CAclubindia Articles

MVAT Audit 2013 - Approach & Important Issues

Posted by Guest 27 November 2013 88930 Views

Applicability of audit under MVAT Act, 2002 To whom audit is applicable? As per Section 61(1) of the MVAT Act, 2002, audit is applicable to: A dealer who is liable to pay tax and his turnover, either of sales or purchases, exceeds Rs. 6

Enforcement & Prosecution under the Companies Act, 2013

Posted by CS DHANAPAL 27 November 2013 49419 Views

PROSECUTION AND ENFORCEMENT ARCHITECTURE UNDER THE COMPANIES ACT 2013 FOREWORD The Companies Act 1956 contains more of general penalty provisions under Section 629A. Certain penal provisions provide for imposition of penalty of fine as well as penalt

Different Committees as per the Companies Act, 2013 - Part II

Posted by Vandana J Doshi 26 November 2013 60152 Views

Hello Friends,Thanks a lot for your warm response and motivating comments on my previous article. After a brief look into the Corporate Social Responsibility Committee in the previous article (click here), we will take a look into another Committee-

Karniti Part-12: Income of Trusts, then follow & trust Indian law

Posted by CA Umesh Sharma 26 November 2013 20510 Views

Finance and Income Tax of Charitable TrustsLet us try to get answers to our questions in a bit different and joyful manner. The fictional character of Arjuna will be played by the common man or tax payer and the fictional character of Krishna the Exp

Insistence with Companies Act 1956: A Step Backward

Posted by Arijit Ghose 26 November 2013 14891 Views

The November 18th announcement made by ICAI seeking attention of those appearing for Nov, 2014 is definitely a step backward. After the entire Hullabaloo, post November 5th when CA final students were shell shocked to find themselves staring at the P

Dealing in Bonds - Practical Aspects

Posted by CA Chiranjiv Kumar 26 November 2013 25583 Views

What are bonds?Bond is a debt security in which the holder is paid interest at regular interval till maturity and the principal amount at the same date. You can think it as an IOU (I Owe You) given by the issuer to the lender.How interest is paid?Gen

Service Tax on GTA - A Guide

Posted by Manoj Agarwal 26 November 2013 187236 Views

1. Service Tax - Introduction It is quite surprising to know that unlike other central taxation laws like Central Excise Act, 1944; Customs Act, 1962; Income Tax Act, 1961; Central Sales Tax Act, 1956; etc; there is no specific act like Service Tax A

Calculation of Tax Exemption on LTA

Posted by T E Gautham 25 November 2013 103209 Views

In an earlier post we looked at the conditions governing tax exemption on leave travel allowance (LTA). In this post we will look at the calculation of the tax exemption amount. As mentioned in the earlier post, the exemption is available only on tra

Income Tax Short Notes: A summary

Posted by C.S.SAVEESH.K.V. 23 November 2013 254026 Views

INCOME TAX FOR C.S.EXAM DEEMBER 2013Heads of Income:Income of a person is classified into 5 categories. Thus, income belonging to a particular category is taxed under a separate head of income pertaining to that category. Section 14 of the Act, has

Tax Exemption on Leave Travel Allowance

Posted by T E Gautham 23 November 2013 31733 Views

As a company engaged in the business of payroll processing and statutory compliance related to payroll, we wonder if the tax law governing tax exemption on Leave Travel Allowance (LTA) is among the most complex tax legislations in India. Each year or