CAclubindia Articles

How do we assess the quality of Fixed Asset Record and related Controls?

Posted by Tulasi S Sastri 26 November 2014 17235 Views

Internal Financial Controls, under the Companies Act 2013, are Policies and Procedures, adopted by the company for ensuring orderly and efficient conduct of business, and among others, include, Safeguarding of its Assets. Let us see the

Read Balance Sheet in 3 Simple Steps!

Posted by Ashutosh 26 November 2014 55013 Views

If you have been studying Business, Finance, Economics then chances are that you are going to work in these domains. You definitely need to know some basic principles in order to understand & manage the finances better. During an interview for th

Life Of A Fauji: Lessons for Chartered Accountants

Posted by Nimish Goel 25 November 2014 32464 Views

Recently I watched a very old TV serial Fauji starring Shahrukh Khan. A lot of you perhaps wont even know that Shahrukh Khan started his career acting in TV serials and then went to the Bollywood. This serial was based on the t

Is KVP a tool to convert black money to white?

Posted by CA Umesh Sharma 24 November 2014 32080 Views

Karniti Part 64Is it a tool to convert Black Money into White - Kisan Vikas Patra ?Arjuna (Fictional Character): Krishna, recently the Government has reintroduced the investment scheme of Kisan Vikas Patra. There are many questions rega

FTS u/s 9 of Income Tax Act, 1961

Posted by CA Nischal Agarwal 22 November 2014 31564 Views

Installation & Commissioning Expenses are not covered under the definition of FTS u/s 9 of Income Tax Act, 1961 The issue is no longer res integra as it has been held by Honble ITAT Mumbai in case of Bennet Coleman & Co. Ltd. Vs ITO(TD

Loophole in section 139 of the Co. Act, 2013

Posted by CA HEMANT SHARMA 22 November 2014 47392 Views

LOOPHOLE IN SECTION 139 OF THE COMPANIES ACT, 2013The legislature in their wisdom decided to plug loopholes of the erstwhile Companies Act, 1956 by inclusion of various new provisions to prevent frauds in the Companies Act, 2013 which were not a part

Service tax adjustment and refund

Posted by Annu Agarwal 21 November 2014 80244 Views

Every one of us is already trying our level best to understand the Service Tax provisions, but it is really difficult to cover up all that is written in the Finance Act.Lets get started:Question 1: What all are th

CBEC clarification on availment of Cenvat credit

Posted by Bimal Jain 20 November 2014 30898 Views

Dear Professional Colleague,CBEC clarification regarding availment of Cenvat credit on Inputs/ Input Services after six monthsBackground:The CBEC vide Notification No. 21/2014-CE (NT), dated July 11, 2014 (Applicable w.e.f September 1, 2014) [

The Hare Could Win Here !!

Posted by Prof. Bajaj 19 November 2014 23074 Views

This is the story of 2 friends viz Amar and Rakesh. Both were from middle-income family backgrounds. Both joined same company at the same salary level of around Rs. 23,000 p.m.We all have heard the story of a hare and tortoise wherein the hare was fa

How do Internal Controls manifest in an Organization?

Posted by Tulasi S Sastri 19 November 2014 46196 Views

In my last article, “Internal Audit under the new Companies Act 2013 – Opportunity or Responsibility for the Internal Auditor?”, released through this medium on 11th November 2014, some of the key words used were, Orderly and Effici