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Audit Committee

  Ravikumar.G    11 October 2008 at 11:00

The provision of Sec 292A of the Companies Act, 1956 regarding the constitution and functioning of an audit committee:1. Every public co having paid up capital of not less than 5 crores of rupees shall constitute a committee of the Board known as &qu

Environmental Audit

  Ravikumar.G    11 October 2008 at 10:51

Environmental reporting deals with the disclosure by an entity of environmentally related data like environmental risks, impacts, policies, strategies, targets, costs etc to those who have an interest in such information as an aid to enabling / enric


  Ravikumar.G    04 October 2007 at 16:20

Foreign companies selling assets in India could end up enjoying a concessional rate of capital gains tax of 10% even if these companies enjoy the foreign currency fluctuation benefit.This follows the ruling by the Authority for Advance Rulings (AAR)

Seven Meeting Etiquette Rules Not To Forget

  Ravikumar.G    01 October 2007 at 16:36

Business meetings are held for a variety of reasons, but one common characteristic is the sharing of information with others. As in dining, there are rules of etiquette that go along with meetings. I cannot believe the number of times I have been to

Income Tax - Modern History of Income Tax

  Ravikumar.G    01 October 2007 at 16:36

The Income Tax history in modern India dates back to 1860. In this year first Income Tax Act was introduced and which remained in force for a period of 5 years. This Act lapsed in 1865. Thereafter Act-II of 1886 was in force. This Act of 1886 was the

Gifts - Taxable or Non Taxable

  Ravikumar.G    30 September 2007 at 22:20

Applicability :Individual and HUFTaxability:Any sum of money,aggregate value of which exceeds Rs.50,000 /- is received during the previous year without consideration,by an Individual or a HUF from any persons on or after 01.04.06 then the whole of th

Sec 43A of the IT Act Vs. AS 11

  Ravikumar.G    29 September 2007 at 16:10

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

Declared goods as per CST Act

  Ravikumar.G    29 September 2007 at 11:33

Goods of special importanceThere are restrictions on imposition of sales tax on declared goods.Article 286(3)(a) of Constitution of India authorises Parliament to declare some goods as of 'special importance' and to impose restrictions and conditions

Sale during Import or Export - as per CST

  Ravikumar.G    29 September 2007 at 11:33

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

  Ravikumar.G    29 September 2007 at 11:33

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

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