ADDITIONAL SECRETARY (EXAMS.)
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Tuesday, August 18, 2009
Partial Modification- Professional Education -II Examination - (17-08-2009)
ADDITIONAL SECRETARY (EXAMS.)
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Partial Modification for Nov 09 Exams
NOTIFICATION
| S. No. | Examinations | Dates |
| 1. | PE-II,PCE , IPCE, Final/ Final (New Course) MAC , ITL& WTO and IRM ( Timings : 01.00 PM to 04.00 PM) | 5th to 19th November-2009 |
| 2. | COMMON PROFICIENCY TEST First Session : 10.30 am to 12.30 pm Second Session: 02.00 pm to 04.00 pm | 13th December-2009 |
ADDITIONAL SECRETARY (EXAMS.)
Extension of due date for completion of 100 Hours IT training
| Removing difficulties being faced by the students for successfully completing 100 Hours Information Technology Training before the commencement of November, 2009 Professional Competence Examination/Integrated Professional Competence Examination |
| It has been brought to the notice of Board of Studies that some of the students who have to appear for the Professional Competence Examination/Integrated Professional Competence Examination to be held in November, 2009, are facing difficulties in successfully completing 100 Hrs Information Technology Training by 31st October, 2009 due to capacity constraints in certain Information Technology Labs. In order to remove the difficulties being faced by such students, it has been decided that they may successfully complete their 100 Hours Information Technology Training before the date of declaration of the Professional Competence Examination/ Integrated Professional Competence Examination result for November 2009 Examination. Such students should submit proof of their successful completion of the 100 Hours Information Technology Training to the Examination Section before the date of declaration of the result. |
Successful completion of 100 hours IT Training means
|
| Students should carefully note that if they do not successfully complete the 100 Hours IT training before the date of declaration of the result of November, 2009 Professional Competence Examination/ Integrated Professional Competence Examination and submit proof of successful completion to the Examination Section, ICAI Bhawan,C-1, Sector 1, Noida-201301 before that date their results are liable to be cancelled. Therefore, they are advised to successfully complete the 100 Hours IT training well before the date of declaration of the result (tentatively 15th January, 2010). In case they experience any difficulty in getting the admission for 100 Hours IT training they should immediately contact Mrs. Indu Arora, Additional Director of Studies, Phone No. 0120-3045927 and emailindu@icai.org. |
PE II Exams: Extension by two More Attempts
BOS/Announcement/227/09
August 10, 2009
August 10, 2009
An Important Announcement for Students of Professional Education Examination- II – Extension of PE-II Examination by two more attempts i.e. November, 2009 and May 2010 |
| Students are hereby informed that the Council of the Institute of Chartered Accountants of India, having due regard to the concerns of students belonging to the Professional Education Examination –II stream, has decided to extend the Professional Education Examination –II by two more attempts namely November, 2009 and May, 2010. |
Eligible categories
|
| Students concerned may note that the Council has made it clear that no further extension will be granted under any circumstances. Click Here For Direct Link To the Announcement |
New Direct Tax code : Assessee
Under the 1961 Act, assessee is a person by whom any tax or any other sum of
money is payable or a person in respect of whom any proceeding under the 1961 Act has
been taken (including representative assessee) or any person who is deemed to be an
assessee or deemed to be an assessee in default. The definition is important since an
assessee has certain rights and obligations under the 1961 Act. In the Code it is proposed
to include the following "other persons" within the definition of 'assessee':-
(a) any person to whom any amount of refund is payable under the Code; and
(b) any person who voluntarily files a return of tax bases irrespective of the fact
that he is otherwise not under an obligation to do so.
This change will enable taxpayers to obtain refund of tax deducted at source. It will also
help tax payers currently below the threshold level to report their income and maintain a
track record of filing returns in anticipation of earning higher - and hence taxable - incomes
in the future.
New Direct Tax code : Concept of Financial Year
Under the 1961 Act, the income earned in a year is taxed in the next year. The year
in which income is earned is termed as 'previous year' and the following year in which it is
charged to tax is termed as 'assessment year'.
For example if a person earns any income during the year beginning on 1 April 2006 and
ending on 31 March 2007, then 2006-2007 will be the previous year and the income shall be
assessed to tax in assessment year 2007-2008.
The use of the two expressions has caused confusion in both compliance and administration.
In order to simplify the provisions, the separate concepts of 'previous year' and 'assessment
year' will be replaced by a unified concept of 'financial year'.
