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Tuesday, July 15

Ready with updated Indian accounting standards: ICAI

With the country gearing up for new accounting regime, apex body of chartered accountants ICAI has said it is ready with updated accounting standards that are converged with global norms.

The Institute of Chartered Accountants of India (ICAI) has been working on the new Indian Accounting Standards (Ind AS) for quite sometime.

"We will work closely with Ministry of Corporate Affairs to assure effective and smooth implementation of Ind AS in India," ICAI President K Raghu told PTI.

The new norms are converged with International Financial Reporting Standards (IFRS), which is being followed in more than 100 countries.

To enable companies to voluntarily use the new standards, Raghu said the institute is "ready with updated Ind AS corresponding to IFRS as of this date".

Finance Minister Arun Jaitley, in his Budget speech on July 10, had said there was an urgent need to converge the current Indian accounting standards with IFRS.

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"I propose for adoption of the new Indian Accounting Standards (Ind AS) by the Indian companies from the financial year 2015-16 voluntarily and from the financial year 2016-17 on a mandatory basis," he had said.

The timelines for implementation of Ind AS for the financial services sector, including banks and insurance companies would be separately notified by the respective regulators.

According to Raghu, the institute has always propagated the need to converge with IFRS at the earliest to bring the financial reporting practices of the Indian corporates at par with the global standards.

The institute has also flagged off Indian stakeholders' concerns on IFRS to the International Accounting Standards Board (IASB). The latter has developed IFRS.

"ICAI has also effectively communicated to IASB the Indian concerns relating to the industry and other stakeholders and IASB has already revised certain IFRS (norms) such as on 'agriculture' to address our concerns," Raghu said.

The institute has been working on convergence process after Ind AS were put on the Corporate Affairs Ministry's website in February 2011.

Besides, ICAI has been conducting certificate courses for its members and other stakeholders in the area of IFRS and Ind AS.


Source:
Business Standard

VIDEO: Union Budget 2014 Speech & Analysis

FM Arun Jaitley's Budget Speech (Part 1 of 2)




FM Arun Jaitley's Budget Speech (Part 2 of 2)

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ANALYSIS : Taxation Policy




INTERVIEW: Arun Jaitley explaining Budget




Courtesy:
1. RSTV Youtube Channel
2. ANI Multimedia Youtube Channel


Applicability of Companies Act 2013 for Nov 2014 and May 2015 Exams


Applicability of The Companies Act 2013 to IPCC and Final – November 2014 and May 2015 exams


Applicability of notified sections of Chapter IX, “Accounts of Companies” and Chapter X, “Audit and Auditors” of the Companies Act 2013 along with its Rules for November 2014, Examinations for Final Course

Attention of students is invited to the announcement dated 15th March, 2014 hosted on the students’ portal at http://220.227.161.86/32800bosannoun15mar14.pdf regarding applicability of 53 sections and 45 sections of the Companies Act 2013 for November 2014 examinations for Intermediate (IPC) and Final Course respectively.




Final course students may note that in addition to 45 sections of the Companies Act 2013, notified sections of Chapter IX, “Accounts of Companies” and Chapter X, “Audit and Auditors” of the Companies Act 2013, along with its Rules are also applicable for November 2014 examinations in respect of following papers:

Paper 1: Financial Reporting (Group I)

Paper 3: Advanced Auditing and Professional Ethics (Group I)

Paper 4: Corporate and Allied Laws (Group I)

As far as Intermediate (IPC) Course students are concerned, only 53 sections of the Companies Act 2013 as announced earlier would continue to apply for November 2014 examinations.


It is also clarified that along with the applicable sections of the Companies Act 2013, the remaining provisions of the Companies Act, 1956, if any, would continue to apply for November 2014 examinations.




Download The Companies Act 2013 for November 2014 Exams

Supplementary study material for Intermediate (IPC) Course

http://220.227.161.86/32794ssp-p2blec-ipcc.pdf

Supplementary study material for Final Course

http://220.227.161.86/32793ssp-p4final.pdf

Students may also note that the Study Material and Practice Manual of Corporate and Allied Laws, Final Course released in January, 2014 has been prepared keeping in view the amendments brought in by The Companies Act 2013.

Suggested Posts:

1. Applicability of the Companies Act, 2013 to Auditor's Report to FY 2014-15 and Onwards (Not Applicable to FY 2013-14)
2. The Companies Act, 2013 - Bare Act Text

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Applicability of notified sections of the Companies Act 2013 for May 2015 Exams

This is to bring to the notice of students that the relevant sections of the Companies Act 2013 notified till 30th September, 2014 would be applicable for May 2015 examinations in respect of the following papers:

At the Intermediate (IPC) Course

Paper 1: Accounting (Group I)

Paper 2: Business Laws, Ethics and Communication (Group I)

Paper 5: Advanced Accounting (Group II)

Paper 6: Auditing and Assurance (Group II)

At the Final Course

Paper 1: Financial Reporting (Group I)

Paper 3: Advanced Auditing and Professional Ethics (Group I)

Paper 4: Corporate and Allied Laws (Group I)

For reference and benefit of our students, the Board of Studies would release relevant material applicable for May 2015 examinations well in advance before the examinations.

