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DOWNLOAD FORM 12BB TO CLAIM DEDUCTION BY SALARIED EMPLOYEE

Posted: 28 Jun 2016 06:17 AM PDT

DOWNLOAD FORM 12BB TO CLAIM DEDUCTION BY SALARIED EMPLOYEE

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It is the responsibility of every organization to deduct TDS of its employees whose total income from salary head exceeds the basic exemption limit. Usually to reach at the total income employee submitsdeclaration that after considering the declared investment his total income does not exceeds the basic exemption limit or these are thedeclared investment which should be considered for calculation of TDS on his salary income.
As on date there is no preset format for this declaration form but from 1st June 2016 CBDT has issued Form 12BB in which every employee has to fill his investment, LTA details and HRA related details.
The snapshot of the Form 12BB is as follows:



The below are the direct downloading link for Form 12BB to claim deduction by salaried employee.
Form 12BB in ExcelDownload
Form 12BB in WordDownload
Form 12BB in PDFDownload
That’s all for Form 12BB to claim deduction by salaried employee.
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What Salman Khan Wants to Say About CA Course

Posted: 28 Jun 2016 06:02 AM PDT

What Salman Khan Wants to Say About CA Course

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Hello guys! earlier we have posted about What Narender Modi wants to say about CA Course and today we are back one more hilarious post regarding CA Students. Today Salman Khan going to show some of his quotes regarding CA Students life.
So here we go.
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PICTURE 1

PICTURE 2

PICTURE 3

PICTURE 4

PICTURE 5

PICTURE 6

PICTURE 7

PICTURE 8

Note: This post is just for entertainment purpose and adding Mr. Salman Khan into the posts is just to add some humor into the post. We at CA_GROUPS does not want to do some intentional harm on either Salman Khan or ca course.

CA V/S CS V/S MBA | What to choose ?

Posted: 28 Jun 2016 06:06 AM PDT

CA V/S  CS V/S  MBA | What to choose ?

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A wise man once said – It’s a beautiful thing when a career and passion comes together. And it is really true, that one loves his or her career as passionately. When one loves what he does, he automatically gets inspired to better. So here we are , to present you with all relevant information regarding CA ,CS and MBA. So read this on and take up what you love.

CA (Chartered Accountancy)
CA is considered an epitome in commerce industry , where the passing percentage is very low as compared to any other relevant exams. The coursestructure is explained below
  • CPT (Common Proficiency Test) like entrance examination for CA course. The student is required to appear in CPT after appearing in HSC exam.
  • IPCC (Integrated Professional Competence Course) exam is to be taken after passing CPT examination.
  • Articleship is just like work andlearn experience, which has to be done under qualified CA. The period of such articleship is for 3 years. There is IT (Information Technology) course which has to be completed as well.
  • Final examination is the last stage of CA course after which the student will earn CA degree. There is a GMCS (General Management and Communication Skills) course which is prerequisite for obtaining CA degree.
Features :
  • Time consuming
  • High difficulty level
  • No official classroom coaching except for few classes
  • Prestigious due to high difficulty level
  • Better option in terms ofemployment opportunity.
  • Increased passing % as compared to historic % (10-15%)
  • In depth and advanced level for subjects covered like accounts , tax , audit etc.
  • Very cheap in terms cost of course as compared to MBA and similar courses
  • National Level exam hence results are comparable

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CS (Company Secretary)
CS is the course ideal for those who wish to work with respect to compliances and legal framework. This course is also divided between three phases
  • Foundation program which is entry stage of the CS course
  • Executive Program is intermediate stage
  • Professional program is the final stage of the CS course , passing which will entitle the student of CS degree
  • Practical Training for15 months has to be completed before the student obtains CS degree.

Features :
  • Lesser time taken as compared to CA course
  • Various employment opportunities
  • Can be a bit monotonous if one is not interested in law
  • Very little exposure to practical subjects like account or costing
  • Very cheap as compared to MBA and similar courses
  • National level exams hence standard results

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MBA (Master Of Business Administration)
MBA is most talked about course which is done as a single degree or even as an accompanying degree with other academic qualifications like engineering etc.
Features :
  • MBA courses are regular as well as distant learning course also.
  • Costs of the course depend upon the institution , direct learning or distance learning method , as well as location of the institute etc.
  • Morecostly as compared to CA and CS
  • Lesser time taken for completion of the course
  • No standard results as every institute has its own grading andsyllabus
  • Employment opportunityavailable for those with better institute degree, rather than better grades

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CONCLUSION
As we have seen above , every course has its own benefits and its drawbacks.So it is pertinent to see whether a particular course is appropriate as per Aptitude of the student.
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Story of KFC Founder: COLONEL SANDERS

Posted: 30 Jun 2016 07:12 AM PDT

Story of KFC Founder: COLONEL SANDERS

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At age 5 his Father died.
At age 16 he quit school.
At age 17 he had already lost four jobs.
At age 18 he got married.
Between ages 18 and 22, he was a railroad conductor and failed. He joined the army and washed out there.
He applied for law school he was rejected.
He became an insurance sales man and failed again.
At age 19 he became a father.
At age 20 his wife left him and took their baby daughter.
He became a cook and dishwasher in a small cafe.
He failed in an attempt to kidnap his own daughter, and eventually he convinced his wife to return home.
At age 65 he retired.
On the 1st day of retirement he received a cheque from the Government for $105.
He felt that the Government was saying that he couldn’t provide for himself.
He decided to commit suicide, it wasn’t worth living anymore; he had failed so much.
He sat under a tree writing his will, but instead, he wrote what he would have accomplished with his life.
He realised there was much more that he hadn’t done.
There was one thing he could do better than anyone he knew. And that was how to cook. So he borrowed $87 against his cheque and bought and fried up some chicken using his recipe, and went door to door to sell them to his neighbours in Kentucky.
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Remember at age 65 he was ready to commit suicide. But at age 88 Colonel Sanders, founder of Kentucky Fried Chicken (KFC) Empire was a billionaire.
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Moral of the story: Attitude. It's never too late to start all over.
MOST IMPORTANTLY, IT'S ALL ABOUT YOUR ATTITUDE. NEVER GIVE UP NO MATTER HOW HARD IT GETS. You have what it takes to be successful. Go for it and make a difference. No guts no glory. It's never too old to dream.!!
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[SHARE this]. Might motivate someone not to give up!!
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Due Date Calendar July 2016

