Students reference desk

Notes for Students (Hyperlinks)

Source Link: /forum/quick-revision-notes-186949.asp

accounting & Auditing 

1. Accounting Standards

2. Questionnaire on Accounting Standards

3. Statements & Guidance Notes Issued by ICAI

4. Summary of Standards of Auditing (SA)
   (Applicable For The Financial Year 2011-12)

5. Standards on Internal Audit (SIA)

6. Checklist for Standards on Internal Audit ('SIA')

7. Comparison of IFRS and Indian Accounting Standards

8. Bank Branch Statutory Audit  Certain Aspects

9. IFRS - Technical Summary

   ---

income Tax & Wealth Tax 

1. Incomes Exempt from Tax

2. Taxation of Charitable Organisations

3. Income from Salaries

4. Income from House Property

5. Depreciation

6. Special Deductions under Sections 35 to 35E

7. Taxation of Partnership Firms & Limited Liability Partnership (LLP)

8. Presumptive Taxation

9. Income from Capital Gains

10. Income from Other Sources

11. Clubbing of Income

12. Taxation of Huf

13. Set off and Carry Forward of Losses

14. Deductions under Chapter VIA
    Deductions under section 80GGB to 80LA

15. Reliefs under Income Tax

16. Transfer Pricing

17. Taxation of Non-Residents

18. Dividend Distribution Tax

19. TDS Chart for AY 2012-13

20. TDS on Payment To Non-resident U/S. 195

21. Mandatory Pan Under The Income Tax Act

22. TDS Rates for AY 2012-13

23. Electronic TDS Return (E-TDS)

24. Survey, Search and Seizure

25. Appeals, Revisions & Rectifications

26. Interest

27. Penalties

28. Advance Rulings

29. Double Tax Avoidance Agreement (DTAA)

30. Rates of Income Tax

31. Important Due Dates

32. Fees & Other Charges under Direct Taxes

33. Rates of Securities Transactions Tax (STT)

34. Summary of Jurisdiction — Mumbai

35. Wealth Tax

36. Valuation of Business/Share

37. Gold and Silver Rates

38. Mergers and Acquisitions - Indian Perspective

    ---

indirect Tax

1. Service Tax

2. Taxable Services at a Glance including
   Amendments made by Finance Act, 2011

3. Central Excise

4. CENVAT Credit Rules

5. Customs Act

6. Maharashtra Value Added Tax Act, 2002

7. Central Sales Tax Act, 1956

8. Profession Tax Act, 1975 — Maharashtra

9. Luxury Tax Act, 1987 — Maharashtra

10. Maharashtra Tax on the Entry of Goods
    into Local Areas Act, 2002

11. Maharashtra Tax on Entry of Motor Vehicle
    into Local Areas Act, 1987

12. Gujarat Value Added Tax Act, 2003 

13. The Gujarat Tax on Entry of Specified goods
    into Local Areas Act, 2001

14. The Goa Value Added Tax Act, 2005

    ---

Company Law

1. Types of Companies

2. Important Definitions under Companies Act, 1956

3. Formation of Companies/LLP's

4. Privileges of a Private Limited Company

5. Annual and other Obligations under Companies Act, 1956

6. MCA 21 — Online Filing of Company Law Forms

7. Statutory Registers

8. Annual Accounts and Balance Sheet

9. Schedule VI - Form of Balance Sheet/Profit & Loss Account

10. Comparative Analysis of Existing Schedule VI and Revised Schedule VI

11. New Schedule VI (Section 221)

12. Schedule Ix - Form of Proxy

13. Schedule X - Schedule of Fees

14. Schedule Xiii — Appointment of Managerial Personnel

15. Schedule XIV — Rates of Depreciation

16. Quarterly Audited / Unaudited Results and Limited Review by Listed Companies

17. Dividends and Bonus Shares

18. Meetings and Resolutions

19. Corporate Governance

20. Appointment & Change of Auditors

21. CARO 2003.htm
    Specimen Auditors Report under CARO 2003

22. Secretarial Compliance Certificate Rules

23. Duties and Responsibilities of Independent Director

24. Buy Back of Shares and Other Specified Securities

25. Company Deposits

26. Special Provisions in Relation to Deposits by Small Depositors (Section 58AA)

27. Directions of The Reserve Bank of India to Non-banking Financial Companies

28. Mergers, Amalgamation and Acquisitions

29. Inter-corporate Loans and Investments (Sec. 372A)

30. Registrar of Companies Addresses - 2010

31. Fast Track Exit mode for defunct companies under section 56-0 of the Companies Act, 1956 – General Circular No. 36/2011

