• Jul
  • 07
  • 2015

The ITR SAGA – The Who, when and what of the Annual Disclosure Exercise

Added In Income Tax
ITR forms were introduced with a view to enhance simplification and information disclosures from the assessees. The forms required extensive disclosures such as bank account disclosures held during the year including dormant accounts, details of foreign trips including number of visits and sums expended from assessee’s own sources . Aadhaar has, like in other essential services, crawled into the Income-tax Returns also.

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  • Jul
  • 07
  • 2015

FAQs on Tax Compliance for Undisclosed Foreign Income and Assets

Added In Income Tax
If firm has undisclosed foreign assets, can the partner file declaration in respect of such asset? Answer: The declaration can be made by the firm which shall be signed by the person specified in sub-section (2) of section 62 of the Act. The partner cannot make a declaration in his name. However, the partner may file a declaration in respect of an undisclosed asset held by him.

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  • Jul
  • 07
  • 2015

ICAI Clarification on General Amnesty Scheme

Added In CA CS ICWA
In regard to the General Amnesty Scheme for retrospective restoration of membership which was extended upto 15th May, 2015 vide Announcement dated 5th May, 2015 on the website of the Institute, it is hereby clarified that under the said amnesty scheme, the names of only those members would be included in the List of Members as on 1.4.2015

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  • Jul
  • 06
  • 2015

Terminologies Frequently Used In Legal Jargon

Added In CA CS ICWA
Many of our readers are students, pursing Professional courses, like CA, CS, CMA, etc., aiming to be a great professional in their life. While going through the studies most of us find hard to understand the meaning of some terms, words and/ or expressions, due to their origin in different languages. This piece of writing is my deliberate attempt to make you aware of such terms, words, and/or expressions, with an aim to help you, during your studies.

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  • Jul
  • 06
  • 2015

Hiring a tax consultant: An expense or an investment?

Added In CA CS ICWA
Most of us face this dilemma at some point of time in life – Should I spend 4 hours repairing a certain item (be it an air conditioner, some furniture or something else) or spend some money to hire an expert to do it efficiently. It was into the sixth hour of trying to repair my virus-infected laptop when the miser in me gave up and my mind cried out Is 6 hours of your day really worth Rs. 2,000 which you are trying to save by not calling for the services of a Software Engineer?

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  • Jul
  • 06
  • 2015

Gist of Representations submitted by the Direct Taxes Committee of ICAI

Added In CA CS ICWA
Submission of suggestions on forms other than ITR – ICAI was requested to submit the suggestions on forms other than ITRs. In this regard, the Committee has submitted the suggestions in two parts: a) Suggestions on Formats of Form Nos. 3CA/3CB/3CD b) Suggestions on Format of other forms like Form No. 3CEB, 10CCB, 15CA etc.

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  • Jul
  • 06
  • 2015

Register today! EY India’s ICDS Master Class series

Added In Income Tax
On 31 March 2015, the Central Government has notified 10 Income Computation Disclosure Standards (‘ICDSs’) effective from Financial Year 2015-16 for all taxpayers following mercantile method of accounting. The ICDSs have been issued for the purpose of computation of income chargeable to income-tax under the heads ‘Profits and gains of business/ profession’ and ‘income from other sources’.

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  • Jul
  • 06
  • 2015

Allocation of work to Commissioner of Income-tax (Judicial)-Reg.

Added In Income Tax
(A) Work Jurisdiction of CIT (J) The CIT (J) shall be the nodal office for all matters, including but not limited to those mentioned in Part (C) below, relating to the jurisdictional High Court as also co-ordination with counterparts for other High Court/s. He shall be responsible for ensuring that the Departmental view regarding the interpretation of the Income-tax Act, 1961 is enforced uniformly and coherently within the jurisdiction of the respective Region.

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  • Jul
  • 06
  • 2015

Cyber Security and Cyber Resilience framework of Stock Exchanges, Clearing Corporation and Depositories

Added In SEBI
Cyber attacks and threats attempt to compromise the Confidentiality, Integrity and Availability (CIA) of the computer systems, networks and data bases.1 Cyber security framework include measures, tools and processes that are intended to prevent cyber attacks and improve cyber resilience. Cyber Resilience is an organisation’s ability to prepare and respond to a cyber attack and to continue operation during, and recover from, a cyber attack.

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  • Jul
  • 06
  • 2015

Opening of Current Accounts by Banks – Need for Discipline

Added In RBI / FEMA
Keeping in view the importance of credit discipline, especially for reduction in NPA level in banks, banks are advised to make use of the information available in CRILC and not limit their due diligence to seeking NOC from the bank with whom the customer is supposed to be enjoying the credit facilities as per his declaration.

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