Todays Match 20-20

Today is DLF IPL Match 20-20

Kings XI Punjab vs Rajasthan Royal

at 8:00 PM

Venue at Mohali.

Watch and Enjoy the cricket..

IPOs of IPL Teams

New Delhi, March 23 -- At least three of the 10 teams in the Indian Premier League (IPL) are planning initial public offerings (IPO) or other forms of stake sales of their clubs.

Sources tracking the IPL said they expected a lot of fresh investment activity in the coming months leading up to the fresh player auction in September-October.

According to IPL rules, for first three years no owner can exit by selling its entire stake.

Investment banking sources said India Cements Ltd, which owns the MS Dhoni-led Chennai Super Kings (CSK), is likely to be the first off the block in the race to getting the club listed on stock exchanges as a separate entity.

"The management had made its intention clear to put it (CSK) separately to another company," an analyst who had participated in an India Cements analysts' conference said. "When it passes that first holding period of three years, it plans an IPO to realise the value."

CSK is the only team that had achieved break-even in the first year itself. India Cements Vice chairman and managing director N Srinivasan said such reports were speculative.

"All I can say is that today it is well ensconced within India Cements," Srinivasan, who is also the Secretary of Board of Control for Cricket in India (BCCI), said.

Kings XI Punjab, which is owned by a consortium of promoters including Ness Wadia and Preity Zinta, is also learnt to be keen on divesting if it gets the right price.

The management, however, was tight lipped. "I cannot talk about it at this moment," its CEO Anil Srivastava said.

The Subroto Roy-promoted Sahara Adventure Sports, which stunned everybody by picking up the Pune team for a $370 million (Rs 1,702 crore) has also not ruled out the possibility of an IPO or a selling minority stake to a strategic partner.

"There are umpteen opportunities such as an IPO or selling stake to a new partner," a Sahara India Pariwar spokesperson said.

Venugopal Dhoot whose V C Digital - which with a bid of $320 million (Rs 1,470 crore) lost out in the auction for the two new teams on Sunday - is keen to buy a minority stake in one of the existing teams.

"I am disappointed that we lost out by a small margin," Dhoot said. "But at this point, I do not want to comment." (Source: Research on Net)

But as far as my comment I am very much exited about the IPOs of IPL Team. There are certain chances for us to earn by investing in IPOs of IPL team. Will be right back after the update for the same.

Before 10 minutes, my friend came to me and asked regarding the shares and mutual fund.
Actually he want to invest near about 10,000 to 25,000 in money market. I was not quit confident that what to suggest him. But I suggested him to invest in Mutual Fund instead of Share Market because in the share market their are uncertainty of the return on the other hand in the mutual fund (Nav) their is a certainty of the returns on investment.

I also suggested him some of the NAV i.e. mutual funds after studying the market for a while.
and I feel very good for the same and I also advised him to take proper consult of any share market advisor.
Good day,Today.

DLF IPL 2010

There are new teams are entered in DLF IPL for 2011 .
The huge matches to watch and enjoy..
1) Pune and another is Kochin.
I cant even believe that in the period of economy clashes and suddenly the Big buddys are investing a lots of bus in the Cricket.
Actually, it is not our issue. Let them run business in the name of cricket.
We are here to still watch and enjoy..

I want to share my story of Google Adsense..

Doing with my current job .. I was in need of some extra money .. Everybody intend to earn Extra for their better living purpose..
It was man common man thinking. Then i was googled the many searches for the 'work at home', 'work from internet without investment' and so on.. after searching most of the website .. at last came to know that there are no genuine site for the same.. all are meaningless..

Then my friend told me to do the 'Google adsense' and now I am here with the hope that I can also earn with genuine work by genuine postings.

Revised Time Table of TYBCOM Final Exam April 2010

Day & Date	Paper
Fri, Apr 09, 2010	Account 1 - Financial Accounting Business Management I - Management and Organization Development
Sat, Apr 10, 2010	Accounts 2 - Auditing and Cost Accounting Business Management II - Financial Management
Mon, Apr 12, 2010	Accounts 3 - Management Accounting Etc. (Rev.)w Business Management III - Marketing Management
Tue, Apr 13, 2010	Direct and Indirect Taxation
Thu, Apr 15, 2010	Business Economics
Fri, Apr 16, 2010	Management and Production Planning
Sat, Apr 17, 2010	Export Marketing
Mon, Apr 19, 2010	Computer Systems and Applications
Tue, Apr 20, 2010	Psychology of Human Behaviour at work.
Wed, Apr 21, 2010	Marketing Research
Thu, Apr 22, 2010	International Marketing Investment Analysis Portfolio Management
Fri, Apr 23, 2010	Rural Marketing
Sat, Apr 24, 2010	Entrepreneurship and M.S.S.I
Mon, Apr 25, 2010	Elements of Operation Research

