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.

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CA Articles MICR Codes For All BANKS

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

CLick Here to download.

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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.


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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.


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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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