Know Your English (KYE)- #001

TEST YOUR ENGLISH #001

Question #1: ---------world is experiencing climate change?

All The whole The whole of All of

Question #2: Dan is having a party next weekend and he invited ________ his classmates.

all whole whole of the all

Question #3: That club was so much fun; we stayed until 3 A.M. and danced __________ time.

all the the all whole the the whole

Question #4: I love that movie. I watch it ________ time.

whole all the always the whole

Question #5: When almost ________ the tickets were sold, the band decided to add another show to their tour.

the whole the all all whole

Question #6: I can't go shopping this weekend because I spent ________ my money on books.

all whole every the whole

The Result of FInal & CPT Examination

The result of the Chartered Accountants Final Examination held in May, 2013 and Common Proficiency Test (CPT) held in June, 2013 are likely to be declared on Tuesday, the 16thJuly, 2013 around 2.00 P.M.

http://www.caresults.nic.in

Arrangements have also been made for the students of Final Examination and Common ProficiencyTest (CPT) desirous of having results on their e-mail addresses to register their requests at the above website from 11^thJuly, 2013.

Note: In addition to above, it may be noted that for accessing the result the student shall have to enter his registration no and /or PIN no. along with his roll number.

CA  CPT ,IPC & CA Final November 2013 Exam Dates Announced

CPT

15th December 2013

Intermediate Examination

Group I – 6th, 8th, 10th & 12th November 2013

Group II – 15th, 18th & 20th November 2013

Final Examination

Group I – 5th, 7th, 9th & 11th November 2013

Group II – 13th, 16th, 19th & 21st November 2013

Applications for admission to these examinations are required to be made either online at http://icaiexam.icai.org  or in the relevant prescribed form.

The candidates (IPC & Final) who apply online from 5^th August 2013 to 26^th August 2013 can remit the fee online. For CPT candidates who apply online from 7^th October 2013 to 28^th October 2013 can remit the fee online by using  either VISA/MASTER DEBIT/CREDIT card.

Benefit u/s 54B can be claimed even if new agricultural land is purchased prior to transfer of previously owned agricultural land

The assessee before execution of the sale deed purchased the properties vide document No. 8547/2008 on 18.09.2008 for Rs. 47,53,223/-, document No. 8743/2008 on 04.10.2008 for Rs. 51,47,014/- and document No. 8295/2008 on 24.09.2008 for Rs. 28,68,302/- and the total amount paid by the assessee to various purchasers of the land amounting to Rs. 1 ,27,68,537/-. According to the Assessing Officer, the purchase consideration paid by the assessee is not eligible for deduction under section 54B of the Act. It is not the case of the Assessing Officer that the sale consideration received by the assessee under use for the purpose of purchase of the property. The only dispute is the assessee has purchased the property before transfer of the property. Therefore, the Assessing Officer has denied the claim of the assessee. From the record, we find that the assessee had entered into an agreement to sell the property for Rs. 11,00,00,000/-. As it is a fact that the sale deed was executed on 30.12.2008, but the assessee purchased three properties with the sale consideration received from M/s. Lotus Eye Care Hospital Ltd. The intention of the Legislature is that the assessee has to use the sale consideration received for the purpose of buying agricultural land. In the present case, the assessee sold agricultural land is not disputed by the Assessing Officer and also purchased agricultural land. The ld. CIT(Appeals) in his order has given a categorical finding that though the sale deed was executed on 30.12.2008, but the possession was given on 10.09.2008. He has also observed that the sale deed has to be executed on or before four months from the date of agreement. There are certain dispute between the assessee and the purchaser. Therefore, the execution of sale deed was delayed and the sale deed was executed in December, 2008. So far as the first objection raised by the ld. DR is concerned, the property was only transferred in December, 2008, therefore, the property purchased before that date is not eligible for claiming deduction under section 54B. In our opinion, this is only a hyper technical objection raised by the ld. DR, because, the assessee has received substantial amount from the purchaser before executing sale deed. So far as registration of the sale agreement is concerned, if both the parties proceeded to carry the execution of the sale as per the agreement whether it is registered agreement or not, there is no effect so far as transfer is concerned. Therefore, the case law relied on by the ld. DR is altogether on a different context and have no application to the fact of the present case. In view of the above, we find no infirmity in the order passed by the CIT(Appeals) and the ground raised by the Revenue is dismissed.

Source – Asstt. CIT Vs. Dr. S. Balasundaram (ITAT – Chennai), ITA No. 1832/Mds/2012, Date of pronouncement: 27.05.2013

HOW TO BECOME A CHARTERED ACCOUNTANT

Requirements to become a Chartered Accountant:

A. Through CPT route:

1.     Enrol with the Institute (ICAI) for Common Proficiency Course (CPC) after passing                 class 10th examination.  

