Search articleship and jobs

Listing of 10000+ all over India CA firms at our search engine. You can list out vacancies in your firm also.

Summary Notes, FTR, Table Format for major subjects

You can also share your knowledge and files with us. You might feature on our website and social profiles with photo and name.

Resumes (CV) for articleship

Download sample resumes (curriculum vitae) specially prepared for articleship and CA related jobs..

Perfect guidance about selection of articleship firm

Expert advice on how to select firm, how to comply all formalities and everything about articleship...

Contribute files to our website and we may publish it with your name and photo

Get famous and share your knowledge. You might feature on our website and social profiles with photo and name.


Sunday, December 28

ICAI's communication on being invited by PM for Swachh Bharat Abhiyaan

Nomination of ICAI for Swachh Bharat Abhiyan by Hon'ble Prime Minister Shri Narendra Modi. - (26-12-2014)

ICAI Press Release

To take part in the cleanliness drive to mark "Good Governance Day" the Prime Minister Shri Narendra Modi visited Varanasi on Dec 25’14. During the visit, Hon'ble Prime Minister nominated the Institute of Chartered Accountants of India (ICAI) for the Swachh Bharat Abhiyan in addition to other personalities and organisations.

While announcing the Swachh Bharat Abhiyan on October 2, 2014, Hon’ble Prime Minister had nominated few eminent personalities to take forward this campaign.


-->

CA.K.Raghu, President, ICAI said “We are extremely honoured to receive this nomination from the Hon'ble Prime Minister. It is for the first time that any professional body has been nominated by the Prime Minister for Swach Bharat Abhiyan. I accept the nomination on behalf of the entire CA fraternity.”

Highlights of the ICAI Contribution in the Swachh Bharat Abhiyan would be:

1. To have special cleanliness drive in all offices, branches, ITT Centres, reading rooms, library, auditoriums etc.
2. Awareness campaigns through the vast network of 5 regional councils and 147 branches.
3. Constitution of special dedicated committees, promoting paperless environment.
4. Raising awareness through competitions, walkathons and workshops.
5. Organizing Swachhata Saptah – Cleanliness Week.
Fixation of sufficient number of waste bins with slogans and encourage people/staff/visitors to use them.

Raghu added “It is an honour that while reviewing the progress of Swachh Bharat Abhiyan in Varanasi, Hon’ble Prime Minister has nominated ICAI among others.”

The members & students of ICAI are spread across the country and will play a vital role in taking this initiative of the Prime Minister forward and make a success of Swachh Bharat Abhiyan. ICAI is committed to be truly a Partner in Nation building.

Source - ICAI

Friday, December 19

How GST will impact India

Image Courtesy: Financial Express
With the Centre and states finally reaching a consensus on the contours of the Goods and Services Tax (GST), India is all set to roll out the largest indirect tax reform since the introduction of the value-added tax in 2005. Finance minister Arun Jaitley is expected to table the Constitution Amendment Bill in the current session of Parliament to meet the deadline of April 1, 2016, for its introduction. Surabhi explains the structure and benefits of the tax.


What is GST? What does it replace?
As the name suggests, the GST will be levied both on goods (manufacturing) and services. It will convert the country into unified market, replacing most indirect taxes with one tax. It would have a dual structure — a Central component levied and collected by the Centre and a state component administered by states.

At the Central level, it will subsume Central excise duty, service tax and additional customs duties while at the state level it will include value-added tax, entertainment tax, luxury tax, lottery taxes and electricity duty. Central sales tax (CST) will be completely phased out. Entry tax or octroi would be subsumed from the start. But state taxes on petroleum products will continue for a few years after GST is introduced, as per the deal brokered between the Centre and states on Monday. State taxes on alcohol and tobacco, too, would remain.

As with VAT, the tax will be charged on each stage of value addition. At each stage, a supplier can off-set the levy through a tax credit mechanism. This means, the consumer pays GST added on by only the last dealer in the supply chain.

The rate for GST is as yet undecided, but it would be in a range that would make exports competitive. A sub-committee of the Empowered Committee of state finance ministers had proposed revenue-neutral rates (RNR) for the Central and state components at 12.77 per cent and 13.91 per cent, respectively, taking the effective GST rate to 26.88 per cent. This is much stiffer than the 14-16 per cent in most countries as well as the recommendation of a taskforce of the Thirteenth Finance Commission of 12 per cent (7 per cent for state GST and 5 per cent for central GST).

