CAclubindia Articles


AS 17 likely to change with convergence

  riya    01 October 2007 at 03:59

Dolphy D'Souza The Institute of Chartered Accountants of India (ICAI) recently decidedthat Indian Accounting Standards will be fully in line with the IFRS(International Financial Reporting Standards) from April 1, 2011. Thechange from Indian GAAP (Ge



Gifts - Taxable or Non Taxable

  Ravikumar.G    30 September 2007 at 22:20

Applicability :Individual and HUFTaxability:Any sum of money,aggregate value of which exceeds Rs.50,000 /- is received during the previous year without consideration,by an Individual or a HUF from any persons on or after 01.04.06 then the whole of th



Accountant Malpractice Lawsuits - Collection Tool for Lenders?

  riya    30 September 2007 at 22:20

Accountant Malpractice Lawsuits - Collection Tool forLenders?By Grusd, Neville Lenders occasionally sue accountants for malpractice.This generally occurs when the lender suffers a lossand claims that the advances were made in reliance onincorre



FAQ on DIN

  riya    30 September 2007 at 22:20

Frequently Asked Questions (FAQ) on 'Director Identification Number (DIN)' 1. What is Director Identification Number (DIN)? Itis an unique Identification Number allotted to an individual who is anexisting director of a company or intends to be ap



Guidelines for preparation & appearance in exams

  riya    30 September 2007 at 01:25

Examination Guidelines:While there is no substitute forhard work, here are a few guidelines that will supplement your efforts inpassing CA/CWA/CS examinations. PreparationStudy from Study Notes of the Institute for all subjects supplemented by othe



Microsoft Excel Fails Math Test

  धारा - 1    29 September 2007 at 23:09

Microsoft's Excel 2007 spreadsheet program is going to have to relearn part of its multiplication table.Ina blog post, Microsoft employee David Gainer said that when computerusers tried to get Excel 2007 to multiply some pairs of numbers and t



Sec 43A of the IT Act Vs. AS 11

  Ravikumar.G    29 September 2007 at 16:10

Suppose a machine was imported for one lakh US dollars when the exchange rate was Rs 45 per dollar. Both in the accounting records as well as in the tax records, the transaction would have been recorded debiting the asset concerned with Rs 45 lakh. B



Declared goods as per CST Act

  Ravikumar.G    29 September 2007 at 11:33

Goods of special importanceThere are restrictions on imposition of sales tax on declared goods.Article 286(3)(a) of Constitution of India authorises Parliament to declare some goods as of 'special importance' and to impose restrictions and conditions



Sale during Import or Export - as per CST

  Ravikumar.G    29 September 2007 at 11:33

Sale in course of exportArticle 286(1)(b) of Constitution of India prohibits imposition of sales tax on import and export by State Government. Since charging section 6(1) of CST Act levies tax only on inter-State sale, naturally, there is no CST on s



A brief Note of Inventory Valuation

  Ravikumar.G    29 September 2007 at 11:33

Valuation of closing stock requires consideration of Income Tax, Cenvat, Accounting Standards and Company Law.Stock should be valued at cost or market value, whichever is lower, as it is a prudent business practice. This principle has been accepted i