2.     Appear in CPT examination after appearing in the Senior Secondary Examination (10+2 examination) and after completion of specified period (60 days) from the date of registration for CPC.

3.     Join Intermediate (IPC) Course after passing CPT and 10+2 examination.

Ø     Students are advised to undergo Orientation Programme and complete 100 hours ITT at the earliest but     these are to be completed compulsorily before commencement of their articleship.

Ø     Appear in Intermediate (IPC) Examination on completion of 8 months of study course.

4.     Join articled training after passing either Group I or Both Groups of Intermediate (IPC) Course.

Ø     Undergo First General Management and Communication Skills (GMCS) course (15 days) during the first year of articled training.

Ø     Undergo Second General Management and Communication Skills (GMCS) course (15 days) after completion of 18 months of articled training but before completion of articled training. Alternatively, attend Four Week’s Residential Programme on Professional Skills Development.

Ø     Clear Group II of Intermediate (IPC) Examination if not done earlier.

5.     Join CA Final Course:

Ø     Complete Advance Information Technology Training during the third year of practical training but before appearing in the Final Examination;

Ø     Complete articled training of 3 years.

Ø     Appear in the final examination on completion of the practical training or while serving last 6 months of articled training on or before the last day of the month preceding the month in which the examination is to be held.

6.     Pass final examination and complete GMCS II, if not completed earlier.

7.     Enrol as a member of the ICAI and be designate as “Chartered Accountant”.

B. Through Direct Entry:

1.     Commerce Graduates/Post-Graduates (55%) or Other Graduates/Post-Graduates (60%) can enrol with the Institute for Intermediate (Integrated Professional Competence) Course for Both Groups.

Ø     Undergo 100 Hours Information Technology Training (ITT) and 35 hours Orientation Course spanning one Week.

Ø     Register for Practical Training of three years.

Ø     Complete General Management and Communication Skills (GMCS) – I Course during first year of practical training.

Ø     Appear in Intermediate (Integrated Professional Competence) Examination after nine months of practical training and Study Course of eight months concurrently from the date of registration for the Intermediate (Integrated Professional Competence) Course.

Ø     Appear and pass in both groups of Intermediate (Integrated Professional Competence) Course.

2.     Register for CA Final Course and prepare for CA Final Examination.

Ø     Undergo General Management and Communication Skills (GMCS) II Course (15 days) course while serving the last 19 months to 36 months of articled training. Alternatively, attend Four Weeks’ Residential Programme on Professional Skills and Development.

Ø     Complete Advance Information Technology Training during the third year of practical training but before appearing in the Final Examination.

Ø     Complete three years period of articled training.

Ø      Appear in the Final Examination while serving last six months of articled training on or before the last day of the month preceding the month in which the examination is to be held.

                                                                                             

3.     Pass Final examination.

4.     Enrol as a member of ICAI and be designated as “Chartered Accountant”.

For more details visit :www.icai.org

HOW TO BECOME AN ACCOUNTING TECHNICIAN

Requirements to become an Accounting Technician:

• Enrol for Common Proficiency Test (CPT), after passing Class 10 examination.

• Appear and pass in CPT after appearing in Senior Secondary (10+2) Examination. However one should pass both CPT and 10+2 examination before registering for ATC.

• Enrol for Accounting Technician Course (ATC).

• Successfully complete 8 months of study course from the date of registration for the ATC.

• Successfully complete Orientation Course of one week spanning 35 hours and covering topics, such  as, personality development, communication skills, office procedures, business environment, general commercial knowledge etc.

• Successfully complete 100 hours Information Technology Training (ITT).

• Pass ATE (Group I of Intermediate (Integrated Professional Competence) Examination).

• Group I is composed of four papers.

• Successfully complete one year work experience under chartered accountant in practice or in  industry.

• Get Accounting Technician Certificate.

• Designate as “Accounting Technician”.

For more details visit: www.icai.org

REFERENCE BOOKS FOR CA FINAL

Subject	Author
Financial Reporting	MP Vijaya Kumar	-	-
Accounting Standard	D.S.Rawat	MP Vijaya Kumar	-
Strategic Financial Management	AN Sridhar	V Pattabhi Ram & SD Bala	-
Advanced Auditing and Professional Ethics	B.Saravana Prasath	Surabhi Bansal	-
Corporate and Allied Laws	Munish Bhandari	-	-
Advanced Management Accounting	B.Saravana Prasath	-	-
Information Systems and Control Audit	Dinesh Madan
Direct Tax Laws	Vinod Gupta	T.N Manoharan & GR Hari	G.Sekhar
Indirect Tax Laws	MD Rafi	Yogendra Bangar, Vandana Bangar & Vineet Sodhani	-