CACTUS announces its new SMS channel “castudent”

We are happy to announce that CACTUS has launched its new SMS Channel castudent.

All of you must already be aware of our existing SMS Channel CA_Update which has over 3000 subscribers. Through CA_Update, we shared with you our knowledge of Current Affairs of Indian economy, important ICAI updates and announcements, important notifications issued by various government bodies and other relevant information.

After success of CA_Update, we have decided to provide our subscribers important points related to various subjects included in syllabus of CA Final, PCC and IPCC.

We already know that most of our subscribers attend regular classes and are good at studies. But we for sure know that due to our busy schedules we aren’t able to revise and recall import points what we might have studied earlier. Through our new SMS channel, castudent we’ll try to deliver you all those important points which you might miss to revise. Even if you haven’t studied a particular subject yet, may be our SMSs create some kind of base in your mind which can help you understand the subject in a better way.

Moreover, we have our own forum which can be accessed through www.ecactus.org, where you can always discuss anything.

To start receiving our SMSs free of cost, send:

ON castudent

to 98-70-80-70-70

*Normal SMS charges applicable (charged for subscription message)

Ministry of Corporate Affairs announces “INDIA CORPORATE WEEK”

The Indian corporate sector, which has been growing at a rapid pace in the current decade, has been making significant contribution to the economic development of the country. At the same time, India Inc. is also developing sensitivity to community and social concerns which are a part of the broader national agenda of inclusive and sustainable growth. The Ministry of Corporate Affairs has been constantly trying to reposition itself as not only the regulator but also the developer and facilitator of the Indian Corporate sector.

While the Ministry is aiming at developing a consensus on what constitutes responsible and good corporate governance, there is also a need to provide positive reinforcement to the contribution of the corporate sector in the economic and social development of the country. The Ministry has therefore decided to celebrate 14^th to 21^th December 2009 as “India Corporate Week“. The celebrations will culminate in a grand finale at Vigyan Bhavan on21^st December 2009, on which occasion the Honorable President of India, Shrimati Pratibha Devisingh Patil, will give away the “National Corporate Awards” to leading luminaries who have achieved excellence in the corporate sector.

Booth-capturing at ICAI polls

The elections to the 21st Central Council and the 20th Regional Councils of the Institute of Chartered Accountants of India (ICAI) ran into rough weather after a booth capturing incident.

At least four unidentified men, including one toting a pistol, stormed an ICAI election booth at Vaishali (near Ghaziabad) on Saturday, tampering the ballot box and stuffing ballot papers, sources said.

The returning officer to the elections and ICAI Secretary, Mr T. Karthikeyan, confirmed the incident and added that a First Information Report (FIR) had been lodged with a police station.

The ICAI President, Mr Uttam Prakash Agarwal, however, denied the booth-capturing incident. “No such instance of booth capturing has so far been brought to my notice,” he said.

Mr Karthikeyan declined to comment on whether any decision has been taken on re-poll at the same region. The polling booth, which was manned by a senior Deputy Director of the ICAI, came under the central region of the ICAI.

This polling booth had two ballot boxes — one each for the Central Council and the Regional Council. The officer in-charge informed the ICAI secretary about the booth capture.

The official is understood to have rushed to the Vaishali booth with officers of the Institute, sources said. The police were also called in.

It is learnt that only the Central Council box was tampered with. In all, 14 candidates from the central region are in the fray for positions in the Central Council.

The incident came as a shock to the chartered accountants fraternity. This was the first time in the history of the ICAI that a booth capturing incident had occurred at Council elections, a top ICAI official said.

Shareholders can now cast their votes online

The Economic Times, 18 Nov 2009

MUMBAI: Shareholders can now cast their votes on corporate proposals through the click of a mouse without having to worry whether their response has reached the company or not.

CDSL Ventures (CVL), a wholly-owned subsidiary of Central Depository Services (India), on Tuesday launched the e-voting system for listed companies. “This move will revolutionise the whole system,” Corporate Affairs minister Salman Khurshid said at the inaugural function.

The e-Voting system would permit a company or its registrar to set up the schedule on the e-voting website and upload the resolution and register of shareholders. CVL would then generate and print a password on a pin mailer for each shareholder, which would be communicated to them along with the notices of the resolutions. Shareholders can access the e-voting website and cast their votes at any time during the voting period at a place of their convenience.

“Companies would benefit from this system as the remote voting process would become quicker, accurate and would also result in savings on various cost overheads which are currently incurred for postal ballots,” said SS Thakur, chairman, CVL.

The proposed online voting system is aimed at enhancing corporate governance and increasing shareholder participation in listed companies, and is a common feature in advanced countries like the US, China, Japan and South Korea.

Mr Khurshid told reporters on the sidelines of the function that the proposed Company Bill, which is expected to be tabled before Parliament in the Budget session, will also have provisions for Class Action Suit

. Beginning this December, the ministry of corporate affairs will observe the third week of the month every year as “India Corporate Week”.

“We have decided to observe the third week of this December as India Corporate Week. I propose to announce next year as Investor Education Year and the thrust will be given to investor education and investor knowledge. The household savings of non-urban India should come to stock exchanges,” Mr Khurshid said.

