CAclubindia Articles

Some issues with Annual Information Return and Income-tax Return

Posted by CMA Gul S 01 October 2007 16059 Views

S.285BA of the Income-tax Act (Act) read with Rule 114E of the Income-tax Rules (Rules) requires certain specified persons to file Annual Information Returns (AIR) every year. Income-tax Return Forms, ITR - 1, 2, 3 and 4, applicable to Individuals/H

Some Facts for Tax Provisions

Posted by CMA Gul S 01 October 2007 6995 Views

1. Before we discuss the interpretation of 'beneficial provisions', it will be interesting to consider some basic rules of interpretation as laid down by the Supreme Court in its pronouncements viz. :(1) Legislative intent should be considered, henc

Careful while investing- Mr. FM

Posted by CMA Gul S 01 October 2007 3657 Views

NEW DELHI: As Sensex continued its upward march on Friday, touching a new high of 17,361.47 points before closing at 17,291.10, finance minister P Chidambaram urged investors to adopt a cautious approach. "My advice to investors is that they should d

AS 17 likely to change with convergence

Posted by riya 01 October 2007 6966 Views

Dolphy D'Souza The Institute of Chartered Accountants of India (ICAI) recently decidedthat Indian Accounting Standards will be fully in line with the IFRS(International Financial Reporting Standards) from April 1, 2011. Thechange from Indian GAAP (Ge

Accountant Malpractice Lawsuits - Collection Tool for Lenders?

Posted by riya 30 September 2007 7498 Views

Accountant Malpractice Lawsuits - Collection Tool forLenders?By Grusd, Neville Lenders occasionally sue accountants for malpractice.This generally occurs when the lender suffers a lossand claims that the advances were made in reliance onincorre

FAQ on DIN

Posted by riya 30 September 2007 7941 Views

Frequently Asked Questions (FAQ) on 'Director Identification Number (DIN)' 1. What is Director Identification Number (DIN)? Itis an unique Identification Number allotted to an individual who is anexisting director of a company or intends to be ap

Guidelines for preparation & appearance in exams

Posted by riya 30 September 2007 25187 Views

Examination Guidelines:While there is no substitute forhard work, here are a few guidelines that will supplement your efforts inpassing CA/CWA/CS examinations. PreparationStudy from Study Notes of the Institute for all subjects supplemented by othe

Microsoft Excel Fails Math Test

Posted by धारा - 1 29 September 2007 8646 Views

Microsoft's Excel 2007 spreadsheet program is going to have to relearn part of its multiplication table.Ina blog post, Microsoft employee David Gainer said that when computerusers tried to get Excel 2007 to multiply some pairs of numbers and t

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

Sale during Import or Export - as per CST

Posted by Ravikumar.G 29 September 2007 96250 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