Admit Cards for May 2015 Exams- IPCC & Final

Admit cards in respect of all eligible candidates admitted to the Intermediate (IPC) and Final May 2015 examination, with their photographs and signatures on them, are hosted on www.icai.nic.in.
Candidates may print their admit cards from the said website.

For downloading/printing of the admit cards, candidates will have to enter the following details on the site:

• Student registration number or bar code number printed on the examination form
• Personal Identification Number (PIN)

PIN is the four digit number of the candidate’s choice entered by him/her the relevant column in the examination form.

In terms of the decision of the Examination Committee of the Institute, physical admit cards are being sent by post, only to those who submitted physical examination forms ( i.e. OMR ). The practice of sending physical admit cards by post, to those who had submitted their exam forms online, is discontinued with effect from May 2014 examination onwards.

Physical admit cards sent by post as well as those printed from the website are valid for admission to the examination.

Candidates may also visit the FAQs on subject hosted in the FAQs section of www.icai.org for more details.

For any further clarifications, write to/contact:

Final candidates: : final_examhelpline@icai.in
Intermediate(IPC) candidates : intermediate_examhelpline@icai.in

REVISED GUIDELINES FOR TRAINING OF ARTICLED ASSISTANTS OUTSIDE INDIA

REVISED GUIDELINES FOR TRAINING OF ARTICLED ASSISTANTS OUTSIDE INDIA

i. A Chartered Accountant is eligible to train an articled assistant provided his main occupation is the practice of the profession of Accountancy at the time of engaging articled assistants as well as in each of the qualifying years on the basis of which he claims eligibility to train articled assistants.

ii. Any member engaged in any other business, occupation or holding part time certificate of practice is not entitled to train articled assistant.

iii. Any member employed as a Paid Assistant or engaged as a partner in a foreign firm of Chartered Accountants will also be eligible to train articled assistants at par with the paid assistants with a firm of Chartered Accountants in India. All conditions applicable to the Paid Assistants in India would be applicable to them as well. However, in case of a foreign firm, such a foreign firm shall have at least one partner who is either a member of the Institute or who is eligible to become a member of the Institute, in terms of MRA. Provided that every Chartered Accountant from ICAI who is registered as an auditor and obtained a license and registration number from the appropriate competent authority abroad to establish a professional firm and carry out the attest function and who meets the international/local experience and expertise criteria laid down by the law shall be eligible to train articled assistants as under: Category Period of continuous practice Entitlement of articled assistant or assistants

(i) An associate or fellow in continuous practice for a period up to 3 years 1

(ii) An associate or fellow in continuous practice for any period from 3 years to 5 years 2

(iii) An associate or fellow in continuous practice for any period from 5 years to 10 years 4

(iv) An associate or fellow in continuous practice for any period from 10 years 5 It would also be essential for such member abroad to produce the copy of License and certificate of registration issued by the competent authority abroad to him as individual member and to the professional firm with whom he is affiliated to the Institute with current validity at the time of registration of articlehip. Further where an Indian Chartered Accountant is working as paid assistant in a firm where there is no Indian CA as a partner such paid assistant shall not be entitled to train any articled assistant

iv. The members shall provide a professional address as envisaged in Regulation 2(1)(xiii) as well as an addressin India. (As per the said Regulation, professional address means: -

a. an address of the place where the member is carrying on his profession ( or where he is carrying on his profession at more than one place, the principal place), or

b. if a member is employed, the place of employment or at his option the place of his residence

c. the place of residence, if the member neither carried on the profession nor is employed. It may please be noted that an address in India is essential in any of the situation)

v. Since there is full time employment visa instead of Trainee Visa for students who wish to register their articleship with chartered accountants abroad according to the immigration laws of Gulf Cooperation Council (GCC) Countries, so such employees shall be treated at par with the articled assistants registered in India. It would be essential for such articled assistants abroad to produce the copy of such visa and immigration details along with a copy of passport at the time of registration of articleship. The terms and conditions that may be made applicable for training articled assistant in India from time to time shall mutates mutandis apply for training of articled assistant abroad.

