Mar 1, 2013

Budget 2013-14: Highlights

Walking a tight rope ahead of next year's General Elections, Finance Minister P Chidambaram on Thursday did not tinker with the  Income Tax slab rates while presenting the union budget 2013-14 in Lok Shabha. As part of his tax proposals, he gave a benefit or Rs 2000 to individual tax payers with taxable income of up to Rs 5 lakh.

Chidambaram also imposed a surcharge of 10% on those earning over 1 crore in a year. This surcharge has been imposed on individuals, HUFs, firms and entities with a similar tax status. The surcharge would be payable for the 2013-14 fiscal only.

The Finance Minister announced that first-home buyer who takes a loan for an amount not exceeding Rs 25 lakh would be allowed an additional deduction of interest of Rs 1 lakh to be claimed in assessment year 2014-15 with spillover effect.

But in bad news for consumers, the Finance Minster made mobile phones, cigarettes and luxury vehicles costlier by hiking duties on these products.

Chidambaram also announced the setting up of Nirbhaya Fund for women safety and allocated Rs 1,000 crores to it.
In the earlier part of his speech, Chidambaram noted that the global economic growth has slowed, including that of India. He however added that high growth is a novelty and not beyond India's capacity.

Highlights of Union Budget 2013-14

Personal Tax                 Corporate Tax                Direct Tax                        
Indirect TaxTax ReformsGrowth, Inflation
Fiscal HealthRural, Social Sector         Agriculture, Food             
Financial Sector, Banks    InfrastructureSubsidy

Feb 17, 2013

Rules of Life


>PARADOX-Life is mystery, don't waste time trying figure it out.

>HUMOR-Keep a sense of humor, especially about yourself. It is a strength beyond all measures.

>CHANGE-Nothing stays the same.

Success is the Journey, Not the Destination

I constantly try to find 'ADVENTURE' in my life.

Everyone tells me what to do and what's good for me. May be they are my true well wishers but when I thought about it, I realized, 'they don't want me to find my own answers, they want me to believe theirs'.

The only question I always had in my mind was 'What is the purpose of life ?'

And a consistent thought made me reach to answer it finally.

The purpose is not to reach the destination but to experience and witness the beauty, the adventure of your journey towards destination. 

When I look into past at these people, I think I answered it correctly.

One thing they all had in common was that they all enjoyed their journey, they enjoyed their failure. They learnt from their failure.
I am not talking about 'don't give up' thing but here I am talking about giving value to failure. Because it is not success which teaches you.


Feb 14, 2013

Relvent Material For CA Final May'13 Examination

>>ICAI has recently published and updated new Practice Manual for all the eight subjects of CA Final, which contains the comprehensive set of questions from each chapter. I advise you to refer all the practice manual for May'13 examination.


Download Link

>>Institute publish a "Supplementary Study Material for Direct and Indirect Tax Law" which contains all the amendments, circulars & notifications relevant for the examination along with examples.

It has been seen in the previous examinations that, there is a very high probability that those numeric examples given in supplementary study material for relevant 'amendments in finance act' and 'circulars & notification issued by CBDT and CBEC', comes in the exam held in May'13 as it is. So I recommend you personally to refer the Supplementary Study Paper 2012 for Direct Tax Law and Indirect Tax Law for examination to be held in May'13 and November'13.

Download the Supplementary Study Material from following links :

>>ICAI has issued "SELECT CASE LAWS FOR DIRECT TAX & INDIRECT TAX LAW" which are very important for the examination. In paper 7 and paper 8, it has been seen that almost 50-60 marks are covered from case laws from the institute publication. 
I highly recommend you to mug up all the case laws from institute's publication. Download the same from the following links.

Download Links: 

>>ICAI publish "REVISION TEST PAPERS" relevant for each examination. 

Please click on the following link to go to download RTP for each subject, relevant for May'13 Examination.

Download Link: