Company Bill in Rajya Sabha

The so called big leap in nations corporate development is expected to come in the way of proposed The Companies Bill of 2012. It is well known to us that in the journey of our new companies bill to be called as an act was fastened, when Shri Sachin Pilot passed the bill in Lok Sabha on 18th of December 2012.

It is expected that the Companies Bill might will be passed in Rajya Sabha today i.e, 26th February 2013. This is evident as the The Companies Bill of 2012 is listed in List of Business of Rajya Sabha for the day. 








SERVICE TAX FOR CA IPCC MAY 2013(AMENDED)

there have been considerable changes in the SERVICE TAX For CA IPCC may 2013 when compared to the November portion. Due to the amendments in point of taxation rules and negative list the portion is changed around 30% from previous one, with Valuation Rules and Scope of taxation it is better to prefer the amended material than previous one.

The categorization of question will be helpful to cover the main topics to be focused. However students are also requsted to check know all the questions







SERVICE TAX FOR CA IPCC MAY 2013(AMENDED)

SEBI strict for non compilance : Drags SAHARA Group in trouble



One of the well renowned enterprises SAHARA Group is seemingly to be in trouble. As the tension prevailed resulting in huge consequences that were subjected to the attachment for the Assets and  many more properties. Sahra Inc which is considered one of the Greatest and healthier in terms of corporate deals has down fall at an instance. It soon started on August 31st 2012 when SUPREME COURT ordered to repay 20,000crore to its investors along with interest within Three months to two of SAHARA’S FIRMS.
Following the order of SEBI, SAHRA moved to the Court by filing review petition. As against SAHRA SEBI  to approached for non compliance of main order, and in case of Non compliance SEBI was suggested that it can attach SAHARA’S assets.






The struggle between
SAHARA & SEBI for its non compliance again started with series of petition by SAHRA that started from November 2, 2012, when SEBI filed petition against SAHARA for not furnishing Investor documents followed by SAHARA’S appeal to SAT that Investor documents were refused deliberately when SAHRA did forwarded them to SEBI, which was dismissed by SAT. SAHRA had to go for supreme court as a chance of last hope for its plea to be accepted .
Eventually the appeal was taken up by three judge bench on December 3, 2012. Later the time period for repayment of money was extended to three more months to SAHARA in terms of Installment by first week of February . The Supreme Court order  allowed to freeze the Bank Accounts, properties of its two companies.


Looking into this affair deep, the two companies SAHARA Housing Investment Corporation ltd SHICL & SAHARA INDIA Real Estate Corporation ltd raised 6380crore & 19,400crore respectively through bondholders              “Various Illegalities”. Repayment was to be made with 15% rate of interest . The properties attached by SEBI include Land owned by SAHARA group firm AMABY VALLEY.

Professional Tax Hiked in the STATE AP

There's as good news for all the employees who are in receipt of salary less than Rs. 5000. The state government of AP has rationalized the tax regime which will burden others, but relief for those bearing a salary below 15000/-


Earlier the professional Tax was to be paid for salary starting from rs.5000/- which now enhanced to rs.15000 pm. The professional Tax now will be paid rs150 for salary ranging between 15000 to 20000 and rs.200 for the category of the employees for salary above rs.20,000 


Followed by the Professional Tax the annual turnover limit  for registered VAT dealers has also been raised from  5Lakh to 10 Lakhs for small Service Providers. The collection of professional Tax is expected to increase to the collection so far. The levy of tax is as follows

Name of the profession
Tax to be paid now
Tax that was paid previously
Journalists
2500 pa
550 pa
Engineers and Architects
2500pa
Note 1
Film Writers, Cameramen and Still photographers
2500pa

Junior Artistes and Musicians
1250pa
550pa
Insurance Agent and Surveyors
2500pa
500pa
Jockey’s licensed by Turf Clubs
1250pa


Note1:
for engineers and architects below 5 years of experience no need to pay any tax .
Others:
For Owner of transport Vehicles owing more than 3 vehicles tax was hiked to 2500pa which previously was 750 pa per vehicle. For the Hotels below Turnover of 10 Lakhs Zero tax and
For hotels having a Turnover limit ranging between 10 to 50 lakhs   1250 pa
for Hotels above 50 lakhs of Turnover Limit 2500pa

CA IPCC LAW important topics/chapters


Ethics, Law,

Communication and Business Laws


This booklet is the small effort for the students & as an easy guide to Group 1 subject of IPCC. After referring many books , scanners and Author’s books I
have come up with this material in which important topics, questions are covered excluding the topics from Contract Act. I hope students can make utilize this
effort to its maximum and get a good result in this Vast subject .

