Articles by CA Nikita

cash loan !!!!!!! AIDMK

CA Nikita 26 June 2007 at 08:24

CHENNAI, JUNE 25, 2007 : VEAI NNIRADNirmala was a heartthrob ofTamil cinema and a favourite of MGR. She took a loan of Rs. 4,65,000from the AIDMK in cash and was awarded a sentence of two yearsRigorous Imprisonment in addition to a fine of Rs.4,65,00

Audit thyself

CA Nikita 21 June 2007 at 08:22

On the face of it, the information and broadcasting ministry's proposal to ask television channels to appoint auditors is a good one. It keeps the government off the channels' backs, and there will not be incidents of the type where the I&B minis

Rivalry in professional services

CA Nikita 21 June 2007 at 08:09

Restricted service fields can gain the most through freer rules for competition The institutional structures of a modern economy owe much to the learned professions-such as the accountants, lawyers, engineers and architects. Upon these professions re

Get online, not in line, to pay tax

CA Nikita 21 June 2007 at 07:51

Paying taxes has never been simpler with the authorities introducing the mechanism of online payment. The use of electronic means to deliver services is not only an efficient and speedy process, but it also facilitates a transparent process for disse

DDT as I-T must be added to 'book profit' while computing MAT

CA Nikita 21 June 2007 at 07:41

The increase in the dividend distribution tax (DDT) rate in the Finance Act 2007 was viewed sceptically by the industry. The levy of minimum alternate tax (MAT) on the IT sector, which is enjoying tax deduction under section 10A/10B of the Income Tax

Valuation of related party transactions by taxmen, SERVICE TAX

CA Nikita 20 June 2007 at 02:19

Pricing of cross border supplies of goods and services assumes significance for the purpose of determining customs duties thereon and also for ascertaining the income tax liability of the person undertaking or receiving cross border supplies. It ther

Distinction between shares held as stock-in-trade and shares held as investment - tests for such a distinction

CA Nikita 20 June 2007 at 02:07

Distinction between shares held as stock-in-trade and shares held as investment - tests for such a distinctionCIRCULAR NO. 4/2007, DATED 15-6-2007 The Income Tax Act, 1961 makes a distinction between a "capital asset" and a "trading asset".2. Capital

Income Tax Rules providing tax exemption to charitable and religious entities modified

CA Nikita 20 June 2007 at 01:52

June, 14th 2007Charitable and religious entities -Amendments to rules providing tax exemption The Ministry of Finance explained the relevant changes made to the Income Tax Rules 1962 that provided tax exemption to charitable and religious entities. T

SC defines 'manufacture'

CA Nikita 31 May 2007 at 06:52

The question whether plants and machinery assembled at site amounted to manufacture and therefore attracted excise duty arose in three appeals before the Supreme Court in the case, Commissioner of Central Excise vs Cethar Vessels Ltd. In one case, th

SC's stand on dishonoured Cheques

CA Nikita 31 May 2007 at 06:48

The Supreme Court has tightened the rule against the drawers of cheques, which are dishonoured for want of sufficient balance in the bank account. They cannot avoid service of notice by the payee by making themselves scarce, according to the judgment