Why do states fear they will lose revenue? How much do the states expect to lose?

For instance, states earn nearly 50 per cent of revenues from levies on petroleum products. Concerns have mounted over potential losses due to subsuming of state levies into GST. States have raised concerns of revenue loss due to the phase out of the CST, which they have pegged at
Rs 34,000 crore.

On a theoretical level, RNR for GST would ensure that there are no losses to either the state or the Centre. Indirect tax collections are in fact expected to go up on the back of better tax compliance under the regime.

But as a sweetener, the Centre has agreed to include a provision on compensation for a period of three years on losses arising out of GST to states in the Constitution amendment Bill. Jaitley has also promised Rs 11,000 crore to states as CST compensation in this fiscal. Further, to give fiscal autonomy to states, the Centre will collect taxes from traders having a turnover of over Rs 1.5 crore while the states will tax those having a turnover between Rs 25 lakh and Rs 1.5 crore.


a
-->
a

Will states not charge octroi after GST is introduced?
All entry taxes, including octroi will be subsumed in GST from the start as they have a cascading impact. However, since it is estimated to account for nearly 14 per cent of the total tax collections by states of Rs 3,50,000 crore, the Centre has agreed for a special dispensation allowing states to levy an additional 1 per cent tax in lieu of entry tax.

How does the economy and the corporate sector in particular benefit from GST?

The rationale behind GST is that it simplifies the indirect tax regime with a single tax. A study by the National Council of Applied Economic Research estimated that roll out of the tax would boost the GDP growth by anywhere between 0.9-1.7 per cent. A Crisil report had also said GST was the best way to mobilise revenue and reduce the fiscal deficit. Removal of cascading taxes makes the manufacturing sector more competitive and cut down on the tax compliance burden.

What does it mean for the consumer?

With cascading taxes gone, over a period of time the lower tax burden would translate into lower prices for goods, which is of course, dependent on what the GST rate would be.

(Source: Financial Express)

Thursday, December 18

Companies Act Amendment to Facilitate Ease of Doing Business passed in Loksabha

The Lok Sabha Wednesday passed the Companies (Amendment) Bill, 2014, after Corporate Affairs Minister Arun Jaitley told the house that some of the original provisions were only posing hurdles to doing business in the country.

"The object of these amendments is solely to ease the process of doing business in India. None of them have any ulterior motive," Jaitley, who also holds the finance portfolio, said replying to the debate on amending the Companies Act, 2013.

"Some of its provisions would have made doing business in India extremely difficult and the investment environment in the country would be disrupted by such a law," he added.

a
-->
a

Under the new norms proposed, the paid-up capital criteria has been scrapped while threshold limits for various transactions for getting shareholders' nod has now been stipulated.

Another amendment approves prescribing specific punishment for deposits accepted, a condition that was left out in the act inadvertently, the ministry said.

Towards meeting a "corporate demand," an amendement proposes "prohibiting public inspection of Board resolutions filed in the registry".

Among the major concerns of stateholders were protecting confidentiality of board resolutions, as well as the provision of auditors being required to report suspected frauds at the companies audited by them.

Stakeholders were also concerned that stringent regulations for related party transactions, or those transactions between the company and another in which a board member or members are interested, could hurt routine business activity.

The amendment also proposes to exempt corporates from the need to get shareholders' nod in the case of related party transactions valued lower than Rs 100 crore or 10 percent of net worth.

Under the old system, shareholders' permission through a special resolution was required in case of related party transactions for all firms with a paid up capital of Rs 10 crore or more.

Another amendment exempts related party transactions between holding companies and wholly owned subsidiaries from the requirement of approval of non-related shareholders.

(Source: ToI and Zee News)

10 Things You Want To Know About GST

Image Courtesy: Khabarindia.com
The government may initiate steps for one of the country's biggest economic reforms by introducing a bill that seeks to amend the constitution to create a harmonised Goods and Services Tax (GST). Here is your 10-point cheat-sheet to this big story:


1. The GST provides a major taxation reform by introducing a national sales tax that will replace a myriad of overlapping state duties that deter investment.

2. The cabinet last evening approved a constitutional amendment bill that allows for this.


-->

3. The draft legislation is expected to be introduced in the current parliamentary session which concludes next week. Four working days remain for the winter session.

