CS,CA F,Numrologi TusharSampat (CS CA F Numerologist Astrologer Graphologist Face reader Vastu Expert) (85930 Points)
15 March 2013Please check attached file containing 'Guidance Note onAudit of Banks By ICAI '
Bookmark it as it very very imp & hit thanks button
assessee
(...)
(546 Points)
Replied 15 March 2013
| Originally posted by : Krishna | ||
 |
Its available on ICAI site also and those who use CCI also check ICAI site.... I like your closing lines Bookmark it as it very very imp & HIT THANKS BUTTON Deserving post will always receive thanks :) |
 |
agree with krishna deserving posts will always receive thanks
Hardik Dave
(IPCC and CS Professional(FINAL) Student)
(15533 Points)
Replied 15 March 2013
CS Ankur Srivastava
(Company Secretary & Compliance Officer)
(17853 Points)
Replied 16 March 2013
Thanks for Sharing.....
CS,CA F,Numrologi TusharSampat
(CS CA F Numerologist Astrologer Graphologist Face reader Vastu Expert)
(85930 Points)
Replied 16 March 2013
THANK U ALL FOR UR WONDERFUL COMMENTS & APPRECIATION OF MY EFFORTS.
CA Amit Lohiya
(CA Practice )
(23 Points)
Replied 16 March 2013
I have a query that whether it is possible for a CA Employee to take Vehicle loan from a Bank of whose the Concurrent auditor is the Employer of that CA employee. Kindly solve this query and if possible also send me the same on my mail.
thanking you
CA MOHIT CHOPRA
(WORKING WITH IBM)
(90 Points)
Replied 17 March 2013
SERVICE TAX MODEL QUESTION PAPER FOR MINI
Exercise 1: Point of Taxation – Intellectual Property Services – Rule 8
(a) Nilgiris, one of the leading departmental stores in Southern India, has permitted the use of its brand name against a fixed royalty of Rs.10 Lakhs per month. The invoice for the period ended 31.01.2011 for Rs.10 Lakhs is raised on 12.02.2011. Payment is received on 15.02.2011. Determine the POT.
(b) What will be the POT if the invoice was raised on 17.03.2011.
(c) What will be the POT if the agreement terms contained an income of 5% of sales made every year. The Invoice for this income is raised on 15.03.2011 which is paid on 17.03.2011.
Exercise 2: Change in Effective Rate of Tax
(a) M/s Saravana Bavan has been roped in by M/s ICAI for providing food during the CPE meeting. The Firm provided the service for the CPE meeting on 12.03.2012 on which date the ST rate is 10%. However, the invoice for the same is raised for Rs.1,00,000 (inclusive of ST) on 23.03.2012 on which the date the ST rate is 12%. Determine the rate applicable. (Note: Payment is received on 15.03.2012)
(b) What would be your conclusion if the invoice is raised only on 15.04.2012.
(c) M/s Glow Ltd, an Event Management Company arranges cultural events for M/s Infosys Ltd. However, the company received an advance of Rs.5,00,000 from Infosys on 15.03.2012 for arranging the show on 15.04.2012. The Invoice for the same is raised on 15.04.2012. ST Rate was increased from 10% to 12% on 17.03.2012
Exercise 3: Relevant Date for Taxable Value
(a) M/s Green Trends Pvt Ltd decided on 01.02.2013 that as a special offer for its members, the charges for hairdressing shall be reduced from Rs.150 to Rs.100 with retrospective effect from 01.12.2012. However, during the period between 01.12.2012 to 31.01.2012, the Company has carried out 500 hairdressings with Invoice and Payment being received on the same day. Determine the taxable value of such service.
Exercise 4: Relevant Date for Exchange Rate
M/s Standard and Poor’s issues a monthly insight on the global markets, mainly focusing on international commodity markets. M/s B Ltd, accessed such report online by paying the monthly subscriptttion charges of USD 1,500 per month. The Company paid USD 1,500 p.m. on 25.04.2012 for the period 01.05.12 to 31.12.12. The Exchange rates were (a) Rate notified on 25.03.12 by CBEC for bill of entries to be filed in April 2012 – Rs.52, (b) RBI Rate on 25.04.2012 – Rs.54, (c) Actual rate of settlement – Rs.55.
NEGATIVE LIST
Exercise 5: Exemptions to Transport of passengers
M/s Transporters Ltd carried out the following activities during the FY 2011 – 12:
Nature of Service Rs.
