Articles by CMA Poornima Madhava

Return of Income

Posted by CMA Poornima Madhava 02 May 2015 31757 Views

Who has to submit return of income? Taxpayer Section under which return to be filed Minimum income to attract the provisions of filing return of income Company or firm 139(1) Any income/loss

Excise Audits

Posted by CMA Poornima Madhava 23 April 2015 25450 Views

Goods are removed by the assessee under self-removal system (except in case of cigarettes). Further, Excise department do not verify the returns filed by the assessee and hence there is a need for audit of assessee to ensure that there are no revenue

Synopsis of TDS on Contracts (u/s 194C)

Posted by CMA Poornima Madhava 08 April 2015 50283 Views

Persons responsible for making payment of income, covered by the scheme of Tax Deduction at Source (TDS), are responsible to deduct tax at source and deposit the same to the Government Treasury within the time stipulated.The recipient of the income (

Capital gains - Exemption from tax u/s 54 & 54F

Posted by CMA Poornima Madhava 01 April 2015 227567 Views

Capital gains - when and to what extent exempt from tax u/s 54 & 54FSection 54 provides exemption to capital gains arising from transfer of a residential house property (being building or land appurtenant thereto), the income of which is chargea

Material Procurement - Inventory levels & EOQ

Posted by CMA Poornima Madhava 28 March 2015 28439 Views

Material Procurement Inventory Levels & EOQAn important function of Stores is to requisition materials for replenishment. The following tools help Stores to maintain required inventory and to guide on reorder quantity:Let us discuss each

Gratuity

Posted by CMA Poornima Madhava 07 March 2015 26271 Views

What is Gratuity? Gratuity is a kind of retirement benefit. It is earned by an employee as a reward for long and meritorious service It is payable on termination of employment after the employee has rendered continuous service for not less than 5 yea

SSI units - Exemption under central excise

Posted by CMA Poornima Madhava 24 February 2015 338318 Views

SSI units & Notification no.8/2003 CE SSI stands for Small Scale Industries. Notification no.8/2003 provides relaxation to SSI units from central excise duty subject to certain conditions. T