Direct Tax and Indirect Tax Syllabus TYBCOM

Direct and Indirect Taxation

Section 1: Direct Taxes – Income Tax

1. Introduction
2. *Definitions (Sections 2 & 3)
3. *Basis of Charge (Sections 4, 5, 6, 7, 8 and 9)
4. *Income Exempted from Tax
5. Heads of Income (Section 14)
6. *Salaries (Sections 15 to 17)
7. Interest on Securities (Section 18 to 21)
8. *Income from House Property (Sections 22 to 27)
9. *Profits and Gains of Business (Sections 28 to 44)
10. *Capital Gains (Sections 2(14), 2(47), 45, 48, 49, 50 & 55)
11. *Income from Other Sources (Sections 56 to 59)
12. Clubbing of Income (Sections 64)
13. *Deductions to be made in Computing Total Income (Sections 80A, 80CCC, 80D, 80G, 80L, 80U)
14. Computation of Total Income
15. Rebate (Sections 88, 88B)
16. Tax Deducted at Source

Section 2: Indirect Taxes

17. *Central Sales Tax Act, 1956
18. *Bombay Sales Tax Act, 1959

TYBCOM SYLLABUS - Management Accounting

Accounts 3: Management Accounting

1. *Analysis and Interpretation of Accounts
1. Vertical Balance sheet and Vertical Profit & loss account
2. Comparative Financial statements
3. Common size statements
4. Trend analysis
2. *Ratio Analysis
3. Funds flow statements
4. *Cash flow statements
5. *Working capital – Concept and Estimation
6. MIS Reports in Computer Environment

TYBCOM SYLLABUS - Auditing and Costing

Accounts 2: Auditing and Cost Accounting

Auditing

1. *Introduction
2. *Types and conduct of Audit( statutory Audit Only)
3. Audit – Planning, Programme and Working papers
4. Audit – Evidence, Procedures and Techniques
5. *Internal control, Internal audit and Internal check
6. System audit in Computer environment
7. *Vouching
8. Audit of ledgers
9. *Verification and valuation of Assets and Liabilities
10. Audit report
11. Company Accounts
12. *Company Auditor

Costing

1. Nature of Cost accounting
2. *Elements of Costs
3. Material control
4. Labour control
5. Overheads
6. Methods of Costing (Including Job, Batch, Operating costing)
7. Unit costing
8. *Contract costing
9. *Process costing
10. *Reconciliation of Cost and Financial accounts
11. **Marginal costing
12. **Standard costing (Variance analysis)

TYBCOM SYLLABUS

Accounts 1: Financial Accounting

1. *Company final accounts
2. *Profit prior to Incorporation
3. *Amalgamation in nature of Merger & Purchase (AS-14)
4. *Buy back of Shares and own Debentures
5. *Redemption of Preference shares
6. Redemption of Debentures
7. *Capital reduction and Internal reconstruction
8. Valuation of Goodwill and Shares
9. Personal Investment accounting (AS-13)
10. *Accounting for foreign Currency transactions (AS-11)

TYBCOM 2010 SYLLABUS

Management and Production Planning (MPP)

Section I

1. Introduction to Management
2. Evolution of Management Thought
3. Planning and Decision Making
4. Organising
5. Human Resource Development
6. Motivating and Leading
7. Performance Appraisal
8. Controlling
9. Management of Globalised Organisation

Section II

10. Introduction to Production Management
11. Productivity
12. Production Planning
13. Locating Production Facilities
14. Production Standards and Work Measurement
15. Quality Control
16. Materials Planning
17. Inventory Control

TYBCOM 2010 Syllabus

Development issues in Indian Economy (Economics)

Section I

Module 1 – Development experience since Independence

1. Economic Growth and Structural Changes Since Planning in India
2. Problem of Poverty in India
3. Population Growth in India
4. Inequalities of Income in India
5. Ninth Five Year plan

Module 2 – Labour Market

6. Labour Force Growth and Participation
7. Trends & Structure of Employment in India
8. Human Development

* Module 3 – Developments in Agriculture

9. Agricultural Production and Productivity Since Planning
10. Institutional Constraints & Reforms in Agriculture
11. Agricultural Financing
12. Agricultural Marketing
13. Agricultural Pricing
14. Agricultural Research and Trade
15. National Agricultural Policy
16. Food Security in India

