Articles by CMA Arif Farooqui

Privatization of Public Sector Undertakings (PSUs)

Posted by CMA Arif Farooqui 10 December 2019 6050 Views

Nowadays a debate is going on that Public Sector Undertakings (PSUs) must be privatized as they are not performing, their employees are not efficient etc. Rajiv...

CMAs' Role in Tax Audit

Posted by CMA Arif Farooqui 14 July 2014 31548 Views

Finance Act, 1984 introduced Section 44AB under Income-tax Act, 1961 w.e.f Assessment Year 1985-86. Under this section, if the total sales / turnover or gross receipts for previous year exceed the prescribed limits then assessee is required to get hi

Salaried Person and their Expectation from Budget

Posted by CMA Arif Farooqui 19 February 2013 12310 Views

As next year budget is just round the corner, everyone is expecting something from Finance Minister but we should understand, he has some limitations due to heavy fiscal deficits. There are numbers of points which we are expecting from this b

Responsibility of Professional Signing Annual Return

Posted by CMA Arif Farooqui 29 December 2012 11070 Views

W.e.f from Financial Year 2011-12, Professional (CA, CMA, CS) signing MCA Annual Return have to certify whether Cost Accounting Record Rules -2011 (CARR) or Cost Audit Orders (CAO) are applicable on company or not and mention Product or Service

Career as Cost & Management Accountant

Posted by CMA Arif Farooqui 15 November 2012 93849 Views

Before liberalisation of Indian Economy, career in finance was perceived as a back office record keeping job; but after the liberalisation it has become much more challenging and interesting. Today, it is seen as a career that provides greater roles

Taxability of Income from Real Estate

Posted by CMA Arif Farooqui 01 November 2012 33743 Views

Real Estate is an ever green investment option in India and it has always given good returns. It can be a residential or commercial property. Real Estate gives recurring income in form of rent and appreciation in value in case of re-sale. As it

Procedures for incorporation of Company

Posted by CMA Arif Farooqui 26 September 2012 30519 Views

The best way to start a business is to incorporate Private limited company because it has many advantages like limited liability of members and directors, separate legal entity, easy compliance, etc. A company can be formed with minimum 2 direct

FDI in retail

Posted by CMA Arif Farooqui 18 September 2012 24472 Views

Dear Professional Friends, There is much cry about FDI in retail but on analysis it on economical point of view, I found in present situation, FDI in retails in very beneficial for Indian Economy. If you remember, same type of buzz was created at

Companies Cost Audit Order, 2011

Posted by CMA Arif Farooqui 30 August 2012 17381 Views

Ministry of Corporate Affairs has issued various Cost Audit Orders in Financial year 2011-12, some of which applicable from Financial Year 2011-12 itself and some become applicable in Financial Year 2012-13. Various industries are being brought

Applicability of Cost Accounting Records and Compliance Certificate

Posted by CMA Arif Farooqui 30 August 2012 109228 Views

MAINTENANCE OF COST ACCOUNTING RECORDS As per notification issued by Ministry of Corporate Affairs, dated 3rd June, 2011; The Companies (Cost Accounting Records), Rules 2011 shall apply to every company, including a foreign company, which is engag