"22 February 2017" Archive

Empanelment of CAs / CMAs with Brahmaputra Valley Fertilizer Corporation Ltd.

Appointment of Chartered/ Cost Accountants with Brahmaputra Valley Fertilizer Corporation Limited,Namrup for certification of documents to be submitted to Government of India (FICC) for the FY 2017-18....

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Posted Under: CA, CS, CMA |

Section 391(2) closure of place of business by a Foreign Company

General Circular No. 01/2017 (22/02/2017)

Section 391(2) Companies Act, 2013 would apply only in case of a foreign company which has issued prospectus or IDRs pursuant to provisions of Chapter XXII of Companies Act, 2013....

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Luxury Tax leviable on Plinth Area: Kerala HC

Mohammed Ashraf Vs State of Kerala (Kerala High Court)

The petitioner is aggrieved with the revisional order passed at Ext.P5. The petitioner challenges the assessment made of the building constructed by the petitioner, under Section 5A of the Kerala Building Tax Act, 1975 (Act for short)....

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Foreign taxes are deductible on real income theory & not deductible to the extent they are eligible for relief u/s 90 & 91

Reliance Infrastructure Ltd. Vs CIT (Bombay High Court)

This Court in Inder Singh Gill (supra) was required to answer the question whether for the purpose of computing total world income of the assessee as defined in Section 2(15) of the I. T. Act, the income accruing in Uganda has to be reduced by the tax paid to the Uganda Government in respect of such income? The Court while answering the q...

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No penalty where assessee relied on professional opinion & there is no tax impact

Pr. CIT Vs Atotech India Ltd (Punjab and Haryana High Court)

Tribunal noted that the respondent had claimed the set off of its business income of Rs. 1.85 crores against the brought forward business losses of the earlier years on the basis of a legal opinion received from a leading firm of Chartered Accountants dated 15.06.2001. ...

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SC explains TDS on construction, erection & commissioning of plants

Pr. CIT Vs The Senior Manager (Finance), Bharat Heavy Ltd., (Punjab and Hariyana High court)

These are usual clauses in such contracts. The testing, pre-commissioning, commissioning and post-commissioning are required to be carried out by a contractor to satisfy the customer that the work has been executed in a proper manne...

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Master Direction on Money Transfer Service Scheme (MTSS)

RBI/FED/2016-17/52 FED Master Direction No.1/2016-17 (22/02/2017)

Money Transfer Service Scheme (MTSS) is a quick and easy way of transferring personal remittances from abroad to beneficiaries in India...

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Reg. Export & re-import of cut & polished diamonds at zero duty

Notification No. 39/2015-2020 (22/02/2017)

The facility for export and re-import of cut and polished diamonds at zero duty for the purpose of certification and grading has been extended to the authorised offices / agencies in India of laboratories mentioned under paragraph 4.74 of Handbook of Procedures 2015-20....

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ICAI forms group to recommend on Election of VP & counting of votes

No.M-626/2017 (22/02/2017)

The President, in terms of the authority given to him by the Council at its 363rd meeting held on 12th February, 2017, has constituted a Group for making recommendations in the matter of Election of Vice President and all allied matters including counting of votes...

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MEA enquire missions to promote Ayush, Ayurveda: V.K. Singh

On part of Ministry of External affairs (MEA), we have asked all our chairs and missions to promote Ayush and Ayurveda because 25 missions have got Ayush facilitation centers and these are being managed in a manner in which we would like them to become much greater facilitation center then what they are today...

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Posted Under: CA, CS, CMA | ,
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