"18 March 2017" Archive - Page 3

Rs.10 denomination plastic banknote to be reality soon

Government to conduct field trial with plastic banknotes at five locations of the country; Approval for procurement of plastic substrate and printing of bank notes of Rs. 10 denomination on plastic banknote substrates conveyed to RBI It has been decided to conduct a field trial with plastic banknotes at five locations of the country. Appr...

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Posted Under: Fema / RBI |

IRS Committed to Stopping Offshore Tax Cheating

The Internal Revenue Service said avoiding taxes by hiding money or assets in unreported offshore accounts remains on its 2017 list of tax scams known as the Dirty Dozen....

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Posted Under: Fema / RBI |

Key takeaways of 12th GST Council meeting

GST Council approves the Draft of SGST and UTGST Bills-Clearing the decks for introduction of a major indirect tax reform in the Parliament, the Goods and Services Tax (GST) Council, in its 12th meeting held on March 16, 2017, has approved the Draft Bills for implementing GST in States and Union Territories (UTs)....

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Posted Under: Fema / RBI | ,

PAN mismatch during GST migration- Problems & Solutions

Since enrolment application went live,of many issues,one particular issue that has been reported in significant numbers was pertaining to PAN validation of taxpayers,required to be done after the application is submitted with either e-signature or DSC.GSTN has investigated many such issues and have taken certain steps to help tax payers m...

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Posted Under: Fema / RBI | ,

Vacancies for Technical Member in NCLT for CA, CS, CMA etc

No.A-12023/2/2017-Ad.IV(i) (08/03/2017)

Filling up of 12 posts of Technical Member in the National Company Law Tribunal (NCLT) - inviting applications for- selected candidates will be required to serve at any of the already constituted NCLT benches or benches to be constituted in future in different parts of the country in a phased manner ...

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Restriction on Cash Transactions as applicable from 1st April 2017

From 1st April onward any transaction (including transactions for capital assets) above Rs. 3,00,000/- shall be strictly done only through banking channels....

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Posted Under: Fema / RBI |

A radical approach towards Indian Taxation System

Being a Chartered Accountant, many people (especially people from business fraternity) usually asks me how to save tax. But I always ask them to focus on increasing their revenues and consequently their income net of taxes....

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Posted Under: Fema / RBI |

ITC reversed under mistaken impression – Remedy

It is well settled law that PAYMENT UNDER MISTAKE OF LAW — MISTAKE DISCOVERED ON NOTICING HIGH COURT DECISION — REFUND IS ALLOWED ...

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Posted Under: Fema / RBI |

Maintenance of Accounts and other Record in GST Law

No specific list of accounts or record has been prescribed in Section 53 of GST Law. It only talked about the true and correct accounts of production or manufacture of goods, inward and outward supply of goods and /or services, accounts of stock of goods, record of input credit availed and output tax payable or paid. ...

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Posted Under: Fema / RBI |

Foreign Currency Borrowings- “Exchange Loss Capitalization” – Ind-As/ IFRS

There are certain foreign currency borrowings which have been taken in order to construct/ create some of the assets of the entity. Company is currently availing option given under para 46/46A of AS-11 and amortizing exchange difference over the period of loan....

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Posted Under: Fema / RBI |
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