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Friday, June 3

India starts 'Google Tax' - A Homegrown Equalisation Levy

Starting 1st June, India has started an equalisation levy, popularly known as the "Google Tax", to tax payments made by Indian establishments for online advertising on international companies such as Google, Facebook, Twitter and Yahoo.

The Google Tax was announced to introduce a tax on the income as accrue to a foreign e-commerce company outside of India. Google Tax or 'equalisation levy' as it's called in India, is expected to impact the bottomlines of giants like Google, Facebook, and others.

So what is this Google Tax ?

According to the Budget announcement, any person or entity that makes a payment exceeding Rs 1 lakh in a financial year to a non-resident technology company will now need to withhold 6% tax on the gross amount being paid as an equalisation levy. The said rule is applicable when the payment is made to companies that don't have a permanent establishment in India. This tax, however, is only applicable when the payment has been made to avail certain B2B services from these technology companies.

What are the services that fall under this rule?

Specified services include online and digital advertising or any other services for using the digital advertising space. This list, however, may be expanded soon.

Why has the tax been introduced?

The tax has been aimed at technology companies that make money via online advertisements. Their revenue is mostly routed to a tax haven country. This tax will help bring the said companies under the tax radar in India. With this new tax, India has also joined the list of other Organisation for Economic Cooperation and Development (OECD) and European countries where a similar tax is already in place.

Who will it impact?

If you're a business owner, especially running a small business or an online start up, and you use Facebook or Google for advertising and marketing promotions, then the Google Tax will impact you.

Let's take an example: assume that A runs a company and is liable to pay Rs 5 lakh to a foreign company to advertise with them.

With the new tax in place, A will have to withhold 6% of the amount – i.e. Rs 30,000 – and pay the balance Rs 4.7 lakh to the foreign company for its services. The withheld amount will be paid to the government.

It remains to be seen whether the foreign company will stand to bear the loss by simply accepting lower margins because of the new tax or will they hike the advertising rate taking the new tax into account?

If the latter happens, which is most likely, the Indian business owner, in this case, A, will bear the loss.

A's overall billing will likely shoot up by about 6%, which means he will have to pay Rs 5 lakh plus taxes. So his total payout may go up to Rs 5.3 lakh.

What if an Indian business owner or company fails to deduct this tax?

The Budget has proposed that any Indian business owner or company that fails to deduct this tax or equalisation levy or doesn't deposit it with the government, then the company will not be allowed to consider the expenses in calculating taxable profits. This will increase the taxable income, thereby hiking the company's tax liability.

2. Mashable India

Tuesday, August 11

Download Sample Resumes / Curriculum Vitae ( C.V. ) and Cover Letter for CA Articleship and Job application

The post is being updated on regular basis, whenever we find an attractive resume.
[Last updated on 11/08/2015]

In today's time carrying a Resume/C.V. while appearing for an interview has become an indispensable part of a job search. A good and organized resume gives a good impression of yours in the organization.

Sample Resumes:

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Below are some Google Docs (Google Drive) resume templates created by us. Please see this post after logging in with your google account (Click here to log in with your google account), then only you will be able to see "google drive" templates, which you can edit by clicking on "use this template" and edit the way you want. Afterwards download it in your PC or just save it in your google drive.

Or If you didn't like above sample then click on below Resumes samples to download-

1. Sample Resume Template 

2. Sample Chronological Resume Template with Tips

3. Sample Chronological Resume Template

4. Sample Formal Resume Template

5. Sample Classic Resume Template

6. Sample Executive Resume Template

7. Sample Functional Resume Template with Tips

8. Sample Functional Resume Template

9. Sample Modern Resume Template

Articleship Search, Selection, Procedure - All at one place (One post for all articleship related issues)

Articleship is the most crucial part of CA course and one decision will govern your 3 years. This post is for all students who are going to start articleship or students already pursuing articleship having any problem.

Monday, August 10

Guidelines for IPCC Pass-Outs (Applying For Articleship & Registration For CA Final)

We at CA helpers believe in helping others and thats what our name as well as tag-line also suggests. We are of the opinion that helping is our religion. In order to help all IPCC passouts and New students who have done B.Com (direct entry route) and existing articled assistants, we have brought so many things. But to help you in efficient way, we are listing those posts at one place. Thanks for your support...


