CAclubindia Articles
Calculation of Tax Exemption on LTA
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
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
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
Cenvat Credit Rules from scratch Part-2
Hello friends, Greetings of the day to you all!!In continuation with the previous article the next part is ready .so lets begin discussing the remaining topics.. The link for first part Q-1 What are the timing, manner a
Inflation Cost - Allowability under Business Head of the Income Tax Act,1961
Sri S.S.Tarapore, retired Dy. Governor , Reserve Bank of India, and a popular columnist in The Hindu Business Line, Eenadu dailies time and again requests the RBI authorities to do justice to the poor depositors by payi
Internal Audit and Risk Management
Internal Audit and Risk Management Whether Synonyms or something else. By CA Jai Prakash Agarwal M.Com, LL.B, ACMA, ACA, ACS, DISA (ICAI), DIRM (ICAI), UGC NET What is Risk Management? Risk management once a jargon has become a much kno
Right Issue - Practical Aspects
What will be the effect on issue of right shares? Why it is not issued in market directly? Will the shareholders be at any profit/loss? Let us move by defining it and the case onwards.What is right issue of shares?Right shares are simply the shares i
Different Committees as per the Companies Act, 2013
The historic Companies Bill which had received the Presidents assent on 29th August, 2013 became the Companies Act, 2013, (hereinafter the new Act) by notification in the Official Gazette, on 30th August, 2013. Furthermore, the M
Making Money out of Forex and IR Swaps
Arbitration in ForexArbitration in forex is the possibility that the profit can be made out of exchange trading on the basis of forward rate and prevailing interest rate in 2 different countries.Profit can only be made if returns made by borrowing fr
Service Tax on Export of Services
Since the day I started reading tax it was dinned in my ears that exports are tax free and that it is akin to blasphemy to export tax. Change alone is permanent in this universe and taxation is no exception? The Finance Act, 1994 has seen many ups
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