Negative List of Service Tax

Budget 2012-13 has listed the negative list for the Services on which no service tax will be charged. All the Services which are not included in the negative list will be charged service tax at an increase rate of 12% (plus cess). The following 17 areas are included in the Negative List:

A.) Services by the Government or Local Authorities.
B) Services by the Reserve Bank Of India
C) Foreign Consulates and Embassies in India.
D) Agricultural Services
E) Trading
F) Manufacturing Goods
G) Advertisements on hoarding or Newspapers
H) Toll Charges
I) Gambling
J) Entertainment Events
K) Electricity
L) Education
M) Residential Rent
N) Financial Transactions
O) Public Transport
P) Goods Transport
Q) For the absolute end

BUDGET 2012-13

Finance Minster Pranab Mukherjee, today, presented the Union Budget 2012-13. Analysts have said that there has been no major reforms in the Budget. Though Budget has given some relief in the Income Tax Rate but  has increased Service Tax and Excise Duty. The Budget expects the growth rate of 7.6% in the Fiscal Year 2012-13 which in the current fiscal year is 6.9%

Some of the major changes in the Budget is the change in the Income Slab Rate and Service Tax Rate.
The Changed slab rate is :
Up to 2 lakh rupees - NIL
2 lakh - 5 lakh rupees - 10%
5 lakh - 10 lakh rupees - 20%
Above 10 lakh rupees - 30%
However there has been no change in the Corporate Tax.

The current budget also purposes to change the  Rate of Service Tax to 12% which at present is 10%.

The limit for the Tax Audit as per Sec 44AB has also been increased from this budget providing relief to Small and Medium Enterprises (SMEs) from 60 lakhs to 1 Crore which means that the organisation whose turnover is less than Rs. 1 Crore is not required to get their Books of Accounts audited u/s 44AB of the Income Tax Act.

The Other summary of the budgrt is briefly highlighted in the image below:

ADMIT CARDS FOR MAY 2012 EXAMINATION

ICAI has issued the notification that the students who are appearing in MAY 2012 PCE,  IPCE and Final Examination can download their admit cards with photographs and signature of the candidates generally 21 days prior to the commencement of the examination.

For downloading/printing of admit cards from the website, candidates will have to provide the following input:
A) Students Registration Number OR
B.i)  The bar code of the examination form AND
B.ii) Personal Identification Number (PIN) indicated by the Students in their application form.

However, Candidates will also be sent physical admit cards  by post. If the candidate does not receive it , for whatsoever reasons, the admit cards downloaded from the below mentioned website will also be equally valid for attaining the examination.

Candidates can download their admit cards from  http://www.icai.nic.in
for any other details follow: http://icai.org/new_post.html?post_id=8233&c_id=219

Links to download the Study Materials.

Below we would like to share with the CA Students, the links that help them to download the essentials like Study Materials, Suggested Answer & Revision Test Papers of PCC, IPCC & CA Final Courses that are made available to the students by the ICAI.

Follow the link to download the Study Materials:
 http://www.icai.org/post.html?post_id=5778

Follow the link to download the Suggested Answers:
http://www.icai.org/post.html?post_id=4167

Follow the link to download the Revision Test Papers:
http://www.icai.org/post.html?post_id=5769

Hope this will be benificial for all the CA Students.

Declaration of Date of CPT June 2012 Examination

ICAI has announced the date for conducting CPT June 2012 examination. As per the notification issued by the ICAI, the exam will be conducted on Sunday, 17th June ,2012 in two sessions.

First Session	10.30.AM to 12.30 PM (IST) Section A:  Fundamentals of Accounting Section B: Mercantile Laws
Second Session	2.00 PM to 4.00 PM (IST) Section C: General Economics  Section D: Quantitative Aptitude

For other information regarding the exam and fees please follow the link below:
http://220.227.161.86/25824cptjune2012.pdf

TRACK YOUR ARTICLESHIP STATUS

If you want to check the status of your articleship  (relating to completion of articleship and information relating to transfer during articleship) as per the records of the ICAI, you can check the same by clicking the link below:

 http://220.225.242.179/student_details.asp?SRN=NRO1234567

To get your result you have to replace NRO1234567 (shown in the link) with your registration number. 

You can get following information regarding your articleship:

a.) Name of the Principal (Both if transfered)

b.) Membership no. of the Principal (Both if transfered)

c.) Date of the begining of the Articleship

d.) Date of the completion of the Articleship

IF YOU FEEL ANY DIFFICULTY IN GETTING YOUR RESULT FELL FREE TO COMMENT.

Results of CA Final & CPT Out

ICAI has today announced the result of the CA Final & CA CPT exams held by the institute on NOV. and DEC. respectivelly.
Roohi Aggrawal ( Roll No.133357) has topped the CA Final Exam by scoring 619 out of 800 ( 77.375%). Her marks are as under :
GROUP- I
FINANCIAL REPORTING                                                                             079
STRATEGIC FINANCIAL MANAGEMENT                                                   089
ADVANCED AUDITING & PROFESSIONAL ETHICS                                  070
CORPORATE & ALLIED LAWS                                                                 056

GROUP- II
 ADVANCED MANAGEMENT & ACCOUNTING                                        079
INFORMATION SYSTEM CONTROL & AUDIT                                         090
DIRECT TAX LAWS                                                                                 078
INDIRECT TAX LAWS                                                                              078





 The total pass % of the CA Final is given here under:
Both Group                                    15.78%
Group I                                          25.54%    
Group II                                        27.81%
It has also been reported that 35.33% of the students cleared their CPT Exams.

