Posted Date : 09-Aug-2012 , 01:48:01 pm | Posted By Mukul Gulati

Time Management Tips for CA Students How do you manage your time? 1. Always define your objectives as clearly as possible. Do you know what marks a successful man from unsuccessful ones?? Successful man knows where he has to go. He has a desired destination and he draws a plan...

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Category : Students Zone | Comments : 0 | Hits : 1572

Posted Date : 08-Aug-2012 , 11:00:12 pm | Posted By Mukul Gulati

Create HUF to save tax KEY POINTS IN CREATION OF HUF AND FORMAT OF DEED FOR CREATION OF HUF 1. Under the Income Tax Act, an HUF is a separate entity for the purpose of income tax return. 2. The same tax slabsare applicable to HUF as to individual assesse. 3. You cannot transfer yo...

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Category : Income Tax | Comments : 0 | Hits : 1648

Posted Date : 08-Aug-2012 , 10:42:03 am | Posted By NAVNEET KUMAR JAIN

  Real Estate/EPC Contracts : Draft Guidance Note for Cost Records By Navneet Kumar Jain, Practising Cost Accountant, Delhi Institute of Cost Accountants of India has recently released a draft guidance note on the maintenance of cost records in respect of Real Estate Industry. Be...

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Category : ICWAI | Comments : 0 | Hits : 1117

Posted Date : 07-Aug-2012 , 02:03:50 pm | Posted By Surendra Kumar Dash

DEDUCTIONS FROM HOUSE PROPERTY 1. DEDUCTION U/S.23 (1): For let out property, amount actually paid by the owner towards taxes levied by any local authority in respect of the property is deductible from Annual value (taxes pertaining to any previous years). 2. DEDUCTION U/S.24 (a): For l...

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Category : Income Tax | Comments : 0 | Hits : 1276

Posted Date : 07-Aug-2012 , 09:56:51 am | Posted By Mukul Gulati

Income Tax Benefits on Various Plans of LIC 1) Deduction allowable from Income for payment of Life Insurance Premium (Sec. 80C). (a) Life Insurance premia paid in order to effect or to keep in force an insurance on the life of the assesse or on the life of the spouse or any child of asse...

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Category : Income Tax | Comments : 0 | Hits : 450

Posted Date : 06-Aug-2012 , 06:30:07 pm | Posted By Mukul Gulati

What’s better- Trust, Society or Sec.25 Company? There are three different ways in which one can share good fortune with others in an organized and enduring manner and receive legal protection as well as tax benefits. One can set up either a public charitable trust, a registeredsoci...

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Category : Income Tax | Comments : 0 | Hits : 557

Posted Date : 06-Aug-2012 , 10:49:23 am | Posted By Yogesh Setia

Data Inconsistency issues which need to be avoided for accurate processing. 1. Set off of brought forward loss claimed, but Schedules BFLA / CFL not filled ……. Year of loss not indicated in CFL.   2. Profit before tax (at serial No. 43...

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Category : Income Tax | Comments : 0 | Hits : 330

Posted Date : 06-Aug-2012 , 10:47:01 am | Posted By Yogesh Setia

Article deals with FAQ related to Revised Return & Rectification in case of return filed online.  The article explains about how to file Rectification request, what if you get error in filing rectification u/s 154, what if wrong assessment year entered, How many time return can be revise...

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Category : Income Tax | Comments : 1 | Hits : 1321

Posted Date : 04-Aug-2012 , 01:51:08 pm | Posted By Vikash Kumar Jha

Bank Concurrent Audit   Bank Concurrent Audit is a kind of internal audit where auditor responsibility is to review and correct assign bank branch internal control system. However compare to other internal audit, concurrent audit is little different; in concurrent audit auditor ...

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Category : Auditing | Comments : 6 | Hits : 11799

Posted Date : 04-Aug-2012 , 01:29:29 pm | Posted By Vikash Kumar Jha

An internal audit is conducted by the permanent staff of the same office to detect weakness in system, procedures and for the improvement. But statutory audit is the act of checking books of accounts as per the provision of company act. Both of them check books of account, detect errors and fraud...