Posted: 02 Jul 2016 03:56 AM PDT

Due Date Calendar July 2016

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Due date calendar July 2016

S.NoEvent DateActApplicable FormObligation
16-Jul-16Service TaxChallan No GAR-7E-Payment of Service Tax
for June 2016 in case of
Companies
27-Jul-16Income TaxChallan no ITNS-281Payment of TDS/TCS deducted/Collected in
June 2016
310-Jul-16ExciseER-1Return for Non-SSI
assessees for June 2016
410-Jul-16Companies ActAny Form of CompanyForm belongs to Period 
25.03.2016 to 30.06.2016 
can be filed without
additional fees upto
10.07.2016
512-Jul-16D-VATBE - 2Advance information for
2nd fortnight of July 2016
of functions with booking
cost > Rs 1 lakh in Banquet Halls,hotels etc in Delhi
615-Jul-16D-VATDVAT-20Payment of DVAT TDS for
June 2016
715-Jul-16Provident FundElectronic Challan Cum returnE-payment of PF for
June 2016 (NoGrace of 5  Days)
821-Jul-16ESIESI ChallanPayment of ESI of June 2016
921-Jul-16D-VATD-VAT 20 & CentralE-payment of DVAT & CST
for June 2016
1022-Jul-16D-VATDVAT- 43Issue of certificate for
deduction made in June,
2016 in DVAT-43
1125-Jul-16D-VATForm 16 and CST 1E- Return of DVAT for
Qtr ended June
1227-Jul-16D-VATBE-2Advance information for
1st fortnight of Aug 2016
of functions with booking
cost > Rs 1 lakh in Banquet Halls,hotels etc in Delhi
1328-Jul-16D-VATDVAT- 56Filing of DVAT Return
Verification Form for Quarter
ended Jun where return
not filed with Digital signature
1428-Jul-16D-VATDVAT- 48Return of TDS for Jun
quarter in DVAT 48
1530-Jul-16Income TaxForm 26QB (Purchase of Property)Payment of TDS for
purchase of property in
June 2016
1631-Jul-16Income TaxForm No. ITR 1,2,3,4, Sugam, SahajFiling of I.T Return by
Individuals, HUF (without Audit)
1731-Jul-16Income TaxForm No. ITR 5Filing of I.T Return by Firm,
AOPs, BOIs (without Audit)
1831-Jul-16Income TaxForm No. ITR 7Filing of I.T Return by Trust,
political parties (without Audit)
1931-Jul-16Income TaxReturn No 24Q, 26Q & 27QTDS Returns for June Quarter
by All Deductors
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TOP SUCCESSFUL CHARTERED ACCOUNTANTS OF INDIA

Posted: 03 Jul 2016 07:24 AM PDT

TOP SUCCESSFUL CHARTERED ACCOUNTANTS OF INDIA

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After presenting the individual stories about famous Chartered Accountants in our Motivational Stories Section, today we are going to present some of the most successful Chartered Accountants of India who have accomplished major achievements in their relevant fields. Hope we will be able to inspire you a little with our little endeavor of motivating you to get success like these below mentioned Chartered Accountants. So before wasting any more time here we go to our List of Most Successful Chartered Accountants of India.
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CA SURESH PRABHAKAR PRABHU


CA RADHE SHYAM AGARWAL


CA NARENDRA KUMAR SALVE


CA RAMAN ROY


CA AROON PURIE


CA NIRMAL JAIN


CA SHEKAR KAPUR


CA GEORGE ALEXANDER MUTHOOT

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Expectation from CA Profession by CA MOTILAL OSWAL – Interview

Posted: 04 Jul 2016 04:18 AM PDT

Expectation from CA Profession by CA MOTILAL OSWAL – Interview

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Motilal Oswal is a Fellow Member of the Institute of Chartered Accountants of India and a well-known personality in the Capital Market with varied experience of over 2 decades in the financial service sector. The Government of India conferred him with the Rashtriya Samman Patra Award for being amongst the highest Income Tax payers in the country for a period of 5 years.

