SCHOLARSHIP FOR HIGHER EDUCATION -2012

SCHOLARSHIP FOR HIGHER EDUCATION -2012

CONDUCTED BY

INSTITUTE FOR CORPORATE ACHIEVERS

IN COLLABORATION WITH

DEVANSH FOUNDATION

 ABOUT ICA

ICA is a professionally managed organization aimed at providing guidance, assistance and Direction to the youth of India.

ICA wishes to Strengthen nourish and assist the budding professionals for a bright and enterprising feature and to meet the global challenges.

About The Scholarship Test-2012

The Scholarship Test Conducted by ICA in collaboration with Devansh Foundation it is an analytical concept based test that will assist the Budding Professionals to overcome Financial Constraints in the attainment of their Goal. This Test will bring together the best brains and aid us in providind them the right direction and guidance for a promising future.

The test is measures how effectively a student has understood the commercial concepts & capable in implementing them.

Objective Of The Test

·         To provide financial assistance to the Students of CA/CS/CMA.

·         To identify and the Students pursuing courses who are unable to attain their goal due to various constraints.

·         To help students by professional guidance and Counseling for determining and following the right Career path.

Eligibility

Students registered with ICSI/ICAI/ICMAI

Date Of Test

^{14TH &}15^th   July (Student could appear on any day)

Venue Of Test

ICA,3^rd Floor,Chitrahar Building,Nawal kishore Road ,Hazratganj ,Lucknow-226001

Timing Of Test

11:30 am to 12:15 pm

Test Pattern

No. of questions – 50

Total Marks – 50

Time – 45 Minutes

S.No.	Level of Test	Syllabus	Test Structure
1.	For students appearing in CPT/CS Foundation/CMA Foundation	12th level	25 Marks-Accounting 15 Marks-Economics 10 Marks-Commerce & General Awareness
2.	For students appearing in IPCC/CS Executive/CMA Inter	CPT/CS Foundation/CMA Foundation	25 Marks-Financial Accounting 15 Marks-B.Law 10 Marks-Stats & General Awareness
3.	For students appearing in CA Final/CS Professsional/CMA Final	IPCC/CS Executive/CMA Inter	25 Marks-Advance Accounting and Tax 15 Marks-B.Law and Company Law 10 Marks- General Awareness

Medium of Examination : English

Awards & Scholarships

1) For students appearing in CPT/CS Foundation/CMA Foundation

i)One Ist Prize worth Rs.5000

ii)Two 2nd Prizes  worth Rs.3000 each

iii)Four 3rd Prizes  worth Rs.2000 each

2) For students appearing in IPCC/CS Executive/CMA Inter

i)One Ist Prize worth Rs.5000

ii)Two 2nd Prizes worth Rs.3000 each

iii)Four 3rd Prizes worth Rs.2000  each

3) For students appearing in CA Final/CS Professional/CMA Final

i)One Ist Prize worth Rs.6000

ii)Two 2nd Prizes worth Rs.4000 each

iii)Four 3rd Prizes worth Rs.2000  each

4) 100 consolation Prizes worth Rs.500 each

Registration Forms and Result

Forms are available at

•         ICA,3^rd Floor, Chitrahar Building, Nawal kishore Road ,Hazratganj ,Lucknow-226001, C-401
• CONTACT DETAILS:- 0522-4011081, 09554279814, 8957962970, 9935778867
•          www.devanshfoundation.org
•          instituteforcorporateachievers.blogspot.in
•     C-401, Devansh Foundation, Indra Nagar Lucknow

Submit duly filled forms latest by 1^st july’12 along with 2 photographs and fees of Rs.50 at ICA,3^rd Floor, Chitrahar Building, Nawal kishore Road ,Hazratganj ,Lucknow-226001

Result will be declared on or before 19^th July ’12 at

• ·          ICA notice board
• ·         www.devanshfoundation.org
• ·         instituteforcorporateachievers.blogspot.in

Rules and Regulations

1. Examination centre, timing and date will not be changed in any circumstances

2. Calculators, notes, books, mobiles are not allowed in test.

3. Students already enrolled with ICA are not eligible to participate in the test.

4. ICA reserves the right to withdraw the scheme any time or make any amendments thereof.

5. Students are required to compulsorily carry their admit cards in the test.
6. The Scholarship amount would be utilized for the development of  the student.

