Welcome to CA Passion ! Feel free to explore here ! We share only relevant notes for upcoming attempts ! Current Highlights: * New Revised CA Course scheme to be implemented by ICAI from 1st July onwards * GST will be part of syllabus from Nov 17 onwards for CA Final students and from May 18 onwards for all students Get in touch with CA Passion.. Now !

Friday, 12 January 2018

Updates 12-jan-2018

Good Morning

CA Passion Updates

🔹CBDT has issued a Circular u/s 119 of the IT Act prescribing the procedure for Processing of ITRs (1~6) u/s 143(1)(a)(vi), i.e. relating to Form 26AS/ Form 16A/ Form 16 which has not been included in computing. Circular No. 01/2018 dt. 10 Jan. 2018

🔹It is mandatory to display the Certificate of Registration (Form GST REG-06) in a prominent location at the principal place of business and at every additional place of business.

🔹It is mandatory to display the GSTIN on the name board exhibited at the entry of the principal place of business and at every additional place of business.

🔹GSTN has clarified that food prepared in office kitchens and served there shall be taxed at 5% without ITC.

🔹Get orders from transporters for services to GTA and receive the commission out of truck hire fixed with GTA from transporters are liable to get GST registration if the aggregate amount of commission exceeds the threshold limit.

🔹FDI Policy eased for Single Brand Retail, Pharma, Construction, Civil Aviation & Power Exchanges. 

🔹CA Final Nov 2017 & CPT Exam Result to be Declared on 17th Jan 2018 @ 2PM. 

Thursday, 11 January 2018

CA Final Results for November 2017 exams to be announced on 17th January, 2018

The result of the Chartered Accountants Final Examination held in November 2017 and Common Proficiency Test (CPT) held in December 2017 are likely to be declared on Wednesday, the 17th January 2018 around 2.00 P.M. and the same will be available on the following websites:

1. icaiexam.icai.org
2. caresults.icai.org
3. icai.nic.in

Arrangements have also been made for the students of Final Examination and Common Proficiency Test
(CPT) desirous of having results on their e-mail addresses to register their requests at the website i.e icaiexam.icai.org from 12 th January 2018. All those registering their requests will be provided their results through e-mail on the e-mail addresses registered as above immediately after the declaration of the result.

Further, facilities have been made for students of Final Examination and Common Proficiency Test
(CPT) held in November/December 2017 desirous of knowing their results with marks on SMS. The service
will be available through India Times.

For getting results through SMS, students should type:
i) for Final Examination result the following
CAFNL(space)XXXXXX (Where XXXXXX is the six digit Final examination roll number of the candidate) e.g. CAFNL 000128
ii) for Common Proficiency Test result the following

CACPT(Space)XXXXXX (Where XXXXXX is the six digit Common Proficiency Test roll number of the candidate
e.g. CACPT 000171

and send the message to:
58888 - for all mobile services - India Times

source: https://resource.cdn.icai.org/48248exam32306.pdf

Satyam Case: SEBI bans Price Waterhouse entities from issuing audit certificates for 2 years

SEBI also ordered disgorgement of over Rs 13 crore wrongful gains from the audit major and its two erstwhile partners who worked on the IT major's accounts.
Finding Price Waterhouse guilty in the multi-crore Satyam scam, Sebi on Wednesday barred its network entities from issuing audit certificates to any listed company in India for two years and ordered disgorgement of over Rs 13 crore wrongful gains from the audit major and its two erstwhile partners who worked on the IT major's accounts.

The market regulator's order comes nearly nine years after the scam at Satyam Computer Services came to light and after two failed attempts by auditor major Price Waterhouse to settle the case through consent mechanism.

This is also one of the most stringent orders passed by any regulator against a Big Four audit major.

In a 108-page order, Sebi has imposed a two-year ban on entities/ firms practicing as chartered accountants in India under the brand and banner of PW from directly or indirectly issuing any certificate of audit of listed companies, compliance of obligations of listed companies and intermediaries registered with the regulator.

Sebi noted that the order would not impact audit assignments relating to the financial year 2017-18 undertaken by the firms forming part of the PW network.

Besides, Price Waterhouse Bangalore and its two erstwhile partners -- S Gopalakrishnan and Srinivas Talluri -- have been directed to jointly and severally disgorge the wrongful gains of "Rs 13,09,01,664 with interest calculated at the rate of 12 per cent per annum from January 7, 2009 till the date of payment".

They have to pay the amount within 45 days.

Further, Gopalakrishnan and Talluri have been restrained from directly or indirectly issuing any certificate of audit of listed companies, compliance of obligations of listed companies and intermediaries registered with Sebi for three years.

"The objective of insulating the securities market from such fraudulent accounting practices perpetrated by an international firm of repute will be ineffective if the directions do not bring within its sweep, the brand name PW.

"The network structure of operations adopted by the international accounting firm should not be used as a shield to avoid legal implications arising out of the certifications issued under the brand name of the network," the order said.The regulator had found that certain directors and employees of Satyam Computer Services had connived and collaborated in the overstatement, fabrication, falsification and misrepresentation in the books of account and financial statements of the company.

Wednesday, 10 January 2018

CA Final Suggested Answers for Nov 17 exams released by ICAI

Today, ICAI released suggested answers for Nov 17 exams.

It seems ICAI will soon publish date of result of the same Nov 17 exams

You may download all suggested answers for November 2017 exams in zip/rar file from the given link

Password to this file is: capassion
Download

Food or Drink supplied in College Canteen/ Mess attract 5% GST without Input Tax Credit













While addressing the issue on GST rates applicable to Hostel Mess Fees, the Central Government, last day clarified that supply of food or drink provided by a mess or canteen is taxable at 5% without Input Tax Credit under the current Goods and Services Tax (GST) regime. 

The educational institutions have mess facility for providing food to their students and staff. Such facility is either run by the institution/ students themselves or is outsourced to a third person. 

A circular issued to the Chief officials further said that “It is immaterial whether the service is provided by the educational institution itself or the institution outsources the activity to an outside contractor.”