The Chartered Accountant

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BOOK REVIEW A PRACTICAL GUIDE FOR INVESTORS & TRADERS IN SECURITIES & COMMODITIES The book Tax and Financial Planning Guide for Investors & Traders in Securities & Commodities, authored by CA. Samir S. Mogul, discusses various provisions relating to Securities Transaction Tax and Commodities Transaction Tax under the Indian Income-tax Act, 1961, as amended by the Finance Act, 2008. These discussions have been backed by various case laws as well as notifications, circulars and press releases issued by various statutory authorities. There have also been discussions on how to plan taxes to take advantage of the exemptions and deductions available in the Income-tax Act. Guidelines for Investors as well as Traders and businessmen are also given in this book. We invest our hard-earned and inherited money including capital, income and savings, in shares, bonds, debentures, mutual funds units, derivatives, and so on, on one hand, and commodities like gold, silver, jewellery, artifacts and other goods/merchandise on the other. Objectives behind investments have always been to make profits and generate revenue from all our assets. In order to maximize our real returns, i.e., after eliminating the effect of inflation, on investments, taxation has to be considered and planned carefully to minimize its impact on investments and returns. Taxation plays a crucial role in the overall returns on any investment or in any trade and hence, it is necessary to understand the fundamentals of taxation. There have been global dramatic changes in past few decades in financial and commodity markets in terms of various volumes, nature, type of assets, values of volatility and so on. Along with it, there have also been a rapid growth in derivatives contracts (options, future and forward contracts) in securities and commodity markets in India over the years, and both the above now account for big share of the total value of transactions. This book also discusses the impact of changes made by the Finance Act, 2008, especially with regard to the increase in the threshold limit of the exemption from income-tax for individuals, clarifications on reverse mortgage scheme, taxation of securities received under Employees Stock Options Plans (ESOP), changes in tax on distributed profiles by domestic company, among others. The author has given some tax planning tips and strategies in the book which are highlighted with a Title: Tax and Financial Planning Guide for Investors & Traders in Securities & Commodities Author: CA. Samir S. Mogul Pages: 621 Price: Rs.595 background shade for the benefit of the readers. Investors and traders, who are looking for opportunities in derivatives markets for profits, can use this book to understand and take advantage of the tax laws governing securities and commodities. Tax professionals and practitioners would also find this book advantageous. This book can also be used by finance and taxation students and other academicians, who want to acquire a working knowledge of tax laws relating to various financial instruments and commodities. Eventually, one can say that through this book the author has provided a wide-in-scope guide for investors and traders of all kinds, who may plan their investments and trading activities in financial securities and commodities under the Securities Transaction Tax and Commodities Transaction Tax. This book is recommended to all those investors and traders as a must-read document.q THE CHARTERED ACCOUNTANT 1039 DECEMBER 2008
The Committee for Members in Industry (CMII) of the Institute has successfully organised one more round of Campus Placement Programme during August-September 2008 at Sixteen centers viz. Ahmedabad, Bangalore, Chandigarh, Chennai, Coimbatore, Ernakulam, Hyderabad, Indore, Jaipur, Kanpur, Kolkata, Mumbai, Nagpur, New Delhi, Pune, Surat for those candidates who have qualified in May 2008 examination. In all 3817 candidates had the opportunity to avail this service. The bio-data of these professionals were classified centre-wise and they were given an opportunity to meet 149 interview boards of 77 organisations at Sixteen centres. Executive Summary of the Campus Placement Programme 1. Highest salary offered for International posting in the Campus Placement Programme is Rs. 21.00 Lacs per annum. 2. Highest salary offered for domestic posting in the Campus Placement Programme is Rs. 10.61 Lacs per annum. 3. Around 1000 jobs were offered to the candidates who participated in Campus Placement Programme. 4. The average salary offered to the newly qualified Chartered Accountants is about Rs. 6.11 lacs per annum . 5. 77 companies have participated during the Campus Placement Programme. 6. 149 Interview Panels have participated during the Campus Placement Programme. 7. IT Software sector (16.16%) is amongst the highest recruiter of all sectors, but sectors DECEMBER 2008 1040 THE CHARTERED ACCOUNTANT CAREER WATCH Where the Newly Qualified Chartered Accountants are heading in Industry 1 like Mining (8.42%), Banking (7.52%), Financial Services (6.40%), Oil & Gas Refining (5.50%) are the major recruiters. 8. Nineteen new recruiting entities have also joined in the Campus Placement Programme for the first time. 9. The Committee for Members in Industry brought out revised publication on `Quick Review Questions’ & `How to face an Interview Board’ to enable the candidates to prepare for their Interviews. Number of Candidates Aug-Sep 2008 Top Five Recruiters during the August-September 2008 Campus Inter- views: S.N. Company Name Selected 1 Infosys Technologies Ltd. 84 2 Vedanta 75 3 Tata Sons 48 4 Tata Consultancy Services 46 5 SBI 40 1 Prepared by the Secretariat of the CMII. Information given is as on 05/11/08 at 1200 hrs Comments are welcome at placements@icai.org 10. The committee organised Orientation Programme for candidates to sharpen their soft skills and give updates on the Technical side. Trends in Salary Packages In the August-September 2008 Campus Placement Programme the maximum salary offered to Six candidates were Rs. 21.00 lacs per annum for International Posting. For Indian posting the maximum salary offered to Nine candidates were Rs. 10.61 lacs per annum. The average salary works out to be about Rs. 6.11 lacs per annum. Major details are as below: Spreading Wings There were 19 new entities joined in the Campus Placement Programme for the first time, which included Bharti AXA Life Insurance Company Limited, Container Corporation of India Limited, Johnson & Johnson Limited, IBM Daksh, IBM India Private Limited, Kuwait Resources House, Louis Dreyfus Commodities India Private Limited, Oman Excha- nge, Tally (India) Private Limited and Tolaram Corporation Private Limited. For further details kindly visit www. cmii-icai.org.q
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Volume 57 No. 06 December 2008 THE
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EDITORIAL BOARD EDITOR-IN-CHIEF CA.
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own residential Centre of Excellenc
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READERS WRITE DECEMBER 2008 950 THE
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ICAI President CA. Ved Jain address
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956 DECEMBER 2008 THE CHARTERED ACC
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ACCOUNTING covered by forward excha
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profit and loss account and the bal
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consonance with the Standards presc
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Residential Status DECEMBER 2008 98
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