4. Investors and manufacturers have long advocated the GST as a way to simplify taxes while broadening the tax base, adding as much as 2 percentage points to economic growth in Asia's third-largest economy.

5. Some of India's 29 states were reluctant to give their assent for fear of revenue losses. Finance Minister Arun Jaitley brokered a compromise on Monday, offering to compensate the states for any loss of revenues following the implementation of the GST.

6. The government aims to bring the tax into effect from April 1, 2016.

7. But the bill may not be cleared in this session of parliament. It could be taken up for debate in the Budget session which will begin in February.

8. Since the bill seeks to amend the constitution, it needs to be cleared by a two-third majority of both houses of parliament. The government will face no problem in the Lok Sabha, where it has huge numbers, but it is in a minority in the Rajya Sabha and will need the opposition's support.

9. The proposal will then have to be cleared by at least half of the country's state legislatures before it becomes a law.

10. GST will replace a number of indirect taxes currently levied by both the Central and State Governments and seeks to provide a common national market for goods and services. Once in force, GST will reduce the total number of indirect taxes apart from the customs duty (only on imported goods) to just three.


(Source: NDTV)

Wednesday, December 3

Cabinet tweaks Companies Act, relaxes norms for doing business

Within months of the new Companies Act coming into force, the government today cleared a slew of changes to this law to make it easier for corporates to do business and to ensure severe punishment for those raising illegal deposits from the public. This would be among the first major initiatives by the government to make changes in the country's regulatory framework to improve its global ranking for ease of doing business, where India has been ranked very low at 142nd position in the latest World Bank report. 


The 14 proposed amendments, which were approved by the Union cabinet this evening, also include provision to ensure that frauds beyond a certain threshold would need to be mandatorily reported by the auditors to the government. To address concerns raised by the corporates, the government has also agreed to relax a number of norms including those pertaining to related party transactions, while resolutions passed by the companies' boards would not be subjected to public inspection.

-->


The new Companies Act, which came into force with effect from 1 April with some provisions yet to become operational, has faced stiff criticism for many provisions. The new law, put in place by the previous government, has replaced a nearly six-decade old Companies Act, 1956, but the new government has been indicating for quite some time that it would bring in necessary changes to address concerns raised by various stakeholders including corporates

The Companies (Amendment) Bill, 2014, cleared by Union cabinet chaired by Prime Minister Narendra Modi, would now go to the Parliament to bring into effect necessary amendments to the existing Act. The Companies Act, 2013 was notified on 29 August 2013. Out of 470 sections in the Act, 283 sections and 22 sets of Rules corresponding to such sections have so far been brought into force. The government said in a statement that these amendments have been proposed to address issues raised by stakeholders such as chartered accountants and professionals. To improve ease of doing business, the proposed amendments include omitting requirement for minimum paid up share capital, and consequential changes and making common seal optional, and consequential changes for authorization for execution of documents. Besides, specific punishment will be prescribed for non-compliance to norms governing deposits taking activities. Such a provision was "left out in the (existing) Act inadvertently". Enabling provisions are being put in to prescribe thresholds beyond which fraud shall be reported to the Central government, while cases below this threshold will be reported to the audit committee of the company's board. Disclosures for both the categories would need to be made in the board's report, the government said, while adding that this provision has been made at the demand of auditors. Besides loans given by a company to wholly owned subsidiaries and guarantees/securities on loans taken from banks by subsidiaries, would be exempted from the purview of related party transactions. "This was provided under the Rules but being included in the Act as a matter of abundant caution," the government said. In another major step, it has been proposed to replace "special resolution with ordinary resolution for approval of related party transactions by non-related shareholders. This would address "problems faced by large stakeholders who are related parties," the government said. Besides, related party transactions between holding companies and wholly owned subsidiaries have been exempted from the requirement of approval of non-related shareholders. Further, the government has decided to prohibit public inspection of a company's board resolutions filed in the Registry and would include provision for writing off past losses/ depreciation before declaring dividend for the year. Besides, the audit committee of a company would be empowered to "give omnibus approvals for related party transactions on annual basis". This would also align provisions of the Act with that of capital market regulator Sebi's policy. Taking into consideration the demand of corporates, the government would rectify the requirement of transferring equity shares for which unclaimed/unpaid dividend has been transferred to the IEPF (Investor Education and Protection Fund) even though subsequent dividend has been claimed.
Prime Minister Narendra Modi. PTI
In addition, the winding up of companies would be heard by a two-member instead of three-member bench. Among others,"bail restrictions to apply only for offence relating to fraud under section 447 of the Act. Enabling provisions to prescribe thresholds beyond which fraud shall be reported to the Central government (below the threshold, it will be reported to the Audit Committee). Another amendment is to ensure that special courts would try only offences carrying imprisonment of two years or more so that minor violations can be taken care by magistrates.

