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VEL SUBRAMANIAM VADIVEL FCA

Eminent Chartered Accountant, notable author, socio-economic thinker and unique academician from India.

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From the desk of Vel Subramaniam Vadivel FCA

My dear Members & Readers,

We are extremely happy to meet you through these pages. We are very glad to inform you that our new website has received due appreciation and applause from all our readers with an overwhelming majority. 

On this occasion, we are to inform you that the website is going to be more informative with many 'value-added features' which shall be highly useful for all those who are involved in taxation, accounting, and auditing in India.

Majority of our readers do feel that it is a right medium through which they can echo their views and sentiments with regard to their perceptions about various matters of interest relevant to their profession in India.

It is our esteemed privilege to thank once again all our readers and members who have overwhelmingly received our website all over the country. We promise that our site will be of greater practical utility value to all our readers and we do hope to communicate and interact with you very effectively in the days to come.

We do request you to advise and encourage your fellow professionals, taxpayers, articled clerks, assistants, and friends to go to this new website for all useful info as may be required for all chartered accountants and others in India.

With warm regards & best wishes

Vel Subramaniam Vadivel FCA ACS,

Chartered Accountant

Vel Subramaniam Vadivel FCA writes just for you!

Please visit this section regularly to enjoy happy reading on all about what's happening:

You may please get ready to have a glance of appropriate write-ups on latest happenings written by CA Vel Subramaniam Vadivel FCA ACS, just for you. Know to empower! Read to Know!!

Quotable Quotes: By Vel Subramaniam Vadivel FCA

"It is neither better to do the right thing wrong nor to do the wrong thing right".

"Think like a true professional to be one. In fact, there is no shortcut, only the right instinct shall convert your dream into reality".

Differentiate yourself; build a unique entity and a distinct identity; avoid herd mentality and ‘me too’ mind-set; this is the USP to succeed yourself”.

"How to" Guidelines, Just for You!: By Vel Subramaniam Vadivel FCA

This unique section exclusively contains highly useful "HOW TO" guidelines and action points, simply relevant for all Chartered Accountants in India.

All these guidelines are aptly given by Vel Subramaniam Vadivel FCA just for you.

How to maintain books of account under income tax law?-Some tips - V.S.Vadivel, FCA, ACS, Chartered Accountant

Section 44AA [inserted by the Taxation Laws (Amendment) Act, 1975, with effect from 1st April, 1976] of the Income-tax Act, 1961 calls for compulsory maintenance of books of accounts by the income-tax assessees in the country.  With effect from assessment year 1999-2000, the monetary limits of income and turnover prescribed for maintenance of books of account under section 44AA have been considerably increased.  Further, certain businessmen like transport operators, contractors, retail traders and other taxpayers falling under the so-called Estimated Income Scheme (EIS) are also exempted from maintaining books of account, provided the profits and gains declared by them is not lower than the amount specified in the relevant section as may be applicable to them.  Further, with the amendment of section 145, from 1st April, 1997, income chargeable under the head ‘profits and gains from business or profession’ or ‘income from other sources’ can be computed by following either the cash or mercantile system of accounting.  In other words, a mixture or ‘hybrid’ method of accounting is not permitted.  This article written by V.S.Vadivel, FCA, ACS, Chartered Accountant enlightens the taxpayers as to whether they are required to maintain any books of account under the income-tax law and, if required, where and for how many years should the same are required to be preserved, etc. [Published in Current Taxcom News-Volume 13, Part III, Issue No.3]

How to pay advance tax? – Some tips - V.S.Vadivel, FCA, ACS, Chartered Accountant

Under income-tax law in India, tax-payers are required to pay advance tax on their income, which they expect to earn during the current year.  For instance, for financial year 2004-05 (relevant to assessment year 2005-06), advance tax is payable in installments during 2004-05 itself.  No doubt, the advance tax so paid is adjusted against the total tax assessed for that assessment year, i.e., assessment year 2005-06.  The provisions relating to advance tax apply to all assessees.  It is clearly implicit therein that a representative assessee is not exempt from liability to pay advance tax.  This write-up by Mr. V.S.Vadivel, FCA, ACS, Chartered Accountant deals with tax-tips on how to pay advance tax in India. [Published in Current Taxcom News- Volume 14, Part III, Issue No.7]

Know to empower

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