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Countering black money thru treaties (16 November 12:00) |
| Speaking at the Economic Summit on November 10, the Finance Minister, Mr Pranab Mukherjee, said that he has asked the revenue department to reopen negotiations with all the countries with wh... |
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The canons of taxation (16 November 12:00) |
| Kautilya’s Arthashashtra proposed very simple canons of taxation — gain as much tax revenue as possible, promote economic growth and development, ensure that resources are used efficient... |
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Why gold allures (16 November 12:00) |
| It is said that gold may after all not be such a good investment because it has no underlying assets like in the case of shares, units, etc., and instead its value is always the scarcity val... |
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Effect of MNCs (16 November 12:00) |
| A company that has operations in at least six other locations in other countries qualifies for this honorific. Multinational corporations play a vital role in the global trade and investment... |
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Issues in introduction of EET (09 November 12:00) |
| The statement of the Finance Minister that certain vital aspects of the Direct Taxes Code (DTC) would be thoroughly looked into before presenting the same in Parliament is solacing and affir... |
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Tax effect of new visa regulations (09 November 12:00) |
| Recently, the Government issued guidelines in respect of grant of visa to foreign nationals on project-based assignments. It has been clarified that business visas should be issued only to ... |
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Cash for clunkers scheme (09 November 12:00) |
| Why cannot the Indian government emulate the cash for clunkers scheme of the US government? Why cannot the Indian government emulate the cash for clunkers scheme of the US government? |
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Tax on FII inflows (09 November 12:00) |
| Brazil found that FII money was threatening to create an asset bubble, which has all along been the Indian experience and apprehension too. After all, the Indian bourses have been driven by ... |
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Floating the yuan (09 November 12:00) |
| Because a floating currency presupposes complete freedom for entry and exit of foreign capital. Because a floating currency presupposes complete freedom for entry and exit of foreign capita... |
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Mega power policy examined (02 November 12:00) |
| The latest amendment to the Mega Power Policy was approved by the Cabinet on October 1, 2009. The key changes and impact thereof are as follows:Privatisation The latest amendment to the Meg... |
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Tips to score well in auditing (02 November 12:00) |
| Realise that there is no discrimination between theory and practical papers in the CA course. A paper such as auditing is not necessarily a pure theory paper, though many consider it to be... |
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Bond prices vs interest rates (02 November 12:00) |
| I am unable to understand the inverse relationship that exists between bond prices and interest rates. Please help I am unable to understand the inverse relationship that exists between bon... |
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Tax benefit on PPF (02 November 12:00) |
| I contribute Rs 70,000, the maximum permissible, every year to my PPF account. I am told there will not be any tax benefit for such contributions from next year. Should I stop I contribute ... |
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Junk bonds (02 November 12:00) |
| They are non-investment grade and, hence, highly risky. Hedge funds and others with ravenous appetite for high risks and returns fall for them. Risk-averse investors shun them. In the sub-pr... |
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Forex risk management (26 October 12:00) |
| The challenges posed by the global business slowdown, credit crunch, and liquidity scramble have raised the bar for treasury. Last year, many Indian corporates suffered losses especially du... |
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Understanding interest rate futures (26 October 12:00) |
| The Securities and Exchange Board of India (SEBI) and the Government had approved the launch of Interest Rate Futures (IRFs) in December 2008. Subsequently, on August 31, 2009, the National ... |
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Safety net mechanism (26 October 12:00) |
| Shares of five companies out of the nine that hit the market during the last three months are languishing below their IPO prices. Can anything be done about Shares of five companies out of ... |
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Paradigm shift in tax avoidance (19 October 12:00) |
| There is a very thin line of demarcation between tax avoidance and tax evasion though both result in avoidance of tax. The distinction between the two lies in the legality of a transaction.... |
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What are the rights of the CAG (19 October 12:00) |
| State whether the following statements are true or false, giving reasons:1(i) First auditor can be appointed by the board of directors within 30 days from the days of State whether the foll... |
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Will DTC become law (19 October 12:00) |
| Do you think the Direct Taxes Code Bill, 2009 in its present form will become the law? Do you think the Direct Taxes Code Bill, 2009 in its present form will become the law? |
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Sifting fact from perception (12 October 12:00) |
| Leaders are always being fed what they want to see and hear. The system and people around them conspire to sanitise, edit and filter out the truth so that only a very ersatz, watered down an... |
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Effect of new tax proposals on companies (12 October 12:00) |
| The introduction of the Direct Taxes Code marks an important change in the fiscal regime for taxpayers in India. The Code has factored best practices adopted by different countries and expe... |
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Cost audit (12 October 12:00) |
| It seems cost audit is getting the pride of place in Companies Bill, 2009. Is it a good It seems cost audit is getting the pride of place in Companies Bill, 2009. Is it a good |
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Advance pricing agreements (05 October 12:00) |
| Transfer pricing has long been a taxing issue for both multinational corporations and tax authorities. Over the last few years, transfer pricing has been under tremendous scrutiny by fiscal ... |
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How does certificate differ from report (05 October 12:00) |
| Decide if the following circumstances amount to professional misconduct:1(a) A Hindu chartered accountant in service marries a second time while the first marriage is Decide if the followin... |
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One-person company (05 October 12:00) |
| The Companies Bill, 2009 allows incorporation of One-Person Company (OPC). As a lay person, I wonder how it would conduct a general meeting for The Companies Bill, 2009 allows incorporation... |
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Currency swap (05 October 12:00) |
| Suppose an Indian company having a Japanese collaboration is able to get a yen denominated loan from a Japanese bank on attractive terms requiring repayment of loan instalments as well as pe... |
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Capital gains tax under the new Code (21 September 12:00) |
| There appears to be a paradigm shift in the taxability of gain on sale of assets in the draft Direct Taxes Code Bill, 2009. The Code classifies the assets of the taxpayer into ‘business... |
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Income during construction period (21 September 12:00) |
| Often business entities generate some income, however small during the project stage (or during the construction period) — also known as preoperative period. As the objective of the compan... |
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Changing perspective of audit (14 September 12:00) |
| Auditing financial statements in these modern times is a fairly complex process given the role information technology plays in financial and non-financial aspects of a business. Principles ... |
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Capital versus revenue expenditure (14 September 12:00) |
| Capital expenditure consists of the expenditure incurred to bring in to existence a new identifiable asset or to clear off an existing liability.Accounting Standard 10 (dealing with fixed as... |
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Tax outgo after pay hike (14 September 12:00) |
| I am a government employee. After the pay hike given on the basis of the Sixth Pay Commission recommendations, I find my tax outgo unbearable so much so that I wish albeit irrationally that ... |
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Escrow explained (14 September 12:00) |
| It is an account with a bank which cannot be used by the accountholder for any purpose other than the one agreed in terms of the tripartite agreement entered into by the accountholder, a cr... |
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Banana republic (14 September 12:00) |
| The term is a pejorative used to derisively call any small country which is dominated by foreign companies and depends on survival on export of one product. The term has its origin in Centra... |
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Modelling cost management maturity (07 September 12:00) |
| Maturity level of cost management (CMM) must be an intimidating expression to those who strongly associate cost with accounting measurement of financial information for external or internal ... |
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Bad debts and provisioning for them (07 September 12:00) |
| “Current liabilities and provisions” constitutes an important segment of financial “Current liabilities and provisions” constitutes an important segment of financial |
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China-dollar connection (07 September 12:00) |
| Why is China reluctant to float its currency and position it as an alternative to the US dollar? Why is China reluctant to float its currency and position it as an alternative to the US dol... |
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Food alone costly for now (07 September 12:00) |
| Why it is that food prices alone are rising even as the price situation is otherwise under control? Why it is that food prices alone are rising even as the price situation is otherwise unde... |
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Income from house property (31 August 12:00) |
| Para 8.2 of Chapter VIII of the Discussion Paper on the new Direct Taxes Code (DTC) states that with a view to simplifying the determination of taxable income and eliminating any scope for ... |
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Advances for capital goods (31 August 12:00) |
| Substantial advances are often paid for supply of plant and machinery. Construction of the asset, to the specifications of the entity, is commenced after the advance is received by the suppl... |
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Tax incentive on PPF (31 August 12:00) |
| Why does the Direct Taxes Code want to do away with Public Provident Fund (PPF) which, to my mind, is an excellent social security net for the middle Why does the Direct Taxes Code want to ... |
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A big step towards tax equity (17 August 12:00) |
| The eagerly awaited Direct Taxes Code has been announced earlier than the 45 days promised by the Finance Minister during his Budget Speech on July 6. The main reason given for replacin... |
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Personal tax changes in the Code (17 August 12:00) |
| The Finance Minister, Mr Pranab Mukerjhee, has unveiled the Direct Tax Code with an objective to bring all direct taxes, such as income-tax, dividend distribution tax, etc., under a single ... |
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Arriving at TDS amount (17 August 12:00) |
| Is surcharge and education cess to be added to the TDS by the deductor while deducting tax at Is surcharge and education cess to be added to the TDS by the deductor while deducting tax at |
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Clarity a must in new tax law (10 August 12:00) |
| The Income-Tax Act is in a complete mess with a plethora of interwoven sections, sub-sections, clauses, sub-clauses, cross references, explanations, provisos and rules that can even baffle t... |
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Tax on unexplained expenditure (10 August 12:00) |
| Our firm, having a turnover of more than Rs 3 crore, was subjected to scrutiny assessment for the assessment year 2007-08. At the time of assessment, the assessing officer (AO) found that no... |
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Power of attorney (10 August 12:00) |
| If the Supreme Court was so upset with power of attorney transactions, don’t you think it should have struck down Section 53A of the Transfer of Property If the Supreme Court was so upset... |
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Relief eludes the salaried (10 August 12:00) |
| One thought that the Finance Minister would relent and give some relief to the salaried class in his reply to the Budget discussion. But he continues to One thought that the Finance Ministe... |
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Surcharge on companies (10 August 12:00) |
| There are two possible reasons. First, the Finance Minister himself has gone on record that the income-tax law would be rationalised and simplified in a phased manner. Second, corporate taxa... |
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Closer look at gas-pricing dispute (03 August 12:00) |
| In the ongoing gas-pricing dispute is the Government partial to either of the Ambani brothers as claimed No it is not avers Bhamy Shenoy a senior advisor to the Center for Energy Economics a... |
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