Friday, August 22

IPC May 2014 Results Stats, Rankers and Press Release by ICAI


August 21, 2014

PRESS RELEASE


The Institute of Chartered Accountants of India (ICAI) today announced the result of Chartered Accountants Intermediate (IPC) Examination held in May / June 2014.

Announcing the result, CA.K.Raghu, President ICAI said, “I convey my heartiest congratulations to the top 3 rank holders and all other students who have been able to clear the exam. It is indeed a matter of pride that this time too a girl candidate has topped the IPC exam. I would like to add that this success will offer them a wide horizon to maneuver their professional graph to scale new heights of fame and success”

The topper Geethika Haridas from Bangalore whose parents are CAs was a science student in the school who later opted for CA Course. Gaurav Anand from Secunderabad, the 2nd rank holder has made his mother proud who has raised him single handedly and has become a source of inspiration for his younger sibling. S. Agathiswaran the 3rd rank holder who hails from Vellore is the son of a CA and his father has been a source of inspiration for him to reach this threshold.

a
-->
a
CA.K. Raghu, added “ CA profession today is being taken up by many students as there are plenty of opportunities available for Chartered Accountants. The cost of CA course is highly affordable and is less than Rs.25,000. We have many instances of students coming from humble background, taking up this course and changing their lives completely”.

The top three rank holders of Chartered Accountants Intermediate (IPC) Examination are from Bangalore, Secunderabad and Vellore. The result details of the Chartered Accountants Intermediate (IPC) Examination in terms of pass percentage and details along with the marks secured by the top rank holders are mentioned below - 






The ICAI has always been pro-active in designing education and training schemes so as to produce competent professional Chartered Accountants. To facilitate the students, ICAI has recently launched Cloud Campus which is first of its kind in accounting education .

CA.K. Raghu, said “The main objective of Cloud Campus is to provide quality education at the doorsteps of students, enabling them to learn anytime and from anywhere at the click of a button and that too Free of Cost. The Cloud campus links 6 portals for easy access. It also provides online practical exam oriented lectures free of charge and enables students to receive knowledge of the profession through online mentoring by experienced faculty members and experts”.

Considering the remarkable growth of students, ICAI has been establishing Reading Rooms at various locations across the country. Till date 98 reading rooms ICAI have been established across the country.

Wednesday, August 13

Amendments in syllabus of Paper 6: ISCA (CA Final) from November 2014 onward

As all of us are aware, the syllabus of Paper 6 : Information System Control and Audit (ISCA) has been revised, so as to make it in-line with the current requirement of the environment. The Study Material of this paper covering the theoretical framework in detail has also been revised, accordingly. Students are also advised officially by BoS to update themselves with the latest changes in the IT sector. For this, they may refer the monthly journal ‘The Chartered Accountant’ and the Students’ Journal published by the Institute and also other IT Journals/Magazines.

The syllabus have been changed almost 35%-40%, but students need not to worry, only irrelevant parts of the syllabus were removed, and the topics which are added newly are the one which are easy as well as practical concepts. There should not be much problem in learning new topics.a
-->
a

Chapter-wise coverage of this Study material is given as follows:

Chapter 1 CONCEPTS OF GOVERNANCE AND MANAGEMENT OF INFORMATION SYSTEMS:
Content: This Chapter of the study material is devoted to the discussion on concept of Governance and management of Information Systems. In addition, the role of IT in businesses, operations and controls, business impact of IS risks, role and responsibilities of top management as regards IT-GRC etc. have also been covered.
Notes to Students: This chapter is 85% new in terms of content in comparison with Old Syllabus. Some concepts, like COBIT framework and Risk Management which were there in Old Syllabus in some other chapters have been reshuffled to this chapter. Students are advised to study this chapter thoroughly from the new syllabus only.

Chapter 2 INFORMATION SYSTEMS CONCEPT:
Content: This Chapter deals with the basic concepts of Information System and its various types like MIS, DSS, TPS, EIS etc.
Notes to Students: This chapter is almost 95% similar to Chapter 1 of Old ISCA syllabus.