It is also clarified that along with the applicable sections of the Companies Act 2013, the remaining provisions of the Companies Act, 1956, if any, would continue to apply for May 2015 examinations.

Source:
ICAI.org

Highlights of Union Budget - Published by ICAI

ICAI has pubished highlights of the Union Budget 2014, as given below.

To know everything about the Union Budget 2014, please visit our past post - Union Budget 2014 : Everything at one Place

Highlights of Union Budget 2014-15, as published by ICAI -


Direct Taxes

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Indirect Taxes


Source:
ICAI.org

Thursday, July 10

UNION BUDGET 2014 : EVERYTHING AT ONE PLACE

Highlights:


Budget Highlights (Key Features) (Govt Presentation)

Here are the highlights of Union Budget 2014 tabled by finance minister Arun Jaitley on Thursday:

* Tax proposals on indirect tax front would yield Rs 7,525 crore.

* ​Indian Custom Single Window Project to be taken up for facilitating trade.

* Clean energy cess increased from Rs 50/ tonne to Rs 100/tonne.

* Additional 5% excise tax to be levied on aerated drinks with added sugar (cold drinks). Tobacco products also to get costly as excise duty hiked to 72%

* Government announces reduction in excise duty for specified food package industry from 10% to 6%.

*​ Excise duty on footwear reduced from 12% to 6%

* Government announces measures to encourage manufacture of LCD/LED panels of TVs.

* Housing loan rebate to raised from Rs 1.5 lakh to Rs 2 lakh.

* Net effect of direct tax proposals is revenue loss of Rs 22,200 crore.

* Government proposes to increase investment limit under Section 80C from Rs 1 lakh to Rs 1.5 lakh.

* Tax exemption limit for small and marginal, and senior tax payers changed from Rs 2.0 to Rs 2.5 lakh. For senior citizens, no tax for income up to Rs 3 lakh per annum.

* No changes in tax rate.


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* PPF limit to be raised to Rs 1.5 lakh: Jaitley

* Rs 100 crore for training of sportspersons for upcoming Asian Games.

* Government announces Rs 150 crore for communication needs of Andaman and Nicobar islands.

* Government announces Arun Prabha channel for northeastern region; will be 24/7 channel.

* Rs 1000 crore provided for rail connectivity in northeastern region.

* Programme for displaced Kashmiri migrants with Rs 500 crore to be started.

* Rs 100 crore set aside for project to link rivers.

* Government announces Rs 100 crore for development of Archaeological sites. Gaya to be developed as world class tourism spot.

* Rs 5000 crore set aside for defence outlay over and above amount provided under interim budget.

* National Police Memorial to be set up. Rs 50 crore set aside for this purpose.

* Rs 100 crore set aside for development of Technology Development Fund.

* Rs 100 crore War Memorial at Princess Park, India Gate.

* Policy of One Rank One Pension to be adopted for defence personnel.

* RBI will create framework for licenses of small banks.

* Government aims to provide all households with banking facilities to empower the weaker sections; there should be atleast 2 bank accounts in each household.

* Urgent need to converge current Indian standard with international accounting standards: Jaitley

* Rs 37, 800 crore allotted for National Highways.

* Revision of rate of royalty on minerals to be taken up on request from the states.

* In order to complete gas grid, 15000 km of additional pipeline to be developed through PPP mode.

* ​New and renewable energy deserves high priority; ultra modern power projects to be taken up in Rajasthan, Tamil Nadu, Ladakh with Rs 500 crore.

* Rs 4200 crore set aside for Jal Marg Vikas project on river Ganga connecting Allahabad to Haldia , over 1620 km.

* Scheme for development of new airports at tier II and III cities through PPP mode. (Read story here)

* Rs 200 crore set aside for 6 more textile clusters in Rae Bareily, Lucknow, Surat, Bhagalpur. Rs 50 crore set aside for Pashmina Production program in J&K.

* MSMEs are the backbone of the economy; to be revived through a Committee to examine and report in three months.

* 6 more textile clusters to be set up.

* Industrial Smart Cities to come up at 7 cities.

* All govt departments and ministries to be integrated through E-platform by 31 December this year.

* Rs 100 crore set aside for Kisan Television to provide real time information on various farming and agriculture issues.

* National Industrial Corridor to be set up. Rs 1000 crore set aside for this.

* Rs 5000 crore short time rural credit refinance fund for 2014-15.

* Rs 50 core set aside for indigenous cattle breed and blue revolution for inland fisheries.

* Propose to provide finance to 5 lakh landless farmers through NABARD.

