Deduction U/S 80G of Income Tax Act 1961

Posted on February 21, 2012 by Naveen Khulve

Hello Friends here I am sharing certain important points which are require to be considered while donating for the purpose of claiming deduction under section 80G of Income Tax Act.

Following condition must be satisfied for claiming deduction u/s 80G:-

  • Deduction is allowed to all assessees.
  • Donation should be made in form of sum of money. Donation in kind is not qualifying for deduction u/s 80G.
  • Donation must be made only to specified funds/ institution.
  • Assessee must produce proof of payment.

Deduction u/s 80G can be divided into 4 categories:-

  • Donation made to specified funds/ institution which are eligible for 100% deduction without any qualifying limit.
  • Donation made to specified funds/ institution which are eligible for 50% deduction without any qualifying limit.
  • Donation made to specified funds/ institution which are eligible for 100% deduction subject to qualifying limit.
  • Donation made to specified funds/ institution which are eligible for 50% deduction subject to qualifying limit.

Amount of Deduction shall be aggregate of donation made under above mentioned 4 categories.

Meaning of Qualifying Limit: – Here qualifying limit means aggregate of donation made to specified funds/ institution which shall be limited to 10% of adjusted gross total income of assessee.

Meaning of Adjusted Gross Total Income: – Following shall be deductible from Gross Total Income to find out adjusted gross total income:-

  • Amount deductible under sections 80C to 80U excluding section 80G.
  • Long term capital gains
  • Short term capital gain which is taxable u/s 111A
  • Income referred to in section 115A, 115AB, 115AC or 115AD
  • Income on which income tax is not payable.
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Point of Taxation Rules, 2011 Service Tax

Posted on February 21, 2012 by Naveen Khulve

Hello Friends here I am sharing about Point of Taxation Rules, 2011 (Service Tax)

Point of Taxation Rules, 2011 is effective from 01.04.2011. As per this rule payment of service tax is to be made on the accrual basis instead of receipt basis. Point of Taxation Rules, 2011 also discuss about the specify date relevant for determining rate of service tax.

Earlier service tax was payable on receipt basis i.e. on receipt of payment of invoice or bill from customer or receipt of advance whichever is earlier. Now from April 1, 2011 service tax will be payable on billing basis and not on receipt of payment basis. However option has granted to assessee to continue with payment on receipt basis upto 30.06.2011 if they so desire.

Point of Taxation Rules, 2011 is not applicable for Professional i.e. Practicing CA/CWA/CS, Advocates, Architects, Interior Decorators, Scientist. Thus Professional will continue to pay service tax on receipt basis instead of accrual basis even after 01.07.2011

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Salaried Assesses having Income Upto Rs. 5 Lakhs Exempt from ROI For AY 2012-13

Posted on February 20, 2012 by Naveen Khulve

By Notification No: 9/2012, dated 17th February, 2012 Central Government exempts salaried assesses with income upto Rs 5Lakhs from filing return of income for the assessment year 2012-13.

Following condition must be satisfied for availing this exemption:-

  • Individual must have a income of less than 5 Lakhs and such income must be chargeable under head Salaries and Income from other sources by way of interest from a saving bank account not exceeding Rs 10,000.
  • Individual must reported his Permanent Account Number (PAN) to his employer and also reported the income from other sources and tax deducted thereon if any.
  • Individual must received a Form 16 from his employer.
  • Individual must discharged his tax liability through TDS and its deposit by the employer to the central government.
  • There is no claim of refund by the individual.
  • Individual has received salary from one employer only.

 

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What is Credit Monitoring Arrangement (CMA) Reports

Posted on February 19, 2012 by Naveen Khulve

As per Reserve Bank of India CMA stands for Credit Monitoring Arrangements. CMA reports is used by the Banks for sanctioning the loans to company. CMA report shows the performance of company during last 3 years and projected report for next two years. CMA report consist the data used to monitor and analyse the credit rating of customer applying for the purpose of granting the Cash Credit from banks. 

