CAclubindia Articles

Long Form Audit Report - LFAR

Anish Lakshman S 31 August 2010 at 13:37

Long Form Audit Report - LFAR Documents required to be kept in Audit file for Peer Review purpose 1. Cash Retention Limit duly certified by the Branch Manager; 2. A certificate from the Branch Manager stating that the excess cash holding is being re

Suggestions on Draft Point of Taxation Rules

M B Abhyankar 31 August 2010 at 11:16

Board deserves thanks from taxpayers for advance intimation & invitation for suggestions in respect of Point of Taxation rules that would be made applicable for charge of service tax. These Rules can provide useful inputs in the process of d

We Are Proud To Be CA Students !!!

Anish Lakshman S 30 August 2010 at 12:50

Dear friends, I write this article not just to post simply something for the sake of making a contribution to the site. But I want to ensure that any person who gets to reads this should from at least then, feel and respect his/her profession. Every

Burder on so called "ORDINARY MAN" of Inflation by GOVERMENT

Kunal 30 August 2010 at 12:15

There was a day when ORDINARY people used to bring the vegetables that even a poor person can afford with ease & burden less at a price of just Rs. 5/- to Rs. 6/- per Kg, but today the same ORDINARY people is getting at a price ranging between R

Report on Satyam Fiasco

Vijay Kalia 30 August 2010 at 12:00

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

DIRECT TAX CODE - Will it achieve anything for taxpayers?

CA Anil Garg 30 August 2010 at 11:57

Post Rao era, most reforms in tax laws have promised a lot but delivered very little. VAT was announced with a view to avoid cascading effect of taxes and reduce the burden of compliance on the business community. In reality, govt revenues have go

C form must be abolished immediately

CA Anil Garg 30 August 2010 at 11:57

Under the Central Sales Tax law, C form is required to avail concessional rate of tax. Till recently, full rate of tax was 10% and concessional rate was 4%. Today, the full rate is 4% and concessional rate is 2%. For most business transactions, co

Midcaps: Expensive or attractive?

Equitymaster 30 August 2010 at 11:56

The BSE-Sensex has been trading in the range of 16,000 to 18,000 for almost a year now. It is only in the past few trading session that it has managed to stay above the 18,000 mark. However, purely going by valuations, the general consensus is that

IFRS in Insurance Industry

PS Prabhakar 30 August 2010 at 11:56

ICAI routinely releases Exposure Drafts on the proposed Accounting standards and of late have begun to release IFRS compliant ASs. Recently, the Exp Draft of AS 39 was released for comments. I wrote the following letter to ASB, which I thought I sho

How to Plan Taxes in India- Income Tax, Service Tax, Excise

Member (Account Deleted) 30 August 2010 at 11:53

Commandments of Tax Planning 1. Execution of Tax Planning: Execution of Tax planning should be such that the proposal should be applied with good conceptual knowledge of the facts. Tax Planning principles must be sound and also due care sh