Wednesday, 26 November 2014

CS 2014 December Examinations Enrollment Status

The enrollment status for CS December 2014 examinations is now available.

Click here to view the status. 

Thursday, 28 August 2014

What I Learnt from Mr. Narayana Murthy

I recently watched a video of Mr. N. R. Narayana Murthy (Executive Chairman and Co-founder Infosys) by Boman Irani (Bollywood actor). In this interview, I learnt how his philosophy had influenced and shaped his personal and professional life. Mr. Murthy appeared straight forward and expert in decision making, in his own words, “I'm a capitalist in mind, a socialist at heart — a compassionate capitalist”. His childhood was mostly influenced by his father’s ideology.  He has very simple habits which do not require luxurious expenditure viz. reading books, meeting good people and listening to music.
He cleared IIT entrance exam but was unable to  join the college as his father couldn’t afford to bear the educational expenses with a nominal salary of Rs. 250 per month. His father told him that, “If you’re smart you can go to any college and be able to do something worthwhile” and thus he joined the local engineering college.  After graduation, he did his masters at IIT Kanpur. After that companies like HMT, ECIL, Telco Systems, Air India offered him jobs with good salaries, but he took up an unconventional job at IIM Ahmadabad with a meager salary of 800 rupees per month based on the advice by his Professor Krishnayya. He said that if he had become an IAS officer then his father would have been very happy but his own concept of success in life was very different. In his job he worked on many projects in India and abroad. He compared innovative strategies of developed countries with India. He wrote many letters to his friends and relatives, the ample choices in technology that the world offered and could shape the Indian economy.

Monday, 2 June 2014

One Person Company (OPC)

1. How to incorporate an OPC?
Name reservation: Form INC-1 shall be filed for name availability.
Incorporate OPC: After name approval, form INC-2 shall be filed for incorporation of the OPC within 60 days of filing form INC-1.
Form DIR-12 shall be filed along with (linked) form INC-2 except when promoter is the sole director of the OPC.
The company shall file form INC-22 within 30 days once form INC-2 is registered in case the address of correspondence and registered office address are not same.

2. How to inform RoC about change in membership of OPC?
The company shall file form INC-4 in case of cessation of member of OPC on account of death, incapacity to contract or change in ownership. In the same form, user needs to provide details of the new member of the OPC.

3. Is there any threshold limits for an OPC to mandatorily get converted into either private or public company?
In case the paid up share capital of an OPC exceeds fifty lakh rupees or its average annual turnover exceeds during the relevant period exceeds two crore rupees, then the OPC has to mandatorily convert into private or public company.

4. How to intimate RoC that the OPC has exceeded the threshold limits and require conversion into private or public company?
The OPC shall inform RoC in form INC-5, if the threshold limits is exceeded and is required to be converted into private or public company.

5. What is the time limit for filing form INC-5?
Form INC-5 shall be filed within sixty days of exceeding threshold limits.

6. Is there any form that is to be filed for conversion of an OPC into private or public company? Is there any other purpose for filing this form?
Form INC-6 shall be filed by an OPC for conversion of an OPC into private or public company.
Yes, the private company will also file form INC-6 for converting itself into an OPC. The paid up share capital of private company should not be exceeding fifty lakh rupees and should not have average annual turnover more than two crore rupees at the time of such conversion into OPC. The company shall be having one member and shall appoint one nominee to act as member in case of death or incapacity of the member at the time of conversion into OPC.

7. What is the time limit for filing form INC-6?
Form INC-6 shall be filed within 30 days in case of voluntary conversion and within six months of mandatory conversion.

8. Who is eligible to act as a member of an OPC?
Only a natural person who is an Indian citizen and resident in India shall be eligible to act as a member and nominee of an OPC.
For the above purpose, the term “resident in India” means a person who has stayed in India for a period of not less than one hundred and eighty two days during the immediately preceding one financial year.

9. A person can be a member in how many OPCs?
A person can be member in only one OPC.

10. What if a member of an OPC becomes a member in another OPC by virtue of being a nominee in that other OPC?
Where a natural person, being member in One Person Company becomes a member in another OPC by virtue of his being a nominee in that OPC, then such person shall meet the eligibility criteria of being a member in only one OPC within a period of one hundred and eighty days, i.e., he/she shall withdraw his membership from either of the OPCs within one hundred and eighty days.

11. Which form is to be filed in case of withdrawal of consent by the nominee of an OPC or in case of intimation of change in nominee by the member?
Form INC-4 shall be filed in case of withdrawal of consent by the nominee or in case of intimation of change in nominee by the member.

Tuesday, 13 May 2014

Filing tax returns? Ways to avoid errors or invite a Tax notice

The government may be set to change, but the Income Tax Department’s drive for increased compliance continues unabated. The new tax forms notified by the department last month are aimed at seeking more details about your income, exemptions and expenses. Here are some of the changes that you should be aware of.

Details of exempt income

Until last year, taxpayers were required to declare their exempt income in the returns, but only had to enter a consolidated figure for the tax-free allowance they received during the year. This time, however, they will have to provide the details as well. “The new ITR-2 form requires taxpayers to give a detailed break-up of tax-exempt allowance in schedule S (for salary income),” says Vaibhav Sankla, director of tax consulting firm, H&R Block. Many employees get house rent allowance (HRA), leave travel assistance (LTA) and travel allowance as part of their salaries. These allowances are exempt if certain conditions are met 

Sunday, 27 April 2014

Saturday, 26 April 2014

ICSI: Suggested Answers

Click here to download the Suggested Answers, issued by the Insititute

Tuesday, 25 March 2014

Mock Test for online Foundation Examination (April 2014)

Mock Test for online Foundation Examination (April 2014) is available for the students.

Click here for the details of the test.

CMA/CWA: December 2013 Question Papers (Old Syllabus)

CMA/CWA: December 2013 Question Papers (New Syllabus)

June 2013 Question Papers (Old Syllabus)

Thursday, 13 March 2014

Companies Act 2013: Key Features

You can view the Key Features of Companies Act, 2013 as per a PPT by the Institute of Chartered Accountants of India by clicking here.