Articles

VAT IMPLEMENTATION IN UAE

The UAE minister was speaking in Dubai on 24 February after a joint press conference with Christine Lagarde, Managing Director of the International Monetary Fund (IMF) that VAT is expected to be introduced at a rate of 5% on 1 January 2018, with some limited exceptions including basic food items, healthcare and education. But what is VAT? How does it affect the common man? I attempt to answer some of the most commonly asked questions below:-  What is VAT? Value [...]

LEAVE TRAVEL CONCESSION/ASSISTANCE- TAXATION ISSUES

We go on travel with our families ,if we can get tax benefits, why waste it. Hence the article on Leave Travel allowance or LTA. Have you claimed LTA? Leave Travel Allowance (LTA) is basically defined as the cost of travel granted to employees to travel anywhere in India, while on leave from work. It is allowed twice in a block of four calendar years. These blocks of 4 years are predefined by the government. These are: 2002 – 2005 2006 – 2009 2010 [...]

A brief Study on International Taxation

International Tax is best regarded as the body of legal provisions of different countries that covers the tax aspects of cross – border transactions. It is concerned with Direct Taxes and Indirect Taxes – Kevin Holmes INTRODUCTION: International taxation in a simple language means the study of Taxation beyond the National Level. Though we all are very much aware about our Indian Taxation Laws but as time is demanding something more so, there is a need to study the taxation at [...]

Positioning Of Internal Audit In Corporate Framework

CONTENTS: Introduction Scope Internal Audit in corporate framework Principles of Internal Audit ICAI’s Standards on internal audit Internal Audit process Benefits Conclusion Introduction :  Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes. Scope: The scope of internal auditing within an organization involves topics such as an organization’s governance, risk management and management controls. Internal auditing [...]

Audit Under Banking Environment

Banking sector: The IT saga in Indian banking commenced from the mid-eighties of the twentieth century when the RESERVE BANK took itself the task of promoting automation in banking to improve customer service, book keeping, MIS and productivity. This role played by the reserve bank had continued for years…. Introduction of MICR based cheques processing- a first for the region during the years 1986-1988. BANKING SECTOR DEVELOPMENTS (COMPUTERISATION OF BANKS): Computerisation of branches of banks- in the late eighties with the introduction of [...]

UNION CABINET APPROVES 4 GST BILL

The Union Cabinet has cleared four bills related to the Goods and Services Tax (GST), ahead of their introduction in Parliament, to enable roll out of the tax reform from July 1. Approval of the bills by Parliament and a separate one by all state Assemblies will complete the legislative process for roll out of the GST, the one-nation-one-tax system that merges central taxes like excise duty and service tax and state levies like VAT. What is GST bill?  Goods and [...]

The Power of Belief System

What is it?? Does it really affects our lives?? Is there any need to understand it?? The answer is Yes….and the reason will be known to you as you will go through this article. First of all, let me explain you the meaning of BELIEF SYSTEM: This is the system of our Thought Process running continuously in our mind either we are awake or sleeping. This is the real state of our mind that directs us regarding what to do or i [...]

Fake Rent Receipt Won’t Help You Lower Tax Burden Anymore

For as long as anyone can remember, producing fake property rent receipt, often from parents and relatives, has been an easy way to lower tax burden. Such cavalier disregard for tax rule was overlooked by most employers as well as taxman, who possibly felt it was a minor transgression. Perhaps, not anymore. The income tax department now has good reason to insist on proof from the tax payer showing that he is indeed a genuine tenant, staying in the property [...]

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