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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
NRI Tax
Who is a resident of India?A person who meets either of the following Basic conditions is considered a resident:The person should have been in India for 182 days or more during the previous year ORShould have been in India for 60 days or more during
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
Deemed Dividend -Maybe ,Maybe Not!
If a pvt. company provides security to a bank, on the basis of which the bank gives loan to a director who is also a majority shareholder, would the loan amount be considered as deemed dividend ? No, the amount of loan shall not be considered as deem
FBT applicability of Trusts
Section 115W(a)(iii) of the I T Act specifically exempts funds ,trusts or institution eligible for exemption u/s 10(23C) or registered u/s 12AA of the I T Act . The Board vide circular no 8/ 2005 clarified under question number 4 as follows :Whether
Indian Chartered Accountants are emerging as a global force now
Technology up gradations opened up a new avenue for chartered accountants in India too. Many companies in USA and UK are looking for hiring professional services from an Indian corporation, as it is proven that Indian can adapt to any system easily a
Knowledge Process Outsourcing
THIS ARTICLE HAS BEEN PUBLISHED IN THE 'INFORMATION TECHNOLOGY' SPECIAL ISSUE (JUNE 2006) of 'Sanhita' - a monthly magazine for corporate professionals published by the Pune Chapter of WIRC of The Institute of Company Secretaries of India. A CII Repo
DO NOT RUSH INTO CAPITAL ACCOUNT CONVERTIBILITY: RBI
The deadline for capital account convertibility could be pushed by another 10 years, going by the views of the Reserve Bank of India (RBI). This is way-off the schedule suggested by the Tarapore Committee on fuller capital account convertibility and
'RBI TO LEAVE INTEREST RATES INTACT, MAY HIKE CRR'
Unlike US Federal Reserves which cut interest rates by 50 basis points on Tuesday, the Reserve Bank of India is likely to retain the interest rates intact, global financial service provider Merrill Lynch said on Wednesday. The regulator, however, may
MORE SERVICE TAX SOPS FOR EXPORTERS
There is more relief in store for harried exporters. The list of services on which exporters have been granted exemption from payment of service tax may be expanded. Commission paid to foreign agents - which forms a sizeable chunk of the service tax
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