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Saturday, October 26

What is Notice u/s 143 (1) & (2), How to respond them

Notice under section 143 (1) is served to the assessee regarding intimation about the calculation mistake or error in filing return or claiming excessive deduction or wrong exemption found in processing of income tax return. The purpose is to inform the person about the difference between the return filed by him and the computation as per the IT department, which result in creating the situation of amount payable or amount refundable.

Do not panic and never try to ignore the notice. Because this ignorance may lead to a fine, that can be extended up to Rs. 10,000, apart from the penalty of tax and interest. So, as per the notice, you must meet the AO with all the relevant documents. Following points should be taken care of before meeting the assessing officer:

  1. Understand the motive of serving the notice.
  2. Check the given details of notice, i.e., your name, address, PAN, etc. It may happen that your name or address is printed incorrectly but the PAN number is enough for the IT department to identify you.
  3. The notice also contains details of officer in-charge like name, designation, signature and office address with income tax ward/circle number. Keep these in view to escape from being cheated.
  4. Now, the trend of electronic notices has started. Therefore, check 'document identification number' available on each communication with tax authorities.
  5. Check the validity of the notice as well as the duration within which you have to respond to the AO. Usually, a scrutiny notice has to be served to the assessee within a period of six months from the end of the financial year. It may be possible that under section 148, a notice related to very old cases are sent because of being reopened by the AO due to genuine reasons.
  6. Retain some copies of the notice.
  7. Preserve the envelope of the notice. It contains the Speed Post number and date of posting and serving of notice to you. It will be helpful when you receive the notice late and fail to respond within the valid period.
  8. Collect all the required documents and make a cover letter containing a list of all the annexed documents with necessary details. Retain a photocopy of that file for future reference.
  9. In the case of notice under section 143 (2), collect the basic documents related to major expenses, income and loan details, bank statements, etc.
  10. Submit the file and ask for the acknowledgement on a copy of the cover letter attached to the file and preserve it. It acts as an evidence of submission of the concerned articles along with details of each document.
If some of your old dues come out after the process, they can be adjusted against your pending refunds, if claimed.

If the case is complicated, it is better to take the help of a professional like CA, CS, advocate etc. He will make you understand about the demand in the notice and about the supporting documents needed. A professional will also help in preparing an appropriate response at the time of appearing before the AO and things might get resolved with ease.


Thursday, October 24

Cover your professional risks with indemnity insurance

Why Needed

In today’s world, any professional – be that a doctor, lawyer, CA or architect — or professional bodies such as medical establishments, BPOs, law firms, IT companies or financial institutions, who render skilful advice and services to people, can be sued for negligence, errors and omissions on their part, the cost of which, in some cases, can be exorbitant.

The one saving grace is that the extent of damage (financial damage at least) can be reduced if someone has already opted for professional indemnity insurance, and any loss or damage caused to the victim is not the result of any deliberate act or willful neglect.

Currently, almost all general insurance companies offer this cover to professionals, the prominent ones being New India Assurance, Tata AIG, Bajaj Allianz, HDFC Ergo, United India, National Insurance and ICICI Lombard. Some insurers even have separate policies for doctors, CAs, engineers, lawyers, architects and stock brokers against unintentional errors and omissions that may cause damage, loss or hardship to their clients.

What is Indemnity Insurance

Broadly speaking, professional indemnity insurance indemnifies the insured against financial loss resulting from a claim brought about due to an error or omission committed while performing a service contracted for. One condition, however, being that the loss must be to a third party who has suffered bodily injury or property damage. The cover, in fact, is needed as the insured may not be able to bear the loss if a claim is brought against him/his company, as also to comply with contractual obligations and sometimes with statutory mandates.

Losses Covered

The policy also pays for the defence cost incurred in defending the case. And they can insure not only themselves, but also other partner or consulting doctors as well as employed assistants
For accountants and lawyers, the policy covers the legal liability incurred by way of losses to clients arising out of the acts of omissions or errors on the part of the insured or his paid employees named in the proposal. For instance, if someone’s attorney is handling a case for him and fails to file a paper with the court by a deadline, resulting in the decreased value or complete loss of his case, the attorney would be liable for an errors and omissions claim.

The policy also deals with professional liability exposures of accountants and lawyers who hold themselves out to the public as professionals willing to perform professional services, for a fee, as independent contractors or their employees, partners or shareholders. They have passed required examinations, and are bound by a comprehensive and strictly-enforced code of professional ethics.