* Govt will initiate scheme to provide a soil health card; Rs 100 crore set aside. Rs 56 crore for soil testing labs across the country.

* Agriculture University in Andhra Pradesh and Rajasthan, and Horticulture University in Haryana, Telangana; Rs. 200 cr set aside by the government.

* Slum development to be included in Corporate Social Responsibility activities.

* Govt announces Rs 100 crore for modernization of madrassas.

* Govt announces development of Metro rails in PPP mode; Rs 100 crore set aside for metro scheme in Ahmedabad and Lucknow.

* Rs 100 crore set aside for Community Radio Centres; 600 new and existing ones will be supported.

* National Rural Internet and Technology Mission; Rs 500 crore set aside.

* Govt proposes to set up Center of Excellence in MP named after Lok Nayak Jai Prakash Narayan.

* 5 more IITs and 5 IIMs to be set up .

* Propose to set up four more AIIMS; Rs. 500 crore set aside for this. Six new AIIMS started recently have become functional. Four new AIIMS will be set up in Andhra Pradesh, West Bengal, Vidarbha and Purvanchal.

* Govt proposes National Housing Banking programme; sets aside Rs 8000 crore for this program.


* Pradhan Mantri Gram Sadak Yojana has a massive impact on rural development; Govt sets aside Rs 14,389 crore for this scheme.

* Crisis Management Center for women at Delhi; money to be provided from Nirbhaya fund.

* Govt announces Beti Padhao, Beti Badhao Yojana; sets aside Rs 100 crore for this.

* Safety of women of prime importance.

* EPFO will launch a unified account scheme for portability of Provident Fund accounts.

* Schemes for disabled persons in the country. 15 new Brail presses to be established and revival of 10 existing.

* Rs 50,548 crore proposed for Schedule Caste development.

​* Govt committed to providing 24/7 power supply to all homes. Deen Dayal Upadhyay Gram Jyoti Yojna for electricity supply to rural areas.

* Rs 200 crore for 'Statue of Unity' of Sardar Vallabh Patel.






* Pradhan Mantri Krishi Sichayin Yojana to be started for irrigation.

* We will examine proposal to give additional autonomy to banks and make them more responsible: Jaitley

* E-visas to be introduced at nine airports in India in phased manner.

* FDI in insurance to be increased to 49%

* FM announces FDI in defence up from 26 to 49 % with Indian management and control

* Transfer pricing is major area for litigation; proposes changes in transfer pricing regulation: Jaitley

* I propose to strengthen authority for advance ruling in tax: Jaitley

* Aim to achieve 7-8 per cent economic growth rate in next 3-4 years.

* We wish to provide an investment friendly taxation system: Jaitley

* This govt will not ordinarily change policies retrospectively which creates a fresh liability.

* GST will streamline tax administration and result in higher tax collection for center and states.

* A new urea policy would be formulated.

* Considering that we had two years of low GDP growth, a large subsidy burden, target of 4.1% fiscal burden is daunting: Jaitley

* We must address the problem of black money: Jaitley

* Iraq crisis leading behind an impact. Inflation has remained at elevated level: Jaitley

* We have taken up the challenge in the right ernest; will create a vibrant and strong India: Jaitley.





* The task before me is very challenging. We need to introduce fiscal prudence. there is an urgent need for more reforms.

* The steps I will announce are only the beginning of the journey we wish to take for macro economic stabilization: Jaitley

*People below poverty line anxious to free themselves: Jaitley

* Green shoots of recovery seen in world economy.

*​ We look forward to lower inflation: Jaitley




Response to Budget on Social Media -

Social media reactions began pouring in today as soon as Finance Minister Arun Jaitley started presenting the maiden Union Budget of the Modi government.

BJP leaders like Shahnawaz Hussain, who tweeted using the hashtag #ModiBudget, were expectedly jubilant about the measures announced.

Hussain wrote, "#ModiBudget gives confidence to middle class- PPF limit 1.5 lac, exemption upto 2 lac on Home loaninterest, 80C exemption upto 1.5 lac. It makes no. of provisions for youth- Internet Connectivity, AIIMS IIMs IITs, Agri Universities,skill devt, sports academies. A very positive #ModiBudget. It clearly aims to bring Indian economy on the right track."

Array

Filmmaker Ashok Pandit, along with many other users, tweeted using the hashtag superbudget.

Pandit wrote, "UPA in last so many years never found the need to mention abt Kashmiri Pandits need in the parliament. Thank U. After grabbing land worth 100 crores for 1 lac in Mumbai Rajiv Shukla criticises the budget."

Opposition leaders, however, were quick in tearing apart the budget.

Yogendra Yadav of the Aam Aadmi Party (AAP) tweeted, "First budget of a party in power that made big promises and got clear majority turned out to be a damp squib. No mention of the need for reviewing and rationalizing Tax Exemptions for corporates, the biggest subsidy in the budget. Did not hear anything on protection for unorganized workers, maternal mortality, infant mortality and under nutrition of children."

