Blogs

Clauses in Tax Audit Report- AY- 14-15 and Connection to IDT  

The tax audit under Income Tax has undergone a change. There are already a number of compliances which professionals felt was asking for too much. In this amendment additional disclosures/ duties of judgment/ reporting have been additional thrust on the auditor. Assessees may not be too concerned as they are of the view that it is the auditor’s headache. In the view of the paper writers this would add a few days more...

India is booming and consumers buy more and choices have increased. Taxes are bound to increase in normal course. Now with the emphasis on building trust but at the same time plugging the leakages of tax, a balanced approach of supporting the tax compliant and stern action against the tax evaders is to be planned and implemented.  

The tax authorities either Central [Central Excise or Service Tax] or State {CST/ Local VAT} have had targets fixed by higher ups and tend to go those who...

Audit is a word derived from the Latin word – “auditus” which means hearing which in the past was analogous to listening. In ancient times in India, Egypt and Greece audit existed. The accounts would be heard by a competent, highly regarded confidant of the king. The auditor would listen for inconsistencies, aberrations, mathematical accuracy, past and present comparison and the credibility of the person offering the statement and pass the accounts or require further investigation....

Union Budget 2014- Indirect Taxation- The Ugly Side- Tax terrorism to Continue unabated.  

In recent times, the law abiding assesses have to contend with large number of target based queries/notices, audits and summons generally high amount of tax terrorism. Infructuos demands [ 9095% bound to fail as per revenue officers themselves ] in VAT and Service Tax have been observed. These lead to demands and disputes which go on for years leading to killing the golden goose and...

One of the major challenges for the assessee is – avoiding of the disputes with the department. To avoid/ reduce such disputes with the department, one must understand the reason for such dispute. In this write up, we have analyzed the best practices of avoiding disputes with the department by using alternative measures/policies. We would understand the following in this writeup -  

1. Possible causes for the Disputes along with measures to mitigate them?  

2. How...

What The Material/ Procurement Executive/ Manager needs to know about Indirect Taxes? 

The successful material/ purchase officers knows the production needs well in terms of quality, timeliness and quantity. He also understands the cost of products / services sought to be procured , where available at economical prices. Maybe nearer the source + have a few alternative’s in case of urgent procurement. 

In this article we look at a few options/ situation in the procurement...

There are several professionals working in the Industry in India.  They are engaged in accountancy, finance, costing work in commerce, industry, financial services, education, and the public and not-forprofit sectors. They are ensuring that organizations, whether partnerships, companies or not for profit entities are more successful and sustainable. Professional accountants in business form a very diverse constituency, and can be found working as employees, consultants, and self-employed...

Study Tips and Examination Techniques:  

The taxation paper is one of the best scoring paper in the IPCC exam. This can help to make good the shortage of marks in other papers or to get exemption which can assist in the next attempt. Recently more importance has been given to taxation paper; taxation includes income tax, indirect taxes. Earlier in indirect taxes only service tax and VAT has been included and from November 2014 concept of central excise, customs and CST basics are...