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Replied in : Cma utility
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by : CA RITIKA CHHABRA on 17 June 2012
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you can use this format of CMA. i hope it will be useful to you.
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New Topic : Query regarding as
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by : Ankur rakheja on 17 June 2012
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1. Contingent liability under AS29 has matured, how do we check ?
2. If there is continues losses , how we check going concern concept ?
3. What are peer review files ?
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Replied in : Journal Entry in Tally 9 ERP
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by : piyush Kumar Gupta on 17 June 2012
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JOURNAL ENTRY FOR SALARY DUE BUT NOT PAID :
STAFF SALARY A/C ------ DR.
TO EPF - EMPLOYER CONTRIBUTION
TO EPF- EMPLOYEE CONTRIBUTION
TO EPF - ADMIN CHARGES
TO SALARY ADVANCE
TO TDS ON SALARY
TO PROFESSIONAL TAX
TO SALARY PAYABLE ( MEANS PAYABLE IN CASH / THRU BANK)
( THIS IS CONCEPT OF PASSING ENTRY AND ANY ONE CAN APPLY THIS IN ANY ENVIRONMENT)
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New Topic : Articleship completion query
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by : Manoj on 17 June 2012
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my articleship period is about to complete. I have taken total of 150 days of leave excluding sundays and public holidays. Do i have to serve extra leave period under my prinical or is it allowed and my articleship is completed?
kindly advise. |
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Replied in : 10 amazing lessons you can learn from albert einstein - must read
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by : Amit Kahekar on 17 June 2012
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Thank u very much sir for such an awsome and thaughtful article .Really it will definitely very useful to me . Thanks a lot ! |
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New Topic : Official letter
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by : Rupesh Mohanty on 17 June 2012
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Is formal letter in official letterhead with signatories and name and sign valid with out rubber stamp?
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Replied in : President gives assent to finance act,2012 v v imp
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Posted
by : Harini
on 17 June 2012
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Thanks again Tushar.., just read a little.., it was interesting to read..., SB int now eligible for ded'n..., looks like a little changes in the meaning of " relative"...
will go thru it for sure..
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Replied in : Happy fathers day....
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by : RaGHuRaM :-) on 17 June 2012
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What Makes a Dad
God took the strength of a mountain,
The majesty of a tree,
The warmth of a summer sun,
The calm of a quiet sea,
The generous soul of nature,
The comforting arm of night,
The wisdom of the ages,
The power of the eagle's flight,
The joy of a morning in spring,
The faith of a mustard seed,
The patience of eternity,
The depth of a family need,
Then God combined these qualities,
When there was nothing more to add,
He knew His masterpiece was complete,
And so, He called it ... Dad
F.A.T.H.E.R.S.
"F" aithful.
"A" lways there.
"T" rustworthy.
"H" onoring.
"E" ver-loving.
"R" ighteous.
"S" upportive.
Happy Father's Day.................
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Replied in : Problem telaterd to tds
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by : Aanya on 17 June 2012
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TDS to be deducted u/s 94I
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Replied in : Eligibility criteria changed for CA course
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by : maheswar on 17 June 2012
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i want to know about ca eligibility criteria of ca, icwai, cs. because if someboday has already passed pgdm course in finance and marketing. is he able to take ca course.
kindly help me out regarding this above information.
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Replied in : Urgent.//////?
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by : SUVAJIT SAHU on 17 June 2012
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hi ekta.......
Actually as per rules of icai , a student of pcc can sit in the exam only after the completion of Articleship.......
but as per a recent notification of icai issued in july or aug 2010 , where it has been clarified that a student may sit in final exam during the last 6 months of his articleship.
agar saare rules ko compile kiya jaye ,to aapka actual term nikalta hai "ca final NOV-2010"
iska matlab hai ki aap definitly "nov-2012" mein exam de sakte ho.......
so, stop worrying and start preparing......
best of luck for ur exam....................
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Replied in : Ipcc costing video
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by : ABHINANDAN JAIN on 17 June 2012
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try out these links:
http://downloadcaipccvideos.blogspot.in
http://caipccfinalcptvideoclasses.blogspot.in/
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Replied in : Cenvat credit on input service?
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by : O.D.SHARMA on 17 June 2012
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Right ,ER1 cannot be revised9No provision) you can take cenvat in curent .
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Replied in : Case law updates may,12-direct taxes
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by : TusharSampatM.Com CA,CS-FINAL on 17 June 2012
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Thank u mam for noticing my efforts.
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Replied in : Case law updates may,12-direct taxes
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by : Harini
on 17 June 2012
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great job Tushar.., its good.. to get to know as and when new caselaws updated.., it will be easy to remember too., thankyou Tushar, today I am also little updated myself..with these caselaws...,
Continue great sharing...:-) |
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Replied in : Service tax-notification, may12 v.v imp
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by : Vandana Mulchandani on 17 June 2012
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Thank you Tushar for the important and useful post.....Keep sharing.
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New Topic : Service tax-notification, may12 v.v imp
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by : TusharSampatM.Com CA,CS-FINAL on 17 June 2012
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May 2012 |
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SYNOPSIS OF NOTIFICATIONS, CIRCULARS & LETTERS
CBEC vide Circular No.154/5/2012-ST dated 28th March, 2012 has clarified that in respect of invoices issued on or before 31st March,2012, the Point of Taxation in respect of specified taxable services rendered by individuals/proprietary firms/partnership firms shall be the date of receipt of payment as provided by erstwhile Rule 7 of the Point of Taxation Rules, 2011. The specified taxable services are:
i) Architects (Section 65(105)(p))
ii) Interior Decorators (Section 65(105)(q))
iii) Practising Chartered Accountants (Section 65(105)(s))
iv) Practising Cost & Works Accountants (Section 65(105)(t))
v) Practising Company Secretaries (Section 65(105)(u))
vi) Scientific & Technical Consultancy (Section 65(105)(za))
vii) Legal Services (Section 65(105)(zzzzm))
viii) Consulting Engineer’s Services (Section 65(105)(g))
CBEC vide Circular No.155/6/2012-ST dated 9th April, 2012 has clarified in respect of levy of service tax on air tickets issued before 1st April, 2012 where the journey takes place after 1st April, 2012. It clarified that:
In case of online ticketing & counter sales, the payment for the ticket is received before issuance of ticket hence in view of Rule 4(b)(ii) of the Point of Taxation Rules, 2011, service tax shall be levied at the existing rate of @ 10.30%.
In case of sales through agents, where the payment is received by agent (before 1st April, 2012) & remitted to airlines after some time (after 1st April, 2012), the payment to agent is considered as payment to airline in terms of Indian Contract Act, 1872 and accordingly, in view of Rule 4(b)(ii) of the Point of Taxation Rules, 2011, service tax shall be levied at the existing rate of @ 10.30%.
However, in case the airlines have already collected extra amount as service tax which is not refunded to the customers, same is required to be paid to the credit of Central Government in view of Section 73A of the Finance Act, 1994.
CBEC vide Circular No.156/7/2012-ST dated 9th April, 2012 has announced that a committee has been constituted with DGST as Chairperson to review the scheme for electronic refund of Service Tax paid on various taxable services used for export of goods as notified by Notification No. 52/2011-ST dated 30th December, 2011.
As a part of the review, the committee has been instructed to (a) evolve a scientific approach for the fixation of rates in the schedule of rates for service tax refund; and (b) propose a revised schedule of rates for service tax refund, taking into account the revision of rate of service tax from 10% to 12% and also movement towards ‘Negative List’ approach to taxation of services.
CBEC vide Circular No.157/8/2012-ST dated 27th April, 2012 has clarified on taxability of market cess charged by Agricultural Produce Marketing Committees (APMCs) to various licensees like commission agents, traders, mill/factory/cold storage owners etc. It clarified that:
Market fees charged for providing various facilities like roads, drinking water, weighing machines, storage places, street lights etc. in the market area do not appropriately fall under the category of “Business Support Services” since provision of these facilities is not in the nature of outsourced services. Development and maintenance of agricultural market infrastructure undertaken by APMC in accordance with the statute, is for the benefit of all users, rather than an activity solely in the interest of licensees.
As statutory bodies, APMCs provide basic facilities in the market area out of the market fee collected from the licensees, mainly to facilitate the farmers, purchasers and others. APMCs provide a host of services to the licensees in relation to the procurement of agricultural produce, which are “inputs” in terms of the definition of Business Auxiliary Services (Section 65(19) of the Finance Act, 1994). To that extent the meaning of “input” is much wider in scope than the meaning assigned in Rule 2(k) of CENVAT Credit Rules, 2004. Therefore the services provided by the APMC are classifiable as BAS and hence covered by the exemption under Notification 14/2004-ST.
However, any other service provided by the APMCs for a separate charge (other than market fee) to either the licensees or farmers or any other person, e.g. renting of shops in the market area, etc. would be liable to tax under the respective taxable heads.
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New Topic : Cma utility
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by : Sanjay Raiyani on 17 June 2012
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Hi, Friends /Dear Sir/Madam,
I need a CMA utillity which can help me to present a future financial Situation of the enterprise and which i can submit to a bank as latest format of CMA.
My email id : mrraiyani @ ymail.com
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Replied in : Happy fathers day....
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by : Vandana Mulchandani on 17 June 2012
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To My Dearest DAD on this special day
What Is A Dad?
A dad is someone who
wants to catch you before you fall
but instead picks you up,
brushes you off,
and lets you try again.
A dad is someone who
wants to keep you from making mistakes
but instead lets you find your own way,
even though his heart breaks in silence
when you get hurt.
A dad is someone who
holds you when you cry,
scolds you when you break the rules,
shines with pride when you succeed,
and has faith in you even when you fail.....
Wish you Happy Fathers day
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New Topic : Indian with U.S. Citizenship; Resident in India
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by : CA C J on 17 June 2012
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The facts of the case are as under:
1. The Assessee is an Indian born, currently holding US Citizenship, residing in India since more than 5 years.
2. As per Income Tax Act, the assessee is a "Resident" in India and files the IT returns accordingly.
3. The assessee also pays taxes and files joint IT return in US with its spouse.
As per the new amendments made in the budget, for Asst. Year 2012-13 and onwards, a "Resident" is required to declare the details of foreign assets in the IT Return. My questions are as under:
1. As the Assessee is a US Citizen, are the above amendments applicable to the assessee.
2. If yes, what assets will need to be declared (request you to please provide more details about joint ownership / holder of accounts, few e.gs. are given under):
a. Account where the Assessee is joint and primary holder in the account
b. Account where the Assessee is joint and second holder in the account
3. As the Assessee also pays joint taxes in the US, is the income taxed in US also required to be shown in the IT Return
4. Will the situation be different if the Assessee is a woman and the Husband is earning and paying taxes in US and vice versa?
Request you to also provide any other important points to be considered in the above.
I would highly appreciate if you could also provide me with any links on the net / details of Case Law - related to the above query.
Thanks in Advance,
CA C J
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