Articles by Vijay Kalia

Report on Satyam Fiasco

Posted by Vijay Kalia 30 August 2010 12013 Views

ICAI‘S SATYAM REPORT OF LITTLE USE – MCA DISMISSES- NEED WE BE COMPLACENTThe news is most disturbing and most of us seem to have taken it in their stride but being a senior member of the chartered accountant community, the news has shaken

Revised Discussion Paper: That Soothes that seethes

Posted by Vijay Kalia 21 June 2010 4789 Views

The revised discussion paper on direct tax code has been released on 15th of June, 2010 after the stormy criticism of the first discussion paper which was released in August, 2009. Most of the concerns that have been raised have been taken care of an

FBT FIRST INSTALMENT PAID-REFUND OR ADJUSTMENT

Posted by Vijay Kalia 23 January 2010 9825 Views

FBT FIRST INSTALMENT OF JUNE QURATER PAID-REFUND OR ADJUSTMENT?FINANCE ACT (No.26), 2009 AND FINANCE ACT (No.2), 2009The Finance Bill (No.2), 2009 could be presented on Sixth of July, 2009 due to formation of new government but by that time many cor

MAGNANIMOUS THRESHOLD OF W.TAX IN D.T.CODE

Posted by Vijay Kalia 09 January 2010 7069 Views

MAGNANIMOUS THRESHOLD OF WEALTH TAX UNDER D. T.CODE-A BOON FOR NON-FILERS BOUNTIFUL MUNIFICENCE OF THRESHOLD LIMIT OF RS.50 CRORE:The direct tax code is unique in its approach in so far it prescribes a threshold limit of Rs.50 Crore. But it is to be

GOODS AND SERVICES TAX - A COLOSSAL TAX REFORM

Posted by Vijay Kalia 04 January 2010 15725 Views

GOODS AND SERVICES TAX – A COLOSSAL TAX REFORMINTRODUCTION OF GST/VAT:The Goods and Services Tax and VAT have long past the latter having been first suggested in 1974 in the report tabled by L. K. Jha

KNOTTY ISSUES IN AUDIT OF T.P.CLAIMS IN INSURANCE COMPANIES

Posted by Vijay Kalia 23 September 2009 17770 Views

KNOTTY ISSUES IN AUDIT OF T.P.CLAIMS IN INSURANCE COMPANIIESIntroduction: The audit of divisional offices of the insurance companies is primarily an audit of trial balance and it involves checking of claims under different types of business undertake

Irritants in Taxation

Posted by Vijay Kalia 04 July 2009 4918 Views

Irritants in Taxation: ---------------------------There are many inputs being given by trade and industry as well as by the experts on income tax for consideration of the finance minister. The major consultancy firms have recently published their c

SERVICE TAX PIN PRICKS

Posted by Vijay Kalia 06 December 2007 8948 Views

Service Tax Introduction ------------------------------- Initially the service tax was levied on three services when it came into force by Finance Act V of 1994.No separate comprehensive Act has been passed for the purpose and some thirty four sectio