 Under CMA system, RBI prescribed two sets of formats:- 
(i)       Assessment of working capital requirements
(ii)    Monitoring through Quarterly Information System (QIS)
Following criteria must be considered while preparing for CMA Data:-
·       The current ratio should be greater than 1.33.
·       There must be sufficient stock for collateral security to loan amount.
·       Sales should be generally 4 or 5 times of the loan amount.
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ICAI Continuing Professional Education Hours (CPE Hours)

Posted on February 18, 2012 by Naveen Khulve

Hello Friends

Here I am sharing about the Continuing Professional Education (CPE) Hours require to be completed by a member of ICAI.

Continuing Professional Education (CPE) Hours Requirements for Members holding Certificate of Practice (COP): In case a member holds COP (except those members who are residing abroad or other otherwise exempted CA), are required to complete at least 90 CPE hours in each rolling three-year period of which 60 CPE credit hours should be of structured learning. Further there should be minimum 20 CPE hours of structured learning in each year.

Continuing Professional Education (CPE) Hours Requirements for Members not holding Certificate of Practise (COP) : In case a member is in job then he is required to complete at least 45 CPE hours of structured/unstructured learning in each rolling 3 years period. Further minimum 10 CPE hours of structured/unstructured learning in each year.

Thus for rolling period of 3 years, maximum of 30 CPE credit hours of unstructured learning are useful to accomplish the above requirement for a practicing CA. However there is no maximum limit for accumulating credit of CPE hours from any of above mode. A Chartered Accountant doing job can complete his CPE credit hours requirement through any of structured or unstructured learning mode.

Structured learning mode

The structured learning program is being organized by the ICAI and its committees where credit of CPE hours are being set on some rules based on type of organized program.

The credit for this type of learning is being given automatically, if a CA is present in the organized program.

Unstructured learning mode

Unstructured learning (ULAs) program is divided in eight types of major activities:

1.    Web Based 2.    Self learning
3.    Home Study 4.    Discussion on technical issues
5.    Acting as faculty 6.    Teleconferencing program
7.    Questionnaires/Journals 8.    Internal Training Program

The CPE Credit through this mode is available for any correspondence course; listening Audio CDs purchased from ICAI; Reading and Individual Home Study including reading articles in the CA Journal, reading technical, professional, financial or business literature; Group or bilateral discussion on technical/professional issues; working as a faculty member in any college, university or a management or national importance institution; internal training program organized by CA firm with more than 6 partners.

Claiming CPE Credit hours of unstructured learning

A CA can claim CPE credit hours of unstructured learning activity (ULA) through self declaration form, available at ICAI website. Within 5 Months of close of a calendar year (e.g. for calendar year 2011 form must be submitted upto 31.05.2012) duly filled-in and signed self declaration form to be submitted to the concerned Decentralized Offices. On the basis of Self Declaration submitted by the Members, the concerned Decentralized Offices would enter the CPE Hours Credit on the CPE Portal under the Head Unstructured Learning Activities (ULAs).

However, the CPE Advisory can accept, reject, or reject partly, the said claim.

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What is XBRL (eXtensible Business Reporting Language)

Posted on February 16, 2012 by Naveen Khulve

extensible Business Reporting LanguageXBRL stands for eXtensible Business Reporting Language. XBRL is developed by XBRL International which is a not-for- profit organization consists of companies and agencies internationally, working together to build the XBRL language standard, promote and support XBRL’s adoption.

XBRL is an XML-based computer language (eXtensible Markup Language) for electronic transmission of business and financial data. XML is based on the concept of meta-data. This meta-data provides context to the information which makes the data almost self-explanatory. Wherever the XBRL data moves, it carries along with it the context, which makes it intelligent and thus any software application can interpret and process the data.
XBRL is a powerful and flexible version of XML which has been defined specifically to meet the requirements of business and financial information.  It enables unique identifying tags to be applied to items of financial data. The rich and powerful structure of XBRL allows very efficient handling of business data by computer software.  It supports all the standard tasks involved in compiling, storing and using business data.  Such information can be converted into XBRL by suitable mapping processes or generated in XBRL by software.