As such there is no due date to apply for articleship and CA Final. But If you want to get your attempt in the due attempt itself, i.e. 3 years from the attempt of IPCC G-1 clearance (eg. For Nov. 2012 attempt passout - due attempt will be Nov. 2015) then apply for articleship and CA Final before 30th April (Nov. attempt passouts)/31st October (May attempt passouts). But it is advisable to get register and get franking/stampping done,in one month from the day of announcement of result.


1. Search the Appropriate Firm


=> Our advice to all of you to go for the medium firm.

=> Which gives you exposure in all kind of traditional and modern CA works.
=> Leave for exams will be given as per your requirement (Better to define these boundaries before starting articleship)=> You can attend classes daily=> Less outstations

If you are going for in Big4 then you may have to sacrifice classes and leaves.

Importantly, we are just expressing our views, you may have a different opinion. Its just an advice to our fans.

Search Firms for articleship

2. What to be kept in mind

Try to join the firm of person who is known to you, or where any of your known person has done articleship. As many firms are very strict for outstations, leaves and extension. That may be a problem if you are not defining terms of your employment (articleship) before starting the articleship.


Many people, fill up the forms on very first day of articleship. This is a wrong practice. you will have to work in the particular climate for next 3 years, you must be at least comfortable with the environment of the particular office. First, Do work on trial in firm of your choice for 2-3 days.


A) Forms Required for ARTICLESHIP

i. Form 102

To be purchased from ICAI chapter. It is necessary to get form 102 franked from a bank near by you with Rs. 100 stamp (remember only form 102 requires franking and franking is to be done within 1 month of exam result or you can extend this upto 30th April/31st oct., so as to make your attempt due on time). It is to be filled up by you and signed by your principal.

ii. Form 103

To be purchased from ICAI chapter. It is to be filled up by you and signed by your principal.

iii. Form 112

(Applicable to only, who are engaged in any other full time course with CA, i.e College or any business)

To be taken free of cost or from ICAI chapter (downloaded from here) . It is to be filled up by you and signed by your principal as well as your college's principal (B.Com pursuing students).

B)Form for registration in Final

To be purchased from ICAI chapter. It is to be filled up by you and signed by you.

5. Formalities

FILL UP Form 102, 103 & 112(if applicable) and GET THEM SIGNED for starting articleship, must be done before 31st March / 31st October. After getting all forms duly filled and signed, SUBMIT the forms personally to ICAI branches or forward them by speed post to Region H.O.

You may download any forms relating to CA course (available online) @

Team CA helpers

Wednesday, June 24

SEBI eases start-up listing norms, makes it easier to access markets

Start-ups have welcomed Sebi's decision to ease rules for listing on domestic exchanges saying it will provide them the much needed access to funds.

Sebi's move is mainly aimed at helping start-ups to raise money locally by tapping the capital market rather than going overseas.

While most of these new age companies are pleased with proposed regulations, some are expecting more relaxations including possible tax incentives for investors.

Under the new norms approved by Sebi's board today, stock exchanges would have a separate institutional trading platform for the purpose of listing start-ups while the minimum amount that needs to put in by an investor should be Rs 10 lakh.

"Sebi's proposed plans to implement e-IPO and start-up specific listings platform is a welcome move that will provide much needed access to funds for start-ups," leading e-retailer Snapdeal's spokesperson said in a statement.

"For us at Snapdeal, we are particularly pleased with this move considering that easing of listings norms will benefit India focused companies like ours in the long run," it added.

Echoing a similar view, Funtuse Founder and Business Development Manager Sidharth Dhingra termed the Sebi decision as a good initiative and a "small step in the right direction".

"But unless tax incentives are provided to investors of startups, most firms will still list outside of India for valuations concerns," he added. CEO Sujayath Ali said it would be good if the minimum investment amount can be reduced to Rs 5 lakh.

"We believe that this would be a great platform for start ups... to raise funds in a regulated yet stimulating environment and more importantly it is a great way for investors to invest in start-ups without substantially large risks,"'s co-founder Vikram Ramchand said.

The new start-up platform would ensure that Indian start-ups prefer to list on Indian exchanges instead of going to foreign boursse, BSE's MD and CEO Ashishkumar Chauhan said.


