Tag Archives: caspot.com

Amendments in Auditing for CA IPCC Nov 2014 – Companies Act 2013

4 Sep

Amendments in Audit for CA IPCC Nov 2014 Exams (as per companies act 2013)

As we all know after the application of Companies Act, 2013, syllabus is changed in our academic textbooks. Law.. Accounts… Audit… everything is affected from this new act. So, our institute take a good step in the interest of students toward the updation in their study materials. This is the academic update as per the amended syllabus of Auditing & Assurance of IPCC which is issued by I.C.A.I..

Related Post: All amendments for CA IPCC November 2014 Exams are at one place:

 

amendments-in-auditing-nov-2014-ipcc

 

PAPER – 6: AUDITING AND ASSURANCE

PART – I : ACADEMIC UPDATE

(Legislative Amendments as per the Companies Act, 2013)

 

1) Payments controlled by the Companies Act, 2013:

a) Under section 180, the Board of Directors of a company except with the consent of the company by a special resolution exercises the following powers.

i) to sell, lease or otherwise dispose of the whole or substantially the whole of the undertaking of the company or where the company owns more than one undertaking, of the whole or substantially the whole of any of such undertakings.

ii) to invest otherwise in trust securities the amount of compensation received by it as a result of any merger or amalgamation;

iii) to borrow money, where the money to be borrowed, together with the money already borrowed by the company will exceed aggregate of its paid-up share capital and free reserves, apart from temporary loans obtained from the company’s bankers in the ordinary course of business:

Provided that the acceptance by a banking company, in the ordinary course of its business, of deposits of money from the public, repayable on demand or otherwise, and withdrawable by cheque, draft, order or otherwise, shall not be deemed to be a borrowing of monies by the banking company within the meaning of this clause.

iv) to remit, or give time for the repayment of, any debt due from a director.

b) Under section 181, the Board of Directors of a company can contribute to the bonafide charitable and other funds any amount in any financial year. Prior permission of the company in general meeting is required in case if the aggregate of such contribution exceeds 5% of its average net profits for the three immediately preceding financial years.

c) Section 182 deals with prohibition and restriction regarding political contributions. According to this section, a government company or any other company which has been in existence for less than three financial years cannot contribute any amount directly or indirectly to any political party. In other cases, contribution in any financial year should not exceed 7½ % of average net profits during the three immediately preceding financial years.

d) Section 183 permits the Board and other person to make contributions to the National Defence Fund or any other Fund approved by the Central Government for the purpose of National Defence to any extent as it thinks fit. 

 
 

2) Allotment of shares and receipt of Allotment: (Section 39 of the Companies Act, 2013)

i) Director’s Minutes Book to verify approval of allotments.

ii) Compare copies of letters of allotment with entries in the Application and Allotment Book.

iii) Trace entries in the Cash book into the Application and Allotment Book for the verification of amounts collected on allotment.

iv) Trace the amount collected on application as well as those on allotment from the Application and Allotment Book into the Share Register.

v) Check whether the amount stated in the prospectus as the minimum amount has been subscribed and the sums payable on such application have been received by the company.

vi) Check that the amount payable on the application on every security is not less than five percent of the nominal amount of security or such other percentage or amount as may be prescribed by the SEBI.

vii) If the stated minimum amount has not been subscribed and the sum payable on subscription is not received within a period of thirty days from the date of issue of the prospectus or such period as my be specified by the SEBI, check that the amount received above is returned within a period of fifteen days from the closure of the issue and if in case the amount is not repaid within such period, the directors in default shall jointly and severally be liable to repay that amount with interest at the rate of fifteen percent per annum.

viii) Check totals of amounts payable on allotment and verify the journal entry debiting Share Allotment Account and crediting Share Capital Account. 

 

3) Prohibition for buy back in certain circumstances : Section 70 of the Companies Act, 2013.

i) No company shall directly or indirectly purchase its own shares or other specified securities—

(a) through any subsidiary company including its own subsidiary companies; or

(b) through any investment company or group of investment companies; or

(c) if a default, by the company, in repayment of deposit or interest payable thereon, redemption of debentures or preference shares or payment of dividend to any shareholder or repayment of any term loan or interest payable thereon to any financial institutions or bank, is subsisting. Provided that the buy – back is not prohibited if the default is remedied and a period of three years has elapsed since the cessation of the default.

ii) No company shall directly or indirectly purchase its owns of Sections 92,123, 127 and 129. Section 92 relates to the filing of Annual Return, Section 123 and 127 to declaration and payment of dividend and Section 129 to the financial statement of the company. 

