ICAI Changes Centres for some Candidates in Kolkata, Udaipur, Vijayawada for 24 May 2013 Exam

Announcement 16^th May 2013.

Change in venue for Paper 7-Information Technology and Strategic Management, of Intermediate (IPC) Examination May 2013, to be held on 24^th May 2013, in some candidates in Kolkata, Udaipur and Vijayawada

Due to unavoidable circumstances, the venue for Paper 7-Information Technology and Strategic Management, of Intermediate (IPC) examination May 2013, to be held on 24^th May 2013, has been changed, as given below, for some of the candidates in Kolkata, Udaipur and Vijayawada:

Old Centre	Roll No		Medium	New Centre
	From	To
Bow Bazar High School, 170, Bipin Behari Ganguli Street, Kolkata 700 012	298302	298576	English	Brahmo Balika Shikshalaya 294, Acharya Prafulla Chandra Road Kolkata 700 009
Delhi PublicSchool Bhuwana, Pratap Nagar Bye Pass NH 8, Udaipur 313 001	359069	359256	English	University College of Commerce and Management Studies (Old MB College) Airport Road, Udaipur 313 001
Satavahana College Beside Visalandhra Road Chuttugunta Centre Sitharamapuram Vij ayawada 520 002	365329	365528	English	Kakaraparti Bhavanarayana College Kothapet Vijayawada 520 001

Candidates are requested to take note of the above and appear in the examination at their respective new centres. Individual communication has already been sent to the concerned candidates.

Admit cards already issued will be valid for appearing in the examination at the venue mentioned above. There is no change in venue in respect of other candidates.

The Foundation Programme (New Syllabus- OMR based) examination has been restructured

The Foundation Programme (New Syllabus- OMR based) examination has been 
restructured as under w.e.f. June 2013 session: 

Morning Session: 10.00 A.M. to 11.30 A.M. (90 minutes) 
After-Noon Session: 1.30 P.M. to 3.00 P.M. (90 minutes)

http://www.icsi.edu/WebModules/Student/Announcements%20FP%20June%202013%20exam.pdf

Enhancement in the fee for registration of copyright for various works

Notification Regarding Copyright Rules, 2013

Enhancement in the fee for registration of copyright for various works

The Copyright Rules, 2013 has been notified by the Copyright Division, Department of Higher Education, Ministry of Human Resource Development on 14th March, 2013. The amendments to the existing provisions of the Copyright Act, 1957 and introduction of new provisions under the Copyright(Amendment) Act, 2012, which came into the force on 21st June, 2012, necessitated amendments to the Copyright Rules, 1958. The draft Rules were posted on the website of the Copyright Office on 28th August, 2012 seeking comments of all stakeholders and experts giving a deadline of 20th September, 2012. The Ministry also held a meeting with various stakeholders and copyright experts on 8th October, 2012 to seek their suggestions on the draft rules. The Copyright Rules, 2013 provide new rules for statutory licence for cover versions and broadcasting of literary and musical works and sound recording; compulsory licences for works withheld from public, unpublished and published works, for benefit of disabled; registration of Copyright Societies and Performer’s Right Societies; storage of transient or incidental copies of woks; making or adapting the work by organisations working for the benefit of persons with disabilities; importation of infringing copies and technological protection measures. The fee for registration of copyright for various works and fee for licences to be issued by register of Copyrights under the directions/orders of the Copyright Board have been increased under the Copyright Rules, 2013.  The minimum fee has been increased for registration from Rs. 50/- per work to Rs. 500/- per work and the maximum fee has been increased from Rs. 600/- per work to Rs. 5,000/-. The fee for licences has been increased from Rs. 200/- to Rs. 2000/- per work and the maximum fee has been increased from Rs. 400/- to Rs. 40,000/-.  The new fee structure provided under Second Schedule of the Rules is applicable from the date of coming into force of the Copyright Rules, 2013 that is 14th March, 2013. A copy of the same has been made available on the website of the Copyright Office (copyright.gov.in). R N M (Release ID :93921)

check ur Enrollment details for examination........

