BREAKING NEWS SHOTS...

    The Board of Studies has decided to introduce week-end Test Paper Scheme for students eligible to appear in the examination for the first time from November 2017 onwards. Those candidates are required to pass two Test Papers in each group conducted by the BoS to be eligible to appear for the Final Examination of the ICAI. It is intended to promote regular studies and improve performance in the Examination of ICAI.
    relevant for May 2017 & November 2017 Examinations
    1. Study Materials – DTL & IDTL - (Edition November 2015, Reprint Edition November 2016) to be read along with Supplementary Study Paper-2016 explaining the amendments made by the Finance Act, 2016 and significant notifications and circulars issued upto 30.4.2016. The amendments in the Supplementary Study Paper 2016 have been grouped chapter-wise in line with the Study Material to facilitate combined reading therewith.
    2. Practice Manuals – DTL & IDTL (December 2016 Edition), wherein the questions have been modified/adapted and answered on the basis of the provisions of tax laws as amended by the Finance Act, 2016.
    3. Select Cases in DTL & IDTL, 2016 – September 2016 Edition, wherein select significant Supreme Court and High Court decisions in direct and indirect tax laws, which are relevant in the context of tax laws as amended by the Finance Act, 2016, have been reported. This publication has also been divided chapter-wise in line with the Study Material, to facilitate combined reading therewith.
    1. Study Materials – DTL & IDTL - (Edition November 2015, Reprint Edition November 2016) to be read along with Supplementary Study Paper-2016 explaining the amendments made by the Finance Act, 2016 and significant notifications and circulars issued upto 30.4.2016. The amendments in the Supplementary Study Paper 2016 have been grouped chapter-wise in line with the Study Material to facilitate combined reading therewith.
    2. Practice Manuals – DTL & IDTL (December 2016 Edition), wherein the questions have been modified/adapted and answered on the basis of the provisions of tax laws as amended by the Finance Act, 2016.
    3. Select Cases in DTL & IDTL, 2016 – September 2016 Edition, wherein select significant Supreme Court and High Court decisions in direct and indirect tax laws, which are relevant in the context of tax laws as amended by the Finance Act, 2016, have been reported. This publication has also been divided chapter-wise in line with the Study Material, to facilitate combined reading therewith.
    The Committee on Accounting Standards for Local Bodies (CASLB) was constituted as a separate Committee in March, 2005, with the main objective of formulating Accounting Standards for Local Bodies (ASLBs). So far, the Committee has issued twelve ASLBs and ASLB 18, ‘Segment Reporting’ is likely to be issued shortly. Moving forward in this direction, the Committee has finalised the Exposure Draft of ‘The Conceptual Framework for General Purpose Financial Reporting by Local Bodies’ along with consequential amendments in ASLB 17, ‘Plant, Property and Equipment’.​ ​ ‘The Conceptual Framework for General Purpose Financial Reporting by Local Bodies’ establishes the concepts that are to be applied in developing ASLBs that are applicable to the preparation and presentation of general purpose financial reports (GPFRs) of local bodies.
    Company Secretaries are to note that if the word „CS‟ or „Company Secretary‟ or „Company Secretaries‟ is used by a LLP as suffix, then a prior No Objection Certificate (NOC) is mandatorily required to be obtained from the ICSI by such proposed LLP. It is also observed that many Company Secretaries directly approach the Registrar of Companies (ROCs) and obtain approval for their LLP names from the ROCs without taking prior approval from ICSI claiming that their LLP name does not contain the word “Company Secretary/Company Secretaries” and hence prior approval is not required from ICSI. Later they inform the ICSI about the same. In such cases too, if the proposed LLP is to provide secretarial/attestation services, NOC from the ICSI needs to be taken from the ICSI first for their LLP name and then approach the ROCs for the name registration. All the LLPs which are covered as per the above will also need to update information, if not updated earlier, to the ICSI within 30 days of issue of this advisory such as name of the LLP, date of incorporation, approval of name details, professional address and contact details (email id, telephone number, fax number, mobile number etc.) of the LLP, details of the partners with membership number, LLP incorporation certificate received from RoC (Registrar of Companies), copy of Form 2 filed with ROC, copy of LLP deed executed & filed with ROC with Form 25. Further, in all such cases as mentioned above, the Company Secretaries are also required to intimate ICSI about any subsequent changes in the partnership pattern of the LLP within thirty days of any such change. However, notwithstanding anything contained hereinabove, if a Company Secretary intends to form a LLP for a purpose, not at all related directly or indirectly, to the profession of Company Secretary, he/she is exempted from obtaining NOC from the Institute.
    M/s M Sadashiv & Associates, Company Secretaries, is in process of deployment of large number of qualified Company Secretaries / CS students on contract basis for the period as specified below for the GSTN project being implemented through one of the alliance corporate M/s Value Point System Pvt Ltd. , as per details given below :
    S.No Level of engagement No. of vacancy Period of engagement Eligibility criteria Remuneration
    1 Core team 07(to be posted at Delhi-NCR) 12 months(likely to be extended further) CS/CA/CMA/LLB Having 5-10 years experience Negotiable
    2 Master trainer 25(to be posted at Delhi-NCR 12 months(likely to be extended further) CS/CA/CMA/LLB Having 3-10 years experience Negotiable
    3 Associate Trainee 110 – first batch(to be posted at Delhi-NCR) 12 months(likely to be extended further) CS Executive Program pursuing students Rs9,500/- per month
    CS Executive Program passed students Rs 10,500/- per month
    CS Professional Program pursuing students Rs. 11,500/-Per month

    Interested members/students may send their resume at hr.sanaatan@gmail.com or can be uploaded at : Careers.sanaatangroup.com/symfony/web/index.php/recruitmentApply/jobs.html Shortlisted candidates will be intimated regarding the schedule of interview separately. Date & venue of interview shall also be intimated separately. Selected candidates will be provided adequate induction training before their deputation on the project.

    RESCHEDULED EXAMINATION TIME TABLE & PROGRAMME FOR DECEMBER 2016 TO BE HELD IN JANUARY-2017 FOR THE PAPER-09 (OPERATION MANAGEMENT AND INFORMATION SYSTEMS)
    PROGRAMME FOR SYLLABUS 2012
    Day, Date Intermediate Time 2.00 P.M. to 5.00 P.M.
    Sunday,8th January, 2017 Operation Management and Information Systems

    Examination Centres: Adipur-Kachchh(Gujarat), Agartala, Agra, Ahmedabad, Akurdi, Allahabad, Asansol, Aurangabad, Bangalore, Baroda, Berhampur(Ganjam), Bhilai, Bhilwara, Bhopal, Bewar City(Rajasthan), Bhubaneswar, Bilaspur, Bokaro, Calicut, Chandigarh, Chennai, Coimbatore, Cuttack, Dehradun, Delhi, Dhanbad, Durgapur, Ernakulam,Erode, Faridabad, Ghaziabad,Guntur, Guwahati, Haridwar,Hazaribagh, Howrah, Hyderabad, Indore, Jaipur, Jabalpur, Jalandhar, Jammu, Jamshedpur, Jodhpur, Kalyan, Kannur, Kanpur, Kolhapur, Kolkata, Kota, Kottayam, Lucknow, Ludhiana, Madurai, Mangalore, Mumbai, Mysore, Nagpur, Naihati, Nasik, Nellore, Neyveli, Noida, Palakkad, Panaji (Goa), Patiala, Patna, Pondicherry,Port Blair, Pune, Raipur ,Rajahmundry, Ranchi, Rourkela, Salem, Sambalpur, Shillong, Siliguri, Solapur, Srinagar, Surat, Thrissur, Tiruchirapalli,Tirunelveli, Trivandrum, Udaipur, Vapi, Vashi, Vellore, Vijayawada, Vindhyanagar, Waltair and Overseas Centres at Bahrain, Dubai and Muscat.

    RESCHEDULED EXAMINATION TIME TABLE & PROGRAMME FOR CHENNAI OF DECEMBER 2016 TO BE HELD IN JANUARY-2017
    PROGRAMME FOR SYLLABUS 2012 ( FOR CHENNAI ONLY)Time : 2.00 P.M. to 5.00 P.M.
    Day, Date Intermediate Final
    Saturday,Cost Accounting & 7th January, 2017 Cost Accounting & Financial Management Business Strategy & Strategic Cost Management
    Sunday,8 th January, 2017 ----- Tax Management & Practice

    Finance Act 2015, involving Assessment Year 2015-2016 will be applicable for P16 - Tax Management & Practice for the purpose of December 2016 term of Examination.
    Examination Centres: Chennai-Vels University (206), Chennai-Rapuram (225), Chennai-Jaya (238).

    This is issued to clarify for all concerned on the procedure for conversion to Syllabus 2016 and corresponding exemptions. Considering the status of students pursuing CMA course at Intermediate and Final Levels, a classification is made as follows:
    Category Reference
    (1) Students registered under Syllabus 2012 Detailed guideless available under "Exemptions under Syllabus 2016"
    (2)Students registered under Syllabus 200B completed either groups under Syllabus 200B For guidelines refer to Annexure 1
    (3)Students registered under Syllabus 2002 and completed either groups under syllabus 2002 or 200B For guidelines refer to Annexure 2
    (4) Students registered in any Syllabus prior to ~Syllabus2002" For guidelines refer to Annexure 3
    For more details please click the following link:
    http://icmai.in/upload/Students/Circulars/Circular-Clarification-Conversion-Syllabus2016-23092016.pdf
    The figures for Direct Tax collections up to November, 2016 show that net collections are at Rs. 4.12 lakh crore which is 15.12% more than the net collections for the corresponding period last year. This collection is 48.67% of the total Budget Estimates of Direct Taxes for F.Y. 2016-17. As regards the growth rates for Corporate Income Tax (CIT) and Personal Income Tax (PIT), in terms of gross revenue collections, the growth rate under CIT is 11.22% while that under PIT (including STT) is 22.41%. However, after adjusting for refunds, the net growth in CIT collections is 8.75% while that in PIT collections is 23.89%. Refunds amounting to Rs.1,05,561 crore have been issued during AprilNovember, 2016, which is 17.35% higher than the refunds issued during the corresponding period last year.
    Easing rules on issuance of prepaid payments instruments (PPIs), Reserve Bank today allowed banks to facilitate such devices to unlisted corporates, public entities like municipal corporations and urban local bodies to deepen digital transaction system. "In order to facilitate greater adoption of digital payments, banks may include other entities/employers such as unlisted corporates, partnership firms, sole proprietorship, public organisations like municipal corporations, urban local bodies (employers) for onward issuance to their staff or contract workers," the RBI said in a notification. Earlier, companies were required to be listed on any of the stock exchanges in India to be eligible to get prepaid instruments issued by banks. As per RBI guidelines, a PPI can be loaded with a maximum of Rs 50,000. Also, if the PPI owner wants to transfer fund from the instrument to the regular bank account, the bank is mandated to facilitate it. Pre-paid payment instruments helps purchase of goods and services, including funds transfer, against the value stored in it.
    Prime Minister Narendra Modi on Tuesday said advancing the date of budget presentation would help getting funds authorised for different sectors at the start of the financial year. Addressing economists at Niti Aayog's meeting on 'Economic Policy -- The Road Ahead', he said that a change in the budget cycle would have an impact on the real economy. "The date of budget presentation is being advanced so that expenditure is authorised by the time the new financial year begins," the Prime Minister said. The government is proposing to present the budget for 2017-18 on February 1 instead of the regular date of February 28. Also, there will be no separate railway budget for the next fiscal as the government has decided to merge it with the general budget. Modi said under the existing budget calendar, the authorisation of expenditure comes with the onset of the monsoon which results in government programmes remaining relatively inactive in the productive pre-monsoon months.
    Of the Rs 15.4 lakh crore worth of Rs 500 and Rs 1,000 notes that were scrapped as a resulted of PM Narendra Modi's November 8 declaration , as much as Rs 14 lakh crore has been deposited in banks. The value of scrapped currency exceeded the government's expectation that as much as Rs 3 lakh crore will not be returned as this would be part of black moneyhoards. This also means that expectation that RBI will be able to give a substantial dividend to the government will be belied. While the value of deposits indicates that ways were found to deposit unaccounted money, the government expects to gain tax revenues from large deposits above the prescribed Rs 2.5 lakh per individual limit. The government also sees gains from small savings that were kept in households being deposited in bank accounts that make these funds productive and safe. The government has announced a scheme that provides for a 50% penalty for voluntary disclosure of deposits in excess of allowed limits with 25% of the funds to be placed in a fund for welfare of the poor for four years. Officials said the government expected that such diclosures will also add to revenues even as money become available for more productive use, eventually leading to cheaper funds.
    Sources said that the government is considering easing the withdrawal limits from ATM’s from ₹2500 per day to ₹4000 per day; withdrawal limits from banks would be made ₹40,000 per week from ₹24,000 per week. Sources said since currency shortages still persists, the withdrawal cap can only be eased and not reoved altogether.
    When a customer uses a credit card, debit card, charge card or any other payment card for payment of his purchase of goods or services, the merchant/service establishment is charged certain merchant discount rate (MDR) by credit card or debit card issuing banks. With a view to promote digital transactions and encourage merchant establishments to accept such card payments, Government has waived service tax on such amount charged while making payments though credit card, debit card, charge card or any other payment card. However, this waiver is limited to payments upto two thousand rupees only (Rs.2000) in a single transaction.
    Payment of Wages Ordinance, 2016 has reportedly got the permission of Indian President Pranab Mukherjee on Thursday. According to reports, the act will allow industries in India to pay wages up to Rs 18,000 through cheque or debit card without the permission of their employees. Notably, the industries can also pay the salaries through cash
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