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Wednesday, August 19, 2009

CA Articles PCC Result June 2009

Hey As I Said in below post that don't expect result before 28th August.

ICAI has issued the following notification:

The results of the Chartered Accountants Professional Education - II and Professional Competence Examinations held in June, 2009 are likely to be declared on Monday, the 31st August, 2009 around 2 P.M. and the same as well as the merit list (candidates securing a minimum of 55% and above marks and upto the maximum of 50th Rank) on all India basis will be available on the following website:

http://www.caresults.nic.in

Arrangements have also been made for the students desirous of having results on their e-mail addresses to pre-register their requests at the above website, i.e., http://www.caresults.nic.in from 25th August, 2009. All those registering their requests will be provided their results through e-mail on the e-mail addresses registered as above immediately after the declaration of the result.

Further facilities have been made for students of Professional Education – II and Professional Competence Examinations held in June, 2009 desirous of knowing their results with marks on SMS. The service will be available through MTNL, India Times and Reliance.

For getting results through message students should type:

(i) for Professional Education - II Examination result the following

CAPE2(Space)XXXXX (Where XXXXX is the five digit PE II examination roll number of the candidate)

e.g. CAPE2 00171

(ii) for Professional Competence Examination result the following

CAPCE(Space)XXXXX (where XXXXX is the five digit PCE examination roll number of the candidate)

e.g. CAPCE 00197

and send the message to

52001 - for DOLPHIN AND TRUMP users only

58888 - for all mobile services - India Times


51234 ]
► for Reliance subscribers (Also accessible through R-World



(G. SOMASEKHAR)
ADDITIONAL SECRETARY (EXAMS.)

Friday, August 14, 2009

CA Articles PCC Result June 2009

PCC June '09 Attempt Result Date Mentioned in Below Notification i.e 21st August.


Extension of due date for completion of 100 Hours IT training - (28-04-2009)
Removing difficulties being faced by the students for successfully completing 100 Hours Information Technology Training before the commencement of June, 2009 Professional Competence Examination

It has been brought to the notice of Board of Studies that some of the students who have to appear for the Professional Competence Examination to be held in June, 2009,are facing difficulties in successfully completing 100 Hrs Information Technology Training by 31st May,2009 due to capacity constraints in certain Information Technology Labs. In order to remove the difficulties being faced by such students, it has been decided that they may successfully complete their 100 Hours Information Technology Training before the date of declaration of the Professional Competence Examination result for June 2009 Examination. Such students should submit proof of their successful completion of the 100 Hours Information Technology Training to the Examination Section before the date of declaration of the result.

Successful completion of 100 hours IT Training means
Completion of 100 Hours IT Training.
Passing two module tests by securing at least 50 per cent marks in individual tests.
Submission of project report.
Pass on-line examination and secure 60 (sixty) per cent marks in the aggregate.
Students should carefully note that if they do not successfully complete the 100 Hours IT training before the date of declaration of the result of June, 2009 Professional Competence Examination and submit proof of successful completion to the Exam Section before that date their results are liable to be cancelled. Therefore, they are advised to successfully complete the 100 Hours IT training well before the date of declaration of the result (tentatively 21st August, 2009). In case they experience any difficulty in getting the admission for 100 Hours IT training they should immediately contact Mrs. Indu Arora, Additional Director of Studies, Phone No. 0120-3045927 and email indu@icai.org.

CA. R. Devarajan
Director, BOS

http://www.icai.org/post.html?post_id=4371&c_id=121

Still According to me don't expect result before 28th August.
Thanks All....

Friday, August 7, 2009

CA Articles "Assortment Fees" Query What it is??

Mutual Funds, Investment Companies, etc incur various fixed and variable expenses. They require funds not only to invest but for their day to day expenses. Sum of these expenses are divided in the number of units issued. This process of division of expenses of mutual fund fees is called Assortment of Fees.


Thanks All...

Thursday, August 6, 2009

CA Articles Intangible Assets

Examples of Intangible Assets :
(1). Patents
(2). Copyrights
(3). Trademarks
(4). Goodwill
(5). Computer Software
(6). Sim cards used in mobile phones
(7). Licenses Export / Import
(8). Duty Entitlement Pass Book.
(9). Motion Picture Films
(10). Franchises
(11). Video Recording
(12). Prototypes.