Some users, however, also took a dig on the slew of 100 crore projects and increased taxes on cigarettes, tobacco products and soft drinks.

A user on Twitter posted, "Cigarette to cost more. Footwear to be cheaper. The underlying message is - kick the bad habit or smoke footwear" while another wrote, "Smoking is now more injurious to wealth."

Some users on Facebook too, compared the schemes announced by the FM and posted, "There's 150 Cr for women's safety and 200 Cr for a statue, because hey, the statue is doing more for women's safety than the current police force (and society) is. Just goes to show that the statue of a dead man is worth more than the lives of 48% of the country's population.

Sources:
2. Business Standard

Wednesday, July 2

President's Message : July 2014

Dear Professionals,

Continuity gives us roots, change gives us branches, letting us stretch and grow and reach new heights,’ rightly goes the saying. While the triumphant tradition of our democracy has continued, a change has happened in Indian polity too. I, as the leader of the Indian accountancy profession, welcome this change led by our dynamic new Prime Minister Shri Narendra Modi, a leader who leads by example. Riding the wave of new aspirations of Indian masses, Shri Narendra Modi has taken over as the harbinger of change, growth and development as spelt out in his agenda. Given his proven track record in vibrant Gujarat, I am sure we will have a resurgent India under his stewardship. The Indian Accountancy profession commits itself to the growth agenda of the new Government and will continue to contribute to a vibrant Indian economy. Today we have a Prime Minister who is considered the most techno-savvy political leader in India. He understands the value of connecting with the lives of people by making use of technology. We appreciate him as a dedicated and determined man of good governance, who is guided by the principle of Sabka Saath, Sabka Vikas (Collective efforts, inclusive growth). We stand by his mantra for functioning that is 'Minimum Government, Maximum Governance'. A firm believer in the philosophy of Antyodaya or reaching the very last person in the queue, Shri Modi is known for proven ability to deliver results.

We at ICAI are committed to the growth agenda of the new Government, particularly with respect to ensuring good governance, reforms, ease of doing business, financial discipline and economic growth. We are also committed to the new Government’s vision to rationalise and simplify the tax regime in India and make it non-adversarial and conducive to investment, enterprise and growth. In furthering our partnership with the new government, we plan to work with various ministries and government departments to help them achieve their new agenda.


Partnering with the New Government

The new Government has expressed its commitment to bring about sustainable and inclusive growth. To build a strong India, it aims to usher the economy to a higher pedestal, rein in inflation, reduce current account deficit, reignite the investment cycle and restore the confidence of domestic and international communities in the national economy. A series of measures and reforms to help Indian economy achieve its potential of high growth are on the cards. We at ICAI are committed to this growth agenda, particularly with respect to ensuring good governance, reforms, ease of doing business, financial discipline and economic growth. We are also committed to the new Government’s vision to rationalise and simplify the tax regime in India and make it non-adversarial and conducive to investment, enterprise and growth. In furthering our partnership with the new government, we plan to work with various ministries and government departments to help them achieve their new agenda.

We propose to submit our views on ushering reforms in the financial, banking and insurance sectors and also adoption of accrual accounting in all government departments. We will continue to give our recommendations on Direct Taxes, Indirect Taxes, the New Companies Act, Bank Audit, IFRS Convergence, Implementation of GST, and so on, to the Ministries concerned.


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Reaching out to Finance Minister
We are extremely delighted to welcome Shri Arun Jaitley as our Union Minister for Finance, Defence and Corporate Affairs. A person of high degree of knowledge, he has been associated with the Institute for many years. I recently had the opportunity of personally calling upon him and congratulating him on behalf of the accountancy profession. It was heartening to note that he holds ICAI and the accountancy profession in high esteem and has big expectations from us in helping the government to steer the economy back on the high growth curve. I assured him that the ICAI will be forthcoming to implement all his initiatives for the good of our country.


Building Rapport with Railway Ministry
The Railway Ministry is proactively looking for reforms and is keen on strengthening its finances and financial system. In this scenario we see a vast scope for our involvement in improving their financial reporting system. In this regard, I recently met Railway Minister Shri D.V. Sadananda Gowda at his office in New Delhi. In a fruitful meeting, he was very receptive to our proposal to transform the Indian Railways by converting from cash based to accrual-based accounting system. I hope for a positive outcome of this meeting soon.

Meeting the Minister of State for Corporate Affairs
I congratulate Smt. Nirmala Sitharaman for taking over as Minister of State (Independent Charge) for Corporate Affairs, Commerce and Industry, and Finance, and pledge our support to the Ministry’s objectives. In our meeting, we volunteered to support the effective implementation of the Companies Act 2013 and requested her to look into the issues concerning the profession. I once again commit ourselves to the agenda of the Ministry and look forward to their continued guidance and support to us.


