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Any remuneration paid by an employer to his employee in consideration of his service is called Salary. It includes monetary value of those benefits and facilities provided by the employer which are taxable. Section 15, 16 and 17 of the Income tax act, 1961 deal with thecomputation of income under the head Salaries. To understand the computation of Income under the head Salaries, the following important concepts must be understood: EMPLOYER AND EMPLOYEE RELATIONSHIP BASIS OF CHARGE( SECTION 15) PLACE OF [...]

Independent Directors & Corporate Governance

"The issue of Independent Directors is back in focus, thanks to the “ownership row” in a corporate giant in the country and a renewed stress on Corporate Governance across the world." This article analyses the traits of Independent Directors in the present times of stiff competition. Who Is An Independent Director? As per sub-section 6 of Section 149 of THE COMPANIES ACT, 2013 Act, Independent Director means a director other than a managing director or whole time director or a nominee director, a) [...]


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 [...]


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 [...]


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 [...]

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