making provisions for e filing of wealth tax returns.
An initial glance on budget 2013
- No revision in Direct Tax rates/slabs.
- Surcharge of 10% on people with 1 Crore plus income (for 2013-14 FY only).
- Tax credit of ₹2000 for those whose income under ₹5 lakhs.
- Education Cess to continue at 3%
- 10% surcharge on domestic companies earning income more than 10 crores {Effective tax rate become 33.99% including surcharge and cess}.
- 3% increase in surcharge of foreign companies. (Makes 2+3= 5% surcharge ) {Effective total tax rate becomes 43.26% including surcharge and cess}
- Company investing ₹100 crore or more in plant and machinery from 1st April 2013 to 31st March 2015 will be allowed 15% investment deduction allowance apart from depreciation.
- Additional deduction of ₹1 lakh for home loan interest. A person taking first time home loan up to ₹25 lakhs will be allowed additional deduction of interest up to ₹1 lakh.
- TDS of 1% on transfer of immovable properties for above ₹50 lakhs.
- TDS on royalty to Non Resident increased to 25%.
- 20% TDS on buy back of Shares
Auditor's reports in revised format from Financial Year 2012-13
Written by abdulmeeranIn compliance to the revised Standard on Auditing 700 (SA 700) : "Forming an opinion and reporting on financial statements" , audit reports of financial statements for periods beginning on or after 1st April 2012 are to be issued in new revised auditor's report format.
Revised SA 700 on ICAI's website : http://220.227.161.86/17874sa700annx1.pdf
Revised format of Audtor's reports on audit of financial statements of Banks prepared by the Auditing and Assurance Standard Board of ICAI is available at ICAI's website : http://220.227.161.86/29193aasb18840.pdf .
ICAI has also advised through its announcement that the total number and amounts of debits and credits arising pursuant to the memorandum of changes submitted after bank audits , be given under the heading "Other matters paragraph" on the face of the audit reports.