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Thursday, 22 December 2016

DIRECT TAX AND INDIRECT TAX AMENDMENTS FOR CA FINAL FOR MAY AND NOV 2017

|CA FINAL DIRECT TAX AND INDIRECT CHANGES AND AMENDMENTS FOR CA FINAL STUDENTS  FOR MAY/NOVEMBER 2017 AS GIVEN BY ICAI PDF |



FROM LINK BELOW CA FINAL STUDENTS CAN DOWNLOAD PDF FOR AMENDMENTS DUE TO FINANCE ACT 2016 FOR CA FINAL DIRECT TAX AND INDIRECT TAX


DIRECT TAX AMENDMENTS DOWNLOAD LINK

A PART FROM THIS CHANGES STUDENTS ONLY HAVE TO STUDY FROM RTP WHICH WILL BE ISSUED IN FEBURARY 2017



Thursday, 15 December 2016

How to remember theory subjects memory technique for CA IPCC/FINAL students


|HOW TO REMEMBER THEORY SUBJECTS FOR LIKE ISCA ITSM FOR CA IPCC AND CA FINAL |


Many memory records holders proved these techniques and everyone had their name for this technique and below names are used by famous CA Coaching institute. 
Many students of ca, cs, cma have applied these techniques and got amazing results specially in theory subject like isca, itsm, law
NEWSPAPER TECHNIQUE
1.If you're going to start preparation from tomorrow then just look headlines and topics of particular chapter
2. Mark the items which you feel difficult or important
DUSTBIN
1. Try to Remember the important point which you have read one hour before


2. If you forget that points then check it
3. Do this technique after completing the particular subject before going into new topic
(If you don't apply the information that you learn either through continued study or practical application, you'll forget it. For example, you'll never forget how to add numbers together because you're always adding.)
PAINT BRUSH TECHNIQUE
1. While painting a wall, there will be number of coatings will be made to bring beautiful look
Likewise, while reading any Question or Topics follow this steps
First step: Read First Point
Second step: Before going to second para or point, start from the first point then read second
Third step: Before Going to the Third Point, start from the first point to the Third point
Through this technique, you will never forget any points in exams (during stress)


GPR Technique:
(PITUITARY GLAND REVISION)
!. Close your eyes and keep your head in raising position (20% Angle) and Imagine Visuals of Certain Topics or Points
(Did you ever faced situations where you can remember the face of the person but not his name. Reason is whatever you see it goes to Right Brain and Whatever you hear is goes to Left Brain)

All students of  icai doing ca should apply these techniques to get useful results 

Tuesday, 15 November 2016

Trick to Remember Section 80 Deductions Mnemonic Codes FOR CA IPCC/FINAL



Trick to Remember Section 80 Deductions | Mnemonic Codes |IPCC FINAL TAX NOTES MAY NOV 2017 




Remembering all the Income Tax Section 80 Deductions is no mean task.
There are such instances where students get confused with one section number with the other section numbers. This leads to much bigger problems.
To solve this confusion to some extent, We are providing the list of Section 80 Deductions along with the Mnemonic code to remember them.

Mnemonic Code for Section 80 Deductions:

Section No.Shortcut Code
80D80D se dawai
80E80E se education
80EEextra enterest
80Gse Garib gov. Ko donation
80DDdependent dukhi
80DDBdependent dukhi bimar
80GGCgadhe ghode (donation to politicial party) charao by foriegn co.
80GGBgadhe ghode (donation to politicial party) banao by indian
80GGghar ghar
80GGAGaav development with science
80QQBquality quality Books
80RRBroyalty to resident
80Uunstable person


Section 80 Deductions Quick Revision Before Exam:

80C [Contribution to PPF, LIC etc]
80CCC [Pension Funds] and 80CCD(1):
Rs.1,50,000 Deduction for the above two.

80CCG [Investment in Equity Savings]
50% of amount invested
Or
Rs.25,000
Whichever is lower

80DD [Maintenance and Medical Treatment of Disabled dependent]:
Flat Deduction of Rs.75,000 (In case of severe disability i.e., 80%, Deduction is Rs.1,25,000]

80D [Medical Insurance Premium] :
Rs.25,000 allowed (Rs.30,000 in case of senior citizen)

80DDB [Medical treatment for specified diseases]:
Rs.40,000 for Normal Individuals
Rs.60,000 for Senior Citizens
Rs.80,000 for Super Senior Citizens

80E [Interest on Educational Loan]:
Deduction allowed in Initial Assessment Year and 7 preceeding years.

80G [Donations]:
50% and 100% in different cases.

80GG [Rent]:
Least of the following is allowed as deduction-
  1. 25% of total income
  2. Rent paid (-) 10% of Adjusted Income
  3. Rs.2,000 per month

80GGB [Contribution to Political Parties]:
Actual contribution is allowed as deduction.

80QQB [Royalty Income] and
80RRB[Royalty on Patents]:
Least of Amount received or Rs.3,00,000 is allowed as deduction.

80TTA [Interest from Savings Account]:
Actual interst subject to a maximum of Rs.10,000

80U [Person with disability]:
Rs.75,000 for normal disability and Rs.1,25,000 for severe disability.

