accountants

What is Audit Report in Form 704? Ans : It is a report under section 61 of MVAT ACT, 2002 to be submitted by eligible dealer within 10 months of the end of a particular financial year. Full Article

The role of modern day accounting professionals has come a long way, from a core accounting function to that of being viewed as a corporate gatekeeper. Today’s professionals are not just auditors, certifying routine book of accounts, but also on the boards of companies as directors. This multi disciplinary role puts emphasis on "always taking the correct decisions and doing everything right". While accountants look to successfully achieve the set standards, they are in.. Full Article

Accounting regulator in India have not yet clarified on whether Indian companies, when they shift to IFRS on April 1, 2011, should recast revenues and expenses of the previous years, in line with the IFRS practices followed elsewhere, or would the domestic accounting regulator excuse local entities from this restatement. Full Article

32. Whether gross expenses or net expenses (i.e. net of recovery) are to be considered for the purposes of FBT? For example, part of the expenses on various items like travel, may be recovered from the employees. Therefore, whether FBT would be levied on the gross travel expenditure or on the ‘net’ travel expenditure’? Where [...] Full Article

SUMMARY OF CASE LAW Provisions of section 194C do not apply to the film financing arrangement of the kind in question. CASE LAW DETAILS Decided by: ITAT, `B’ BENCH: MUMABI, In The case of: Muktha Arts v.ACIT (TDS), Appeal No. : ITA Nos. 755 to 757/Mum/2007, Decided on: April 17, 2009 RELEVENT PARAGRAPH 10. Section 194C relating to [...] Full Article

Objecting to the Maharashtra government’s decision of removing the audit limit for non-CAs government-authoris ed auditors, the accounting regulator Institute of Chartered Accountants of India (ICAI) has urged to restore the audit limit of Rs 1 lakh at the earliest. No audit limit enables the auditors to perform audit of trusts of any size. Full Article

Dear Friends, Due to your Kind support within few month of Lauch of www.taxguru.in we got Google Pagerank 3 while earlier we were having Page Rank 1. So friends target for Next quarter is Pagerank 5. Keep Supporting your site. With Reagrds, CA Sandeep kanoi WHAT IS PAGERANK? PageRank is a numeric value that represents how important [...] Full Article

The income-tax department has the right to carry out a raid and attach property, if it has reason to suspect that income is likely to escape tax net in absence of prompt action, a division bench of the Bombay High Court has ruled. The division bench, comprising Justice Ranajana Desai and Justice JP Deodhar, passed [...] Full Article