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CA Rajendra Shete As we have seen in last article that merchant exporter if fully depends upon the manufacture for the goods. There are several problems to the merchant exporters for procurement of the goods, which are listed below: 1. Price Fluctuations : Issue: Merchant exporter quotes the overseas buyer after obtaining the rate from the manufacturer of … Read more
Meaning of defunct company There are many companies which are registered under company act 1956 but due to various reasons they are not operative since incorporation. Some companies become operative immediately after incorporation but become inoperative thereafter. The fast track exit mode scheme is applicable to the defunct company. Here “Defunct Company” means the company … Read more
As we have seen the meaning and steps of the L/C transactions in previous article. Now let’s understand the procedure of opening of L/C and documents required of opening Letter of Credit in the bank. L/C applicant must be a client of the bank. If a new client comes in for opening L/C, he has to … Read more
Scope of IAS 16 IAS 16 should be followed when accounting for property, plant and equipment unless another international accounting standard requires a different treatment. Property, plant and equipment are tangible assets that are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes and … Read more
Meaning Letter of credit is the written instrument issued by the importer’s (buyer’s) bank to the exporters (seller). L/C is the guarantee given by buyer’s banks to remit the amount to the seller according to the terms and conditions based on the contractual agreement between buyer and seller. L/C is the most reliable and acceptable … Read more
Payment terms are very important aspects in the import export trade. In international trade there are different methods of making the payments. Let’s understand all methods one by one. 1. Advance Payment When exports receive the payment first and ship the goods subsequently, it is called as advance payment. It is good for exporter as … Read more
After getting the DIN of directors, the next steep of the formation of the company is the reservation of name. Once you reserve the name of the company then you can go ahead for formation of the company. Applicant should follow the name guidelines properly to get the name reservation in first attempt. Name guidelines Following … Read more
The Deputy Chief Minister and Finance Minister of Maharashtra state, Ajit Pawar has presented additional budget as on 5th June 2014. Following are the highlights of the additional budget on tax front. Highlights on tax proposal MVAT Turnover limit for registration under MVAT is increased to 10 lakh from 5 lakh. The dealers whose turnover is less than 10 lakh in … Read more
Revenue is income arising in the ordinary course of an entity’s activities and it may be called by different names, such as sales, fees, interest, dividends or royalties. It is important to establish the point at which revenue may be recognized so that the correct treatment can be applied to the related costs. IAS 18 … Read more
All the dealers were submitting purchase and sales details in the Annexure annually up to 31st March 2014. From April 2014 onwards dealers are required to submit the annexure along the return. Sales tax department has taken this step in order to ensure speedy cross verification of input tax credit and faster processing of refund. … Read more