The existing concept of assessment year will be done away with. Under the Code,
all rights and obligations of the taxpayer and the tax administration will be with
reference to the 'financial year'. This change will not change the existing system of
deduction of tax at source and payment of advance
tax in the year of earning of income and payment of self-assessment tax in the following year
before filing of tax return. This proposal will simplify the existing provisions.
Monday, August 17, 2009
Service Tax Notification for Nov 2009 Examinations
1) Professional Competence Examinations
It is clarified that in Part –II : Service tax and VAT of Paper 5 : Taxation, students will not be tested on
specific questions covering individual taxable services
2) Integrated Professional Competence Examinations
It is clarified that in Part –II : Service tax and VAT of Paper 4 : Taxation, students will be examined only in
respect of the following taxable services:
1. Renting of immovable property
2. Tour operator’s services
3. Commercial training or coaching services
4. Erection, commissioning and installation services
5. Works contract services
3) Final Examinations (Both Existing and New)
Paper 8 : Indirect taxes/ Paper 8 : Indirect Tax Laws
It is clarified that in respect of taxable services covered in the syllabus of Paper 8 : Indirect taxes/ Paper 8 :
Indirect Tax Laws, students will be examined only in respect of the following taxable services:
- Intellectual Property Services
1. Franchise services
2. Intellectual property services
- Financial services
3. Banking & other financial services
4. Credit rating agency’s services
5. Stock broking services
- Transport of goods services
6. Goods transport agency’s services
7. Courier services
8. Mailing list compilation and mailing services
9. Transport of goods by air services
10. Clearing and forwarding services
11. Cargo handling services
12. Customs house agent’s services
13. Storage and warehousing services
14. Transport of goods through pipeline or other conduit
15. Transport of goods in containers by rail by any person,
other than government railway
- Professional Services
16. Practising chartered accountant’s services
17. Management or business consultancy services
18. Consulting engineer’s services
19. Scientific and technical consultancy services
20. Technical testing and analysis services
21. Market research services
22. Opinion poll services
23. Public relations services
- Real estate & infrastructure services
24. Construction services in respect of commercial or industrial buildings or civil structures
25. Construction services in respect of residential complexes
26. Architect’s services
27. Real estate agent’s services
28. Site preparation and clearance, excavation,
earthmoving and demolition services
29. Interior decorator’s services
- Business services
30. Business auxiliary services
31. Business support services
32. Manpower recruitment or supply agency’s services
Issued by the Board of Studies ICAI.
Click Here for direct link to the Announcement - http://www.icai.org/resource_file/16650announservicetax.pdf
New Direct Tax code : Residential Status
1)Under the Code, the residential status of an individual in a financial year will
continue to be determined on the basis of his stay in India during the financial year and the
earlier years. He would be a resident in India if,-
(a) he is in India for 182 days or more during the financial year; or
(b) he is in India for 365 days or more during the four years immediately preceding
the financial year and for 60 days or more in the financial year.
2) The residency of an individual will be determined only on the basis of the test
specified in sub para (a) of para 4.9 in the case of,-
(a) an Indian citizen who leaves India during the financial year for the purpose of
employment outside India with an employer;
(b) an Indian citizen who leaves India as a member of a crew of an Indian ship; and
(c) an Indian citizen or a person of Indian origin, who comes to India on a visit
during the financial year.
3) An individual will be treated as a person of Indian origin if either he or either of his
parents or any of his grand-parents was born in undivided India.
4) An Indian company will always be treated as resident in India. However, a foreign
company can either be resident or non-resident in India. It will be treated as resident in
India if, at any time in the financial year, the control and management of its affairs is situated
wholly or partly in India (it need not be wholly situated in India, as at present).
5) A Hindu Undivided Family (HUF), partnership firm, an association of persons or
any other person will be resident in India if the control and management of their affairs are
wholly or partly situated within India at any time in the relevant financial year.
6) A person will be a non-resident in India if he is not a resident in India.
7) Under the Code, the concept of "resident but not ordinarily resident" for an
individual and a Hindu undivided family will be replaced by providing exemption to the
income of an individual sourced outside India and not derived from a business controlled or
a profession set up in India. This exemption will be available to the individual in the
financial year in which such individual becomes a resident and in the immediately succeeding
financial year, if such individual was a non-resident for nine years immediately preceeding
the financial year in which he becomes a resident.
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