(a) Radio taxis for customers in Delhi 10 Lakhs
(b) It operates a fleet of air planes (both domestic and international). Domestic Transport tickets 99 Lakhs
(c) Vehicles let out on hire to B Ltd for carrying its employees 2 Lakhs
(d) Transport of passengers from Chennai to Bangalore, with 3 or 4 stops in between 15 Lakhs
(e) Charges for accompanied bags charged from the above passengers 1 Lakh
(f) Vessels between the Chennai Port and Port Blair for public transportation of passengers 15 Lakhs
(g) Operation of cruise ships 30 Lakhs
(h) International Transport from India to other countries 75 Lakhs
(i) Domestic transport of passengers from Assam to Chennai by road 5 Lakhs
CLASSIFICATION OF SERVICES
Exercise 6: Classification
(a) Mr.A, a Chartered Accountant, verified the books of accounts of Mr.B. What is the nature of this service –
(b) DLF property developers has conceptualized, designed and developed a residential complex for the employees of Central Government. The company carried out the entire activities from start to finish.
During the course of service, the company employed an architect for design and an interior decorator for furnishing the complex. However, a separate fees is not negotiated for such services and are hence included in overall price negotiated. Determine the classification.
(c) M/s Taj Hotels Ltd provides a package for 7 days hotel accommodation inclusive of food. How should such service be classified?
(d) M/s India Airlines is engaged in transportation of passengers from one place to another. However, the company also supplies food during transportation. The airlines raise a single consolidated bill for such service. How to classify such service?
(e) Boarding Schools provide education and also dwelling for the students. Explain the classification.
(f) M/s Fitness One services provides fitness services. However, as part of its services, it also provides Ayurveda and Meditation as a therapy during the course of fitness services. Explain.
(g) M/s A Ltd is engaged in providing computer training to an Educational Institution to train the faculties. The Company roped in Mr.A, who is computer professional and a leading faculty for training the students and consideration is Rs.15 Lakhs. Whether Mr.A is liable for service tax.
VALUATION OF SERVICES
Exercise 7:
(a) M/s Shaadi.Com, which is an online matrimony service, charged Rs.20,000 from its customers. However, it did not charge any service tax as it thought that its services are exempt from service tax since it is related to religious activity. Later it came to know the activity is chargeable to tax @ 12.36%. Determine taxable value and service tax.
(b) M/s A Ltd charged Rs.10,10,300 inclusive of service tax @ 10.3%. However, the correct rate of service tax was 12.36%. Determine the Taxable Value and Tax liability.
Service Tax Procedures
Exercise 8: Payment by cheque
The due date for payment of ST is on 05.06.2012. The Assessee drew a cheque dated 04.06.2012 and remitted into the ST department on 05.06.2012. But the cheque got cleared only on 10.06.2012. Is the assessee liable for interest?
Exercise 9: Non–Payment of Service Tax
(a) S Ltd. provides Management Consultancy Services that are subject to service tax. In respect of the services rendered during the month of December, 2011 the service tax of Rs.1 lakh was remitted to Government treasury on January 20, 2012. Arrive at the penalty u/s 76 of the Finance Act, 1994.
s
(b) Also calculate the interest payable in the above case.
(c) Determine the penalty if the true and additional disclosures are available in the records.
Exercise 9: Payment of Excess Service Tax
(a) M/s Z Ltd provided services to M/s A Ltd for a consideration of Rs.30 Lakhs + 12.36% on 15.03.2012. However, M/s A Ltd paid Rs.24 Lakhs + 12.36% to M/s Z Ltd on 17.06.2012. M/s Z Ltd accepted the same as a final consideration in full satisfaction of the claims, as there was deficiency of service. Z Ltd wrote off the balance amount from its books on 18.07.2012 Determine implications of this situation.
(b) What would be your answer if the payment is reduced because of insolvency of M/s Z Ltd.
Exercise 10: Collection of Excess Service Tax
M/s Apollo Hospitals Ltd charged service tax of Rs.2 Lakhs on its medical services rendered to an individual on 15.10.2012. However, the company came to know later that medical services are not liable for service tax. Advice the Service Provider.
Sonia M Ketkar
(B.com CA DISA(ICA) Pursuing CS)
(625 Points)
Replied 17 March 2013
Thanks for sharing!
Vandana Mulchandani
(Finance Manager )
(9227 Points)
Replied 18 March 2013
Thank you Tushar for sharing.....Book marked.
CS,CA F,Numrologi TusharSampat
(CS CA F Numerologist Astrologer Graphologist Face reader Vastu Expert)
(85930 Points)
Replied 18 March 2013
Thank u all for ur warm appreciation n support
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
CAclubindia
