AMENDMENTS IN AUDITING
HERE is the presentation slides of the seminar cunducted by FAST and CACTUS on the Amendments in Auditing.
This gives you a insight of SA 265,SA 450,SA 720.
must read!!
to DOWNLOAD click the link below……..
PCC Nov 09 First Rank Holder
Professional Competence Examination Results
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CA STUDIES VIA TELECONFERENCING
Amended IT Act, 2008
Friends.. There might be a sure shot question in the forthcoming exam…
The Information Technology Act 2000 is covered under Chapter 14 of Paper 6: MICS ( Final Old ) and Chapter 10 of Paper 6: Information Systems
This act was amended in the Year 2009. And keeping in mind the institute’s eternal inclination towards all the recent amendments I would say that we all should go through amendments made in the Act (since the changes are of significant importance too!).
I found a file over the internet in which all the amendments in the IT Act 2000 are highlighted specially.
You can download the same from this link: Download
Circular 1/2010: TDS on Salary u/s 192
After the releasing the notification regarding valuation of perquisites for determining the taxable salary u/s 17 in the hands of employees.
CBDT has come up with a new Circular 1/2010 to determine the TDS on salary u/s 192 as the end of the previous year draws nearer.
The circular illustrates in detail as to how to calculate the amount of TDS on salary paid during F.Y. 09-10. Various declaration forms like 16AA etc. are also annexed to the circular.
Apart from this there is also a detailed illustration to elucidate as to how calculations should be done.
To download the circular click here.
Biggies prefer chocolates over pizzas!!
Earlier this year, as we all know the management of Cadbury Plc termed Krafts Foods Inc’s offer to buy majority stake in Cadbury as “derisory”
But it still looks like Kraft wont end its pursuit of stake in Cadbury Plc so easily. Earlier this month it had affirmed its firm intentions by announcing that it will be selling its “US Pizza” unit to Swiss giant Nestle to raise cash component for its hostile Cadbury bid.
Looks like Nestle will be a winner in this hostile take-over attempt without even having to buy single Dairy Milk chocolate bar, leave aside a share.
Nestle will be able to buy US Pizza just at 12.5 times the estimated 2009 earnings.
This probably reminds us about the old story of “A monkey & two cats” which we read in childhood.
Kraft had to sell its pizza for raising cash because one of its major shareholder and Wizard of Omaha that is to say Mr. Warren Buffet didn’t approve the idea of raising so much cash by issue of shares of Kraft.
While searching the net for this subject I came across an official website of Cadbury Plc which has been designed exclusively for keeping the investors updated and for persuading them to not to sell their shares to kraft.
Click here to visit the microsite. (Actually the content there is quite interesting so you should have a look)
P.S. – For those who do not know, in a hostile take over the company wanting to increase its holding directly offers a price (may be in shares or in cash or both) to the shareholders of the target company. And then the shareholders have the option to either accept or reject the offer. So it is important for the management of the target company that the shareholders have faith in them as well as in their vision for company’s growth.
Introduction of GST likely to phase out Excise exemptions
India may move to a dual Goods and Services Tax (GST) regime next year, but the Cenvat (excise duty) related exemptions, especially area-based ones, will not be withdrawn at one go for ushering in the new tax system.
The Finance Ministry is not in favour of doing away with all the Central excise exemptions, numbering about 330, as part of the switchover to the GST regime.
The excise exemptions are only going to be “grandfathered” – brought down gradually – even if GST is ushered in earlier, a top Finance Ministry official said.
The official highlighted that India was a democracy and certain exemptions will have to be retained. A Task Force on GST appointed by the Thirteenth Finance Commission had in its recent report recommended that area-based exemptions in the case of Cenvat should not be continued under GST.
The Task Force had suggested that direct investment linked cash subsidy may be given, rather than area based exemptions, if it was considered necessary to provide support to industry for balanced regional development.
