CAclubindia Articles

BIG GAINS FROM SMALL TOWNS

Ravikumar.G 27 September 2007 at 20:23

Few days ago when an income-tax raid in Chirkunda, city with a population of little over 39,000 (according to 2001 Census) in Dhanbad district of Jharkhand, yielded a disclosure of over Rs 70 crore of concealed income, it made news only in local dail

Treasury Management

Ravikumar.G 27 September 2007 at 17:18

TREASURY MANAGEMENT :Treasury Management refers to efficient management of liquidity and financial fisk in business.The responsibilities of Treasury Management include :a) Management of cash, while obtaining the optimum return from surplus funds.b) M

FEMA update and analysis

CA Nikita 26 September 2007 at 22:55

FEMA - Update and Analysis In this update, we have discussed some of the recent important amendments under FEMA:-Overseas Investment by Venture Capital Funds (VCFs) It is clarified that Domestic Venture Capital Funds registered with SEBI, have been p

MERITS OF ADOPTING GLOBAL ACCOUNTING SYSTEM IN CORE SECTOR

Ravikumar.G 26 September 2007 at 20:51

Earlier, in most countries, while public sector operators were responsible for construction, operation and maintenance of infrastructure, including toll highways, toll bridges, power plants, water supply plants, airports, sea ports, etc, such infrast

Cheque dishonoured .. wat to do??

CA Nikita 25 September 2007 at 22:29

DISHONOUR OF CHEQUE- What to Do Q1. What can I do when a cheque is dishonoured for the reason of insufficient funds. What legal action I can take to get the amount cleared?A. On the dishonour of a cheque, one can file a suit for recovery of the chequ

F A Q ON ITR FORMS BY INCOME-TAX DEPARTMENT

CMA Gul S 25 September 2007 at 15:51

1. What are the forms that should be used for e-Filing? Answer: The Forms that are currently available for e-Filing for A.Y. 2007-08 are ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, & ITR-8. For A.Y. 2006-07 For A.Y. 2006-07, the e- return could be

Some more Questions on ITR

CMA Gul S 25 September 2007 at 15:51

31. The assessee who is under presumptive taxation scheme i.e. "no accounts case", what he should write for sundry debtors, sundry creditors, stock in trade, cash balance, gross profit as he may not have all these details since he is not maintaining

Tax Benefits available to Senior Citizens

Ravikumar.G 25 September 2007 at 15:51

There are not many Exclusive deductions available to senior citizen . A person becomes senior citizen under Income Tax Act in any year after attaining the age of 65 even for one day. Once he attains 65 years, his status as senior citizen in that FY,

Hedging Loss is Buisness Loss , not Speculation Loss!

Ravikumar.G 25 September 2007 at 15:51

Can a loss from hedging of commodities be set off against normal profit of a related commodity merchant? Yes, there is express provision under the I T Act ,by which loss from hedging of commodities are allowed to be taken not as Speculation Loss and

Home Loan the best way to save Tax!!

CA Nikita 25 September 2007 at 15:51

Home loan the best way to save taxTax planning, a legitimate exercise, should not be confused with tax avoidance or tax evasion. Good tax planning comprises tax compliance and availing proper tax benefits, coupled with proper analysis of the financia