X, an individual left India for the first time during 2011-12 for starting his own business in U.K. During the financial year 2011-12 he stayed in India only for 88 days. The Assessing officer treats him as resident for AY 2012-13 as his stay is more than 60 days in the current previous year and more than 365 days during the four previous years preceding the current previous year. Will you accept the contention of the Assessing Officer?

Answer:
The contention of the AO is wrong. Employment includes self employment as held in "O.Abdhul Rajak Vs CIT". Hence, the requirement of 182 days is to be satisfied as the assessee left India for the purposes of employment outside India. [Note the phrase used is "for the purposes of employment" but not "for employment purpose"].

Question of the day...

X, an individual left India for the first time during 2011-12 for starting his own business in U.K. During the financial year 2011-12 he stayed in India only for 88 days. The Assessing officer treats him as resident for AY 2012-13 as his stay is more than 60 days in the current previous year and more than 365 days during the four previous years preceding the current  previous year. Will you accept the contention of the Assessing Officer? [Answer will be posted after 2 days]

Next batch for DT and IDT (CA Final) for Nov 2012 Attempt

Hi Students,

Please note the time table for next batch of DT and IDT - CA Final [Nov 2012 Exams]

Direct Taxes	July 21st onwards	Monday to Thursday [DT]	6.00 A.M to 8.45 A.M
Indirect Taxes		Friday to Sunday [IDT]	6.00 A.M to 8.45 A.M

Both the classes are expected to be completed by 1st week of Oct 2012.

Venue:
Class Room No # 14, Hindi Mahavidyalya, Adjacent to Andhra Mahila Sabha,
Opp: Vidyanagar petrol bunk, Vidyanagar, O.U.Road,
Hyderabad

9963 - 250 -500
98495-79413

askrpsir@gmail.com


Wishing you a great future ahead.
Thanks
Rp

Dear Students,

I am happy to announce that the new batch for CA Final Nov 2012 Direct taxes will be taken by me at "Room Number # 14; First Floor, Hindi Mahavidyalaya, Vidyanagar".  The classes will start from 21st May 2012 [Morning 6.00 a.m to 8.45 a.m] and the course duration will be 2 months.
Wishing you a great future ahead.

Many Thanks,

Rp

Venue:
Room No # 14;
First Floor; Hindi Maha Vidyalaya; Opp: Vidyanagar Petrol Bunk;
Nallakunta, O.U.Road, Hyderabad - 44
+91-98495-79413
+91-9963 250 500
askrpsir@gmail.com

I am calling it a day at CMS - Premises will be announced soon for DT Final Nov 12

Dear Students,

The next batch for Direct Taxes CA Final [Nov 2012] will be starting from May 21st 2012. I will announce the premises soon. Please observe that i am no longer associated with CMS. All the best and thank you for patronizing me.

Rp

Key take aways from Finance Bill 2012

1.       The slabs in the case of resident individual is raised to Rs 2 lacs. Hence the slabs look like as under: Up to Rs 2 lacs – Nil; From 2 lacs to 5 lacs – 10%; From Rs 5 lacs to 10 lacs – 20% and the income in excess of Rs 10 lacs – Taxed at 30%

2.       In house R&D – Weighted deduction of 200% - The sunset clause is extended up to 31^st March 2017 from the current time of 31^st March 2012.

3.       GAAR provisions introduced. [General Anti Avoidance Agreements].

4.       The dividend received by Indian companies from their foreign interests will be taxed at a concessional rate of 15%. 

5.       The scope of Sec 35AD has been extended to new sectors. 

6.       The service tax rates have been hiked to 12%. [Effective rate is thus 12.36%] [Operative from 1^st April 2012]. 

7.       The Excise is also increased to 12%. [This rate is effective from 17^th March 2012].

8.       Peak customs retained at 10%.

9.       Negative list in service tax is introduced with the effect that all services except the services contained in negative and exemption list. [Prominent in the negative list are majority of services rendered by govt / Local Authorities, school education, Entertainment, Some kinds of public transport].

10.   Common registration for service tax and central excise.

11.   Common one page return [EST] for service tax and central excise in lieu of the present 15 pages return.

Thanks,

Rp

Hi,

I am pleased to announce that the classes for Indirect Taxes for CA Final - May 2012 has been just started today at CMS Sr.Nagar. The course duration is 45 days and the same is scheduled to be completed by April 15th, 2012.

Wishing you the best of luck,

Rp