CAclubindia Articles

Depreciation on leasing

Posted by Ankit Dangayach 01 October 2007 7724 Views

Depreciation on leasing? An ageing puzzleUnder the Income Tax law, two most important conditions for tax depreciation claim pertain to ownership and usage of the asset. As is the case on any other contentious matter, history is replete with judicial

Revenue tries to pierce the corporate veil

Posted by Ankit Dangayach 01 October 2007 6521 Views

Revenue tries to pierce the corporate veil In the recent past, controversy in relation to taxability of offshore sale or transfer of security in a foreigncompany (offshore special purpose vehicle (SPV)) has been consuming the energy of taxpayers and

Seven Meeting Etiquette Rules Not To Forget

Posted by Ravikumar.G 01 October 2007 16207 Views

Business meetings are held for a variety of reasons, but one common characteristic is the sharing of information with others. As in dining, there are rules of etiquette that go along with meetings. I cannot believe the number of times I have been to

Income Tax - Modern History of Income Tax

Posted by Ravikumar.G 01 October 2007 21122 Views

The Income Tax history in modern India dates back to 1860. In this year first Income Tax Act was introduced and which remained in force for a period of 5 years. This Act lapsed in 1865. Thereafter Act-II of 1886 was in force. This Act of 1886 was the

Some issues with Annual Information Return and Income-tax Return

Posted by CMA Gul S 01 October 2007 16067 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 7000 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 3667 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 6970 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 7510 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 7946 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