OPEN LETTER BY admin TO THE MEMBERS CONTESTING ICAI CC & RC

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Dear Respected Members,,

As we all know Central and regional council election are scheduled in Dec and you all are contesting for these Elections. First of all a very best of luck from my side. I just read manifestos of few of you . Few are promising jobs for young CAs while few were promising better administration, But some members are going 1 step Ahead by promising to regain lost Prestige of CAs .. Really we lost that ?????…

Most of you are promising almost same things and few promises will not even require a Central council or regional council position , So if you loose the elections, still you can fulfill those promises. Will you do that ???. & If you don’t then it means you only care for yourself and not the profession . All of you are using taglines that you all are committed towards profession, Then where is your commitment 1 Year back ??? Few members who fought election last time and lost disappears after loosing and suddenly becomes really active again while contesting in these election.. where were you during that period ??

I am receiving daily 20-25 messages and same amount of emails to support you all. But I have to choose one and I am not able to decide that to whom should I give my vote because there is nothing special that makes one better than other. Same old promises.. No blue Prints .. only manifestos. Why don’t you all send updates and wishes whole Year?.. these questions comes into mind of each and every young member. Arranging get together, sending mails & messages making whatsapp groups might not get you votes, Its your achievement and past dedication to profession which will help you to get success. You can not get success just by giving some freebies and other things

So coming to conclusion here is some points on which our CA GROUPS team need your commitment.

• Will you continue to send updates and notification even if you loose election?
• Will you continue these get together with young CAs.??
• Will you continue to discover better opportunities with CA ??
• Will you share blue print of your all promises once you win the election?
• Will you be sorry if you are not able to fulfill election and will never contest for election ?

I have no personal grudges with any member. These are just some Questions that will come in mind of any voter and being a first time voter in these elections, Me and my friends want to vote for the best. Also our community CA GROUPS want to know who is the best as a person among you all.

So I hope you all will keep in mind above facts and do act wisely :)

Regards

ADMIN ( A young CA)

BEWARE OF ONLINE FRAUD EMAILS FOR INCOME TAX REFUNDS

BEWARE OF ONLINE FRAUD EMAILS FOR INCOME TAX REFUNDS USING INCOME TAX EFILLING DOMAIN.

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Dear All,

You may receive a mail from the mail id admin. rf06@incometaxindiaefiling.gov.in or a similar kind of suspicious mail id with the logo of income tax department.

The mail states that you have qualified for a refund of like as Rs. 25882.19 and further states that to receive the refund submit the refund request in the below link. Once you press the link, it asks for bank details. So please alert this type of fraud because first the refund is never in paise and income tax department has all the bank account details of you in which refund will be automatically transferred.

So please check the official site if there is any refund, submit request through the official site not from link. kindly update all your clients about it also.

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Do share with others and make all others aware of it

 

HOW TO GET EXEMPTION IN CA FINAL SFM

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As we know SFM is the most scoring paper in CA Final and most of students get more than 60 in it while some does not even get passed in this subject , the main reason behind this failure is absence of proper planning. Many students asks me How to get Exemption in CA Final SFM ??.. So I have written few essential tips that will surely help You all to get more than 70 marks in this particular paper.

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FOLLOWING ARE SOME POINTS WHICH WILL HELP YOU TO GET EXEMPTION IN CA FINAL SFM :-

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1. Make chapter wise formula notes, very neat and systematic. Try writing the formula yourself as you will learn as you write. So, avoid getting the formula booklet photocopied . – cover each formula and the alternative formulas as well. You never know which formula comes to use in which situation.
– always link the formulas with logic. This will deepen your understanding of the subject and will strengthen your concepts.

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2. The best book for SFM according to me is the study material provided by the institute. I would suggest never ignore the study material or the practice manual.
– If however you need reference, SD Bala is a very good book. If you need more questions to practice, you may go for Ashish Kalra.
– Never look at the solutions when you solve the questions, instead always try and solve them based on your concepts.

