Posts Tagged ‘2009’

Applicability of SAs in Nov’09 exam clarified

October 21, 2009 2 comments

“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:

List Of SAs to be refered for November 2009 Exams

October 14, 2009 7 comments

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.

For detailed notes on SAs with all revisions contact CACTUS
To download the list of applicability of SAs in tabular format click below:

Relevant Updates and Case Laws (IDTL) for CA Final Exams

October 4, 2009 2 comments

Lesser known changes introduced in Finance Bill 2009

 There are some small but important changes introduced in the Finance Bill 2009 which I would like to share with all:

1) First of all the maximum allowable cash payment limit of Rs. 20000 has been changed to Rs. 35000 in respect of the payments made to transporters involved in hiring, plying and leasing of trucks.

2) In section 32 concerning depreciation the words “block of assts” have been replaced with just “assets”. Now I am not able to infer the exact intent of this change, but it may mean that now the assets will be treated singularly.

3) The rate of tax deduction @ source on rent paid for use of Plant & Machinery has been reduced to 2 %.

4) Service tax will not have to be deducted on fees paid to the lawyer for appearing before the court, tribunal or any authority.

5) Now Form 15G/15H issued without quoting PAN will be treated invalid.

6) Earlier under section 56 any gift in kind received by an indivisual/HUF  was not taxable in his hands, but now 

a) In case of other then immovable property: If Aggregate FMV less: Any consideration given exceeds Rs. 50000 then Aggregate FMV less consideration will be treated as income.

b) In case of immovable property: If  Stamp duty value less: Any consideration given exceeds Rs. 50000 then Stampduty Value less consideration will be treated as income



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