CA FINAL

CHAPTER 1: DEVELOPMENTS IN BUSINESS ENVIRONMENTAccounting is the language of business that communicates the financialresults of an enterprise to various stakeholders viz., investors, regulatingagencies, the management itself etc. by means of various financialstatements. Accounting is the process of identifying, measuring, recording,classifying, summarising, analyzing, interpreting and communicating thefinancial transactions and events. Accounting is classified into FinancialAccounting, … Read more

Notes on Company Law Points to Remember 1.     All amendments corresponding with companies act 2013 are compiled in this summary 2.     Many sections of new companies act 2013 is not notified by MCA (ministry of corporate affairs) so that sections are of old companies act 1956 3.     Wherever as per companies act written that means … Read more

Objective Questions on Basic Concepts of Capital Gain 1 Which of the following is not a capital asset ? a Car used for household purposes c Rural Residentail Land b Jewellery d Patent Rights 2 Which of the the following asset shall be long term after completing the holding period of more than 12 months? … Read more

Significant Notifications and Circulars of central excise issued between 1st May, 2015 and 31st October, 2015 Central Excise  1. No refund of CENVAT credit under rule 5B to service providers providing manpower supply/ security services Rule 5B of the CENVAT Credit Rules, 2004 provides that service providers, rendering notified reverse charge services, being unable to … Read more

DIRECT TAXESAMENDMENT OF FINANCE ACT, 2015APPLICABLE FOR MAY 2016 INTRODUCTIONThe Finance Bill, 2015 proposes to make amendments in direct tax provisions by proposing amendments to the Income-tax Act, 1961, Wealth-tax Act, 1957, Finance Act, 1994 and Finance (No.2) Act, 2004.  A gist of the main amendments is given below:-Direct Taxes2.         Rates … Read more

ICAI Notified CA Direct Tax Final Case Laws Significant ( Relevant for May 2016 Examination ) -Amco Power Systems Ltd 2015 Kar Lumpsum consideration used in Sec. 35AB 90 – Amarnath Agrawal 2015 All Conversion from leasehold to freehold 223 – Bhagat Construction Co. Pvt. Ltd 2015 SC Tax paid by such an assessee is … Read more

CBDT to prescribed the manner of computation ofperiod of stay for an Indain citizen, being a memberof crew of a foreigen bound ship leaving India[section-6(1)] Explanation 2 has been added which provide that in case of individual the period of stay in India be determine in such a manner and subject to the prescribed manner … Read more

S.No Case Explanation 1 ITO vs. Ch. Atchaiah (Supreme Court) Income of AOP has to be taxed in the hands of AOP only and the members of AOP cannot be taxed individually. 2 Dr. T.A. Qureshi vs. CIT [2006] 157 Taxman 514 SC Illegal income Ex:- Selling drugs etc. 3 Kesoram Industries & Cotton Mills … Read more