7. ICA reserves the right to increase or decrease the number of scholarships; Decision of ICA will be final. 

Mere change of ownership of business doesn't transform stock-in-trade into a capital asset

In the instant case, the properties, which were hitherto being held

 as stock-in-trade by the HUF, were allotted to the assessee on its 

partition. The HUF was in the business of real estate which was 

continued by assessee after the partition and hence these 

properties remained stock-in-trade even after partition.

The tribunal held that the properties were stock-in-trade of real 

estate business when HUF owned it and remained stock-in-trade 

when assessee became its owner on partition. In these 

circumstances, there was no conversion of capital assets to stock-

in-trade either by the assessee or the joint family. Therefore, the 

provision of section 45(2) of the Act is not applicable in the instant 

case. As Sec 49(1) doesn't apply to stock-in-trade, cost of 

acquisition of these properties to assessee is taken at FMV and 

not the cost to their pervious owner-HUF - C. RAMAIAH REDDY v. 

DCIT [2012] 21 taxmann.com 516 (Bangalore - Trib.)

Reverse Charge under Service Tax

 

Reverse Charge under Service Tax

Government of India, Ministry of Finance vide Notification No. 15/2012 dated 17.03.2012,  had added other services under Reverse Charge mechanism wherein service receiver shall be liable to pay the service tax.

 

Vide Notification No. 19/2012 dated 5.6.2012, 1^st July 2012 has been appointed as the date on which it shall come into force

 

The scope of services covered by the reverse charges mechanism has been enhanced by the Finance Act, 2012 read with Notification No. 15/2012- ST. Many services which were hitherto not covered by reverse charge shall now come within its purview:-

a) Services already covered under reverse charge:

S.No.	Description of a service	Percentage of service tax payable by the person providing service	Percentage of service tax payable by the person receiving the service
1	in respect of services provided or agreed to be provided by an insurance agent to any person carrying on insurance business	Nil	100%
2	in respect of services provided or agreed to be provided by a goods transport agency in respect of transportation of goods by road	Nil	100%
3	in respect of services provided or agreed to be provided by way of sponsorship	Nil	100%

b) Services earlier covered under reverse charge but now exempted from applicability of service tax: Services by a mutual fund agent or distributor to mutual fund or Asset Management Company for distribution or marketing of mutual fund.

c) Services covered under Reverse Charge for the first time vide Notification No. 15/2012-

S.No.	Description of a service	Percentage of service tax payable by the person providing service	Percentage of service tax payable by the person receiving the service
1.	in respect of services provided or agreed to be provided by an arbitral tribunal	Nil	100%
2.	in respect of services provided or agreed to be provided by individual advocate	Nil	100%
3.	in respect of services provided or agreed to be provided by way of support service by Government or local authority	Nil	100%
4.	(a) in respect of services provided or agreed to be provided by way of renting or hiring any motor vehicle designed to carry passenger on abated value. (b) in respect of services provided or agreed to be provided by way of renting or hiring any motor vehicle designed to carry passenger on non abated value.	Nil 60%	100 % 40%
5.	in respect of services provided or agreed to be provided by way of supply of manpower for any purpose	25%	75 %
6.	in respect of services provided or agreed to be provided by way of works contract	50%	50%
7.	In respect of any taxable services provided or agreed to be provided by any person who is located in a non-taxable territory and received by any person located in the taxable territory	Nil	100

WHETHET LIASION OFFICE IN INDIA CAN BE CONSIDERED AS PE (Permanent Establishment ) for Income-Tax Purpose?