Thanks All.....

Wednesday, August 5, 2009

CA Articles Help For CPT PCC students

Please Post all your Queries and Problems on my mail udit0101@gmail.com

Answers will come on this blog as soon as possible.

Thanks All....

CA Articles Meaning OF "CALLINGS"

CALLINGS is frequently used term in professional Tax.

It means vocation, profession, or trade.
For Example:
What is your calling?
I am a Practising Chartered Accountant.

Thanks All....

CA Articles MICR Codes For All BANKS

Here is Link TO DownLoad MICR codes for all Banks in India.

CLick Here to download.

Thanks All....

CA Articles Difference Between General Fund And Capital Fund

Query about capital fund and General Fund is certain to arise while solving Accounting for Non-Profit Organisations.

Non-Profit organisations are entities rum not for profit motive. These are generally governed by a Group of Trustees. They stand in fiduciary relationship with the organization. Profits earned by the Non-Profit Organisation is not distributed but a special account is credited i.e. Capital Fund(Accumulated Fund). Capital Fund represents amount contributed by Members or Trustees. If however members have not contributed any amount, the name should be Accumulated fund.

General fund can be created but is not necessary in Balance Sheet of NPO's.

DIFFERENCE :

Firstly Capital Fund is adjusted with the annual surplus or deficit. General Fund is credited only in case of surplus i.e loss is adjusted with Capital Fund. Secondly, Amount contributed by Members can be credited only in Capital Fund not general fund.


Thanks All....

CA Articles CA Final Results On 13th August

August 3, 2009
The results of the Chartered Accountants Final and Final (New Course) Examinations, held in June, 2009 are likely to be declared on Thursday, the 13th August, 2009 around 2:00 PM and the same as well as the merit list (candidates securing a minimum of 55% and above marks and upto the maximum of 50th Rank in the case of Final Examination) on all India basis will be available on the following website:

http://www.caresults.nic.in

Arrangements have also been made for the students of Final and Final (New Course) Examinations desirous of having results on their e-mail addresses to pre-register their requests at the above website, i.e., http://www.caresults.nic.in from 7th August, 2009. All those registering their requests will be provided their results through e-mail on the e-mail addresses registered as above immediately after the declaration of the result.

Further facilities have been made for students of Final and Final (New Course) Examinations held in June, 2009 desirous of knowing their results with marks on SMS. The service will be available through MTNL, India Times and Reliance.

For getting results through the message students should type:

i) for Final Examination result the following

CAFNL(space)XXXXX (Where XXXXX is the five digit Final examination roll number of the candidate)

e.g. CAFNL 00028

ii) for Final (New Course) Examination result the following

CAFNLNW(space)XXXXX (Where XXXXX is the five digit Final (New Course) examination roll number of the candidate)

and send the message to:

52001 - for DOLPHIN AND TRUMP users only

58888 - for all mobile services - India Times

51234] - for Reliance subscribers (Also accessible through R-World)

(G. SOMASEKHAR)
ADDITIONAL SECRETARY (EXAMS.)


PCC RESULTS

PCC results date is not declared officially but it is most likely to come in last week of August.


Thanks all.....

Tuesday, July 21, 2009

CA Articles Dictionary of Financial Management Terms

Hi....i found very useful dictionary of financial management terms. To download CLICK HERE.


Thanks all....

Sunday, July 19, 2009

CA Articles Summary of the Campus Placement Programme 

(1)Highest  salary  offered  for  International  posting  in  the  Campus Placement Programme is Rs. 23.00 Lacs per annum. 

(2)Highest salary offered for domestic posting in the Campus Placement Programme is Rs. 9 Lacs per annum. 

(3)Around  508  jobs  were  offered  to  the  candidates  who  participated  in  Campus Placement Programme. 

(4)The average salary offered to the candidates is about Rs. 6.06 lacs per annum . 

(5)54 companies have participated during the Campus Placement Programme. 

(6)95 Interview Panels have participated during the Campus Placement Programme. 

(7)Financial Services (29.62%)  is amongst  the highest  recruiter of all sectors, but sectors like Banking (20.00%), Oil & Gas Refining (11.90%), Engineering Procurement and Construction (8.10%), are the major recruiters. 