Don't Cover

Indemnity insurance, however, doesn’t cover liabilities arising out of criminal acts or any act committed in violation of any law or ordinance, besides services rendered while under the influence of intoxicants. Likewise, fines, penalties, punitive or exemplary damages are not covered, nor any third party public liability or losses arising out of war and nuclear perils. Similarly, breach of confidentiality or prior knowledge or anticipation of a claim will only lead to the rebuttal of a claim. In fact, each insurer has its own list of exclusions which must be carefully taken into consideration before taking any cover.

Limit for Insured Amount

There is no fixed limit of indemnity and this would depend on the insured’s perception of risk and the area of operations. For determining the indemnity limit, thus, the insured has to assess his risk, the probability of the occurrence, and the maximum loss he can bear without jeopardizing his business. Generally an individual would buy liability limits in the range of Rs 2-5 crore, while for a company the limit would depend on the size of operations, geographical exposure, etc. Often, engineering companies buy this cover for their contractual requirements and the limit of indemnity in such cases depends on the contract stipulations.

Things to be kept in mind while taking insurance

Whatever be the case, the sum insured should be chosen in a manner that it covers any legal obligation that the insured may face at any given point of time based on his contract size, clientele spread, and contractual features with the clients. The adequacy of sum insured and the coverage with extensions opted are the most important factors to be borne in mind while taking the cover.
Whatever be the case, the sum insured should be chosen in a manner that it covers any legal obligation that the insured may face at any given point of time based on his contract size, clientele spread, and contractual features with the clients. The adequacy of sum insured and the coverage with extensions opted are the most important factors to be borne in mind while taking the cover.

Sources:ET, Google.


Tuesday, October 22

All About Public Provident Fund

PPF scheme introduced by Central Govt is a very popular and easy to invest scheme. The scheme enables the members of public to make contribution to the fund and obtain income tax benefit. Central Govt has started this scheme to provide old age income security to the workers in the unorganized sector and for the self employed individuals. PPF account is effective tax saving vehicle which gives you amazing return for the sunset years with zero risk.

Who is eligible??

  1. Individuals
  2. Individuals on behalf of minor
The account can be opened with Rs. 500 minimum deposit with any branch of State Bank of India, branches of few nationalized banks and at any head post office or general post office.

Minimum and maximum amount of investment:

The minimum amount of deposit in PPF account is Rs.500 and the maximum amount is Rs.100000 in one while financial year. This amount can be deposited in lump sum or in installment. If account holder chooses to deposit the amount in installments then only 12 installments are permitted.

Duration of the PPF account:

PPF account has its expiry only after completing 15 years from the the date of opening of its account, means account holder can withdraw the whole amount on its expiry only. However one can extend the duration by applying for further time period of 5 years. After expiry of the account if account holder retains the balance as it is without investing further, it will earn interest till withdrawal.

Rate of interest:

Interest rate on PPF is currently 8.8% (w.e.f 01-04-2012) earlier it was 8.6% from Nov’ 2011 and 8% before that. Interest is calculated on the minimum balance between the 5th day and the end of the month.

Loans & Withdrawals:

  • A loan can be taken against up to 25% of the balance at the end of the first financial year from the third to sixth year. Next loan can be taken on repayment of previous loan only. So if the account is opened in 2007-08 the loan can be taken during financial year 2009-10
  • Account holder can withdraw amount from his PPF account during any one year from six years. The maximum amount he can withdraw is 50% of the amount standing to his account;
    1. at the end of 4th year or
    2. at the end of previous year in which withdrawal is sought to be made whichever is less.
  • After the initial 15 year periods if you choose to extend the account and just maintain the balance, you can withdraw the entire sum in a lump sum or in installments. If you withdraw money in installments, you can not make more than one withdrawal a year. If you continue to deposit money in your account you can withdraw up to 60% of the balance to your credit at the beginning of each extended period (block of five years).

Tax Benefits:

  1. Investment made in PPF is eligible for deduction u/s 80C.
  2. Interest on PPF is totally exempt from tax.
  3. Amount standing to the credit of PPF account is fully exempt from wealth tax.
  4. Deposits in the name of spouse and minor are also eligible for deduction u/s 80C

Monday, October 21

Paper Pattern Of IDT

This pattern will be applicable to following two attempts namely, Nov13 & May14. As after May14 ammended weightage for this subject will be in force.



Saturday, October 19

ICAI Model Test Papers – Nov 2013

As day by day ICAI strives its best to provide assistance to students to clear CA exams. From Practice Manuals to RTPs. Now ICAI is also providing Model Papers for warm up before the real fight in november. Click on file's name to download.


Thursday, October 17

How to Study in Six Simple Steps

1. Space

Make room, mentally and physically, for studying. Usually you’re studying for something specific, such as an exam. This can seem daunting, like a mountain to climb. If this sounds familiar, take a deep breath and pause for a moment before you start.

