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

November 7, 2009 10 comments

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

 

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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

Regards,

Chitrank

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