CA IPCC Gratuity Act Law Notes 5 Min Revision NOTES



CA IPCC Gratuity Act Law Notes | 5 Min Revision |IPCC LAW NOTES MAY/NOV 2017 |


As Part of CA IPCC Law.  Notes Edition, Entire Gratuity Act has been provided as a 3 Minute Summary for quick revision before exam. The Entire Chapter has been explained with simple language and easy examples.
The Act applies to every Factory, Mine, Port, Railway Company and Establishments employing 10 or more people.
The Act applies to Temples also [Shree Jagannath Temple Vs Jagannadh Padhi].

5 Continuous Years:

Gratuity shall be payable to employees who have worked for straight 5 Continuous Years in an organisation.
In order to say that an employee has worked for One Continuous Year, the employee must have worked for at least:
> 190 days (if the employee is working in an underground Mine, or if the organisation works only 5 days a week).
> 240 days in any other case.
For Example: Mr.Ramesh is working in Google. Google works only from Mon to Friday. So, For the last year, Ramesh must have actually worked for at least 190 Days to say that he has worked for One Continuous Year.

Seasonal Establishments:

In case of Seasonal establishments, an employee is said to have worked for One Continuous Year, if he has actually worked for at least 75% of total working days of that Seasonal Establishment.
For Example, Mr. Vikram is working in a Fire Crackers Factory in Nagpur. Last Year, the factory has run for only 140 days. So, Vikram is said to be in work for One Continuous Year if he has worked for at least  98 days (75% of 140 days).

Certain Days to be Included:

While calculating the working days of an employee above (190, 240 and not 75% days), the following days shall also be added, even though the employee hasn’t come to the factory:
  • He has been laid-off of certain days
  • leave with full wages
  • Maternity Leave (max of 12 weeks)
  • He has been absent due to temporary disablement caused by accident arising out of and in the course of his employment

Amount of Gratuity Payable:

In case of monthly rated employee:
Gratuity = Last drawn wages X 15/26 X completed/part years of service

In case of piece rated employee:
Gratuity = Ave of Last 3 Month Wages X 15/26 X completed years of service

In Case of Seasonal Establishment:
Gratuity = Last Drawn Wages X 7/26 X completed years of service

“The Maximum Amount of Gratuity Payable to an employee is Rs.10,00,000”

Gratuity in case of disabled employee:

If an employee becomes disabled due to an
accident, and was re-employed in the same organisation for reduced wages, Gratuity shall be calculated twice. Once, up to the date of accident with that salary and Second, For the period subsequent to the disablement.
For Example: Mr.Vivek is a Manager in Reliance. He is drawing a salary of Rs.1,00,000 for the past 10 continuous years. On Jan 1st, 2014 he met with an accident and lost both his legs. Reliance re-employed him for a Clerk Job for a Salary of Rs.25,000.
Vivek is retiring today. So, Gratuity calculation shall be made twice.
One calculation upto 1st Jan 2014 by taking Rs.1,00,000 as Last Drawn wages and Second calculation for the subsequent period by taking last drawn wages as Rs.25,000

Nomination:

Every employee who has completed 1 year of service, is compulsorily required to make a nomination. The nomination must be made within 30 days of completion of one year of service.
If an employee has a family at the time of making a nomination, the nomination shall be made in favour of one or more members of his family, and any nomination made by such employee in favour of a person who is not a member of his family shall be void.

CA IPCC Tax Notes Return of Income 5 Min QUICK REVISION

Return of Income 5 Min Summary | CA IPCC Tax Notes |

1. For Companies and Firms, it is compulsory to file Return of Income. However, for others, Return shall be filed only if there is a taxable income.
2. Indian Resident who is a owner or beneficial owner of an asset situated outside India shall also file a Return of Income.

Due Dates

Various Due Dates for Filing Return of Income are:
Companies30th Sept
Persons whose accounts are being Audited (for eg. Audit u/s 44AB)30th Sept
Partner in a Firm30th Sept
Assessee who is required to furnish report u/s 90E (Transfer Pricing)30th Nov
All other Cases31st July

After these due dates, a person can still file a Return which is called a Belated Return. A Belated Return shall be filed, before end of that AY, or before the completion of Assessment, Which ever is earlier.
# If a Return is filed after due date specified above, Interest @1% each month has to be paid.

Return of Losses:

If the assessee has any of the following losses, a Return has to be filed:
  • Business loss
  • Speculation business loss
  • Loss under Capital Gains
  • Loss from the activity of owning and maintaining race horses

Return by Political Parties:

Income of Political parties can be exempted under section 13A. To claim this exemption, such political party has to file a Return of Income. Such Return will be signed by its CEO.

Who Shall verifiy Return of Income (Who will Sign It)

Return Filed byWho Will Verify
IndividualIndividual
HUFKarta
CompanyMD
FirmManaging Partner
LLPDesignated Partner
Local AuthorityPrincipal Officer
Political PartyChief Executive Officer

PAN – Who shall Apply

Every Person whose total income is more than basic deduction limit (and )Person carrying on a business whose gross receipts exceeds Rs.5 Lakh, shall apply for a PAN.