Chapter 3 PROTECTION OF INFORMATION SYSTEMS:
Content: This Chapter discusses the protection of Information Systems. It highlights the importance of Information Security in today’s vulnerable IT world, its policies, related standards/guidelines and also provides a detailed discussion on IS Controls, their objectives and functions with reference to Information Systems. Understanding of these controls is essential to the Chartered Accountants to strengthen their ability for conducting IS Audit in any organization.
Notes to Students: This chapter is a modified version of Chapter 3 of old ISCA syllabus. Many of unwanted portions of the old chapter have been removed. Some of new concepts are introduced. Also some of the topics of old syllabus have been reshuffled into this chapter, like IS Policy, etc.

Chapter 4 BUSINESS CONTINUITY PLANNING AND DISASTER RECOVERY PLANNING:
Content: This Chapter outlines Business Continuity Planning (BCP) and Disaster Recovery Planning (DRP) along with its related concepts.
Notes to Students: This chapter is almost similar to BCP/DRP chapter of Old ISCA syllabus, but a new concept of Business Continuity Management (BCM) has been introduced. This chapter has been modified, so as to get it accommodate environmental and industrial changes. Students are advised to thoroughly study this chapter from new syllabus only.

Chapter 5 ACQUISITION, DEVELOPMENT AND IMPLEMENTATION OF INFORMATION SYSTEMS (SDLC):
Content: This Chapter deals with systems development process for an information system. Various stages of systems development life cycle are also discussed. In this chapter, students will also get an idea ‘how computerized business applications are conceived and designed’. Various tools and techniques of systems analysis and design and programming are also briefly covered in this Chapter.
Notes to Students: This chapter is almost 95% similar to Chapter 2 of Old ISCA syllabus. Students are advised not to worry in this chapter, it is almost similar to old syllabus SDLC.

Chapter 6 AUDITING OF INFORMATION SYSTEM
Content: This Chapter is devoted to the auditing of Information Systems. It highlights the IS Audit planning, performing an IS audit, rules of digital evidence, best practices and standards for IS audit etc. In addition, the chapter also emphasizes on the reviewing of General and Application Controls.
Notes to Students: This chapter is a combination of reshuffling of controls chapter topics and IS audit chapter of old ISCA syllabus. The students need not to worry much, and are advised to check the contents and devise a strategy to learn this chapter.

Chapter 7 INFORMATION TECHNOLOGY REGULATORY ISSUES
Content: This Chapter extensively deals with IT Regulatory issues. Along with a wide coverage of the relevant sections of IT Act 2000, other related regulatory issues e.g. need for system audit as per Clause 49 of SEBI listing requirements and audit requirements as per RBI, IRDA have also been discussed in the chapter.
Notes to Students: This chapter is 60% similar to IT Act of old ISCA syllabus, still students are advised to see the contents because, all Sections have been regrouped and rearranged in the new syllabus. In addition to it, Auditing and System Control procedure for regulation setup by (i) IRDA (Insurance Companies), (ii) RBI (Banks and NBFCs) and (iii) SEBI (Stock Exchanges and Stock Broking firms) have been introduced, which is altogether new concept for students. Students  are advised to learn these concepts thoroughly. Some of the concepts of IS Standards of Old syllabus have been reshuffled into this chapter.

Chapter 8 EMERGING TECHNOLOGIES
Content: This Chapter is devoted to the emerging technologies. Major evolving technologies/concepts like Cloud Computing, Mobile Computing, BYOD, Web 2.0 & Social Media and Green IT etc. have been covered in this chapter to make the students familiar with such technological developments.
Notes to Students: This chapter is a WHOLE NEW learning dimension for students. Concepts like cloud computing, Mobile Computing, Bring Your Own Device (BYOD), Social Media, etc. have been introduced. Students are advised to thoroughly learn this chapter. It is very easy to understand and learn, the concepts are very practical, but the concepts are new to syllabus.


The above was summary analysis done by our team. Students are advised to study from UPDATED MODULES and PRACTICE MANUALS only. Students need not to panic and take the changes in positive way. These are not much tough to understand.

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.

a
-->
a

"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)

a
-->
a


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

a
-->
a

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

-->


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.


A
-->
A


* 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.


-->
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.

-->

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.





-->
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!