Articles by Ravikumar.G

Audit Committee

Posted by Ravikumar.G 11 October 2008 10465 Views

The provision of Sec 292A of the Companies Act, 1956 regarding the constitution and functioning of an audit committee:1. Every public co having paid up capital of not less than 5 crores of rupees shall constitute a committee of the Board known as &qu

Environmental Audit

Posted by Ravikumar.G 11 October 2008 16478 Views

Environmental reporting deals with the disclosure by an entity of environmentally related data like environmental risks, impacts, policies, strategies, targets, costs etc to those who have an interest in such information as an aid to enabling / enric

MNCS GET TAX BREATHER ON ASSET SALE

Posted by Ravikumar.G 04 October 2007 5027 Views

Foreign companies selling assets in India could end up enjoying a concessional rate of capital gains tax of 10% even if these companies enjoy the foreign currency fluctuation benefit.This follows the ruling by the Authority for Advance Rulings (AAR)

Income Tax - Modern History of Income Tax

Posted by Ravikumar.G 01 October 2007 21142 Views

The Income Tax history in modern India dates back to 1860. In this year first Income Tax Act was introduced and which remained in force for a period of 5 years. This Act lapsed in 1865. Thereafter Act-II of 1886 was in force. This Act of 1886 was the

Seven Meeting Etiquette Rules Not To Forget

Posted by Ravikumar.G 01 October 2007 16236 Views

Business meetings are held for a variety of reasons, but one common characteristic is the sharing of information with others. As in dining, there are rules of etiquette that go along with meetings. I cannot believe the number of times I have been to

Gifts - Taxable or Non Taxable

Posted by Ravikumar.G 10 August 2020 26291 Views

Applicability :Individual and HUFTaxability:Any sum of money,aggregate value of which exceeds Rs.50,000 /- is received during the previous year without consideration,by an Individual or a HUF from any persons on or after 01.04.06 then the whole of th

Sec 43A of the IT Act Vs. AS 11

Posted by Ravikumar.G 29 September 2007 38712 Views

Suppose a machine was imported for one lakh US dollars when the exchange rate was Rs 45 per dollar. Both in the accounting records as well as in the tax records, the transaction would have been recorded debiting the asset concerned with Rs 45 lakh. B

A brief Note of Inventory Valuation

Posted by Ravikumar.G 29 September 2007 73149 Views

Valuation of closing stock requires consideration of Income Tax, Cenvat, Accounting Standards and Company Law.Stock should be valued at cost or market value, whichever is lower, as it is a prudent business practice. This principle has been accepted i

Sale during Import or Export - as per CST

Posted by Ravikumar.G 29 September 2007 96304 Views

Sale in course of exportArticle 286(1)(b) of Constitution of India prohibits imposition of sales tax on import and export by State Government. Since charging section 6(1) of CST Act levies tax only on inter-State sale, naturally, there is no CST on s

Declared goods as per CST Act

Posted by Ravikumar.G 08 June 2020 243660 Views

Goods of special importanceThere are restrictions on imposition of sales tax on declared goods.Article 286(3)(a) of Constitution of India authorises Parliament to declare some goods as of 'special importance' and to impose restrictions and conditions