Important   Topics
 



                                    Companies Act of 1956

1.   Define a company and explain its features.
2.   Concept of separate legal entity as applicable in case of Companies.
3.   Lifting of Corporate Veil.
4.   Classification of Companies.
5.   Conversion of Private Company into Public Company.
6.   Procedure for conversion of public to private and private to public.
7.   Procedure for Incorporation Of Company.
8.   Certificate of Incorporation .
9.   Certificate for Commencement of Business.
10. Write about  Memorandum of Association and it’s clause /contents.
11. Procedure relating to Alteration of MOA .
12. Alteration of  Articles of Association.
13. Doctrine of Ultravires and its exceptions.
14. When Prospectus is to be issued?
15. Expert and his liabilities.
16. Remedies available against false and misleading prospectus
17. What is meant by shelf prospectus?
18. Write about Red Herring prospectus and Information Memorandum.
19. Restrictions imposed by the companies act on allotment of Shares.
20. Define Underwriting & underwriting commission. How does the company act regulate payment of such commission.
21. Explain provisions and main contents of return of allotment.
22. Listing of shares on stock exchange.
23. Issue of Shares at premium.
24. Sweat Equity Shares.
25. Issue of Right shares to outsiders.
26. Right Shares.
27. Powers of CG with regard to conversion of Debentures into Shares.
28. Under what circumstances can companies reduces it share capital?
29. Practical Questions on Buy Back of Shares.
30. Issue of Share Warrants.
31. Share Certificate Vs. Share Warrant.
32. When Shares can be forfeited? Explain procedure relating to it ?
33. Provision relating to Refusal to registration if Transfer / transmission of Shares/ Debentures and refusal for rectification of register of members by a Co. and the remedial measures to the aggrieved Shareholder.
34. What is a Blank transfer?
35. What is meant by Certification of Transfer?
36. How shall nomination facility operate in case of transmission of Shares?
37. Procedure to be followed by a person nominated by a Shareholder
38. What is meant by Redemption of Debentures? State the remedies available for non repayment.
39. Write the Provisions relating to Statutory Meeting.
40. Write the provisions relating to Annual General Meeting.
41. Write the provisions relating to Extraordinary General Meeting.
42. Legal requirements for GM’s (AGM, EGM. SGM)
43. SEC 49
44. Quorum


Note:
As per ICAI the weightage for the exam is around 30 marks. Questions can also be practical questions hence complete reading and understanding is necessary. From the 1st Three chapters (1 to 13th  ) a must question is always expected.

                                         Business Ethics


1.   Ethical Dilemmas
2.   Distinction between Ethics and morals?
3.   Why a Business or individual Should follow Ethical Practises?
4.   What is Corporate Governance? importance of it
5.   Corporate Social Responsibility
6.   What is the need of Corporate Social Responsibility
7.   Benefits OF CSR
8.   Strategies in implementation of CSR
9.   Explain few guidelines for managing Ethics in workplace
10. Write a short notes on Harassment , In the context of Workplace Ethics
11. Explain the concept of sustainable development
12. What are the main forms of pollution &resource deployment and their effects?
13. Write short notes on Global Warming
14. Write short notes on Ozone Depletion
15. Write short notes on Acid Rain
16. Discuss Bhopal Disaster
17. Explain the precautionary principles in environment control
18. Why should we behave ethically in marketing?
19. Main ingredients of Competition Act
20. Fundamental Principles of Ethics in the context of Finance and Accounts
21. Give some examples of  Self Review Threats, Advocacy Threats, Familiarity
Threats
22. Ethical conflicts for Finance and Accounting Professional
 
Payment Of Bonus Act , 1965
1.   Who is liable to pay bouns?
2.   Who is entitled to pay bonus?
3.   Deduction that are  allowed under the Third Schedule
4.   What does available surplus mean?
5.   Minimum and Maximum Bonus payable
6.   Set on and Off of allocable surplus
7.   Deduction from the bonus payable
8.   Bonus linked with production or productivity
9.   Payment of Bonus by new establishment
10. Exemption from payment of Bonus 

