Important Announcement

Many of u r not receiving sms of SHAYVIDZ Aqua Knowledge Waves.If ur number is registered with National Do Not Call registry, then to continue receiving sms,u need to de-register by dialing1909 or sms to1909 with keyword 'STOP DND'
U can check DND Regn of ur number at http://ndncregistry.gov.in/ndncregistry/search.misc

Change in Examination timings from 9.00 AM-12.00 Noon to 02.00 PM - 05.00 PM for May,2011 CA Exams

IMPORTANT ANNOUNCEMENT
  
February 23, 2011
Re: Change in Examination timings from 9.00 AM-12.00 Noon to 02.00 PM -
05.00 PM for May,2011 Chartered Accountants Examinations
The Candidates appearing in the next Professional Competence Examination (PCE),
Integrated Professional Competence Examination (IPCE) , Final Examinations and
Insurance and Risk Management Examination of the Institute to be held from 2nd May,
2011 to 16th May, 2011 may kindly note that the Examination Timing has been
changed from 9.00 AM – 12.00 Noon to 02.00 PM - 05.00 PM (IST) owing to
unavoidable circumstances.
Similarly, Examination timings at Abu Dhabi and Dubai Centres will be 12.30 PM to
3.30 PM. UAE local time equivalent to 02.00 PM to 05.00 PM (IST). Examination timings
at Kathmandu centre will be 02.15 PM to 05.15 PM Nepal local time equivalent to 02.00
PM to 05.00 PM (IST).
Further to this, please note that there will be no change in the examination
schedule in the event of any day of the examination schedule being declared a Public
Holiday by the Central Government or any State Government.

http://220.227.161.86/22065announexam.pdf

Verification Status November - 2010 Examinations - Last Updated on 21st Feb, 2011

Verification Status November - 2010 Examinations - Last Updated on 21st Feb, 2011 - (22-02-2011)

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FINAL - NOV, 2010

Relaxation in Eligibility for May 2011 Final Examinees - (18-02-2011)

Sub: Relaxation in eligibility to appear in CA Final Examination for PCE and IPCE candidates

The students who desire to appear in the Final Examination to be held in May 2011 and onwards hereby informed that a relaxation has been provided under relevant Regulation with regard to their articleship training as under:-

“ a candidate who is otherwise eligible to appear in the Final Examination shall not be required to be in service of articles/audit training on the first day of the month in which the final examination is held. However, such relaxation shall be confined only to first of such permissible examination (i.e., the Final Examination in which a student shall become eligible to appear in the Final Examination for the first time only but not thereafter), irrespective of whether he is from the stream of Professional Education Examination – II(PEE-II) or Professional Competence Examination(PCE) or Integrated Professional Competence Examination (IPCE) under the provisions of Regulation 29 C of the Chartered Accountants Regulations 1988.”

It may be noted that in the Application Form for May 2011 Final Examination, it was mentioned that the aforesaid benefit is applicable to candidates who had passed Professional Education Examination – II (PEE- II) Examination. With the above decision, all candidates (PCE as well IPCE) are eligible to get this benefit.

Select Cases in Direct and Indirect Tax Laws (2010) – An Essential Reading for the Final Course-[Relevant for May 2011 and November 2011 examinations]-(15-02-2011)

http://www.icai.org/post.html?post_id=6742.

Application of AS 30, Financial Instruments: Recognition and Measurement, for the accounting periods ending on or before 31 st March 2011.

Application of AS 30, Financial Instruments: Recognition and Measurement, for the
accounting periods ending on or before 31 st March 2011.
http://220.227.161.86/21944announ110211a.pdf

Income Tax - Set Off & c/f

On the death of individual,the business of the individual is carried on by legal heirs by forming a partnership firm.The firm is entitled to carry forward the loss of individual. [Sec.78]
Madhukant Methane 247 ITR 805 (SC)

Income Tax

Intt on Fixed Deposit=income in the hands of the assessee.
and interest on the loan taken from bank on that deposit is not an allowable exp
Dr.V.P.Gopinathan

Income Tax

Winning from motorcar rally are a return for skill and endurance. It is taxable as income.
G.R.Karthikeyan 201 ITR 866

ICAI Announcement

ICAI Announcement
Exclusion of certain topics in CA Final May2011 exams :-
Paper 1 : Financial Reporting
*Inflation Accounting
Paper 5 : Advanced Mgmt Accounting
*Time Series Analysis
*Test of Hypothesis

All the Best..

