CAclubindia Articles

eXtensible Business Reporting Language (XBRL)

CA DHIRAJ SATNALIKA 30 April 2011 at 18:57

An Introduction to XBRL XBRL is a language for the electronic communication of business and financial data which is revolutionising business reporting around the world. It provides major benefits in the preparation, analysis and communication of bus

Clarification regarding sending copies of Balance Sheets

CS DHANAPAL 30 April 2011 at 18:25

Dear All Sometimes before Postal Department has discontinued the UPC service namely the facility of Certificate of Posting. Consequent upon which our Ministry of Corporate Affairs had permitted the service of documents upon the Shareholder

Failure to voluntarily apply sec 50C does not attract penalty

Amit Bajaj 29 April 2011 at 15:09

The ITAT Mumbai has given an important decision on levy of penalty u/s 271(1)(c) of Income Tax Act when a person fails to declare capital gain as per the deeming fiction of section 50C, I find this Judgment very useful and sharing it for the benefit

Certificate of Commencement of Business- In case of SLP

CS Ankur Srivastava 29 April 2011 at 15:08

1. Requirement for obtaining commencement of business certificate A public limited company having share capital cannot commence business until it has obtained the certificate to commence business from the Registrar of Companies. Normally,

Analysis of Penalty on Late Filing of Service Tax Return

CA Navin Jain 29 April 2011 at 15:07

ANALYSIS OF PENALTY ON LATE FILLING OF SERVICE TAX RETURN Amendment in Section 70 (1) In Section 70 (1) of the Finance Act, 1994, for the words two thousand rupees, the words twenty thousand rupees shall be su

Section 50c applies to immovable depreciable assets

Amit Bajaj 29 April 2011 at 15:03

ITO vs United Marine Academy(Mumbai ITAT) Brief Facts: The assessee sold an office building for Rs. 49.43 lakhs. As the WDV of the said building was also Rs. 49.43 lakhs, no STCG was offered to tax. The AO held that as the stamp duty valuation of t

Few points on Internal audit

Raghavendra 28 April 2011 at 12:04

1) A plan once prepared should be continuously reviewed by the internal auditor to identify any modifications required to bring the same in line with the changes, if any, in the audit environment. However, any major modification to the internal audi

Communication Skills

BAIJU MASOODU 28 April 2011 at 12:02

communication skills 1. it really matters .... Every one enters the job market to find the very right job! Most of them are well qualified and experienced. Yes, most of them possess the right skills too. Still a large population fail to fi

On Exam-eve summary of legal cases for CA Finals

Dr. Paras Jain 28 April 2011 at 11:56

Significant legal decisions Income-tax Section Case Decision 35D CIT v. Tamil Nadu Road Development C

Service Tax on Restaurants & Hotels

Rajesh Kumar 27 April 2011 at 13:03

In the Budget 2011, it was proposed to levy Service Tax on Hotels & restaurants. Vide Notification 29/2011 dated 25.04.2011, 1st May of 2011 has been declared as the appointed day on which these provisions will come into effect. Thus these ser