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Online IEC mandatory w.e.f. 1st Feb'15

In Nov'14, vide public notice no. 76, DGFT had made e-application for IEC(Import Export Code) mandatory from 1st Jan'15 onwards. 

However, in Jan'15, vide public notice no. 80, the same was kept in abeyance till further notified date. 

Now, vide public notice no. 83, dated 30th Jan'15, it has been notified that the e-application for IEC shall be mandatory from 1st Feb'15.

However, at the same time, DGFT has notified following banks with whom net banking facility needs to be accessed for online application of IEC:

1. HDFC Bank;
2. ICICI Bank; 
3. Bank of India; 
4. State Bank of India; 
5. Central Bank of India; 
6. Punjab National Bank; 
7. IDBI; 
8. Axis Bank; 
9. Union Bank of India; 
10. Oriental Bank of Commerce

The applicants, who don't have the net banking facility with any of the aforesaid banks may continue to apply IEC physically till any further date is notified for such category of applicants.  

The said public notice may be accessed from the link herein below:

This Article has been shared by CA Sumit Grover.

Energy Department Govt of Uttarakhand Limited - Vacancy for CA/ICWA

  Uttarakhand is renowned for its scenic beauty and rivers. India’s two major rivers viz. Ganga and Yamuna start their journey from here. Besides these two rivers, Uttarakhand has a large network of rivers and canal which provides an immense scope for hydropower energy.

Job Profile

Financial Specialist

Qualification - CA/ICWA/MBA/PGDM(Finance/Accounts) with 55% marks

Last Date to Apply  - 16th Feb 2015

For More Details and Official Advertisemnet Click Here.

Plan your Income tax: It’s Right Time for Salaried Assesses

It’s Right Time:

It's just a few months to the end of the current financial year 2014-15. Now, it's time to plan and start investing in instruments that qualify for a rebate in Income Tax. There are certain investments and expenses that are exempt from income tax under the Income Tax Act 1961. Assesses should plan their investment strategies carefully in order to get a good deal in terms savings on income tax and returns from the investments. Before briefing available options for rebate in tax, below are the broad changes which are applicable from Assessment year 2015-16:

Changes at a glance:
1.     Taxable Income eligible for full exemption from income tax is increased from Rs. 2 Lacs to Rs. 2.5 Lacs
2.     Additional deduction of Rs. 50,000 under Section 80 C, CCC, CCD(1):
3.     Income Tax exemption on Interest paid on housing loan under Section 24 of the Income Tax Act increased from Rs. 1.5 Lacs to Rs. 2 Lacs

Now, below are some options to help you to reduce your tax liability:

Utilize Section 80C:
This section of the Income Tax Act allows income tax exemptions for individuals on specified instruments. Section 80C offers a maximum deduction of up to Rs. 1.50 Lacs. Investors can invest up to Rs 1.50 Lacs in one or more of the specified instruments to avail a tax rebate under Section 80C. Utilize this section to the fullest by investing in any of the available investment options. A few of the popular options are as follows:
  •     Public Provident Fund
  •     Life Insurance Premium
  •     National Savings Certificate
  •     Equity Linked Savings Scheme
  •     5 year fixed deposits with banks and post office
  •     Tuition fees paid for children's education, up to a maximum of 2 children

Options beyond 80C:
If you have exhausted your limit of Rs. 1.50 Lacs under section 80C, here are a few more options:

1.   Section 80D: Medi-claim Deduction
You can claim tax benefits on a medical insurance scheme as well. This rebate comes under Section 80D and enables you to claim a rebate on the money paid to buy a medi-claim policy by any mode other than by cash. Deduction of Rs. 15,000 for medical insurance of self, spouse and dependent children and Rs. 20,000 for medical insurance of parents above 60 years is eligible for a tax exemption. Further, From AY 2013-14, within the existing limit a deduction of up to Rs. 5,000 for preventive health check-up is available.


2.   Section 80E: Deduction in respect of Interest on Loan for Higher Studies
Deduction in respect of interest on loan taken for pursuing higher education is also available. The deduction is also available for the purpose of higher education of a relative.