(8)The  Committee  for  Members  in  Industry  brought  out  new  publication  on 
`Handbook for newly qualified Chartered Accountants “ to enable the candidates 
to prepare for their Interviews. 

(9)The committee organised Orientation Programme for candidates to sharpen their soft skills and give updates on the Technical side. 

Thanks all....

CA Articles Income When Taxable and Exceptions

Income earned in a year is taxable in the next year. The year in which income is earned is known as Previous Year(P.Y.) and the next year in which income is taxable is known as Assessment Year(A.Y.).

Previous Year defined in section 3 of Income Tax Act,1962 "Previous Year is the financial year immediately preceeding the assessment year."

The rule that the income of the Previous Year is accessable as the income of the immediately following assessment year has certain exceptions. These are :

(1) income of non-resident from shipping;

(2) income of persons leaving India either permanently or for a long period of time;

(3) income of bodies formed for short duration;

(4) income of a person trying to alienate his assets with a view to avoiding payment of tax.

(5) income of discontinued business.

Thanks all....

CA Articles CA as a Profession

Chartered Accountancy is a highly specialized course and best in the field of accounts and tax. It is one of the most respected profession in India. I have read in one book that Accountants usually have Highest level of IQ as compared to all other professions i believe that is because of its highly universal principles which can apply to almost every situation in life.

Remuneration paid to a chartered accountant is best in the market right now as regards commerce is concerned. It depends on whether you want to Practice or join a company after becoming a Chartered Accountant. A fresh Chartered Accountant earns anywhere between Rs. 4 to 12 lacs(domestic) or Rs. 20 to 30 lacs(international) if he joins any company. Remuneration in practice usually is low in the beginning then depends on the number and nature of clients handled.

Future of Chartered Accountant is as secure as the Government of India or even more than that. Apart from statutory or compulsory requirements of a CA, CA is required in many key decision making areas such as project finance, MIS preparation, handling audit work and many others. Indian CA is recognised in many other countries and many accounting institutions of the World. An Indian CA has to give only 1 exam to be recognised in UK(England) but a CA of UK has to give 4 exams to be recognised in India.

VERY IMPORTANT:
One of the most popular misconception about CA is CA = Come Again.
Students fail to pass CA in first attempt and then come again. But as far as I have seen CA means Chartered Accountants these "COME AGAINS" have not met much. Sincere efforts are required as this question was asked by me to my teacher he said CA Inter you will clear just 15 hours study for 3 months are required. This study time may seen great for some people but believe me it is achievable.

Thanks all....

Assessment Year 2010-11 Slab Rates

INCOME TAX RATE

For GENERAL taxpayers Up to Rs 160,000 --Nil

Rs 160,001 to Rs 300,000 --10 per cent

Rs 300,001 to Rs 500,000 --20 per cent

Rs 500,001 and above --30 per cent

For WOMEN taxpayers Up to Rs 190,000 --Nil

Rs 190,001 to Rs 300,000 --10 per cent

Rs 300,001 to Rs 500,000 --20 per cent

Rs 500,001 and above --30 per cent

For SENIOR CITIZENS Up to Rs 240,000 --Nil

Rs 240,001 to Rs 300,000 --10 per cent

Rs 300,001 to Rs 500,000 --20 per cent

Rs 500,001 and above --30 per cent

Thank you for your visits and support....

CA Articles CA Placements 2009

Top Ten Remunerations offered during the march­-april, 2009 Campus Interviews 
S No.  Company Name  Remuneration Offered 
(p.a.)
1  Tolaram Corporation Private Limited  Rs.23,00,000 
(International Posting) 
2  SEBI  Rs.9,00,000 
3  Power Grid Corporation  Rs.8,50,000 
4  Nestle India Ltd.  Rs.8,00,000 
5  Jaypee Capital Services Ltd  Rs.7,50,000 
6  ONGC  Rs.7,50,000 
7  BPCL  Rs.7,20,000 
8  Rural Electrification Corporation Ltd  Rs.7,00,000 
9.1  IOCL  Rs.6,68,000 
9.2  Credit Suisse India Pvt Ltd  Rs.6,50,000 
10  PWC  Rs.6,32,500 

Thanks all....