WHETHET LIASION OFFICE IN INDIA CAN BE CONSIDERED AS PE (Permanent Establishment ) for Income-Tax Purpose?

 

IT/ILT : LIAISON OFFICEOF FOREIGN COMPANY IN INDIA IS NOT A PE IN INDIAIN VIEW OF ARTICLE 5(6)(E) OF INDO-JAPAN DTAA

Facts

• Assessee-company a tax resident of Japan dealing in steels and steel products.

• Assessee-company had opened a LO in India with the approval of the Reserve Bank of Indiain terms of section 6(6) of the Foreign Exchange Management Act ('FEMA' in short).

• The LO was closed down in the year 2008. The assessee was required to pay fringe benefit tax because of which return was filed in which income was shown at nil.

• The Assessing Officer passed a draft order on 23-12-2010 holding that the LO is a PE, carrying on core business activities. A draft order was passed computing the income of about Rs.35.58 crores. The DRP not only upheld the finding of the Assessing Officer but also enhanced the income. The AO passed final order on 18-10-2011.

• Article5(6)(e) of Indo-Japan DTAA excludes from permanent establishment, the office which carry on activities of "the maintenance of a fixed place of business solely for the purpose of carrying on, for the enterprise, any of the activity of a preparatory or auxiliary character". Assessee-company claimed that its LO was covered by article 5(6)(e) and hence not a PE in India while the case of the Revenue was that this office was carrying on the key function of price negotiation leading to formation of contract.

Held

• As per Regulation 2(e)of FEM(Establishment in India of Branch or Office or other Place of Business)Regulations, 2000,'liaison office' means a place of business to act a channelor communication between the principal place of business or HO and entity in India but which does not undertake any commercial, trading, industrial activity, directly or indirectly and maintains itself from remittances received from the abroad through normal banking channels. 
Schedule-II of the said Regulations provides that the permitted activities of LO are: 

(i) representingthe parent company/group companies in India, 

(ii)promoting export/importfrom/to India, 

(iii) promoting technical/financial collaborations betweenparent/group companies and Indian companies, 

(iv) acting as communicationchannel between parent and Indian companies.

• The AO had not brought on record information that the activity was beyond the limit prescribed by the RBI vide the said Regulations.

• The Revenue's contention that India office was engaged in price negotiation was not correct as quotations were made on the basis of instructions from the Head Office.

• Therefore, the presumption can validly be raised in this case that India office does not constitute a PE as no violation was noticed by the RBI. This presumption was not rebutted by the AO by bringing any positive material to show that any substantive businessactivity was carried on by the assessee in India.

• In the result,assessee's appeal allowed.

Scholarship test – 2012

UPDATES:

1.  The Income Tax Department has started looking at new areas in revenue mobilizationto substantially augment revenue collections in 2012-2013. As part of this plan, the Income Tax Department is set to closely scrutinize (TDS) on foreign remittances.

2.  w.e.f. 1st July 2012, if the TDS has been deducted by the Importer u/s 195 while importing software or TDS has been deducted by the first purchaser from software manufacturer, then there no need to deduct TDS on resale of those software by purchasers/customers.

3. The Finance Ministry will shortly issue the much awaited notification granting oil companies exemption from withholding tax on payments to Iran for oil imports in rupees.

4. For LLP filing done upto 10-06-2012 view public document and get certified copy on its transfer to MCA21 portal.  Helpllpsupport-mca@nic.in and 011-66336666.   

5. W.e.f. 05-06-2012 bank can't charge foreclosure charges/pre-payment penalties on Home Loans on Floating Interest Rate basis Reserve Bank of India Circular dated 05-06-2012.

6. 31-07-2012is the last date to renew your Driving License issued before 1999 as DL in smart card complete with biometric information mandatory now in Delhi.       

UPDATE

 Residential Status included in DIN 1 form w.e.f 11-06-2012 Companies Director Identification Number (Second Amendment) Rules, 2012 of 05-06-2012.