Advantages of XBRL: XBRL make data frees from paper-based reports and allows it to flow between XBRL-enabled software applications. It can automate financial analysis also. Computers can intelligently “read” an XBRL report to select specific data, pull it into documents and spreadsheets, analyze it, exchange it with other computers, and present it in a variety of formats. This can all take place in real time, allowing users to instantly compare hundreds of companies, industry sectors, topics, and issues, with automatic updates.

XBRL data is more accurate and transparent than data in financial statements that appears in legacy electronic and paper reports. For investors and analysts, XBRL eliminates the time, labour, and errors. It provides a systematic analysis of data. XBRL tags both numbers and textual information, which means not only balance statements, but information such as statement of principals, and even footprints, appendices, and updates, is accounted for, to aid in internal audits and external research and analysis.

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ICAI Campus Placement Interview Schedule Feb-Mar’2012

Posted on February 15, 2012 by Naveen Khulve

ICAI Campus Placement Programme

Hello Friends

Here i am sharing the Interview Schedule date for ICAI Campus Placement Programme to be held in various centres for the period February’2012-March’2012.

  • Ahmedabad 27-Feb-2012 UTI Asset Management Company Pvt.Ltd.
    Ahmedabad 27-Feb-2012 Tata Consultancy Services Ltd.
    Ahmedabad 27-Feb-2012 Infosys Technologies Limited
    Ahmedabad 27-Feb-2012 ACC Ltd.
    Ahmedabad 28-Feb-2012 Evolutionary Systems Private Ltd.
    Ahmedabad 28-Feb-2012 UNION BANK OF INDIA mumbai
    Ahmedabad 28-Feb-2012 Elecon
    Bangalore 28-Mar-2012 ITC Limited Finance
    Bangalore 29-Mar-2012 S.R Batliboi & Co
    Bangalore 29-Mar-2012 Infosys Technologies Limited
    Bangalore 30-Mar-2012 Tata Consultancy Services Ltd.
    Bangalore 30-Mar-2012 Cognizant
    Bangalore 30-Mar-2012 UNION BANK OF INDIA mumbai
    Baroda 22-Feb-2012 Elecon
    Bhubaneswar 23-Feb-2012 Infosys Technologies Limited
    Bhubaneswar 23-Feb-2012 VISA Steel Limited
    Chandigarh 22-Feb-2012 Infosys Technologies Limited
    Chandigarh 22-Feb-2012 UTI Asset Management Company Pvt.Ltd.
    Chandigarh 22-Feb-2012 UNION BANK OF INDIA mumbai
    Chandigarh 22-Feb-2012 Whirlpool Of India Ltd
    Chandigarh 23-Feb-2012 Central Bank Of India
    Chennai 26-Mar-2012 Olam International
    Chennai 26-Mar-2012 ITC Limited Finance
    Chennai 26-Mar-2012 INDIAN OIL CORPORATION LIMITED
    Chennai 27-Mar-2012 Vedanta Resources Plc.
    Chennai 27-Mar-2012 Ashok Leyland Limited
    Chennai 29-Mar-2012 Central Bank Of India
    Chennai 30-Mar-2012 Central Bank Of India
    Chennai 31-Mar-2012 Central Bank Of India
    Coimbatore 23-Feb-2012 LIC HOUSING FINANCE LTD
    Coimbatore 23-Feb-2012 Hindustan Coca Cola Beveraged Pvt. Ltd.
    Hyderabad 28-Mar-2012 Vedanta Resources Plc.
    Hyderabad 28-Mar-2012 Central Bank Of India
    Hyderabad 29-Mar-2012 Infosys Technologies Limited
    Indore 22-Feb-2012 LIC HOUSING FINANCE LTD
    Indore 22-Feb-2012 Hindustan Coca Cola Beveraged Pvt. Ltd.
    Indore 22-Feb-2012 Central Bank Of India
    Jaipur 27-Feb-2012 Infosys Technologies Limited
    Jaipur 27-Feb-2012 ACC Ltd.
    Jaipur 27-Feb-2012 Central Bank Of India
    Kanpur 21-Feb-2012 UNION BANK OF INDIA mumbai
    Kanpur 21-Feb-2012 Central Bank Of India
    Kanpur 22-Feb-2012 Jaiprakash Associates Limited
    Kolkata 28-Mar-2012 INDIAN OIL CORPORATION LIMITED
    Mumbai 26-Mar-2012 INDIAN OIL CORPORATION LIMITED
    Mumbai 27-Mar-2012 S.R Batliboi & Co
    Mumbai 27-Mar-2012 INDIAN OIL CORPORATION LIMITED
    Mumbai 27-Mar-2012 Pidilite Industries Limited
    Mumbai 27-Mar-2012 Vedanta Resources Plc.
    Mumbai 28-Mar-2012 Tata Consultancy Services Ltd.
    Mumbai 28-Mar-2012 Galaxy Surfactants Limited
    Mumbai 28-Mar-2012 UNION BANK OF INDIA mumbai
    Nagpur 22-Feb-2012 LIC HOUSING FINANCE LTD
    Nagpur 22-Feb-2012 ACC Ltd.
    Nagpur 23-Feb-2012 LIC HOUSING FINANCE LTD
    New Delhi 26-Mar-2012 ITC Limited Finance
    New Delhi 26-Mar-2012 INDIAN OIL CORPORATION LIMITED
    New Delhi 26-Mar-2012 Alghanim Industries
    New Delhi 27-Mar-2012 Olam International
    New Delhi 27-Mar-2012 S.R Batliboi & Co
    New Delhi 27-Mar-2012 INDIAN OIL CORPORATION LIMITED
    New Delhi 30-Mar-2012 PNB Gilts Ltd
    Pune 27-Feb-2012 Suzlon Energy
    Pune 27-Feb-2012 S.R Batliboi & Co
    Pune 27-Feb-2012 Infosys Technologies Limited
    Pune 27-Feb-2012 Cognizant
    Pune 27-Feb-2012 ACC Ltd.
    Pune 27-Feb-2012 Credit Suisse Services India Pvt. Ltd.
    Pune 28-Feb-2012 Vedanta Resources Plc.
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No Admission Ticket in physical form by ICAI from May’2012 exams