Quoting of PAN:

A person doing following transactions must quote his/her PAN:
  • Purchasing a Motor Vehicle, Opening a Bank Account, Applying for a Credit Card and Opening a Demat Account.
  • Payment exceeding Rs.50,000 for Hotel or Restaurant Bill, Foreign Travel Agency, Mutual Funds.
  • Sale or Purchase of any Immovable Property exceeding Rs.10 Lakh
# Where a person, entering into any transaction referred to in this rule, is a minor and who does not have any income chargeable to income-tax, he shall quote the PAN of his father or mother or guardian.

Mega Exemption List Easy Learn with Pics Image recognition memory technique



Mega Exemption List Easy Learn with Pics | Tax Notes |

Service Tax Mega Exemption List have been consolidated at one place for ease of reference. This Mega Exemption list is prepared in such a way that, it can be easily remembered. The various Mega exemptions provided by the notification are discussed here under
:

1. Services to United Nations, UNESCO, IMF

 2. Health care services

3Charities

4. Religious ceremonies

4B: Pilgrimage

5. Legal services

Image result for jolly llb

6 Recreational coaching or training

Image result for painting class

7. Educational services



8. Skill development services

9. Sports services

9B. Sponsorship of sports events

10. Construction Services to Govt
11. Copyright Services
Image result for copyright

12. Artist performance

13. Collecting or providing news

14. Accommodation Services
Image result for hotel room
15. Serving of Food or Beverages
Image result for restaurant

16. Transportation of specified goods, by road/rail/vessel

16B. Passenger transportation services

Image result for bus passenger

17. Insurance business services

Image result for health insurance

18. Services provided by an incubatee

19. Service by an unincorporated body or a non- profit entity to its own members

Image result for trade union

20. Govt Services like Health, Water

21. Services by Brokers, SIM Card Selling Agents

Image result for sim card sellers

22. Works like Polishing Diamonds, textile processing etc.

23.  Business Exhibition

24.  Slaughtering of Animals Service

25. Services from Non-Taxable Territory

Image result for jammu and kashmir map

26. Public Libraries

29. Public Convenience Services

Image result for public washrooms
30. Services by Govt Authority
Image result for municipal corporation logo

31. Warehousing of rice, cotton 

32. Services Received by RBI
33. Tour Operator Service to a Foreign Tourist outside India
Image result for thomas cook logo

34. Services by operator of Common Effluent Treatment Plant

35. Services by way of pre-conditioning, pre-cooling, retail packing, labelling of fruits and vegetables

Image result for packing fruits
 36. Admission to a museum, zoo, national park etc

Image result for zoo

37. Exhibition of a Movie

IPCC Company Law Amendments May 2017



IPCC Company Law Amendments May 2017

CA IPCC Company Law Amendments for May 2017 are quite high in number this time. Companies Act, 2013 has been amended many times for the past one year, which has led to bringing in new amendments in the IPCC Law paper. So, In this post, we will cover only the amendments in Company law portion.
The Amendments listed out below are applicable only for May 2017 CA IPCC exams.
There are total 27 Amendments in the Company Law portion. However, out of these, only six are applicable at IPCC level.

Amendments have been brought in almost all the topics like Deposits, Company Basics and General Meetings.
“There are few notable Amendments in Company Law Syllabus applicable for November 2016 Exams, which are presented below”

Amendments in Company Law May 2017

  • Public Companies now need to file a Declaration with SEBI and RBI (Only Certain Companies) and obtain approval at the time of filing the Incorporation Documents with the ROC. Earlier, there is no such rule to get the approval.
  • Minimum Capital Requirements of Rs.1 Lakh and Rs.5 Lakh removed for Companies. Now Public and Private Companies don’t have any such Minimum requirement.
  • In case of any Contravention in Accepting Deposits from Public, Companies now need to pay a Minimum fine of Rs.1 Crore and a Max of Rs.10 Crore.
  • Notice period for Section 8 (NPO) Companies for General Meetings reduced to 14 days. Earlier it is 21 days.
  • A Company need to serve documents only on such members who are holding at least Rs.1,000in face value of shares or 1% of total paid up share capital. Earlier, a company is bound to serve documents to all the members.
  • When a company goes for further issue of Share Capital, an Ordinary Resolution has to be passed. Earlier, it is SR.

Sections are not applicable for May 2017 Exam:

Section 48: Variation of shareholders right
Section 66: Reduction of share capital
Section 75: damages for fraud
Section 97: Power of Tribunal to call AGM
Section 98: Power of Tribunal to call meetings of members
Section 99: Punishment for default in complying with provisions of this section.
There are few other minor amendments in the Companies Act, which students can totally ignore, as these will be asked in CA Final exams only.

Importance of Amendments – May 2017

Students must put stress on these amendments because, most of the questions in November 2016 and May 2017 exams will be based on these amendments only.
Many Toppers of CA IPCC exams has mentioned in their interviews that, at least 20 marks will be asked in exams from these amendments only.
ICAI President, has also mentioned the same in the recently concluded National Convention for Students.