"15 October 2015" Archive

ICAI warns students submitting fictitious/forged documents for Exam

The Institute has observed certain instances where students and candidates for Institute’s examination have submitted fictitious / forged documents to the Institute duly attested by members. While the Executive Committee of the Institute has decided that such students/ candidates be debarred from pursuing the Chartered Accountancy cours...

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Posted Under: CA, CS, CMA |

Govt notifies areas opium crop may be cultivated in the States of MP, Rajasthan and UP

No. 2/2015-NARCOTICS CONTROL-I (15/10/2015)

No. 2/2015-NARCOTICS CONTROL-I G.S.R. 784(E).—In pursuance of rule 5 of the Narcotic Drugs & Psychotropic Substances Rules, 1985, the Central Government hereby notifies the tracts in the States of Madhya Pradesh, Rajasthan and Uttar Pradesh specified in the Table below as the tracts within which poppy may be cultivated on account of the...

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Valuation of imported second hand machinery for Custom Duty

Circular No. 25/2015-Custom Duty (15/10/2015)

Circular No. 25/2015-Custom Duty The Board has received representations from other Ministries, trade bodies and traders regarding issues arising from the interpretation of Board's circular no. 4/2008 - Cus dated 12th February 2008, The circular requires that field formations rely upon a chartered engineer's inspection report while valuin...

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Auditors related compliance's under Companies Act 2013

An auditor who is expected to make an independent report to a company's members is well regulated through the company law. Its appointment, reappointment, ratification, resignation are well defined in Companies Act 2013. The independent auditor has a responsibility to his profession, the responsibility to comply with the standards accepte...

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Posted Under: CA, CS, CMA |

Service Tax Exemption To Common Effluent Treatment Plant Services

Services provided by a Common Effluent Treatment Plant Operator for treatment of effluent is exempt from Service Tax. Vide Notification No. 6/2015-ST dated 1.3.2015, this exemption entry has been inserted w.e.f. 1.4.2015 in mega exemption Notification No. 25/2012-ST dated 20.06.2012....

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Posted Under: CA, CS, CMA |

Belated return explained with practical examples

Meaning : A belated return is a return which is not filed in prescribed time as mentioned u/s 139(1) or within the time allowed under a notice issued by the assessing officer u/s 142(1). Time limit for filing a belated return : A belated return can be filed on or before the expiry of 1 […]...

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Posted Under: CA, CS, CMA |

Rate of exchange of conversion of foreign currency with effect from 16th October, 2015

Notification No. 101/2015-Customs (N.T.) (15/10/2015)

Notification No. 101/2015 - Customs (N.T.) In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in super session of the notification of the Central Board of Excise & Customs No. 97/2015-CUSTOMS (N.T.), dated 1st October, 2015, except as respects things done or omitted to be done before such superses...

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Notification No. 100/2015-Customs (N.T.) Dated: October 15, 2015

Notification No. 100/2015-Customs (N.T.) (15/10/2015)

NOTIFICATION NO. 100/2015-Cus.,(NT), Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2001-Customs (N.T.), dated the 3rd August, 2001, published in t...

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Business Startups : Which Business Entity To Choose ?

If all goes well many Indian Cities are set to become Smart Cites. Make In India , Ease Of doing Business and other such initiatives are going to boost the economic scenario of Country. So no doubt many entrepreneurs must be thinking of starting their business ventures or expanding the existing set ups. This article will help in choosing ...

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Posted Under: CA, CS, CMA |

Tax issues for freelancers and startups in India

For any startup or a freelancer, first few years are always challenging. Right from choosing the appropriate constitution for setting up the business to taking into account the tax implications, everything has to be done appropriately. Taxes can be complicated but their ignorance or lack of knowledge can land a young startup in unwanted t...

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Posted Under: CA, CS, CMA |