Articles by CA CS CIMA Prakash Somani

Appeals In Income Tax India

CA CS CIMA Prakash Somani 01 March 2009 at 02:17

According to the provisions of Section 246 any assessee who is aggrieved by an order, passed by the Assessing Officer may prefer an appeal to the Commissioner of Income-tax (Appeals).The Commissioner of Income-tax (Appeals) or the Appellate Tribunal

How to Study for Exam- Time-Management

CA CS CIMA Prakash Somani 25 January 2009 at 01:02

Step 1 Become proficient at time management before your course begins. Be conscious of everything that you do. Create a graph of all your activities at the end of the day. Write down time, then activity. Disregard the relative importance or silliness

Income Tax sections at a glance

CA CS CIMA Prakash Somani 07 January 2009 at 12:41

Section Head Limit Remarks Salary: 10(10) Gratuity 1. 3,50,000 2. Actual 3. Yr*15/30*Ang salary of 10 Months(Basic+DA+Comm) Basic + DA (forming part

Minimum Alternate Tax ( MAT)

CA CS CIMA Prakash Somani 17 June 2008 at 17:16

The MAT credit is available in respect of MAT paid under Section 115JB of the Income-tax Act with effect from assessment year 2006-07.The amount of MAT credit would be equal to the excess of MAT over normal income-tax for the assessment year for whic

Long Form Audit Report (LFAR)

CA CS CIMA Prakash Somani 17 June 2008 at 17:16

Documents required to be kept in Audit file for Peer Review purpose1. Cash Retention Limit duly certified by the Branch Manager;2. A certificate from the Branch Manager stating that the excess cash holding is being reported to the controlling authori