PCE / IPCE Results on SMS

For getting results through the message students should type:
i) for Professional Competence Examination result the following
CAPCE(Space)XXXXX (where XXXXX is the five digit PCE examination roll number of the candidate)
e.g. CAPCE 00197
ii) for Integrated Professional Competence Examination result the following CAIPCE(Space)XXXXXX (where XXXXXX is the six digit IPCE examination roll number of the candidate)
e.g. CAIPCE 002971
and send the message to:
52001-for DOLPHIN AND TRUMP users only
58888-for all mobile services - India Times

All the very best for your result..

Dear all the Members !
All the very best for your results..
Lots of smiling wishes to all of you for your bright future ahead..
Be confident..

Income Tax - Sec 80IA

Income Tax
Conversion of marble blocks by sawing them into slabs and tiles and polishing amounts to manufacture or production of article or thing u/s80IA
ITO Vs.Arihant Tiles & Marbles Pvt Ltd (SC) 2010

Income Tax - Sec 80IA

Income Tax
Commercial duplication process, by which a blank CD is transformed into software loaded disc dedicating it to a specific use, constitutes manufacture or processing of goods in terms of Sec-80IA.
CIT Vs. ORACLE SOFTWARE INDIA LTD. (SC) 2010

Income Tax - Sec 80IA

Income Tax
Twisting & texturising of partially oriented yarn (POY) by using therno-mechanical process, which converts POY into textured yarn, amounts to manufacture in terms of Sec-80IA
CIT Vs. EMPTEE POLY-YARN PVT. LTD. (SC) 2010

Six Weeks Residential Programme for Qualified Chartered Accountants/IPCC/PCC/PE-II Passed students - (04-02-2011)

ICAI News
4th Batch of Six Week Residential Program on Professional Skill Development frm 7th March2011 at COE,Hyderabad
All students who hv passed CharteredAccountancyFinal/IPCC/PE-II exams&pursuing last year of article training or completed Articleship training are eligible for this program.
No need for Separate GMCS

Six Weeks Residential Programme for Qualified Chartered Accountants/IPCC/PCC/PE-II Passed students - (04-02-2011)

ICAI News

Now conversion from CA Final Old Course to New Course is automatically done by ICAI. No Fees required. ICAI will send a letter of conversion to all students of Old Course.
On the basis of this Letter Study Material + Practice Manual can be collected from Branch at concessional price of Rs.300/-per subject.

ICAI News

Finally the postponement of Results of PCE/IPCE is confirmed. Now the results will likely to be declared on 8th Feb,2011 at 10.00AM
All the Best..

Admin's Note

Dear Students of PCE/IPCE !
Don't get upset & don't take tension.
Winners always wins.
Just keep urself busy in ur routine work.
Don't skip ur meals.
Just b +ve

Income Tax - PGBP

Router is not a part of computer & is not eligible for depre@60%
It is eligible for depre at normal rate of P&M
Routermania Technologies(P)Ltd.Vs.ITO (ITAT-Mum)

Income Tax - PGBP

Higher rate of depreciation is admissible when motor lorry is used by assessee in his own business of transportation on goods on hire
CIT Vs S.C.Thakur&Brothers

Admin's Note

There is NO Announcement in ICAI's website about changes in ICAI Exams schedule of MAY2011
So,Plz concentrate on ur studies&dont pay attention in any such rumor

Income Tax - PGBP

Depreciation shall not be allowed on assets where deduction for expenditure on Scientific Research has been allowed.
Escorts Ltd and another Vs UOI (SC)

Income Tax - PGBP

In case of existing business,the assessee is entitled to claim depreciation by mere trial run of new machinery
Ashina Sintex Ltd(Guj.)
Union Carbide(I)Ltd(Cal.)

Income Tax - PGBP

Sec-32
When LAND is leased assessee & any exp is incurred for constructn of any structure or doing any work on building which is put up/constructed on such leased land SHALL NOT ATTRACT EXPLN.1 to S-32 & therefore not eligible for the purpose of claiming depreciation
CIT Vs. TVS Lean Logistic Ltd. (Mad.)

Income Tax - PGBP

Road laid within factory premises for providing approach to the building to carry on the business activities is eligible for depreciation
GWALIOR RAYON (SC)