Big Query Solved section 46 (Income Tax)--- Classic Query

Here is my favorite query :

According to section 46(1) "Distribution of Assets in kind by a company to its Shareholders at the time of liquidation" is not "TAXABLE TRANSFER"

Under section 49(1) "on any distribution of assets on the liquidation of a company" the cost to previous owner is deemed to be cost of acquisition to the assessee.

While one section states it is not a taxable transfer but other tells its cost of acquisition. This question was asked by one of the PCC students by numerous CA Final Students and he got answer from none.

Well the actual interpretation of these sections can be judged only by practical situation.

In the words of law I had interpreted that section 49(1) is applicable only and only when the company distributes assets other than to its shareholders. This interpretation was accepted by all unanimously.

Thanks all....

Capital Gains Exemption under section 54

Section 54 is one of the most important sections for practical as well as theoretical clarity of income taxable under the head "Capital Gains:

The following are the conditions to be satisfied for claiming exemption under section 54:

1. This Exemption is applicable only to Individual or HUF.

2. Only if capital asset whose income is taxable under the head "Income from House Property" is transferred.

3. Asset(Residential House Property) must be long term capital asset(holding period>3 years).

4. New purchase or construction must be of "Residential House Property" within India or abroad.

5. The following time limit is to be followed :

--Purchase of new property ---1 year before or with 2 years after the date of transfer

--Construction of new property ----- To be completed within 3 years of the date of transfer

Amount of exemption will be :

Amount of capital gain generated less amount invested(qualified amount as above)

Thanks All....

Saturday, July 18, 2009

Excel Sheet Shortcuts and other Cool Stuff for CA's

Great news for all as all excel sheet shortcuts and techniques are being posted here.CLICK HERE for download of the excel sheet shortcuts and all cool techniques.

Thanks all....

How is the new transfer provisions affected us???

Please comment here about the new transfer provisions issued by the ICAI.

Practical Training(Articleship) – All Provisions link

For viewing All Provisions pertinent to Practical Training CLICK HERE

PAYMENT OF STIPEND

For viewing payment of stipend provisions CLICK HERE

Leave to an articled clerk

1. An articled assistant shall earn at the rate of one-sixth of the period for which he has actually served, excluding from such period, the period for which he has been on leave subject to a maximum of 180 days.

2. An articled assistant who has served as an audit assistant before the commencement of his articles shall, in addition to the leave earned under this regulation, be entitled to leave equal to one-half of the leave earned and not availed of as an audit assistant, subject to a maximum of three months.

3. Leave due shall ordinarily be granted if reasonable notice has been given to the principal by the articled assistant.

4. For the purposes of preparing for an examination of the Institute, the articled assistant shall be granted by the Principal leave for three months or to the extent due, whichever is less, provided an application for the leave has been made at least fifteen day in advance.

5. Leave not earned may also be granted by the principal subject to the condition that the total leave to be taken by the articled assistant shall not exceed one-seventh of the total period of this actual service, together with the leave due under sub-regulation (2).

6. Notwithstanding anything contained in the foregoing sub-regulations, the principal shall allow the articled assistant to receive training in the Teritorial Army, the Home Guards or any similar organisation approved by the Council and shall treat the period of such training not exceeding sixty days in a year, as period actually served under articles.

7. For the purpose of this regulation, the days (including intervening holidays) on which an articled assistant appears for any examination under these Regulations or Attends a course of academy of accounting conducted by the Institute and recognised by the Council in this behalf, shall not be treated as have leave but would be treated as period actually served under articles.

Explanation - (1) For the removal of doubts, it is clarified that attendance by an articled assistant with the consent of the principal, at a conference, including Course on Information Technology Training, and Course on General Management and Communication Skills or seminar organised by the Institute including a regional council or a students association or a branch or a regional council for the benefits of assistants, shall be treated as period acutally served under articles.

(2) An articled assistant who has secured admission in a course at an academy of accounting conducted by the Institute shall be relieved by the Principal, without termination of articles, for attending the academy.

GST THE KILLER OF ALL INDIRECT TAXES

Toppers of CPT (June 2009)



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