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- Cost Accounting and Financial Management
- Taxation
- Part II: VAT (25 marks)
- Part II: Service tax (25 marks)
- Part I: Income-tax (50 marks)
- 1. Important definitions in the Income-tax Act, 1961
- 2. Basis of charge; rates of taxes applicable for different types of assessees
- 3. Concepts of Previous Year and Assessment Year
- 4. Residential status and scope of total income; Income deemed to be received / deemed to accrue or arise in India
- 5. Incomes which do not form part of total income
- 6. Heads of income and the provisions governing computation of income under different heads
- 7. Income of other persons included in assessee’s total income
- 8. Aggregation of income; set-off or carry forward and set-off of losses
- 9. Deductions from gross total income
- 10. Computation of total income and tax payable; rebates and reliefs
- 11. Provisions concerning advance tax and tax deducted at source
- 12. Provisions for filing of return of income.
- CA IPCC-II
- CA IPCC-I
- CA-Final
- CA Final I
- Financial Reporting
- 1. Accounting Standards
- 2. International Standards
- 3. Corporate Financing Reporting
- 4. Accounting for Corporate Resructuring
- 5. Consolidated Financial Statements of Group Companies
- 6. Accounting and Reporting of Financial Instruments
- 7. Share Based payments
- 8. Financial Reporting
- 9. Valuation
- 10. Developments in F inancial Reporting (VAS)
- Stretigic Financial Reporting
- Financial Policy and Corporate Strategy
- Project Planning and Capital Budgeting
- Leasing decision including cross border leasing
- Dividend Decisions
- Derivatives
- Security Analysis
- Portfolio Management
- Concept Of Valuation
- Mutual Funds:
- Money Market operations
- Foreign Direct Investment, Foreign Institutional Investment.
- Foreign Exchange Exposure and Risk Management
- Mergers, Acquisitions and Restructuring
- Advanced Auditing
- 1. Auditing Standards
- 2. Audit strategy, planning and programming
- 3. Risk Assessment and Internal Control
- 4. Audit under CIS environment
- 5. Special audit techniques
- 6. Audit of limited companies
- 7. Rights, duties, and liabilities of auditors; third party liability
- 8. Audit reports
- 9. Audit Committee and Corporate Governance
- 10. Audit of Consolidated Financial Statements
- 11. Special features of audit
- 12. Audit under Fiscal Laws, viz, Direct and Indirect Tax Laws
- 13. Cost audit
- 14. Special audit assignments
- 15. Special features in audit of
- 16. Internal /management /operational audit
- 17. Investigation and Due Diligence
- 18. Peer review
- 19. Sarbanes – Oxley Act, 2002
- 20. Professional Ethics
- Corporate & Allied Laws
- The Companies Act, 1956
- (a) Accounts and audit
- (b) Dividend
- (c) Directors – powers, managerial remuneration
- (d) Meetings, powers of the Board and related party transactions
- (e) Inspection and Investigation
- (f) Compromises, Arrangements and Reconstructions
- (g) Prevention of Oppression and Mismanagement
- (h) Revival and Rehabilitation of Sick Industrial Companies
- (i) Corporate Winding up and Dissolution
- (j) Producer Companies
- (k) Companies incorporated outside India
- (l) Offences and Penalties
- (m) E-governance
- 2. Corporate Secretarial Practice – Drafting of Resolution, Minutes, Notices and Reports
- SEBI Rules
- FEMA
- The Competition Act, 2002
- The Banking Regulation Act, 1949
- The Insurance Act, 1938
- PMLA
- Interpretation of Statutes
- The Companies Act, 1956
- Financial Reporting
- CA Final II
- Advanced Management Accounting
- Cost Management
- 1 Development in Business Environments
- 2 Just in time
- 3 Manufacturing resource planning (MRP)
- 4 Synchronous manufacturing and back flush systems to reflect the importance of accurate bills of material and routings
- 5 World class manufacturing
- 6 Total quality management
- 7 Activity based approaches to management
- 8 Analysing the common costs in manufacturing and service industry
- 10 Throughput accounting
- 11 Target costing cost ascertainment and pricing of products and services
- 12 Life cycle costing
- 13 Shut down and divestment
- Cost Volume Profit Analysis
- Pricing Decision
- Budgets and Budgetary Control
- Standard Costing and Variance Analysis
- Transfer pricing
- Cost Management in Service Sector
- Uniform Costing and Inter firm comparison
- Profitability analysis – Product wise / segment wise / customer wise
- Financial Decision Modeling
- Cost Management
- Information Systems Control & Audit
- Information Systems Concepts
- Systems Development Life Cycle Methodology
- Introduction to SDLC/Basics of SDLC
- Requirements analysis and systems design techniques
- Strategic considerations : Acquisition decisions and approaches
- Software evaluation and selection/development, Alternate development methodologies- RAD, Prototype etc
- Hardware evaluation and selection
