PCC june 2009 papers with suggested answers

Hello friends as requested to me i m hereby uploading some of the PCC june papers with there suggested answers (other papers would also be uploaded by 1st week of october) 1.Audit paper (click below to download) option 1. http://groups.google.co.in/group/ca_taxmannindia/web/audit%20jun2009%20pcc.pdf?hl=en option 2. http://rapidshare.com/files/284520143/audit_jun2009_pcc.pdf 2.law paper (click below to download) option 1 http://groups.google.co.in/group/ca_taxmannindia/web/law%202009%20PCC.pdf?hl=en option...

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Announcement for panel for outsourcing of work of Technical Scrutiny of Balance Sheets - (23-09-2009)

The Institute has received an Office Memorandum (OM) from the Ministry of Corporate Affairs. As per the OM, the Registrar of Companies will prepare a panel of professionals for Technical Scrutiny of Balance Sheets filled by the Companies for the State concerned.             The Scheme of outsourcing the work will be for the financial year 2009-10.  The details of the Scheme specifying the eligibility criteria, mode of application, Procedure...

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REPRESENTATION MADE FOR EXTENSION OF DUE DATE FOR FILING THE RETURN OF INCOME - (23-09-2009)

Due to the fact that most of the establishments are virtually closed on account of festivals of Durga Pooja, Navratra’s and Dussehra, representations were received from members all over the country posing the difficulties faced by them in preparing and filing the return of income by due date. Hence, ICAI has made a representation to the Chairman, CBDT requesting him to extend the due date for filing the return of income u/s 139 (1) of the Income Tax Act, 1961 suitably.  Further, ICAI has...

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Notification No. 68, dated 15-9-2009 Section 35(1)(ii) of the Income-tax Act, 1961 - Scientific Research Expenditure - Approved Scientific Research Associations/Institutions

Section 35(1)(ii) of the Income-tax Act, 1961 - Scientific Research Expenditure - Approved Scientific Research Associations/Institutions Notification No. 68, dated 15-9-2009 It is hereby notified for general information that the organization Sri Aurobindo Society, Kolkata has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5E of the Income-tax Rules, 1962 (said Rules), from...

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Notification No. 69, dated 15-9-2009 Section 35(1)(ii) of the Income-tax Act, 1961 - Scientific Research Expenditure - Approved Scientific Research Associations/Institutions

Section 35(1)(ii) of the Income-tax Act, 1961 - Scientific Research Expenditure - Approved Scientific Research Associations/Institutions Notification No. 69, dated 15-9-2009 It is hereby notified for general information that the organization Sastra University, Chennai has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5E of the Income-tax Rules, 1962 (said Rules), from Assessment...

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HIGH COURT OF PUNJAB AND HARYANA Charge of Wealth-tax and assets subject to such charge

Charge of Wealth-tax and assets subject to such charge The land which falls within the exception of ‘urban land’ would have to be excluded from the ambit and scope of expression ‘urban land’ and, such land would not be covered by the expression ‘assets’ as defined in section 2(ea) of the Wealth-tax Act, 1957; consequently, such land would not be treated as net wealth of an assessee for the purposes of provisions of the Act. HIGH COURT OF PUNJAB AND HARYANA Amrit Lal Jindal & Sons (HUF) v. ITO...

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ITAT, AGRA BENCH Sustainability of addition merely made on basis of presumption

Sustainability of addition merely made on basis of presumption Mere possession of currency notes with the assessee cannot prove that payments were actually made by him particularly in the circumstances when he is claiming otherwise and to substantiate such claim the evidence is produced. ITAT, AGRA BENCH (THIRD MEMBER) AGRA Prakash Motwani v. ITO ITA NO. 48/Agr./2005 June 11, 2009 RELEVANT EXTRACTS: ** ** ** ** ** ** ** ** ** ...

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MP govt says no to GST

The BJP-ruled Madhya Pradesh government has alleged that the Centre has planned to impose goods and services tax (GST) to ‘indirectly benefit’ the multinational companies. The government today reiterated that it would not adopt GST. Madhya Pradesh is the first state to refuse GST on grounds of losses of Rs 2000 crore annually to the state. State Finance Minister Raghavji, while speaking to Business Standard, cautioned not only against haste in introducing GST, but alleged that states would have...