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Category : Auditing | Comments : 4 | Hits : 2358

Posted Date : 04-Aug-2012 , 01:02:19 pm | Posted By Vikash Kumar Jha

In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994) (hereinafter referred to as the said Act) and in supersession of notification number 12/2012- Service Tax, dated the 17th March, 2012, published in the Gazette of India, Extraordinary, Part ...

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Category : Service Tax | Comments : 1 | Hits : 533

Posted Date : 03-Aug-2012 , 06:07:51 pm | Posted By Yogesh Setia

I was Conductor - Rajnikanth I didn't completed my University - Bill Gates I Stitched Shoes in childhood - Abraham Lincoln I was the one who served in Hotels - Oberoi I worked in a Petrol Pump - Ambani I Failed in class 10 - Sachin Tendulkar Drop-Out and Keyboard Player - A.R.Rahm...

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Category : General | Comments : 0 | Hits : 781

Posted Date : 01-Aug-2012 , 02:07:36 pm | Posted By Vikash Kumar Jha

PERSONALITY- What is it ? The Word Personality Has Been Generated From The Greek Word ”PERSONA”. And The Word Persona Refers “MASK”   PERSONALITY   =   PERSONA   =   MASK   So we can say if we want to kn...

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Category : General | Comments : 0 | Hits : 491

Posted Date : 31-Jul-2012 , 02:48:13 pm | Posted By Surendra Kumar Dash

Section 197 enables a tax payer to make an application to his Assessing Officer for deduction of tax at a lower rate or non deduction of tax. The application has to be made in Form No.13 (vide Rule 28(1)). If the Assessing Officer is satisfied that the total income of a tax pay...

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Category : Income Tax | Comments : 0 | Hits : 444

Posted Date : 30-Jul-2012 , 02:50:43 pm | Posted By Deepak Tanwar

Dear All, Withdrawal from Provident Fund (PF) Account before Completion of Five years taxable? Withdrawal of Provident Fund may attract Income Tax. The Income Tax Department recently told EPFO (Employees Provident Fund Organisation) to deduct Tax (TDS) from the withdrawal amount, if the w...

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Category : Income Tax | Comments : 1 | Hits : 1351

Posted Date : 29-Jul-2012 , 01:52:18 pm | Posted By Pique242

  Benefits for Tree Plantation I aim at planting a good idea in your mind.   Carbon production is rising daily by huge volume. Gases like Carbon Monoxide (CO) and Carbon dioxide (Co2) continue to increase their share in atmosphere as you read this article.   ...

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Category : Income Tax | Comments : 3 | Hits : 489

Posted Date : 29-Jul-2012 , 11:57:37 am | Posted By CA Amit Bawari

General Indications of Deceit • When the subject is changed, he’s in a better, more relaxed mood. The guilty wants the subject changed; the innocent always wants a further exchange of information.   • He does not become indignan...

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Category : General | Comments : 1 | Hits : 913

Posted Date : 27-Jul-2012 , 03:13:39 pm | Posted By Surendra Kumar Dash

                                                  De...

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Category : Income Tax | Comments : 0 | Hits : 298

Posted Date : 27-Jul-2012 , 07:44:46 am | Posted By NAVNEET KUMAR JAIN

Extension in last date of Filing of Cost Audit Reports or Cost Compliance Reports: Last Date Extended upto 31/12/12 By Navneet Kumar Jain FCMA, MBA, LL.B., M.COM., PGDTL, LIII., AIIISLA   Normally July to September is the time for finalization of audits especially Financ...

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Category : Auditing | Comments : 0 | Hits : 3075

Posted Date : 26-Jul-2012 , 06:37:47 pm | Posted By Vinanti Zatakiya

What is failure????                                 In common parlance, when you are not able to achieve your goal in first try then you th...

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Category : General | Comments : 0 | Hits : 681