- Systems operations and organization of systems resources
- Systems documentation and operation manuals
- User procedures, training and end user computing
- System testing, assessment, conversion and start-up
- Hardware contracts and software licenses
- System implementation and Post-implementation review
- System maintenance
- System safeguards
- Brief note on IS Organisation Structure
- Control objectives
- Need for control
- Effect of computers on Internal Audit
- Responsibility for control – Management, IT, personnel, auditors
- Cost effectiveness of control procedure
- Control Objectives for Information and related Technology (COBIT)
- Preventive and detective controls
- Computer-dependent control
- Audit trail
- User Controls (Control balancing, Manual follow up)
- Error identification controls
- Error investigation controls
- Error correction controls
- Processing recovery controls
- Standards and controls applicable to IS development projects
- Developed / acquired systems
- Vendor evaluation
- Structured analysis and design
- Role of IS Auditor in System acquisition/selection
- Acceptance testing methodologies
- System conversion methodologies
- Post implement review
- Monitoring, use and measurement
- Change management controls
- Authorization controls
- Documentation controls
- Testing and quality controls
- Custody, copyright and warranties
- Role of IS Auditor in Change Management
- Classification of information
- Logical access controls
- Physical access controls
- Environmental controls
- Security concepts and techniques – Cryptosystems, Data Encryption Standards (DES)
- Public Key Cryptography & Firewalls
- Data security and public networks
- Monitoring and surveillance techniques
- Data Privacy
- Unauthorised intrusion, hacking, virus control
- Role of IS Auditor in Access Control
- Audit Tests of General and Automated Controls
- Risk assessment methodologies and applications
- Meaning of Vulnerabilities
- Meaning of Threats
- Meaning of Risks
- Meaning of Controls
- Fraud
- Error
- Vandalism
- Excessive costs
- Competitive disadvantage
- Business
- Interruption
- Social costs
- Statutory sanctions, etc
- Risk Assessment
- Risk Management
- Preventive strategies
- Detective strategies
- Corrective strategies
- Business Continuity Planning and Disaster recovery planning
- An over view of Enterprise Resource Planning (ERP)
- Information Systems Auditing Standards, guidelines, best practices
- Drafting of IS Security Policy, Audit Policy, IS Audit Reporting – a practical perspective
- Information Technology Act, 2000
- Direct Tax Laws
- The Income-tax Act, 1961 and Rules thereunder
- The Wealth-tax Act, 1957 and Rules thereunder
- Tax considerations with regard to specific management decisions
- Tax considerations with regard to foreign collaboration agreements
- Tax considerations with regard to international taxation
- Tax considerations with regard to amalgamations
- Tax considerations with regard to specific tax incentives
- Tax considerations with regard to personnel compensation plans
- Inter-relationship of taxation and accounting
- A basic understanding of ethical considerations in tax management
- A basic understanding about the compliance with taxation laws
- New legislations
- Indirect Tax Laws
- Central Excise
- Service Tax & VAT
- Service tax rules
- new legislations
- Backdrop for State-Level VAT
- Taxonomy of VAT
- Input tax credit
- Tax invoices
- Small dealers and composition scheme
- VAT procedures
- VAT in relation to incentive schemes
- VAT in relation to works contract
- VAT in relation to lease transactions
- VAT in relation to hire purchase transactions
- VAT and Central Sales Tax
- Customs
- Advanced Management Accounting
- CA Final I
- Budget 2012-2013
- Budget 2011-2012
- Budget 2010-2011
- Income Tax
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- New Services Included
- Change in Existing Services
- 1. Services provided in an airport or port
- 2. Auctioneer’s service
- 3. Unit Linked Insurance Plans
- 4. Transport of passengers by air service:
- 5. Expansion of the scope of IT Software Service
- 6. Redefining the scope of commercial training and coaching service
- 7. Expanding the scope of Sponsorship Service
- 8. Service tax on construction services
- 9. Renting of immovable property service
- 10. Renting of vacant land
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Safe.. Global College of Financial Advisors
Posted by Ankit Agarwal in The Institute on February 4, 2011
Guilty Till Proven Innocent
Posted by Ankit Agarwal in Taxation on April 5, 2012
5 Apr, 2012
The proposed GAAR arms taxmen with arbitrary powers, making legitimate tax planning tough for companies
The Finance Bill, 2012, has fast-forwarded the General Anti-Avoidance Rules (GAAR) provisions from the Direct Taxes Code (DTC) and made them effective April 1, 2012.
