Where the Central Govt (CG) is of the opinion that the cost records of such class of companies engaged in the production of such goods and providing such services as may be prescribed , is required to be audited , then the CG on consultation with the regulatory bode can demand for cost audit to be conducted.
Attention is invited to Circular No. 994/01/2015 dated 10.02.2015 on the above subject. Reference has since been received from DGCEI regarding the difficulties in implementing the instructions .The issue has been examined and it has been decided to substitute paragraph 5 of the said Circular dated 10.02.2015
E Book – Comprehensive ICAI Budget Publication The Direct Taxes Committee of ICAI jointly with Indirect Taxes Committee of the ICAI has come out with E Book on clause wise comprehensive analysis of Tax Proposals of Union Budget 2015 to enable our members and stakeholders in line with ICAI’s well earned position as the Partner […]
Raising the threshold for specified domestic transaction In a second blow to Chartered Accountants FM has raised Limit for Audit of Specified Domestic Transaction to Rs. 20 Crore from Rs. 5 Crore with effect from Assessment year 2016-17. This may effectively take 90% Assessees out of Ambit of Transfer Pricing Audit of Specified Domestic Transaction. […]
Budget 2015- Raising the income-limit of the cases that may be decided by single member bench of ITAT The existing provision contained in sub-section (3) of section 255 of the Income-tax Act provides for constitution of a single member bench and a Special Bench. It provides that single member bench may dispose of any case […]
Certain accountants not to give reports/certificates The Act contains several provisions (e.g. section 44AB, section 80-IA, section 92E, section 115JB, etc.) which mandate the taxpayers to furnish audit reports and certificates issued by an ‘accountant’ for ensuring correct reporting/computation of taxable income by the tax payers. Explanation below section 288(2) of the Act defines an […]
Whereas, the designated authority vide notification number 15/22/2014- DGAD, dated the 7th January, 2015, published in Gazette of India, Extraordinary, Part I, Section 1, dated the 7th January, 2015, have initiated review, in terms of sub-section
Determination of Annual Value of Self-occupied property. Annual Value of one house away from work place.Determination of Annual Value of Let out house properties. Other Permissible Deductions from Annual Value in cases of let out properties. Interest for pre-construction period. Benefit for vacancy for the period when the property remains vacant (in cases of let out proporties). Exclusion of unrealised rent from annual value. Set off and carry forward of loss in cases of house properties. Computation Of Income From Self Occupied Property. Interest on borrowed capital for self occupied property. Deductions Under Section 80C In Relation To Investment In New Residential House Property
The current taxation scheme of income arising in respect of depository receipts under the Act is aligned with the earlier scheme which was limited to issue of Depository Receipts (DRs) based on the underlying shares of the company issued for this purpose (i.e sponsored GDR) or FCCB of the issuing company and where the company was either a listed company or was to list simultaneously. Besides, the holder of such DRs was a non-resident only.
D.O. letter No. D.O.F. No. 201/24/2013-CX.6 dated 03.03.2015 by Adviser,CBEC, regarding timely disposal of registration applications to all Chief Commissioners of Excise and Service Tax / Commissioners of Service Tax to Grant Service Tax and Excise
