Arihant Final May-15

New Batch for CA Final starts from Monday 6th Feb for Nov'17 & Onwards attempt at 8:30-10:30am by Sandeepsir in R.No-7,Arihant House.
Inform all IPCC Passouts.

Good News!
Arihant has tied up with Backer US CPA. Earn your Global Qualification at Best price in Market. Very important Guiding seminar on 15th October at 6.30pm followed by light snacks@Arihant house.
For details & registration call 40263104/5

Congratulations to all CS Executive passouts.
New batch for Professional starting frm Thursday-1st Sept.
Enroll till Monday to avail 7000 fees benefit.

Arihant rocks!!
22+ Company Secretaries in June'16 results.
A degree well deserved.
47+ positive results.
Made Arihant proud again.
Ty for all time support.

New Batch for CA Final starting frm Thursday 11/8 (8:30am)
Costing - Sandeepsir
Join d batch for early bird discount Fees 72,000 + S.Tax
For detail- 40263105/04

CA final at Best@Arihant
BEST FACULTY TEAM
--------------------------
Financial Reporting/Advance Management Accounts-CA Sandeep Kamdar,Kashyap Trivedi,Jaykin Shah
Strategical Financial Management- Naresh Jain/Rajan Parikh
ISCA-Jignesh chheda
Indirect Tax- Keyur Kamdar
Law-Vinit Nagar/Keyur Kamdar/Nitesh Nànavati
Direct Tax- Sunil Sanghvi/Naishal Shah
Audit- Rajan Parikh/Jiten Trivedi /Harshesh Jaswani

Why CA Final@Arihant?
# Experienced & Stable Faculty team
# Strong mentorship of Sandeep Kamdar Sir
# Weekly & Full course Examination for continuous performance evaluation
# Committed Back up system with Recorded session
# Timely course completion
# Personalised support for query solution
# Indepth Study for each subjects
# Highest pass out Ratio in Ahmedabad
# Proven Track record of Huge scores
(Yash goyal AIR 3-599 marks - Highest ever in Ahmedabad's History)

# # Best Faculty, Best Value # #

June 2016 CS Foundation Results of ARIHANT
82% positive result
Toppers List
Drashti Hakani - 306 (AIR 30)
LeenA Changlani - 304 (AIR 31)
Kanan Paleja - 288
Khushbu Thakkar - 274
Urvashi Shrimal - 270
Smit Shah - 262
Meet Chauhan - 258
Congratulations to all other passouts
Keep supporting ✌🏻

The face of Education is transforming...

It gives me a great feeling as I happily announce the MEGA TALK ON YOGA FOR STUDENTS, THROUGH THE PLANETARY PEACE MEDITATION for students of ARIHANT INSTITUTE on 21st June, being the International Yoga Day. We are known to be among the most reputed CA coaching and mentoring institutes. The YOGA talk is to be delivered at the Arihant House Premises.
Hope to see you all there. Thank you for your continuous support.

समुद्र राह देते हैं
और
चट्टानें थरथराती हैं,

इरादें अटल हो तो सफलता
चलकर आती हैं...!!

