Last IPCC and FINAL exams were held in May,2014 and hope you have given your best to top the exam. As you know CA-IPCC (Intermediate) Exams are held every year in the months of May and November. Students have successfully written the CA-IPCC and FINAL exams which were conducted in May, 2014. All the Candidates who have appeared for the exam are now eagerly waiting for the Results. This is a good news for all those candidates who have appeared for the IPCC May Examination 2014 which was held on 27th May 2014 , the result will be declared in the month of August.
CA-IPCC FINAL Results 2014 May Declared by caresults.nic.in
in: CA Exam-Results FINAL IPCC on Wednesday, June 11, 2014Revalidation of registration for CA-CPT/ IPCC/ FINAL Course
in: Announcements CA on Wednesday, November 20, 2013- The revised scheme of revalidation came into effect from 1st January, 2013 and shall be applicable to CPT, IPCC, FINAL students .
APPLICABILITY OF THE SCHEME
Common Proficiency Course Students :
- Initial registration for common proficiency course (CPC) is valid for 3 years .
- Each revalidation shall be valid for 3 years .
- Fee for revalidation is Rs. 300 /- for each revalidation .
Difference between TDS and TCS
in: CA Others on Saturday, November 02, 2013
Hi friends....as we know in CA field we frequently go through TDS , TCS , VAT , CST etc etc.......while filing the returns we would definitely go through whether TDS has been deducted or not if deducted how much....? and on what income TDS has been deducted.....?? we check all these while filing IT returns.
Firstly we should know what is TDS and what is TCS....and also the difference between TDS and TCS.
Firstly we should know what is TDS and what is TCS....and also the difference between TDS and TCS.
TDS (Tax Deducted at Source)
Actually TDS is a very vast topic. There are lot of things to understand in TDS but here we try to give in a brief manner so that the basic Meaning of TDS can be understood.
For more info and clarity on this refer : TDS (Tax Deducted at Source)
So basically What is TDS...???
- The name itself says that the deduction of Tax.
- We will deduct it when made some payments like salaries, Rent, contracts, professional fees, commissions, Deemed Dividend etc.
- It is one of the modes of collection of taxes, by which a certain percentage of amounts are deducted by a person at the time of making/crediting certain specific nature of payment to the other person and deducted amount is remitted to the Government account.
- It is similar to "pay as you earn" scheme.
- It acts as a powerful instrument to prevent tax evasion as well as expands the tax net.
- Every person responsible for making payment of nature covered by TDS provisions of Income Tax Act shall be responsible to deduct tax.
TCS (Tax Collected at Source)
Collection Of Tax at Source |
TCS is as the name says it is collection of tax....It is to be collected by the seller by the buyer at the time of sale of Specific category of goods. The collected tax is to be deposited to the govt. The seller has to collect tax from the payer who has purchased the following items and the present TCS rates are:
Nature of Goods
|
TCS Rates
|
Alcoholic liquor
for human consumption
|
1%
|
Tendu leaves
|
5%
|
Timber obtained
under a forest lease
|
2.5%
|
Timber obtained
by any mode other than under a forest lease
|
2.5%
|
Any other forest
produce not being timber or Tendu leaves
|
2%
|
Scrap
|
1%
|
Parking lot
|
2%
|
Toll plaza
|
2%
|
Mining and
quarrying
|
2%
|
Minerals being
coal or Lignite or Iron Ore (applicable from 1st July 2012)
|
1%
|
Bullion if
consideration exceeds Rs. 2 lakhs or Jewellery, If consideration exceeds Rs.
5 lakhs and any amt received in cash (applicable from 1st July
2012)
|
1%
|
- The tax collected is to be paid to the Central Government within one week of the last day of the month in which the tax was collected.
- This payment is made in any branch of Reserve Bank of India (RBI), State Bank of India (SBI), or any other authorized bank.
- The payment is made accompanied by income tax challan 281.
- If the tax is collected on behalf of the Government, then the amount can be paid without the income tax challan.
