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CA Final Amendment – Transfer Pricing – Country by Country reporting

CA Final Amendment – Country by Country reporting – Provision of Finance Act 2018 –

The various provisions relating to country by country reporting are discussed as under : –

MONETARY THRESHOLD FOR MAINTENANCE OF COUNTRY-BY-COUNTRY REPORT : –

As per Rule 10DB,  where the consolidated group revenue of international group exceeds Rs. 5500 crores , the group is required to file  Country-by-Country report. In cases where the consolidated group revenue of international group does not exceed this limit, the provisions relating to Country-by-Country report are not applicable on the international group. For this purpose, the consolidated group revenue of international group has to be considered as per the consolidated financial statement.

[Read more…] about CA Final Amendment – Transfer Pricing – Country by Country reporting

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CA Final Amendment – Non Resident – International Taxation

AMENDMENT MADE BY FINANCE ACT , 2018 –

BUSINESS CONNECTION WHEN AGENT OF NON-RESIDENT HAS AUTHORITY TO CONCLUDE CONTRACTS IN INDIA – SECTION 9(1)(i) 

The “ business connection” shall include any business activity, carried out by the non-resident through a person who, acts on behalf of the non-resident, and in  performing such an act he : –

  1. Has an authority to conclude contracts on behalf of the non-resident which is habitually exercised to conclude contracts on behalf of the non-resident; or habitually plays the principal role leading to conclusion of contracts by the non-resident,

The above provision shall be applicable provided that the contracts are  –

  • In the name of the non-resident ; or
  • For the transfer of the ownership of property owned by that non-resident or property for which the non resident has the right to use ; or
  • For the granting of the right to use, property owned by that non-resident or property for which the non resident has the right to use; or
  • For the provision of services by that non-resident

[Read more…] about CA Final Amendment – Non Resident – International Taxation

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ICAI CA Exams Datesheet / Timetable for May 2019

 The Institute of Chartered Accountants of India
[Set up by an Act of Parliament]
Post Box No.7112, ‘ICAI BHAWAN’, Indraprastha Marg
New Delhi – 110002
14th February, 2019

IMPORTANT ANNOUNCEMENT

No. 13-CA (EXAM)/M/2019: In pursuance of Regulation 22 of the Chartered Accountants Regulations, 1988, the Council of the Institute of Chartered Accountants of India is pleased to announce that the next Chartered Accountants Foundation Course {Under New Scheme}, Intermediate (IPC) {Under Old Scheme}, Intermediate {Under New Scheme} and Final {Under Old & New Scheme} Examinations will be held on the dates given below at the following places provided that sufficient number of candidates offer themselves to appear from each centre.

[Read more…] about ICAI CA Exams Datesheet / Timetable for May 2019

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MCQs in CA Inter GST or IDT – Basic Concepts of Indirect Taxes

Question – 1

GST Council membership consist of which of the following members ?

  1. Union Finance Minister
  2. Union Minister of  State in charge of Revenue or Finance
  3. Minister in charge of Finance or Taxation, nominated by each State Government
  4. All of the above

[Read more…] about MCQs in CA Inter GST or IDT – Basic Concepts of Indirect Taxes

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Analysis – Revised Procedure ICAI for inspection of evaluated answer-books for November 2018 onwards exams

ICAI has issued the Revised Procedure for  inspection/providing certified copies of evaluated answer-books to  examinees – Effective from the CA exams held in November 2018 and onwards

The detailed Guidelines are as under : –

 Application related

  1. Application seeking inspection/certified copies of answer books , has to apply within 30 days from the date of declaration of respective result(s) at http://icaiexam.icai.org and pay the applicable fee online.
  2. An applicant has to upload a sample of his handwriting on the above mentioned website (for examinee who appeared in Hindi medium, his/her application should be in Hindi. ) . Physically/visually/mentally challenged examinees who used scribe/writer permitted by ICAI to  upload  application seeking inspection in the handwriting of the same scribe/writer.
  3. Applications received after 30 days from date of declaration of results will not be entertained under any circumstances.
  4. No provision for late submission even when applicant ready to pay late fee.
  5. No Physical applications for Final/Intermediate and Foundation.
  6. Inspection/supply of evaluated answer books , will be provided generally, within 30 days from the date of receipt of the complete application by ICAI. These shall be only provided to the concerned examinee  and to no other person, under any circumstances.