Checklist for Statutory Audit of Banks
Call for the following information / records / details / evidences for the purposes of Statutory audit of Bank :
1. Closing circular issued to the branch / reference in their website to download the same.
2. The extent, size and specialization of the branch
3. The profile of the branch and performance in the past two years.
4. Comparative analysis of movement of interest income and expenses vis a vis advances and deposits respectively for two years.
5. List of top borrowers accounts accounting for 2% of the advances of the branch or Rs.1 crore whichever is lower, covering at least 60% of advances of the branch.
6. Copies of last three months Concurrent Audit Reports ( if covered under Concurrent Audit)
7. Copy of the summary sheet of the last Inspection Report.
8. Copy of Revenue Audit Report, if any.
9. Copy of IT Audit Report, if any.
10. Copy of vigilance enquiry or any special investigation reports.
11. Details of fresh advances made during the year.
12. Details of major weaknesses, if any, persisting in the branch
13. List of Potential NPA Accounts – For quarter ending December.
14. Details of loan accounts restructured during the year.
15. Details of advances which are pending renewal for more than 3 months.
16. Details of advance accounts wherein stock statements are not received for 3 months.
17. List of NPA accounts wherein the valuation reports are older than 3 years.
18. List of non corporate entities with working capital limits in excess of Rs. 10 lakhs.
19. List of borrowers accounts which underwent CDR during the year.
20. List of accounts where recoveries are made, where DICGC / ECGC claims have been received.
21. Details of expired Letters of Credit / Guarantees.
22. Details of Invoked Guarantees / Letters of Credit and treatment thereof.
23. List of off balance sheet items and contingent liabilities, if any.
24. Details of suspense and sundry entries beyond 1 year.
25. Details of fraud by employee or outsiders, against the bank during the year.
26. List of recoveries in NPA accounts and appropriation thereof.
27. Details of legal expenses incurred and accounting in the books.
28. Details for Long Form Audit Report, including Annexures for advances above Rs.2 crore
29. Details for Tax Audit under section 44 AB of Income Tax Act, with specific reference to additions to fixed assets.
30. Details of section wise tax deducted and remitted including date of deduction, date of remittance and delay if any. TDS mapping for deduction and remittance.
31. Certificate from branch management that TDS has been duly deducted and remitted as per provisions of Income Tax Act, 1961
32. Details for furnishing various certificates.
33. Date when the audit could be commenced.
34. Proforma Management Representation Letter to obtain the management’s assurance that the financial statements and other information furnished for furnishing certificates are truly and correctly prepared and presented by the branch management to the branch Statutory auditors.

Why CPT at Arihant?
Limited Batch Size (60 students max)
Separate batch for Eng & Guj Medium
Video backup facility
Flash cards for revision
50+ exams
Best faculty of A'bad
Producing double results than national %
New batch commencing frm 25th March Friday
Rush for admissions
Cal 40263104/5 for details

Announcing Music Hunt Extravaganza
Starcast of Chello Divas (Vicky, Dhulo & Pooja) coming to Arihant tmrw @9.45 SHARP till 10.45 on Dev Arcade Terrace
Come wid yr group & have a gala selfie time
Special audition for singing & instruments player

HIGHLIGHTS OF "THE DIRECT TAX DISPUTE RESOLUTION SCHEME"

FM proposed one-time scheme of Dispute Resolution for past cases ongoing under retrospective amendment. One can settle the case by paying only the tax arrears in which case liability of the interest and penalty shall be waived.

++ A taxpayer who has an appeal pending as of today before the Commissioner (Appeals) can settle his case by paying the disputed tax and interest up to the date of assessment.

++ No penalty in respect of Income-tax cases with disputed tax up to Rs. 10 lakh will be levied.

++Cases with disputed tax exceeding Rs. 10 lakhs will be subjected to only 25% of the minimum of the imposable penalty.

++ Any pending appeal only against a penalty order can also be settled by paying 25% of the minimum of the imposable penalty. In addition,”in the case of specified tax,only the amount of such tax so determined” is to be paid.

A. Once the declaration is filed,the designated authority will within SIXTY days, determine the amount payable and grant a certificate intimating the details of tax payable;
B. The amount shall be paid within THIRTY days and intimate with proof of payment; Thereafter the designated authority will grant immunity from further proceedings in respect of the proceedings.
C. Where the declarant violates the conditions of the scheme,it shall be presumed as if the declaration was never made and the pending proceedings/appeal shall be deemed to have been revived.
D. This is subject to agreeing to withdraw any pending case lying in any Court or Tribunal or any proceeding for arbitration, mediation etc. under BIPA.