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3. SFM is a practice based subject, therefore never mug up the questions. the more you practice, the better you perform.

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4. When you start the studies, always start with the class notes followed by the concept based small questions then go for bigger ones. do not directly jump onto bigger ones, at times we make silly concept based mistakes and lose marks.

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ALL THE BEST for your Upcoming exams …

CA SLAPPED BY SERVICE TAX OFFICIAL- ONLINE PETITION- CAS SOFT TARGET?

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It seems that whole world is against Chartered Accountants and like Prime Minister Narendra Modi they are also answerable for anything happening in Tax or Finance world, even if they are involved or not.

It is observed that Chartered Accountants are been taken as most soft target by Politician, Bureaucrats and also by Tax Authorities.  A few days back Delhi CM Arvind Kejriwal has alleged while addressing the tax professionals at a programme organised by Delhi Sales tax Association that Chartered Accountants promote corruption in System, but after protest by CAs present at the venue he has taken his words back. 

In a series of attacks on Chartered Accountants latest is been alleged by A CA from Pune that he has been slapped by a Service Tax Official when he visited his office with his Assistant and client in respect of reset of password of his clients Service Tax Account on online portal of Service Tax Registration.

After the incident CA from Pune has approached the Pimpri-Chinchwad (Pune) Branch of Institute of Chartered Accountants of India (ICAI) and they have written a letter on 16th October 2015 to the Additional Commissioner of Service tax, Pune and demanded immediate action against the erring officer who is Posted as Service tax Superintendent in Akurdi (Pune) office of Service tax Department.

CA Nitesh More from Kolkata who has started the an online petition against the alleged slapping on the popular petition website change.org has  condemned the incident and urged fellow CA Professional to unite and take the matter to higher level so that justice can be imparted and repetition of such incidence can be stopped in future. He further commented that these are the tactics which are been used from years to create fear among professionals. He urged fellow professionals to  to support the petition by clicking on the following link and signing the online petition.

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CLICK TO SIGN PETITION

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CA. Devendra Kumar Somani”from  Udaipur said that “It is a matter of great concern for we all. Since a long CA fraternity is known for its independence and integrity. We are partner in national building. We are known for our services world-wide. Those who are jealous, envious and selfish, alleges CAs in their self-interest. We are knowledgeable but polite and generous. That does not mean we are weak. We strongly condemn such incidences. Friends, it is a time to wake up. Let us unite and teach a lesson to erring class. They should not forget that we are strong pillar of economic development.Persons at the helm should take note of this. I appeal to the CA fraternity to strongly condemn such incidences so that the same are not repeated in future.

Chartered Accountants and other professionals from Across the India has strongly condemned the alleged incident. Some of the comments made by them on changes.org are as follows:-

Ashok Kothari has commented that “It is criminal offense committed by the authority. FIR should be lodged against said authority. Complaint to CVC and CBI should also be filed. ………. We are one of the pillars for curbing the corruption and a helping hand to Govt. for proper accounting, correct and timely furnishing returns, payment of taxes and so many other works which has kept the financial discipline in the country. “

Manish Kumar commented that “It is attack on our professional dignity”

CA Rajesh Pabari from Mumbai said that it’s highly unprofessional act from department.

It is a very well known fact that Chartered Accountants are always harassed for any matter of financial irregularity of his client.

Government should do something to keep in check its officers and to make them actually treat Assessee and his consultant as Customer instead of treating them as second class citizens.

Being a Chartered Accountant I hope that there will be ACCHE DIN for us too and dignity and respect of profession will be maintained.

I Request all the fellow Professional to give their views on the alleged incident by way of comment below the article.