Fees : –

  1. Fee is Rs. 500/- per paper for Final, Intermediate (IPC) / ATE / Unit, Foundation, CPT and post qualification courses.
  2. Fee is non refundable.

Scope of application – what is permissible and what is not : –

  1. For all applications, verification of answer books, within the scope of Regulation 39(4), will be carried out, by ICAI , before providing certified copies which shall contain the following : –
    • Whether any question or part thereof has remained unvalued
    • Whether there is any totaling error in any question or total marks on the cover page
    • Whether there is any discrepancy between the stepwise marks, total marks for each question indicated on the cover page
  2. No re-evaluation of answers is permissible as per ICAI under Regulation 39(4) of the CA Regulations 1988.

Students – Course of Action permissible

  1. Any discrepancy noticed by examinee, may be brought to the notice of ICAI within one month from the date of hosting of certified copies/inspection of evaluated answer books on the website, where it relates to the following : –
    1. Whether any question or part thereof has remained unvalued
    2. Whether there is any totaling error in any question or total marks on the cover page
    3. Whether there is any discrepancy between the stepwise marks, total marks for each question indicated on the cover page
  2. No re-evaluation of answers is   permissible under Regulation 39(4) of the CA Regulations 1988.
  3. Certified photocopy of relevant OMR answer sheet relating to Common Proficiency Test (CPT), Papers 3 & 4 of Foundation and ISA(AT) shall be provided but the relevant question paper or the key will not be provided.

Provision of Evaluated Answer sheets by ICAI

  1. Applicants can check the status of their applications at http://icaiexam.icai.org
  2. Incomplete Applications /with illegible entries/ without the applicable fee are liable to be rejected
  3. ICAI shall host scanned copies of the evaluated answer books of Final/Intermediate and Foundation   on a website , and send relevant link, User ID and password to examinees by email,  at the e-mail address given by them in their application form.
  4. Candidates can view or print the answer sheets not later than 10 days from the date of hosting. Copies will not be provided in cases where : –
  • Examinees results have been withheld/cancelled/have not been declared for any reason whatsoever.
  • Examinees against whom unfair means cases are reported/under consideration.

Inspection of evaluated answer books only  – Only once

  1. The examinee can come   for inspection at the appointed date and time advised by ICAI only and request for change of date/time will generally not be permitted.
  2. Inspection of answer books can be done by the examinees only and no other parents, guardians, or any other person representing the examinee can  accompany him/her, at the cost of the examinee
  3. Physically challenged ( including those who are visually challenged and those challenged by cerebral palsy etc) examinees who were allowed  facility of a writer for the examination in question, will have the option to bring along the same person, who acted as his/her writer, for inspection of his/her answer books, at their own cost.
  4. Inspection of evaluated answer books will be given only at the ICAI’s office after producing their admit card or  student identity card or any other photo identity card duly certified by a Chartered Accountant: –
  5. The Institute of Chartered Accountants of India, ICAI Bhawan A-29, Sector 62, Dist. Gautam Buddh Nagar (U.P) NOIDA 201309
  6. The examinee cannot  carry mobile phone, camera or any other electronic gadget or any paper or pen at the time of inspection, but   carry the relevant question paper and  note down question-wise marks secured   on a sheet of paper with pencil supplied by the Institute.
  7. No queries  will be entertained during the process of inspection.
  8. Examinees are required to sign a register in acknowledgement of having availed of the inspection of evaluated answer books.
  9. ICAI shall host the status of applications for certified copies of answer books at http://icaiexam.icai.org . Applicants can check whether the certified copies sought by them, have been hosted or not from the said website.
  10. Dispute(s) subject to exclusive jurisdiction of the Courts at New Delhi .