Thanks & Regards,

Union Budget 2016 Highlights.
1. Rs. 35984 crores allotted for agriculture sector.
2. Rs. 17000 crores for irrigation projects.
3. Two new Organic farming scheme for 5 lakh acres.
4. Rs. 19000 crores for Gram Sadak Yojana
5. Rs. 9 Lakh Crores Agriculture Credit Target.
6. Rs. 38500 crores for MANREGA, highest ever.
7. Rs. 2.87 Lakh crores to be spent on Villages in total.
8. Rs. 9000 crores for Swach Bharat Mission.
9. Rs. 97000 Crores for Roads.
10. Total Outlay on Roads and railway Rs. 2.18 Lk Crores.
11. Rs. 2.21 Lakh Crores on Infra Projects.
12. NHAI to raise Rs. 15000 crores via NHAI Bonds.
13. More benches for SEBI Appellate tribunal.
14. Registration of Company in One Day for Start-ups.
15. Rs. 25000 crores for Banks rehabilitation.
16. 100% FDI for food processing.
17. Non planned expenditure of Rs. 14.28 Lk Crores.
18. Planned expenditure increased by 15.3% .
19. Relief Section 87A Rs. 2000 to Rs. 5000
20. Relief Sec 80GG Rs. 24000 to Rs. 60000
21. Section 44AD limits Rs. 1 crores to Rs. 2 crores. Rs. 50 Lakh for professional
22. Accelerated depreciation limited to 40%
23. New manufacturing companies will pay tax @ 25%.
24. LTCG on unlisted securities limited to 2 years.
25. 100% tax deduction for companies building houses upto 30 sq. mtrs.
26. Additional interest deduction for first house.
27. No service tax for building houses upto 60 sq mtrs.
28. 10% dividend tax for recipient over Rs. 10 lakh per annum.
29. TCS on purchase of asset over Rs. 2 Lakh in case and luxury cars.
30. VDS Scheme @ 30% + surcharge, Ist June to 30th September 2016.
31. Dispute resolution for appeal pending before Commissioner(Appeals).
32. Penalty for concealment of Income from 100-300% to 50-200%.
33. Rationalisation of TDS provisions.
34. 11 new benches for Income Tax Appellate tribunal.
35. No face to face scrutiny.

Proudly announcing successful results in CS
Professional (New Course) Jimit Shethwala-524-AIR 16(A'bad 1st)
Himanshu Gupta-479-A'bad 4th
Priya Maru-470
Executive Sonu Jain-434-A'bad 3rd
Congratulations to all other pass outs
Keep supporting!

Announcing special batch on Companies Act 2013 by CS Vinit Nagar-Joint initiative with Arihant
Both Exe & Prof students of June'16 r eligible
Starting frm 1st March @ Arihant HO on 1st come 1st serve basis
Fees-8000
Register on 40263105/4

CA Final F.R. Crash Batch starting frm 22nd Feb Monday by Sandeep Kamdar Sir
Accounting Standards r also separately available
Fees-8000
Register on 40263105/4

★ GOODS AND SERVICE TAX (GST)★

■Before going for the study, let first have a glance over current tax scenario.■

1) Constitution of India has clearly demarcated the power of Centre and State for levy and collection of tax.

2) Centre is empowered to levy and collect central excise duty on manufacturing of goods (except alcohol for human consumption,narcotics, o***m) while State has the power to levy and collect State VAT (value addition tax) on sale of such goods.

3) In case of inter-state sale, though the power to levy Central Sales Tax (CST) is with the Central Government (CG), but the originating state collects and retains the same.

4) For services, service tax is levied and collected by Centre.

5) While export is tax free, on import of goods to India, CG in order to counterbalance the effect of excise duty, CST, state VAT on domestic products, collects additional duties of custom.

◆ “No doubt that GST would be a very significant indirect tax reform in India.” ◆

◆GST intends to subsume most indirect taxes under a single taxation regime and hence it would mitigate cascading or double taxation in a major way.

◆But this would also require many amendments in the constitution as well.

■Scope of GST■

1) GST would be destination based instead of the present concept of origin based.
This means that it will be collected on consumption.

2) GST would be a single tax applicable on all goods and services except :-
~ alcohol for human consumption ~ ~ electricity
~ real estate

3) On petroleum products, it would be applicable from a later date as recommended by the GST Council.

4) To***co and to***co products would also be subject to GST. In addition, Centre would continue to levy Central Excise Duty.

◆ Components of GST◆

1) GST would comprise of three components namely :-

~ CGST – which would be levied and collected by CG.
~ SGST – which would be levied and collected by SG.
~ IGST – which would be levied and collected by CG on Inter-state sale so as to maintain the credit chain.