The task force report also highlighted that the case for providing area based exemption was extremely weakened in the face of its recommendation for sharp reduction on combined rates of CGST and SGST. A combined rate of 12 per cent (CGST and SGST) has been recommended by the Task Force in its report.
Currently, industries set up in the North East, Jammu and Kashmir, Sikkim, Uttarakhand and Himachal Pradesh enjoy exemption from payment of Cenvat.
The Task Force felt that area based exemptions created economic distortion and affected the economic viability of units located in non-exempt areas. They are prone to misuse and difficult to administer, the Task Force had said.
Threshold limit
Meanwhile, the Finance Ministry may favour a threshold limit that aligned with the proposed uniform State GST threshold of gross annual turnover of Rs 10 lakh both for goods and services.
The first discussion paper on GST, released by the Empowered Committee of State Finance Ministers on VAT, had proposed a uniform State GST threshold of gross annual turnover of Rs 10 lakh both for goods and services.
Currently, the threshold prescribed in different State VAT Acts, below which VAT is not applicable, varies from State to State.
For the Centre, the discussion paper suggested that the threshold for Central GST may be kept at Rs 1.5 crore and the threshold for Central GST for services may also be appropriately high.
The current thinking in the Central Board of Excise and Customs (CBEC) is that the threshold of Rs 1.5 crore proposed for goods was on the higher side. Having a threshold of Rs 1.5 crore for goods may shrink the tax base and thereby the revenue neutral rate may go up, official sources said.
The Finance Ministry is also not keen on having separate threshold limits for goods and services. “It is difficult to have two separate threshold limits,” official sources said.
CACTUS successfully organises workshop on Exam Tips
CACTUS conducted the most awaited workshop on exam tips last Sunday (20/12/09) which recieved a very good response. The workshop was attended and appraised by over 150 members and non-members comprising of CA students of all levels CPT, PCC/IPCC, Final. CACTUS had circulated a set of 3 questions in Indore amongst all classes of CA Students. Answer sheets for the said papers were evaluated and comments and tips were given in the workshop accordingly.
The workshop was headed by our talented committee members Ankit Vyas and Shubha Khandelwal. CA Final June ‘09 ranker, Anshul Rastogi (31st Rank, FM-79; MICS-77) enlighted the listners by giving various tips about writing and preparing for exams based on his experience and knowledge by showing his physical presence.
CA Final rankers Ashish Agrawal(47th Rank) and Nikhil Kabra(47th Rank) sent their viedo clippings specially recorded for the purpose as they were unable to show their physical presence due to their busy schedules. The same was shown to the audience in the workshop. They gave various exam tips and specially emphasized on the importance of practical training for CA Students. We’ll soon upload the video clippings of the same.
Students were delighted to listen to CA Final rankers, Surabhi Agrawal’s(1st Rank) and Mohit Agrawal’s(Audit-80) clipping of telephonic interview taken by our CACTUS member Chitrank Jain specially for this workshop. These clippings will be uploaded to the blog shortly.
For membership enquiries contact support@ecactus.org
Treatment of goods w/o for CENVAT Credit
Its common amongst the manufacturers to write off the value inputs and capital goods in the books of accounts, when they get obsolete, non-moving etc.
But manufacturers used to exploit this situation to their own benefit by w/o the value of stock in the books and still availing the CENVAT credit under excise.
To counter this, earlier this year Rule 3(5B) was added to the CENVAT Credit Rules, 2004. The provision read:
“that writing off the value of inputs and capital goods before putting them to use would entail reversal of the full Credit taken on them and that subsequent use of the inputs or capital goods would enable taking the Credit again”
The Circular No. 907/27/2009-CX dated December 7, 2009 also iterates the same position.
New Rules for Perquisites Notified
For downloading the new Notification, please refer the following link
http://cactusblog.files.wordpress.com/2009/12/newperqrule.pdf
You can start or join existing discussions on the above topic at The Quorum (CACTUS’s Forum) on www.ecactus.org
Flickr Photos
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