Think of how you make yourself comfortable when you do something you really enjoy, like watching a favorite television program. How do you settle in for the show? Do you sprawl or curl up? Do you have favourite relaxing clothes? Do you choose a particular drink or something to nibble? Borrow all these favorite things to make your studying a better experience. If you’re in a good space physically, you can improve your mental space.


Create your own personal work zone. It doesn't have to look like a work-space — that’s what many students find off-putting. Building on what you did in the previous paragraph, make the place your own and somewhere you enjoy.


Find the right pace for your work. Sprinters work hard and fast in a burst of energy while marathon runners spread the load and build slowly towards the climax. There’s no right or wrong way to pace your studying, except what works for you. Notice the way you like to work, and adjust your pace accordingly. (Just remember, if you study at a slow pace, you'll need to set aside more time for the task.)

Whether you have bags of time or a brief study period, remember that breaks are just as important as active study (10 minutes off for every 30 minutes of study works for many people), and use those breaks to reward yourself with a small treat.


It helps to know how your memory works. Here is the key to memory: in any sequence, people remember the first and last things best. Whatever you try to remember, you’ll find yourself recalling the beginning and the end, with less clear memories of the middle. You can’t change this — it’s wired in, it's how our brains work — so don’t fight it. Instead, use this fact to your advantage by organizing your study so the most important bits are at the beginning and end of your sessions.


It’s always good to have a plan. However big or complex your task may look at first sight, with a feasible plan you can always find a way to manage it.

When studying, break your biggest goal into smaller chunks or tasks. It’s best if each of these chunks consists of a single topic. Often, you’ll discover one or two key elements that stand out and get fixed in your mind. You can then use those as building blocks.

Classic tricks used by memory professionals include ‘the house of memory’ where you place everything you want to remember in unique locations in the house. It’s also useful to use humor — play with your key-words and make them funny or outrageous. You’ll be surprised at how much easier they are to memorize.

6.Mind maps

A mind map is rough diagram that you can make to visually outline information. You can create a mind map by starting with the primary word or phrase of a topic in the center, with related, lesser categories branching out from it. Subcategories of these are on smaller branches, still. Your categories can consist of anything you think is important; they can be important terms, ideas, or tasks to complete — whatever you need to help you study or organize the information.

Mind maps are easy to master if you don’t use them already, and you’ll discover they help you remember masses of information much more efficiently than conventional lists. If you're not satisfied with your current note-taking skills, try building a mind map during your next class or lecture and see if you find it more helpful.


Sunday, October 13

The companies Act, 2013 draft rules, forms and feedback on the same

MCA has published The Companies Act, 2013 bare text as well as draft rules for the same. You can download all here, on below links-

You can also give your feedback on draft Rules under the Companies Act, 2013 by clicking here (Ministry Website) 


IPCC Notes & Summary for all major subjects

We have been queried by many fans for IPC subject wise notes. Many students are not able to get coaching due to which they suffers from problem to clear IPC. After keen formatting & editing subject wise notes are prepared for many subjects . we will update these on periodic basis & new notes for other subject will be added. Please provide your suggestion to improve given notes. Click on the name of notes to download file.

Business Laws Com. & Ethics
Ethics Summary Notes
Negotiable Act 
Information Technology & Strategic Management
IT Super Summary
SM Summary Notes
SM Fast-Track Notes
Costing & Financial Management
FM theory notes

Auditing & Assurance
Super Summary of Audit


Thursday, October 10

IPC November 2013 Importants - Exclusively by CAhelpers

Finally wait is over. We are publishing Importants for IPCC November 2013 exam in PDF format.
On special request by many fans not using smartphone we are also providing in JPG format. This time we had added bookmark feature for your ease & Tips for each subject which will you help a lot.

RTP for November 2013 (IPCC & Final)

ICAI is already providing RTPs on their website but subject-wise. We had compiled these files into one pdf with freedom to copy text.
Please click on below links to download files.


CA Final (New)

Wednesday, October 9

Caselaws applicable to November 2013 Examination

Download Latest Case-laws applicable for CA Final Nov.13 Exams exclusive compilation by CAhelpers. It is relevant for May14 also.

  • Supreme Court Decisions in Q&A format for DT Download
  • All Caselaws in List form for IDT                          Download
  • Caselaw booklet for DT By ICAI                           Download
  • Caselaw booklet for IDT By ICAI                          Download


Clarifications on Food served in Restaurants

Clarifications issued by the Finance Ministry regarding applicability of Service Tax on Food served in Restaurants.

Circular No.173/8/2013 – ST