Salaries ( Meaning and Basis of Charge )

Before one proceeds for Computation of Income under the head Salaries one must understand the Meaning of Salary with reference to the Income Tax Act’ 1961. Salary under the Act is defined U/s 17(1), which includes the following:-

·        Wages;

·        Any Annuity or Pension;

·        Any Fees, Commission, Perquisites or Profits in Lieu of salary;

·        Any Gratuity;

·        Any Advance of Salary;

·        Any payment received by an employee in respect of any period of leave not availed by him, known as leave encashment;

·        Transferred balance in a recognized provident fund to the extent it is taxable;

·        Contribution made by central govt. to the account of an employee under the pension scheme U/s 80 CCD;

Q) What does one mean by the term ‘Basis of Charge’?

Basis of Charge of an Income let’s us know that on what grounds Income earned by a person is chargeable to tax. It specifically defines whether Income so received is tax chargeable on receipt basis or accrual basis, or in case of variations in accounting method how tax should be charged. All five heads of Income have different Basis of Charge which you will come to know as you surf through each head of Income. 

Q) What is the Basis of Charge for Salary Income? 

Salary Income is chargeable to tax on ‘DUE OR RECEIPT BASIS WHICHEVER IS EARLIER’ 

Income Tax Act however specifically states that where any salary in advance is included in the total income of any person for any previous year it shall not be included again in the total income of the person when the salary becomes due. It is also worthwhile to note that the Accounting Method employed by the Assessee is absolutely irrelevant to violate the chargeability rule as stated above in bold.

Let’s go through the following examples to gain more clarity on this rule:

You being an employee of a MNC are faced with the following alternative situations during the P.Y. 2007-08 (A.Y. 2008-09)

1)     You received your annual salary of Rs. 7,00,000/- due & receivable by you in the previous year.

-    The salary of Rs. 7,00,000/- will be chargeable to tax in P.Y. 2007-08 in your hands.       

2)    An Annual salary due to you of Rs. 7,00,000/- out of which only Rs. 5,50,000 was received during the P.Y. 2007-08 and rest was received by you in the next P.Y. i.e., 2008-09.

-    The whole salary amount of Rs. 7,00,000/- will be chargeable to tax in your hands in the P.Y. 2007-08 i.e., A.Y. 2008-09. The salary of Rs 1,50,000/- received in P.Y. 2008-09 will not be chargeable to tax again in P.Y. 2008-09 i.e., A.Y. 2009-10 since it has already been taxed earlier. 

3)     Advance salary received during the P.Y. 2007-08 pertaining to P.Y. 2008-09 of Rs. 2,50,000/-.

-   The salary received of Rs. 2, 50,000/- will be chargeable to tax in the P.Y. 2007-08 instead of P.Y. 2008-09 since the rule specifically says due or receipt whichever is earlier, however it will not be charged to tax again in P.Y. 2008-09. 

4)     Arrears of salary pertaining to P.Y. 2005-06 received in P.Y. 2007-08 amounting to Rs. 1,00,000/-.

-   The amount so received of Rs. 1,00,000/- will not be tax chargeable in your hands in P.Y. 2007-08 since it must had been already taxed in your hands in P.Y. 2005-06, i.e., A.Y. 2006-07.

Management Entrance Examinations in INDIA

ATMA (AIMS Test For Management Admission) CEMAT - Admission test for Commonwealth Executive MBA & MPA Programmes Common Admission Test (CAT) ICFAI Business School Aptitude Test (IBSAT) Indian Institute of Foreign Trade (IIFT) MBA Admission Test Integrated Common Entrance Test (ICET) Joint Management Entrance Test (JMET)   Karnataka Management Aptitude Test (K-MAT) Management Aptitude Test (MAT) National Council for Hotel Management and Catering Technology (NCHMCT) - Joint Entrance Examination (JEE) National Management Aptitude Test (NMAT) Open Management Admission Test (OPENMAT)- Indira Gandhi National Open University (IGNOU) Rajasthan Management Admission Test (RMAT) Symbiosis Entrance Test (SET) for Symbiosis Undergraduate Institutes of SIEC Deemed University Symbiosis National Aptitude (SNAP) Test Written Admission Test (WAT)- Army Welfare Education Society (AWES) Xavier Admission Test (XAT)

Guidelines For Preparing A Resume

A resume furnishes details for presenting yourself for a prospective job. It is a summary of your skills, accomplishments, experiences and education. There is no standard format for preparing your resume. It should be designed in such a way to impress your prospective employer and to ensure the call for an interview. Apart from the basic categories, you can add on details to make it more impressive. Always make a rough resume with all the details before you finalize on the fair one. We can go through the basic categories, to help you to make a resume.

