Supplementary Study Paper for PCC/IPCC and CA Final May and Nov 2010 students

Supplementary Study Paper for PCC/IPCC and CA Final Students May and Nov 2010 Exams

Hereby i m attaching herewith the link to download the Supplementary Study paper

PCC/IPCC: http://www.box.net/shared/u16un066ij 

CA Final: http://www.box.net/shared/7udnv1g3vp 

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FBT ADJUSTMENT AGAINST ADVANCE TAX-CBDT CIRCULAR

CIRCULAR NO

2/2010, Dated: January 29, 2010

Sub: Adjustment of “Advance Tax in respect of Fringe Benefits” for Assessment Year 2010-11 against “Advance Tax” – matter regarding.

The Finance Act, 2005 introduced a levy namely Fringe Benefit Tax (FBT) on the value of certain fringe benefits as contained in Chapter XII H (Sections 115 W to 115 WL) of Income Tax Act, 1961. By the Finance (No. 2) Act, 2009 a new Section 115 WM was inserted to abolish the FBT with effect from Assessment Year (A.Y.) 2010-11. Consequently, benefits given to employees are taxed as perquisites in the hands of employees in terms of amendments to Clause 2 of Section 17 of Income Tax Act, 1961. However, during the current Financial Year 2009-10 some assessees have paid “advance tax in respect of fringe benefits” for Assessment Year 2010-11. In such cases the Board has decided that any installment of “advance tax paid in respect of fringe benefits” for A.Y. 2010-11 shall be treated as Advance Tax paid by assessee concerned for A.Y. 2010-11. The assessee can adjust such sum against its advance tax obligation in respect of income for A.Y. 2010-11 or in case of loss etc claim such payment as refund as advance tax paid in A.Y. 2010-11.

2. This circular may be brought to the notice of all officers in the field for compliance.

Hindi version to follow

F. N0.385/05/2010-IT (B)

(Ansuman Pattnaik)
Director (Budget)

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Results of the Chartered Accountants PE–II, PCE and IPCE held in November, 2009 are likely to be declared on Friday, the 29th January, 2010 around 2 P.M. - (21-01-2010)

January 21, 2010
The results of the Chartered Accountants Professional Education – II, Professional Competence Examinations and Integrated Professional Competence Examination held in November, 2009 are likely to be declared on Friday, the 29th January, 2010 around 2 P.M. and the same as well as the merit list (candidates securing a minimum of 55% and above marks and upto the maximum of 50th Rank) on all India basis will be available on the following website:

http://www.caresults.nic.in

Arrangements have also been made for the students desirous of having results on their e-mail addresses to pre-register their requests at the above website, i.e., http://www.caresults.nic.in from 22nd January, 2010. All those registering their requests will be provided their results through e-mail on the e-mail addresses registered as above immediately after the declaration of the result.

Further facilities have been made for students of Professional Education – II, Professional Competence Examinations and Integrated Professional Competence Examination held in November, 2009 desirous of knowing their results with marks on SMS. The service will be available through MTNL, India Times and Reliance.

For getting results through message students should type:

i) for Professional Education - II Examination result the following

CAPE2(Space)XXXXX (Where XXXXX is the five digit PE II examination roll number of the candidate)

e.g. CAPE2 00171

ii) for Professional Competence Examination result the following

CAPCE(Space)XXXXX (where XXXXX is the five digit PCE examination roll number of the candidate)

e.g. CAPCE 00197

iii) for Integrated Professional Competence Examination result the following

CAIPCE(Space)XXXXX (where XXXXX is the five digit IPCE examination roll number of the candidate)

e.g. CAIPCE 00297

and send the message to:

52001 - for DOLPHIN AND TRUMP users only

58888 - for all mobile services - India Times

51234] - for Reliance subscribers (Also accessible through R-World and Voice Portal – To call 51234815 from Reliance Mobiles)

(G. SOMASEKHAR)
ADDITIONAL SECRETARY (EXAMS.)

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Useful Presentations - Tax and Allied Aspects of Construction Industry

---------- Forwarded message ----------

From: Rebecca Andrews <rebecca.andrews88@yahoo.in>
Date: Sat, Jan 16, 2010 at 12:08 PM
Subject: Useful Presentations - Tax and Allied Aspects of Construction Industry
To:

Click Here to download the files: http://www.box.net/shared/al9sgpbfvj

I am pleased to forward Power Point Presentations at  Chamber of Tax Consultants on 9th January 2010, on following Topics : 1. Accounting Standards Applicable to Construction Industry by Jayant Gokhale 2. PRECAUTIONS FOR PURCHASE AND ACQUISITION OF PROPERTY  By SHAILESH S. VAIDYA, PARTNER, KANGA AND COMPANY, ADVOCATES AND SOLICITORS.   3. Construction & Works Contracts (Service Tax) by Sunil Gabhawala Kind regards, Rebecca Andrews 14th January,2010 Dear Members, Please find attached herewith Presentations given by CA. Jayant Gokhale, CA. Sunil Gabhawalla and Shri Shailesh Vaidya Solicitor at the Two Days Conference on "Tax and Allied Aspects of Construction Industry" held on 8th & 9th January, 2010 at J. W. Marriott Hotel, Juhu, Mumbai - 400 049. Thanks & Regards, For THE CHAMBER OF TAX CONSULTANTS           Sd/- SUNIL RAMANI CHAIRMAN ADVANCE REFRESHER COURSE COMMITTEE Encl : As above 1.FOLLOW US ON TWITTER CLICK HERE: http://twitter.com/taxpertindia 2.Posted www.taxpertindia.blogspot.com 3.Get Tax updates from my blog through by joining my google group CA_taxmannindia:http://groups.google.co.in/group/ca_taxmannindia?hl=en 5.Get Free Quality SMS updates from my blog on your MOBILE:http://labs.google.co.in/smschannels/subscribe/ca_taxmannindia OR Send a message JOIN ca_taxmannindia to 9870807070 thru ur mobile nd receive updates

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TDS | Payments to Contractors (Sec 194C) -- covering most of the circulars

  
Under the Indian Income Tax Act, the following provisions relate to the
Tax Deduction at Source from payments to Contractors and Subcontractors
under section 194C.

• Person responsible for paying
  any sum for carrying any work to any resident
   contractor should deduct tax at source.   
     

• Tax
  should be deducted at source only if the contract is between the
   contractor and the following specified persons: 

1.    The Central Government or any State Government.

2.    Anylocal authority.

3.    Any corporation established by or under a Central, State or Provincial Act

4.  A company

5.  Any Co-operative Society.

6.    Any authority, constituted in India by or under any law, engaged either for the purpose of dealing with and satisfying the need for housing accommodation or for the purpose of planning, development or improvement of cities, towns and villages, or for both.
 

7.    Any Society registered under the Societies Registration Act, 1960 or any
 law corresponding to that Act in any part of India.
 

8.   Any Trust.
 

9.   Any University established by or under any Central, State or Provincial Act
or any institution declared to be a University under the University
Grants Commission Act.
 

10.Any firm.
 

11.Any individual or Hindu Undivided Family whose books are required to be
audited under section 44AB during the immediately preceding financial
year. [The turnover from business/profession exceeds the limits
specified u/s 44AB during the immediately preceding financial year].

Note: Budget 2008 introduced the burden of
deduction of tax under this section to Association of Persons and Body
of Individuals also, whether they are incorporated or not.

•  Individual or HUF need not deduct tax if the contract is exclusively for personal
  purposes.
  

• Income Tax should be deducted at the time of payment or credit to the account of the contractor whichever is earlier.
  

• Income Tax is to be deducted at source @ 1% on Advertising contracts and @2% on any other contracts on the amount paid/credited. In the case of sub-contracts, the main
  contractor should deduct tax at source @1% on the amount paid/credited
  to the subcontractor.
  

• Provisions of Section 194C are applicable only where the contract is either a “contract for carrying out any work” or a “contract for supply of labour for works contract”. Hence, these provisions are not applicable for payments made under the contract of sale of goods.     
    
• For the purpose of this section, the following contracts are also
  included in the scope of “Work”:
  

1.   Advertising.

2.   Broadcasting
and telecasting including production of programs for broadcasting and
telecasting.

3.   Carriage
of goods and passengers by any mode of transport other than Railways.

4.  Catering.

• No deduction of tax at source shall be made under this section in the
   following circumstances:
  

1.  If the amount paid/payable or credited/likely to be credited to the
contractor/sub-contractor does not exceed Rs.20,000/-
in a single instance. However, the total of amounts paid or credited
during the financial year should not exceed Rs.50,000/-.
If the said amount exceeds Rs.50,000/-, then, the liability for payment
arises on the whole of amount paid or credited and not on the amount in
excess of Rs.50,000/-

2.   In the case of a sub-contractor who is a resident individual and who owns
not more than two goods carriages during the previous year, no tax
shall be deducted at source during the course of business of plying,
hiring or leasing goods carriages if he provides a declaration to the
person responsible for payment to that effect in the prescribed form.
[Form 15-I]

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Result of the Information Systems Audit [ISA] Assessment Test held on 19th December, 2009 is likely to be declared on 17th January, 2010 around 2.00 PM - (13-01-2010)

12th January, 2010
The result of the Information Systems Audit [ISA] Assessment Test held on 19th December, 2009 is likely to be declared on 17th January, 2010 around 2.00 PM at the Institute’s office at New Delhi.