Congratulations to CA. Piyush Goyal
I also congratulate CA. Piyush Goyal on assuming office as the Minister of State (Independent Charge) for Power, Coal and New & Renewable Energy. One among us, he has been our friend, philosopher and guide in addressing various issues concerning the profession in the past. We take pride in his inclusion in the Union Council of Ministers and look forward to his constant support and guidance to the profession. I wish him all the best.


Strengthening Ties with RBI
Reserve Bank of India (RBI) has been playing a pivotal role in strengthening the Indian financial system, and our profession continues to play an important role in developing a healthy banking sector. With a view to strengthen our ties with Reserve Bank of India, I recently met its Governor Shri Raghuram Rajan in Mumbai to discuss various issues concerning banking sector besides our concerns on Bank Branch Audit.

We also volunteered to help the RBI in its all important agenda of financial inclusion in India. I conveyed him that ICAI, as a partner in nation building, is keen on safeguarding the government and public interest in public sector banks. I assured him of our whole-hearted support in various initiatives of the RBI.


Celebrating 65 Years of Professional Excellence
It was with great futuristic vision that founding fathers of our nation established ICAI on 1st July 1949. Today, I am proud to say that we have exemplarily lived up to their expectations through our dedicated service to the country as a true partner in nation building. This glorious journey of our professional excellence continues unabated even today and this calls for a befitting celebration of the Chartered Accountants Day on 1st July 2014.

On this day ICAI will complete 65 years of strong national and international professional standing. With about than 2.25 lakh members and more than 8.5 lakh students today, we are the second largest accounting body in the world. To celebrate this outstanding success with the society, we have lined up a series of programmes and events across the country, like Tree Plantations, Distribution of Literacy Kits, Blood Donations, etc. A special ‘Google Hangout’ session with IFAC president Mr. Allen Warren has also been planned. Let’s join hands and make the CA Day an occasion to remember.


Cloud Campus - A Big Bang Initiative
To celebrate the CA Day, we are also launching a Cloud Campus for the students- a big bang initiative to enable the entire CA student community to connect together. The Cloud Campus will be a virtual campus for students where e-learning courses, audio lectures, video lectures, webcasts, online mentoring, articleship training resources, etc. would be provided to the students free of cost. As another first in the history of ICAI, this would herald a knowledge revolution by providing online resources to the students to prepare for the CA course.


Roadmap for Implementation of Ind AS - An Update
The ICAI has submitted a revised roadmap to the Ministry of Corporate Affairs for implementation of Indian Accounting Standards (Ind AS) converged with IFRS. We are proactively discussing the new roadmap with RBI, SEBI and other stakeholders to support the implementation of the IFRS-converged Indian Accounting Standards. We recently had two separate meetings with officials of RBI and SEBI to discuss various issues and concerns on moving to IFRS-converged standards (Ind AS) for banks and listed entities.


Putting forward our Perspective through CAPA
It has been my earnest endeavour to highlight the role of the Indian accountancy profession in various global forums. With that spirit, I recently participated in the Board meeting of Confederation of Asia and Pacific Accountants (CAPA) in Colombo. I also highlighted our potential at CAPA’s Financial Reporting for Economic Development Forum in Colombo, on the theme of The Financial Reporting Supply Chain. I also moderated the panel discussion on Education and the development of needed skills at the CAPA Financial Reporting for Economic Development Forum (FRED) in Colombo and put forward our experiences.


Building Bridges with Saudi Professionals
You would appreciate that ICAI has taken upon itself being a mentor and collaborative partner to transition economies. I recently took this vision forward by signing a Memorandum of Understanding (MoU) with the Saudi Organization for Certified Public Accountants (SOCPA) in New Delhi to help develop accountancy profession in Saudi Arabia. Assistant Secretary General for Membership and Professional Development of SOCPA signed the MoU from SOCPA.

The MoU inter alia provides that both ICAI and SOCPA would be working together in establishing possible co-operation in respect of Corporate Governance, technical research and advice, quality assurance, forensic accounting, issues for SMPs, etc. I am sure this MoU would be a big step forward to strengthen bilateral relations between India and Saudi Arabia and establish closer working linkages between ICAI and SOCPA.


Global e-Kit Launched in Muscat
To promote brand Indian CA in Muscat, we recently launched a Global Career e-Kit in Muscat. The e-Kit contains exhaustive information on job opportunities in Muscat where we see a good opportunity for our young professionals who want to pursue global career. I also participated in the 6th Annual International Conference on Moving to a New World Order-Role for Finance Professionals of the Muscat chapter of ICAI besides interacting with Indian ambassador to Oman Shri J. S. Mukul. I am sure that this initiative will go a long way in firmly putting Indian CA on the global map.


EEG Meeting in Moscow-Adoption of IFRS
Issues in adoption of universal financial reporting framework are being raised everywhere now. Gobalisation of business and blurring of the international border due to virtual and online business are applying further pressure to this adoption process. Emerging Economies Group (EEG) helps in addressing the issues in financial reporting in the emerging economies. Russia, our strategic partner, is an important stakeholder in this regard.