vi. The period of practical training shall be 3 years or 3 ½ years, as applicable, under a practising chartered accountant abroad. However, the articled / audit assistants should have an option to undergo industrial training in accordance with the Regulations 51 & 72 of the Chartered Accountants Regulations, 1988 during the last one year of training.

vii. The Industrial Training may be imparted by the Chartered Accountants working abroad in a financial, commercial or industrial undertaking with minimum fixed assets & minimum total turnover or minimum paid up capital as may be specified by the Council (whatever the value specified in terms of Indian currency may be deemed as applicable in foreign countries in their respective currencies) or such other organization or institution approved by the Council. In case of a member employed outside India, and eligible to impart Industrial training outside India, is unable to submit Annual Report/Balance sheet of the corporate/undertaking the member is working with, the member may submit a self declaration about the particulars of the undertaking alongwith the application.

viii. The terms & conditions contained in Regulation 54 and Regulation 54A dealing with secondment shall be applicable to the articled assistants receiving training abroad.

ix. The Principal shall send training reports as prescribed alongwith the service certificate to be issued in Form 109 & 108 as the case may be.

x. The principal shall impart training in accordance with the guidelines contained in Training Guide. He shall maintain a record of practical training imparted by him to the articled assistant and report to the Council in the form prescribed in the training guide.

xi. The rates, terms and conditions of stipend prescribed as payable to the articled assistants receiving training in India shall be applicable to the articled assistants receiving training aboard except that the same rate of stipend in equivalent terms specified in respective national currencies of the countries concerned instead of Indian rupees.

xii. Regulation of training in terms of office hours and working days holidays will be applicable as per local office timings and laws. However, requirements of total training hours will be the same as applicable in India, the terms of which are given hereunder: -

a.The working hours for the articled assistants shall be 35 hours in a week excluding the lunch break.

b.The office hours of the Principal for providing article training to the articled assistant shall not be generally before 9.00 a.m. or after 7.00 p.m.

c.The normal working hours for the articled assistant shall not start after 11.00 a.m. or end before 5.00 p.m.

d.The working hours for the articled assistants should not exceed 35 hours in a week excluding the lunch break and normally an articled assistant be required to work during the normal working hours fixed for articled assistants.

e.In case of exigencies of work with Principal, an article assistant may be required to work beyond his / her normal working hours. However, under such circumstances, the aggregate number of working hours shall not exceed 45 hours per week. The requirement to work beyond 35 hours in a week should not be a practice but only in exceptional circumstances. Further, where the articled assistant is required to work beyond normal working hours, and aggregate of such hours exceed 35 hours per week, he / she shall be entitled to compensatory leave calculated with reference to number of completed working hours, over and above, 35 hours per week. Further conduct of training will be regulated as per provisions of the relevant Regulations as follows: -

Regulation 60: Working hours of an Articled Assistant “

Subject to such directions as may be issued by the Council, the working hours of an articled assistant shall be 35 hours per week to be regulated by the Principal from time to time”.

Regulation 65: Articled assistant not to engage in any other occupation

“Without the previous permission of the Council, obtained on application made in the *approved form, no articled assistant shall, during the period of his service as an articled assistant, take any other course of study or training, whether academic or professional, or engage in any business or occupation.”

Regulation 66: Enquiries against articled assistant “

(1) Where a complaint or information of any misconduct or breach of Regulation 65 or breach of any of the covenants contained in the articles is received against an articled assistant from his principal or any other person, the President or the VicePresident as the Executive Committee may decide from time to time, may cause an investigation to be made

(2) The Executive Committee may, on a consideration of the report of the investigation and after giving the articled assistant an opportunity of being heard, make any of the following orders, namely;-

i. direct that the papers be filed and the complaint be dismissed, if the Executive Committee finds that the articled assistant is not guilty of any misconduct of breach of Regulation 65 or breach of any of the covenants contained in the articles; or

ii. if the articled assistant is found guilty, reprimand the articled assistant or cancel the registration of articles or direct that any period already served under such articles shall not be reckoned as service for the purpose of the period of practical training specified in Regulation 50.

(3) The articled assistant, the registration of whose articles has been cancelled under this regulation, shall not, except with the permission of the Executive Committee be retained or taken as an articled assistant or audit assistant by any member”.