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 Q What are your expectations from a CA professional to meet out your Industry’s requirements?
Ans. Very strong domain knowledge, high energy and passion.
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Q Will GST be a game changer? What are your views on GST?
Ans. GST will be one of the biggest modes towards easing of doing business. It would bring a simple tax structure instead of very complex and multiple taxation system.
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Q What are the major challenges in implementation of Ind AS by the corporate entities? As the head of finance, how will you ensure the successful implementation of the new standards?
Ans. There are several changes in IndAS than previous gaap in the areas likeFinancial Instruments, Consolidation, Revenue recognition, Employees benefits, Segment disclosure etc. which are going to have major impact on the Financials & profitability reporting of the companies. The Standard on financial instruments is going to apply in India before the global adoption (global adoption is from 1.1.18). This is going to have major impact on Banking and Financial services companies. Revenue recognition will change due to EIR (Effective interest rate) Model to be adopted by NBFCs, HFCs & Banks.
Companies may have hit their P&L due to fair value methodology to be followed for ESOPs.
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Q What is your Industry’s reaction on Corporate Social Responsibilities?
Ans. I see CSR as a welcome change. It is definitely one of the most important responsibilities for the industry to work towards financial inclusion.
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Q What are your expectations from an Auditor while performing his/her duties and responsibilities?
Ans. We expect the following:
  1. Knowledge sharing on the new standards and judgment over selection of accounting policies
  2. Control audits on the changed environment.
  3. Finallyassist the companies for smooth transition to the new norms.
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Q To what extent CA professionals serves as ecient Strategic Thoughtful in an organization?
Ans. Every CA professional has to be very strong on strategic orientation as well as excellent in execution. In our group, out of seven business CEOs five are CAs, and you can take a hint from this that how important are CAs in playing the role as  Strategic Thinkers.
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Q You would be having hectic schedules throughout. How do you maintain a life-work balance?
Ans. It is a question of setting very clear priorities and also a mind-set.  If we have a very strong team and can empower them, then it becomes definitely easier.
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Q How do the skills acquired during the articleship help you enhance your own professional values?
Ans. During the period of Articleship there were lot of practical learning like keeping proper accounting process, internal controls and closing of books etc. It also helped me in practicing what we learnt in theories.
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Q The job of a CFO in a company is to “increase company profits and boost corporate value”- How do you see this?
Ans. The job of Chief Financial Officer is becoming critical day by day. We as a Research / Financial company feel that effective capital allocation is a hallmark of successful and sustainable wealth creation by the company. Hence the CFO is one of the strong pillars in the organizational structure.
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Q Finally, what message you would like to give to the budding CA professionals?
Ans. Become a life time student in a fast and dynamic VUCA (Volatile, Uncertain, Complex and Ambiguous) World. You should keep on sharpening your knowledge and have an eager to learn new skills. You should also be very clear as to exactly how you want to build your carrier. Perseverance and Patience are important virtue for Success.

CA Final Amendments for Nov 16 Exams by ICAI

Posted: 04 Jul 2016 04:44 AM PDT

CA Final Amendments for Nov 16 Exams by ICAI

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It is always advisable to go through the list of Amendments before giving CA Final Exams, so We providing you CA Final Amendments for Nov 16 Exams by ICAI . These Amendments are Published by ICAI through special Board of Studies  Notification. We are providing you the same as well as crux of all CA Final Nov 16 Amendments in simple language. So go through all  CA Final Amendments for Nov 16 Exams and do comment in case of any doubt.
AMENDMENTS FOR NOV 2016 CA FINAL
CA Final Nov 16 Amendments  by ICAI Exams in Simple Language :-

CA Final Amendments : Financial Reporting:
  • List of AS as per File Below
  • List of Guidance notes in File below
  • Applicability of the Companies Act, 2013 :- Notified  up to 30th April, 2016 will be applicable for November, 2016 Examination.
  • Applicability of Indian Accounting Standard (Ind AS):- Includes ,Introduction of Indian Accounting Standards (Ind AS); Comparative study of ASs vis-a-vis Ind ASs;
    Carve outs/ins in Ind ASs vis-à-vis International Financial Reporting Standards (IFRSs)” has been made
    applicable in place of “Overview of International Accounting Standards (IAS) / International Financial Reporting
    Standards (IFRS), Interpretations by International Financial Reporting Interpretation Committee (IFRIC),
    Significant differences vis-a-vis Indian Accounting Standards; Understanding of US GAAPs,
  • Applications ofIFRS and US
  • Non-applicabilityof AS 30, 31 and 32
  • Non-applicabilityof Amendments made by MCA in the Companies (Accounting Standards) Rules,2006 and Companies (Indian Accounting Standards) Rules, 2015
CA Final Amendments : SFM
– No Amendments
CA Final Amendments : Advance Auditing and professional Ethics
Applicable :

  • List of AS as per File Below
  • List of Guidance notes in File below
  • Statement on Reporting under Section 227(1A) of the Companies Act, 1956(Section 143 (1) of the
    Companies Act, 2013).
  • Framework for Assurance Engagements.
  • Applicabilityof the Companies Act, 2013 :- Notified  up to 30th April, 2016 will be applicable for November, 2016 Examination.
  • CARO, 2016 issued by MCA on 29th March, 2016 is applicable for November, 2016 Examination.


CA Final Amendments : Corporate and Allied Laws
Applicability
  • Companies Act, 2013 :- Notified  up to 30th April, 2016 will be applicable for November, 2016 Examination.
  • Amendmentsin SEBI and Competition Act :- Refer Attached File Below
Non – Applicability
Chapter 9 of the study material (January 2016 edition) – Revival and Rehabilitation of Sick-Industrial Companies.
Chapter 15 of the study material (January, 2016 edition) – National Company Law Tribunal and Appellate Tribunal.
CA Final Amendments : Costing
—No Amendments
CA Final Amendments : ISCA
—No Amendments

CA Final Amendments : Direct and Indirect Taxes
Applicability of Finance Act, 2015  for Nov 2016 Examination + Circulars and notification upto 30th April 2016.

If you want a detailed walk through of CA Final Amendments then Must download below file issued by ICAI :-


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Keep Visiting our site for more updates 

List of All Taxes in India

Posted: 04 Jul 2016 04:23 AM PDT

List of All Taxes in India

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There are lot of taxes in India – Direct Tax, Service Tax, Income Tax…. The so on. Are you Confused about the taxes you pay every year? Don’t worry! Tax is one of the most complex topics of the Indian financial system.
Taxes represent the  money that  we pay to the government. This is the basic source of income for our government. This money is Utilized  for the development of the country by improving services across sectors ( Infra, medical, security and other.
Their are broadly two type of Taxes
  • Direct Taxes
  • Indirect Taxes
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What are Direct Taxes?

