CA Articles Dictionary of Financial Management Terms

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


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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. 

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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.

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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.

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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

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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 

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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.

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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)

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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.

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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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