CS Executive FAQs for December 2016 Examination

| November 17, 2016 | 0 Comments

In previous post we have given CS Executive, Professional Exam Time Table for December 2016 and CS Paper Wise Exemption to The Students of ICAI. Today we are giving CS Executive FAQs regarding Company Law and Tax Laws for December 2016 session of examination under CS Course. These CS Executive FAQs are specifically developed for December , 2016 Examination.

CS Executive FAQs:

FAQs Relevant for December , 2016 Session of Examination under CS Course

CS Executive FAQs – Company Law– Module 1, Paper 1

1. Please guide me whether Companies Act, 2013 is applicable for December , 2016 examination?

Notified provisions of Companies Act, 2013 and the existing provisions of Companies Act,1956 which are still in force will apply for December , 2016 examination. Company law study material (July 2014 edition) is updated accordingly. You may read the same along with the Academic Updates applicable for December , 2016 examination.

2. Whether any provisions of Companies Act, 1956 are applicable for December , 2016 examination?

The provisions of Companies Act, 1956 which are still in force are applicable for December , 2016 examination.

3. Is it sufficient to read the provisions stated in the sections of the Companies Act, 2013 or should we read the procedural aspects which are stated in the Rules?

You are expected to read the substantive law under sections and the procedural aspects specified under Rules. Both sections and the relevant rules are important. Students are required to update themselves about all the relevant Circulars, Clarifications, Notifications, etc. issued till June , 2016.

4. Where do I find the soft copy of the study material?

The soft copy of the study material is available under the Academic Corner on the Institute’s website at the link: https://www.icsi.edu/AcademicCorner/StudyMaterialJuly2014.aspx

5. Where do I find the soft copy of the Academic Updates applicable for December , 2016 examination?

Soft copy of the Academic Updates applicable for December , 2016 Examinations are available under the Academic Corner of the Institute’s website at the link: https://www.icsi.edu/WebModules/Academic_Updates_2016_Examination_23_03_2016 .pdf

6. Whether Circular, Notification, Order issued by MCA are applicable to December , 2016 examination?

Yes, circulars and notifications issued by Ministry of Corporate Affairs up to June, 2016 are applicable for December , 2016 examination.

7. The provisions relating to Merger and Acquisitions are yet to be notified, should I read the provisions of Companies Act, 1956?

The provisions relating to mergers, amalgamation and winding up etc. are yet to be notified under Companies Act, 2013 therefore you may read the provisions of Companies Act, 1956 in this regard.

8. Is the study material of all the subjects covered under CS Course have been revised in the light of Companies Act, 2013?

Yes, Study Material of all the subjects under the new syllabus, which have impact of Companies Act, 2013 has been revised in the light of notified provisions of Companies Act, 2013. Further, for the old syllabus students, supplement and updates has been provided in this regard. Soft copy is available on the link: www.icsi.edu/AcademicCorner.aspx

CS Executive FAQs

CS Executive FAQs

CS Executive FAQs – Tax Laws and Practice (New Syllabus) – Module 1, Paper 4

1. Which Assessment year is applicable for December , 2016 examination?

For December , 2016 examination, applicable Assessment Year is 2016-17 (Previous Year 2015-16).

2. Which Finance Act is applicable for December , 2016 examination?

Finance (No.2) Act, 2014 is applicable for the December , 2016 examination. Further, students shall update themselves about all the relevant Circulars, Clarifications, Notifications, etc. issued till December, 2015.

3. Whether the changes made by Union Budget 2015 are applicable for December , examination?

No, the changes made by Union budget 2015 are not applicable for December , 2016 examination.

4. From where can I get the soft copy of the study material updated in the light of Finance (No.2) Act, 2014?

Soft copy of the study material based on Finance (No.2) Act, 2014 is available under the Academic corner on the Institute’s website at the link: www.icsi.edu/WebModules/LinksOfWeeks/Full%20Tax%20La.pdf

5. From where can soft copy of the Tax Updates applicable for December , 2016 examination be downloaded?

Soft copy of Tax Updates applicable for December , 2016 examination have been uploaded under the Academic corner at the Institute’s website.

6. Please share exact link of Tax updates applicable for December , 2016 examinations.

https://www.icsi.edu/Webmodules/Tax%20Updates%20for%20June%202015%20Ex amination_20_03_15.pdf

7. What is the maximum limit for deduction under section 80C as applicable for December , 2016?

For December , 2016 examination, Finance (No.2) Act, 2014 is applicable and accordingly the maximum limit for deduction under section 80C is Rs. 1, 50,000 (one lakh fifty thousand).

8. Whether wealth tax is applicable for December , 2016 examination?

Wealth tax is applicable for December , 2016 examination. It may be noted that the amendments made by Union Budget 2015 are not applicable for December 2016, Examination.

9. Which tax slab rate for individuals is applicable for December , 2016 examination?

Income Tax Slab for Resident Senior Citizens 60 or above but less than 80 years

Income Range

Tax percentage

Up to Rs 3,00,000 No tax / exempt
3,00,000 to 5,00,000 10%
5,00,001 to 10,00,000 20%
Above 10,00,000 30%

 

Income Tax Slab for Resident Super Senior Citizens 80 years or above

Income Range

Tax percentage

Up to Rs 5,00,000 No tax / exempt
5,00,001 to 10,00,000 20%
Above 10,00,000 30%

 

Income Tax Slab for Others (below 60 years)
Income Range Tax percentage
Up to Rs 2,50,000 No tax / exempt
2,50,001 to 5,00,000 10%
5,00,001 to 10,00,000 20%
Above 10,00,000 30%

10. What is the Tax rate for VAT ?

VAT comes under the purview of State Government and different state governments have prescribed different rates for VAT in their respective states. However, from exam point of view, students may refer the VAT rates given in the White Paper on State-Level Value Added Tax by The Empowered Committee of State Finance Ministers.

Note : These above CS Executive FAQs Regarding Company Law and Tax Laws Relevant for December , 2016 Session of Examination

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Category: CS, CS Executive Program, FAQ's, May / June 2015

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