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AMENDMENTS IN AUDITING

February 4, 2010 12 comments

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……..

AMENDMENTS IN AUDITING

CA STUDIES VIA TELECONFERENCING

January 28, 2010 2 comments

Here is the Programme Schedule of classes for CA-CPT & PCC students at gyandarshan channel conducted by ICAI

CPT-FEB2010

PCC-FEB2010

Categories: ICAI Tags: , , , , , , , ,

Introduction of GST likely to phase out Excise exemptions

December 26, 2009 Leave a comment

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Tax (GST) regime next year, but the Cenvat (excise duty) related exemptions, especially area-based ones, will not be withdrawn at one go for ushering in the new tax system.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

December 22, 2009 1 comment

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

CACTUS announces its new SMS channel “castudent”

December 15, 2009 2 comments

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”

December 8, 2009 Leave a comment

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 14th to 21th December 2009 as “India Corporate Week“. The celebrations will culminate in a grand finale at Vigyan Bhavan on21st 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.

“Sync your life with IT” Presentation

October 12, 2009 Leave a comment

“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

Categories: Events & Workshops Tags: , , ,
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