Amendments for IPCC November 2012 Attempt

TAX

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ADVANCED ACCOUNTS

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LAW

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ACCOUNTS

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(Source: RTP Nov,12)

RTP : IPCC November 2012–Download Links

Group 1

Paper 1 – Accounting

Paper 2 – Business Laws, Ethics and Communication

Paper 3 – Cost Accounting & Financial Management

Paper 4 – Taxation

Group 2

Paper 5 – Advanced Accounting

Paper 6 – Auditing and Assurance

Paper 7 – Information Technology and Strategic Management

CA Final May 12 Direct Tax Question Paper

CA Final May 12 DT

Incomes not treated as those of HUF & deductions available from GTI to HUF

Incomes not treated as those of HUF - 

• Income from property transferred to a member
• Income from property transferred to the family
• Income from personal business of a member
• Incomes in case only one coparcener is there in Dayabhag School
• Income earned by personal efforts of a member
• Impartible estate

Deductions available to HUF from Gross Total Income -

Conditions for being assessed as HUF

The following can be regarded as the two main conditions which are required to be complied with for being assessed as a Hindu Undivided Family(HUF) -

1. There should be coparceners
2. There should be any common property of the family

Here, “coparceners” refers to two or more individuals inheriting any property together, or in other words two or more people who are co-heirs, and have rights on the property that they inherit

Hindu Undivided Family(HUF) - Meaning & Types

According to Hindu Law," A Hindu Undivided Family consists of all male persons lineally descended from a common ancestor (excluding such persons who have separated themselves from the joint family by partition of assets) and includes their wives & unmarried daughters, and also a stranger of HUF"

HUF is mainly governed by either of these two schools of law -

1. Mitakshra
2. Dayabhag

It is to be noted that Dayabhag School is popular majorly in parts of Bengal only and Mitakshra stands as the most followed and exercised school of law for HUFs

These schools are majorly influenced by Hindu laws, traditions and practices.

Infact "Mitākṣarā" & "Dāyabhāga" are two legal treatise and commentaries of hindu law which deal with the law and procedure of inheritance. The central difference between the texts is based upon "when one becomes the owner of property". The Dāyabhāga does not give the sons a right to their father's ancestral property until after his death, unlike Mitākṣarā, which gives the sons the right to ancestral property upon their birth.

For further readings regarding these schools, one may refer to the articles- Mitākṣarā and Dāyabhāga on Wikipedia-The Free Encyclopedia

Major highlights of Union Budget 2012-13

UNION BUDGET 2012-13

For highlights of Union Budget 2012-13

Download the enclosed document by clicking

HERE

Some Exceptional Cases Where Income Is Assessed In The Same Previous Year In Which It Is Earned

• Income from Shipping Business of Non-Residents (Section 172)

• Assessment of a Person leaving India (Section 174)

• Assessment of a Person likely to transfer property to avoid Tax (Section 175)

• Assessment of Income of Discontinued Business (Section 176)

PAN (Permanent Account Number) –What does it tell ?

PAN or Permanent Account Number is unique alphanumeric combination provided to entities which are identifiable under the Income Tax Act, 1961.The basic purpose of assigning this number to an entity is to track down substantial flow of monetary resource to and fro through such an entity via this number. Hence, assigning this number and making its role mandatory in major financial transactions ensures that evasion of tax is checked. PAN also serves as an important Id proof document. PAN; as acronym depicts is “Permanent” and is unique to every entity. PAN is allocated to variety of “entities”, viz. Company, Individuals, HUF, Trusts, Societies, AOPs etc. Structure of a PAN Card is given below:

Permanent Account Number is framed in such a manner that it reveals some details about its holder, suppose the PAN is AAAAA9999A; Then,

• The fourth Letter in PAN tells us about the type of Assesse :
• A – AOP
• B – BOI
• C – Company
• F – Firm
• G – Government
• H – HUF
• J – Artificial Judicial Person
• L – Local Authority
• P – Person
• T – Trust
• Fifth letter of Permanent Account Number is :
• First character of Surname in case of Person
• First character of name for assesses other than a Person(Individual)

• Next four characters “9999” in this case, are numbers ranging from 0001 to 9999 

• Last letter is “Alphabetic Check Digit”

Importance of PAN -