 

4) Central Government to prescribe Accounting Standards (Section 133 of the Companies Act, 2013):

Section 133 of the Companies Act, 2013 provides the provisions for Central Government to prescribe accounting standards. According to section 133 of the Companies Act, 2013: “Accounting Standards” means the standards of accounting or any addendum thereto as recommended by the Institute of Chartered Accountants of India (ICAI) constituted under section 3 of the Chartered Accountants Act, 1949, as may be prescribed by the Central Government in consultation with and after examination of the recommendations made by the National Financial Reporting Authority constituted under section 132 of the Companies Act, 2013.

In respect of accounting standards, the role of National Financial Reporting Authority is limited to advise the Central Government on the accounting standards recommended by ICAI for adoption by companies. The Ministry of Corporate Affairs (MCA) vide General Circular No. 15/2013 dated 13th September, 2013 has clarified that till the Standards of Accounting or any addendum thereto are prescribed by Central Government in consultation and recommendation of the National Financial Reporting Authority, the existing Accounting Standards notified under the Companies Act, 1956 shall continue to apply. 

 

5) Payment of Dividend in proportion to amount paid-up (Section 51 of the Companies Act, 2013):

A company, if so authorised by its Articles, may pay dividend in proportion to the amount paid-up on each share.

You can download these amendments in PDF format, with clicking here.

Advertisements

Amendments in Auditing for CA IPCC Nov 2014 – Companies Act 2013

4 Sep

Amendments in Audit for CA IPCC Nov 2014 Exams (as per companies act 2013)

As we all know after the application of Companies Act, 2013, syllabus is changed in our academic textbooks. Law.. Accounts… Audit… everything is affected from this new act. So, our institute take a good step in the interest of students toward the updation in their study materials. This is the academic update as per the amended syllabus of Auditing & Assurance of IPCC which is issued by I.C.A.I..

Related Post: All amendments for CA IPCC November 2014 Exams are at one place:

 

amendments-in-auditing-nov-2014-ipcc

 

PAPER – 6: AUDITING AND ASSURANCE

PART – I : ACADEMIC UPDATE

(Legislative Amendments as per the Companies Act, 2013)

 

1) Payments controlled by the Companies Act, 2013:

a) Under section 180, the Board of Directors of a company except with the consent of the company by a special resolution exercises the following powers.

i) to sell, lease or otherwise dispose of the whole or substantially the whole of the undertaking of the company or where the company owns more than one undertaking, of the whole or substantially the whole of any of such undertakings.

ii) to invest otherwise in trust securities the amount of compensation received by it as a result of any merger or amalgamation;

iii) to borrow money, where the money to be borrowed, together with the money already borrowed by the company will exceed aggregate of its paid-up share capital and free reserves, apart from temporary loans obtained from the company’s bankers in the ordinary course of business:

Provided that the acceptance by a banking company, in the ordinary course of its business, of deposits of money from the public, repayable on demand or otherwise, and withdrawable by cheque, draft, order or otherwise, shall not be deemed to be a borrowing of monies by the banking company within the meaning of this clause.

iv) to remit, or give time for the repayment of, any debt due from a director.

b) Under section 181, the Board of Directors of a company can contribute to the bonafide charitable and other funds any amount in any financial year. Prior permission of the company in general meeting is required in case if the aggregate of such contribution exceeds 5% of its average net profits for the three immediately preceding financial years.

c) Section 182 deals with prohibition and restriction regarding political contributions. According to this section, a government company or any other company which has been in existence for less than three financial years cannot contribute any amount directly or indirectly to any political party. In other cases, contribution in any financial year should not exceed 7½ % of average net profits during the three immediately preceding financial years.

d) Section 183 permits the Board and other person to make contributions to the National Defence Fund or any other Fund approved by the Central Government for the purpose of National Defence to any extent as it thinks fit. 

 
 

2) Allotment of shares and receipt of Allotment: (Section 39 of the Companies Act, 2013)

i) Director’s Minutes Book to verify approval of allotments.

ii) Compare copies of letters of allotment with entries in the Application and Allotment Book.

iii) Trace entries in the Cash book into the Application and Allotment Book for the verification of amounts collected on allotment.

iv) Trace the amount collected on application as well as those on allotment from the Application and Allotment Book into the Share Register.

v) Check whether the amount stated in the prospectus as the minimum amount has been subscribed and the sums payable on such application have been received by the company.

vi) Check that the amount payable on the application on every security is not less than five percent of the nominal amount of security or such other percentage or amount as may be prescribed by the SEBI.

vii) If the stated minimum amount has not been subscribed and the sum payable on subscription is not received within a period of thirty days from the date of issue of the prospectus or such period as my be specified by the SEBI, check that the amount received above is returned within a period of fifteen days from the closure of the issue and if in case the amount is not repaid within such period, the directors in default shall jointly and severally be liable to repay that amount with interest at the rate of fifteen percent per annum.

viii) Check totals of amounts payable on allotment and verify the journal entry debiting Share Allotment Account and crediting Share Capital Account. 