Tuesday, June 23

Case Law: Long Term Loss on sale of equity shares can be set off against Long Term gain on Sale of Land - ITAT Mum

Raptakos Brett & Co. Ltd. v. DCIT (ITAT Mumbai)

Verdict in Nutshell:
S. 10(38), 70(3): Though the LTCG on sale of equity shares (subject to STT) is exempt from tax u/s 10(38), the long-term capital loss on sale of such shares can be set-off against the taxable LTCG on sale of another asset.

Download Link:
Click here to Download the Copy of Verict


Issue Involved:The main issue is whether Long term capital loss on sale of equity shares can be set off against Long term capital gain arising on sale of land or not, as the income from Long term capital gain on sale of such shares are exempt u/s. 10(38). The nature of income here in this case is from sale of Long term capital asset, which are equity shares in a company and unit of an equity oriented fund which is chargeable to STT.

Points of Consideration for Judgement:
(i) First of all, Long term capital gain has been defined under section 2(39A), as capital gains arising from transfer of a Long term capital asset. Section 2(14) defines “Capital asset” and various exceptions and exclusions have been provided which are not treated as capital asset. Section 45 is the charging section for any profits or gain arising from a transfer of a capital asset in the previous year i.e. taxability of capital gains. Section 47 enlists various exceptions and transactions which are not treated as transfer for the purpose of capital gain u/s. 45. The mode of computation to arrive at capital gain or loss has been enumerated from sections 48 to 55. Further sub section (3) of section 70 and section 71 provides for set off of loss in respect of capital gain.

(ii) The whole genre of income under the head capital gain on transfer of shares is a source, which is taxable under the Act. If the entire source is exempt or is considered as not to be included while computing the total income then in such a case, the profit or loss resulting from such a source do not enter into the computation at all. However, if a part of the source is exempt by virtue of particular “provision” of the Act for providing benefit to the assessee, then in our considered view it cannot be held that the entire source will not enter into computation of total income. In our view, the concept of income including loss will apply only when the entire source is exempt and not in the cases where only one particular stream of income falling within a source is falling within exempt provisions.

(iii) Section 10(38) provides exemption of income only from transfer of Long term equity shares and equity oriented fund and not only that, there are certain conditions stipulated for exempting such income i.e. payment of security transaction tax and whether the transaction on sale of such equity share or unit is entered into on or after the date on which chapter VII of Finance (No.2) Act 2004 comes into force. If such conditions are not fulfilled then exemption is not given. Thus, the income contemplated in section 10(38) is only a part of the source of capital gain on shares and only a limited portion of source is treated as exempt and not the entire capital gain (on sale of shares). If an equity share is sold within the period of twelve months then it is chargeable to tax and only if it falls within the definition of Long term capital asset and, further fulfils the conditions mentioned in subsection (38) of section 10 then only such portion of income is treated as exempt. There are further instances like debt oriented securities and equity shares where STT is not paid, then gain or profit from such shares are taxable.

(iv) Section 10 provides that certain income are not to be included while computing the total income of the assessee and in such a case the profit or loss resulting from such a source of income do not enter into computation at all. However, a distinction has been drawn where the entire source of income is exempt or only a part of source is exempt. Here it needs to be seen whether section 10(38) is source of income which does not enter into computation at all or is a part of the source, the income in respect of which is excluded in the computation of total income. For instance, if the assessee has income from Short term capital gain on sale of shares; Long term capital gain on debt funds; and Long term capital gain from sale of equity shares, then while computing the taxable income, the whole of income would be computed in the total income and only the portion of Long term capital gain on sale of equity shares would be removed from the taxable income as the same is exempt u/s 10(38). This precise issue had come up for consideration before the Hon’ble Calcutta High Court inRoyal Calcutta Turf Club v. CIT (1983) 144 ITR 709 (Cal).

(v) Though in CIT vs. Hariprasad & Company Pvt. Ltd. (1975) 99 ITR 118 (SC), the Supreme Court opined that if loss was from the source or head of income not liable to tax or congenitally exempt from income tax, neither the assessee was required to show the same in the return nor was the Assessing Officer under any obligation to compute or assess it much less for the purpose of carry forward, the ratio and the principle laid down by the Apex Court would not apply here in this case, because the concept of income includes loss will apply only when entire source is exempt or is not liable to tax and not in the case where only one of the income falling within such source is treated as exempt. The Hon’ble Apex Court on the other hand, itself has stated that if loss from the source or head of income is not liable for tax or congenitally exempt from income tax, then it need not be computed or shown in the return and Assessing Officer also need not assess it. This distinction has to be kept in mind. Hon’ble Calcutta High Court in Royal Turf Club have discussed the aforesaid decision of the Hon’ble Supreme Court and held that the same will not apply in such cases.