Name, Address and Telephone: One has to give his/her permanent address with phone number if any. If you have an e-mail address, include that too.

Objective: It should be brief and to the point. It must give the employer an idea about your work preferences and where you want to be in your career, in future.

For example:

• Seeking a challenging position with opportunities for career advancement and learning.
• To have a long career in the (particular field), gain further skills and attain the goal of the organisation aiming at mutual growth.

Profile: This category is optional but valuable. Here one should give an overall picture of his/her abilities and accomplishments. You must stress on your particular strengths. sd

For example:

• Good knowledge on Internet Security, E-commerce Transactions, System Analysis etc.
• More than one year experience in the particular industry.

Educational Qualification: Here one has to include your degree, specialisation, institutions attended, year of graduation, subsidiary subjects studied, and any special workshops, seminars, related courses or projects done. You can give your qualifications separately as academic and professional or technical if any.

Career Graph or Work Experience: One must give details regarding the place you have worked, the position you held, your responsibilities and achievements if any, duration of work etc. List the name of the organisation, give a brief description if you prefer and the place it's located. Then give your work responsibilities with an emphasis on achievements- (work projects done, targets achieved etc.) and the dates or period you have served in the organisation.

Personal Profile: Your personal details like date of birth, permanent address and contact number, e-mail, passport details if any, hobbies, languages known etc.

References: References should be given with prior consent from the relevant people. This must include their name, address and phone number. It is not essential to give references in a resume. You can state that references can be furnished if needed.

EXAM DATES OF MANAGEMENT COURSES

Exam Date

Last Date of Application

Examination

Nov. 16, 2008	Sep. 5, 2008	Common Admission Test (CAT), CAT 2008 : Indian Institutes of Management (IIMs)
Nov. 23, 2008	Sep. 3, 2008	Indian Institute of Foreign Trade (IIFT) : MBA Admission Test 2008
Dec. 14, 2008	Oct. 17, 2008	Joint Management Entrance Test - JMET 2009 conducted by IIT, Kharagpur
Dec. 21, 2008	Nov. 25, 2008	Symbiosis National Aptitude (SNAP) Test 2008
Dec. 21, 2008	Nov. 20, 2008	ICFAI Business School Aptitude Test (IBSAT) 2008
Jan. 4, 2009	Dec. 5, 2008	Xavier Admission Test (XAT) 2009 conducted by Xavier Labour Research Institute, Jamshedpur (XLRI)

TIPS FOR SUCCESS IN INTERVIEWS

• www.webindia123.com First impression is the best impression. You will be judged by ; the way you dress, your educational qualification, work experience, body language, manners, ability to absorb the information and interpret it intelligently and clearly. So take care to be at your best.
• Carry your relevant documents in order - like certificates, copy of application sent, bio-data etc. in a folder so that it can be easily shown when asked. Take a pen also.
• Present the documents only if the interviewer ask for it.
• Never be late for an interview.
• Greet the interviewers as soon as you enter.
• Sit down only when you are asked to. It is better not to pull the chair, either lift it or move it and always enter from the right side of the chair.
• Say 'please and thank you' whenever required.
• Listen carefully and pay attention to the question. If the question is not clear to you ask politely for a repeat.
• Reply confidently and immediately to the point, keeping your answers short unless asked for a longer description.
• While answering, look directly at the person asking the questions and try to be pleasant.
• Replies connected to any details regarding your bio-data should be authentic.
• It is better to admit if you don't know something.
• Remember to say 'sorry' if your opinions or answers are rejected.
• Avoid indulging in certain mannerisms in your speech or behavior.
• You can ask when you can expect to hear from them before you leave.
• Don't forget to say "Thank you" at the end of an interview to every interviewer before leaving.
• Shake hands only if the interviewer initiates the gesture.
• Walk out confidently without looking back.
• Gently shut the door behind you as you leave.

