FUTURE CHARTERED

ICAI to declare Results of CA Intermediate (Integrated Professional Competence) on 1st August The Institute of Chartered Accountants of India (ICAI) is likely to announce the results of Chartered Accountants Intermediate (Integrated Professional Competence) Examination on 1st August, 2017. The exam was held in May 2017. A recent announcement made in the Official website of the Institute said that “arrangements have also been made for the students of Intermediate (IPC) Examination desirous of having results on their e-mail addresses to register their requests at the above website, i.e., from 27th July, 2017. All those registering their requests will be provided their results through e-mail on the e-mail addresses registered as above immediately after the declaration of the result.” It further said that in order to access the result at the above website i.e. icaiexam.icai.org the candidate shall have to enter his registration no. or PIN no. along with his roll number. “Further f...

ICAI releases Technical Guide on Income Computation and Disclosure Standards    The Direct Tax Committee of the Institute of Chartered Accountants of India (ICAI) has recently published a “Technical Guide on Income Computation and Disclosure Standards (ICDS) – First Edition July, 2017”. The Central Government last year notified 10 Income Computation and Disclosure Standards (ICDS) for the purpose of computation of taxable income by certain Assessees. It provides for a new framework for computation of taxable income by all assessees (other than individual or a HUF who is not required to get his accounts of the previous year audited in accordance with the provisions of Section 44AB of the Income-tax Act, 1961) following the mercantile system of accounting for the purpose of computation of income under the heads “Profits and gains of business or profession” or “Income from other sources”. The accounting standards, which came into effect from April 2016 (assessme...

After passing CA final examinations, one question that gives sleepless nights to many is “WHETHER TO GO FOR PRACTICE OR JOB??” Your whole future depends upon making the right choice. In this article, I will try to provide you with few factors for comparison, so that you can make an informed decision for yourself after weighing all the pros and cons of both the options available for you. 1. The Initial Struggle:  For all those who are opting for job, your struggle is for very short period and ends with finding the right company to work for. Generally it takes 2 to 3 month time for a fresher CA to get a good job with handsome remuneration. Even ICAI conducts campus for placement of newly qualified CAs. In these 2 to 3 months, sometimes companies reject you and sometimes you reject the company. But once you finds the right company, your struggle ends and you start earning from the Day 1. Unemployed CA is still a myth and you have to be an idiot of highest level to remain unemploye...

TDS under GST: Criteria & Procedures: What is this? TDS means Tax Deducted at Source. It is a tax which is to be deducted on some expenses and payments. As per Income Tax Act, 1961 persons are required to deduct TDS at different rates while making payments. Similarly as per GST laws, TDS is required to deduct on certain payments. Rate of TDS in GST? Rate of TDS 1% If payment of contract is more than Rs. 250000/- (The Amount of 250000 is excluding SGST, CGST, and IGST) TDS is not to be deducted under GST if; 1. Value is up to RS. 250000, or 2. It is Interstate Sales (No tax deduction required where the location of supplier and place of supply is different from the State of the registration of the recipient.) Who is liable to deduct TDS under GST? Following people are responsible for deducting tax-: (a) A department of the Central or State Government, (b) Local authority, (c) Governmental agencies, (d) Such persons or category of persons as may be no...

 Form 112 ICAI Penalty Rules Condonation Procedure  Many CA students have questions if can you do any other Course like CS, CMA, B.com along with Articleship. Prior permission of the ICAI to pursue any course of study either through correspondence, Private or Regular (be it a graduation or post graduation) should be obtained by submitting Form 112 duly filled in and signed by the student his employer and the Principal of the College at the time of joining the articles or during the period of articles if intending to join or joined subsequently. Condonation for Non Submission of Form 112: Students might already be aware that, you are prohibited to undergo any other course while undergoing Articleship training, unless you have submitted Form 112 to ICAI within 180 days. Many students are studying CS, CMA, B.com etc along with Articleship, without submitting Form 112 (Students who have already completed Articleship can ignore this Condonation rule). Exa...