CA Navin Jain's Expert Profile

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About me

CA NAVIN JAIN

ABOUT ME

I am Navin Jain from Town Chhaprauli, Distt Bagpat, State Utter Pradesh.

I have done my primary and secondary education from my home town itself. I did not give much attention on my education since my father being a businessman wanted me to be involved in the family business.

Even after completion of my B. Com I was not aware about the CA course.

After a year completion of B. Com, I came to Delhi to visit my MOSAJI. He asked as to what I am doing these days. I told him that I am into the family's BUSINESS. He told me about CA course and recommended me to join the course if I am interested. Though at that moment I said "yes", I still did not know much about the course.

EXCELLENCE JOURNEY OF CA COURSE

After that I got myself registered in CA course and collected the study material in English medium.

English medium. When I saw the first page of the book, I felt like “DIN MAIN TAREN NAJAR AANA" Since I did not pay much attention to my studies earlier my English was very poor.

After that I choose the Hindi medium and joined private coaching. In thy private coaching I could not understand anything because they taught in English medium and study material was also in the English medium.

I faced a lot of problems before my first attempt of PE-II. I gave first attempt in Nov 2004 and failed. I analyzed the reason of my failure and made up my mind that I will become a Chartered Accountant.

After that I appeared for the first group in May 2005 and Second Group in November 2005 in Hindi medium and cleared the same.

After qualifying PE-II. I applied at a CA Firm for articleship and joined a Delhi based CA Firm without any reference. On the first day of the office I was very nervous because I did not have knowledge of the computer and my English also was very poor. I worked hard during my articleship and got good knowledge within 2 years.

After completion of 2 years articleship I applied for both group of CA Final in May 2008 in ENGLISH medium. I had studied for 5 subjects thoroughly on my own and for the remaining 3 subjects I had taken private coaching. I got 390 marks in CA final and cleared second group and could not clear first group due shortage of marks. I applied for second group in Nov 2008 and cleared it.

I completed my articleship in the month of March 2009. I attended three months residential programme conducted by ICAI at IIM Indore. It is a big achievement of my life after I cleared my CA final exam because there I improved my communication skills a lot and got you knows a group of 60 newly qualified Chartered Accountant.

But I faced a lot of problem during the course of completion of my CA course but I never lost my self confidence and today I am MEMBER OF THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA. I am here only due to my hardwork, determination and dedication to work and my Passion to become a CHARTERED ACCOUNTANT.

My success is dedicated to my Mosaji, my family and my town.

WHAT IS MY OPINION ABOUT CA COURSE

CA course is not difficult; I think that situations are difficult. We have not faced the similar earlier in our life but if we are not patient to face those situations then we will never grow in life.

I would like to say that "AGAR INSAN PATHER KO TRASKER USE MUALYAVAN BANA SAKTA HAI TO INSAN KUDH KO TRASKER MUALYAVAN KYO NHI BANA SAKTA"

WHAT I GOT FROM CA COURSE

I got an Honorable degree
I join to the CA Parivar

I got respect from society

I have improved my communication skills
I have visited various industries during articleship which would have otherwise taken me years.
I have communicated face to face with DGM, GM, Director, CA, CS, CWA and Manager in various organizations.

And there is no end to the joy I have experienced throughout.

I Was in practice since September 2009 to Feb.2011.

Currently I am working as a Manager (Finance & Accounts) in Real Estate Company at Delhi Since Feb.2011

I am in a position to achieve everything which I desire in life with hardwork

What kinds of questions I can and can't answer?

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CA. Aryendra says : Depreciation
The assessee, a private limited company, provided for depreciation in its Profit & loss account by adopting the rates specified in the Income-tax Rules and computed its “book profits” u/s 115J on that basis. The AO recomputed the book profits by adopting the depreciation rates as per Schedule XIV to the Companies Act as those were lower than the income-tax rates. The CIT (A) & Tribunal upheld the stand of the assessee on the ground that Schedule XIV was not applicable to a private limited company though the High Court took the view that s. 205 of the Companies Act stood incorporated into s. 115J and consequently depreciation had to be provided at the rates specified in Schedule XIV and not in terms of the Income-tax Rules. On appeal by the assessee, HELD doubting its own judgement in Malayala Manorama 300 ITR 251: (i) The law laid down in Malayala Manorama 300 ITR 251 {that (i) Schedule VI does not create any obligation to provide for any depreciation much less for depreciation at Schedule XIV rates, (ii) As per the Company Law Board Circular the rates in Schedule XIV are the minimum rates and a company can provide for higher rates and (iii) Schedule XIV itself contemplates that depreciation can be provided at rates different from the Schedule rates} needs re-consideration because s. 115J by a deeming fiction legislatively only incorporates provisions of Parts II and III of Schedule VI of the Companies Act and not sections 205, 350 or 355. Once a company, whether private or public, falls within the ambit of it being a MAT company, s. 115J applies and is required to prepare its Profit & loss account only in terms of Parts II and III of Schedule VI. By the Companies (Amendment) Act, 1988, the linkage between depreciation as per Rule 5 and the Companies Act have been expressly de-linked and the rates are also different. (ii) If the judgement in Malayala Manorama is to be accepted, the very purpose of enacting s. 115J would stand defeated particularly when the said section does not make any distinction between public and private limited companies. (iii) Accordingly, the matter needs re-consideration by a larger Bench of the Court.

Gaurav Kumar says :
I do not understand what you mean by saying 'deferred to tds in the respective years'. Kindly elaborate in this regard. Thanks, G. Kumar

R K BINDLISH says : THANKS
THANKS FOR ANSWER OF DEP QUERRY.PL SEE MY REVISED QUESTION ON THIS ISSUE

CA SONI KRUNAL says :
hello

Vijay Kumar says :
SIR, The Partner is receiving the salary from the Firm itself, so its also taxable under the head "Profits & Gains of Business & Profession" hence whether he will be liable for audit u/s 44AB?