CAclubindia Articles

Draftsman dividing a house

CA Nikita 21 August 2007 at 17:07

Two issues come up routinely for debate in the context of housing-related tax benefits. Section 54 of the Income-Tax Act, 1961 spareslong-term capital gains from transfer of a residential house fromtax if at least such gains are ploughed back or roll

Tax Planning for the Self-Employed

Mr. PURNA P 17 August 2007 at 05:17

Tax Planning for the Self-EmployedSelf-employment . . . the opportunity to be your own boss, to come and go as you please, and oh yes, to establish a lifelong bond with your accountant. If you're self-employed, you'll need to pay your own FICA taxes

AIR DETAIL IN ALL NEW AIR FORMS

RAJAN GUPTA 14 August 2007 at 11:13

AIR(ANNUAL INFORMATION REPORT) DETAIL IN NEW ITR FORMS WHAT TYPE OF ENTRIES TO BE REPORTED.In all the new ITR(Income Tax Return) forms an information about following transaction has been demanded.And what i observe that person are normally ignoring t

Belated Returns

Late CA Sampat Jain 14 August 2007 at 06:52

Author/s :Pradip KapasiGautam NayakChartered AccountantsTopic :Return of income filed beyond time1. Issue for consideration :1.1 Every person, being a person specified in S. 139(1), is required to furnish a return of his income on or before the due d

Tax Planning On Income

Mr. PURNA P 14 August 2007 at 03:52

Tax Planning for Income The goal of income tax planning is to minimize your federal income tax liability. You can achieve this in different ways. Typically, though, you'd look at ways to reduce your taxable income, perhaps by deferring your income or

All about Revaluation of Assets

CA Manish Iyer 13 August 2007 at 23:35

Introduction:Many countries around the world are committed to adopt IFRSs directly or to get their national standards aligned with IFRSs. The change to IFRS will have major effects on the financial statements. This is because of the following reasons

CONSOLIDATED COMMERCIAL DIGEST (CCD) HIGHLIGHTS

CA Nikita 13 August 2007 at 03:25

CCD CHAMBERSFind out answers to your queries on the following subjects:Income-taxConversion of partnership into joint stock company under Part IX ofthe Companies Act - Whether liable to capital gains tax? P. 574Liability to deduct tax at source on pa

Inconsistency in the quarterly etds and etcs returns

RAJAN GUPTA 12 August 2007 at 10:24

INCONSISTENCY IN QTRLY ETDS/ETCS STATEMENT Directrote General of Income tax(systems) is serving letters regarding inconsistency in the quarterly etds and etcs returns submiited by assessees.Formats of Table showing inconsistencies is given ABOVE.Word

Process for conducting Internal Audit!!

CA Nikita 08 August 2007 at 06:45

Although every audit project is unique, the audit process is similar for most engagements and normally consists of four stages: Planning (sometimes called Survey or Preliminary Review), Fieldwork, Audit Report, and Follow-up Review. Client involvemen

Money Laundering - A Big Crime

tarun 07 August 2007 at 01:19

MONEY LAUNDERING Introduction: The word 'laundering' has been derived from cleaning dirty clothes. Money laundering means conversion or laundering of money which is illegally obtained. Commonly used definition by FATF "The Finan