CAclubindia Articles

Sec 43A of the IT Act Vs. AS 11

Posted by Ravikumar.G 29 September 2007 38665 Views

Suppose a machine was imported for one lakh US dollars when the exchange rate was Rs 45 per dollar. Both in the accounting records as well as in the tax records, the transaction would have been recorded debiting the asset concerned with Rs 45 lakh. B

Declared goods as per CST Act

Posted by Ravikumar.G 29 September 2007 243599 Views

Goods of special importanceThere are restrictions on imposition of sales tax on declared goods.Article 286(3)(a) of Constitution of India authorises Parliament to declare some goods as of 'special importance' and to impose restrictions and conditions

Sale during Import or Export - as per CST

Posted by Ravikumar.G 29 September 2007 96249 Views

Sale in course of exportArticle 286(1)(b) of Constitution of India prohibits imposition of sales tax on import and export by State Government. Since charging section 6(1) of CST Act levies tax only on inter-State sale, naturally, there is no CST on s

A brief Note of Inventory Valuation

Posted by Ravikumar.G 29 September 2007 73122 Views

Valuation of closing stock requires consideration of Income Tax, Cenvat, Accounting Standards and Company Law.Stock should be valued at cost or market value, whichever is lower, as it is a prudent business practice. This principle has been accepted i

RBI FOR DOMESTIC CARD PAYMENT SYSTEM

Posted by Ravikumar.G 28 September 2007 4319 Views

The Reserve Bank of India (RBI) is in favour of a domestic card payment settlement company to rival the global payment majors Visa and MasterCard. The Indian Banks Association (IBA) had earlier proposed the setting up of a domestic card transaction

REMOVE DUMPING DUTY ON STYRENE BUTADIENE RUBBER

Posted by Ravikumar.G 28 September 2007 6910 Views

The All India Rubber Industries Association (AIRIA) has sought a removal of anti-dumping duty on styrene butadiene rubber (SBR), which is a synthetic substitute for natural rubber. "There is no logic for clamping an anti-dumping duty on SBR, since i

How to Build Confidence and Peace of Mind

Posted by riya 28 September 2007 7701 Views

How to Build Confidence and Peace of Mind Thereare few of us who escape feelings of fear and self-doubt as we go aboutour life. Not to worry! We can all learn how to create within us awonderful sense of confidence and peace of mind as we face allsitu

Operational Risk Management

Posted by riya 28 September 2007 4581 Views

Operational Risk Management Seven Keys to Effective Operational Risk ManagementOVERVIEWOver the past few years Operational Risk Managementhas garnered increased interest. It is not a newconcept but the recent regulatory compliancechallenges and need

Planning /Selecting Performance Audits

Posted by riya 28 September 2007 6287 Views

By Turksema, Rudi van der Knaap, PeterAll performance auditors share the same goal: to auditthe most relevant problems using the right people andthe most appropriate methods and techniques at theright moment and to use the audit findings to make amea

Closed ended fund a better bet!!

Posted by CA Nikita 28 September 2007 5968 Views

Better `closed' September, 27th 2007 The market regulator SEBI (Securities and Exchange Board of India) is rightly concerned about the mushrooming New Fund Offers (NFOs) by mutual fund houses in India which have been receiving enthusiastic response f