Numero uno

There will be a batch for Direct Taxation or FINAL CA giving the Nov 18 attempt.

The batch will have 8 students. The curriculum will be taught from the Bare Act.

This will be particularly important for all students as the ICAI has recently revised the curriculum wherein it has been made clear that concepts will have greater importance in the exam rather than rote learning!

This interested can ping me on 9167471036! Do spread the word!!!

Thanks!

Dear all,

The Institute of Chartered Accountants of India has released the new curriculum for Final CA students from May 18 and November 18!!!!

Announcing new batches for Strategic Financial Management for Final CA for May 18 and November 18 students.

Also announcing batches of Advanced Costing Management Techniques for Final CA for May 18 and November 18 students.

It will be a private batch where in personal attention will be given to the students with more emphasis on the concepts rather than mechanical learning.

The faculty is an Inter and Final CA rank holder and also a CFA from USA.

Kindly contact the below number for further details:
+ 91 9167 471 036

Announcing new batches for Costing (Final CA) for May 2018 and Nov 2018. The batch will be a small batch with maximum 8-10 people.

In-depth syllabus coverage with more emphasis on concepts rather than mechanical learning.

Those interested please contact 9167471036

Thanks!

Surbhi Murpana, Siddharth Prabhu, Samir Bhatia, Vikas Kabra, Bhagyashree Pednekar, Vyom Shah, Ashish Gupta and others.. kindly help spread the word!

Results!! Feeling proud! Final CA! CONGRATULATIONS

Core subjects - FR COSTING ACCOUNTS and FM

Announcing a crash batch for SFM for the following topics:
- Derivatives
- Forex
- Portfolio Management.

Also a crash batch for the following topics in accounts:
- Consolidation of FS
- Corporate restructuring (Amalgamation, mergers and Demergers)

The batch size will be limited to 8 people

This is for May 17 attempt and the batch will be commencing on 28th Jan 2017 for SFM and 2nd Feb 2017 for Accounts.

Those interested can contact me on 9167471036

Congratulations CA Vyom Shah and CA Juzer Limbdiwala for the splendid performance in the CA Final exam!

You have done me proud!

Wishing you all the best in your careers!

Filing of Revised Income Tax Returns by the Tax Payers Post De-Monetisation of Currency

Under the existing provisions of section 139(5) of the Income-tax Act, 1961 ('Act'), Revised Return can only be filed if any person, who has filed a return under section 139(1) of the Act or in response to notice u/s 142(1), discovers any omission or any wrong statement therein.

Considering the fact that taxpayers may misuse this provision, it is hereby clarified that the provision to file a revised return of income u/s 139(5) of the Act has been stipulated for revising any omission or wrong statement made in the original return of income and not for resorting to make changes in the income initially declared so as to drastically alter the form, substance and quantum of the earlier disclosed income.

Accordingly it has been decided by the department that any such practices will lead to a scrutiny being undertaken on the taxpayer and may also attract penalty and prosecution in appropriate circumstances

Dear all,

After taking a temporary break, we are back and this time in collaboration with Dani Khandelwal!!

We are starting lectures for Direct Taxation for FINAL CA students for May 2017 and November 2017 attempt.

The lectures will be commencing on Friday, 23rd December 2016 at 7:30am at Andheri (Exact location will be shared shortly). Initially the duration of the lectures will be two to two and a half hours.

The syllabus will commence as under:

1) Assessment procedures under the Income-tax Act, 1961 (as amended by Finance Act 2016)

2) Income tax Authorites and their powers (will be covering the entire process in which the department gets information about tax payers in order to unearth various frauds)

3) Appeals and revision under the Income-tax Act, 1961

The further schedule will be circulated in due course.

The course will be done from the Income-tax Act, 1961 (Bare act) wherein students will be taught to read and comprehend the legislation. Also, notes will be circulated so that revision is done easily and in a convenient manner. The course will cover all practical issues that come up in real life work situations along with practical problems so that students are ready for the exams.

You can contact us on:

Vyas Sir - 9892183879
CA Mitesh Lakhwani - 9167471036
CA Dani Khandelwal - 9820030925

About the faculty
The faculty is CA Mitesh Lakhwani who has completed his CA in 2011 and is working full time in the field of direct and indirect taxation. He has mentored a large number of students during his teaching career. He has also completed all three levels of the CFA examination and is awaiting a charter from CFAI, USA

Reach out to us on the above numbers in case of any enquiries.

Hoping to guide a large number of students attain their goal of becoming a successful professional!

With - Dani Khandelwal!

CBDT has issued Notification S.O. 1146 (E) dated 17th March 2016 notifying a new Rule 8AA.

As per the notification, when debentures / deposit certificates get converted into shares of that company, the period of holding of the resultant shares will be determined taking into consideration the period for which the debentures / deposit certificates were held
Note - The same is an exempt transfer u/s 47(x) of the Income-tax Act, 1961

Comments
The earlier practice was that the period of holding used to get reset upon the allotment on shares even though the conversion was tax exempt.

Recently there has been a lot of news on 'willful defaulter' and as you all are aware that Mr. Vijay Mallya has been termed as one.

An individual or entity is treated as a willful defaulter for deliberate non payment of dues despite adequate cash flow and good net worth and for siphoning of funds detrimental to the defaulting unit.

Now in order to make it difficult for the willful defaulters to raise further money, SEBI plans to intervene and dry up access to funds by putting restrictions to access the capital markets.

This is will help protect the interest of small investors who may not have information about the 'willful defaulter' status of the person.

News article can be accessed at:

http://economictimes.indiatimes.com/markets/stocks/policy/sebi-to-dry-fund-raising-taps-for-wilful-loan-defaulters/articleshow/51277944.cms

Arun Jaitley rolls back EPF tax:
In a statement in the Lok Sabha, finance minister Arun Jaitley said the govt has decided to withdraw the provision.

It is to be noted that what has been withdrawn is only the tax at the time of withdrawal. However, he has not rolled back the proposed taxability of employer contribution to recognised pf in excess of Rs. 150,000/-

Important issues that might be taken care of by Union Budget 2016

1) Clarity for Joint development agreements

Concept of joint development arrangement has emerged as a popular model wherein land owner and developer combine their resources and efforts

Land is contributed by the land owner and the cost of development and construction is incurred by the developer.

Land owner may get consideration in the form of either lump sum consideration or percentage of sales revenue or certain percentage of constructed area in the project.

There is no clear cut guideline under the Income-Tax Act to determine the taxability of joint development agreements.

2) Taxability of secondment arrangements
Make in India will result in a lot of foreign employees coming to India to implement projects in India.

Whilst this is good, it leads to a lot of income tax issues for the foreign entity whose employees are on secondment in India.

Clarity on secondment agreements will be a positive step to foster the MAKE IN INDIA campaign