The Indian Micro, Small and Medium Enterprises (MSMEs) are facing tough competition from cheap Chinese products as is evident in high growth of India’s imports from China. As per information compiled from Director General of Commercial Intelligence & Statistics in respect of 12 major product groups
07/08/2015 – The OECD today releases three new reports to help jurisdictions and financial institutions implement the global Standard for automatic exchange of financial account information. Common Reporting Standard Implementation Handbook (the CRS Handbook): this first edition provides practical guidance to assist government officials and financial institutions in the implementation of the Standard. It sets […]
Government has recently modified the Foreign Exchange Management (Current Account Transactions) Rules, 2000 and the Liberalized Remittance Scheme (LRS) for resident individuals for further liberalizing the existing guidelines. Accordingly, all resident individuals, including minors, are allowed to freely remit upto USD 2,50,000
ICAI Takes Serious View of Members’ Affidavits in respect of Delayed Filing of Clients’ Appeal. ICAI for Speedy and Effective Disposal of Disciplinary Cases. ECI Looks up to ICAI to Empower Auditors of Political Parties. ICAI Action on C&AG Report on Performance Audit.
Registrar of Companies (ROCs) were directed to examine documents under Section 234 of the Companies Act, 1956 in the year 2010. ROCs examined documents of the companies located within their jurisdictions and certain violations of the provisions of the Companies Act, 1956 were noticed in some cases as per details in Annexure.
Objective and applicability date of IFRS 13- The objective of IFRS 13 Fair Value Measurement is to provide a single source of guidance to fair value measurement by incorporating many principles that already exist in other IFRSs and best practices from the IASB’s 2008 Expert Advisory Panel report.
Indirect Tax regime of the country with the implementation of GST is expected to see the drastic change. There are numerous grounds supporting such change and few of them are unified market Place , Reduced litigation , Better compliance management, Reduced operational cost, Seamless flow of credit etc.
Of late, the Information Technology made it practicable to have all kinds of meetings through Video Conferencing. Meetings through Video conferencing has telescoped the world and has made it look smaller than ever before. Now throughout the world, every Tom, Dick, and Harry is approachable just at a click of the mouse.
Jama kharchi is all about converting black money to white. Jama kharchi companies ‘accommodate’ accounting entries that help both the companies and give 2-4% commission to the go-between.
In the case of Tecnimont ICB House vs. DCIT, ITAT has held that Recovery of expenses beyond the normal period was in the nature of deemed loan in the hands of AEs and require transfer pricing adjustment.