section 10(38) excludes in expressed terms only the income arising from transfer of Long term capital asset being equity share or equity fund which is chargeable to STT and not entire source of income from capital gains arising from transfer of shares. It does not lead to exclusion of computation of capital gain of Long term capital asset or Short term capital asset being shares. Accordingly, Long term capital loss on sale of shares would be allowed to be set off against Long term capital gain on sale of land in accordance with section 70(3) (Schrader Duncan Ltd (2012) 50 SOT 68 distinguished;Kishorebhai Bhikhabhai Virani vs. Asst. CIT (2014) 367 ITR 261 (Guj) not followed).


Monday, June 22

Go Cashless: Tax benefits on Card Payments for Expenses

The Government on Monday proposed income tax benefits for people making payments through credit or debit cards and doing away with transaction charges on purchase of petrol, gas and rail tickets with plastic money.

In a draft paper for moving towards cashless economy and reduce tax avoidance, the Finance Ministry has also proposed to make it mandatory to settle high value transactions of more than Rs 1 lakh through electronic mode.


"Tax benefits in terms of income tax rebates to be considered to consumers for paying a certain proportion of their expenditure through electronic means," say draft proposals for facilitating electronic transactions on which the government has invited comments till June 29, on the government's online platform

The proposals are aimed at building a transactions history of an individual to enable improved credit access and financial inclusion, reduce tax avoidance and check counterfeiting of currency.

In order to incentivise shopkeepers, the draft proposes a tax rebate to them provided they accept a significant value of sales through debit or credit cards. "An appropriate tax rebate can be extended to a merchant if at least say 50 per cent value of the transactions is through electronic means. Alternatively, 1-2 per cent reduction in value added tax could be considered on all electronic transactions by the merchants."

Finance Minister Arun Jaitley in his budget speech had said that the government would "introduce soon several measures that will incentivise credit or debit card transactions and disincentivise cash transaction". The draft makes a case for removing different types of fees and charges on e-transactions by various entities and providing incentives for such payments.

In order to promote wider adoption of e-transactions, the proposal suggests rationalisation of the Merchant Discount Rate (MDR), which at present is 0.75 per cent on Debit Card transactions of up to Rs 2,000 and 1 per cent on all transactions above it.

"The existing inter-change fee on Debit/Credit Card transactions are not uniform and need to be standardised/ rationalised to encourage both issuing and acquiring banks to establish and utilise acceptance infrastructure," the draft says. A nominal cash handling charge on transactions greater than a specified level may be levied, it adds.

The draft also proposes to relax the norms for reporting credit card transactions of individuals by banks.

"At present, banks have to report the aggregate of all the payments made by a credit cardholder as one transaction, if such an amount is Rs 2 lakhs in a year. To facilitate high value transactions, the ceiling of Rs 2 lakhs could be increased to say Rs 5 lakhs or more."

Government departments, it said, should also consider introduction of appropriate acceptance infrastructure or adopt national E-payment gateway 'PayGov India' for collection of revenue, fee and penalties etc.

At present there are about 56.4 crore debit cards and 11.25 lakh point of sale (PoS) terminals in the country.

Source: NDTV

Tuesday, April 21

Guidance on Reporting under the CARO 2015 and Consequential Amendment to the Format of the Auditor’s Report of a Company

Text of the Clarification -

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AASB issues Clarification on Auditor's Report in Respect of Financial Statements of a Company for Accounting Years Beginning Before 1st April, 2014

Text of the Clarification -

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AASB releases Guidance Note on Reporting under Section 143 (3)(f) and (h) of the Companies Act, 2013

Guidance Note on Reporting under
Section 143 (3)(f) and (h) of the Companies Act, 2013

The Council of the Institute of Chartered Accountants of India (ICAI), at its 342nd meeting considered and approved the Guidance Note on Reporting Under Section 143(3)(f) and (h) of the Companies Act, 2013, developed by the Auditing and Assurance Standards Board (AASB) of ICAI.

The aforesaid Guidance Note is, accordingly, being issued by AASB under the authority of the Council of ICAI and can be downloaded by clicking the following link:


Text of the Guidance Note -

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Source ; ICAI