    ---

other Law

1. Arbitration & Conciliation Act and Mediation

2. Bombay Public Trusts Act, 1950

3. Bombay Stamp Act

4. Fema

5. The Indian Partnership Act, 1932

6. Maharashtra Co-operative Societies Act, 1960

   1. Provisions Relating to Co-operative Banks & Co-operative Societies in Maharashtra

   2. Relevant Provisions for Accounts and Audit of Housing Societies

7. Important Provisions in respect of Audit under Gujarat Co-op. Societies Act

8. The Securitisation & Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002

9. Labour Laws

10. Competition Act, 2002

11. Right to Information Act, 2005

12. Sick Industries, Sick Industrial Companies
    (Special Provisions) Act, 1985 (SICA) and BIFR

13. Micro, Small And Medium Enterprises
    Development Act, 2006

14. Limited Liability Partnership Act, 2008 [LLP Act]

15. Camels Rating in Audit of Co-operative Banks
    (Applicable from Financial Year 2009-10)

    ---

Miscellanea

1. Succession & Wills

2. Intellectual Property Rights

3. Copyright

4. Patents

5. Trademarks

6. Excel Favourite Tips and Tricks

7. Business Process Outsourcing

8. SEBI

9. Financial Products & Parameters

10. Derivatives

11. Technical Analysis of Stock Trends

12. Telephone Directory of I.T. Department, Mumbai (up to ACIT (HQ)/ITO as on 1-4-2011)

    ---

The Chartered Accountants Act & Regulations

1. The Chartered Accountants Act and Regulations

2. Provisions Relating to Students

3. Continuing Professional Education — CPE

4. Peer Review

5. Capacity Building/Networking for Practising CAs

6. Post Qualification Courses Offered by ICAI

7. ISA — An Professional Opportunity

8. Certification Courses offered by ICAI

9. Summary of Various Joint Education Programmes
   for Students

10. Minimum Recommended Scale of Fees for the Professional Assignments Done by the Chartered Accountants (As Applicable Currently)

    ---

     

Income Tax Resources

(Selected replies to queries in the forums)

Pooja expenses are allowable business expenditure which relate to the business of the assessee such as Vishkarma Jayanti and local festivals which are allowable, as there is no monetary limit for the purpose.

Pooja expenses which do not relate wholly to the business of the assessee will be disallowable as not incurred for the business.

ASSISTANT COMMISSIONER OF INCOME TAX vs. MAHARASHTRA METAL POWERS LTD.

www.caclubindia.com/forum/case-laws-186682.asp

TDS on Advertisement Charges

In view of the Supreme Court decision in Associated Cement Co. Ltd. v. CIT [1993] 201 ITR 435, the CBDT has issued the following guidelines in regard to the applicability of the provisions of section 194C :

(vii) Provisions of section 194C would apply in relation to payments made to persons who arrange advertisement, broadcast­ing, telecasting, etc.