Those Appearing For June Exam Pls check ur Enrollment 

details for examination........

http://www.icsi.in/enrollmentstatus/webform_june2013.aspx

30 DAYS REVISION CLASSES FOR JUNE-2013 EXAMS

INCOME TAX CASES

"No Penalty to be levied u/s 271D or 271E if there is reasonable cause : As per Section 273B of Income Tax Act no penalty shall be levied if the failure to comply with the provisions of section 269SS or 269T is due to some reasonable cause. Now the question arises what can be a reasonable cause to justify the violation of the provisions of section 269SS and 269T. Some of the reasonable causes based upon judicial decisions are provided as follows:-

Repayment or receipt of amount to partners: If a partner introduces capital in cash in the firm or withdraws the same to the tune of Rs 20000 or in excess of Rs 20000, then Provisions of section 269SS or 269T shall not be attracted as the introduction of capital or withdrawl from firm cannot be called as loans or deposits.

Amount paid by firm to partners or vice versa- is payment to self and doesnot partake the character of loan or deposits in general law. Provisions of section 269SS are not applicable to such facts( CIT v. Lokhpat Film Exchange (Cinema) [2008] 304 ITR 172 (Raj.)

Deposit assessed as income, No penality can be imposed u/s 271D in such case: It was held by Jodhpur tribunal in Bajrang Textiles v. Additional CIT [2009] 122 (JD.) 190 that where the A.O having treated the impugned amount of deposit as income, he is precluded from treating the same amount as deposit or loan for the purpose of section 269SS and levy penalty u/s 271D. The penalty ought to be cancelled.

Acceptance or repayment through Journal entry donot attract section 269SS or 269T: Acceptence or repayment through Journal Entry would not come within the ambit of the words ‘loans or deposits’-section 269SS applies only where money passes from one person to another by way of ‘loan or deposit’[CIT v. Noida Toll Bridge Co. Ltd. 262 ITR 260 (Del.)]

A genuine transaction made in an emergency, doesnot attract penalty u/s 271D: held in Mrs Rupali R. Desai v. ACIT 88 ITD 76 (Mum.). In ITO v. Shree Mahaveer Industries 82 TTJ 549 (Jd.) it was held that cash paid to meet medical treatment expenditure in emergency, does not attract penalty u/s 271D.

In ITO v. Prabhulal Sahu [2006] 99 TTJ (Jd.) 177 it was held that Assessee was not aware of provisions of section 269SS or 269T. His councel did not apprise him about the provisions. No penalty u/s 271D shall be attracted.

Where Depositors residing in rural areas are not having access to banking facility and are ignorant of relevant provisions of law, it would constitute bonafide reasons for payment in cash. (ACIT v. Vinman Finance & Leasing Ltd. [2008] 306 ITR (AT) 377 (Visakha.)

Loan given by relatives on Sunday for safe custody and for use in business. No contravention of section 269SS takes place- ITO v. T.R. Rangarajan [2005] 279 ITR 587 (Mad.)

Cash Transaction made on Sunday. No penalty could be imposed in such a case.- ITO v. Narsing Ram Ashok Kumar[1993] 47 ITD 38(Pat)

Transfer of money exceeding Rs. 20000 by way of bank voucher instead of a/c payee cheque or draft doesnot attract penalty u/s 271D as the transaction are through banking channels only held in Asst. CIT v. Jag Vijay Auto Finance (p) Ltd.[2000] 68 TTJ (Jp) 44

Loan in cash under compelling circumstances have been held to be reasonable cause: Industrial Enterprises v. DCIT [2000] 68 TTJ (Hyd) 373

Where the Lenders did not have any bank account which compelled the assessee to accept the loan in cash. This has been considered as reasonable cause in Balaji Traders v. DCIT [2001] 73 TTJ (Pune) 246.

Wishing You A Very Happy , Colorful HOLI

Happy Colorful  HOLI  !

Wishing You A Very Happy , Colorful  HOLI !

May God gift you all the colors of life

colors of joy, colors of happiness

colors of friendship

colors of love and all other colors you want to paint in your life.

Happy Holi!

Colorful  HOLI 

  

 With Best Regards

cs manoj bhagat