"14 March 2014" Archive

Empanelment with LIC Housing Finance ltd. for Statutory Audit

LIC Housing Finance ltd. is in the process of creating a panel  of statutory auditors for Back office audit .   Chartered Accountant Firms who are interested can send the duly completed form along with necessary enclosures with an updated resume to Chief Manager (Accounts) , LIC Housing Finance Ltd. 131 Maker Tower, 13th floor ,“F”...

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Posted Under: CA, CS, CMA |

Empanelment with Income Tax Dept. for Special Audit

Income-Tax Department Mumbai intends to invite application from the qualified Chartered Accountant firms for empanelment to carry out Special Audit u/s. 142(2A) of the Income Tax Act,1961. Address: Commissioner Of Income-Tax-5,Mumbai,Room No.559,Aayakar Bhavan, Maharshi Karve Road, Mumbai-400020. Phone: 22015670 Last Date for Application ...

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Posted Under: CA, CS, CMA |

CBEC to keep its offices open on last three days of this Month

F.No. 296/42/2013-CX.9 (14/03/2014)

As you are aware, the bulk of the revenue is received at the end of the month. However, last week of March 2014 does not have full working days. 29th March is a Saturday, 30th March is a Sunday and 31st March is a public holiday in some parts of the country. Incidentally, this week also happens to be the last week of the financial year....

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ID card must for carrying cash more than Rs 50,000: IT Dept

Uttar Pradesh Income tax department said that any person carrying cash more than Rs 50,000 would have to show ID proof along with documents related to the source of the cash, in view of the Model code of Conduct. “As per the Election Commission guidelines, any person carrying more than Rs 50,000 cash or bullion […]...

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Posted Under: CA, CS, CMA |

Taxation of Private Trust & Tax Planning

1. Types of private trusts for the purpose of return filing. 2. Type of return for private trusts for efiling/manual filing 3. Tax rate applicable for trusts mentioned above. 4. Is PAN mandatory for private trusts? How to obtain PAN for private trust? 5. How to calculate tax in the case of private specific trusts and whether more than 1 r...

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Difference in IND AS and Existing AS

Indian Accounting Standards, (abbreviated as Ind AS) are a set of accounting standards notified by the Ministry of Corporate Affairs which are converged with International Financial Reporting Standards (IFRS). These accounting standards are formulated by Accounting Standards Board of Institute of Chartered Accountants of India....

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Posted Under: CA, CS, CMA |

Transfer Pricing Comparability Data And Developing Countries

Applying the arm’s length principle to review transfer prices set in transactions between associated enterprises often requires a comparison to be made between these prices and the prices set in similar transactions between independent enterprises in similar circumstances....

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Posted Under: CA, CS, CMA |

OECD – New single global standard on automatic exchange of information

Offshore tax evasion remains a serious problem for countries and jurisdictions worldwide, with vast amounts of funds deposited abroad and sheltered from taxation when taxpayers fail to comply with obligations in their home countries. ...

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Posted Under: CA, CS, CMA |

Scrutiny on the basis of data in Annual Information Return (AIR)

CA. M. Lakshmanan As per notification F.No. 225/26/2006-ITA.II (Pt.) dated 8th September 2010 scope of enquiry in the scrutiny cases selected on the basis of information collected from AIR returns would be limited to the aspects of information received through AIR....

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Posted Under: CA, CS, CMA |

Introduction of Online EODC / Redemption for Advance Authorization and DFIA

Public Notice No.55 (RE-2013/2009-2014) (14/03/2013)

Applications for EODC for cases at entry II and III in the table at para 2 above cannot be made online as shipping bills are manual and records evidencing deemed exports supplies are not transmitted online to DGFT. In respect of these cases applications will continue to be in manual mode. ...

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