Download MICR code list in Excel & PDF format
JUST click here to download
EXCEL Format: http://www.mediafire.com/download.php?nnuo3nzbzzj
PDF Format: http://www.mediafire.com/download.php?mtg4jiejtnn
Sunday, November 29, 2009
A very good PDF file on Stampduty
Following are the details covered in this PDF file
CONTENTS
1. Levy of Stamp Duty in India
2. Types of Stamp in India
3. Important Provisions of Stamp Duty
4. Bombay Stamp Act, 1958 (the “Bombay Stamp Act”)
5. Frequently Asked Questions on Stamp Duty
Just click here to download : http://www.mediafire.com/download.php?thjzmzndywg
(This are the materials provided at the lecture meeting in WIRC seminar)
A very good presentation on Tax audit issues
A very good presentation on Tax audit issues
It covers Following subjects
1.Turnover/Gross Receipts meaning for various types of assessee
-In case of a day trader/speculator
-In case of security derivatives transactions
-In case of commodity derivatives transactions
-In case of a clearing & forwarding agent
-In case of a multimodal transport operator
-In case of travel agent, where no commission is payable by airlines
-In case of an advertising agency booking space
-In case of a construction contractor
-In Case of Partner of Partnership firm
2.Tax Audit in case of Charitable Trust
3.Format of Report & Accounts
4.Important clauses, section & guidance notes of institute
5.Clause 17(a) - Software –Capital or Revenue Expenditure?
6.Clause 17(f) & 27 – TDS r.w.s. 40(a)(ia)
7.CBDT Instruction No.9/2008 dated 31.7.2008
Just click here to download: http://www.mediafire.com/download.php?xwmnowee1zk
(This are the materials provided at the lecture meeting in BCA'S seminar)
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Very Good Presentation on DTC Code bills
I Am uploading herewith some of the good presentation on Direct tax code bill (Topic wise)
Just click on the below mentioned link to download:-
1.TAX IMPLICATIONS ON FOREIGN ENTITIES AND TDS ON PAYMENTS TO NR
http://www.mediafire.com/download.php?ztmv42wwiw0
2.NPOs, Unincorporated Bodies, Financial
http://www.mediafire.com/download.php?mkojewlttmz
3.Business Reorganisation GAAR
http://www.mediafire.com/download.php?iznmajidily
4.DTC Anti-avoidance Rules
http://www.mediafire.com/download.php?tjydmjnnz3a
(This are the materials provided at the lecture meeting in BCA'S seminar)
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Applicability of provisions under section 194J of Income Tax Act' 61 in the case of transactions by the Third Party Administrators (TPAs) with hospitals etc.
CIRCULAR NO 8/2009, Dated: November 24, 2009
Sub: Applicability of provisions under Section 194J of Income Tax Act'61 in the case of transactions by the Third Party Administrators (TPAs) with Hospitals etc.
A number of representations have been received from various stakeholders regarding applicability of provisions under Section 194J of Income Tax Act'61 on payments made by Third Party Administrators (TPAs) to hospitals on behalf of insurance companies for settling medical/insurance claims etc with the hospitals.
2. The matter was examined by the Board. As per provisions of section 194J (1) ‘Any person, not being an individual or a Hindu undivided family, who is responsible for paying to a resident any sum by way of—
( a ) fees for professional services, or
( b ) fees for technical services, [or]
[( c ) royalty, or
( d ) any sum referred to in clause ( va ) of section 28 ,]
shall, at the time of credit of such sum to the account of the payee or at the time of payment thereof in cash or by issue of a cheque or draft or by any other mode, whichever is earlier, deduct an amount equal to ten per cent of such sum as income-tax on income comprised therein …”. Further as per Explanation (a) to 194J “professional services” means services rendered by a person in the course of carrying on legal, medical, engineering or architectural profession etc.. ' .
3. The services rendered by hospitals to various patients are primarily medical services and, therefore, provisions of 194J are applicable on payments made by TPAs to hospitals etc. Further for invoking provisions of 194J, there is no stipulation that the professional services have to be necessarily rendered to the person who makes payment to hospital. Therefore TPAs who are making payment on behalf of insurance companies to hospitals for settlement of medical/insurance claims etc under various schemes including Cashless schemes are liable to deduct tax at source under section 194J on all such payments to hospitals etc.