SEBI allows stock exchanges and depositories to list, but with riders
Posted by Ankit Agarwal in SEBI Updates on April 3, 2012
Tuesday, 3 April 2012
Stock exchanges and depositories will be allowed to list, the Securities and Exchange Board of India decided on Monday. The Board’s decision has more or less overturned the recommendations of the Bimal Jalan Committee on listing of exchanges.
Revised fees of Bank Audit 2011-2012 & increase in time line.
Posted by Ankit Agarwal in Audit on April 1, 2012
1st April 2012
Revised fees of Bank Audit 2011-2012 & increase in time line to complete the audit to 21 April at branch level
Move to hike advance limit for branch audit flayed
Posted by Ankit Agarwal in Audit on March 22, 2012
20th, March 2012
A debate is on over the move to up the minimum advance limit for making statutory audit compulsory in a public sector bank branch.
All PSU bank branches having advances of over Rs.5 crore are now subject to statutory audit. The minimum advance limit is now sought to be increased to Rs.20 crore, it is learnt.
Negative List of Services As per Budget 2012-2013
Posted by Ankit Agarwal in Budget on March 17, 2012
17th March. 2012
Negative List of Services
- The services not under the negative list will attract 12 percent service tax.
- The services that comprise the negative list include those provided by the government or local authorities, except a few specified services where they compete with private sector.
- The list also includes pre-school and school education, recognised education at higher levels and approved vocational education, renting of residential dwellings, entertainment and amusement services and a large part of public transportation including metered cabs, and agriculture and animal husbandry.
RBI may soon do away with branch audit of PSU banks
Posted by Ankit Agarwal in Audit on March 7, 2012
RBI may soon do away with branch audits; to save public sector banks hundreds of crores, reports CNBC-18′s Gopika Gopakumar quoting sources.
Most PSU banks have two kinds of auditors, statutory central auditors and statutory branch auditors. Statutory central auditors for most banks are around 6 but when it comes to branch auditors the number runs into thousands. For instance SBI has around 3625 branch auditors. Punjab National Bank has 1300 branch auditors. All this compared to private sector banks which have only one statutory central auditor.
Sebi to review rules after assessing auction window experience
Posted by ANKITA in SEBI Updates on March 7, 2012
7th March 2012,
The Securities and Exchange Board of India, or Sebi, will assess the experience of issuance of shares by private firms on the newly-introduced auction window before carrying out any review of the rules after last week’s share sales by the state-run ONGC.
Give more financial ratio info before listing: Sebi
Posted by Ankit Agarwal in SEBI Updates on February 20, 2012
20th Febuary, 2012
Firms that are planning to list on stock exchanges may have to disclose more financial ratios in their offer documents.
While the intention is to enable investors have a better understanding of the financial performance of companies, market intermediaries are unsure how far the numbers will help.
Sebi to discuss SME platform delay with SEs
Posted by Ankit Agarwal in SEBI Updates on February 15, 2012
15th Febuary, 2012
Securities and Exchange Board of India (Sebi) will convene a meeting with top stock exchange officials on Wednesday to discuss the delay in launching separate trading platforms for small- and mid-sized companies, said two people familiar with the matter.