3.   Section 80G: Deduction in respect of Various Donations
The various donations specified in Sec. 80G are eligible for deduction upto either 100% or 50% as provided in Sec. 80G


4.   Section 80GG: Deduction in respect of House Rent Paid
Are you paying rent, yet not receiving any HRA from your company? In this case, the least of the following could be claimed under Section 80GG:
Deduction available is the least of:
  1. Rent paid less 10% of total income
  2. Rs. 2000/- per month i.e. Maximum Deduction available is 24,000/-
  3. 25% of total income,
This deduction will however not be allowed, if you, your spouse or minor child owns a residential accommodation in the location where you reside or perform office duties.

5.   Section 80 TTA: Interest on saving account:
Deduction from gross total income in respect of any Income by way of Interest on Savings account is available under this section. Deduction from gross total income of an individual or HUF, up to a maximum of Rs. 10,000/-, in respect of interest on deposits in savings account ( not time deposits ) with a bank, co-operative society or post office, is allowable w.e.f. 01.04.2012 (Assessment Year 2013-14).

Other Available Exemptions on Allowances: House Rent Allowance: (Section 10(13A)
If HRA forms part of your salary, then the minimum of the following three is available as exemption:
  • The actual HRA received from your employer
  • The actual rent paid by you for the house, minus 10 per cent of your salary (this includes basic  Plus dearness allowance, if any)
  • 50 per cent of your basic salary (for a metro) or 40 per cent of your basic salary (for non-metro).

2. Tax Saving from Home Loans: (Section 24)
Use your home loan efficiently to save more tax. The principal component of your loan, is included under Section 80C, offering a deduction up to Rs. 1.50 Lacs. The interest portion offers a deduction up to Rs. 2 Lacs (limit amended from A.Y 2015-16) separately under Section 24.

3.  Medical Reimbursement: Clause (v) of the Proviso to Section 17 (2)
Salaried individuals can available a deduction of up to Rs 15,000 per year against medical reimbursement. This deduction can be claimed if the employer pays medical reimbursement as a component of salary.

Please note that Medical Expense Reimbursement of Rs. 15,000 is over and above the deduction under Section 80D of the Income Tax Act available for Medical / Health Insurance Premium – Mediclaim Premium and this deduction is allowed subject to providing proof of medical expenses.
4. Leave Travel Allowance: Sec. 10(5)
Salaried persons can avail an income tax deduction on travel expenses (family travel expenses can also be covered if the family travels along with the taxpayer).Use your Leave Travel Allowance for your holidays, which is available twice in a block of four years. In case you have been unable to claim the benefit in a particular four- year block, you could now carry forward one journey to the succeeding block and claim it in the first calendar year of that block. Thus, you may be eligible for three exemptions in that block.

Points to be remembered:


1.     Invest Some Quality Time
Before investing your money, you need to invest your time. You need to take some quality time to understand the various tax saving options and compare their benefits and limitations. Therefore, it is important to start your tax planning well before 31st March, and to file your returns before the 31st of July each year.


2.     Check for Future Commitments
Some tax saving options like NSC or ELSS need only onetime investment. Some other tax saving options like PPF, ULIPs need periodical investments year after year. You need to be careful in choosing a tax saving scheme where you need to commit for periodical future payments. You need to check on a few things like; do you need such a future commitment? Will you be able to meet the future commitments at ease? The law may change and you may not get any tax exemption for your future payments. Would you consider the scheme irrespective of tax benefit for the future payments?

3.     Prevent Excess deduction & Documentation
Give your employer details of loans and tax saving investments beforehand, to prevent any excess deduction. Further, we should check the Form 16 received at the end of each year from your employer thoroughly.


4.     Changed Your Job? It’s time to Redo Your Tax Plan
Did you switch your job in the middle of the financial year? Then you need to redo your tax plan with consolidating the income from both the companies. It is advisable to inform the new company about the income during the particular financial year from the old company. So that your new company will deduct the right amount of TDS.

A Final Word:
Keep in mind the above points, to avoid the hassles of last minute tax planning. With proper tax planning you can reduce your tax liability, save more, invest better and become wealthier.


