CAclubindia Articles

Most Ignored Section 80GG - Deductions in Respect of Rents

Posted by Amol Gopal Kabra (CA,CS,DISA) 02 May 2011 226668 Views

SECTION 80GG DEDUCTIONS IN RESPECT OF RENTS PAID Section 80GG is a little ignored Section of the Income Tax Act, 1961. This section provides deductions to those individuals who dont get any benefit of the amount paid towards rented accomm

eXtensible Business Reporting Language (XBRL)

Posted by CA DHIRAJ SATNALIKA 30 April 2011 23983 Views

An Introduction to XBRL XBRL is a language for the electronic communication of business and financial data which is revolutionising business reporting around the world. It provides major benefits in the preparation, analysis and communication of bus

Clarification regarding sending copies of Balance Sheets

Posted by CS DHANAPAL 30 April 2011 13430 Views

Dear All Sometimes before Postal Department has discontinued the UPC service namely the facility of Certificate of Posting. Consequent upon which our Ministry of Corporate Affairs had permitted the service of documents upon the Shareholder

Failure to voluntarily apply sec 50C does not attract penalty

Posted by Amit Bajaj 29 April 2011 16747 Views

The ITAT Mumbai has given an important decision on levy of penalty u/s 271(1)(c) of Income Tax Act when a person fails to declare capital gain as per the deeming fiction of section 50C, I find this Judgment very useful and sharing it for the benefit

Certificate of Commencement of Business- In case of SLP

Posted by CS Ankur Srivastava 29 April 2011 16013 Views

1. Requirement for obtaining commencement of business certificate A public limited company having share capital cannot commence business until it has obtained the certificate to commence business from the Registrar of Companies. Normally,

Analysis of Penalty on Late Filing of Service Tax Return

Posted by CA Navin Jain 29 April 2011 63974 Views

ANALYSIS OF PENALTY ON LATE FILLING OF SERVICE TAX RETURN Amendment in Section 70 (1) In Section 70 (1) of the Finance Act, 1994, for the words two thousand rupees, the words twenty thousand rupees shall be su

Section 50c applies to immovable depreciable assets

Posted by Amit Bajaj 29 April 2011 15665 Views

ITO vs United Marine Academy(Mumbai ITAT) Brief Facts: The assessee sold an office building for Rs. 49.43 lakhs. As the WDV of the said building was also Rs. 49.43 lakhs, no STCG was offered to tax. The AO held that as the stamp duty valuation of t

Few points on Internal audit

Posted by Raghavendra 28 April 2011 52246 Views

1) A plan once prepared should be continuously reviewed by the internal auditor to identify any modifications required to bring the same in line with the changes, if any, in the audit environment. However, any major modification to the internal audi

Communication Skills

Posted by BAIJU MASOODU 28 April 2011 15915 Views

communication skills 1. it really matters .... Every one enters the job market to find the very right job! Most of them are well qualified and experienced. Yes, most of them possess the right skills too. Still a large population fail to fi