Sebi ask FMPs to curb investment in high yielding risk assets
Posted by Ankit Agarwal in SEBI Updates on February 10, 2012
10th Febuary 2012,
As investors rush to put money in fixed maturity plans (FMPs) – one of the hottest mutual fund products – capital market regulator Sebi is trying to make sure that the bets don’t backfire badly. In the last few weeks, fund houses coming out with new FMPs have been asked by senior Sebi officials to spell out the sectors they will refrain from investing in.
Seven habits of effective tax planners
Posted by Ankit Agarwal in Taxation on January 31, 2012
Tuesday, 31 January 2012
With just two months left in the current financial year, time is running out for tax-payers looking to make investments to save taxes.
And, since they are most likely to be taken for a ride by greedy advisors, it is also the time for them to be on guard.
Business confidence drops for 3rd straight quarter: CII survey
Posted by Ankit Agarwal in Corporate Governance on January 29, 2012
Monday,30 January 2012
NEW DELHI: Falling for the third straight quarter, the confidence level of Indian businessmen dipped in the October-December period as stagnant or declining investments and sales in shaky global economy hit operations, but industrialists are beginning to see light at the end of the tunnel, according to a survey by the Confederation of Indian Industry.
Rupee up for fourth week
Posted by Ankit Agarwal in Currency on January 28, 2012
28th January 2011,
The rupee gained for the fourth straight week aided by positive local shares and robust dollar inflows, while the outlook remained bullish for the local unit.
The partially convertible rupee ended at 49.3050/3150 to the dollar, after touching 49.2975, its highest since Nov. 8, and firmer than 50.09/10 at close on Wednesday. The market was closed on Thursday for a local holiday.
To prevent price manipulation, SEBI mandates circuit limit for companies on listing day itself
Posted by Ankit Agarwal in SEBI Updates on January 21, 2012
Saturday, 21 January 2012
The securities market regulator has made it tough for stock market operators to make stellar gains on the listing day of a share. The Securities and Exchange Board of India (SEBI) has imposed price bands for shares making their debut on the stock exchanges in its attempt to curb manipulation in initial public offerings (IPOs).
Why the 21st century can well be India’s
Posted by Ankit Agarwal in Government Affairs on January 15, 2012
15th January 2011,
Many Indians are entering 2012 with a sense of unease. The economy is slowing, infrastructure remains terrible, poverty is ever-present, and corruption seems an intractable problem.
These are all legitimate concerns. But, please, take a step back and look at the big picture. Now take another step back and look at the really big picture.
Loan against mutual fund units
Posted by Ankit Agarwal in Finance on January 9, 2012
9th January 2012,
1.Banks and non-banking financial companies provide loans against mutual fund units. An application has to be filed by all joint holders of the mutual fund folio to seek such a loan.
More women in US are quitting jobs to go back to school
Posted by Ankit Agarwal in International Affairs on December 30, 2011
30th December 2011,
Workers are dropping out of the labor force in droves, and they’re mostly women. In fact, many are young women. But they are not dropping out forever; instead, these young women seem to be postponing their working lives to get more education. There are now — for the first time in three decades — more young women in school than in the workforce.
World economy to trudge on in 2012 despite Europe
Posted by Ankit Agarwal in International Affairs on December 27, 2011
27th December 2011,
Europe faces another year of dismal economic performance in 2012 that will weigh on global growth, but emerging markets and the United States should at least keep the world economy moving in the right direction.
There are several reasons why next year may be nothing to look forward to, according to Reuters polls from the last few months.
Want to buy a mutual fund in Singapore? Pass a test first
Posted by Ankit Agarwal in Mutual Fund on December 19, 2011
19th December 2011,
Buying a mutual fund in Singapore may not be a cakewalk anymore.
Under new investor-protection rules that take effect Jan 1, investors in the tightly controlled city-state must possess certain educational qualifications related to finance or have relevant work or trading experience to buy funds directly.
Rupee hits record low past 54 per dollar
Posted by Ankit Agarwal in Currency on December 15, 2011
15th December 2011,
The rupee sank to a record low for the fourth day in a row on Thursday as investors grew increasingly bearish about the outlook for both the domestic and global economies, raising the prospect of further capital outflows from emerging markets.
