"December, 2011" Archive

Origin of Chartered Accountant and Countries having CA body

Chartered Accountants were the first accountants to form a professional body, initially established in Britain in 1854. The Edinburgh Society of Accountants (formed 1854), the Glasgow Institute of Accountants and Actuaries (1854) and the Aberdeen Society of Accountants (1867) were each granted a royal charter almost from their inception.[...

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ICSI releases Pre-budget Memorandum for Union Budget 2012-13

Children Education Allowance -The exemption limit for Children Education allowance may be raised from Rs. 100 per month to Rs. 1000 per month per child for maximum 2 children or actual expenses, whichever is less. ii) Transport Allowance - The exemption limit for transport allowance to meet expenditures of commuting from residence to the...

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Posted Under: CA, CS, CMA |

ICAI President's Message – January 2012

CA Amendment Bill Passed by Both Houses of Parliament -The Chartered Accountants Amendment Bill has been passed by both the Lok Sabha as well as the Rajya Sabha, thus, paving the way for limited liability partnerships (LLPs) and multidisciplinary partnerships subject to notification of the relevant provisions, after the assent of the Pres...

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Posted Under: CA, CS, CMA |

Gratuity Calculator for Central Government and Non-Govt Employees

This simple calculator automatically calculates Gratuity receivable by Employee of Central Government and Private Concerns. We only have to put the date of Joining , Date of leaving/Retirement, last Basic Pay Drawn Including Grade and Dearness allowance if any. The calculator will then automatically calculate total gratuity receivable by ...

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History of Accounting and Accounting Standards

Sufficient evidence exists to conclude that art and practice of accounting existed even in Vedic times. There are references to kraya (sale), Vanij (merchant), sulka (price) in Rigveda. Kautilya’s Arthashastra contains details on business of keeping up accounts in the office of accountants .It provides details of matters which should be...

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Posted Under: CA, CS, CMA |

Role of Chartered Accountant in Your Growth

What a chartered accountant does exactly is something unknown, which is of course if you’re not an accountant yourself. For many people, an accountant is something that they feel they only need once a year when they are doing their taxes returns. But business and CA are more than just taxes. If you are only using your CA for your tax re...

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Posted Under: CA, CS, CMA |

No penalty for inadvertent reporting of income if assessee establish bonafide and innocence

Thomas Garbarek Vs. DCIT (ITAT Pune)

Thomas Garbarek Vs. DCIT (ITAT Pune) - ITAT held that penalty under section 271(1)(c) of the Act should not be leviable where the assessees have been able to establish their bonafide and innocence. A mere omission or negligence would not constitute a deliberate act of suppression of income so as to trigger levy of penalty, unless there i...

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Notification No. 52/2011-Service Tax dated 30th December, 2011

Notification No. 52/2011-Service Tax 30/12/2011

Notification No. 52/2011 – ST dated 30.12.2011: A simplified scheme for electronic refunds of service tax to exporters has been introduced by the CBEC vide Circular No. 149/18/2011-ST dated 16.12.2011 on the lines of duty drawback. In the new scheme, exporters will have to either opt for electronic refund through ICES system, which ...

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Notification No.51/2011-Service Tax dated 30th December, 2011

Notification No. 51/2011 – Service Tax 30/12/2011

vocational training institute means an Industrial Training Institute or an Industrial Training Centre affiliated to the National Council for Vocational Training, offering courses in designated trades as notified under the Apprentices Act, 1961(52 of 1961)...

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Notification No. 50/2010 – Service Tax dated 30th December, 2011

Notification No. 50/2011 - Service Tax 30/12/2011

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] Government of India Ministry of Finance (Department of Revenue) New Delhi, 30th December, 2011 Notification No.50/2011-Service Tax G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1...

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