Regulation 67: Complaint against the Principal

1) Where an articled assistant makes a complaint against his principal on a matter concerning his training as an articled assistant, the President or the Vice- President as the Executive Committee may decide from time to time, may cause an investigation to be made and submit a report to the Executive Committee.

2) The Executive Committee shall submit the report of the investigation to the Council with its recommendations.

3) The Council may, on a consideration of the report of the Executive Committee, pass such order as it may consider expedient, including an order withdrawing the entitlement of the principal to train one or more articled assistants either permanently or for a specified period:

4) The President or the Vice-President as the Executive Committee may decide from time to time, may, pending an investigation of the complaint, either terminate or suspend the articles and allow the articled assistant to be accepted as additional articled assistant by a member, notwithstanding anything contained in Regulation 43.

 

No Change in Service Tax 12% to 14% w.e.f. 1st April 2015.

Clarification- No change in rate of Service Tax

Finance bill, 2015 has proposed to increase effective rate of Service Tax from 12.36% to 14%. It is wrongly reported in some quarters that the effective date of change in rate of Service Tax is 1st April, 2015. It is hereby clarified that the change in the rate of Service Tax will be effective from the date to be notified after enactment of Finance Bill, 2015.

In this regard relevant portion of D.O.F. No.334/5/2015-TRU dated 28th February 2015 is produced below:

“3.3 The Service Tax rate shall come into effect from a date to be notified by the Central Government after the enactment of the Finance Bill, 2015”.

Hence, it is worthwhile to mention that there is no change in the rate of Service Tax w.e.f. 1st April 2015.

Any queries .. leave your comments below !!

Tax Benefit on Preventive Health Check-up for Rs. 5.000 -Section 80D

Preventive health check-up is a alien concept for India , in simple words preventive Health check-up is interpreted as Annual health check-up to know risk factors in advance , which is specifically not to cure or diagnose any disease. 

Section 80D was amended w.e.f. April 01, 2013 and a sub limit/deduction of Rs. 5,000 was introduced within overall max deduction of Rs. 15,000 U/S 80D . The deduction of Rs. 5,000 for preventive health check-up can be availed even without opting for Health Insurance U/S 80D .

How to claim tax deduction on Preventive Health-Check done? 

·         Salaried individuals can submit photocopy of the bill to their employer at the time of investment declaration. Non-salaried individuals can keep the original receipt with them in case the ITO demands the same in the future.So if you have incurred any expenses for Health test for -

1.      Self

2.      Spouse

3.      Dependent children

4.      Dependent parents 

·         This deduction can be claimed even amount has been paid in cash .

·         This deduction is included in overall limit of 15000/- of section 80D for health insurance and if you have already used this limit for health insurance then you can not claim deduction for preventive health check up.

If any query then please add in comment section .

Additional Tax rebate of INR 2,000 - Section 87A

Section 87A Introduced in Financial Year 2013-14 , which says

"An assessee, being an individual resident in India, whose total income does not exceed five hundred thousand rupees, shall be entitled to a deduction, from the amount of income-tax (as computed before allowing the deductions under this Chapter) on his total income with which he is chargeable for any assessment year, of an amount equal to hundred per cent of such income-tax or an amount of two thousand rupees, whichever is less. "

Eligibilty to avail the Rebate –

1.      The rebate can be availed only by Resident Individuals .(Not available to HUF/AOP/BOI)

2.      The rebate is not available to Non -resident Individuals

3.      This rebate is also available to senior citizen.

4.      The rebate  is available if Total taxable income is up to or less than Rs. 5,00,000 /-

5.      The Total taxable Income here means Income under all heads(Salary,Income from house property,Income from Business and profession, income from capital gain, Income from other sources) minus all deduction u/s 80C to U.

6.      Negative income from House property (like Interest on house loan for self occupied property) is also to be reduced /considered to get total income.

7.      Deduction u/s 80C to 80U like 80C,80D,80DD,80DDB etc also to be deducted to get total income.

8.      In simple words  Five lakh income limit is to be considered on amount on which Income tax is to be calculated.

9.      The maximum amount of rebate  is Tax due subject to maximum Rs 2000/-

10.  Education Cess & Secondary & Higher education cess is to be calculated after allowing the rebate under section 87A on  balance tax due. 