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Copy of letter written by Pimpri-Chinchwad (Pune) Branch of ICAI

HISTORY OF ICAI : YEAR BY YEAR INCIDENCE

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Many of you wants to know about the History of ICAI, how it comes into the existence what was the past behind the formation of ICAI so we brings you the complete facts about ICAI Starting from 1857 till now, so that you may know the how ICAI come into existence and you can proudly say that yes i know all about the history of my institute so go through the below serious of incidence year by year and must share with your friends also

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YEAR	INCIDENTS
1857	The first ever Companies Act in India legislated.
1866	Law relating to maintenance of accounts and audit introduced.
	Formal qualification as auditor now required.
1913	New Companies Act enacted.
	Books of accounts to be maintained specified.
	Formal qualification to act as auditor named. A Certificate from the local government to be held in order to act as auditor. An unrestricted Certificate entitled a person to act as auditor throughout British India. A Restricted Certificate entitled him to act as auditor only within the Province concerned and in the languages specified in the certificate.
1918	Government Diploma in Accounting (GDA) launched in Bombay. On completion of articleship of three years under an approved accountant and passing the Qualifying Examination the candidate would become eligible for the grant of an Unrestricted Certificate.
1920	The issue of Restricted Certificates discontinued.
1927	Society of Auditors founded in Madras.
1930	Register of Accountants (RA) to be maintained by the Government of India to exercise control over the members in practice. Those whose names found entry here were called Registered Accountants (RA).
	The Governor General in Council replaced the local government as the statutory authority to grant certificates to persons entitling them to act as auditors.
	Auditors allowed to practice throughout India.
1932	First Accountancy Board formed. The Board was to advise the Governor General in Council on matters relating to accountancy and to assist him in maintaining standards of qualification and conduct required of auditors.
1933	First examination held by the Indian Accountancy Board. GDAs exempted from taking the test.
1935	The first Final Examination was held. GDAs exempted from taking the test.
1943	GDA abolished.
1948	Expert Committee formed to examine the scheme of an autonomous association of accountants in India.
1949	The Chartered Accountants Act, 1949 was passed on 1st May. The term Chartered Accountant came to be used in place of Indian Registered Accountants.
	Chartered Accountants Act was brought into effect on 1st July. The Institute of Chartered Accountants of India was born.
1999	ICAI completed 50 years on 1st July 1999.

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• 5 Awesome facts about ICAI, You might don’t Know
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STUDENTS SUBMITTING FORGED DOCUMENTS TO ICAI ATTESTED BY MEMBERS FOR EXAMINATIONS

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ANNOUNCEMENT

The Institute has observed certain instances where students and candidates for Institute’s examinations have submitted fictitious/ forged documents to the Institute duly attested by members. While the Executive Committee of the Institute has decided that a general advisory be issued to the members cautioning them to be careful while attesting the documents, lest they might attract the provisions of disciplinary mechanism. It has also been decided that such students/ candidates be debarred from pursuing the Chartered Accountancy course permanently and be not registered in any stream of the Course and further that the course fee deposited by such students/ candidates be forfeited.

All Students and candidates for Institute’s examinations are, therefore, cautioned to be careful while submitting documents to the Institute in order to avoid any unpleasant situation thereafter.

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Check official announcement here: OFFICIAL ANNOUNCEMENT BY ICAI

DOWNLOAD ADMIT CARD FOR MAY 16 CA IPCC & FINAL EXAMS

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Admit card for the May 2016 examination for CA IPCC & CA FINAL are out for download officially announced by the ICAI . Generally hard copy of admit cards will reach to your doorstep almost 7 days before your exams. But you don’t have to wait so long. You can see and download the same from online.

Below is the officially Announcement by the ICAI regarding admit card :-

Admit card in respect of candidates admitted to the Intermediate (IPC) and Final May 2016 examination, with their photographs and signatures on them, are hosted on

CLICK HERE: WWW.ICAI.NIC.IN

Candidates may print their admit card from the said website.