Convocation (8-10-08)- ICAI

In terms of the decision of the Council, Convocation function will henceforth be held twice a year at the Regional Headquarters of the Institute covering the period from March to August and September to April with a view to inculcate a sense of belongingness and attachment with the Institute. Accordingly, the first Convocation function will be held as per the details given below:- Sunday, the 09th November 2008 Mumbai – Western Region Sunday, the 16th November 2008 New Delhi – Northern Region Sunday, the 30th November 2008 Chennai – Southern Region Sunday, the 07th December 2008 Kolkata – Eastern Region Sunday, the 14th December 2008 Jaipur – Central Region Details like venue and timings are being finalized and would soon be communicated to the members and prospective members separately by the Regional Councils concerned. New entrant members who enrolled as Associate members from 1st February, 2008 to 31st August, 2008 as also the Fellow members admitted during this period would be eligible to receive their membership certificate in person at the Convocation. All members who were granted Certificate of Practice during this period would also be given their Certificate in person at the Convocation. Members and prospective members (i.e. who have passed the Final examination and are yet to apply for membership or application for membership is under process) are requested to wear the Royal Blue Colour Blazer /Navy Blue Colour Blazer respectively and female members may wear preferably saree while attending the Convocation and receiving the membership certificate/Certificate of Practice. A tie and a lapel pin, saree pin in case of female members will be presented by the Institute at the convocation. Such students who have passed the Final Examination held in May, 2007, November, 2007 & May, 2008 and have not yet enrolled for membership will be presented the Certificate of Pass if not already given. A lapel pin will be presented at the occasion. However, such students if not already enrolled as Member are advised to seek membership of the Institute in order to be a Member of the coveted family of the Chartered Accountants and also be eligible to use the designation Chartered Accountant. It may be mentioned that Section 24 of the Chartered Accountants Act, 1949 provides for use of the designation Chartered Accountant only to such persons who are Members of the Institute. In other words, a student who has passed final examination cannot use the designation Chartered Accountant unless he has also enrolled himself as a Member. Members (Associates and Fellow) enrolled and Certificate of Practice granted to members from 1st February 2008 to 31st August 2008 and Students (prospective members) who have passed final examination are cordially invited to attend the convocation function in their respective regional headquarter as per the schedule stated above. Ved Jain President SOURCE: www.icai.org

Chartered Accountants Addresses and phone no.s in Hyderabad( soonly will upload more than fifty firms)

Lakshminiwas & Jain

5-4-726, Station Road,  Nampally,  Hyderabad - 500 001 A.P

Phone Numbers:

Office: +91 40 24742543,24745182

Fax: +91 40 2473 0381

Email: career@lakshiniwasandjain.com Gandhi & Gandhi Chartered Accountants 1002 Paigah Plaza, Basheerbagh, Hyderabad  500 063 India  Ph: +91-40-67018000  Fax: +91-40-2323 7318  email:info@gandhis.com A. Ismail & Associates #5-9-189, Lenaine Estate Shop #304, 3rd Floor Abids Road Hyderabad G.P.O. Hyderabad-500001 Landmark: Beside S.B.H. Gun Foundry Phone: 040-23387679 Venkatadri S. Co. #1408/14, Babukhan Estate 1st Floor Basheer Bagh Hyderabad G.P.O. Hyderabad-500001 Phone: 040-23237463 Ramana Reddy & Co. #202, Vastu Apartments S.R. Nagar, Vengal Rao Nagar Hyderabad G.P.O. Hyderabad-500001 Landmark: Near Food World Phone: 040-23708545 Y.C.S. Rayudu & Co. #245-8-352, R.R. Towers C.A. Lane, Abids Hyderabad G.P.O. Hyderabad-500001 Landmark: Near Medwin Hospital Phone: 040-24616940 SOURCE : www.sulekha.com