CAclubindia Articles

Remuneration payable to the Statutory Central and Branch Auditors of Public Sector Banks from the year 2006-07

CA Nikita 06 August 2007 at 05:22

RBI/2007-2008/101DBS.ARS.BC. No. 3/ 08.92.001/ 2007-08 July 25, 2007To,The Chairman & Managing Director, all Nationalised Banks andThe Managing Director, Associate Banks of SBIDear Sir/Madam, Remuneration pa

MAT

CA Nikita 30 July 2007 at 07:29

The MAT credit is available in respect of MAT paid under Section 115JB of the Income-tax Act with effect from assessment year 2006-07. The amount of MAT credit would be equal to the excess of MAT over normal income-tax for the assessment year for whi

Reduction in Perq value from 20 to 15%

HVNK 30 July 2007 at 02:56

How do I find out which IT Circular has notified the reduction for company accomodation from 20% to 15%? What source of data will be used by the IT dept to decide thepopulation of a given city for housing? (e.g., if Navi Mumbai is below1 million and

Concealment-Conscious/Unconscious

CA Nikita 29 July 2007 at 03:34

Concealment or furnishing inaccurate particulars of income is liable for penalty. The concealment may be deliberate or otherwise. Provisions relating to concealment penalty have undergone frequent changes . For example, the Finance (No. 2) Act, 1977

Coming Up- Clarification on Works contract

CA Nikita 29 July 2007 at 02:22

The government said it would issue clarification on works contract which was included under service tax net this year. "We will issue clarification with regard to the ongoing contract after formal examination," Finance Ministry Joint Secretary (TRU-I

articles on clause 49 of listing agreement

geetika 28 July 2007 at 01:59

Securities and Exchange Board of India (SEBI) had vide its Circular No. SEBI /CFD/ DIL/CG/1/2004/12/10 dated 29th October 2004 had issued directives to implement new clause 49

Substance over Form-TDS

CA Nikita 23 July 2007 at 01:18

Mere nomenclature used in the lease agreement, such as security deposit or advance deposit, will not be conclusive of the nature of the payment. The reality of the transaction will have to be looked into.Tax law seeks to safeguard the interests of th

Overhead Expenses

ANSHUL RASTOGI 14 July 2007 at 05:24

Allocation of Overhead Expenses[Submitted by Mr. Anshul Rastogi, CA(Final) Student] Overhead is expenses incurred for carrying out the production process and sale of finished goods. On the other hand overhead is an indirect cost i.e. cost does not d

AS-2 v/s IAS-2

ANSHUL RASTOGI 14 July 2007 at 05:22

Comparative Study of AS-2 (Valuation of Inventories) and IAS-2 (Inventories)[By Mr. Anshul Rastogi, Meerut, Uttar Pradesh,Student of CA Final]June 12, 2007AS-2IAS-2Valuation of Finished Goods and Work In Progress (WIP) Inventories in form of finished

AS-22 v/s IAS-12

ANSHUL RASTOGI 14 July 2007 at 05:21

COMPARATIVE STUDY OF AS-22 (ACCOUNTING FOR TAXES ON INCOME) AND IAS-12 (INCOME TAXES)[Submitted by Mr. Anshul Rastogi,CA(Final),Meerut, Uttar Pradesh]July 6, 2007OBJECTIVE (AS-22 and IAS-12) To prescribe the accounting treatment for taxes on income.