I had the opportunity of participating in the EEG meeting held in Moscow, Russia recently. The meeting provided insights on IASB projects and development in International Accounting Standards, which we will use in the adoption of IFRS in our nation. Russia has already made IFRS mandatory, with two exceptions, for use in Consolidated Financial Statements of all legal entities, in 2012.


Clarifying Certain Auditors’ Concerns under the Companies Act, 2013
The Council recently considered the issue of date of applicability of Section 143(3)(i) of the Companies Act 2013, requiring the Statutory Auditor to report on adequacy and operating effectiveness of internal financial controls in the Statutory Auditor's report. It also considered Section 143(12) of the said Act, envisaging the Statutory Auditor to report Frauds committed or being committed against the Company to the Central Government.

The Council was of the view that as both these Sections and related Rules have come into force in respect of financial years beginning on or after 1st April 2014, these apply to Statutory Auditors appointed under the Companies Act 2013. Accordingly, the Council has taken a view that provisions of these Sections and related rules would apply to the years beginning on or after 1st April 2014 and not to audits for periods beginning on or before 31st March 2014 even if the audits thereof are carried out and Auditor's Report thereon are issued after 1st April 2014.

The Council is of the view that Section 143(3)(i) and Rules thereunder would apply to the financial years beginning on or after 1st April 2014. In respect of the applicability of Section 143(12) and related Rules, while the Council has taken a prima facie view that these too would apply only to financial year (and not to audits of interim periods such as quarter/half year as these are per se not carried out under the Companies Act 2013) beginning on or after 1st April 2014, we are also coordinating with the Ministry of Corporate Affairs in this regard.

For the benefit of the members, we have issued three separate Announcements, covering these aspects. The full text of these Announcements is available on our website.


Playing our Role in Union Budget 2014-15
The stage is set for the Union Budget 2014-15. We at ICAI have played a significant role in this important national exercise, by presenting a Pre-Budget Memorandum, 2014 to the Ministry of Finance recently. An ICAI delegation also participated in a pre-Budget meeting of the Ministry of Finance and presented the gist of recommendations made in our Pre-Budget Memorandum.

Our Memorandum contains suggestions to improve tax collection, reduce and minimise litigations, rationalise provisions of taxation laws and remove administrative and procedural difficulties, etc. Accountancy profession looks forward to a progressive Union Budget that will propel Indian economy to high growth trajectory.

Innovation and change will always let us develop and upgrade our lives-be it our profession or personal life. Change is the only constant thing in life, it is said. Innovate and the change gets better.

I shall be telling this with a sigh
Somewhere ages and ages hence:
Two roads diverged in a wood, and I-
I took the one less travelled by,
And that has made all the difference.

Robert Frost in his above poem hints at out-of-box thinking that creates relevance. The people of India have great expectations from the new Government and I am sure we could look forward to good governance that would lead to a buoyant Indian economy. Even the new Government will have to think out-of-box and work harder to meet the increased expectations of the people. This applies to us too. Let’s gear up and get ready to deliver to our stakeholders. Recall what Mahatma Gandhi has said: ‘You must be the change you wish to see in the world,’ and let’s make a new beginning to this effect on the CA Day.

Happy CA Day to all my readers!


Best wishes


CA. K. Raghu
President, ICAI


Courtesy:

PM Modi and Others wishing CAs on CA Day

Prime Minister Narendra Modi on Tuesday praised the country's chartered accountants and said they had a "crucial role to play in India's progress".

"I congratulate my CA friends on Chartered Accountants Day & convey my best wishes. They have a crucial role to play in India's progress," Modi tweeted.

It was on this day in 1949 that the Chartered Accountants Act was passed by the Constituent Assembly, which was acting as the provisional parliament of India. The Institute of Chartered Accountants of India (ICAI) celebrates the day as its foundation day.

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Here are the tweets from other celebrities -



Monday, June 30

Legal Solution to Restriction of 4 Email IDs for Incometaxindiaefiling.gov.in account

Recently, on www.incometaxindiaefiling.gov.in , assessee is compulsorily required to get its email ID and password registered. Further, maximum permissible usage of each of them is 4 times only. It is creating a nightmare for professionals, when we know that most of the assessees in India do not have email ID. So, nowadays professionals have started to create additional email IDs. This takes substantial time and in future we have to remember those IDs and their passwords.

But the solution is found out. This benefit is available to Gmail users and only those domain users whose domain admin ignore .(dot) in the email ID.





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How to solve the problem-

If my email ID is team.cahelpers@gmail.com, then Gmail considers it as teamcahelpers@gmail.com, so even if you write t.e.a.m.c.a.h.e.l.p.e.r.s@gmail.com or teamCA.helpers@gmail.com or team.CA.helpe.rs@gmail.com or whatever combination of using .(dot) in teamcahelpers@gmail.com, the mail comes to the same ID only. This thing made us think over the solution in this line. And to our surprise the solution was workable!

