Maheshwari Classes

Dear IPCC Students who are appearing in Nov 2014 Exam, please read it carefully -

It is hereby informed that Sections 407 to 414 of the Companies Act, 2013 relating to NCLT and NCLAT (notified on 12th September, 2013) formed part of the syllabus of the abovementioned paper as applicable for November, 2014 examinations. Consequently, the said sections were also incorporated in, Para 1.19 of Unit 1 from Page Nos. 22 to 26 of the Supplementary Study paper prepared for the said examinations.

However, keeping in view the fact that the NCLT and NCLAT are not in operation till date, students are hereby informed that the notified Sections 407 to 414 of the Companies Act, 2013 are not applicable for Intermediate (IPC) examination, to be held in November 2014 (Paper 2: Business Laws, Ethics and Communication). For more detail please visit on following link :- http://icai.org/new_post.html?post_id=10958&c_id=342

ICAI - The Institute of Chartered Accountants of India ICAI - The Institute of Chartered Accountants of India set up by an act of parliament. ICAI is established under the Chartered Accountants Act, 1949 (Act No. # # of 1949)

Intermediate (IPC) Course
Corrigendum to Practice Manual of Part-II: Indirect Taxes of Paper 4: Taxation

Students are advised to ignore Question nos. 14 and 15 of Chapter-4: Valuation of Taxable Service given at page nos. 4.13-4.15 in the printed copy of Practice Manual of Part-II: Indirect Taxes of Paper 4: Taxation [April and July 2014 (Reprint) edition]...

Please see detail on following link: http://icai.org/new_post.html?post_id=10937&c_id=342

As all of us know very well that, Finance (No. 2) Act 2014 had proposed certain changes in Negative List which were to be applicable from a future date to be notified. These changes have now been effected from 1st October, 2014 vide Notification No. 18/2014-ST dated 25th August, 2014.

Consequent to the efficacy of the notification, following shall be the impact.

Service Tax will be applicable on:

Radio Taxi (the abatement presently available to rent-a-cab service would also be made available to radio taxi service, to bring them on par); and
Advertisements in internet websites, out-of-home media, on film screen in theatres, bill boards, conveyances, buildings, cell phones, Automated Teller Machines, tickets, commercial publications, aerial advertising, etc. (sale of space for advertisements in newspapers, book other than business directories/yellow pages/trade catalogues would continue to be non-taxable)

Dear Professional Colleagu/Students,

Section 67A of the Finance Act was inserted in May 2012 in order to determine the rate of exchange that shall be consider for making the payment of service tax in case of import of services. An explanation was inserted in the said section which read as under:

”Explanation— For the purposes of this section, “rate of exchange” means the rate of exchange referred to in the Explanation to section 14 of the Customs Act, 1962 (52 of 1962).”

This had led to various practical difficulties in the industry, since they had to separately maintain a track record as per CBEC rates for the purpose of valuing import or export of service, while in financial statements the rates were taken the basis of Generally Accepted Accounting Principles.

In order to overcome these difficulties, in the Finance Bill 2014, Finance Minister has proposed changes in the Section 67A of the Finance Act 1994. For this purpose, explanation to Section 67A of the Finance Act has been substituted and the new explanation was inserted in the Finance Act 2014 which read as under:-

In this regard, CBEC vide its Notification No. 19/2014-ST dated August 25, 2014 has inserted Rule 11 under the Service Tax Rules (applicable w.e.f. 1st October, 2014), so as to provide that the rate of exchange for determination of value of taxable service shall be the applicable rate of exchange as per the generally accepted accounting principles on the date when point of taxation arises in terms of the Point of Taxation Rules, 2011.

Attention: Members holding Certificate of Practice from ICSI

The Institute has brought out a CD containing List of Members holding Certificate of Practice of the Institute as on 31st March, 2014. The CDs are available at the headquarters of the Institute and will be supplied free of cost to the members holding certificate of practice on receipt of request. Request may please be sent to the Membership Section at email id [email protected].

For queries if any, please contact on telephone no: 011-45341063

The result of CS Professional Programme Examination (Old and New Syllabus) held in June, 2014 will be likely to declared on 25th Aug 2014 at 11.00 A.M. However, the result with subject-wise break-up of marks will be available on the Institute’s website: www.icsi.edu at the time of declaration of the result.
The Result-cum-Marks Statement of Professional Programme Examination will be dispatched to the candidates immediately after declaration of the result. In case the physical copy of Result-cum-Marks Statement is not received by any candidate within 30 days of declaration of result, such candidate may contact the Institute at:
[email protected] along with his/her particulars.

Quiz of the day
Mr x is employed with M/s XYZ Ltd. He is getting a salary of Rs. 54000 PM. He waives his one month salary and claim the same is not taxable for him. Is the contention of Mr. X is correct?

As we are aware that companies act 2013 is applicable for Nov 2014 exam. Every one has a confusion such as how much is applicable for their exam. For IPC exam only 53 section of Companies act 2013 is applicable for NOV 2014 and the supplementary study can be downloaded from the institute website via following link : -

http://220.227.161.86/32794ssp-p2blec-ipcc.pdf

220.227.161.86

Applicability of Standards/Guidance Notes/Legislative Amendments etc. for November, 2014 – Intermediate (IPC) Examination. for more detail please visit to following link :http://220.227.161.86/33704bos100614ipcc.pdf

220.227.161.86

Based on the decisions of the Council the syllabus of the following subjects of Intermediate (IPC) Course has been revised and the study materials as mentioned against the subjects are applicable for Nov. 2014 Examinations:

Subjects Study Material
Paper 2: Business Laws, Ethics and Communication Study Material & Practice Manual- July 2013 edition and Supplementary- BLEC- June 2014 edition
Paper 4: Part II- Indirect Taxes Study Material – Aug. 2013 & Practice Manual- Apr. 2014 edition
Paper 7: Section A- Information Technology Study Material – Nov. 2013 & Practice Manual- Apr. 2014 edition

Students are advised to refer to the above study materials, practice manuals and supplementary study papers while preparing for their forthcoming examinations being held in Nov. 2014.

Director, Board of Studies