For more info Stay Tuned to casimplified
Model Test Papers for CA-IPCC Students
in: CA IPCC on Friday, October 18, 2013
Hi friends....Tension Tension.....exams are very much near right....?? Why tension yaar...however you are going to come up with flying colors right...?? Fine at this stage don't try to go for new topics...its better you revise the subject as many times as you can which you have already gone through than going to new topics. At this stage we look for model papers , previous years papers , Scanners etc....whatever you call....that would be the same. Make sure you solve one full paper with a perfect time schedule before you appear for main exam, so that you will have a clear cut idea regarding your revision levels and time maintaining skills. Here we are trying to provide you the model papers which might help you in scoring good and decent marks.
For more info Stay Tuned to casimplified
Here lets have a look towards the Model Papers and their Suggested Answers
Question Papers
GROUP - I
GROUP - II
Suggested Answers
GROUP - I
GROUP - II
For more info Stay Tuned to casimplified
Model Test papers - CA Final
in: CA FINAL on Thursday, October 17, 2013
Hi friends....exams are very much near right....?? At this stage don't try to go for new topics...its better you revise the subject as many times as you can which you have already gone through than going to new topics. At this stage we look for model papers , previous years papers , Scanners etc....whatever you call that would be the same. Make sure you solve one full paper with a perfect time schedule before you appear for main exam so that you will have a clear cut idea regarding your revision levels and time maintaining skills. Here we are trying to provide you the model papers which might help you in scoring good and decent marks.
One thing to keep in mind is these papers can only make you revise the topics what you have done and boost ups your confidence levels...Of-course the Final students are must aware of the exam pattern of ICAI which we need not discuss separately.
PAPER - 1 : FINANCIAL REPORTING
PAPER - 2 : STRATEGIC FINANCIAL MANAGEMENT
PAPER - 3 : ADVANCED AUDITING AND PROFESSIONAL ETHICS
PAPER - 4 : CORPORATE AND ALLIED LAWS
PAPER - 5 : ADVANCED MANAGEMENT ACCOUNTING
PAPER - 6 : INFORMATION SYSTEMS CONTROL AND AUDIT
PAPER - 7 : DIRECT TAX LAWS
PAPER - 8 : INDIRECT TAX LAWS
Group - I
PAPER - 1 : FINANCIAL REPORTING
PAPER - 2 : STRATEGIC FINANCIAL MANAGEMENT
PAPER - 3 : ADVANCED AUDITING AND PROFESSIONAL ETHICS
PAPER - 4 : CORPORATE AND ALLIED LAWS
Group - II
PAPER - 5 : ADVANCED MANAGEMENT ACCOUNTING
PAPER - 6 : INFORMATION SYSTEMS CONTROL AND AUDIT
PAPER - 7 : DIRECT TAX LAWS
PAPER - 8 : INDIRECT TAX LAWS
For more info Stay Tuned to casimplified.....
One thing to keep in mind is these papers can only make you revise the topics what you have done and boost ups your confidence levels...Of-course the Final students are must aware of the exam pattern of ICAI which we need not discuss separately.
Question Papers
Group - I
PAPER - 1 : FINANCIAL REPORTING
PAPER - 2 : STRATEGIC FINANCIAL MANAGEMENT
PAPER - 3 : ADVANCED AUDITING AND PROFESSIONAL ETHICS
PAPER - 4 : CORPORATE AND ALLIED LAWS
Group - II
PAPER - 5 : ADVANCED MANAGEMENT ACCOUNTING
PAPER - 6 : INFORMATION SYSTEMS CONTROL AND AUDIT
PAPER - 7 : DIRECT TAX LAWS
PAPER - 8 : INDIRECT TAX LAWS
Suggested Answers
PAPER - 1 : FINANCIAL REPORTING
PAPER - 2 : STRATEGIC FINANCIAL MANAGEMENT
PAPER - 3 : ADVANCED AUDITING AND PROFESSIONAL ETHICS
PAPER - 4 : CORPORATE AND ALLIED LAWS
Group - II
PAPER - 5 : ADVANCED MANAGEMENT ACCOUNTING
PAPER - 6 : INFORMATION SYSTEMS CONTROL AND AUDIT
PAPER - 7 : DIRECT TAX LAWS
PAPER - 8 : INDIRECT TAX LAWS
For more info Stay Tuned to casimplified.....
How to check your Income Tax Ward/Range/Circle/AO code Online
in: CA Others on Thursday, October 17, 2013
Hi friends........Difficult to Locate your Income Tax Ward/ Range/ Circle/ AO code...?? well let me help you to know it online.