3.1. In view of above, all such past transactions between TPAs and hospitals fall within provisions of Section 194J and consequence of failure to deduct tax or after deducting tax failure to pay on all such transactions would make the deductor (TPAs) deemed to be an assessee in default in respect of such tax and also liable for charging of interest under Section 201 (1A) and penalty under Section 271C.
4. Considering the facts and circumstances of the class of cases of TPAs and insurance companies, the Board has decided that no proceedings u/s 201 may be initiated after the expiry of six years from the end of financial year in which such payment have been made without deducting tax at source etc by the TPAs. The Board is also of the view that tax demand arising out of Section 201 (1) in situations arising above, may not be enforced if the deductor(TPA) satisfies the officer in charge of TDS that the relevant taxes have been paid by the deductee assessee (hospitals etc.). A certificate from the auditor of the deductee assessee stating that the tax and interest due from deductee assessee has been paid for the assessment year concerned would be sufficient compliance for the above purpose. However, this will not alter the liability to charge interest under Section 201 (1A) of the Income Tax Act till payment of taxes by the deductee assessee or liability for penalty under Section 271C of the Income Tax Act as the case may be.
5. The contents of the circular may be brought to the notice of officers and officials working under you for strict compliance.
Hindi version will follow
F.No. 385/08/2009-IT(B)
(Ansuman Pattnaik)
Director (Budget)
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Friday, November 27, 2009
Survey in relation to classes (Exclusively for CA Students)
Hi Friends,
Just i want to remind my CA Friends about the survey which is being conducted in relation to classes and is due to be closed on 6th of December 2009.
I request all my CA Friends to take part in this survey and help us to get valuable inputs in relation to your classes and what do you think are the essential requirements in relation to classes?
As per the sources the INSTITUTE itself is planning to start classes for CA CPT/PCC/IPCC and some of the students have also received letters in relation to this.
Click here to fill the survey form: http://spreadsheets.google.com/viewform?formkey=dDVPSEVyUVAtMC1rTi1meVNJNlE1N1E6MA
This questionnaire is an attempt to gauge the current scenario of the coaching classes for CA students. Does it meet your expectations? Does it meet your requirements and your needs? It shall attempt to identify the gaps between what YOU desire, and what is currently available. Hopefully, this should make a difference to your life in due course as a future Chartered Accountant!!
Thanks!!
I request all my CA Friends to reply to this survey.
Dhaval Desai.
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Wednesday, November 25, 2009
New VAT Audit Form as on 25.11.2009
Just click here to download the new vat audit form
http://www.mediafire.com/file/m2nzgxgtzrf/FORM-704 25112009.xls
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CRITERIA FOR CLASSIFICATION OF ENTERPRISES
| Accounting Standards |
CRITERIA FOR CLASSIFICATION OF ENTERPRISES
1. Criteria for classification of non-corporate entities as decided by the Institute of Chartered Accountants of India
Level I EntitiesNon-corporate entities which fall in any one or more of the following categories, at the end of the relevant accounting period, are classified as Level I entities:
i. Entities whose equity or debt securities are listed or are in the process of listing on any stock exchange, whether in India or outside India
ii. Banks (including co-operative banks), financial institutions or entities carrying on insurance business.
iii. All commercial, industrial and business reporting entities, whose turnover (excluding other income) exceeds rupees fifty crore in the immediately preceding accounting year.
iv. All commercial, industrial and business reporting entities having borrowings (including public deposits) in excess of rupees ten crore at any time during the immediately preceding accounting year.
v. holding and subsidiary entities of any one of the above.
Level II Entities (SMEs)Non-corporate entities which are not Level I entities but fall in any one or more of the following categories are classified as Level II entities:
i. All commercial, industrial and business reporting entities, whose turnover (excluding other income) exceeds rupees forty lakh but does not exceed rupees fifty crore in the immediately preceding accounting year.
ii. All commercial, industrial and business reporting entities having borrowings (including public deposits) in excess of rupees one crore but not in excess of rupees ten crore at any time during the immediately preceding accounting year.
iii. Holding and subsidiary entities of any one of the above.
Level III Entities (SMEs)Non-corporate entities which are not covered under Level I and Level II are considered as Level III entities.
