CAclubindia Articles
Scepticism on ethics all-pervasive
CA Nikita 25 September 2007 at 15:51Whenever in the classroom I discuss contemporary principles and methods for the preparation and presentation of financial statements, with executive and students, I always see discomfort gripping the participants. They express concerns that current p
Fringe Benefit Tax(FBT): Employers Get Time
CMA Gul S 25 September 2007 at 15:51With rules for payment of fringe benefit tax on employee stock options yet to be finalised, the Central Board of Direct Taxes (CBDT) on Wednesday extended the last date for payment of the first two instalments of advance tax to December 15 this year.
What Is the Meaning of Dependant for Claim of deduction u/s 80DD?
Ravikumar.G 25 September 2007 at 15:51What section 80DD says "80DD. (1) Where an assessee, being an individual or a Hindu undivided family, who is a resident in India, has, during the previous year, (a) incurred any expenditure for the medical treatment (including nursing), training and
Income Tax Issues And Solution
CMA Gul S 25 September 2007 at 12:37WS Bhakti: I am doctor retired from MCGM three years ago. Presently, I am looking after a training program of foreign medical students in Mumbai for which I get professional fees every month from a US-based NGO in the form of dollars. The dollars are
Audit Documentations
Ravikumar.G 24 September 2007 at 23:09"The skill of an accountant can always be ascertained by an inspection of his working papers." Robert H. Montgomery, Montgomery's Auditing, 1912. During the performance of an audit, it is obvious that the auditor may have come across issues which we
FBT applicability of Trusts
Ravikumar.G 24 September 2007 at 23:01Section 115W(a)(iii) of the I T Act specifically exempts funds ,trusts or institution eligible for exemption u/s 10(23C) or registered u/s 12AA of the I T Act . The Board vide circular no 8/ 2005 clarified under question number 4 as follows :Whether
Deemed Dividend -Maybe ,Maybe Not!
Ravikumar.G 24 September 2007 at 23:01If a pvt. company provides security to a bank, on the basis of which the bank gives loan to a director who is also a majority shareholder, would the loan amount be considered as deemed dividend ? No, the amount of loan shall not be considered as deem
Transfer Pricing | An analysis
Ravikumar.G 24 September 2007 at 23:01This is not unique taxation measure in India. Many countries , as a consequences of opening economy, felt that Multi national Companies(MNC) plan their business affairs in such way that they earn more profits in a country wherein the taxation is less
NRI Tax
Ravikumar.G 24 September 2007 at 23:01Who is a resident of India?A person who meets either of the following Basic conditions is considered a resident:The person should have been in India for 182 days or more during the previous year ORShould have been in India for 60 days or more during
Tribunal's power to grant stay of demand
CMA Gul S 23 September 2007 at 14:47Section 254 of the Income-Tax Act, 1961 relates to appeals before the Income Tax Appellate Tribunal (ITAT) by assessees and the tax department. It also deals with the law relating to grant of stay of demand on assessees' petitions. This section was
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