CAclubindia Articles
FEMA update and analysis
CA Nikita 26 September 2007 at 22:55FEMA - Update and Analysis In this update, we have discussed some of the recent important amendments under FEMA:-Overseas Investment by Venture Capital Funds (VCFs) It is clarified that Domestic Venture Capital Funds registered with SEBI, have been p
MERITS OF ADOPTING GLOBAL ACCOUNTING SYSTEM IN CORE SECTOR
Ravikumar.G 26 September 2007 at 20:51Earlier, in most countries, while public sector operators were responsible for construction, operation and maintenance of infrastructure, including toll highways, toll bridges, power plants, water supply plants, airports, sea ports, etc, such infrast
Cheque dishonoured .. wat to do??
CA Nikita 25 September 2007 at 22:29DISHONOUR OF CHEQUE- What to Do Q1. What can I do when a cheque is dishonoured for the reason of insufficient funds. What legal action I can take to get the amount cleared?A. On the dishonour of a cheque, one can file a suit for recovery of the chequ
F A Q ON ITR FORMS BY INCOME-TAX DEPARTMENT
CMA Gul S 25 September 2007 at 15:511. What are the forms that should be used for e-Filing? Answer: The Forms that are currently available for e-Filing for A.Y. 2007-08 are ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, & ITR-8. For A.Y. 2006-07 For A.Y. 2006-07, the e- return could be
Some more Questions on ITR
CMA Gul S 25 September 2007 at 15:5131. The assessee who is under presumptive taxation scheme i.e. "no accounts case", what he should write for sundry debtors, sundry creditors, stock in trade, cash balance, gross profit as he may not have all these details since he is not maintaining
Tax Benefits available to Senior Citizens
Ravikumar.G 25 September 2007 at 15:51There are not many Exclusive deductions available to senior citizen . A person becomes senior citizen under Income Tax Act in any year after attaining the age of 65 even for one day. Once he attains 65 years, his status as senior citizen in that FY,
Hedging Loss is Buisness Loss , not Speculation Loss!
Ravikumar.G 25 September 2007 at 15:51Can a loss from hedging of commodities be set off against normal profit of a related commodity merchant? Yes, there is express provision under the I T Act ,by which loss from hedging of commodities are allowed to be taken not as Speculation Loss and
Home Loan the best way to save Tax!!
CA Nikita 25 September 2007 at 15:51Home loan the best way to save taxTax planning, a legitimate exercise, should not be confused with tax avoidance or tax evasion. Good tax planning comprises tax compliance and availing proper tax benefits, coupled with proper analysis of the financia
Scepticism on ethics all-pervasive
CA Nikita 25 September 2007 at 15:51Whenever in the classroom I discuss contemporary principles and methods for the preparation and presentation of financial statements, with executive and students, I always see discomfort gripping the participants. They express concerns that current p
Fringe Benefit Tax(FBT): Employers Get Time
CMA Gul S 25 September 2007 at 15:51With rules for payment of fringe benefit tax on employee stock options yet to be finalised, the Central Board of Direct Taxes (CBDT) on Wednesday extended the last date for payment of the first two instalments of advance tax to December 15 this year.
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