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Transfer Pricing | An analysis
This is not unique taxation measure in India. Many countries , as a consequences of opening economy, felt that Multi national Companies(MNC) plan their business affairs in such way that they earn more profits in a country wherein the taxation is less
Gifts - Taxable or Non Taxable
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
Audit Documentations
"The skill of an accountant can always be ascertained by an inspection of his working papers." Robert H. Montgomery, Montgomery's Auditing, 1912. During the performance of an audit, it is obvious that the auditor may have come across issues which we
Declared goods as per CST Act
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
Hedging Loss is Buisness Loss , not Speculation Loss!
Can a loss from hedging of commodities be set off against normal profit of a related commodity merchant? Yes, there is express provision under the I T Act ,by which loss from hedging of commodities are allowed to be taken not as Speculation Loss and
Audit Committee
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
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
MNCS GET TAX BREATHER ON ASSET SALE
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
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
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
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