Govt asks public sector banks to save money and grow at same time
Posted by Ankit Agarwal in Banking on December 11, 2011
10th December 2011
A cash-starved government is wielding a stick on public sector banks by asking them to conserve capital through cost-cutting while sticking to loan growth targets, throwing bank executives into a tizzy.
How will the rupee’s fall affect you?
Posted by Ankit Agarwal in Currency on November 28, 2011
28th November 2011,
After remaining stable in the Rs 44-46/dollar range for more than a year, the Indian rupee has surprised everyone by its sudden weakness. Compared to the high of 44.08 on 1 August this year, the rupee is now quoting at 52.37, a fall of 19% in a short span of four months. This crash has earned it the dubious distinction of being the worst performing currency in the region.
Do you need to pay tax on receiving a gift?
Posted by Ankit Agarwal in Taxation on November 21, 2011
According to the Income Tax Act (as well as the Direct Taxes Code, which is likely to come into effect from 1 April 2012), if you receive a gift whose value exceeds Rs 50,000, it will be clubbed with your income and you will have to pay tax on it.
Brokers may deduct 10% tax on transaction charges for online trading
Posted by Ankit Agarwal in Taxation on November 7, 2011
7th November 2011,
Share brokers may have to deduct 10% tax at source on transaction charges that they pay to stock exchanges for online trading, according to a court order.
The move will have a bearing on thousands of brokers who will now have to pay TDS along with interest for delayed payment.
Transaction charge is a fee incurred on buying or selling shares, which a broker pays to stock exchanges for being the middleman in a share transaction.
Mad scramble for dollars sends rupee reeling to 50
Posted by Ankit Agarwal in Currency on October 23, 2011
22nd October 2011,
Spiralling inflation, hardening interest rates, choppy stocks, and now a plummeting rupee. Amid a dollar rush, the local currency breached 50 on Friday – a psychological mark it last tested in March 2009 when world markets were battling a financial meltdown.
File Service Tax Return in time as Maximum Penalty increased
Posted by Ankit Agarwal in Uncategorized on October 20, 2011
Rule 7C Prescribe the Penalty which Assessee has to Pay if there is delay in filing of service Tax Return.
Where the return prescribed under rule 7 is furnished after the date prescribed for submission of such return, the person liable to furnish the said return shall pay to the credit of the Central Government, for the period of delay of-
CA Final (New Course) Books
Posted by Ankit Agarwal in CA Institute on October 18, 2011
No need to jump the gun after Moody’s downgrade of SBI
Posted by Ankit Agarwal in Banking on October 7, 2011
6th October 2011,
The power of rating agencies, widely discredited as they may be, was once again on display when international rating agency, Moody’s downgraded State Bank of India’s (SBI) rating on Tuesday, citing concerns over capital and deterioration in asset quality.
In a skittish market, the downgrade – from C- to D+ on financial strength and from Ba2 to Ba3 on hybrid debt rating – saw SBI’s share price fall to a 52-week low before recovering some of the losses.
Most PSUs with dollar debt keep liabilities uncovered, may have to change their strategy
Posted by Ankit Agarwal in Currency on September 23, 2011
23rd September 2011,
Companies with ‘dollarised’ balance sheets will pay the biggest price with the rupee crashing against the US currency.
Attracted by low interest rates in overseas money markets, many Indian companies have either borrowed in dollar or converted rupee debt into dollar by striking deals, known as ‘principal only swaps’ in the currency market, with banks. Such deals, kept unhedged or exposed to currency fluctuations, can dramatically lower interest outgo on loans. But interest costs jump when the dollar strengthens. The rupee ended at 49.58 on Thursday, down from Wednesday’s 49.28.
SEBI wants a self-regulatory body to supervise financial advisers
Posted by Ankit Agarwal in SEBI Updates on September 19, 2011
19th September 2011,
The Securities and Exchange Board of India, or Sebi, has finalised new rules for regulating investment advisers on the lines of the structure in the mutual fund industry to prevent growing complaints from investors about being short-changed.
