CAclubindia Articles

Nostro, Vostro and Loro Accounts in Foreign Transaction

Posted by CS M Pota 28 December 2020 398909 Views

Foreign currency means any other currency other than the home currency, so if we say with reference to the above example foreign currency means any other currency other than Rupee for India, Pound Sterling for UK and US Dollar for USA.

Forex - Parity Relationship - Part 3

Posted by @*CS Siddharth Bumb. * 12 February 2014 18943 Views

Hello Friends,First of all thank you so much for your support and lovely response.In earlier parts of Forex we saw some basics of Forex, in this part we will move to Parity relationships, I will try my best to simplify , hope you will understand.Plea

Interpretation of 'month' as per the IT Act 1961

Posted by Srinivasan Rangarajan 11 February 2014 35355 Views

A 'month' under the Income Tax Act,1961 - An English Calendar monthOR a lunar month of 30 days?You may be knowing that full interest is being charged for delayed remittance of tax for a part of a month (of the English Calendar, interpreting

Section 2(47)(v) may hit by change in 53A of the TP Act

Posted by Vaiyapuri kannan 11 February 2014 53054 Views

The real impact of the amended provision of the Registration & other Relevant Laws ( Amendment ) Act 2001 on taxation of transfer of capital assets under the circumstances referred to in clause (v )of section 2 ( 47) of the income tax A

Why AS 22 is applied

Posted by ESHA AGRAWAL 10 February 2014 25489 Views

My aim of writing this article is to discuss with you all why AS 22 is applied, generally this happens we study the whole AS, solve the questions, but we dont know the crux of it. So friends AS 22 is Accounting for t

Salary TDS - Marginal on Surcharge

Posted by T E Gautham 10 February 2014 22373 Views

As per the tax rates applicable for A.Y. 2014-15, if the annual taxable salary goes above Rs 1 crore, a surcharge of 10% on Income Tax is to be added to the Income Tax calculated as per the tax slabs. Consequently, the Total Income Tax calculation sh

Karniti Part 23: Is "LOVE" Tax free?

Posted by CA Umesh Sharma 10 February 2014 14932 Views

Arjuna (Fictional character): Krishna, Valentine's Day (14th February) is the festival of love, which is now celebrated worldwide. Love is the essence of life, it holds great importance in the life of a human being. While expressing love and affe

Salary Individual Tax deduction for 2014 Income Tax

Posted by CA Chirag Chauhan 10 February 2014 96343 Views

Salary Individual Tax deduction for 2014 as per Income Tax ActSalary Employee faces difficult task in saving tax. Though there are many section under which they can save tax, however not everyone is aware of all the benefits which they can claim. The

Letter of Credit / Documentary Credit

Posted by CS M Pota 08 February 2014 62609 Views

Letter of Credit/Documentary Credit Letter of Credit/Documentary Credit is a one of the method of payment through which payment in theinternational as well as domestic market is effected for the goods purchased or service provided. Though there is a

Mauritius Route : A Long Lasting Story

Posted by CA Bhavik Mehta 08 February 2014 21369 Views

Mauritius route A Long Lasting Story Mauritius -officially the Republic of Mauritius is an island nation in the Indian Ocean about 2,000 kilometers (1,200 mi) off the southeast coast of the African continent.Since independence in 1968, Maurit