Direct taxes are those that we all directly paid to our government . It is your responsibility to pay these taxes.
Thinking of skipping paying your taxes? Bad idea.
Non-payment or evasion of these taxes can incur a heavy penalty. Income tax, wealth tax, and corporate tax are some of the direct taxes we pay.
Here is a list of the different direct taxes that we pay.
Income Tax:
Income tax is imposed on the Annual income of an individual, whether he/she is a resident of the country or not. The income earned in the Year from 1st April to 31st March (basically called financial year) is taken into account to calculate the income tax.  Incomes are classified under 5 heads –
  • Income from salary head
  • Income from  house property
  • Income from business and profession
  • Income from  capital gains
  • Income from  others sources
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Income tax rates on different income slabs FY 16-17
Income (For individuals below 60 years of age)Income (For individuals above 60 years of age)

IT %
Up to Rs. 2,50,000Up to Rs. 3,00,000NA
Rs. 2,50,001 to Rs. 5,00,000Rs. 3,00,001 to Rs. 5,00,00010
Rs. 5,00,001 to Rs. 10,00,000Rs. 5,00,001 to Rs. 10,00,00020
More than Rs. 10,00,000More than Rs. 10,00,00030
Let’s say, Sahil earns 6 lacs per annually.  For Sahil, this is how income tax is calculated:
  • No tax is levied on the first 2.5 lakhs
  • 10% tax is levied on the income from 2.5 lakhs to 5 lakhs
  • 20% tax is levied on the income from 5 lakhs to 6 lakhs.
Property Tax:
A property tax, applied as per state rules, is paid on the value of your property. The tax amount depends on the size of the property, kind of property (commercial or residential), age of the property and is accompanied by a number of service taxes, like water tax, lighting tax, sanitation tax etc. all using the same tax base. It is levied on the owner of the property and he/she is liable to pay this tax every year.

Professional Tax:
Professional Tax is a part of income tax which is charged by some state governments in India. If you earn an income from a salary or if you are a professional such as a chartered accountant, lawyer, doctor etc, then you are required to pay this professional tax. Check your salary slip. You’ll see the amount deducted as ‘professional tax’.
Corporate tax:
One of the major income sources for the government, corporate tax is the tax paid by companies or firms on the incomes they earn. These are taxes against profits earned by businesses during a given taxable period.
Gift Tax:
Mainly charged under Income Tax under the head other sources, Gifts exceeding Rs. 50,000 are taxable unless they are received from a blood relative , or on the occasion of marriage, or by inheritance( Wil) . The gift value is added to your income under the head ‘income from other sources’ and is taxable.
Stamp Duty and Registration:
At the time of purchase of a property, you need to pay stamp duty and registration fees to the state government. Stamp duty is a tax levied for the transaction performed by way of a document like Sale Deed, Conveyance Deed etc. The payment of proper stamp duty on the transfer documents confers legality on them. Once the stamp duty is paid, the document has to be registered under the Indian Registration Act. The registration fee is paid over and above the stamp duty and it varies from state to state.
Dividend Distribution Tax:
This is a type of direct corporate tax which is paid by companies on any amountdeclared, distributed or paid by way of dividend to its shareholders. The dividend distribution tax is 15% and is the final tax in respect of the dividend declared. The shareholders are not required to pay further tax on their dividend income.
If you hold shares of any Indian company and receive dividends, your dividend income is tax free. The dividend declared by Indian companies is not taxable in the hands of the shareholders because tax on distributed profits have already been borne by the company.
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What are Indirect Taxes?

This will be replaced by GST soon. Indirect taxes are those paid by an intermediary who usually collects it from his costumer/ client . Have you seen the VAT or Service Tax  in your restaurant bills? This is an example of indirect tax. Though you pay this tax from your pocket, the government collects this tax from the restaurant. With indirect taxes, you don’t really feel the pinch as much as direct taxes but truth is that you end up paying more indirect tax as compared to direct taxes
Here is a list of the different indirect taxes we pay.
Value Added Tax (VAT):
(VAT) is a multi-point tax which is applied at each stage of the sale of a product and the final tax is paid by the last consumer. VAT is paid at each production stage by the manufacturer and then the entire amount is collected from the end consumer. VAT rates differ between states.
Service Tax:
Service tax is a main  indirect tax applied on services (such as professional,beverages, travel, etc.) by the provider. Service tax is not levied on services provided by Government.
Excise Duty:
Excise duty is levied and collected by the government on any good or commodity while it is being manufactured. This tax is usually borne by the manufacturer, but eventually the consumer pays it back while buying the product. For the Indian Government, the excise duty levied on goods is one of the biggest revenue sources.

Customs Duty:
Customs Duty is the charge levied when goods are imported into the country or exported out of the country. It is paid by the importer or exporter. If you’re traveling to India, then you’re allowed to carry goods worth up to Rs. 25,000 without paying customs duty. If the value of goods is above that, then you have to pay customs according to the duty rate of the products.
Entertainment Tax:
This tax is imposed by state government on all the financial transactions related to entertainment like cinema, stage shows, entertainment events, amusement parks and sports events. Different tax rates are applicable for these services in various states. This explains why Bangalore moviegoers are unhappier than Chennai cinema buffs – the latter enjoy a very low entertainment tax.
Security Transaction Tax (STT):
Securities transaction tax is levied on all transactions done on a stock exchange. STT is applicable on purchase or sale of equity shares, derivatives, equity-oriented funds and equity-oriented Mutual Funds. STT was introduced to curb tax evasion on capital gains.
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Tax Jurisdictions
In India, taxes fall under three jurisdictions – Central Government, State Government and Local Government.
Central Government Taxes – Income tax, Excise duty, Service tax, Customs
State Government Taxes – Sales tax, VAT, Entertainment tax, Toll tax, Professional tax, Octrai duty, Stamp duty, Luxury tax and Capital Gains tax.
Local Government Taxes – Property tax, MC Tax etc..