Firstly Lets see what is Income Tax Ward/ Range/ Circle/ AO code...? How and where it is used...???
Firstly Lets see what is Income Tax Ward/ Range/ Circle/ AO code...? How and where it is used...???
What is Income Tax Ward/ Range/ Circle/ AO code...?
Can you imagine and count in number how many are paying tax every year..? Actually no....right...? There are more than 3 crore Tax payers in India...To assess these tax payers the Income Tax Department designated few officers to specific areas. These Officers spread over different areas in India and each officer is designated a specified area and a specified category of Taxpayers only. These specified Tax payers fall in the Jurisdiction of that specified officer.
So the Income Tax Ward/ Range/ Circle/ AO Code is the number that has been assigned to the Income Tax Assessing Officer who would be monitoring your Income Tax Return and in case of any discrepancy, they also have the powers to scrutinize your tax returns and demand for extra payment of taxes if any and if there is any refund that should also be approved by Income Tax officer himself.
Where it is Used......???
These details are to be furnished while......
- Filing IT returns.
- Applying for New PAN card.
When filing IT returns we usually come across small space where you are asked to mention your IT ward/ Circle/ Range/ AO Code. While filing Individual returns its not that mandatory to mention but while filing for companies or Firms we should mention.
Procedure to Locate Income Tax Ward/ Circle/ Range /AO Code
If you are not aware of Income Tax Ward /circle just click on the below link to know it Online
So that you will be redirected to Income Tax website. Which appears as below....
As shown in the Picture click on Know your Jurisdictional AO . so that a screen will be opened which looks as below......
Enter the PAN and Code...so that you can know your Jurisdictional AO.
CA Student Hacks IT Account of Shah Rukh, Salman, Sachin Tendulkar, MS Dhoni
in: Others on Saturday, September 28, 2013
Hi friends..... doing well with your preparation right...??? But mean while we are coming to know many things about CA students. Other than professional studies how good they are performing in other fields....Is that good....?? How you are going to judge from your end....?? Are you thinking of what I mean to Say....??? Yes Yes.....that is what I mean to say........CA student Hacked the IT Account of.........?????
Recommended Read : Reset or Recover IT site PASSWORD
Yes as I already mentioned in my previous post that the well known Business tycoon Anil Ambani's IT Account was Hacked. Now Mumbai Police's crime branch have come to know that on Thursday about a Chartered Accountancy (CA) student, who hacked into I-T returns of Bollywood actors Shah Rukh Khan and Salman Khan and cricketers Sachin Tendulkar and MS Dhoni.
Recommended read : Anil Ambanies IT Account Hacked
"We have already set up an inquiry against the CA student who hacked into Anil Ambani's tax returns. As regard the hacking of Bollywood actors and cricketers, we will set up an inquiry against the student," Subodh Agarwal, president, the Institute of Chartered Accountants of India (ICAI).
He also said that a newsletter will be issued to make students aware of the consequences and desist them from indulging in such activities.
If found guilty, the Article-ship of the students would be cancelled, following which they would not be able to pursue their chartered accountancy course.
"This also shows that the government system is so vulnerable. We will take it up with the government," Agarwal added.
The Mumbai Police, said that they found that Ambani's account was also fraudulently accessed from Noida. This investigation led them to Vishal Kaushal Company, an accountancy firm in Noida, from where another CA student Sanchit Katiyal had hacked into Ambani's account. Katiyal, who is undergoing his Article-ship, was booked by the cyber crime cell on September 16, and his computer and hard disks were seized.
With the two cases of illegal access of I-T returns of eminent personalities by CA students, the accounting regulator, ICAI, has said that it will take strict action against the students and cancel their Article-ship if found guilty.
Friends I already informed you not to get focused into social network in the negative way. Being a professional behave like a professional. We are nothing to do with their IT accounts. These all have been done through enthusiasm only....but its not legal right....??? So, if you are that enthusiastic do well in exams and become a well known Chartered Accountant so that you may get the Chance of Filing their IT returns legally instead of Hacking thing in a positive way.....
Think wise.... Act wise.......
For more info Stay stuned to casimplified