Popular Articles

Accounting Standards - A summarized application

Posted by Shivam Gupta 06 July 2013 81105 Views

Framework of Accounting Standard: At the outset, with the changing scenario, there has arisen a great complexity in understanding the applicability of accounting standards apart from understanding the text of accounting standards. Thus, it has b

Questions asked in my ICAI campus interview

Posted by Aritra Majumdar 16 September 2018 81067 Views

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...

Analysis of Cenvat Credit - Changes in FA 2011

Posted by Madhukar N Hiregange 03 May 2011 81039 Views

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

Limited Liability Partnership - Concept & Taxation

Posted by Sumit 27 December 2014 81011 Views

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

Posted by CA Prasenjit 29 May 2013 81000 Views

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

Posted by Prashant Bhosale 07 May 2014 80998 Views

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

Service Recipients obligations under reverse charge

Posted by MOHAMMAD SALIM 16 October 2012 80945 Views

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

Posted by Krunal.J.Davda 29 March 2013 80910 Views

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

Posted by Ashish Bansal 29 July 2020 80784 Views

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.

Condition for Levy of Excise duty

Posted by bheemashankar 26 August 2008 80708 Views

Condition for Levy of Excise Duty 1) There must be goods.2) The goods must be excisable.3) Excisable goods must be manufactured or produced in India. Goods The Central Excise Act 1944 does not define goo