If you think we miss out some than do comment Below :) 
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CA GROUPS

All you need to know About Service tax Return Filling

Posted: 04 Jul 2016 03:45 AM PDT

All you need to know About Service tax Return Filling

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Today, we will update you about Service tax Return Filling . This Article contains due dates, forms and applicability of Service Tax. Must share....
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Service Tax Registration
Optional  – RegistrationAny Time _ No Limit
Compulsory – RegistrationAmount Exceeding Rs 9,00,000/-
Payment Made CompulsoryAmount Exceeding Rs 10,00,000/-
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Payment due Date


Type of payerMode of PaymentDue DateOnline/Manual
Individual/PartnershipQuarterly6th of next Month of the QuarterOnline
OthersMonthly6th of next MonthOnline

Return filing Due Date


Type of payerMode of PaymentDue DateOnline/Manual
Individual/PartnershipHalf-Yearly25th of next Month of the Half-YearOnline
OthersHalf-Yearly25th of next Month of the Half-YearOnline
Revised Return
Within 90days of Original Return FilingOnline

Useful Forms
Type of FormParticulars
ST – 1Application form for registration
ST – 2Certificate of registration
ST – 3Return
ST – 3AMemorandum for provisional deposit
ST – 4Form of Appeal to the CCE(Appeals)
ST – 5Form of Appeal to Appellate Tribunal
ST – 6Memorandum of cross objections to the AT

Useful Sites
For Online Return Filinghttps://www.aces.gov.in/
For Online Paymentcbec-easiest.gov.in
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Hope this post will help you !!
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CA GROUPS

THE FIRST LADY CHARTERED ACCOUNTANT: R SIVABHOGAM

Posted: 04 Jul 2016 04:32 AM PDT

THE FIRST LADY CHARTERED ACCOUNTANT: R SIVABHOGAM 

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R Shivabhogam was born on 23th July 1907 in India and became the first lady chartered Accountant of India. Even the Wikipedia page of the lady recognise herself as the First Women Chartered Accountant of India. Today we decided to lighten up the story of very first Lady Auditor from our profession. Hope you guys will get inspired from her story. 
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She was born before our country gets freedom from Britishers. She graduated from Queen Mary’s College, Chennai.

She gets Imprisoned herself during active participation in Civil disobedience Movement in 1931. She was in Jail for almost One year.

She was rejected for marriage proposals due to her physical disabilities.

After she get released from the Jail she decided to pursue Government Diploma in Accountancy which was the exclusive course for Male only at that time.

After completing the Course, she is not able to start her own practice as previous prisoner are not allowed for independent practice. She decided to file a Writ petition and won the case in her favor and finally started her own practice from 1937.



On enactment of The Institute of Chartered Accountants of India, She enrolled for membership number and become member from 1950. She was also appointed as the Chairperson of Southern Regional Council. She was the only lady person to hold such position till date.

That’s all for R SIVABHOGAM – THE FIRST LADY CHARTERED ACCOUNTANT.
Hope you guys like it and get inspired from her.

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15 Interview Questions and Their Best Possible Answer

Posted: 08 Jul 2016 11:11 AM PDT

15 Interview Questions and Their Best Possible Answer

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Hi Readers, Today we are providing you the Best Possible Answers of Some of the Interview Questions as how to Answer Them..Below are some of the Selected Questions which may be asked in your Interview and Answers as how to Answer them
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Note: If You want to add any Questions wid Answers as per ur Experienced, Feel free to write in comment box.. We will Add ur Q & A in our Article wid ur Name.
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KIP SHARING
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Compiled By: Sourav Bagaria

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Returns under Model GST Law

Posted: 13 Jul 2016 04:14 AM PDT

Returns under Model GST Law
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So GST is now coming closer and we brings you Returns under Model GST Law with proper understanding each and every Returns under Model GST Law  so go through the complete list of returns and must comment in case of any doubt:
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Returns under Model GST Law
S.No.
Name of the
Returns Under
Model GST Law 

 Last date of Filing of returns and other details 
1Return for outward supplies (Section 25)
Every registered taxable person other than an input service distributor and a person paying tax under the provisions of section 8 or section 37, shall furnish electronically the details of outward supplies of goods and/or services effected, which includes details relating to zero-rated supplies, inter-state supplies, return of goods received in relation to/ in pursuance of an inward supply, exports, debit notes, credit notes and supplementary invoices issued, during a tax periodon or before the 10th day of the month succeeding the said tax periodand such details shall be communicated to the recipient of the said supplies.
For example, the return for the month of July shall be filled by 10th August.
2Return for Inward supplies (Section 26)1.Every registered taxable person other than an input service distributor and a person paying tax under the provisions of section 8 or section 37, shall verify, validate, modify or, if required, delete the details relating to outward supplies and credit or debit notes communicated under outward supply details to prepare the details of his inward supplies and credit or debit notes and may include therein, the details of inward supplies and credit or debit notes received by him in respect of such supplies that have not been declared by the supplier.


2.
Every registered taxable person shall furnish, electronically, the details of inward supplies of taxable goods and/or services, including inward supplies of services on which the tax is payable on reverse charge basis under this Act and inward supplies of goods and/or services taxable under the IGST Act, and credit or debit notes received in respect of such supplies during a tax period on or before the 15th  day of the month succeeding the tax period in such form and manner as may be prescribed.
For example, the return of the month of July shall be filled by 15th August.
3
Monthly Return (Section 27)

1.Every registered taxable person shall, for every calendar month or part thereof furnish a return electronically of inward and outward supplies of goods and/or services, input tax credit availed, tax payable, tax paid and other particulars as may be prescribedwithin twenty days after the end of such month.


2.Every registered taxable person, who is required to furnish a monthly return, shall pay to the credit of the appropriate Government the tax due as per such return not later than the last date on which he is required to furnish such return.


3.      A monthly return furnished by a registered taxable person without payment of full tax due as per such return shall not be treated as a valid return for allowing input tax credit in respect of supplies made by such person.
4.      Every registered taxable person shall furnish a monthly return for every tax period, whether or not any supplies of goods and/or services have been effected during such tax period.

