Articles by CMA Poornima Madhava

Excise Audits

CMA Poornima Madhava 23 April 2015 at 10:25

Goods are removed by the assessee under self-removal system (except in case of cigarettes). Further, Excise department do not verify the returns filed by the assessee and hence there is a need for audit of assessee to ensure that there are no revenue

Synopsis of TDS on Contracts (u/s 194C)

CMA Poornima Madhava 08 April 2015 at 12:14

Persons responsible for making payment of income, covered by the scheme of Tax Deduction at Source (TDS), are responsible to deduct tax at source and deposit the same to the Government Treasury within the time stipulated.The recipient of the income (

Capital gains - Exemption from tax u/s 54 & 54F

CMA Poornima Madhava 01 April 2015 at 10:49

Capital gains - when and to what extent exempt from tax u/s 54 & 54FSection 54 provides exemption to capital gains arising from transfer of a residential house property (being building or land appurtenant thereto), the income of which is chargea

Material Procurement - Inventory levels & EOQ

CMA Poornima Madhava 28 March 2015 at 15:53

Material Procurement Inventory Levels & EOQAn important function of Stores is to requisition materials for replenishment. The following tools help Stores to maintain required inventory and to guide on reorder quantity:Let us discuss each

Baggage Rules

CMA Poornima Madhava 17 March 2015 at 10:41

Baggage RulesWhat is meant by Baggage? It is the luggage of the passenger travelling by air or sea from one country to another It also means all dutiable goods imported by a passenger or a member of crew in his/her baggage Baggage INCLUDES unaccompan

Gratuity

CMA Poornima Madhava 07 March 2015 at 18:28

What is Gratuity? Gratuity is a kind of retirement benefit. It is earned by an employee as a reward for long and meritorious service It is payable on termination of employment after the employee has rendered continuous service for not less than 5 yea

SSI units - Exemption under central excise

CMA Poornima Madhava 24 February 2015 at 16:16

SSI units & Notification no.8/2003 CE SSI stands for Small Scale Industries. Notification no.8/2003 provides relaxation to SSI units from central excise duty subject to certain conditions. T