The solution found in this Gmail Help link post (find the link here, under the question 1) -
"Sometimes you may receive a message sent to an address that looks like yours but has a different number or arrangement of periods. While we know it might be unnerving if you think someone else's mail is being routed to your account, don't worry: both of these addresses are yours.
Gmail doesn't recognize dots as characters within usernames, you can add or remove the dots from a Gmail address without changing the actual destination address; they'll all go to your inbox, and only yours. In short:
  • homerjsimpson@gmail.com = hom.er.j.sim.ps.on@gmail.com
  • homerjsimpson@gmail.com = HOMERJSIMPSON@gmail.com
  • homerjsimpson@gmail.com = Homer.J.Simpson@gmail.com
All these addresses belong to the same person. You can see this if you try to sign in with your username, but adding or removing a dot from it. You'll still go to your account.
If you get mail that seems to be intended for someone else, it's likely that the sender entered the wrong address, just like if you've ever dialed a wrong phone number for someone. In these cases, we suggest contacting the original sender or website when possible to alert them to the mistake.
One last thing: Google Apps does recognize dots. If you'd like to have a dot in your username, please ask your domain administrator to add your preferred username as a nickname."

Because while Gmail considers the ID with using or without using .(dot) as same, at the same time, www.incometaxindiaefiling.gov.in considers all these IDs as different IDs, so you can use each of them 4 times. And you will receive mails of the IDs on your mail, i.e. teamcahelpers@gmail.com in our case!

But the same time if your organization uses Google Apps for email and you have personal organizational IDs, which get opened in Gmail, say xyz.1@abcandco.com and the org. has opted for Gmail Apps and your email works on Gmail, then there is a bad news, read the last line in solution, in RED colour. Google Apps do support .(dot). So if this is the case, then xyz1@abcandco.com xy.z1@abcandco.com and xyz.1@abcandco.com are different.

To cross check, if your email ID is say info@gmail.com and it is already used for 4 times, then you may now write as i.nfo@gmail.com and check your account, you will get the email and now see the “To” address in that mail, it will be i.nfo@gmail.com

So, now enjoy the E-filing!

Note:
This Solution is legal as this is the system configuration of Google and IT Dept. which are different. And IT Dept. can not stop this because unlike GMAIL many other big mail sites recognize .(dot) as a character in your ID. So till Dept. finds any solution to it, just relax and efile!

There is no solution to mobile no. restriction of maximum use till 4 times, and as such we do not have any problem with it even, as almost every assessee have one in our country as of today!

Wednesday, May 28

Section 80EE - Final & IPC - Correct Solution & Interpretation - Mistake in Material

Section 80EE
Conditions:
1. The taxpayer is an individual.
2. He has taken a loan from Financial Institution.
3. The loan has been sanctioned by the financial institution during previous year 2013-14.
4. The amount of loan sanctioned for acquisition of the residential house property does not exceed Rs.25 lakhs.
5. The value of the residential house property does not exceed Rs.40 lakhs.
6. The taxpayer does not own any residential house property on the date of sanction of the loan.



Amount of deduction:

(i) If the above conditions are satisfied, interest payable for the previous year 2013-14 on the aforesaid loan shall be deductible under section 80EE upto maximum of Rs.1 lakh.
(ii) In a case where the interest payable in previous year 2013-14 is less than Rs. 1 lakh, then balance deduction shall be allowed under 80EE in the previous year 2014-15. (Point to be noted: Language is “interest payable for the previous year is less than Rs. 1 lakh” and not the “deduction claimed under section 80EE is less than 1 lakh”)
(iii) Further, where a deduction under this section is allowed for any assessment year, in respect of interest on housing loan, deduction shall not be allowed in respect of such interest under any other provision of the Income-tax Act, 1961, for the same or any other assessment year.



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Practical:
Illustration 11 (CA Final Module DT - Pg. 11.23) (Can also be used for IPC students for clarity)-
Mr. A purchased a residential house property for self-occupation at a cost of Rs.30 lakh on 1.6.2013, in respect of which he took a housing loan of Rs.24 lakh from Bank of India@11% p.a. on the same date. Compute the eligible deduction in respect of interest on housing loan for A.Y.2014-15 and A.Y.2015-16 under the provisions of the Income-tax Act, 1961, assuming that the entire loan was outstanding as on 31.3.2015 and he does not own any other house property.