 

3) Prohibition for buy back in certain circumstances : Section 70 of the Companies Act, 2013.

i) No company shall directly or indirectly purchase its own shares or other specified securities—

(a) through any subsidiary company including its own subsidiary companies; or

(b) through any investment company or group of investment companies; or

(c) if a default, by the company, in repayment of deposit or interest payable thereon, redemption of debentures or preference shares or payment of dividend to any shareholder or repayment of any term loan or interest payable thereon to any financial institutions or bank, is subsisting. Provided that the buy – back is not prohibited if the default is remedied and a period of three years has elapsed since the cessation of the default.

ii) No company shall directly or indirectly purchase its owns of Sections 92,123, 127 and 129. Section 92 relates to the filing of Annual Return, Section 123 and 127 to declaration and payment of dividend and Section 129 to the financial statement of the company. 

 

4) Central Government to prescribe Accounting Standards (Section 133 of the Companies Act, 2013):

Section 133 of the Companies Act, 2013 provides the provisions for Central Government to prescribe accounting standards. According to section 133 of the Companies Act, 2013: “Accounting Standards” means the standards of accounting or any addendum thereto as recommended by the Institute of Chartered Accountants of India (ICAI) constituted under section 3 of the Chartered Accountants Act, 1949, as may be prescribed by the Central Government in consultation with and after examination of the recommendations made by the National Financial Reporting Authority constituted under section 132 of the Companies Act, 2013.

In respect of accounting standards, the role of National Financial Reporting Authority is limited to advise the Central Government on the accounting standards recommended by ICAI for adoption by companies. The Ministry of Corporate Affairs (MCA) vide General Circular No. 15/2013 dated 13th September, 2013 has clarified that till the Standards of Accounting or any addendum thereto are prescribed by Central Government in consultation and recommendation of the National Financial Reporting Authority, the existing Accounting Standards notified under the Companies Act, 1956 shall continue to apply. 

 

5) Payment of Dividend in proportion to amount paid-up (Section 51 of the Companies Act, 2013):

A company, if so authorised by its Articles, may pay dividend in proportion to the amount paid-up on each share.

You can download these amendments in PDF format, with clicking here.

Download Chapter Wise Notes on Companie Act 2013 – CA, CS, CWA

4 Sep
 

Institute of Chartered Accountancy already notified that Companies Act, 2013 will be applicable in CA November 2014 exams [Check Here] and CA May 2015 Exams. [Check Here]. So with the motive of help I am going to share here shorts notes of Companies Act 2013 notes which is helpful to the CA, CS, CWA students. These notes are shared by Mr. Ketan Sardana.

 

“Accounting related sections of the Companies Act, 2013, notified in Sept, 2013, along with the clarifications issued by the Ministry of Corporate Affairs are applicable for Nov. 14 Examination.

Notified Sections of Chapter IX of the Companies Act, 2013 along with relevant Rules will be applicable for November, 2014 Examination.”


Chapters & Topics Included in these notes:

  1. Incorporation Of Company And Matters Incidental Thereto
  2. Prospectus And Allotment Of Securities
  3. Share Capital And Debentures
  4. Acceptance Of Deposits By Company
  5. Registration Of Charges
  6. Management And Administration
  7. Declaration Of Payment Of Dividend
  8. Accounts Of Companies
  9. Audit And Auditors
  10. Appointment And Qualifications Of  Directors
  11. Meetings Of Board And Its Powers
  12. Appointment And Remuneration Of Managerial Personnel

 Download Links:

 

Server 1: Click Here

Server 2: Click Here

 

https://drive.google.com/file/d/0B_oGmIypmXtPWEFSVDVxX295TE0zaWVhdDFOMVNuOTRmR25R/edit?usp=sharing

https://drive.google.com/file/d/0B_oGmIypmXtPWEFSVDVxX295TE0zaWVhdDFOMVNuOTRmR25R/edit?usp=sharing

https://drive.google.com/file/d/0B_oGmIypmXtPWEFSVDVxX295TE0zaWVhdDFOMVNuOTRmR25R/edit?usp=sharing

https://drive.google.com/file/d/0B_oGmIypmXtPWEFSVDVxX295TE0zaWVhdDFOMVNuOTRmR25R/edit?usp=sharing

https://drive.google.com/file/d/0B_oGmIypmXtPWEFSVDVxX295TE0zaWVhdDFOMVNuOTRmR25R/edit?usp=sharing

 

 
 

 
 
 

 
 

Please don’t forget to Share these notes.