The result of the above Assessment Test will be available on the Institute’s website www.icai.org

(G. SOMASEKHAR)
ADDITIONAL SECRETARY (EXAMS)

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ICAI launched facility to post your Grievance online

ICAI - e-Samadhaan (The ICAI Helping Hand), Grievance Resolution Management System, For more details click on below:- http://www.icai.org/help/



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Results of the Chartered Accountants Final and Final (New Course) Examinations held in November, 2009 and Common Proficiency Test (CPT) held in December, 2009 are likely to be declared on Sunday, the 17th January, 2010 around 2:00 PM - (08-01-2010)

January 7, 2010

The results of the Chartered Accountants Final and Final (New Course) Examinations held in November, 2009 and Common Proficiency Test (CPT) held in December, 2009 are likely to be declared on Sunday, the 17th January, 2010 around 2:00 PM and the same as well as the merit list (candidates securing a minimum of 55% and above marks and upto the maximum of 50th Rank in the case of Final Examination and candidates securing a minimum of 60% and above marks and upto the maximum of 10th Rank in the case of Common Proficiency Test) on all India basis will be available on the following website:

http://www.caresults.nic.in

Arrangements have also been made for the students of Final, Final (New Course) Examinations and Common Proficiency Test (CPT) desirous of having results on their e-mail addresses to register their requests at the above website, i.e., http://www.caresults.nic.in from 11th January, 2010. All those registering their requests will be provided their results through e-mail on the e-mail addresses registered as above immediately after the declaration of the result.

Further facilities have been made for students of Final, Final (New Course) Examinations and Common Proficiency Test (CPT) held in November/December, 2009 desirous of knowing their results with marks on SMS. The service will be available through MTNL, India Times and Reliance.

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Fringe benefit tax to hit employees with company cars

The new perquisite rules have been notified and are applicable from April 1,2009, for the current financial year. There is significant difference in respect of  the taxability of the car benefit under the Fringe Benefit Tax (FBT) regime vis-à-vis the perquisite taxation.

FBT regime

Under FBT, a fringe benefit was deemed to have been provided by the employer to its employees for the expenditure incurred and/or payment made for repair, running (including fuel), maintenance of the motor car and the depreciation thereon. Therefore, irrespective of whether the car was owned by the employer or by the employee, the expenditure incurred by the employer or the expense reimbursed to the employee was subject to FBT.

Twenty per cent of such expense incurred/reimbursed was considered to be the fringe benefit, which was liable to tax at 30% plus surcharge and cess, as applicable. Hence, the effective tax on the expenditure incurred used to be 7% approximately of the expenditure incurred.

New perk rules

Under the new perquisite rules, a distinction is to be made between the car owned by the employer and the car owned by the employee, as the value of the tax perquisite in the two scenarios varies considerably. Even though there could be different permutation and combination, under which the car benefit could be provided by the employer to the employee, this article primarily focuses on two scenarios where the car is either owned by the employer or employee and the car expenses are met/reimbursed by the employer.

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Cos to get fringe benefit from Q4 advance tax

The government will allow companies to adjust the fringe benefit

tax (FBT) paid by them against the advance tax due in the March
quarter,
reducing the hazard of claiming a refund and slightly improving profits at a time of rising costs, said an income-tax department official.

“The Central Board of Direct Taxes has taken an in-principle decision to allow corporates to adjust FBT paid in the first quarter against their advance tax,” he said.

Finance Minister Pranab Mukherjee in his July 2009 Budget scrapped FBT, seen by many as more of a trouble than of help, in significantly raising the government’s revenues. But corporates have paid in advance, a portion of the tax due, in the first quarter that ended in June. It was replaced with a perquisites tax on employees receiving such benefits. FBT, introduced by former finance minister P Chidambaram in 2005, is a kind of a presumptive tax on expenditure incurred by a company on its employees.

Under FBT, some of the benefits such as travel and hotel stay given by an employer to the staff are deemed to be fringe benefits and taxed accordingly. Companies had to pay a 20% tax on such expenses.

A circular will soon be issued clarifying the issue on the adjustment, said the official who did not want to be identified. The government has so far collected about Rs 2,000 crore in the current financial year through the levy, he said.

Just like the corporate advance tax, FBT also had to be paid in four instalments in June, September, December and March.

However, loss-making companies and others such as liaison offices of foreign companies, which do not otherwise have a tax liability, will have to claim a refund.

Although the decision may not add significantly to profits, it could bring in a slight relief for corporates.

It is not yet clear how the individual salaried taxpayers who have paid FBT for gains such as employee stock options (Esops) will adjust it.

Source: Economic Times

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Blog opened specially devoted to CA,CS and ICWAI students

Friends,

Blog specially devoted for CA,CS and ICWAI students is opened which can be accessed at
http://taxpertstudents.blogspot.com/

The blog is at a testing stage so if you encounter any problem please let us know at email:taxpertindia@gmail.com

As a kind of 1st installment as promised i have uploaded PCC NOV 2009 papers
click here to go to that post: http://taxpertstudents.blogspot.com/2010/01/nov-2009-papers.html

IF you have any kind of papers of CA,CS and ICWAI exams which you wud like to share then send us at
EMAIL: taxpertindia@gmail.com


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