The information contained in this write up is to provide a general guidance to the intended user. The information should not be used as a substitute for specific consultations. Authors recommend that professional advice is sought before taking any action on specific issues.

Author of this article is Harsha Ramnani. She is practicing Chartered Accountant. She can be reached at

Energy Efficiency Services Limited - Vacancy for CA/ICWA

The overall size of energy efficiency market is estimated to be Rs. 74,000 crores.
 Till now, only 5% of this market has been tapped through ESCO mode mainly in 
the areas of lighting and some industrial applications and the large-scale 
implementation of energy efficiency is constrained by a number of 
important regulatory, institutional and financing barriers. In order to develop a 
viable ESCO industry, Ministry of Power has set up Energy Efficiency Services 
Limited (EESL), a Joint Venture of NTPC Limited, PFC, REC and POWERGRID 
to facilitate implementation of energy efficiency projects.

Job Profile:Financial Analyst Post

Qualification & Experience - CA/ICWA with 2 Years post qualification experience.
Last Date 15th Feb. 2015

For More Details and Official Notification Click Here.

SFIS equally applicable for subsidiaries of foreign companies

Recenty, in case of YUM RESTAURANTS (I) PVT.LTD AND Anr. v. Union of India & Ors, Hon'ble High Court of Delhi has pronounced that there is no provision in the Foreign Trade Policy which debars an Indian subsidiary of a foreign holding company from availing the benefit of Serve From India Scheme(SFIS) .

The Court took the view that the 'Served from India' brand can't be construed to include only brands of Indian Companies, which are recognized as Indian.

Accordingly, it set aside the stand taken by DGFT of disallowing the granting of SFIS to Indian subsidiaries of foreign companies.

Furthermore, the Court also held that though the DGFT is empowered to interpret the foreign trade policy, such powers can be exercised only when the plain language of the policy presents an ambiguity, but it It would not be open for DGFT to introduce new conditions and criteria under the guise of interpreting the policy. 

The said verdict may be accessed from the following link herein below: 

This article has been shared by CA Sumit Grover.

LIVE interactive webinar "All About CS" by Prof. Sudhir Sachdeva

Greetings Students!

We are happy to announce a LIVE interactive webinar "All About CS" by Prof. Sudhir Sachdeva - India's top CA/CS faculty.
You can also ask your queries about CS exam preparation in LIVE Q&A session.
When: 1st February 2015, 3 PM - 5 PM
Hurry! Only 200 limited seats.

Got questions? Post your questions on our Facebook page

Benefits of this Webinar
You will get all the information you need to know about the CS course and career with focus on:
·         How to prepare for CS exams for different levels?
·         Importance of Training
·         Career Opportunities for a CS
·         How to choose the right coaching?
We look forward to seeing you on the 1st February 2015.
Team SuperProfs

CA Final Indirect Tax Case Laws Relevant for May 2015 Exam

To Download CA Final INdirect Tax Case Laws Relevant for May 2015 Exam Click Here

CA Final Direct Tax Case Laws Relevant for May 2015 Exam

To Download CA Final Direct Tax Case Laws Relevant for May 2015 Exam Click Here

UP Health Department Recruitment 2015 - vacancy for CA/ICWA


Organization Name : UP Health Department

Post name : Consultant Finance

Qualification : MBA (Finance)/ CA/ ICWA or equivalent with a minimum 6 years of work experience. Candidates with extraordinary work experience/ relevant experience/ qualification will be given due weightage.

For More Details and Official Advertisement Click Here.

CA IPPC Nov 14 Exam result on 4th February, 2015 :ICAI

The result of the Chartered Accountants Intermediate (Integrated Professional Competence) Examination held in November, 2014 is likely to be declared on Wednesday, the 4th February, 2015 around 4.00 P.M. and the same as well as the merit list (candidates securing a minimum of 55% and above marks and upto the maximum of 50th Rank on all India basis will be available on the following website: 

Arrangements have also been made for the students of Intermediate (IPC) Examination desirous of having results on their e-mail addresses to register their requests at the above website, i.e., from 30th January, 2015. All those registering their requests will be provided their results through e-mail on the e-mail addresses registered as above immediately after the declaration of the result. 