Threshold

Single Transaction = 30,000, Aggregate during FY = 75,000

Company, Firm, Co-op Soc., Local Authority = 2%

Individual, HUF = 1%

If No PAN OR Invalid PAN = 20%

www.caclubindia.com/forum/tds-on-advertisement-charges-186309.asp

Interest and penalty in service tax as it stands at the date when the default, which attract penalty is committed

Service tax late fee has been increased with effect from 08.04.2011 from the maximum amount of Rs. 2000/- to Rs. 20000/-. In this connection the abovesaid provision for increase in late fee for delay in filing of service tax return came into force from 08.04.2011 therefore only in those cases where the default occurred subsequent to the above date, would invite penalty at the increased rate and not in such cases where default has been made by the assessee prior to the said date. The above legal position has been upheld in catena of cases, decided by different courts including Hon’ble Apex Court and some of them are as follows:

1. CIT VS S. Samratatanghak (1988) 173 ITR 425 (ORR)

2. Brij Mohan VS CIT (1979) 120 ITR (SC)

3. Khubchand Kundanmal VS Union Bank of India (1991) 187 ITR 334 (Cal)

4. CIT VS Kantilal B. Shah (1988) 156 ITR 33 (Bom)

5. CIT VS Sheiku Munir (1988) 70 ITR 421 (M.P)

6. Sreepadam (HUF) VS CIT (1988) 172 ITR 371 (Ker)

7. CIT VS M. George & Bros (1983) 140 ITR 847 (Ker)

8. CIT VS Jyoti Swarup Agarwal (1978) 113 ITR 330 (All)

9. CIT VS Poplar Medical Hall (1998) 229 ITR 43 (Pat)

In the above cases the Hon’ble courts has laid down the principle in respect of applicability of rate of penalty. Rate of penalty has to be applied as it stands at the date when the default, which attract penalty is committed.

Attention is also drawn to the decision rendered by the Hon’ble Apex Court in the case of CIT VS Vegetable Products Ltd. (1973) 88 ITR 192, 198 (SC) and C.A. Abraham VS ITO 1961 (041) ITR 0425 SC 1961 (048) AIR 0609 SC, which held as under.

“Penalty provision should be intercepted as it stand and in case of doubt, in a manner favourable  to the tax payer. If the court finds that the language of a taxing provision in ambiguous or capable of more meaning than one, then the courts has to adopt the interpretation which favour the assessee, more particularly so where the provision related to the imposition of penalty.

www.caclubindia.com/forum/interert-and-penalty-in-service-tax-186249.asp

Liability to tax audit - Special cases

(Para 6.1 of ICAI Guidance Note on Tax Audit under Section 44AB of the Income-tax Act, 1961)

A trust/association/institution carrying on business may enjoy exemptions as the case may be under sections 10(21), 10(23A), 10(23B) or section 10(23BB) or section 10(23C) or section 11. A cooperative society carrying on business may enjoy deduction under section 80P. Such institutions/associations of persons will have to get their accounts audited and to furnish such audit report for purposes of section 44AB if their turnover in business exceeds Rs. 60 lakhs.

www.caclubindia.com/forum/tax-audit-183836.asp

TDS 20%

Finance Act (No. 2) 2009, w.e.f. 01/04/2010 has inserted sec. 206AA in the Income-tax Act which makes furnishing of PAN by the employee compulsory in case of payments liable to TDS. If employee (deductee) fails to furnish his/her PAN to the deductor , the deductor shall make TDS at a higher of the following rates
i. at the rate specified in the relevant provision of this Act; or
ii. at the rate or rates in force; or
iii. at the rate of twenty per cent.
.
The deductor has to determine the tax amount in all the three conditions and apply the higher rate of TDS . This section applies to any person entitled to receive any sum or income or amount, on which tax is deductible under Chapter XVII-B of Income Tax Act. As chapter XVII-B covers all Payments including Salaries, Salaries are also covered by Section 206AA.
.
In case of salaries there can be following situations
a) Where the income of the employee computed for TDS u/s 192 is below taxable limit.
b) Where the income of the employee computed for TDS u/s 192 is above taxable limit.
.
In first situation, as the tax is not liable to be deducted no tax will be deducted. In the second case, if PAN is not furnished by the employee, the deductor will calculate the average rate of income-tax based on rates in force as provided in sec 192. If the tax so calculated is below 20%, deduction of tax will be made at the rate of 20% and in case the average rate exceeds 20%, tax is to deducted at the average rate. Education cess @ 2% and Secondary and Higher Education Cess @ 1% is not to be deducted, in case the TDS is deducted at 20% u/s 206AA of the Income-tax Act.

