CAclubindia Articles

Microsoft Excel Fails Math Test

Posted by धारा - 1 29 September 2007 8646 Views

Microsoft's Excel 2007 spreadsheet program is going to have to relearn part of its multiplication table.Ina blog post, Microsoft employee David Gainer said that when computerusers tried to get Excel 2007 to multiply some pairs of numbers and t

Sec 43A of the IT Act Vs. AS 11

Posted by Ravikumar.G 29 September 2007 38665 Views

Suppose a machine was imported for one lakh US dollars when the exchange rate was Rs 45 per dollar. Both in the accounting records as well as in the tax records, the transaction would have been recorded debiting the asset concerned with Rs 45 lakh. B

Sale during Import or Export - as per CST

Posted by Ravikumar.G 29 September 2007 96250 Views

Sale in course of exportArticle 286(1)(b) of Constitution of India prohibits imposition of sales tax on import and export by State Government. Since charging section 6(1) of CST Act levies tax only on inter-State sale, naturally, there is no CST on s

A brief Note of Inventory Valuation

Posted by Ravikumar.G 29 September 2007 73124 Views

Valuation of closing stock requires consideration of Income Tax, Cenvat, Accounting Standards and Company Law.Stock should be valued at cost or market value, whichever is lower, as it is a prudent business practice. This principle has been accepted i

Operational Risk Management

Posted by riya 28 September 2007 4581 Views

Operational Risk Management Seven Keys to Effective Operational Risk ManagementOVERVIEWOver the past few years Operational Risk Managementhas garnered increased interest. It is not a newconcept but the recent regulatory compliancechallenges and need

Planning /Selecting Performance Audits

Posted by riya 28 September 2007 6287 Views

By Turksema, Rudi van der Knaap, PeterAll performance auditors share the same goal: to auditthe most relevant problems using the right people andthe most appropriate methods and techniques at theright moment and to use the audit findings to make amea

RBI FOR DOMESTIC CARD PAYMENT SYSTEM

Posted by Ravikumar.G 28 September 2007 4319 Views

The Reserve Bank of India (RBI) is in favour of a domestic card payment settlement company to rival the global payment majors Visa and MasterCard. The Indian Banks Association (IBA) had earlier proposed the setting up of a domestic card transaction

REMOVE DUMPING DUTY ON STYRENE BUTADIENE RUBBER

Posted by Ravikumar.G 28 September 2007 6910 Views

The All India Rubber Industries Association (AIRIA) has sought a removal of anti-dumping duty on styrene butadiene rubber (SBR), which is a synthetic substitute for natural rubber. "There is no logic for clamping an anti-dumping duty on SBR, since i

Closed ended fund a better bet!!

Posted by CA Nikita 28 September 2007 5968 Views

Better `closed' September, 27th 2007 The market regulator SEBI (Securities and Exchange Board of India) is rightly concerned about the mushrooming New Fund Offers (NFOs) by mutual fund houses in India which have been receiving enthusiastic response f

A woman's place is in the firm!!

Posted by CA Nikita 28 September 2007 4624 Views

A Woman's Place Is in the FirmAccountancies Ernst & Young, KPMG, and PwC all place in the top 10 in a best-workplaces survey by Working Mother magazine. Where's Deloitte?Three of the Big Four auditing firms - Ernst & Young, KPMG, and Pricewat