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Somashekhar (student) (25 Points)

29 August 2014

Hi All, I would like to know is there any impact on November 2014 exam in IPCC group 2 Auditing paper due to amendments in company law. If yes please specify.

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Deepak Gupta (CA Student) (15922 Points)
Replied 29 August 2014

Originally posted by : Somashekhar
	Hi All, I would like to know is there any impact on November 2014 exam in IPCC group 2 Auditing paper due to amendments in company law. If yes please specify.

Refer to the Nov'14 RTP for amendments as per Companies Act, 2013.

Attached File : 555789 1359330 g2 audit.pdf downloaded: 173 times

BHARAT MEHTA (PROPRIETOR) (34 Points)
Replied 29 August 2014

DEAR SIR I M TAX CONSULTANT, MY ASSESSEE RETIRED FROM PVT LTD COMPANY THEM RECD RS 14 LAC FROM EPF , THIS AMOUNT ARE TAXABLE OR TAX FREE, WHICH U/S TAXABLE OR TAX FREE PLS TEL ME FOR FILEING OF I T RETUN, THANK YOU

raghavender upadhyay (B.Com, LLB, CA FINAL) (331 Points)
Replied 29 August 2014

Summarized table showing tax treatment of provident funds

Fund	During Continuity of Job			Upon Retiremen
	Employee’s Contribution	Employer’s Contribution	Interest on Provident Fund	Repayment of sum on retirement, resignation or termination
RPF	Deduction under Section 80C is available.	Exempt upto 12% of Salary. Thus Contribution made by employer exceeding 12% shall be added to employee’s salary Income.	Exempt upto 9.5%. Interest exceeding 9.5% shall be added to employee’s Salary Income.	Nothing is taxable subject to following conditions: Employee left the job after fiveyears of service OR Where Period of service less than 5 years, the termination is due to ill health, discontinuance of business of employer. OR here on re-employment, the balance in R.P.F is transferred to R.P.F with new employer. [For the purpose of computing 5 years period, Period of services rendered with previous employer shall also be included.] If none of the above conditions are satisfied then: The amount not taxed earlier shall be taxed in the same manner as URPF, given below. Any tax concession (e.g. 80C) availed by assesses for contribution to RPF shall now be withdrawn.
URPF	No deduction under section 80C available	Any amount of contribution is not taxable	Not taxable	Sum received on retirement/ termination comprise of following:Employer’s Contribution and interest there on: Taxable as Salary Income. Employee’s own Contribution : It is not taxable. Interest on employee’s contribution: Taxable as income from other sources.
SPF	Deduction under Section 80C is available.	Fully Exempt	Fully Exempt	Fully Exempt
PPF	Assessee / Employee can make contribution to PPF, No concept of Employer’s Contribution. Deduction under section 80C available on contribution made.			Amount received (including interest) is Fully Exempt.