Certified Copies of Evaluated Answer Books of the CA Exams can now be obtained

ICAI has announced the procedures for providing inspection/certified copies of the answer sheets to the Concerned Examinee on payment of the prescribed fees. The Procedures shall apply from November 2011 Exams and Onwards. For this Examinee shall make an application, in his/her own hand writing to the ICAI seeking inspection of his/her evaluated answer books and/or certified copies thereof. This application shall be distinct from the application made by the examinee for verification of marks as per existing regulation.

The Application shall be made by the examinees within 75 days of the declaration of the results with the prescribed fees and beyond 75 days but within 90 days of the declaration of resuts with the payment of late fees.  Application received after 90 days from the declaration of results will not be entertained by the ICAI under any circumstances
.
For Information regarding the fees and other procedures please follow the link: http://220.227.161.86/25480announ14012012.pdf

CA Anthem- Ek Junoon Tha

New song completely dedicated to the CA Students. The words of this song seems really real and matching the life of the CA Students. Listen the song and Enjoy it.

Follow the link and watch the song : http://www.youtube.com/watch?v=iZ8lLRlNFG0

Extension of Due Date of Service Tax Return

The date for the submission of the half yearly return of the Service Tax for the period from April 2011 to September 2011 has been extended from 6th of January 2012 to 20th of January 2012.

The order from the Authority reads as:

ORDER NO: 1/2012- SERVICE TAX, DATED 9-1-2012
In exercise of the powers conferred by rule 7(4) of the Service Tax Rules, 1994 read with the notification no. 48/2011-Service Tax dated 19th October 2011, Central Board of Excise and Customs hereby extends the date of submission of half yearly return for the period April 2011 to September 2011, from 6th of January 2012 to 20th of January 2012.

This is being done in view of the fact that the assessees are facing problems in electronic filing of returns due to various reasons.

Results of CPT and Final Examination Likely to be announced

ICAI has announced that the results of the CA Final Examination held in November 2011 & CPT Examination held in December 2011 are likely to be declared on 18th of January, 2012 around 2 PM.
The results can be viewed by the students on http://www.caresults.nic.in

Interested candidate may also register their email address on  http://www.caresults.nic.in to receive the results through email from 13th of January 2012.

I WOULD LIKE TO WISH ALL THE EXAMINEE A VERY GOOD LUCK FOR THEIR RESULTS.
For any other queries visit: http://icai.org/new_post.html?post_id=8025&c_id=219

May 2012 exam Schedule

ICAI has finally announced  Schedule for May 2012 Final Examination , Integrated Professional Competence Examinations & Professional Competency Examination. As per the announcements the exam for the Final begins on 2nd of May 2012 and for IPCC & PCC on 3rd of May 2012.
The Details of the the Exam schedule is:
IPCC: Group I    3rd, 5th, 8th & 10th of May 2012
           Group II   12th, 14th & 16th of   May 2012

PCC:  Group I:    3rd, 5th & 14th of  May 2012
           Group II   8th, 10th & 16th  of  May 2012

Final: Group I:   2nd, 4th, 7th & 9th of  May 2012
           Group II  11th, 13th, 15th & 17th of  May 2012

The good news for the Nepalese is Kathmandu, Capital of Nepal,  is once again given a centre for conducting the exam.
For other information related to the exam Fees and Exam related querries please visit http://220.227.161.86/25449announ15145.pdf

Code Of Conduct For CA Students

ICAI has drafted the Code of Conduct to govern the conduct of the CA Students during  the period of practical training and also that of the students pursuing Professional Competence Course (PCC) / Integrated Professional Competence Course (IPCC), prior to registration for practical training as well as of the students who have completed practical training but not yet passed Final examinations. The Code is yet to be finalised and hence ICAI requests students to send their Comments on the draft Code of Conduct which shall be considered by the Board of Studies and incorporated in the draft.
The Complete code of conduct can be viewed here: http://220.227.161.86/24862CODE-OF-CONDUCT-CA-STUDENT.pdf
Comments can be Sent on the following email id: scravishankar@icai.org

Appilcability of Pronouncements of ICAI for May 2012 Exam

ICAI has announced that the following  pronouncements and publications are applicable for Final and IPCC Examination to be held by the Institute on May 2012.
http://220.227.161.86/25379announ15060.pdf

Revised Schedule VI

Follow this link to download the Revised Schedule VI to the Companies Act 1956 issued by the Ministry of Corporate Affairs:

http://www.caclubindia.com/files/447213_44265_revised_schedule_vi.pdf

Non Applicability of Schedule VI for MAy 2012 Exam.

The revised Schedule VI  to the Companies Act, 1956 issued by the Ministry of Corporate Affairs on 28th February, 2011 pertaining to the preparation of Balance Sheet and Profit and Loss Account under the Companies Act, 1956 for the financial year commencing on or after 1.4.2011 shall not be applicable for the PCC, IPCC and Final examinations to be held in May 2012.

Extention for CPT Registration date upto 4th April 2012

The last date for the registration of the Common Proficiency Course (CPC) shall be 4th April, 2012 for being eligible to appear in the CPT to be held in June, 2012, since 5th April, 2012 announced earlier is a public holiday.


For more info please follow the link: http://icai.org/new_post.html?post_id=8006&c_id=121