Posted on February 10, 2012 by Naveen Khulve

Hello Friends

From May’2012 exams ICAI will not dispatch Admit Card in Physical Form. Students can download their admit cards from net which will be available on the website http://www.icai.nic.in before 21 days from the commencement of  exam.

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Mark Sheet of Ist Rank Holder of PCC Exams

Posted on February 9, 2012 by Naveen Khulve

Hello Friends

Here is the mark sheet of Ist Rank Holder of CA-PCC exam held in November’2011.

Congrates  Bhagirath Singh Rathore and welcome in CA Final.

 

The Institute of Chartered Accountants of India
Examination Results, November 2011

Professional Competence Examination Results

ROLL Number

402470

Name

BHAGIRATH SINGH RATHORE

Group I

Advanced Accounting

076

Auditing and Assurance

058

Law, Ethics and Communication

064

Total

198

Result

PASS

Group II

Cost Accounting & Financial Management

086

Taxation

050

Information Technology and Strategic Management

061

Total

197

Result

PASS

Grand Total

395


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Result of CA-IPCC/PCC exams Held in November’2011 declared

Posted on February 9, 2012 by Naveen Khulve

Hello Friends

Result of CA-IPCC/PCC exams Held in November’2011 declared. Please check your results at http://caresults.nic.in/.

Best of Luck to all IPCC and PCC students.

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