Popular Articles

Petty Cash Guidelines

Pankaj Gandhi Jaiswal 22 November 2012 at 11:29

Record Management Cash book maintenance & closing of daily balances. Signature of PCA on daily closing balance at the end of day Daily Cash Report to be sent to SM Accounts/CFO/MD by Mail Hard Copy Filing of Daily

Analysis of Cenvat Credit - Changes in FA 2011

Madhukar N Hiregange 03 May 2011 at 11:55

Analysis of Cenvat Credit- Changes FA 2011 By Madhukar.N. Hiregange, FCA Introduction: The primary object o

Limited Liability Partnership - Concept & Taxation

Sumit 27 December 2014 at 11:38

Introduction Limited Liability Partnership Act was made applicable from 01st Apr 2009 in India. However the LLP structure never became as popular as was envisaged. However, after the enactment of Companies Act there is a renewed interest in the LLP s

E-Filing is mandatory Income is more than 5 lacs

CA Prasenjit 29 May 2013 at 12:38

The Central Board of Direct Taxes (CBDT) is Spreading e-tax net through Notification dated 34/2013 dated 01.05.2013. E-filing of I-T returns is now mandatory for individuals, including salaried taxpayers, earning more than Rs 5 lakh taxable income d

Exemption for Leave Travel Concession u/s 10(5) of the IT Act

Prashant Bhosale 07 May 2014 at 12:03

Section 10(5) of the Income Tax Act, 1961 (along with Rule 2B of the Income Tax Rules) governs calculation of tax exemption on LTA. Each year organizations face significant difficulty while calculating tax exemption on LTA when they carry out the yea

Questions asked in my ICAI campus interview

Aritra Majumdar 20 March 2018 at 10:59

Hello everyone, I am writing this article in reference to my previous article callled ICAI Campus Interviews- The experience where in the comments a member said..

Exceptions to the rule - Income of P.Y. is taxable in A.Y.

Ritik Chopra 27 February 2021 at 14:30

In some cases, income is taxed in the same year in which it is earned and so in these exceptional cases a previous year will also function as an assessment year. Let us discuss those exceptions.

Service Recipients obligations under reverse charge

MOHAMMAD SALIM 16 October 2012 at 12:39

The Ministry of Finance (Department of Revenue), Government of India has made certain changes and brought certain additional items of services under the ambit of reverse charge mechanism where the service recipient is liable to pay tax. Till 30th

Disallowance by I.T. Dept. w.r.t. VAT Hawala Purchase Info

Krunal.J.Davda 29 March 2013 at 11:20

Date - 23/03/2013 IS IT FAIR TO DISALLOW PURCHASES BY THE I. T. DEPARTMENT , JUST ON THE BASIS OF HAWALA INFORMATION RECEIVED FROM THE SALES TAX DEPARTMENT ? Recently the Income Tax Department is sending Show Cause Notices to many Assessee&rsq

Chargeability of GST On Interest Income

Ashish Bansal 31 January 2020 at 10:24

Interest is generally part of everyone's life. It can be in anything or for anyone. Well! here we are only focusing on interest as financial term. So, in layman language, Interest is the amount paid by borrower for usage of anyone's money generally termed as Lender.