Contact details: E-mail IDs, as per the exam:

cpt_exam@icai.in

foundation_examhelpline@icai.in

intermediate_examhelpline@icai.in

final_examhelpline@icai.in

isa_examhelpline@icai.in(For post qualification courses)

Help Desk: 0120- 3054 851, 852, 853, 835

CPT : 0120-3894 811,812; 0120-3876 861

Foundation : 0120-3894 815, 0120-3045 985

Intermediate : 0120-3054 819, 806, 808, 0120-4953, 4953708,719

Final : 0120-3894 808, 809; 0120-3876 872

Please refer here for the detailed Notification – https://resource.cdn.icai.org/53743icaiexamcc.pdf

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CA Inter Income Tax MCQs – Income From Other Sources

Question 1

Which of the following conditions need to be satisfied, so that an income can be taxed under the head “Income from Other Sources” ?

a) Assessee has an income

b) Income should not be tax exempt

c) Income should not be taxable under any of the other heads

d) All of the above

[Read more…] about CA Inter Income Tax MCQs – Income From Other Sources

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CA Inter Income Tax MCQs – Deductions From Gross Total Income

Question 1

Which of the following deductions cannot be availed, if the return is not filed on or before the due date specified u/s 139(1) ?

a) 80-I

b) 80-IAB

c) 80-IAC

d) 80-BA

[Read more…] about CA Inter Income Tax MCQs – Deductions From Gross Total Income

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CA Inter Income Tax MCQs – Clubbing Of Income

Question 1

Which of the following is included under “Transfer” for the purpose of sections 60, 61 and 62 ?

a) Settlement

b) Trust

c) Covenant

d) All of the above

 

Question 2

Ram owns a house property in Delhi. He transfers it to his wife Sita on the condition that such transfer is irrevocable during the life time of Sita. Ram transfers the property on an agreement that he will be paid 30% of the rent received by Sita on such property. The total income from such house property will be included in the income of __________

a) Ram

b) Sita

c) Ram & Sita proportionately

d) Sita only up to the extent of income received by her from such property and balance in hands of Ram

 

Question 3

An individual can be said to have substantial interest in the concern for the purpose of clubbing provisions if ____________

a) He alone or along with his relatives owns beneficially, equity shares carrying not less than 30% of voting power at any time during the previous year

b) He alone or along with his relatives owns beneficially, equity shares carrying not less than 25% of voting power at any time during the previous year

c) He alone or along with his relatives owns beneficially, equity shares carrying not less than 20% of voting power at any time during the previous year

d) None of the above

CA Inter MCQs

 

Question 4

Interest on deposit, received by minor married daughter (minor) is ____________

a) Taxable in the hands of the father of minor

b) Taxable in the hands of minor

c) Taxable in the hands of either of the parents of minor whose income before including minor’s income is higher

d) Taxable in the hands of husband of such minor

 

Question 5

The notice of demand in respect of tax paid on clubbed income can be served on _________

a) Transferor

b) Transferee

c) Both (a) and (b)

d) Neither (a) nor (b)

CA Inter MCQs

CA Inter Income Tax MCQs

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CA Final Question Papers and Suggested Answers by ICAI

CA Final Question Papers Nov 2018 (New Scheme)

SubjectsQuestion Papers
Financial ReportingDownload
Strategic Financial ManagementDownload
Auditing and Professional EthicsDownload
Corporate and Economic LawsDownload
Strategic Cost Management and Performance EvaluationDownload
6A: Risk ManagementDownload
6B: Financial Services and Capital MarketsDownload
6C: International TaxationDownload
6D: Economic LawsDownload
6E: Global Financial Reporting StandardsDownload
6F: Multidisciplinary Case StudyDownload
Direct Tax Laws and International TaxationDownload
Indirect Tax LawsDownload

[Read more…] about CA Final Question Papers and Suggested Answers by ICAI

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CA Inter Income Tax MCQs – Capital Gains

Question 1

Agricultural land situated in any area within 6 Kms distanced aerially from local limits of municipality or cantonment board shall not be considered as capital asset where the population of municipality is ______________

a. 10,001 – 1,00,000 ;

b. 1,00,001 – 10,00,000 ;

c. More than 10,00,000 ;

d. None of the above

 

Question 2

Miss Rani has acquired house property by way of gift from her uncle on April 10, 2017. Her uncle had purchased such property way back in 2010. She sold such property on August 10, 2018. Such property shall be considered as ___________

a. Short-term Capital assets ;

b. Long-term Capital assets

 

Question 3

Where right to acquire shares has been renounced, the person who has acquired such right would reckon the period of holding of right shares from the ___________

a. Date of offer of such right shares ;

b. Date of renouncement of such right ;

c. Date of allotment of such right shares ;

d. None of the above

CA Inter MCQs

 

Question 4

UV Inc. acquire Global Depository Receipt (GDR) of D India on April 1, 2015. UV Inc. requested for redemption of GDR on April 12, 2018, in lieu of which it received shares on April 20, 2017. It sold such shares on July 1, 2018. What would be the period of holding of shares?

