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"The skill of an accountant can always be ascertained by an inspection of his working papers." Robert H. Montgomery, Montgomery's Auditing, 1912. During the performance of an audit, it is obvious that the auditor may have come across issues which we
Section 115W(a)(iii) of the I T Act specifically exempts funds ,trusts or institution eligible for exemption u/s 10(23C) or registered u/s 12AA of the I T Act . The Board vide circular no 8/ 2005 clarified under question number 4 as follows :Whether
If a pvt. company provides security to a bank, on the basis of which the bank gives loan to a director who is also a majority shareholder, would the loan amount be considered as deemed dividend ? No, the amount of loan shall not be considered as deem
This is not unique taxation measure in India. Many countries , as a consequences of opening economy, felt that Multi national Companies(MNC) plan their business affairs in such way that they earn more profits in a country wherein the taxation is less
Who is a resident of India?A person who meets either of the following Basic conditions is considered a resident:The person should have been in India for 182 days or more during the previous year ORShould have been in India for 60 days or more during
Technology up gradations opened up a new avenue for chartered accountants in India too. Many companies in USA and UK are looking for hiring professional services from an Indian corporation, as it is proven that Indian can adapt to any system easily a
THIS ARTICLE HAS BEEN PUBLISHED IN THE 'INFORMATION TECHNOLOGY' SPECIAL ISSUE (JUNE 2006) of 'Sanhita' - a monthly magazine for corporate professionals published by the Pune Chapter of WIRC of The Institute of Company Secretaries of India. A CII Repo
The Finance Act, 2007 introduced Fringe Benefit Tax (FBT) on securities or sweat equity shares transferred or allotted by employers under Employee Stock Option Plans. The FBT is to be paid on the Fair Market Value (FMV) of the shares on the date of v
Mohan R. Lavi Accounting, supposedly, speaks the language of business. With business becoming increasingly globalised, it is logical to expect that accounting, too, goes global. The International Accounting Standards Board (IASB) through a combo offe
There is more relief in store for harried exporters. The list of services on which exporters have been granted exemption from payment of service tax may be expanded. Commission paid to foreign agents - which forms a sizeable chunk of the service tax
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
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