For downloading/printing of the admit card, candidates will have to enter the following details on the site:

• Student registration number or bar code number printed on the examination form
• Personal Identification Number (PIN)

PIN is the four digit number of the candidate’s choice entered by him/her the relevant column in the examination form.

In terms of the decision of the Examination Committee of the Institute, physical admit cards are being sent by post, only to those who submitted physical examination forms ( i.e. OMR ). The practice of sending physical admit card by post, to those who had submitted their exam forms online, is discontinued with effect from May 2014 examination onwards.
Physical admit card sent by post as well as those printed from the website are valid for admission to the examination.

Candidates may also visit the FAQs on subject hosted in the FAQs section of www.icai.org for more details .

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For any further clarifications, write to/contact:

Final candidates: : final_examhelpline@icai.in

Intermediate(IPC) candidates : intermediate_examhelpline@icai.in

Help Line Telephone numbers : 0120-3054851, 0120-3054852, 0120-3054853 , 0120-3054835, 0120-4953751, 0120-4953752, 0120-4953753, 0120-4953754

Fax 0120 3054 841, 843

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ALL THE BEST

REGARDS CA GROUPS

ICAI PAST PRESIDENT TILL DATE : COMPLETE LIST

ICAI PAST PRESIDENT TILL DATE : COMPLETE LIST

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Today we want to bring in your notice ICAI Past President lists till date . this is the complete list of ICAI Past president till now. Also share this with your friends.

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PRESIDENT                                                       YEAR

Ist Council (1949-52)
	CA G.P.Kapadia*	1949-52
IInd Council (1952-55)
	CA G.Basu*	1952-53
	CA S.Vaish*	1953-54
	CA N.R.Mody*	1954-55
IIIrd Council (1955-58)
	CA C.S.Sastri*	1955-56
	CA S.P.Chopra*	1956-57
	CA S.Vaidyanath Aiyar*	1957-58
IVth Council (1958-61)
	CA. S. Vaidyanath Aiyer* (Upto 5th Feb. 1959)	1958-59
	CA C.C.Chokshi* (wef 2nd April,1959)	1959-60
	CA C.P.Mukherjee*	1960-61
Vth Council (1961-64)
	CA S.N.Desai*	1961-62
	CA P.Brahmayya*	1962-63
	Dr. R.C. Cooper	1963-64
VIth Council (1964-67)
	CA Raghu Nath Rai*	1964-65
	CA M.P.Chitale*	1965-66
	CA Rameshwar Thakur*	1966-67
VIIth Council (1967-70)
	CA V.B.Haribhakti	1967-68
	CA R. Venkatesan*	1968-69
	CA H.B.Dhondy*	1969-70
VIIIth Council (1970-73)
	CA M.C.Bhandari*	1970-71
	CA A.B.Tandan*	1971-72
	CA R.K.Khanna*	1972-73
IXth Council (1973-76)
	CA S.K.Gupta	1973-74
	CA N.C.Krishnan*	1974-75
	CA P.M.Narievala*	1975-76
Xth Council (1976-79)
	CA B.R.Maheshwari	1976-77
	CA B.L.Kabra	1977-78
	CA P.K.Mallik*	1978-79
XIth Council (1979-82)
	CA Y.H.Malegam	1979-80
	CA V.Rajaraman	1980-81
	CA Bansi S.Mehta	1981-82
XIIth Council (1982-85)
	CA Ashok Kumbhat*	1982-83
	CA P.N.Shah	1983-84
	CA A.C.Chakrabortti	1984-85
XIIIth Council (1985-88)
	CA P.A.Nair*	1985-86
	CA R.Balakrishnan	1986-87
	CA S.K.Dasgupta	1987-88
XIVth Council (1988-Jan ‘92)
	CA K.G.Somani	1988-89
	CA A.H.Dalal	1989-90
	CA K.M.Agarwal	1990-92
XVth Council (1992-95)
	CA N.C.Sundarajan	1992-93
	CA N.P.Sarda	1993-94
	CA B.P.Rao	1994-95
XVIth Council (1995-98)
	CA Y.M.Kale	1995-96
	CA T.S.Vishwanath	1996-97
	CA M.M.Chitale	1997-98
XVIIth Council (1998-2001)
	CA Rahul Roy*	1998-99
	CA S.P.Chhajed*	1999-2000
	CA G.Sitharaman	2000-01
XVIIIth Council (2001-2004)
	CA N.D.Gupta	2001-02
	CA Ashok Chandak	2002-03
	CA R.Bupathy	2003-04
XIXth Council (2004-2007)
	CA Sunil Goyal	2004-05
	CA Kamlesh Shivji Vikamsey	2005-06
	CA T.N.Manoharan	2006-07
XXth Council (2007-2010)
	CA Sunil H.Talati	2007-08
	CA Ved Jain	2008-09
	CA Uttam Prakash Agarwal	2009-2010
	CA Amarjit Chopra	2010-11
	CA G.Ramaswamy	2011-12
	CA jaydeep Narendra Shah	2012-13
	CA Subodh Kr. Agrawal	2013-14
	CA K.Raghu	2014-15
	*Since Deceased

