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
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
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
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
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
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
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.
Subject : Chartered Accountants Act & Regulations Month-Year : May 2007 Author/s : T. N. Manoharan Chartered Accountant Topic : Multidisciplinary firms - Care, caution and credits
CENVAT credit is allowed to output service providers in respect of input services consumed by them used in providing output service.It is often argued that CENVAT Credit is not allowed on Service Tax paid on mobile phones.Argument is backed by Circul
It's increasingly a conflict between the judiciary and the quasi judiciary, seen by many as closer to the executive than the judiciary. The question is whether the new, powerful tribunals and commissions proposed by the government to speed and "moder
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