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
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 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
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
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'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
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
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 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
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