 

Applicability of services for May and November 2010 examinations (PCC, IPCC & Final)

ANNOUNCEMENT BY BOARD OF STUDIES OF ICAI (06-11-09) IMP

Applicability of services for May and November 2010 examinations:-

PROFESSIONAL COMPETENCE EXAMINATION

It is clarified that in Part –II : Service tax and VAT of Paper 5 : Taxation, students will not be tested on specific questions covering individual taxable services

INTEGRATED PROFESSIONAL COMPETENCE EXAMINATION

It is clarified that in Part –II : Service tax and VAT of Paper 4 : Taxation, students will be examined only in respect of the following taxable services:

1. Legal consultancy services

2. Mandap keeper’s services

3. Commercial training or coaching services

4. Information technology software services

5. Services in respect of membership of clubs or associations

FINAL EXAMINATIONS (BOTH EXISTING AND NEW)

Paper 8 : Indirect taxes/ Paper 8 : Indirect Tax Laws

It is clarified that in respect of taxable services covered in the syllabus of Paper 8 : Indirect taxes/ Paper  8 : Indirect Tax Laws, students will be examined only in respect of the following taxable services:

• Intellectual Property Services

1. Franchise services

2. Intellectual property services

• Financial services

3. Banking & other financial services

4. Credit rating agency’s services

5. Stock broking services

• Transport of goods services

6. Goods transport agency’s services

7. Courier services

8. Mailing list compilation and mailing services

9. Transport of goods by air services

10. Clearing and forwarding services

11. Cargo handling services

12. Customs house agent’s services

13. Storage and warehousing services

14. Transport of goods through pipeline or other conduit

15. Transport of goods in containers by rail by any person, other than government railway

• Professional Services

16. Practising chartered accountant’s services

17. Management or business consultancy services

18. Consulting engineer’s services

19. Scientific and technical consultancy services

20. Technical testing and analysis services

21. Market research services

22. Opinion poll services

23. Public relations services

• Real estate & infrastructure services

24. Construction services in respect of commercial or industrial buildings or civil structures

25. Construction services in respect of residential complexes

26. Architect’s services

27. Real estate agent’s services

28. Site preparation and clearance, excavation, earthmoving and demolition services

29. Interior decorator’s services

• Business services

30. Business auxiliary services

31. Business support services

32. Manpower recruitment or supply agency’s services

CA. R. Devarajan

Director, Board of Studies

 

Applicability of SAs in Nov’09 exam clarified

“Student had been for long confused about the applicability of SAs or AAS in for their Auditing paper”

The Excel Sheet provided below an end to all confusion including answers to the following FAQs:

FAQ 1: Are students expected to remember the new SA numbers?

Answer – Yes. Further, while quoting the numbers in exams it is recommended to quote SA no. first and AAS numbers in the bracket Eg. “SA 500 Audit Evidence (AAS 5)”

FAQ 2: Is there a change in numbers only or the content has also been changed. If yes, are students expected to know the revised content and are there major differences?

Answer – Yes, there have been changes in the content of some but not all SAs as compared to the erstwhile AAS and students are expected to understand the mention the revised contents. However, in few SAs the changes are insignificant and some it is substantial. A details of such SAs is provided in the file attached.

FAQ 3: Are there any new SAs or else all SAs are in replacement of old AAS?

Answer: Yes, some new SAs have been introduced which are included in the syllabus of Nov 2009 exams. A details of such SAs is provided in the file attached.

For detailed notes on SAs with all revisions contact CACTUS

To download the file click the link:

http://www.box.net/shared/6h2rbg5no4

List Of SAs to be refered for November 2009 Exams

ICAI has published list of  SAs for  (PCC  & IPCC) \PE2\(Final New & Old Course)  for the purpose of November 2009 Exams.

It has also provided Detailed PDF files for all SAs for the purpose of reference.

For further Details visit the link below.

http://www.icai.org/post.html?post_id=5066&c_id=219

For detailed notes on SAs with all revisions contact CACTUS

To download the list of applicability of SAs in tabular format click below:

http://www.box.net/shared/6h2rbg5no4

Mock Test Papers for CA Students released by ICAI

Board of Studies has planned to bring Mock Test Papers for various examinations in order to enable the students to have practice in working out practical problems and also in answering theoretical questions on various subjects of CA examinations.

Students can send the answer on the following address for evaluation purpose.

The Director,

Board of Studies,

A-94/4, Sector-58,

Noida-201 301

 

The papers will be evaluated by appropriate faculty members as assigned by the institute. CACTUS will not be responsible in any way for delayed evaluation or any other discrepencies.

The first series of test papers are for the following examinations, click on the exam name to download the test series.

• Professional Competence Course (PCC) – one series
• Integrated Professional Competence Course (IPCC) – one series
• Final (Old) – two series
• Final (New) – one series

The Board of Studies has announced to release subsequent series gradually. Hope the above study material is going to help all CA students a lot.

“Sync your life with IT” Presentation

“Sync your life with IT”

Yesterday CACTUS successfully organised the workshop for creating awareness amongst the students regarding various IT applications available on the Internet.

Not only the students were told about the applications, but practical demonstration as to  how to use those application was also shown online.

The students found the workshop very informative and enlightening.

For those who were not able to attend the workshop we have attached a PPT.

To download the presentation click below:

IT – Tech Trix

MP VAT new Announcement

M.P. finance minister has announced that now vat-tax audit report will have to be submitted by 31st March instead of 31st Oct (as stated earlier).

He also propsed to provide for technical assistance in relation to filing form to the assessees.Largescale seminars will be cunducted state-wide for this purpose.

For more details visit: http://www.naidunia.com/Details.aspx?id=94283&boxid=28697868