a. April 1, 2015 to July 1, 2018 ;

b. April 20, 2015 to July 1, 2018 ;

c. April 12, 2018 to July 1, 2018 ;

d. None of the above

 

Question 5

Any transfer of capital asset by a 100% subsidiary company to its holding company shall not be regarded as transfer when ____________

a. Holding company is an Indian company ;

b. Subsidiary company is an Indian company ;

c. Either A or B ;

d. None of the above

CA Inter MCQs

 

CA Inter Income Tax MCQs

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CA Inter Income Tax MCQs – ADVANCE TAX, TDS AND TCS

Question 1

In which of the following cases, Mr. B would be deemed to be assessee-in-default ?

a. Mr. B has made payment for professional services to Mr. A without deduction of tax at source. While filing return of income Mr. A has included such income and paid taxes on it ;

b. Mr. B has made payment for professional services to Mr. A without deduction of tax at source. While filing return of income Mr. A has not included such income ;

c. Both A and B ;

d. None of the above

 

Question 2

Employee is required to furnish evidence of tax deduction claimed by him in ________ to the employer ?

a. Form No. 12B ;

b. Form No 12BA ;

c. Form No. 10E ;

d. None of the above

 

Question 3

As per Section 192A, premature withdrawal from recognised provident fund would attract TDS @ ________

a. 5% ;

b. 20% ;

c. 10% ;

d. Nil

CA Inter MCQs

 

Question 4

Mr. Rajesh has received dividend on shares issued by foreign company during the PY 2018-19. Such dividend would be __________

a. Taxable at 10% ;

b. Exempt from tax in the hands of Mr. Rajesh ;

c. Taxable at slab rate applicable to such Individual ;

d. Taxable at 20%

 

Question 5

Mr. C has made a recurring deposit of Rs. 10,000 per month for a period of 12 months. The first instalment of recurring deposit starts from August 1, 2018. Interest of Rs. 9,000 accrue on such deposit during the PY 2018-19. What would be the TDS amount to be deducted by bank on such interest payment on recurring deposit ?

a. Rs. 900 ;

b. Rs. 1800 ;

c. Rs. 450 ;

d. Nil

CA Inter MCQs

CA Inter Income Tax MCQs

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CA Inter Income Tax MCQs – PGBP

Question 1

Aman is the Distributor of XYZ Co. for entire Northern Region. During  F.Y. 2018-19 company has modified the contract of Aman’s agency and in future Aman will be the distributor only for Delhi, The company paid Rs. 10 Lakh as compensation. Such compensation would be: –

a) Taxable under head IFOS

b) Taxable under the head PGBP

c) Taxable under head Capital Gain

d) None of the above

 

Question 2

Bojo India Ltd. made provision of Rs. 10 lakhs for payment of bonus in PY 2018-19. If it paid bonus of Rs. 5 lakhs in July 2019, calculate the amount of deduction allowable in PY 2018-19?

a) Rs. 10 lakhs

b) Rs. 7 lakhs

c) Rs. 3 lakhs

d) Rs. 5 lakhs

 

Question 3

YY India Ltd. purchases goods worth Rs. 30,000 from GG India Ltd. during PY 2017-18 and claimed deduction of such expenditure. During the PY 2018-19, it has made cash payment of Rs. 30,000 to GG India Ltd. Determine the amount of disallowance, if any

a) Rs. 30,000

b) Rs. 9,000

c) Nil

d) None of the above

CA Inter MCQs

 

Question 4

KJ India Ltd. has made payment to a resident contractor amounting Rs. 3,40,000 on 15-06-2018, but tax was deducted at source on 31-03-2019. What shall be the amount of disallowance if such TDS is deposited on 18-09-2018?

a) Rs. 3,40,000

b) Rs. 1,02,000

c) Nil

d) None of the above

 

Question 5

Shyamlal has purchased cows and buffalos for his dairy business for Rs. 5 lakhs during the P.Y. 2017-18. During the P.Y. 2018-19 these animals becomes permanently unproductive and sold for Rs.1 lakhs. What would be the amount of deduction available in P.Y. 2018-19: –

a) Nil

b) 4 Lakhs

c) 5 Lakhs

d) 1 Lakhs

CA Inter MCQs

CA Inter Income Tax MCQs