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Friday, 23 October 2015

CA IPCC FINAL Exams November 2015 Postponed (Kerala Region Only)


CA IPCC FINAL Exams November 2015 Postponed (Kerala Region Only)





IPCC Exams Group I – Applicable for Exams in Kerala
Date
Exam
17th Nov
Accounting
19th Nov
Business Laws, Ethics & Communications
21st Nov
Cost Accounting and Financial Management
CA Final Exams Group I – Applicable for Exams in Kerala
Date
Exam
18th Nov
Financial Reporting
20th Nov
Strategic Financial Management
22nd Nov
Advanced Auditing & Professional Ethics
24th Nov
Corporate & Allied Laws
Other Exams in the State of Kerala would be held as per schedule. The Admit Cards already issued will remain valid.

OTHER STATES DATE SHEET WOULD REMAIN SAME


 

Sunday, 18 October 2015

Types of Allowances

Types of Allowances


Dearness Allowance
As is clear by its name, this allowance is paid to compensate the employee against the rise in price level in the economy. Although it is a compensatory allowance against high prices, the whole of it is taxable.
 
City Compensatory Allowance
This allowance is paid to employees who are posted in big cities. The purpose is to compensate the high cost of living in cities like Delhi, Mumbai etc. However, it is fully taxable.
 
Tiffin / Lunch Allowance
It is fully taxable. It is given to employees for lunch as coupons or added as part of salary.
 
Overtime Allowance
When an employee works for extra hours over and above his normal hours of duty, he is given overtime allowance as extra wages. It is fully taxable.
 
Fixed Medical Allowance
Medical allowance is fully taxable even if some expenditure has actually been incurred for medical treatment of employee or family.
 
Servant Allowance
It is fully taxable whether or not servants have been employed by the employee.
 
Other Allowances
There may be several other allowances like family allowance, project allowance, marriage allowance, education allowance, and holiday allowance etc. which are not covered under specifically exempt category, so are fully taxable.


Reasons for Refund Failure in Income Tax Returns

Reasons for Refund Failure in Income Tax Returns


Sl.No
Reason for Refund Failure
Resolution
1
Expired Cheque
Your refund cheque has been expired. You are requested to apply for refund reissue to claim your refund. The refund reissue can be applied through online by following the procedure given above
2
Incorrect A/C No
The account number provided by you was incorrect. You are requested to apply for refund reissue by providing the correct account number to claim your refund. The refund reissue can be applied through online by following the procedure given above.
3
House Locked
The refund cheque dispatched was returned since the house was locked. You are requested to apply for refund reissue to claim your refund. The refund reissue can be applied through online by following the procedure given above.
4
Party Shifted
The refund cheque dispatched was returned as the concerned party was not available at the address provided. You are requested to apply for refund reissue to claim your refund by updating the new address. The refund reissue can be applied through online by following the procedure given above.
5
No such Address
The refund cheque dispatched was returned as the address provided was incorrect. You are requested to apply for refund reissue to claim your refund by updating the new address. The refund reissue can be applied through online by following the procedure given above.
6
No such person
The refund cheque dispatched was returned as the concerned person was not available at the address provided. You are requested to apply for refund reissue to claim your refund. The refund reissue can be applied through online by following the procedure given above.
7
Incorrect MICR code/unavailable
The MICR code provided by you was incorrect or not provided. You are requested to apply for refund reissue by providing the correct MICR code to claim your refund. The refund reissue can be applied through online by following the procedure given above.
8
Account has been closed
The account number provided by you was closed. You are requested to apply for refund reissue to claim your refund with new account number. The refund reissue can be applied through online by following the procedure given above
9
Account Description incorrect
The account description provided by you was incorrect. You are requested to apply for refund reissue to claim your refund with correct account description or with new account number. The refund reissue can be applied through online by following the procedure given above.
10
Others
In case the reason for non-issuance, is shown as ‘Other’ please check the below details and respond accordingly.
1. Address given for dispatch is a foreign address: It is found from our records that you have requested the refund cheque to be dispatched to a foreign address (as mentioned in your return of income).Hence, you are requested to provide a valid Indian address. The refund reissue can be applied through online by following the procedure given above.
2. Death of person and account is on hold. In case of death of an assessee, legal heir can do the following steps:  Need to approach to CPC with request and await for CPC
· communication in this regard.  On receiving the communication, kindly contact your
· jurisdictional AO along with relevant proof.  After verification, if the Jurisdictional AO approves the
· legal heir claim, refund will be routed to your bank account.
3. Account is under attachment by court/IT.
4. Account holder KYC is pending.
5. Account details given are other than Current Account or Saving Bank Account.
6. Minor assessee has attained majority and fresh documentation is pending.
For the above reasons 1, 3, 4, 5, 6 and for any other reason which is not reflected above please contact SBI Call center 18004259760 for further details
11
Mandatory fields missing:(Account Number/Account Name/Account Type/Address1/City/State/Pincode)
Mandatory fields like Account Number, Account Name, Account Type, Address line 1, City, Pincode were not provided by you. You are requested to apply for refund reissue to claim your refund by providing the above mentioned mandatory details. The refund reissue can be applied through online by following the procedure given above.
12
Incorrect A/C Number Length
The account number provided by you was incorrect. You are requested to apply for refund reissue by providing the correct account number to claim your refund. The refund reissue can be applied through online by following the procedure given above.
13
Invalid A/C Number
The account number provided by you was invalid. You are requested to apply for refund reissue by providing the correct account number to claim your refund. The refund reissue can be applied through online by following the procedure given above.
14
Invalid A/C Number: Between two special characters there should be atleast one alphabet/number
The account number provided by you was invalid. You are requested to apply for refund reissue by providing the correct account number to claim your refund. The refund reissue can be applied through online by following the procedure given above.
15
Invalid A/C Number: First Character in A/C No should be an alphabet/number only
The account number provided by you was invalid. You are requested to apply for refund reissue by providing the correct account number to claim your refund. The refund reissue can be applied through online by following the procedure given above.
16
Invalid A/C Number: Last Character in A/C Number should be a number
The account number provided by you was invalid. You are requested to apply for refund reissue by providing the correct account number to claim your refund. The refund reissue can be applied through online by following the procedure given above.
17
Invalid A/C Number: Numeric string between alphabets or special characters cannot be all zeros
The account number provided by you was invalid. You are requested to apply for refund reissue by providing the correct account number to claim your refund. The refund reissue can be applied through online by following the procedure given above.
18
Invalid character in A/C Number
The account number provided by you was invalid. You are requested to apply for refund reissue by providing the correct account number to claim your refund. The refund reissue can be applied through online by following the procedure given above.
19
Address not valid: Invalid characters or too long address
The address provided by you was too long. You are requested to apply for refund reissue by providing the correct address to claim your refund. The refund reissue can be applied through online by following the procedure given above.
20
Invalid character in Account Name or Name too short
The account name provided by you had invalid character or name too short. You are requested to apply for refund reissue by providing the correct account name to claim your refund. The refund reissue can be applied through online by following the procedure given above.
21
No numeric digit in Account Number
The account number provided by you was invalid. You are requested to apply for refund reissue by providing the correct account number to claim your refund. The refund reissue can be applied through online by following procedure given above.
22
Invalid IFSC code
The IFSC code provided by you was invalid. You are requested to apply for refund reissue by providing the correct account number to claim your refund. The refund reissue can be applied through online by following above.
23
Name mismatch with Bank account holder
The account number provided by you had a name mismatch. You are requested to apply for refund reissue by providing the correct account number or name to claim your refund. The refund reissue can be applied through online by following