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Revision in stipend rates payable to CA articles
Regulation 48 of the Chartered Accountants Regulations, 1988 provides for payment of minimum monthly stipend to articled assistant.The said regulation has been amended by ICAI vide Notification No. 1-CA(7)/167/2014 dated 23rd January, 2015.The minimu
Business doesn't pay taxes,it collects it
You cant tax business. Business doesnt pay taxes. It collects taxes. -A Discussion on recent VAT Provisions regarding Input Tax Credit What Ronald Reagan said on that evening in his office at Wilshire Boulevard Road, Cali
Tax Planning Under Section 80C
Tax planning under section 80C (Chapter VIA) Investment avenuesIntroductionIn order to tax individuals on basis of their earnings (higher tax bracket for high income group and lower tax bracket for lower income group) income tax department le
Transparency in Government is the ultimate key to reform
“A truly democratic country should be of complete transparency.” Government transparency means placing all financial and public information online in an easy-to-use, readily understandable system. Such a system allows taxpayers to see cle
Implications of New Cost Audit Rules on CMA's
In exercise of the powers conferred by sub-sections (1) and (2) of section 469 and section 148 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules to amend the Companies (Cost Records and Audit) Rules, 201
The challenges in auditing SAP
Many businesses use SAP application to help them plan their resources and activities. Its flexibility and range makes it a challenge to audit. Hari Iyer offers some advice: SAP is highly configurable and implementations often vary, even within variou
Comparison of IND AS 1 and existing AS 1
Accounting Standard 1 i.e. Disclosure of Accounting Policies deals with disclosure of significant accounting policies followed in preparing and presenting financial statements whereas IND AS 1 i.e. Presentation of Financial State
ERP Programme Assurance
ERP programme assurance key to saving moneyBy Hari IyerThe mantra for every senior management is to ensure that every penny counts in the management of their company. Instead of looking for various cost saving measures, one could increase the return
GST: Things you Need To Know
One of the major Indirect Tax reforms that India is going to face is in form of Goods & Services Tax (GST), which will replace the current Multiple Indirect Tax regime. GST is being debated over in India for about more than a decade and it has go
HRA: An effective tax planning tool
IntroductionAccording to Section 14 of Income Tax Act, 1961, the income of a person is classified under various defined heads of income. Thus, for the purpose of computation of total income, the income is first categorized under the heads of income a
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