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Insurance claims may be taxable under new code

Insurance claims may be taxable under new code The insurance claims paid to policy holders in the event of death or disability will be subject to payment of income tax if the new Direct Taxes Code proposals are implemented. The Code proposes that contributions by the insured are subject to the EET method of taxation of savings. This means that the sum received under a life insurance policy, including any bonus, is taxed. Only a pure life insurance policy is exempted from tax. In a pure life insurance...

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ITAT, AGRA BENCH Requirement of section 68 of IT Act, 1961 to prove identity, creditworthiness and genuineness of cash credits

Requirement of section 68 of IT Act, 1961 to prove identity, creditworthiness and genuineness of cash credits When the particulars regarding income-tax assessments and bank account of creditors have been filed then initial burden has to be held to be discharged by the assessee and then the burden shifts on the Revenue to show that what is stated or explained by the assessee is not satisfactory. ITAT, AGRA BENCH (THIRD MEMBER) AGRA Kalyan Memorial & Charitable Trust v. ACIT ITA NO....

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Audit watchdogs may get more service sway

NEW DELHI: The government is considering a proposal to authorise the country’s three statutorily recognised institutes in the fields of accounting, company secretaryship and cost accounting to expand their ambit of functioning by providing services in all three areas. The proposal, however, is being opposed by the regulators themselves as many feel that it would lead to the end of specialisation and loss of functional and regulatory autonomy, a government official, who did not want to be identified,...

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Taxpayers breathe easy after clarifications

Taxpayers breathe easy after clarifications Some serious concerns on various issues relating to TDS, capital gains, taxing of insurance proceeds, NRIs and sunset provisions, which were raised by TOI’s Taxing Times columnist Mukesh Patel in the series under ‘Cracking the Code’ were deliberated at an interactive session on Saturday. Taxpayers heaved a sigh of relief after clarifications came from Joint secretary, Tax Policy and Legislation, Union Ministry of Finance, Arbind Modi. Here is how ambiguities...

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Govt to come out with roadmap to help cos adopt IFRS norms

The government today said it would come up with a roadmap in November to help companies to adopt International Financial Reporting Standards (IFRS) which will become operational from 2011. The government will take the concerned regulatory agencies like SEBI and others on board before finalising the roadmap, Corporate Affairs Minister Salman Khurshid told reporters on the sideline of a conference organised by Indian Chambers of Commerce here. Replying a question on New Company Bill 2009, he said...

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States Agree on Dual GST Rates

States have finally reached a consensus on having two basic rates under the Goods and Services Tax (GST), slated to be rolled out on April 1, 2010. There will be one standard rate of taxation and another low rate of taxation for essential commodities. “A consensus has been reached between state finance ministers regarding the two basic rates of taxation. Some items will also be exempted from the tax and there will be another rate of tax for precious metals like gold and silver,” said Asim Dasgupta,...

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Setting up of new National Institutes of Technology (NITs)

13:51 IST Cabinet Decision The Union Cabinet today approved setting up of new National Institutes of Technology (NITs). These new NITs will be established in Manipur; Meghalaya; Mizoram; Nagaland; Goa (which will also cater to UTs of Daman & Diu, Dadra & Nagar Haveli and Lakshdweep); Pudducherry (which will also cater to Andaman & Nicobar Islands); Sikkim; Delhi (which will also cater to Chandigarh) and Uttrakhand.   The process for setting up of these new NITs...

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Download your E-return acknowledgement-sent from the CPC bangalore

Friends Now you can Download your E-return acknowledgement which is sent from the CPC bangalore As people facing problem after enclosing wrong e-mail id in there income tax return while e-filling. Now the department has started also uploading the ITR V acknowledgement "sent by the department thru mails at the individuals email id" at the income tax india e-filling site. Now you can download the acknowledgement by following this route: 1. Login in the IT dept website 2.Then go to "MY ACCOUNTS" 3.now...

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Download your E-return acknowledgement-sent from the CPC bangalore

Friends Now you can Download your E-return acknowledgement which is sent from the CPC bangalore As people facing problem after enclosing wrong e-mail id in there income tax return while e-filling. Now the department has started also uploading the ITR V acknowledgement "sent by the department thru mails at the individuals email id" at the income tax india e-filling site. Now you can download the acknowledgement by following this route: 1. Login in the IT dept website 2.Then go to...

