UPDATES FROM TAX GURU

Coordination between internal and external auditors

Internal Audit is a service to management. Its functions include examining and evaluating internal control and providing assurance to the management. It is a part of the organisation's system of internal control and its scope includes ALL aspects of...

History of Accounting and Accounting Standards

Sufficient evidence exists to conclude that art and practice of accounting existed even in Vedic times. There are references to kraya (sale), Vanij (merchant), sulka (price) in Rigveda. Kautilya's Arthashastra contains details on business of keeping...

Electronic filing of service tax returns will be compulsory in next two months

The government will make electronic filing of service tax mandatory within a couple of months, said a senior official of the Central Board of Excise and Customs (CBEC). "Electronic filing of service tax will be made compulsory in the next two...

Block assessments can be reopened u/s 147/148 : Guwahati High Court

The AO passed a block assessment order u/s 158BC by which he assessed the undisclosed income of the assessee at Rs. 24.37 L. Subsequently, he passed an order by which he added a further sum of Rs. 13.66 L to the said undisclosed income without...

RBI issued draft guidelines on Over the Counter (OTC)

The Reserve Bank of India has, today, placed on its website the draft guidelines on OTC Foreign Exchange Derivatives and Hedging Commodity Price Risk and Freight Risk overseas (Annex) for public comments. Related posts:Reserve Bank of India will...