ANNUAL RETURN UNDER SECTION 92 OF COMPANIES ACT 2013 & FORM MGT 7

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Hey guys earlier we have posted regarding the Key Points to be remember for Annual Filing 2015 to ROC and today in continuation of the same we are sharing Annual Return under Section 92 of Companies act 2013 & Form MGT 7.

According to the above mentioned section every company has to prepare and file Annual Return under Section 92 of Companies act 2013 in the Form MGT – 7
(Earlier form 20B used to be annual return form) updated up to 30 th September 2015 having the details as required in the form for the relevant financial year .

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The following information shall be required to prepare Annual Return under Section 92 of Companies act 2013 in Form MGT – 7:-

1. Basic information regarding Company such as

• Its registered office address
• Main business activities (Principal)
• Its holding – Subsidiary companies
• PAN (Inserted from 4th September 2015)

2. Remuneration/ salary of KMP & directors

3. Indebtness

4. Shareholding pattern

5. Shares, debentures and other securities

6. Punishment or penalty imposed on any of the director, officer or itself on the company.

7. Other matters as may be required/prescribed.

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What is the Last of filing Annual Return under Section 92 of Companies act 2013 without late fee?

The annual return should be filed to ROC within sixty days from the date of Its Annual General Meeting . In case company is not able to have an AGM then 60 days from the last date on which Annual General Meeting should have been held by the company. In such case company has to prescribe in the form that it was unable to hold any AGM and to pay some additional fee.

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Who will sign the Annual Return under Section 92 of Companies act 2013?

It depends upon the nature of the company.

# If company is OPC (One Person Company) or Small company then annual return must be signed by the director or Company Secretary.

# If the company is LISTED or other companies having paid-up share capital of Rs 10 Crore or more or having receipts/turnover of Rs 50 Crores or more in the relevant financial year then annual return must be filed by the Directors plus Company Secretary plus it should be certified by a practicing Company Secretary that company has disclosed all the facts and information correctly and also certified that company has complied with all the relevant provision of the companies act 2013.

# In any other case annual return must be signed by the Director and Company Secretary. In case company has not appointed a CS then it should be signed by a Practicing Company Secretary.

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What are the penalties of non-compliance of Annual Return under Section 92 of Companies act 2013?

In case of non-compliance the following may be the consequences

# For Company – Fine which is minimum Rs. 50,000 & Maximum Rs. 5,00,000

# For Every Officer in Default – Fine which is minimum Rs. 50,000 & Maximum Rs. 5,00,000 or Imprisonment of 6 months or Both.

# For Practicing Company Secretary who wrongly certifies – Fine which is minimum Rs. 50,000 & Maximum Rs. 5,00,000