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CA New Syllabus 2016 (Analysis by CS K K Agrawal)

By : CS K. K. Agrawal
Institute of Chartered Accountants of India (ICAI) president M. Devaraja Reddy on Saturday said efforts were being made to implement new syllabus for aspiring chartered accountants from November, 2016.

Since till now no news of immediate implementation therefore most probably new syllabus shall be applicable from May 2017 exam onwards.

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MCQ STRATEGY : Ethical code to cheat

By : CS K. K. Agrawal
Very useful for students appearing in CA, CS, CMA and UPSC examinations

1. Accelerate your mind before the start. ...

2. Read the questions cautiously and then answer. ...

3. Do not try to solve everything in one go. ...

4. Take half to one minute breaks if possible. ...

5. Learn as many short-cuts as you can and apply them in the examination. ...

6. Use method of elimination.

7. Use ethical cheat code as shown in video

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Residential Status of Foreign Company as per amendment made by FA 2015

By : CS K. K. Agrawal
The company which is incorporated outside India is a Foreign company. Residential status of foreign company shall depend upon place of effective management. Place of effective management to mean a place where key management and commercial decisions that are necessary for the conduct of the business of an entity as a whole are, in substance made. It simply means the place where board meetings are held or that person to whom board of directors have delegated the entire policy decision of company. E.g. Managing Director, Manager who has control and management.
Control & Management of the affairs of the business is situated

Wholly in India : Resident in India.

Partially in India : Resident in India.

Wholly outside India : Non – Resident in India.

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Deduction u/s 80C to 80U as per amendment made by FA 2015

By : CS K. K. Agrawal
Following changes has been made by Finance Act 2015 in following sections. I have tried to summaries the entire lecture within 7 minutes.

1. 80C : Investment
2. 80CCC : Pension Plan
3. 80CCD : Pension Plan NPS
4. 80D : Health Insurance Premium
5. 80DD : Disabled deduction
6. 80U : Disabled deduction
7. 80G : Donation

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Curious case of Indrani Mukherjee and Permanent Account Number

By : CS K. K. Agrawal
Permanent account number” means a number which the Assessing Officer may allot to any person for the purpose of identification and includes a permanent account number having ten alphanumeric characters and issued in the form of a laminated card. [Form 49A].

The card has 3 information with signature
1. Name
2. Father's Name
3. Date of Birth
4. Signature

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Why Govt. does retrospective amendment in tax laws?

By : CS K. K. Agrawal
To win pending cases of tax laws. Indian Govt. has carried out retrospective amendment in tax laws from very inception of tax laws i.e. 1962. The retrospective amendment should be carried out when the cases are pending in Courts. When assessee takes advantages of loopholes in tax laws and win the cases in lower courts then the Govt. files the cases in higer courts and to win those cases makes retrospective amendments.

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Manner of measuring distance of agricultural land from municipal limits

By : CS K. K. Agrawal
Dispute : Whether agricultural land is situated in urban area or rural area
Claim of the Assessee : Distance should be measured as per road. Therefore not a capital asset.
Claim of the AO : Distance should be measured as the crow flies. Therefore it is capital asset
CIT vs. Vijay Singh Kadan (Delhi High Court), I.T.A. No. 714/2015, Date-14.09.2015

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