Posted Date : 25-Jan-2013 , 04:45:47 pm | Posted By CMA Arif Farooqui

Before liberalisation of Indian Economy, career in finance was perceived as a back office record keeping job; but after the liberalisation it has become much more challenging and interesting. Today, it is seen as a career that provides greater roles in decision making, planning...

Continue Reading...

Category : Students Zone | Comments : 1 | Hits : 717

Posted Date : 24-Jan-2013 , 05:22:29 pm | Posted By CA Anil Kumar Jain

Preamble: Dubai’s trade relationship with India has been witnessing a considerable growth. This has been due mainly to the distinctive ties between the Governments and people of the two countries and the joint economic agreements.   Trade betw...

Continue Reading...

Category : Income Tax | Comments : 1 | Hits : 1024

Posted Date : 24-Jan-2013 , 12:26:13 pm | Posted By Vinay Sharma

Following are details of how the RGES scheme works: * First-time Indian investors earning less than 1 million rupees a year would be eligible for a 50 percent tax break on stock investments of up to 50,000 rupees. * Investors will have half of however much they invest deducted from their ...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 1566

Posted Date : 23-Jan-2013 , 01:47:55 pm | Posted By Sameer Kakar

Amendments brought by The Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2012 A commentary by CA Sameer Kakar, B.Com (Hons.), LLB, FCA   The Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Bill, ...

Continue Reading...

Category : Banking | Comments : 0 | Hits : 2825

Posted Date : 22-Jan-2013 , 07:27:28 pm | Posted By Suresh Tamang

VAT is a system of indirect Tax, which has been introduced in place of sales tax. VAT is paid by the producers-manufactures-retailers-dealers of the products. They add on their product/produce price and that is at last paid by the user of the goods/consumer. VAT is a fair and u...

Continue Reading...

Category : VAT | Comments : 0 | Hits : 728

Posted Date : 22-Jan-2013 , 07:25:30 pm | Posted By Suresh Tamang

  The new and revised income tax slabs and rates applicable for the financial year (FY) 2012-13 and assessment year (AY) 2012-2013-14 are mentioned below: New Income tax slab for ay 13-14 ...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 9425

Posted Date : 22-Jan-2013 , 05:06:12 pm | Posted By Vinay Sharma

What is contravention and compounding of contraventions?   Contravention is the breach of provisions and norms under the Foreign Exchange Management Act, or FEMA 1999. Compounding of contraventions refers to the process where the individual or the...

Continue Reading...

Category : FEMA | Comments : 0 | Hits : 2228

Posted Date : 21-Jan-2013 , 02:15:21 pm | Posted By Vinay Sharma

Most taxpayers are aware of the deductions available under Section 80C, the tax benefits of medical insurance and the advantages of a home loan. But there are also some inconspicuous sections of the Income Tax Act, which offer further savings to taxpayers. If you satisfy c...

Continue Reading...

Category : Income Tax | Comments : 2 | Hits : 3129

Posted Date : 19-Jan-2013 , 08:44:38 pm | Posted By Vinay Sharma

Filing income tax return (ITR) is a compliance requirement that needs to be attended by taxpayers every year. Most people have no clue about how it works and end up making mistakes that can take away a lot of their time and energy. There are some individuals who make the mistake of not filing the...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 3079

Posted Date : 19-Jan-2013 , 07:51:24 pm | Posted By SHIKHA SONI

Often, investment for most individuals begins and ends with tax planning. Although it is pertinent to avail tax breaks, this should not be the sole focus. Start by jotting down your key financial objectives, the tentative time of money requirement and the corpus ...

Continue Reading...

Category : Income Tax | Comments : 1 | Hits : 1357

Posted Date : 19-Jan-2013 , 07:29:16 pm | Posted By Vinay Sharma

What is an option? An option is a contract giving the buyer the right, but not the obligation, to buy or sell an underlying asset (a stock or index) at a specific price on or before a certain date. An option is a derivative. That is, its value is derived from so...

Continue Reading...

Category : Shares & Stock | Comments : 1 | Hits : 3259

Posted Date : 18-Jan-2013 , 04:43:51 pm | Posted By Vinay Sharma

CBDT has issued an instruction which contains the guidelines and manual on sharing of information among treaty partners. The manual deals with both inbound and outbound request for information. Glimpses of the manual for exchange of information are as under: (1) A new proforma is introduc...

Continue Reading...

Category : General | Comments : 0 | Hits : 434

Posted Date : 18-Jan-2013 , 03:20:30 pm | Posted By Vinay Sharma

S.No. Issue Clarification 1. A) Whether “on-site” development of computer software qualifies as an export activity for tax benefits under sections 10A, 10AA and 10B of...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 598

Posted Date : 15-Jan-2013 , 05:52:11 pm | Posted By Vinay Sharma

Who is a ‘resident’ for tax purposes? (Section 6) INDIVIDUAL An individual is considered as a ‘resident’ if he is ...

Continue Reading...

Category : Income Tax | Comments : 1 | Hits : 4346

Posted Date : 15-Jan-2013 , 04:12:55 pm | Posted By CMA Arif Farooqui

W.e.f from Financial Year 2011-12, Professional (CA, CMA, CS) signing MCA Annual Return have to certify whether Cost Accounting Record Rules -2011 (CARR) or Cost Audit Orders (CAO) are applicable on company or not and mention Product or Service Category Code (ITC/ NPCS 4 Digit Code).  They h...

Continue Reading...

Category : Corporate Law | Comments : 0 | Hits : 966

Posted Date : 14-Jan-2013 , 10:49:16 pm | Posted By SHIKHA SONI

"Work is only as good as it's enjoyed, not as it's paid."  When you do what you love, your odds of success are much greater. You have more passion, more energy and more fun. When you enjoy your job, you look forward to Monday mornings. Your days fly by. You mak...

Continue Reading...

Category : General | Comments : 0 | Hits : 401

Posted Date : 14-Jan-2013 , 10:34:01 pm | Posted By Vinay Sharma

  Don't be around that person all the time if you can help it. If you live with them, try to spend as much time as possible with other family members or with friends outside the home. Do something that doesn't involve the other person too much. You don't want to lear...

Continue Reading...

Category : General | Comments : 0 | Hits : 379

Posted Date : 13-Jan-2013 , 09:18:30 pm | Posted By Puneet Goyal

ANALYSIS OF REVERSE CHARGE MECHANISM IN RESPECT OF MANPOWER SUPPLY SERVICES OR SECURITY SERVICES   (Before proceeding further please read the disclaimer at the bottom of this write up)   Now after introduction of negative list approach, in respect of above services, serv...

Continue Reading...

Category : Service Tax | Comments : 1 | Hits : 13805

Posted Date : 13-Jan-2013 , 04:24:10 pm | Posted By CA Vinod Kumar

  BACKGROUND OF RULES I will start my article with the wordings of Finance Minister while presenting the Budget proposal for the financial year 2011-12, the Finance minister said that in order to “achieve a closer fit between the present service tax regime and its GST successor...

Continue Reading...

Category : Service Tax | Comments : 0 | Hits : 1343

Posted Date : 10-Jan-2013 , 07:45:22 pm | Posted By Vinay Sharma

Banks may ensure that all debit cards issued by them are subject to the following guidelines: a) Board approved policy Banks may formulate a comprehensive debit cards issuance policy including policy on co-branded debit cards with the approval of their Boards and issue debit cards to thei...

Continue Reading...

Category : RBI | Comments : 0 | Hits : 2587