CIRCULAR NO. 05/2011, dated 16.08.2011

www.caclubindia.com/forum/tds-20--181084.asp

Depreciation rate for UPS

UPS is NOT an integral part of computer. It will be treated as Plant & Machinery.

Nestle India Ltd. vs Deputy Commissioner Of Income Tax on 30 April, 2007.

www.caclubindia.com/forum/depreciation-rate-for-ups-179265.asp

Payments to tenants for vacating premises are deductible

Expenditure incurred by the assessee towards amounts paid to tenants for vacating the premises which is sold has nexus with the transaction of sale, since without the tenants vacating the premises the building cannot be sold. The said expenditure would hence be allowable as deduction in the computation of capital gains - Naozar Chenoy v. CIT [1998] 234 ITR 95 (AP).

www.caclubindia.com/forum/amount-paid-to-tenant-for-vacating-the-property-178259.asp

Silver Plates- Capital Asset or not?

Items of silverware including dinner plates of different sizes, finger bowls, jugs were held to be personal effects. [CIT v Benarashilal Kataruka (1990) 185 ITR 493 (Cal)].

But at the same time, a large number of the same type of silver articles cannot be treated as having been held for personal use and the assessing authority has to find out as to what are the articles which should reasonably be held by the assessee for personal use. [Ramanathan Chettiar R v CIT (1985) 152 ITR 493 (Mad)].

www.caclubindia.com/forum/silver-plates-capital-asset-or-not--178119.asp

Income from letting out terrace for putting up hoarding and telecom towers

Assessable as income from house property.

Decision of the tribunal in case of

Satyam Shivam Sundaram Cooperative Society Ltd. in ITA No.516 to 514 M/2004

Pinto Park View Cooperative Housing Society Ltd. in ITA Nos.5859-5894/M/2003

www.caclubindia.com/forum/income-from-hp-or-other-source--177258.asp

Representation fees charged by a CA is subject to service tax or not?

With the amendments coming into force, exemption provided to CAs, CWAs and CSs vide notification No. 25/2006-ST, dated 13-7-2006 for Representation  services is being withdrawn by Notification No.32/2011 – Service Tax , dated April 25, 2011. As such, the above services have become taxable from 1 May 2011.

www.caclubindia.com/forum/service-tax-applicability-177179.asp

TDS deduction on expenses re-imbursed to professionals

TDS should be on total payment including reimbursement of expenses, as per Circular No. 715 dated 8-8-1995.

However, in ITO v. Dr. Willmar Schwabe (2005) 3 SOT 71 (ITAT), it has been held that reimbursement of expenses for which bill is separately raised did not attract the provisions of section 194J.

www.caclubindia.com/forum/tds-deduction-on-expenses-re-imbursed-to-professionals--168474.asp

Are Trade Advances and Loans & Advances, treated as same?

“Trade Advances” are not “Loans & Advances”

CIT vs. Arvind Kumar Jain (Delhi High Court)

www.caclubindia.com/forum/trade-advances-179162.asp

Deduction of Tax on Service Tax component of rental income

vide circular No. 4/2008 of CBDT dt. 28.4.2008 it has been clarified that deduction u/s. 194 I would be required to be made on the amount of rent paid/payable without including the Service Tax. This is so, as Service Tax does not partake the nature of income of the landlord.

www.caclubindia.com/forum/tds-on-service-tax-chargd-on-rent-184922.asp

Depreciation on FORKLIFT

would be entitled to depreciation at the rate of 30 per cent.

CIT v. Woolcombers India Ltd. [1984] 41 CTR (Cal.) 63

www.caclubindia.com/forum/depreciation-rate-clarification-186513.asp

My Files

E-TDS Return(Errors and Solutions)

Solutions to the errors of E-TDS return with error code, descripttion and solution....

IPCC Standards on Audit - Short Notes

Standards on Auditing Short Notes...

3CD Clause Wise Checklist

Clause Wise Checklist...