4Quarterly return under Composition SchemeA registered taxable person paying tax under the provisions of Composition Levy (Section 8) shall furnish a return for each quarter or part thereof, electronically, in such form and in such manner as may be prescribed,within eighteen days after the end of such quarter
5TDS returnEvery registered taxable person who required to deduct tax at source shall furnish a return, electronically, in such form and in such manner as may be prescribed, for the month in which such deductions have been made along with the payment of tax so deducted, within ten days after the end of such month.
6ISD ReturnEvery Input Service Distributor shall, for every calendar month or part thereof, furnish a return, electronically, in such form and in such manner as may be prescribed, within thirteen days after the end of such month.
7
Annual        Return (Section 30)
Every registered taxable person, other than an input service distributor, a deductor under section 37, a casual taxable person and a non-resident taxable person, shall furnish an annual return for every financial year electronically on or before the 31st day of December following the end of such financial year.
Every taxable person who is required to get his accounts audited (under subsection (4) of section 42) shall furnish, electronically, the annual return along with the audited copy of the annual accounts and a reconciliation statement, reconciling the value of supplies declared in the return furnished for the year with the audited annual financial statement, and such other particulars as may be prescribed.
.
Regards
SOURAV BAGARIA

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CA FINAL TOPPER MARK SHEETS MAY 16

Posted: 18 Jul 2016 08:26 AM PDT

CA FINAL TOPPER MARK SHEETS MAY 16

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CA Final Result Declared. Hey guys ICAI has declared Result of CA Final Students as well as of CA CPT Students on their official website on 18 JULY 2016. It was the day for which most of the CA students were waiting for about 2 months after their exams held in MAY 2016.
Team CA_GROUPS gives their Heartiest congratulations to all the CA Final students who have cleared their exams today. Further we give our Warm wishes to new CA Aspirants who have cleared their CA CPT and entered into real CA Course today.
Here we would like to inform all the students who had cleared their CA Final today that ICAI had already declared the dates for Campus Placements in the month of August September for different cities. You can see all the dates and other essential information from here:- CA Campus Placement Programme 
But Some students (or we can say most after knowing the pass percentage) who were not able to clear the exams due to Low pass percentage by the ICAI or some other students we would like to quote famous line for Ca Students
“Where there is a will, there is a way – but for a CA Student After November there is a May”
Students who are not satisfied with their result may go for Revaluation/Rectification of their Exam Papers. The full procedure to do the same is elaborated by the Team CA_GROUPS here :- Procedure of Revaluation and verification of CA IPCC Final Exams
.

CA Final Result Rank holders May 2016
.


RANKHOLDER 1: SRI RAM S
.



RANKHOLDER 2: KANTHETI NAGA VENKATA VISWA UPENDRA





RANKHOLDER 3: YASH MANOJKUMAR GOYAL


CA Exams CENTERWISE RESULT CPT | IPCC | Final May 16

Posted: 17 Jul 2016 11:04 PM PDT

CA Exams CENTERWISE RESULT CPT | IPCC | Final May 16

.

Hey guys ICAI has declared CA Final result and CA IPCC result will come in few days. You can see your result on ICAI’s result website i.e caresults. But think once what will happen if you can see result of all the students who has given exams in previous examination held by the ICAI. Yes, it can happen. Now you can see result of all the students examination center wise. We will provide you the user name and password through which you can see center wise result of all the students.
If you want to see the expected date of result of CA IPCC then click here full article on that.

CPT Centre Wise Result:

.

CA FINAL Centre Wise Result


.
The User ID and password required to see the centerwise result will work only on personal computers and laptops. It will not work mobile phones. If you think you have smartphone and it will your smart browser will open the same then you are absolutely wrong. For this you have to strictly browse on the PC or Laptop. Your Tablet can browse the website but we have not tested on that till yet.
We will provide you two USER ID and passwords if one fails then the other will definitely works.
We have tested the both and both will work smoothly.

USER ID PASSWORD 1
LOGIN ID – icaicentres
PASSWORD – CB*d7#4aNh
USER ID PASSWORD 2
LOGIN ID : icaicentres
PASSWORD : Bgt*64^Vfr
Thanks for today. Visit our website for regular notes on each subject and updates. This might not work for you , so we don’t assure you of working of this trick, but we can say that one must try this for sure .
.
Regards
CA GROUPS

CA Final Result Declared May 16 Exams Rank holders & Pass Percentage

Posted: 18 Jul 2016 08:09 AM PDT

CA Final Result Declared May 16 Exams Rank holders & Pass Percentage

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CA Final Result Declared. Hey guys ICAI has declared Result of CA Final Students as well as of CA CPT Students on their official website on 18 July 2016. It was the day for which most of the CA students were waiting for about 2 months after their exams held in May 2016
.

CHECK YOUR RESULT HERE

.
Team CA_GROUPS gives their Heartiest congratulations to all the CA Final students who have cleared their exams today. Further we give our Warm wishes to new CA Aspirants who have cleared their CA CPT and entered into real CA Course today.
Here we would like to inform all the students who had cleared their CA Final today that ICAI had already declared the dates for Campus Placements in the month of August September for different cities. You can see all the dates and other essential information from here:- CA Campus Placement Programme 
But Some students (or we can say most after knowing the pass percentage) who were not able to clear the exams due to Low pass percentage by the ICAI or some other students we would like to quote famous line for Ca Students
“Where there is a will, there is a way – but for a CA Student After November there is a May”
Students who are not satisfied with their result may go for Revaluation/Rectification of their Exam Papers. The full procedure to do the same is elaborated by the Team CA_GROUPS here :- Procedure of Revaluation and verification of CA IPCC Final Exams
If you are not able to find the correct answers of question asked in the May 2016 exams then you can find the same as published by the ICAI from here :- CA Final Solved Papers May 2016
.
CA FINAL RESULT MAY 16
CA Final Pass Percentage of May 2016 Exams
The pass percentage of students passed in the exams are given as below for your kind reference.
GROUPCANDIDATESPASS %
APPEAREDPASSED
FIRST18.21
SECOND18.77
BOTH11.36
CPT Result – 38.98 %
Rank Holders of CA Final May 2016 Exams
RANKHOLDERRANK 1RANK 2RANK 3
NAMESRI RAM SKANTHETI NAGAYASH MANOJ KUMAR GOYAL
ROLL NO.507614522591402033
MARKS613610599
MARKS %76.3376.2574.88
PHONE NO908780550581870228299033355949
LOCATIONSALEMVAYYURU VIJAYWADAJAMNAGAR
 .
The pass percentage of students passed in the previous exams are given as below for your kind reference.
CA Final Pass Percentage of NOV 2015 Exams
The pass percentage of students passed in the exams are given as below for your kind reference.
GROUPCANDIDATESPASS %
APPEAREDPASSED
FIRST 77442 976412.61%
SECOND 75774 908411.99%
BOTH 42469 24405.75%