Auditors raises doubts over Kingfisher survival
Posted by Ankit Agarwal in Audit on September 15, 2011
15th September 2011,
Vijay Mallya-promoted Kingfisher Airlines has found itself parrying questions about its survival after its auditor raised doubts over the company’s ability to stay in business for long.
Audit firm BK Ramadhyani & Co, which examined the books of the airline, said in remarks published in the airline’s annual report that Kingfisher’s ability to remain a “going concern” will depend on its promoters bringing in money into the company.
RBI sells dollars to arrest rupee’s slide
Posted by Ankit Agarwal in Currency on September 15, 2011
15th September, 2011
The Reserve Bank of India joined central banks in Indonesia and South Korea in selling US dollars to save the local currency from a sharp slide as investors fled for safety amid worsening sovereign crisis in Europe and deteriorating outlook for emerging economies.
The Indian central bank sold dollars for the first time since Lehman Brothers triggered credit crisis to avert disorderly movement in the currency as it fell to its worst levels in two years.
FDI deals should not come with any strings attached: RBI
Posted by Ankit Agarwal in Banking on September 5, 2011
5th September 2011,
The Reserve Bank is hardening its stand on FDI deals to drive home the point that there should be no strings attached to such inbound flows.
In eight out of 10 FDIs, foreign investors have a right to sell back shares to Indian promoters if certain conditions are not fulfilled.
Taxation of Services Based on Negative List of Services
Posted by Ankit Agarwal in Service Tax Updates on September 3, 2011
Click Here For Conpept Paper
Train travel, passport fee, capitation fee may come under service tax net
Travel by train, passport fee, capitation fees to education institutions and non-compete fees given by companies may come under tax net as the government considers a ‘negative list’ model to tax services, which will boost its tax revenues significantly.
Trader gets tax benefit for ransom paid to kidnappers
Posted by Ankit Agarwal in Taxation on September 2, 2011
2nd September, 2011
Holding that paying ransom to save a life is not an offence, the Madhya Pradesh High Court has, in a significant judgement, allowed a businessman to claim reduction in his tax liability for the money he paid for his release from the clutches of kidnappers.
CAs as Whistleblowers? ICAI is Divided
Posted by Ankit Agarwal in The Institute on August 29, 2011
Monday, 29 August 2011
Chartered accountants, who are often blamed for helping clients sidestep the law and masking the truth behind numbers, will have a new code of ethics.
After a marathon council meeting last week, the statutory body that makes the rules for the profession decided to overhaul the present code.
Banks Seek Time for Derivatives Sale Norms
Posted by Ankit Agarwal in Banking on August 28, 2011
Sunday, 28 August 2011
MUMBAI: Banks have sought more time from the RBI to operationalise the final guidelines on selling structured products to corporates as clients take a longer time to comply with the central bank’s requirements.
CBEC not to move appellate tribunal if amount less than Rs 5 lakh
Posted by Ankit Agarwal in Custom on August 25, 2011
25th August 2011,
The finance ministry has substantially raised the monetary threshold for legally contesting indirect tax disputes, a move which aims to reduce the burden of litigation.
The Central Board of Excise and Customs ( CBEC), the apex indirect taxes body under the finance ministry, has instructed its officials not to file appeals in the tax tribunals if the fine and penalty on an alleged offender is less than Rs 5 lakh.
Important to document terms of secondment for tax purpose, asserts the recent Supreme Court ruling
Posted by Ankit Agarwal in Taxation on August 23, 2011
Tuesday, 23 August 2011
With the growing culture of MNCs operating in and out of India, “secondment of people” has become a familiar term these days.
The term is generally associated with international mobility of human resources and has gained importance from the tax viewpoint, especially after the Supreme Court’s judgment in the case of Morgan Stanley and Co Inc (292 ITR 416, 162 Taxman 165).
DLF fined Rs 630 crore for unfair practices
Posted by Ankit Agarwal in Competition Act on August 17, 2011
Wednesday, 17 August 2011
The Competition Commission of India, or CCI, has slapped a 630-crore fine on DLF, threatening to turn an isolated dispute between flat buyers and India’s largest builder into a full-blown headache for the industry grappling with soaring interest costs and dwindling buyers.
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