* Module 4 – Structural Transformation in Industry

17. Industrial Growth and Diversification during the Plan Periods
18. Industrial Policy
19. Small – Scale and Cottage Industries
20. Disinvestment – Policies and Issues

21. Section II

    Module 5 – Financial Markets

    21. Money Market in India – Features & Reforms
    22. Commercial Banking & Reforms in India
    23. The Reserve Bank of India – Monetary Management
    24. Development of Capital market and SEBI

    * Module 6 – Fiscal System

    25. Indian Tax System & Tax Reforms
    26. Public Expenditure – Composition & Management
    27. Public Debt Management
    28. Fiscal Responsibility of the Government

    * Module 7 – External Sector-Emerging Issues

    29. India’s Foreign Trade - Structural Changes
    30. India’s Balance of Payments Problem
    31. Trade Policy of India
    32. Foreign Direct Investment & External Debt Burden

    Module 8 – Challenges Before the Indian Economy

    33. Mobilisation of Resources
    34. Development of Infrastructure – Energy sector
    35. Development of Infrastructure – Transport of Communications in India
    36. Facing the Challenges of WTO
    37. Changing Role of State

CONCEPT OF CAPITAL AND REVENUE EXPENDITURE IS DIFFERENT IN TAX

CONCEPT OF CAPITAL AND REVENUE EXPENDITURE IS DIFFERENT IN TAX

Go ahead read the fine print….
Please also note that the concept of replacement and capital expenditure is totally
different in the case of accounts and in the case of income tax.
For e.g. If there is a car which has a petrol engine and which is replaced by a diesel
engine then in accounts this is termed as a capital expenditure but this a totally revenue
expenditure in the case of income tax
Please note that income tax has the following opinion.
Even before replacement there was an engine and now also there was an engine, so
the matter is irrelevant whether this is a diesel engine and the previous one was a petrol
engine. It has not created a new asset and so this is not considered as a capital
expenditure and is merely a replacement and this TREATED AS A REVENUE
EXPENDITURE AND ALLOWED TO BE DEBITED TO THE PROFIT AND LOSS
ACCOUNT. [Nathalal Bankatlal Parikh Vs. CIT]
The fact that the assessee is doing one kind of business does not stop him from
claiming the deduction of interest on loan taken for the purpose of other business. In a
case of C.T. Desai Vs CIT it was decided as follows.
The assessee was engaged in the business of paper manufacturing and he had had
taken for developing a garment business then interest on the loan taken for garment
business can be allowed as deduction from the business of paper manufacturing even if
the business of garment is not started or yet to start or did not start at all.
Replacement of asbestos roof to a concrete roof is considered as a replacement and
not a capital expenditure [Dhakeshwari Mills Vs CIT]
Replacement of a low power engine to a high power engine to a ship is considered as a
replacement and allowed to be debited to the profit and loss account [Scindia Shipping
Vs CIT]

Depreciation and its chargeability under the act [section 32]

Depreciation and its chargeability under the act [section 32]
Calculation of depreciation in accounts is very much different from the depreciation that
is calculated under the income tax act.
Block concept of depreciation
Income tax follows the block concept of depreciation. Under this concept the assets are
grouped in one block not on the basis of type of assets but they are grouped on the
basis of common rate of deprecation. The following example will make it clear.
If an assessee has the following assets which are of the given value and the rate of
depreciation the distinction of the assets as per accounts would be different from that of
income tax

Particulars Amount Rate of
Dep
Motor car Local 135000 20%
Office Building 500000 10%
Delivery vans 450000 25%
Factory building 750000 20%
Furniture 200000 10%
Fittings and Equipments 150000 25%
Motor car Imported 500000 25%


The classification of the assets as per accounts is on the basis of the type of assets
whereas in the case of income tax it is on the basis of rate of depreciation.
AS PER ACCOUNTS AS PER INCOME TAX
Particulars Amt Amt Particulars Amt Amt
Motor cars and
Vehicles
Block A Rate
10%
Motor car local 135000 Office Building 500000
Motor car Imported 500000 Furniture 200000 700000
Delivery vans 450000 1085000
Buildings Block B Rate
20%
Factory buildings 750000 Motor car Local 135000
Office buildings 500000 125000 Factory building 750000 885000

