Articles by Ravikumar.G

Sec 43A of the IT Act Vs. AS 11

Posted by Ravikumar.G 29 September 2007 38672 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 96270 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 73130 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

RBI FOR DOMESTIC CARD PAYMENT SYSTEM

Posted by Ravikumar.G 28 September 2007 4323 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 6912 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

GOT A GIFT FROM A RELATIVE ? NO TAX ON IT

Posted by Ravikumar.G 27 September 2007 5116 Views

It is widely known that gifts from relatives are tax-exempt. But what is not widely known at all is that gifts received even from non-relatives can also be completely exempt from income tax. Here is the complete run-down from a renowned tax expert. I

DOING BUSINESS IN INDIA STILL TOUGH

Posted by Ravikumar.G 27 September 2007 4593 Views

First the good news. In the Doing Business report 2008, which is brought out annually by the World Bank and International Finance Corporation (IFC), India has climbed 12 ranks, which makes it the fastest-reforming economy in south Asia. Its speed of

BIG GAINS FROM SMALL TOWNS

Posted by Ravikumar.G 27 September 2007 5214 Views

Few days ago when an income-tax raid in Chirkunda, city with a population of little over 39,000 (according to 2001 Census) in Dhanbad district of Jharkhand, yielded a disclosure of over Rs 70 crore of concealed income, it made news only in local dail

Treasury Management

Posted by Ravikumar.G 27 September 2007 10481 Views

TREASURY MANAGEMENT :Treasury Management refers to efficient management of liquidity and financial fisk in business.The responsibilities of Treasury Management include :a) Management of cash, while obtaining the optimum return from surplus funds.b) M

MERITS OF ADOPTING GLOBAL ACCOUNTING SYSTEM IN CORE SECTOR

Posted by Ravikumar.G 26 September 2007 6611 Views

Earlier, in most countries, while public sector operators were responsible for construction, operation and maintenance of infrastructure, including toll highways, toll bridges, power plants, water supply plants, airports, sea ports, etc, such infrast