Free Direct / Indirect Tax Notes for CA IPCC for November 2014 Exams

26 Jul

 

Exclusive Notes of Direct and Indirect Taxation for IPCC November 2014 [amended as well as revised] [free e-book] [pdf] [also helpful to CS, CWA/CMA students]

The syllabus content is revised of Taxation paper of CA IPCC for November 2014 examinations. After the Income Tax, VAT, Service Tax, ICAI also put the indirect tax part in new syllabus i.e Excise Duty Custom Duty. So, with the help of some blogs and pages now I am able to upload the Important notes on Income Tax/Service Tax/Excise Duty/ Custom Duty/ Value Added Tax (VAT) in one file. In this post you can download the 100% free notes of 100 marks taxation paper of IPCC stage of Chartered Accountancy Course. These notes are exclusively amended for the November 2014 exams. All the relevant amendment are incorporate in this file. You can download the file from this link.  

 

Download Link: Download from here

Special Thanks to CA Clues

 

direct-and-indirect-taxation-notes-for-IPCC-November-2014

 

Revised syllabus of Taxation paper for CA IPCC November 2014

 

PAPER 4: TAXATION

(One paper – three hours –100 marks)

Level of Knowledge: Working knowledge

Objectives:

(a) To gain knowledge of the provisions of Income-tax law relating to the topics mentioned in the contents below; and

(b) To gain ability to solve simple problems concerning assesses with the status of ‘Individual’ covering the areas mentioned in the contents below.

Contents:

PART I: INCOME-TAX (50 MARKS)

  1. Important definitions in the Income-tax Act, 1961
  2. Basis of charge; rates of taxes applicable for different types of assessees
  3. Concepts of previous year and assessment year
  4. Residential status and scope of total income; Income deemed to be received / deemed to accrue or arise in India
  5. Incomes which do not form part of total income
  6. Heads of income and the provisions governing computation of income under different heads
  7. Income of other persons included in assessee’s total income
  8. Aggregation of income; set-off or carry forward and set-off of losses
  9. Deductions from gross total income
  10. Computation of total income and tax payable; rebates and reliefs
  11. Provisions concerning advance tax and tax deducted at source
  12. Provisions for filing of return of income.

PART II – INDIRECT TAXES (50 MARKS)

Objective:

To develop an understanding of the basic concepts of the different types of indirect taxes and to acquire the ability to analyse the significant provisions of service tax.

  1. Introduction to excise duty, customs duty, central sales tax and VAT – Constitutional aspects, Basic concepts relating to levy, taxable event and related provisions
  2. Significant provisions of service tax
  • Constitutional Aspects
  • Basic Concepts and General Principles
  • Charge of service tax including negative list of services
  • Point of taxation of services
  • Exemptions and Abatements
  • Valuation of taxable services
  • Invoicing for taxable services
  • Payment of service tax
  • Registration
  • Furnishing of returns
  • CENVAT Credit [Rule 1 -9 of CENVAT Credit Rules, 2004]

Note – If new legislations are enacted in place of the existing legislations the syllabus will accordingly include the corresponding provisions of such new legislations in place of the existing legislations with effect from the date to be notified by the Institute. Students shall not be examined with reference to any particular State VAT Law.

 

Keep Sharing if you like the posts. 

 
 

Regards,

Yogesh Gupta

 http://facebook.com/Mr.YogeshGupta3

Important topics for IPCC May 2014 – A Package for IPCC May 2014

15 Mar

LIST OF IMPORTANT QUESTION AND TIPS FOR MAY 2014 CA IPCC EXAMS

Important-Topics-For-IPCC-May-2014Hello friends, first of all before writing the important topics which are relevant to CA IPCC May 2014 Exams, I’m giving thanks to my blog readers who make a trust on me like last attempt. I post some topics before the exams and maximum paper was come from those topics. I’m not an expert, just a student like you but I believe in SMART STUDY rather than HARD STUDY. Friends, I’m repeating my words, in our Chartered Accountancy course NOTHING IS UNIMPORTANT with regarding to examination. We can’t leave anything, but some topics are which is highly recommended to do. Here, in this post I am giving some following important topics for your preparation for your IPCC May 2014 exams.

Check out our successful post for November 2013 too. 😀

Start your day with GOAL, how to define your Goal, I Recommended this post : Revision Schedule / Plan for IPCC both groups in 60 Days Click Here

Important-Tips-For-IPCC-May-2014

Now come to the subjects:

ACCOUNTS:

Click here to read full story

%d bloggers like this: