Every taxation system requires assessment. So does the Income Tax Laws of India. Assessment simply means determination of Tax. This tax is determined as per Taxation laws existing in that particular Assessment Year.
What constitutes income is a very dynamic concept – as that is determined through mix of legislation, court judgement, custom, business practice [...]
Assessment Procedures of Income Tax in India
Transfer of EPF Provident Fund Account Balance
EPF administered by EPFO is considered a complicated framework of legalities. Even the rules and regulations framed in the EPF Act sometimes seems beyond comprehension – firstly due to its complicated framework, secondly due to complications of various court judgment, thirdly due to so complicated forms, and finally due to ignorance of EPF employees to [...]
ICAI: Accounting Technician Certificate (ATC)
ATC is an interesting innovation of ICAI. I don’t know what went into thinking of the institute – but they reformed the course – from Inter to PE2 to PCC to IPCC. This IPCC is the latest avatar of inter and incorporates the ATC – short for Accounting Technician Certificate.
Frankly – I could not understand [...]
ICAI Exams: Online Application
For the CA Exams (Chartered Accountant related exams – CPT/ Inter/ Final) ICAI provides the option of filling the exam application form online.
I was initially quite apprehensive of filling the exam form online. In India, the controls being still not upto the mark, it still becomes quite problematic to get refunds if there is some [...]
Digital Signature
In India, the Digital Signature is governed by the Information Technology Act 2000.
Digital Signature: It means authentication of any electronic record by a subscriber by means of an electronic method or procedure in accordance with sec 3.
As per Sec 3, authentication of electronic records is to be done by use of digital signature. Digital signature [...]
Electronic Governance
e-Governance in India is governed by the Information Technology Act 2000. e-Governance in India has following components:
1) Legal recognition of electronic records (Sec 4) : Wherever required by law, the requirement of submission of documents shall be deemed to be satisfied if it is rendered in electronic form and such electronic document is accessible [...]
Union Budget Proposals 2009
Budget in India is a very important annual fiscal exercise. Though over the years the sheen has eroded to some extent as many of the important decisions which the Union government used to take through budget were – in the realm of deregulation and decontrol started to be taken outside the budget exercise.
This time there [...]
CWA: A Better Career Option?
I find that the ICWAI has revamped its syllabus – making three years practical training compulsory for students. This change was made in 2008.
Previously, CWA was a theoretical correspondence course which often working people who were already in service would do.
Also since the students did not have any practical exposure – the enthusiasm for [...]
Articleship: Certain Rules
The Chartered Accontantcy course in India entails three years of articleship – that has now been elongated to three and half years. However, there are certain information that is not normally available. So, the not so common rules and information that I have found through my struggles during articleship are:
1) Holiday: An articled assistant is [...]
Corporate Fraud and Audit Risk
If the world were perfect, then every system would work perfectly. Then there would not be need to put the systems under the manifold controls. Yet, controls are not always ultimate protection. In the field of accountancy, we find that there are so many Accounting Standards. Despite of this we find that frauds keep happening. [...]
Professional Ethics for Chartered Accountants
A profession brings with it a special reponsibility. This is because, a ‘profession’ is characterised by application of special knowledge, alongwith certain reponsibilities. A profession is opposed from business, because when we speak of a ‘profession’, it means that firstly, there is absence of profit motive; and secondly there is absence of competition. In case [...]
Fringe Benefit Tax
Fringe Benefits are the benefits that are enjoyed by the people working in the organisation, without getting directly accountable for the benefits enjoyed. For example, it may have happened that you have gone to your Dad’s office, and decided that you need to make a telephone call to your friend; or how many times you [...]
So You Want To Do Articleship?
The Chartered Accountancy Course is a very demanding and interesting course. Not only that the course content is tough, it even requires three years of rigorous training under practicing Chartered Accountant to gain practical experience in the various fields relating to accountancy. This can be in the areas of accountancy, statutory audit, internal audit, tax [...]
Understanding Balance Sheet
This is an article for those who want to understand as to what is Balance Sheet. This article deals more with understanding B/S, and less with its interpretation. Interpretation of B/S would require a separate article. While understanding B/S is related more with Accountancy, interpreting it is related more with Finance.
For finance and accountancy, the [...]
The 0.1 Percent Deal
Recently in the Budget Proposals for FY 2005-06 the Union Finance Minister of India, Mr. P. Chidambaram, made one of the proposals relating to putting a tax of 0.1 percent for any cash withdrawal over Rs. Ten Thousand from ones bank account on a single day (ie. tax of Rs. 10/- on withdrawing cash of [...]