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ICWAI council approved CAS 7 & CAS 8

Central Council of the ICWAI has approved on 12th September 2009 the Cost Accounting Standards on Employee Cost (CAS-7) and Cost of Utilities (CAS-8). The same have been hosted on the website of the ICWAI. Final Cost Accounting Standard on Employee Cost (CAS-7). http://www.icwai.org/icwai/docs/CASB/CAS7.pdf Final Cost Accounting Standard on Cost of Utilities (CAS-8). http://www.icwai.org/icwai/docs/CASB/CAS8.pdf posted at www.taxmannindia.blogspot....

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Resigned Members & Members who retired before 3.6.2009 can practice before the ITAT

M/s Concept Creations vs. ACIT (ITAT Delhi Special Bench) Resigned Members & Members who retired before 3.6.2009 can practice before the ITAT Vide Notification dated 3rd June 2009, Rule 13E was inserted in the Income Tax Appellate Tribunal Members (Recruitment and Conditions of Service) Rules, 1963 to provide that “The President, the Senior Vice-President, the Vice-President and the Members of the Tribunal shall not practice before the Tribunal after retirement from the service of the...

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Companies Bill, 2009-Place your suggestions here

Dear Member, Sub: Companies Bill, 2009 As you are aware, the Companies Bill, 2009 has been introduced in Lok Sabha on 3rd August, 2009. The new Bill proposes to open up new avenues for the professionals especially Chartered Accountants and at the same time casts a lot of responsibility on them for conduct of affairs of the companies. Appreciating the need of the hour and in view of the importance of the Bill, the Corporate Laws Committee has formed study groups at National level, Regional level...

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ITAT, DELHI C BENCH:Assumption of jurisdiction under section 263 of IT Act, 1961 on ground of inadmissible allowance of depreciation on goodwill

Assumption of jurisdiction under section 263 of IT Act, 1961 on ground of inadmissible allowance of depreciation on goodwill Even if an asset is described as goodwill but it fits in the description of section 32(1)(ii), depreciation is to be granted on the same; the true basis of depreciation allowance is the character of the asset and not it’s description. ITAT, DELHI C BENCH, NEW DELHI Hindustan Coca Cola Beverages Pvt. Ltd. v. DCIT ITA No. 1884.Del/06 August 25, 2009 RELEVANT EXTRACTS: **...

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ITAT, DELHI C BENCH: Assumption of jurisdiction under section 263 of IT Act, 1961 on ground of inadmissible allowance of depreciation on goodwill

Assumption of jurisdiction under section 263 of IT Act, 1961 on ground of inadmissible allowance of depreciation on goodwill Even if an asset is described as goodwill but it fits in the description of section 32(1)(ii), depreciation is to be granted on the same; the true basis of depreciation allowance is the character of the asset and not it’s description. ITAT, DELHI C BENCH, NEW DELHI Hindustan Coca Cola Beverages Pvt. Ltd. v. DCIT ITA No. 1884.Del/06 August 25, 2009 RELEVANT EXTRACTS: **...

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ITAT, DELHI BENCH ‘H’ : Allowability of exemption under section 54F of IT Act, 1961 qua purchase of second plot of land appurtenant to first plot

Allowability of exemption under section 54F of IT Act, 1961 qua purchase of second plot of land appurtenant to first plot There is no rider under section 54F that no deduction would be allowed in respect of investment of capital gains made on acquisition of land appurtenant to the building or on the investment on land on which building is being constructed. ITAT, DELHI BENCH ‘H’ : NEW DELHI Addl. CIT v. Narendra Mohan Uniyal ITA No. 1624 /Del/2009 August 31, 2009 RELEVANT EXTRACTS: **...

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ITAT, DELHI BENCH ‘B’ : Allowability of change of method of valuation of closing stock

Allowability of change of method of valuation of closing stock The change of method of valuation of the closing stock is allowed if such change is bona fide and the assessee has proper reasons for such change. ITAT, DELHI BENCH ‘B’ : NEW DELHI Charchit Agarwal v. ACIT ITA Nos. 3132 to 3137/Del/2008 August 28, 2009 RELEVANT EXTRACTS: ** ** ** ** ** ** ** ** ** ** ** ** 9. Section 153A(1) contains non-obstante...

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