Calculation of Income tax Rebate of Rs. 2,000/- Section 87A

Sr No	Particulars	Amount
1	Salary Income	750000
2	Income From house property Income(loss)	-50000
3	Income from other source	20000
4	Gross Total Income (1-3)	720000
5	Less :Deduction u/s 80C to 80U
	80C	150000
	80CCG	25000
	80DD	15000
	80DDB	40000
	80TTA	10000
	80U	100000
5	Total deductions	340000
6	Total Income (4-5)	380000
7	Income Tax (on 6-250000)	13000
8	less:Rebate u/s 87A Subject to max 2000/-	2000
9	Net Tax (7-8)	11000
10	Add : Cess( 3 % on 9)	330
11	Total Tax (9+10)	11330

If you have any queries , drop your query using comments box below.

Why Advance Tax important to pay- Due Dates

If the Income Tax Liability of any taxpayer (Excluding salaried individuals) is more than Rs. 10,000/- in a financial year , then tax is payable in installments ;

Advance tax has to be paid on the 15th of September, December and March— in installments of 30%, 30% and 40%, respectively—for self employed and businessman. Companies need to pay it on the 15th of June, September, December and March.

Payment of advance tax: Self employed and businessmen

Due date of installment	Amount payable
On or before 15th September	Not less than 30% of the advance tax liability
On or before 15th December	Not less than 60% of the advance tax liability
On or before 15th March	100% of the advance tax liability

Payment of advance tax: Companies

Due date of installment	Amount payable
On or before 15th June	Not less than 15% of the advance tax liability
On or before 15th September	Not less than 45% of the advance tax liability
On or before 15th December	Not less than 75% of the advance tax liability
On or before 15th March	100% of the advance tax liability

Interest penalty-in case missing deadlines-

If you fail to pay or the amount you’ve paid is less than the mandated 30% of the total liability by the first deadline (15 September), you will need to pay an interest. This is computed @ 1% simple interest per month on the defaulted amount for three months ,The same interest penalty would apply if you fail to pay the second deadline (15 December). Failing to pay the third and last deadline (15 March) would mean paying 1% simple interest on the defaulted amount for every month until the tax is fully paid.as per Section 234B and 234C

1.  Interest  under  section  234C  –  Interest  @  1%  per  month  is  payable  if  the  tax  is  not  paid  as  per  the  aboveschedule i.e. for Deferment in Installments of Advance Tax

2.  Interest  under  section  234B  –  Interest  @  1%  is  payable  if  90%  of  the  tax  is  not  paid  before  the  end  of  thefinancial year i.e. for Default in Payment of Advance Tax.

Treatment in case of excess payment of Advance Tax -

If the amount paid as advance tax is higher than the total tax liability, the assessee will receive the excess amount as a refund. Interest @ 6% per annum will be paid by the Income Tax department to the assessee on the excess amount if the amount is more than 10% of tax liability.

Computation of Advance Tax

Advance Tax is liable to be paid by estimating the current year income and then applicable Tax Slabs in force. The Advance Tax shall be computed as under:-

Income under the 5 Heads of Income                                          ***

(Less) Brought Forward Losses and Allowances                             ***

(=) Gross Total Income                                                                   ***

(Less) Chapter VI­ A Deductions                                                     ***

(=) Estimated Total Income                                                              ***

Income Tax  on Estimated Total Income                     xxx

(Add) Surcharge (if any) on the above Estimated Income  xxx

(=) Total Tax Payable                                                      xxx

(Less) Relief under section 89                                          xxx

(=) Tax Liability                                                               xxx

(Add) 2% Education Cess                                               xxx

(Add) 1% SHEC                                                            xxx

(=) Total Tax Liability                                                      xxx

Less) Relief of tax u/s 90,90A,91                                    xxx

Less) MAT Credit u/s 115JAA                                       xxx

Less) TDS as shown in Form 16/Form 16A 

          and reflected in Form 26AS                                  xxx

(=) Advance Tax Liability                                               xxx

For all taxpayers earning income from any source other than salary, Advance Tax is payable in installments as explained above,

If you have any queries , drop your query using comments box below.