CMA Arif Farooqui

Salaried Class – The Soft target for Income Tax Collections

Income Tax - As earlier years, this year too salaried class had so much expectation from budget and as earlier years this year too they are disappointed after budget. No new deductions or no enhanced deductions, no rebate, no parity with self-employed/professionals (who are taxed on net income basis)....

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CMAs’ Role in Tax Audit

Income Tax - Finance Act, 1984 introduced Section 44AB under Income-tax Act, 1961 w.e.f Assessment Year 1985-86. Under this section, if the total sales / turnover or gross receipts for previous year exceed the prescribed limits then assessee is required to get his accounts audited by an “Accountant”. This audit is popularly known as Tax Audit....

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Salaried Person and their Expectation from Budget

Income Tax - CMA Arif Farooqui As next year budget is just round the corner, everyone is expecting something from Finance Minister but we should understand, he has some limitations due to heavy fiscal deficits. There are numbers of points which we are expecting from this budget but I would limited my article to points which affecting salaried [&hellip...

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Responsibility of Professionals Signing MCA Annual Return

Income Tax - 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 have to certify it on Form 23 AC and Form 23 ACA ...

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Career as Cost & Management Accountant

Income Tax - No doubt, Chartered Accountancy course has enjoyed wide popularity but CMA and CS courses too have been gaining popularity over the last few years. Particularly, growth in numbers of students enrolled for CMA is far more than any other course in India. This is because of cost awareness amongst the business entrepreneurs due to growing com...

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Recent Posts in "CMA Arif Farooqui"

Salaried Class – The Soft target for Income Tax Collections

As earlier years, this year too salaried class had so much expectation from budget and as earlier years this year too they are disappointed after budget. No new deductions or no enhanced deductions, no rebate, no parity with self-employed/professionals (who are taxed on net income basis)....

Read More

CMAs’ Role in Tax Audit

Finance Act, 1984 introduced Section 44AB under Income-tax Act, 1961 w.e.f Assessment Year 1985-86. Under this section, if the total sales / turnover or gross receipts for previous year exceed the prescribed limits then assessee is required to get his accounts audited by an “Accountant”. This audit is popularly known as Tax Audit....

Read More

Salaried Person and their Expectation from Budget

CMA Arif Farooqui As next year budget is just round the corner, everyone is expecting something from Finance Minister but we should understand, he has some limitations due to heavy fiscal deficits. There are numbers of points which we are expecting from this budget but I would limited my article to points which affecting salaried [&hellip...

Read More
Posted Under: CA, CS, CMA |

Responsibility of Professionals Signing MCA Annual Return

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 have to certify it on Form 23 AC and Form 23 ACA ...

Read More

Career as Cost & Management Accountant

No doubt, Chartered Accountancy course has enjoyed wide popularity but CMA and CS courses too have been gaining popularity over the last few years. Particularly, growth in numbers of students enrolled for CMA is far more than any other course in India. This is because of cost awareness amongst the business entrepreneurs due to growing com...

Read More

Taxability of Income from Real Estate

Real Estate is an ever green investment option in India and it has always given good returns. It can be a residential or commercial property. Real Estate gives recurring income in form of rent and appreciation in value in case of re-sale. As it gives good return, so taxability of income earned from real estate too arise. Taxability of in...

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Penalty / Consequence of Late Income Tax Return Filing

Due date of filing of Income Tax Return for Assessment Year 2012-13 ….. 1. In case of person who are not liable to get their Accounts Audited is 31st August 2012 (extended from 31st July 2012) 2. In case of person whose accounts are liable to be audited under any law is 30th September 2012 and partner of such firms and all companies. ...

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Maintance of Cost Accounting Records & Compliance Certificate

As per notification issued by Ministry of Corporate Affairs, dated 3rd June, 2011; The Companies (Cost Accounting Records), Rules 2011 shall apply to every company, including a foreign company, which is engaged in a) Production b) Processing c) Manufacturing d) Mining Activities ...

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Posted Under: CA, CS, CMA |

Brief on Companies Cost Audit Orders, 2011

Ministry of Corporate Affairs has issued various Cost Audit Orders in Financial year 2011-12, some of which applicable from Financial Year 2011-12 itself and some become applicable in Financial Year 2012-13....

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Posted Under: CA, CS, CMA |

Procedures for Incorporation of Company in India

The best way to start a business is to incorporate Private limited company because it has many advantages like limited liability of members and directors, separate legal entity, easy compliance, etc. A company can be formed with minimum 2 directors and minimum paid up capital of Rs 1 Lakh....

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