In addition to above, it may be noted that for accessing the result at the above website i.e. the candidate shall have to enter his registration no. and/or PIN no. alongwith his roll number. 

Further facilities have been made for candidates of Intermediate (IPC) Examination held in November, 2014 desirous of knowing their results with marks on SMS. The service will be available through India Times. 

For getting results through SMS candidates should type: 

CAINTER(Space)XXXXXX (where XXXXXX is the six digit Intermediate (IPC) Examination roll number of the candidate) 

e.g. CAINTER 302971 and send the message to 

58888 - for all mobile services - India Times

Tags :CA IPPC Nov 14 Exam result on 4th February, 2015 :ICAI, ca ipcc, Ipcc, ipcc result nov 2014,

Central Warehousing Corporation - Chartered Accountant

Central Warehousing Corporation, a Scheduled- A Mini Ratna Public Sector Undertaking, Providing Warehousing Facilities and Logistics support to Agriculture Sector and other Notified commodities.

Job Profile
1. General Manager (F&A) 

Qualification - A post graduate degree with first division in Business Administration with specialization in finance or a Member of ICAI or ICSI.

2. Assistant General Manager (A/CS)

Qualification - A post graduate degree with first division in Business Administration with specialization in finance or a Member of ICAI or ICSI.

3. Manager (A/CS) - Member of ICAI or ICSI.

Last date to Apply is 14.02.2015.

For More Details and Official Notification Click Here.

Jan Dhan Yojna makes it to Guinness World Records, 11.5 cr Jan Dhan accounts opened

NEW DELHI: India has become fully banked, a feat commended by the Guinness Book of World Records for being accomplished in the short span — about five months. It paves the way for the government's ambitious plan to transfer annual subsidy of around Rs 51,029 crore directly to bank accounts of 15.45 crore beneficiaries in the next year, plugging system leakages.

"Most of India today is included in the banking system," finance minister Arun Jaitley told reporters on Tuesday. The Pradhan Mantri Jan-Dhan Yojana (PMJDY), launched by Prime Minister Narendra Modi in August, was recognised for opening the most bank accounts—about 1.80 crore— in one week as part of the financial inclusion campaign.

The government has already rolled out direct transfer of benefits for various programmes. This includes the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) in 300 districts that's expected to cover 4.3 crore beneficiaries with a fund flow of Rs 15,000 crore annually besides transfers under various pension and scholarship schemes.
"Full rollout will take total beneficiaries under MGNREGS up to 10 crore with Rs 33,000 crore funds flow annually," said financial services secretary Hasmukh Adhia.

Apart from transfers worth Rs 51,029 crore under various welfare schemes and rural jobs programme, cooking gas subsidies are also being transferred to 15.34 active consumers. This is part of the plan to link it with bank accounts under a modified direct benefit transfer for LPG from January 1. The government has already disbursed Rs 6,688.98 crore to 8.03 crore LPG customers up to January 14 and the figure could go up to Rs 25,000-Rs 30,000 crore annually.

The government has rolled out 34 welfare schemes on the direct benefits transfer (DBT) platform with around 9.90 crore beneficiaries, including the partial linking of benefits under the rural jobs scheme.

The number of accounts opened under PMJDY stood at 11.5 crore as of January 17 after a survey of 21.02 crore households. Of total bank accounts opened, 3.23 crore have deposits worth Rs 9,188 crore.

Rupay cards have been issued to more than 10 crore beneficiaries. "This is an unprecedented initiative. Bank employees have physically visited all households except the inaccessible areas," said Jaitley, adding that the government has far exceeded its target and will decide later on whether to continue with the incentives given to customers on opening a bank account.
The finance minister said the idea was to move to a cash-less society in the long run. The overdraft facility under the scheme will act as a microfinancing platform with no exploitative interest rates.

Prime Minister Narendra Modi announced the financial inclusion scheme in his first Independence Day speech last year. It was launched in August with a target to open bank accounts for 7.5 crore poor persons by January 26, 2015. The target was later increased to 10 crore accounts. 