《》NOTE - Import of goods and services would be treated as inter-state sale under the GST system and IGST would be collected by the Centre in addition to applicable Custom duties.

《》NOTE - Rates of CGST, SGST and IGST would be mutually agreed upon by the Centre and State.

2) Also for initial period of 2years or more, a non-vatable additional tax not exceeding 1% on inter-state supply of goods would be levied and collected by Centre and assigned to originating State.
This additional 1% tax would dilute the objective of creating a harmonized national market for goods and services.
Further, cascading of taxes will continue.

◆ Why GST?◆

If you get adequate credit of input tax against the tax liability on output, it will hamper your pocket less..!!

But non availability of Input Tax Credit (ITC) simply add up to your cost and thereby making the goods costlier as well as also leads to double taxation i.e. tax on tax.

‘These flaws in the present system gives birth to GST.’

◆ What about Credit? ◆

Credit to be utilised in following manner :-

1) ITC of CGST - against CGST.
2) ITC of SGST - against SGST.
3) ITC of CGST - against CGST,IGST in that order.
4) ITC of SGST - against SGST, IGST in that order.
5) ITC of IGST - against IGST,CGST,SGST in that order.

◆ Merger of taxes ◆

GST would subsume following taxes :-
1) central excise duty
2) additional duty of excise
3) additional duties of custom
4) special additional duty of custom
5) service tax
6) state VAT, central sales tax
7) luxury tax, entertainment tax
8) purchase tax , entry tax
9) tax on advertisements
10) tax on lotteries,betting and gambling

Lets discuss more in detail as needed.

MCA proposes new CARO, 2016 with wide coverage

On 9th February, 2016, Ministry of Corporate Affairs (MCA) has issued draft Companies (Auditor’s Report) Order (CARO), 2016. As per Section 143 of the Companies Act, 2013, every auditor’s report under this section shall contain matters specified under applicable CARO (currently CARO, 2015). In comparison to the existing CARO (2015), CARO (2016) proposes reporting on some new requirements and eliminates some of the existing reporting requirements.

In comparison to CARO, (2015), CARO (2016) proposes additional reporting on the following:-

Auditor should report

(i) Whether title deeds of immovable properties are held in the name of the company. If not, provide details thereof.

(ii) Whether the company has granted any loans, secured or unsecured to companies, firms or other parties covered by clause (76) of Section 2 of the Companies Act, 2013. If so,

Whether the terms and conditions of the grant of such loans are not prejudicial to the company’s interest.

(iii) In respect of loans, investments and guarantees, whether provisions of Section 185 and 186 of the Companies Act, 2013 have been complied with. If not, provide details thereof.

(iv) Whether managerial remuneration has been paid/ provided in accordance with the requisite approvals mandated by the provisions of section 197 read with schedule V to the Companies Act? If not, state the amount involved and steps taken by the company for securing refund of the same.

(v) Whether the Nidhi Company has complied with the Net Owned Fund in the ratio of 1: 20 to meet out the liability and whether the Nidhi Company is maintaining 10% liquid assets to meet out the unencumbered liability.

(vi) Whether all transactions with the related parties are in compliance with Section 188 and 177 of Companies Act, 2013 where applicable and the details have been disclosed in the Financial Statements etc. as required by the accounting standards and Companies Act, 2013.

(vii) Whether the company has made any preferential allotment / private placement of shares or fully or partly convertible debentures during the year under review and if so, as to whether the requirement of Section 42 of the Companies Act, 2013 have been complied and the amount raised have been used for the purposes for which the funds were raised. If not, provide details thereof.

(viii) Whether the company has entered into any non-cash transactions with directors or persons connected with him and if so, whether provisions of Section 192 of Companies Act, 2013 have been complied with.

Further, in the case there is any unfavourable/ qualified/ disclaimer of opinion, auditor’s reports should state reasons for the same.

Stakeholders need to provide their comments on the proposed CARO, 2016 by February 23, 2016.