Payment of Gratuity Act 1972

1.   Establishments covered under the act
2.   Eligibility and payment of gratuity
3.   When it is payable? To whom it is payable? By whom it is payable?
4.   Write about the Computation of Gratuity of amount payable
5.   Explain Continuous service
6.   Write short notes on reduction & forfeiture of gratuity

The Employees Provident Fund & Miscellaneous Provisions Act 19521.   Employees Provident Fund Scheme and its salient Features
2.   Employees Family Pension Scheme and its salient features
3.   Employees Deposit Linked Insurance Scheme
4.   Protect Against attachment of provident fund
5.   Central Board of Trustees
6.   Change of Employer –consequences
7.   Authorization of certain employers to maintain of a/c


Note:
Students are requested to also go through Practical Questions from the Above acts

Negotiable Instruments Act, 1881

1.   Promissory Note
2.   Bill of Exchange
3.   Provisions relating to maturity an days of Grace
4.   Cheque and its essential features
5.   Crossing and different types of crossing
6.   Conditions of Holder
7.   Holder in due course and privileges available to him
8.   Holder Vs. Holder in due course
9.   Endorsement , essential features and types
10. Material Alteration
11. Instruments obtained by unlawful means
12. Presentment and different types of presentment
13. Presentment for payment
14. Rules regarding notice of dishonor
15. What is stale cheque?
16. When banker refuses payment on his customer’s cheque?
17. Liability of banker for wrongful dishonor of a cheque
18. Offences / bouncing of cheque


Business Communication

1.   State the factors responsible for growing importance of communication
2.   Write about the process of communication
3.   What  are  the  different  dimensions  or  directions  in  which  communication  may happen in an organization
4.   Write    About    Oral    Communication?    What    are    the    disadvantages    of    oral
communication?
5.   Explain written communication and importance?
6.   What are the limitation of written communication?
7.   What are the requirements of effective communication?
8.   Write about non verbal communication of sign language
9.   Write about non verbal communication media of body language / kinesics
10. Write about non verbal communication media of Para language / para linguistics
11. What are the advantages of para language & is there any risks involved in depending on para language
12. What is meant by formal channels of communication? what are the advantages and limitations of it?
13. What is mean by Informal Channels of communication/ Grape vine?
14. Merits of Grape Vine & demerits of Grape vine
15. How many types of Grape vines have been identified? how do they functions?
16. What do you mean by barriers to communication?                                                                               17. How  does  the  knowledge  of  communication  process  help  us  in  communicating effectively
18. How we use touch sends messages about us ?
19. Explain principles of written of communication?
20. Explain principles of Interpersonal Communication?
21. How to improve Interpersonal skills?
22. Explain Active listening? what are the guidelines for active listening?
23. What is Critical Thinking? what are its purposes?
24. Explain the meaning of Critical thinking , the process involved  in it and quantity of a critical thinking
25. Explain Emotional Intelligence
26. What is Group Dynamics?
27. Explain the concept of team roles?
28. What are the Group Conflicts? Bring out the nature of Group Conflicts?
29. What are the steps in Negotiation Process?
30. What are reasons of acceptance of change
31. What  are  the  pre  requisites  for  fostering  innovative  spirits?  Explain  the  key elements in the Innovation Framework
32. Explain Ethical Dilemmas in Communication
33. Explain Guidelines to handle communication Ethics Dilemma
34. DEEDS and Business Letters

NOTES:
A must Question from first Chapter ie., 1 to 20 questions and also from 3 to 5th   chapters




Disclaimer:
The maker of this particular material does not hold any strict responsibility as an Author , on the criteria of upcoming question papers of CA IPCC exams. The holder of this particular one should be clear that Every topic has got its importance in wake of CA exams, after referring the Previous question papers which helped to draft what and which topics are covered or were asked more frequently. Hence this is to make students study the questions which have the more probability for being asked first and rest
the second.






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for any queries reach us at:
8500064929.



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Foot note:
The Indian Contract Act is not covered to be fully read. This is our experiment and if it works well which we can know only by your feedback we will surely write for more subjects.  We cannot assure the figure of marks that this will cover in CA IPCC Exams But you will feel more confident as you are ready with most topics.


Where Only name of topics is plotted , which states that all related concepts to that particular topics should be also read
For example:
say the topic is  Lifting of Corporate Veil you should also read advantages , disadvantages and other related titles of it .


The study should be followed by Manual, Revision Test Papers , The best comes the last
ICAI”s Study Material.

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Basic exemption limit to be raised to 3 lakhs

will the Basic Exemption raised to 3 lakhs?

The current tax exemption limit 1.8lakhs is soon to be revised. As per the modification by parliamentary panel headed by Senior BJP Leader Yashwanth Singh in it's
report (March 2012) suggested increasing the basic exemption tax limit to 3lakhs against 2 lakhs proposed by original Direct Tax Code bill

In response to Standing committee suggestions "we will come out with a modified DTC (bill) said advisor to the Finance Minister Parthasarathi Shome at  FICCI event. Due to steep growth of inflation in INDIA, leading to increased outcome of expenditure and spending capability is the main reason behind  the  modification.

The Basic tax exemption of 1.8lakhs which is calculated as per the provisions of Income tax Act 1961 excluding the Income from lotteries and
Income from Capital Gains. The increase in exemption limit when compared to previous financial years was just 20,000 i.e. from 160,000 to 180,000. The sudden jump break
from 180,000 to 300,000 is expected to provide relief to people under the impact of inflation. The so called Direct Tax Code will replace the Five decade year old
Income Tax Act of 1961. The standard of living of Indians have considerably Increased including GDP, Inflation has raised the expenditure level and earning capacity.
Hence this modification can serve to the population under and above exemption limit if raised.

The DTC bill was referred to the Standing Committee for scrutiny in August 2010. Expenditure Efficiency is said to be the main base matter of Finance Ministry.
DTC bill will be focusing more in the areas of Transparency and Expenditure Control which is said to be a major Challenge in Industry
Basic exemption limit to be raised to 3 lakhs:

The current tax exemption limit 1.8lakhs is soon to be revised. As per the modification by parliamentary panel headed by Senior BJP Leader Yashwanth Singh in it's
report (March 2012) suggested increasing the basic exemption tax limit to 3lakhs against 2 lakhs proposed by original Direct Tax Code bill

In response to Standing committee suggestions "we will come out with a modified DTC (bill) said advisor to the Finance Minister Parthasarathi Shome at  FICCI event. Due to steep growth of inflation in INDIA, leading to increased outcome of expenditure and spending capability is the main reason behind  the  modification.

The Basic tax exemption of 1.8lakhs which is calculated as per the provisions of Income tax Act 1961 excluding the Income from lotteries and
Income from Capital Gains. The increase in exemption limit when compared to previous financial years was just 20,000 i.e. from 160,000 to 180,000. The sudden jump break
from 180,000 to 300,000 is expected to provide relief to people under the impact of inflation. The so called Direct Tax Code will replace the Five decade year old
Income Tax Act of 1961. The standard of living of Indians have considerably Increased including GDP, Inflation has raised the expenditure level and earning capacity.
Hence this modification can serve to the population under and above exemption limit if raised.

The DTC bill was referred to the Standing Committee for scrutiny in August 2010. Expenditure Efficiency is said to be the main base matter of Finance Ministry.
DTC bill will be focusing more in the areas of Transparency and Expenditure Control which is said to be a major Challenge in Industry
Basic exemption limit to be raised to 3 lakhs:

The current tax exemption limit 1.8lakhs is soon to be revised. As per the modification by parliamentary panel headed by Senior BJP Leader Yashwanth Singh in it's
report (March 2012) suggested increasing the basic exemption tax limit to 3lakhs against 2 lakhs proposed by original Direct Tax Code bill

In response to Standing committee suggestions "we will come out with a modified DTC (bill) said advisor to the Finance Minister Parthasarathi Shome at  FICCI event. Due to steep growth of inflation in INDIA, leading to increased outcome of expenditure and spending capability is the main reason behind  the  modification.

The Basic tax exemption of 1.8lakhs which is calculated as per the provisions of Income tax Act 1961 excluding the Income from lotteries and
Income from Capital Gains. The increase in exemption limit when compared to previous financial years was just 20,000 i.e. from 160,000 to 180,000. The sudden jump break
from 180,000 to 300,000 is expected to provide relief to people under the impact of inflation. The so called Direct Tax Code will replace the Five decade year old
Income Tax Act of 1961. The standard of living of Indians have considerably Increased including GDP, Inflation has raised the expenditure level and earning capacity.
Hence this modification can serve to the population under and above exemption limit if raised.

The DTC bill was referred to the Standing Committee for scrutiny in August 2010. Expenditure Efficiency is said to be the main base matter of Finance Ministry.
DTC bill will be focusing more in the areas of Transparency and Expenditure Control which is said to be a major Challenge in Industry

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