CPT Result – 34.45%
Rank Holders of CA Final NOV 2015 Exams
RANKHOLDERRANK 1RANK 2RANK 3
NAMEJAMES JOHNNAGOLU MOHAN KUMARAVINASH SENCHETI
ROLL NO.121050217428168097
MARKS595572566
MARKS %74.3871.570.75
PHONE NO979109677086863038779038995110
LOCATIONCHENNAITIRUPATIKOLKATA
.

Check the Mark Sheets of Rank Holder Nov 15 from here – 
 .
CA Final Pass Percentage of MAY 2015 Exams
The pass percentage of students passed in the exams are given as below for your kind reference.
GROUPCANDIDATESPASS %
APPEAREDPASSED
FIRST 728748317 11.41%
SECOND 7794112894  16.54%
BOTH 428473538  8.26%
Rank Holders of CA Final MAY 2015 Exams
PARTICULARSRANK 1RANK 1RANK 2RANK 3
NAMEShailee ChaudharyRahul AggarwalChitturi Lakshmi AnushaDeval Badresh Modi
ROLL NO.130814148780214475184179
MARKS606606584575
MARKS %75.7575.757371.88
PHONE NO9911139688970560216481214177039969086233
LOCATIONNew DelhiSecundrabaadMachilipatnamMumbai

CA Final Pass Percentage of November 2014 Exams
GROUPCANDIDATESPASS %
APPEAREDPASSED
FIRST 64972 15208 23.41%
SECOND 66552 6830 10.26%
BOTH 36254  2983 8.23%

Rank Holders of CA November 2014 Exams
PARTICULARSRANK 1RANK 2RANK 3
NAME SANJAY NAWANDHAR KUNAL JETHANI HARSHA
ROLL NO. 142217 147012 179988
MARKS 583 580 574
MARKS % 72.88 72.50 71.75

REGARDS
CA GROUPS

REQUIREMENT OF REGISTERATION UNDER NEW GST LAW FOR INTER STATE SUPPLIES

Posted: 17 Jul 2016 11:09 PM PDT

REQUIREMENT OF REGISTERATION UNDER NEW GST LAW FOR INTER STATE SUPPLIES

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As the new Draft GST Law is out every business man has the query for “whether he needs to registered mandatorily under the GST law or not?” So today we are providing you details regarding registration requirement for INTER STATE Supplies.
.
The extract of the GST Law for registration in case of Inter State Supplies are as follows:-
“Notwithstanding anything contained in paragraph 1 and 2 above, the following categories of persons shall be required to be registered under this Act:
(I) persons making any inter-State taxable supply, irrespective of the threshold specified under paragraph 1;”
 From the above bold line we found the following conclusions:
In the above mentioned line there are 4 words which clearly depicts the law and these words are
REQUIRED TO BE REGISTEREDThat means, mandatorily registration.
INTER STATESupplies must be for Inter State.
TAXABLE SUPPLYSupplies must be taxable & not Exempted.
IRRESPECTIVE OF THE THRESHOLDIf above conditions are satisfied then no threshold limit of 9 Lakhs will be applicable.

We can understand the “Funda” of applicability of threshold limit of Rs. 9 Lakhs with the help of few examples.
.
Example 1
Person supplying only local supplies & started Taxable Inter State Supplies
If a person is supplying only local supplies and reached his limit to only 6 Lakhs & started Taxable Supplies to interstate then he needs to be registered mandatorily immediately without any delay and he will not enjoy the threshold limit of Rs 9 Lakhs.
Example 2
Person supplying only local supplies & started Exempted Inter State Supplies
If a person is supplying only local supplies and reached his limit to only 6 Lakhs & started exempted Supplies to interstate then he need not to be registered mandatorily immediately and he can enjoy the threshold limit of Rs 9 Lakhs.
Example 3
Person just started Supplies for new business & supplies are Taxable Inter State Supplies
If a person has just started new business & his supplies are Inter State then he needs to be registered mandatorily immediately without any delay and he will not enjoy the threshold limit of Rs 9 Lakhs.
.
 That’s all for REQUIREMENT OF REGISTERATION UNDER NEW GST LAW FOR INTER STATE SUPPLIES.
Keep Sharing.
.
Regards
SOURAV BAGARIA

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MOTIVATIONAL STORY

Posted: 20 Jul 2016 02:23 AM PDT

MOTIVATIONAL STORY

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[ Must Read ]

.
.
A jobless man applied for the position of ‘office boy’ at a very big company.🙏🏻
.
The employer interviewed him, then a test: clean the floor. 😅
.
“You are hired.” – the employer said. ”Give me your email address, and I’ll send you the application to fill, as well as when you will start.” 📲
.
The man replied, “I don’t have a computer, neither an email.” 
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“I’m sorry,” said the employer, “if you don’t have an email , you cannot have the job.” 😞
.
The man left with no hope. He didn’t know what to do, with only $10 USD in his pocket. 😎
.
He then decided to go to the supermarket, bought a 10 kg tomato crate, then sold the tomatoes door to door. In less than two hours, he succeeded and doubled his capital. He repeated the operation 3 times and returned home with $60 USD. 🤔
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The man realized that he could survive by this way, and started to go everyday earlier, and returned late. Thus, his money doubled or tripled everyday. Shortly later, he bought a cart, then a truck, and then he had his own fleet of delivery vehicles. 🙂
.
Five years later, the man’s company was one of the biggest food retailers. He started to plan his family’s future, and decided to have a life insurance. He called an insurance broker and chose a protection plan. When the conversation was concluded, the broker asked him his email. The man replied: “I don’t have an email.” 
.
The broker replied curiously, “You don’t have an email, and yet have succeeded to build an empire. Do you imagine what position you could have if you had an email?” 🙏🏻
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The man paused for a while, and replied: “An office boy!”
.