CA Final New Batch starts from 15th Feb Monday for attempts due in May'17 & onwards!
Our quality teaching & results speak louder than anything
For admission/inquiry,
Cal 40263105/4

Good news in CS Foundation follows by GREAT NEWS in CA IPCC
2 out of 5 A'bad's All India Rankers r frm Arihant
AIR 38-Pooja Shah (A'bad 2nd)
AIR 39-Shiv Chhatwani (A'bad 3rd)
20+ both groups
115+ single group
This continuous success story of Arihant can't be possible without yr unlimited support
Keep believing us to enhance our excellence
Thank You!

FUNDS FOR TECHNOLOGY INCUBATORS IN ACADEMIC INSTITUTIONS GET CSR STATUS

Section 135 of the Companies Act, 2013 lists permitted CSR activities, and by a key recent amendment, ‘contributions or funds provided to technology incubators located within academic institutions which are approved by the Central Government’ qualify as a CSR expenditure. IIT Madras has established two incubators recognised by Ministry of Science and Technology, Govt. of India, which hence qualify to receive funds from Indian and foreign companies operating in India as part of fulfilling their CSR obligations under the Companies Act 2013

CS Executive Dec 16 attempt batch starts frm Mon 1st Feb
Don't miss 2 learn frm A'bad's BEST FACULTIES
Enrol by Sat -30th Jan 2 get fees benefit
Call 40263105/4

Guiding Seminar for CPA USA
(Becker) is held on Friday 29th Jan
@ 8 am by CA CPA Rahul Shah. For
inquiries and registration Call:
9825850248 / 40263105.

Golden history repeats itself.
Pleasure to announce 11 All India Ranks in CS Foundation Top 50.
AIR 19 - Parth Modi
AIR 31 - Shreya Shah
AIR 35 - Priya Makhija
AIR 36 - Veena Vadhwani
AIR 40 - Alefiya Makharia
AIR 42 - Divyansh Sharma
AIR 42 - Disha Mehta
AIR 42 - Priya Rawal
AIR 44 - Deebu Manikandan
AIR 45 - Milan Chauhan
AIR 47 - Ankush Soni
84% students of Arihant have cleared Foundation Exam.
ICSI announced top 25 ranks.
Thank u for continued support.
Result speaks louder than words.
Keep supporting 👍🏻

Why CS executive@Arihant?
faculty team
# Prooven track record of excellent result
# Best study material
# Best exam system
For performance evaluation
# Timely completion of course

Once Again Arihant institute produced historical result.
2 of our jewels have secured All INDIA Rank.
AIR 12 Ravi soni scoring 531
AIR-37 Jatin Banka scoring 492,
45+ Both Groups
112+ single Group
Still counting...
Action speak louder then words
Arihant Rocks!
Keep supporting, keep believing ✌🏻️

Announcements by PM today on start up india:

#1. Compliance regime based on self-certification. Labour laws – no inspection for 3 years

2. Startup India hub – single-point contact (‘friend, mentor, guide’)

3. Mobile app to be launched on April 1: registration of startup company in one day | Also portal for clearances, approvals and registrations

4. Fast-track mechanism for startup patent applications

5. Panel of legal facilitators for startups to file IP (patents, designs, trademarks) – costs borne by gov

6. 80% rebate on filing of patent applications by startups, as compared to other companies

7. Relaxed norms of public-procurement for startups. No requirement of turnover or experience, but no relaxation of quality

8. Faster exits for startups (Insolvency and Bankruptcy Bill), eg: wind up within 90 days

9. Fund of funds – initial corpus – INR 2,500 crore, later on 10,000 crore

10. Credit guarantee fund for startups

11. Tax exemption on capital gains

12. Tax exemption to startups for 3 years to promote growth

13. Atal Innovation Mission:sector-specific incubators, 500 tinkering labs, pre-incubation training,seed fund for high-growth; PPP model being considered for 35 new incubators; 31 innovation centres at national institutes, 7 new research parks like IIT-M. 5 new bio-clusters

14. Innovation Core Programs for school students in 5 lakh schools

15. Annual Incubator Grand Challenge to create world class incubators in India

16. National and International Startup Festivals to provide visibility