Some important points of depreciation of assets.
According to the provision of section 32 depreciation is charged the normal rate
prevailing for the assets as per the schedule given under the act.
If an asset is purchased and in the first year it is used for 180 days or more in the
previous year then the full rate of deprecation has to be provided for that year.
For example is an asset was purchased for Rs 200000 on 1st of august 2001 and if the
rate of depreciation is 15% then the amount of depreciation would be Rs 30000 i.e. 15%
of 200000 for the full year. Actually the asset was purchased in the month of august
2001 and it was used for eight months from Aug to March 2002 then also deprecation
has to be charged for the entire year and not only for eight months.
Similarly if an asset is purchased and in the first year used for less than 180 days
in the previous year then half rate of deprecation has to be provided for that year.
For example is an asset was purchased for Rs 200000 on 1st of December 2002 and if
the rate of depreciation is 15% then the amount of depreciation would be Rs 15000 i.e.
50% of 30000 for half year. Actually the asset was purchased in the month of December
2001 and it was used for four months from Dec 2001 to March 2002 then also
deprecation has to be charged for the six months and not only for four months. Thus it
also means that if the asset is purchased on the last day of the year then also the
same would be depreciated for half year even if the asset was used for only one
day.
No depreciation is to be provided in the year of sale. In fact there is no method of
calculating deprecation nor profit or loss on sale of individual assets.

BASIC PRINCIPLES FOR ARRIVING AT BUSINESS INCOME: -

BASIC PRINCIPLES FOR ARRIVING AT BUSINESS INCOME: -

Deductions allowed from Income
Since there are different types of businesses and each business has different types of
expenses and incomes it is practically impossible to mention each and every type of
expense under the act hence we follow the general guidelines that will help us in
deciding which expenses would be allowed as deduction and which would be
disallowed by the act
1. Personal Expenses of the proprietor are not allowed to be debited to the profit
and loss account of the business.
2. Expenses in the nature of penalty are not allowed as deduction
3. Capital Gains or capital losses, which are incurred in the sale of capital assets,
are not allowed as deduction.
4. The particular expense should not be disallowed by the income tax act
1961[meaning there are some expenses which are totally disallowed, like
advertisements related to political party]
5. Expenses of capital nature are not allowed to be debited to the profit and loss
account except capital expenditure on scientific research.
6. Anticipatory expenses, which are contingent in nature, which depend on the
happening or the non-happening of a certain future event, are not allowed. such
as reserve for doubtful debts or provision for a pending legal case etc.
7. Expense should be incurred in the previous year
8. The expense should be related to the business of the assessee. While applying
this rule it should be noted that the standard business practices and principles of
just and reasonable should be allowed.

Profits and Gains of Business and Profession

Profits and Gains of Business and Profession
Basic concepts that one must know
This is the largest head of income
It includes every body from a Panwala having a shop at the roadside to as high as the
biggest business owner of the country, Mr. Narayan Murty. This head of income covers
the largest number of persons who could be taxed under the act. This includes profits
and gains that are earned in practically every business activity known and hence has
the widest of the sections and provisions so that most of them are covered under the
act.
There are 2 main bodies involved in this head.
The tax paying body which is also known as the assessee and the tax collection body
which, is the income tax department
Requirements for claiming a business activity
It includes all activities, which are done with the intention of earning profits and are
distinguished from the activities that are done purely for drawing pleasure. Thus in order
to include any activity as a business the following conditions are to be satisfied.
1. It should include some kind of trade commerce or manufacture or any adventure in
the nature of trade commerce and manufacture.
2. There should be a profit motive
3. The assessee should have an absolute or major control over the activities of the
business so that so as to define any activity as business.
What is business?
Business as defined by section 2[17] of the income tax act is ‘’ an activity which includes
trade, commerce and manufacture and any adventure in the nature of trade commerce
and manufacture.
What is adventure in the nature of trade commerce and manufacture?
It means even a single activity can be also called as a business. So for business
definition it is not necessary that the activity should be carried out regularly and
continuously. Even if there is an isolated transaction then also it is liable to be called for
business.
Rendering of services is also termed as business
Even the rendering of services comes under the preview of business and need not
always be a manufacturing and processing activity.
Business cannot be carried out with one self
Business cannot be carried out with own self. It means that there has to be some
bilateral relations between two or more persons and business done with self does not
make sense and it therefore not entertained under law.
Entire income is not taxable
It means that what ever is the sales of the business is not taxed. Expenses that are
legitimate and related to the business are allowed as deduction and then the net income
is taxable.
Gross income – Expenses required for earning the income. = Net Income
Basis of charge section 28
This section deals with the various types of businesses that are included in the preview
of business and gains.
What income are business incomes but still not taxed as business incomes?
1. Any rent received from house property even if the same is kept in by the assessee as
stock in trade is liable for to be taxed as income from House Property and not income
from business.
2. Dividends received from companies, which are taxable under section 56, would be
liable to be taxed under income from other sources even if shares are maintained by the
assessee as stock for sale.
3. Winning from lotteries and races are termed as income from other sources even if the
person is in the business of engaging in lotteries and races