.
Moral:

.
Don’t be discouraged if something is not in your favor today. Better opportunities are always waiting ahead. 

WELCOME TO CA GROUPS

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CA CPT Pass Percentage and topper list June 2016

Posted: 22 Jul 2016 01:11 PM PDT

CA CPT Pass Percentage and topper list June 2016

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So CA CPT June 16 result is declared on 18th July 2016 and we have 40% result this time. Both male and female candidates performs equally well this time.  Gender wise pass percentage of June 2016 CA CPT result is as follows :-
 CA CPT Pass percentage june 16
.
So out of total 107058 candidates, 41727 students are promoted to next level i.e. IPCC. We wish a very best of luck to them.
As there is no ranking system in CA CPT, ICAI has not published the rankers of CA CPT, from the sources we came to know that 193 is the highest score of CA CPT June 16 result. Must share with your friends

CA IPCC & FINAL Nov 16 EXAM DATE SHEET

Posted: 22 Jul 2016 01:08 PM PDT

CA IPCC & FINAL Nov 16 EXAM DATE SHEET


Hey guys ICAI has published the CA IPCC & FINAL Nov 16 EXAM DATESHEET. ICAI also announces the result date for MANAGEMENT ACCOUNTANCY COURSE (MAC) PART – I, CORPORATE MANAGEMENT COURSE (CMC) PART – I, TAX MANAGEMENT COURSE (TMC) PART – I, INSURANCE AND RISK MANAGEMENT (IRM) INTERNATIONAL TRADE LAWS AND WORLD TRADE ORGANISATION (ITL&WTO). CA IPCC & FINAL Nov 16 EXAM DATE SHEET
CA IPCC & FINAL Nov 16 EXAM DATE SHEET

CA Exams Date sheet nov 16
.
Download the full ICAI notification regarding CA IPCC & FINAL MAY 16 EXAM DATE SHEET from here.
.

CA IPCC & FINAL Nov 16 EXAM DATE SHEET

INTERMEDIATE (IPC) EXAMINATION
[As per syllabus contained in the scheme notified by the Council under Regulation 28 E (3) of the
Chartered Accountants Regulations, 1988]
Group-I: 2nd, 4th, 6th & 8th Nov 2016
Group-II: 10th, 12th & 15th Nov 2016
(Afternoon Session: 2.00 PM to 5.00 PM) (IST)
.
FINAL EXAMINATION
[As per syllabus contained in the scheme notified by the Council under Regulation 31 (ii) of the
Chartered Accountants Regulations, 1988.]
Group -I: 1st, 3rd, 5th & 7th Nov 2016
Group -II: 9th, 11th, 13th & 16th Nov 2016
.
See our study plan for you :- 
.
Hope you keep study harder as you came to know papers gonna start earlier in comparison to last year.
So keep visiting our site for more updates like this you can also subscribe us through mail to get updates directly into your mail box

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EXTENSION OF WB VAT RETURN FILING DUE DATE

Posted: 28 Jul 2016 05:57 AM PDT

EXTENSION OF WB VAT RETURN FILING DUE DATE

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Dear Professional Colleagues,
It is for your information that Return filing application which was kept on hold has been released. You are requested to submit your online returns after downloading latest .jar filesThe last date of submission of online returns has been extended till 24.08.2016 and last date of submission of acknowledgement of returns in Form-14e and 15e has been extended till 04.09.2016.
.
CLICK HERE to Download Circular 04/2016 dated 04.04.2016
.
Regards
SOURAV BAGARIA

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GST IMPACT ON VARIOUS SECTOR

Posted: 04 Aug 2016 07:16 AM PDT

*GST IMPACT ON VARIOUS SECTOR*

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Finally GST Passed today i.e 3rd August, 2016.. In dis Article, Let us see the GST Impact on Various Sectors.. here we go..
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1) *BANKS* - Current service tax 15% now after GST 18% Negative.
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2) *CONSUMER STAPLES* current tax rate 22% know after GST it's 18% .
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Positive for - Asian paints,Dabur,HUL,EMAMI
NEGATIVE for ITC & UNITED BEVERIES.
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3) *CONSUMER DISCRETIONARY* current 15% after GST 18%
NEGATIVE
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4) *MEDIA* - current Tax 15% service tax and 7% entertainment Tax by State's know After GST it will be 18%
POSITIVE
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5) *TELECOM* current Tax 15% After GST 18% may see marginal dip in consumption as tax rise from 15% to 18%
NEGATIVE
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6) *AUTO INDUSTRIES* current Tax 27% after GST it will be 18% .
POSITIVE
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7) *METALS* - current TAX 18% after GST 18% no major impact
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8) *CEMENT* - current Tax 27% altogether after GST it will be 18%
POSITIVE.
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9) *PHARMA* - current Tax 15% after GST it will be 18% .
NEGATIVE
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10) *REAL ESTATE* - 15% to 16% Stamp duty, Current duty approx 7%. NEGATIVE for real estates.
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11) *TRANSPORTATION* - majorly benefits to logistics sector no impact of GST
POSITIVE
.
.
P.S.: Share ur view in  comment box below...
Regards
SOURAV BAGARIA
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