Addressing a press conference here, Jaitley said the government would use these bank accounts to pass on benefits to individuals under its various social security schemes. 

In its citation, the Guinness Book said: "Most bank accounts opened in one week as part of the Financial Inclusion Campaign is 18,096,130 and was achieved by the Department of Financial Services, Government of India from August 23 to 29, 2014." 



Oil and Natural Gas Corporation Limited(ONGC), a “Maharatna” Public Sector Enterprise, and
India’s flagship energy major is engaged in Exploration and Production of Oil and Gas in India
and abroad. A global player in energy, it contributes about 65% of India’s domestic Oil and Gas
production. Currently, ONGC through its subsidiary ONGC Videsh, is India’s largest
Transnational Corporate with overseas investment of over 10 billion USD in 17 countries.

Job Profile:

1. Deputy General Manager (F&A) (Company Secretariat)

Qualification: Should have passed the final examination of the Institute of  Company Secretaries
 of India (ICSI) and should be an Associate / Fellow Members of ICSI.                                                                
2. Finance & Accounts Officer (Secretariat Executive)

Qualification:  Should have passed the final examination of the Institute of  Company Secretaries
 of India (ICSI) and should be an Associate / Fellow Members of ICSI.

Last date to Apply is  07.02.2015

For More Details and Official Advertisement Click Here.

Stipend Doubled for Articled Assistants

Dear Students,
Students have been one of the topmost priorities of ICAI with a vision for sustained and future-oriented growth of our profession. In a latest move to serve the cause of our students, the Institute has decided with immediate effect (i.e. 23 January 2015) to double the stipend rates for each of the year payable to the articled assistants pursuing Chartered Accountancy course.

A notification issued in this regard to revise the Regulation 48 of the Chartered
Accountants Regulations, 1988, is available on the website of the ICAI at the link The stipend rates so revised are as follows:

I appeal all of you to bring the above notification to the knowledge of your principal and get benefited.

With Best Wishes,
CA. K. Raghu
23 January 2015 President, ICAI

ICAI Revised the stipend to article assistants.


New Delhi, the 23rd January, 2015

No. 1-CA(7)/167/2014.- Whereas certain draft regulations further to amend the Chartered Accountants Regulations, 1988, were published as required by sub-section (3) of section 30 of the Chartered Accountants Act, 1949 (38 of 1949), in the Gazette of India, Extraordinary, Part III, Section 4, dated the 10th September, 2014, inviting objections and suggestions from persons likely to be affected thereby, before the expiry of forty-five days from the date on which the copies of the Gazette containing the said notification were made available to the

And whereas the copies of the said Gazette were made available to the public on the 12th September, 2014; And whereas the objections and suggestions received from the public on the said draft regulations have been considered by the Council of the Institute;

Now, therefore, in exercise of the powers conferred by sub-section (1) of section 30 of the said Act, the Council, with the approval of the Central Government, hereby makes the following regulations further to amend the Chartered Accountants Regulations, 1988,

1. (1) These regulations may be called the Chartered Accountants (First
    Amendment) Regulations, 2015.
   (2) They shall come into force on the date of their final publication in the            Official Gazette.
2. In the Chartered Accountants Regulations, 1988 (hereinafter referred to as the said regulations),-
(i) in regulation 28E, in sub-regulation (1), in clause (b), for the words “nine
months”, the words “eight months” shall be substituted.
(ii) in regulation 48, in sub-regulation (1), for the Table, the following Table shall be substituted, namely:-
“ Table

Classification of the normal
place of service of the
articled assistant
During the
first year of
During the
second year
of training
During the
period of
Cities/towns having a population of twenty lakhs and above
(ii) Cities/towns having a population of four lakhs
and above but less than Twenty Lakhs
(iii)Cities/towns having a population of less than four lakhs

(iii) in regulation 204, for the words “and International Trade Laws and World
Trade Organisations” the words, “International Trade Laws and World Trade
Organisation and International Taxation” shall be substituted.
[File No. 1-CA(7)/167 /2014]
V. Sagar
Acting Secretary

To Download the Official Notification Click Here




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