CA PCC / IPCC May 2012 Pass Percentage & List of Toppers

CA PCC / IPCC May 2012 Pass Percentage & List of Toppers Posted: 08 Aug 2012 07:37 PM PDT The Institute of Chartered Accountants of India (ICAI) announced the results of following examinations held in May, 2012 on August 7, 2012. Professional Competence Course (PCC) Integrated Professional Competence Course (IPCC) The toppers of Professional Competence Course (PCC) examination... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Company liable to pay service tax on services received from its directors Posted: 08 Aug 2012 07:30 PM PDT Company receiving services from the directors are being brought into tax net as new Notification No. 45/2012-ST, dated 7-8-2012 has clarified that in respect of services provided by the directors to company, liability to pay service tax would be on the company under reverse charge. Companies would... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Shocking – Less then 50% in IPCE Exam still shown Pass Posted: 08 Aug 2012 06:49 PM PDT A CA student who appears in one Group of CA IPCE Exams has to score Minimum 50% in Aggregate and 40 marks in each of the three paper. So in aggregate she has to score minimum 150 Marks out of total 300 marks to pass in examination. But recently we come across a case in which a CA student who... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] S. 54F Exemption cannot be denied for delay in possession of property Posted: 08 Aug 2012 06:48 PM PDT The old flat had been sold on 7.3.2006 and therefore the assessee was required to construct a new residential house by 6.3.2009. The purpose of section 54 is to allow exemption to the assessee of long term capital gain arising from sale of residential house if the capital gain is invested in... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Income from coconut trees is agricultural income Posted: 08 Aug 2012 04:54 PM PDT The term 'agriculture' has not been defined in the Act. One must necessarily fall back upon the sense in which it is understood in common parlance. 'Agriculture' in its root sense means 'Agar' a field and 'culture', cultivation of a field which of course implies expenditure on human skills and... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Security Service includes investigation, detection or verification – CBEC Posted: 08 Aug 2012 12:10 PM PDT Notification No. 46/2012-ST In exercise of the powers conferred by sub-section (1) read with sub-section (2) of section 94 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following rules further to amend the Service Tax Rules, 1994, namely:— 1. (1) These rules may be... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Service Tax exemption extended to slaughtering of all animals Posted: 08 Aug 2012 12:05 PM PDT CBEC has vide notification Notification No. 44/2012-ST, dated 7-8-2012 extended service tax exemption to 'slaughtering of all animals service; earlier this was available only for 'slaughtering service of bovine animals'. As per wiki dictionary Bovine animal includes domestic cattle (Cow) , bison,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Actual premium paid upon redemption of debentures is revenue expenditure Posted: 08 Aug 2012 12:05 PM PDT Supreme Court in Madras Industrial Investment Corporation Ltd. v. CIT [1997] 225 ITR 802 held that the additional liability equivalent to a discount represents revenue expenditure must, by analogy of reasoning, apply to the premium which is paid by the assessee at the time of redemption of the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Mere fact that the asset purchased had been leased back & vendor had undertaken to pay lease charges can not per se lead to the conclusion that transaction is sham Posted: 08 Aug 2012 09:33 AM PDT High Court of Madras in the case of CIT v. M/s. High Energy Batteries (India) Ltd. (supra), which in our view is distinguishable. In that case the Hon'ble Court held that the mere fact that the asset purchased had been leased back and vendor had undertaken to pay lease charges can not per se lead... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Non compete fees for giving up right to carry on business is taxable as business income Posted: 08 Aug 2012 12:26 AM PDT As regard the provisions of sec.28(va), the Tribunal held that with the insertion of the said provisions w.e.f. 01.40.2003, receipts on account of giving up right to carry on business even if it is capital receipt would now be charged to tax as 'income from business'. It was held that if the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 'Product/Activity Group Codes' for Cost Audit Reporting and Compliance Posted: 07 Aug 2012 09:24 PM PDT Notification No. S.O. 1747(E), dated 7-8-2012 In exercise of the powers conferred by clause (b) of sub-section (1) of section 642 read with section 610B of the Companies Act, 1956 (1 of 1956), the Central Government hereby constitutes the Product or Activity Groups as given in the Annexure... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Companies (Fees on Applications) Rules, 1999 – Amendment in Notification No. GSR 501(E), dated 6-7-1999 Posted: 07 Aug 2012 12:27 PM PDT NOTIFICATION no. G.S.R. 617(E), In exercise of the powers conferred by sub-section (1) of section 642, read with sub-section (2) of section 637A of the Companies Act, 1956 (1 of 1956), the Central Government hereby amends the notification of the Government of India in the erstwhile Ministry of Law,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]