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Inventories defined and Rule 3 (5B) of CCR
INVENTORIES defined and read in terms of Rule 3 (5B) of CCR; Inventories are assets (current assets) which encompass a) RAW MATERIALS held for use in the production process or in rendering of services b) Stores, maintenance suppli
Late Fee and Penalty for delayed filing of ST-3 Returns
Late Fee As per provisions contained in Section 70 of the Finance Act, 1994, a person liable to pay Service tax
Minor / Minority and capacity to contract - An analysis
Under Section 11, a minor is a person who has not attained the age of 18 years. The age of the majority of a person is regulated by Section 3 of the Indian Majority Act, 1857.
Inventory write downs vis-a-vis Rule 3 (5b) of CCR
Inventories are measured at the lower of cost or net realizable value (NRV). If the NRV falls below the recognized costs pf an inventory item, the respective inventory items must be measured. Inventory write-downs should reflect the estimated loss i
GST: Impact on the Poor
GST is a destination based consumption tax. Consumption taxes are regressive in nature. It increases the gap between the rich and the poor.
NRI's can't claim concessional tax rate u/s 115H for interest
Recently Madras High Court in the case of Dr. M MANOHAR(Appeal No 759 of 2004) decided an important question Whether the interest on the deposit made out of the interest income also qualified for concessional rate as the investment income de
SARFAESI Act'2002: Boon For Banks Curse for Borrower
THE SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSESTS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002 SARFAESI Act, as the name of the act suggests, deals with 3 matters: Securitisation [Sec 2 (1) (z)] Reconstruction of Financial Asset [Sec
Judicial Pronouncements
Some More Important judicial pronouncements under Service Tax 1. Whether erection and Commissioning of tower parts through engagement of employees shall be termed as Manpower Recruitment and Supply Agency Services? Facts: Sh
" 7 Days to go " - Go for it guys
A Very good Evening to all the members of CCI Family............................!!!!!!! Today I want to speak something very special for all the students of PCC/ IPCC STUDENTS. So friends just 7 D
Impact of Organization Culture on Internal Controls
The COSO defines Internal Control as a process, effected by an entitys board of directors, management and other personnel, designed to provide reasonable assurance regarding the achievement of objectives in the following categories: ef
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