2. Criteria for classification of companies under the Companies (Accounting Standards) Rules, 2006
Small and Medium-Sized Company (SMC) as defined in Clause 2(f) of the Companies (Accounting Standards) Rules, 2006:(f) “Small and Medium Sized Company” (SMC) means, a company-
i. whose equity or debt securities are not listed or are not in the process of listing on any stock exchange, whether in India or outside India
ii. which is not a bank, financial institution or an insurance company;
iii. whose turnover (excluding other income) does not exceed rupees fifty crore in the immediately preceding accounting year;
iv. which does not have borrowings (including public deposits) in excess of rupees ten crore at any time during the immediately preceding accounting year; and
v. which is not a holding or subsidiary company of a company which is not a small and medium-sized company.
Explanation: For the purposes of clause (f), a company shall qualify as a Small and Medium Sized Company, if the conditions mentioned therein are satisfied as at the end of the relevant accounting period.Non-SMCs
Companies not falling within the definition of SMC are considered as Non-SMCs.
Harmonisation of differences between the Accounting Standards issued by the ICAI and those notified by the Central Government
The Central Government, on December 7, 2006, notified Accounting Standards in the Companies (Accounting Standards) Rules, 2006. These Accounting Standards were different in certain respects from the Accounting Standards issued by the council of ICAI. It has now been decided to harmonise these differences and clarify as to the applicability of both the sets of Accounting Standards to various entities.
Harmonisation of Differences caused by Accounting Standards Interpretations (ASIs)
The consensus portion of most of the ASIs has been included as ‘Explanation’ to the relevant paragraphs in the notified Accounting Standards. The Council has decided to follow the same. Accordingly, Standards issued by ICAI will also have these ASIs inbuilt in the standard itself. Thus, the Standards are being amended to incorporate the consensus portion of the ASIs as explanation to the relevant paragraphs.
Withdrawal of Accounting Standards Interpretations
ASI 2, Accounting for Machinery Spares (Re. AS 2 and AS 10) and ASI 11, Accounting for Taxes on Income in case of an Amalgamation (Re. As 22) have been withdrawn. These ASIs would not be included in the standards.Issuance of Guidance Notes in lieu of ASIs
The council decided to withdraw the following ASIs and issue the same as Guidance Notes.ASI 12 Applicability of AS 20 (Re. AS 20)
ASI 23 Remuneration paid to key management personnel — whether a related party transaction (Re. AS 18)
ASI 27 Applicability of AS 25 to Interim Financial Results (Re. AS 25)
ASI 29 Turnover in case of Contractors (Re. AS 7 (Revised 2002)
Harmonisation of Definition of Smaller Companies
The Council has retained three levels of entities, for Non- Corporate Enterprises. However, the ICAI has harmonized the definitions for smaller companies to fall in line with the Companies (Accounting Standards) Rules, 2006.It must be noted here, that only corporate entities shall be governed by the Accounting Standard provisions contained in the notified Rules.
The applicability of Accounting Standards to various entities is summarized in the following tables.
Note:
· The under mentioned Accounting Standards shall be applicable to all corporate entities for accounting periods commencing on or after December 7, 2006;
· For Non-Corporate entities, it shall be applicable from 1st April 1, 2008 (with standards which are being amended to incorporate changed definitions of SMEs and the consensus portion of the ASIs)
Applicability of Accounting Standards - An overview| Accounting Standards | To all Corporate Entities [As per Companies (Accounting Standards) Rules] | To all Non-Corporate entities [As per ICAI Accounting Standards] | |
| AS 1 | Disclosure of Accounting Policies | Y | Y |
| AS 2 | Valuation of Inventories | Y | Y |
| AS 4 | Contingencies and Events Occurring After the Balance Sheet Date | Y | Y |
| AS 5 | Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies | Y | Y |
| AS 6 | Depreciation Accounting | Y | Y |
| AS 7 | Construction Contracts (Revised 2002) | Y | Y |
| AS 9 | Revenue Recognition | Y | Y |
| AS 10 | Accounting for Fixed Assets | Y | Y |
| AS 11 | The Effects of Changes in Foreign Exchange Rates (Revised 2003) | Y | Y |
| AS 12 | Accounting for Government Grants | Y | Y |
