KAKA DINESH

  “ There are some people who lead, set benchmarks and inspire others” The highest score in CA Final aggregate wise being the highest total number of marks obtained in a CA Final Examination till date is  630/800  by the topper of the examination held in May 2017. The subject wise highest scores have been obtained by different individuals in their respective examinations spread over a period of time. The subject wise highest scores can be illustrated as follows :- FR- 98/100 SFM- 100/100 AUDIT- 83/100 LAW- 88/100 AMA- 92/100 ISCA- 98/100 DT- 94/100 IDT- 91/100 Some of these papers have been preserved as a symbol of excellence in the ICAI Hall of Fame. ( The scores mentioned above are reproduced to the best of my knowledge and ability. Changes if any, can be suggested for edits)

TAX PLANNING AS PER MAT MAT stands for Minimum Alternate Tax and AMT stands for Alternate Minimum Tax. Initially the concept of MAT was introduced for companies and progressively it has been made applicable to all other taxpayers in the form of AMT. In this part you can gain knowledge about various provisions relating to MAT and AMT. First of all we will understand the provisions of MAT and thereafter the provisions of AMT. Objective of levying MAT  At times it may happen that a taxpayer, being a company, may have generated income during the year, but by taking the advantage of various provisions of Income-tax Law (like exemptions, deductions, depreciation, etc.), it may have reduced its tax liability or may not have paid any tax at all. Due to increase in the number of zero tax paying companies, MAT was introduced by the Finance Act, 1987 with effect from assessment year 1988-89. Later on, it was withdrawn by the Finance Act, 1990 and then reintroduced by Finance (No. 2) Act, 1996...

  Income Tax rules necessitate few taxpayers to get their accounts audited under Section 44AB. The threshold limit of Rs 1 crore for a tax audit is proposed to be increased to Rs 5 crore with effect from AY 2021-22 (FY 2020-21) if the taxpayer’s cash receipts are limited to 5% of the gross receipts or turnover, and if the taxpayer’s cash payments are limited to 5% of the aggregate payments. The auditor has to furnish the audit report in the specified audit form along with the detailed particulars Prescribed Audit Forms The audit report has to be furnished in either of the following forms: Form 3CA  – In respect of a taxpayer carrying on a business or profession and who is already  mandated  to get his accounts audited under any other law  (i.e. law other than income tax law) . A company is required to get its accounts audited compulsorily under Companies Act 2013. So, it will furnish Form 3CA.    Form 3CB  – In respect of a taxpayer carrying on a ...