Solution (Wrong - as shown in Module)-


For A.Y.2014-15
(i) Deduction under section 24(b) = Rs. 1,50,000

[Rs. 2,20,000 (Rs. 24,00,000 × 11% × 10/12) Restricted to Rs. 1,50,000]
(ii) Deduction under section 80EE = Rs. 70,000
[Rs. 2,20,000 -Rs.1,50,000]


For A.Y.2015-16
(i) Deduction under section 24(b) = Rs. 1,50,000
[Rs. 2,64,000 (Rs.24,00,000 × 11%) Restricted to Rs.1,50,000]
(ii) Deduction under section 80EE = Rs. 30,000
[Rs. 1,00,000 – Rs. 70,000, allowed as deduction in P.Y.2013-14]


Correct Solution-
For A.Y.2014-15
(i) Deduction under section 24(b) = Rs. 1,50,000

[Rs. 2,20,000 (Rs. 24,00,000 × 11% × 10/12) Restricted to Rs. 1,50,000]
(ii) Deduction under section 80EE = Rs. 70,000
[Rs. 2,20,000 -Rs.1,50,000]


For A.Y.2015-16
(i) Deduction under section 24(b) = Rs. 1,50,000
[Rs. 2,64,000 (Rs.24,00,000 × 11%) Restricted to Rs.1,50,000]
(ii) Deduction under section 80EE = NIL
[Interest payable for the previous year 2013-14 was Rs.2,20,000 (which is more than 1 lac) and therefore, no further deduction is allowed under 80EE during previous year 2014-15.]


IDEAL APPROACH if Asked in Exam-

1. Solve the question correctly i.e. as per Income Tax Provision and not as solved by ICAI Module (as we have shown above)

2. Give below Note-
The question has been solved as per Section 80EE, and hence in AY 2015-16, no deduction u/s 80EE will be allowed as "Interest payable" for the AY 2014-15 was Rs.2,20,000 (which is more than 1 lac). This question could also have been solved using method used in Study Material,i.e.assuming as "Deduction claimed" for the AY 2014-15 was Rs.70,000 (which is less than 1 lac) and therefore, balance deduction of Rs.30,000 is allowed under 80EE during AY 2015-16.

Wednesday, May 21

The 10 year girl concerned about economy receives reply from RBI Guv



Young Girl with Rajan
Young and vibrant Laila Indira Alva, who is currently studying in class VI of Sanskriti School, Chanakyapuri, and is a resident of Gurgaon, was recently in the news when a letter she wrote to RBI governor Raghuram Rajan in September 2013 was made public. She sent the letter along with a $20 note which she had saved during her trip abroad, offering to help the economy, which was in the middle of a financial crisis at that time.

Laila has been an active member of the editorial team in her school and has also interviewed Milkha Singh. Currently learning Spanish, she feels she needs to brush up her spoken Hindi. She's an avid reader, with a keen interest in writing fiction stories, and writes one book per year for her school's collection and calls her mother her publisher. Having volunteered to teach English to underprivileged children in Gurgaon, Laila wants to be a part of an NGO dedicated to child rights in the future. The sports enthusiast who enjoys swimming, and loves to play the piano, which, she says, she learned from her father, hopes to grow up to be an RBI governor herself one day.

Girl's letter to Rajan showing concern for the economy



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Turning eleven this July, Laila was ten when she wrote the letter last September. On asking how she learned about the economic situation of the country, she said, "I recently picked up the habit of reading the newspapers from my father, as I used to only read books earlier. But my father insisted that there are interesting articles in the paper that I should read, and my brother also reads with me. So, all of us read the newspaper everyday now; if I ever have a doubt, my parents explain it to me in detail."

"Last September, one day in the morning, my parents were talking about how weak the economy was, that the dollar was really strong and the rupee had hit a record low, and I heard that Raghuram Rajan was the new RBI governor."
A Kind gesture of Guv



"So, I decided to write a letter to Raghuram Rajan to help save the economy, as I had saved twenty dollars from my trip to Israel with my parents. In the letter, I wrote to him saying that now since he's the RBI governor, I hope he comes with new ideas that'll help our economy since I didn't want people to think that our country is corrupt. I looked up the address on the Internet and after writing the letter, I gave it to my mother to correct the grammar, and I asked her if I should send it. She said it was entirely my choice, but both of them were really proud of me," she adds.



Laila not only received a very humble reply from Rajan himself, but he also sent her an invitation to visit him in Mumbai. "When I sent it, I did not expect a reply. When I was coming back from school one day, my mother told me about it, and I was really surprised. My father and I went to see him in Mumbai; I was really excited as I only had about fifteen minutes with him. I think he's a really good governor and he's doing a very good job," she said, talking like any 10-year-old expressing her excitement about meeting the governor. "I asked him a few questions on inflation, and behind his desk, there was a wall with the pictures of previous governors who were mostly men, so I asked him why there were no women governors. To which he replied, 'May be you can become a governor one day.' He also gave me a few comics, which explained economic concepts such as inflation, setting up a bank account, how to prevent being cheated and exchanging torn notes for new ones in the bank. He also suggested that we visit the coin museum, which was right next to the building. It was a really nice experience as I saw different currencies there. I would like to meet the governor again in the future.


Sources:
1. ToI
2. BBC