| AS 13 | Accounting for Investments | Y | Y |
| AS 14 | Accounting for Amalgamations | Y | Y |
| AS 15 | Employee Benefits (Refer Note 1) | Y | Y |
| AS 16 | Borrowing Costs | Y | Y |
| AS 18 | Related Party Disclosures | Y | Not applicable to Level III |
| AS 19 | Leases (Refer Note 2) | Y | Y |
| AS 20 | Earnings Per Share (Refer Note 3) | Y | Y |
| AS 22 | Accounting for Taxes on Income | Y | Y |
| AS 24 | Discontinuing Operations | Y | Not applicable to Level III |
| AS 25 | Interim Financial Reporting (Refer Note 6) | Y | Y |
| AS 26 | Intangible Assets | Y | Y |
| AS 28 | Impairment of Assets (Refer Note 4) | Y | Y |
| AS 29 | Provisions, Contingent Liabilities and Contingent Assets (Refer Note 5) | Y | Y |
The Exemptions available to both, SMCs (i.e., governed by the Rules) and also available to Level II and Level III Enterprises (i.e., governed by the ICAI Accounting Standards) in entirety are given in the following table:
| AS 3 | Cash Flow Statements |
| AS 17 | Segment Reporting |
| AS 21* | Consolidated Financial Statements |
| AS 23* | Accounting for Investments in Associates in Consolidated Financial Statements |
| AS 27* | Financial Reporting of Interests in Joint Ventures (to the extent of requirement relating to Consolidated Financial Statements) |
Relaxations of certain requirements for SMCs / Level II & Level III enterprises :
| Note No. | Accounting Standards | Relaxations available to Small and Medium Companies, Level II Enterprises and Level III Enterprises |
| 1 | AS 15, Employee Benefits | • Paragraphs 11-16 dealing with recognition and measurement of short term accumulating compensated absences which are non-vesting • Paragraphs 46 and 139 dealing with discounting of amounts that fall due more than 12 months after the balance sheet date • Paragraphs 50–116 dealing with Defined Benefit plans • Paragraphs 117–123 dealing with actuarial valuations • Paragraphs 129-131 in respect of other long-term benefits Note: AS 15 (Revised 2005) issued by ICAI exempts Level II enterprises having less than 50 employees from the application of PUC method, i.e., these enterprises can use other rational method for accrual of liabilities. However, the Companies (Accounting Standards) Rules, 2006 do not contain such exemption. |
| 2 | AS 19, Leases 22(c), | • Requirements relating to disclosures as given in paragraphs (e) and (f); 25(a), (b) and (e); 37(a) and (f); and 46(b) and (d) are not applicable to SMCs and level II/III enterprises. • Further to these relaxations, Level III enterprises are also not required to give Paragraphs 37(g) and 46(e) disclosures. |
| 3 | AS 20, Earnings Per Share | • Diluted earnings per share (both including and excluding extraordinary items) is not required to be disclosed for SMCs and level II/III non corporate enterprises. • Further, Information required by paragraph 48(ii) of AS 20 regarding disclosures for parameters used in calculation of EPS, are also not required to be disclosed by Level III entities. |
| 4 | AS 28, Impairment of Assets | • Value in use can be based on reasonable estimate instead of computing it by present value technique. Further, information required by paragraph 121(g) relating to discount rate used, need not be disclosed. |
| 5 | AS 29, Provisions, Contingent Liabilities and Contingent Assets | • Paragraphs 66 and 67 relating to disclosures for amount and description for each class of provision are not required to be disclosed. |
| 6 | AS 25, Interim Financial Reporting | • AS 25 is applicable only if a company/non-corporate entity elects to prepare and present an interim financial report. Only certain Non-SMCs/Level I entities are required by the concerned regulatory to present interim financial results, eg, quarterly financial results required by the SEBI. |
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BCAS Students Forum
Bombay Chartered Accountants' Society |
BCAS Students Forum |
Dear Students,
You are requested to take advantage of the BCAS Students Forum Study Circle Meeting to be held as follows:
Day & Date | Saturday November 28, 2009 |
Time | 3.00 p.m. to 5.00 p.m. |
Key Note Speaker | Immediate Past President Anil Sathe |
Key Note Address | How to Prepare for CA Examinations |
Student Speaker | Ajay Kotwani |
Topic | "Discussion on AS11 & AS22" |
Venue | Gulmohar – BCAS Conference Room. |
Fees | Free |
Students Forum Study Circle Meeting – A study circle of the students, by the students and for the students.
Manish Sampat / Aliasgar Kherodawala / Mukesh Trivedi
Convenors
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