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ASSOCHAM advocates MAT exemption for sick companies under debt restructuring

Apex Industry body ASSOCHAM has advocated continuation of the exemption from MAT (Minimum Alternative Tax) by the insertion of a suitable substitution of or addition to the Income Tax Act in respect of the restructuring under the insolvency & banking code 2016....

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Posted Under: Income Tax |

Draft of clarifications to Ind AS 115 Revenue from Contracts with Customers

Following is the Exposure Draft of Clarifications to Ind AS 115, Revenue from Contracts with Customers, issued by the Accounting Standards Board of the Institute of Chartered Accountants of India, for comments....

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Posted Under: Income Tax |

Empanelment with United Bank of India for Concurrent/Revenue Audit

United Bank of India invites application from practicing Firms of Chartered Accountants in India who fulfill the eligibility criteria as mentioned here under and are willing to have their firms empanelled as Concurrent Auditor and Revenue Auditor of the Bank for conducting Concurrent Audit and Revenue Audit of branches/offices. ...

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Posted Under: Income Tax | ,

Uttar Pradesh GOODS AND SERVICES TAX BILL, 2017

THE Uttar Pradesh GOODS AND SERVICES TAX BILL, 2017 A BILL to make a provision for levy and collection of tax on intra-State supply of goods or services or both by the State of Uttar Pradesh and the matters connected therewith or incidental thereto BE it enacted by Legislature of Uttar Pradesh in the Sixty-eighth […]...

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Posted Under: Income Tax |

Empanelment for Audit of Cooperative Societies in Maharashtra F.Y. 2017-20

Online application’s are invited for Audit Empanelment for 2017-2020 by Commissioner for Cooperation and Registrar, Cooperative Societies (CC and RCS) Maharashtra State, Pune Apply for the Empanelment between 27th April to 12th May 2017 as an online process on Mahasahakar website  i.e. www.mahasahakar.maharashtra.gov.in Link to Downloa...

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Posted Under: Income Tax | ,

Not recommended to tax Farm Income: NITI Aayog

Clarification on news reports regarding NITI Aayog’s Draft Three Year Action Agenda, published on 26th April, 2017 Several newspaper reports published on April 26th, 2017, state that NITI Aayog or its Draft Three year Action Agenda has recommended that Farm Income in India be taxed to expand the existing Income Tax base.  The NITI Aayo...

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Posted Under: Income Tax |

Govt has no plan to impose any tax on agriculture income: FM

Central Government has no plan to impose any tax on agriculture income. As per the Constitutional Allocation of Powers, the Central Government has no jurisdiction to impose tax on agricultural income...

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Posted Under: Income Tax |

ICAI: Marks for passing ISA (Assessment Test) reduced to 60%

A candidate for the Information System Audit (Assessment Test) shall ordinarily be declared to have passed the Test, if he/she secures, a minimum of sixty percent marks in aggregate...

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Posted Under: Income Tax |

ICAI Proposes amendments to IFRS 8 and IAS 34

Exposure Draft issued by IASB on Improvements to IFRS 8 Operating Segments (Proposed amendments to IFRS 8 and IAS 34) is for comments only. Comments on the Exposure Draft need to be received by May 26, 2017....

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Posted Under: Income Tax |

Withdrawal of FAQs on Revised Schedule VI to Companies Act, 1956

CL&CGC/ 20/ 2017-2018 (25/04/2017)

ICAI withdraws Frequently Asked Questions on the Revised Schedule VI to the Companies Act, 1956 as issued by the Corporate Laws & Corporate Governance Committee in May, 2012....

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Posted Under: Income Tax |
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