List of Statutory Registers under Companies Act,1956

Checklist...

Co-operative Societies

PRINCIPLES, TYPES OF SOCIETIES AND THE REGISTRATION OF THE SOCIETIES....

Drafting of Deed of Partnership

Provisions to be kept in mind before venturing upon the drafting of the Partnership Deed....

ICAI GUIDANCE NOTE SERIES

PART 1 contains the following files

Compendium of Opinions

General Guidance on Internal Audit

Guidance Note on Accounting by Dot-Com Companies

Guidance Note on Accounting by Schools

Guidance Note on Accounting for Depreciation in Companies

ICAI GUIDANCE NOTE SERIES

PART 2 contains the following files

Guidance Note on Accounting for Employee Share-based Payments

Guidance Note on Accounting for Leases

Guidance Note on Accounting for Oil and Gas Producing Activities

Guidance Note on Accounting for State-level Value Added Tax

Guidance Note on Accounting Treatment for Excise Duty

ICAI GUIDANCE NOTE SERIES

PART 3 contains the following files

GUIDANCE NOTE ON AUDIT OF PUBLIC CHARITABLE INSTITUTIONS UNDER THE INCOME-TAX ACT, 1961

Guidance Note on Availability of Revaluation Reserve for Issue of Bonus Shares

Guidance Note on Certification of XBRL Financial Statements

Guidance Note on Recognition of Revenue by Real Estate Developers

Guidance Note on Terms Used in Financial Statements

ICAI GUIDANCE NOTE SERIES

PART 4 contains the following files

Guidance Note on Treatment of Reserve Created on Revaluation of Fixed Assets

Technical Guide on Accounting for Not-for-Profit Organisations(NPO's)

ICAI GUIDANCE NOTE SERIES

PART 5 contains the following files

Technical Guide on Accounting for Special Economic Zones (SEZs) Development Activities

Technical Guide on Audit in Hotel Industry

ICAI GUIDANCE NOTE SERIES

PART 6 contains the following files

Technical Guide on Internal Audit in Aluminium Industry

Technical Guide on Internal Audit of BPO Industry

Technical Guide on Internal Audit of Construction Industry

Technical Guide on Internal Audit of Educational Institutions

TECHNICAL GUIDE ON INTERNAL AUDIT OF INTANGIBLE ASSETS

Technical Guide on Internal Audit of Sugar Industry

KEY ISSUES - Tax Audit under Section 44AB

Foum Link: /forum/key-issues-tax-audit-u-s-44ab-158906.asp

File Download: /forum/files/555789_792183_key_issues_tax_audit_44ab.pdf

Mutual Fund Glossary

/forum/mutual-fund-rate-reckoner-fy-2011-12-149027.asp

Attached File : 555789_738469_mf_glossary.pdf

A guide to Understanding Mutual Funds

/forum/mutual-fund-rate-reckoner-fy-2011-12-149027.asp

Attached File : 555789_738473_understanding_mfs.pdf

ICWAI Practitioners Kit

/forum/icwai-practitioners-kit-156535.asp

1	Procedure for Cost Audit
2	Statutory provision u/s 209 (1) (d) of The Companies Act
3	Form of Application to the Central Government for Appointment of Cost Auditors pursuant to Section 233 B(2)
4	Certificate in writing from the Cost Auditor proposed to be appointed to the effect that the appointment if made, will be in accordance with the provisions of Sub-section (IB) of Sec 224 of The Companies Act 1956.
5	Board Resolution for Appointment of Cost Auditor
6	Draft of Communication to the previous Cost Auditor
7	Cost Audit Report
8	Suggestive List of Documents/ Certificates/Records Required from the Company for conduct of Cost Audit
9	The First Schedule

Mistakes in TDS Returns

/forum/mistakes-in-tds-returns-167863.asp

Very Good Effort......Will help many.....

Till now Best Post of the Year 2012.....

Expect you to continue this good work... 

Herculean effort of the very highest order. Bookmarked.

So, Pulkit is turning out to be a modern age " King Maker ".