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Tuesday, February 28

Common Mistakes In Filing ITR


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Thursday, February 23

Accounting as per ICAI guidelines will not held assesse as defaulter.

In a finance lease, claim for “lease equalization charge” as per ICAI Guidelines is allowable.

The assessee received lease charges and claimed a reduction towards “lease equalization charges” on the ground that reduction was in accordance with the Guidance Note dated 20.09.1995 issued by the ICAI in respect of Accounting for Leases and the Accounting Standard AS-1 notified u/s 145 which mandated that the accounting policy of the assessee should represent a true and fair view. The AO & CIT (A) rejected the claim on the ground that it was a “notional charge” and that the accounting guidelines could not override the Act. The Tribunal (38 SOT 412), however, allowed the claim. On appeal by the department, HELD dismissing the appeal:

(i) As the method for accounting for lease rentals was based on the Guidance Note “Accounting For Leases” issued by the ICAI, the AO was not entitled to disregard the same. The Guidance Note reflects the best practices adopted by accountants the world over and the fact that it was not mandatory is irrelevant. The ICAI is recognized as the body vested with the authority to recommend Accounting Standards for ultimate prescription by the Central Government u/s 211(3C) of the Companies Act. Also AS-1 pertaining to Disclosure of Accounting Policies has mandatory status for periods commencing on or after 01.04.1991. The change by the assessee in the policy of accounting for leases had the imprimatur of the ICAI and so the AO was not entitled to disregard the books of accounts or the method of accounting for leases;

(ii) The department’s contention that the “lease equalization charge” is a claim in the form of a deduction which cannot be allowed as there is no provision under the Act is based on a complete misappreciation of what constitutes a lease equalization charge. As the transaction was a finance lease, the charge had to be provided as per the ICAI Guidelines. As long as the method employed for accounting of income meets with the rudimentary principles of accountancy, one of which, includes offering only revenue income for tax, no fault can be found with the assessee debiting lease equalization charges in its profit and loss account. This represented the true and fair view of the accounts; a statutory requirement u/s 211(2) of the Companies Act, enabled determination of real income.


Related Judgements

  1. CIT vs. Sona Koya Steering Systems (Delhi High Court) The effect of s. 80-I (6) is that the deduction has to be computed as if the industrial undertaking were the only source of income of the assessee. Each industrial undertaking is to be treated separately and independently. It is only those industrial undertakings which have a profit or…
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Monday, February 20

Disallowance of Expenses u/s 40(a) (ia) of the Income-tax Act

The Provision

The Finance Act (No.2) Act, 2004 has inserted sub-clause (ia) to clause (a) of section 40 of the Income-tax Act w.e.f. 01/04/2005.  It lays down the condition of deposit of tax deducted at source of allowability of certain expenses paid or payable to a resident while computing the total income of the assessee from business or profession.  They are:-

Sunday, February 19

RBI allows non-banks to set up White Label ATMs (WLAs)

In a bid to expand the reach of banking services, the Reserve Bank of India (RBI) has allowed non-bank entities to open White-Label ATMs (WLA) across India in-line with developed countries.

Monday, February 13

Amendments applicable for CA Final, IPCC & PCC exams in May 2012 exams - issued by ICAI

ICAI has issued list of amendments applicable and not applicable for May 2012 for CA Final , IPCC and PCC exams vide its announcements on 29-12-11. We are bringing you the list of amendments applicable and not applicable as under.




1. NON APPLICABILITY OF REVISED SCHEDULE VI - (As shown on ICAI's website)

Important Announcement for PCC/IPCC & Final Students


This is to bring to the attention of students that the Revised Schedule VI to the Companies Act, 1956 issued by the Ministry of Corporate Affairs on 28th February, 2011 pertaining to the preparation of Balance Sheet and Profit and Loss Account under the Companies Act, 1956 for the financial year commencing on or after 1.4.2011 shall not be applicable for the PCC, IPCC and Final examinations to be held in May 2012.


Director,
Board of Studies

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2. NON APPLICABILITY OF Ind AS.



3. APPLICABILITY OF the institute's Pronouncements, Publications-








COPYRIGHT MATERIAL OF ICAI. WHOLE RIGHTS REGARDING THIS ARE EXCLUSIVELY OWNED BY ICAI. WE ARE JUST PUBLISHING IT FOR INFORMATIVE PURPOSE. PLEASE DO NOT MISUSE IT.


COURTESY: ICAI.ORG

Sunday, February 12

Get NAME-WISE RESULTS for all CA Study Exams of any attempt


Hi All fans, Now we have found out a way to check result of CA exams at one place with name search.




Download RTPs for May 2012 - FINAL , IPCC & PCC

ICAI has uploaded RTPs for May 2012 attempt. We are hereby giving you the link to download RTPs for FINAL and IPCC. PCC RTPs are still to be uploaded by ICAI.

Saturday, February 11

IPCC & PCC Result Nov 2011 Statistics & Toppers

ICAI has declared results of the IPCC and PCC exams held in November 2011 on it's website at 15.42 PM on 9th February 2012. The statistics related to results are given as below-


Thursday, February 9

New President and Vice-President of ICAI for 2012-13 - An introduction

On the retirement of CA. G. Ramswamy Sir as president of ICAI, CA. Jaydeep N. Shah (Previous Vice-president) are appointed as  president of ICAI for year 2012-13 and CA. Subodh Kumar Agrawal as vice-president of ICAI for year 2012-13.

Next CPT to be held on 17th June 2012 , Sunday



TO BE PUBLISHED IN PART III SECTION 4 OF THE GAZETTE OF INDIA


NOTIFICATION

Wednesday, February 8

Download PCC and IPCC Suggested answers - Nov 2011

Download Suggested Answers - November 2011 - IPCC and PCC (Group-II) Here 

Students registered for IPCC till 1st September 2011 will be eligible to appear in IPCE May12


ICAI Announcement-

Tuesday, February 7

May 12 - Exam Form, Date Sheet, Fee Structure


ICAI EXAMINATION - MAY, 2012

1. HOW TO APPLY FOR ONLINE EXAM FORM-

Monday, February 6

CAs, CWAs & CSs may soon work under one roof - Thanks to LLP

Representatives of the professional bodies for chartered accountants (CAs), company secretaries and cost accountants will meet later this month to decide on ways members of the three institutes can work together in a limited liability partnership (LLP) firm.

Thursday, February 2

IPCC/PCC Result will be Declared on 9th Feb 2012


IMPORTANT ANNOUNCEMENT
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The results of the Chartered Accountants Professional Competence and Integrated Professional Competence Examinations held in November, 2011 are likely to be declared tentatively on Thursday, the 9th   February, 2012 around 4.00 P.M.

SC Judgement in 2G Scam and effect on mobile users




On the eve of the UP elections, the UPA government has been hit by a decisive Supreme Court judgment that cancelled all the 122 telecom licences that were issued by disgraced minister A Raja in January 2008.

Wednesday, February 1

Last 'President Message' (Feb 2012) by CA. G. Ramaswamy Sir - Next President will be CA. Jaydeep N Shah

ICAI - President's Message - February 2012 - Others News - Chartered Accountants India,Taxpayers, CA India, CWA ,ICAI, Company Secretary ,CS, Cost Accountants, MBA, Finance Professionals
Bharat Ratna awardee and India’s 11th President Dr. A.P.J. Abdul Kalam is more active today than ever before while constantly sharing his ideas and vision with citizens, particularly the youth and the students, of our nation.