"09 November 2015" Archive

Comparison between ICDS and Accounting Standards

As we are sailing across the revolution in Indian regulatory framework as evidenced by development in Companies Act, Ind-AS and Prospective Goods and service Tax meanwhile Central Board of Direct Tax has notified as per power conferred u/s 145(2) ten Income Computation and Disclosure Standards (ICDSs) to be followed by all assesses for an...

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Posted Under: CA, CS, CMA |

When Do Lies Become True?

Truth is an easy-to-practice concept of our life. However, many people dislike it for the simple reason it often brings displeasure and wrath of others. The story of Indian King Harichandra highlighted the power of speaking truth. Even when he was provoked to tell lies once so that his dead and beloved wife could come alive, he refused to...

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Posted Under: CA, CS, CMA |

Indirect Tax Revenue collections during October 2015 increased by 36.8%

Indirect Tax Revenue (Provisional) collections during October 2015 increased by 36.8% as compared with collections made in October 2014; Cumulatively, during April-October 2015, Indirect Tax Collections increased by 35.9% over the collections made during the same period last year suggesting a healthy growth in the underlying tax base ...

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Posted Under: CA, CS, CMA |

Tax on medical reimbursement received & expenses paid

All of us in our day to day life are incurring medical expenses either for ourself or for the dependent family members like spouse, children, parents, brothers and sisters. In this article we are going to talk about the funding of these medical expenses and income tax treatment of these expenses and reimbursements thereof (if any)....

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Posted Under: CA, CS, CMA |

DGFT-Appendix 4G as appearing in para 9.06 is being revised to read as Appendix-4H

Public Notice No. 46/2015-2020 (09/11/2015)

Importer shall maintain a register, as in Appendix-4H (for 3 years period) of items imported under an Authorisation and separately for items imported with actual user condition and its consumption. In respect of particular schemes, such register shall be maintained for specified period....

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Agencies desirous of enlistment in Appendix 2I to Submit Application to DGFT

Public Notice No. 45/2015-2020 (09/11/2015)

Effect of this Public Notice: Hereinafter, agencies desirous of enlistment in Appendix 2I of Appendices & Aayat Niryat Forms may submit their application as per Annexure I to Appendix 2I to the DGFT instead of the concerned RA....

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Concept of HSN codes under GST

CA Vinod Kaushik What is HSN code? As per Wikipedia the Harmonised Commodity Description and Coding System, also known as the HSN (Harmonised System Nomenclature) is an internationally standardized system of names and numbers to classify traded products. These codes are basically used to fix rate of tax on various products at the time of ...

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Posted Under: CA, CS, CMA |

Notification No. 107/215-Customs (N.T.) Dated- 9th November, 2015

Notification No. 107/2015-Customs (N.T.) (09/11/2015)

S.O. (E). In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the 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...

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Committees to Monitor unreasonable and High­ Pitched Scrutiny Assessment Orders

Instruction No. 17/2015 (09/11/2015)

Instruction No. 17/2015 Board has consistently been advising the field authorities to be fair, objective and rational while framing scrutiny assessment orders. Role of supervisory authorities in this regard, has also been highlighted by the Board from time to time. It has, however, been brought to the notice of Board that the tendency to ...

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All About Unit-linked insurance plan (ULIP)

A Unit Linked Insurance Plan (ULIP) is a product offered by insurance companies that unlike a pure insurance policy gives investors the benefits of both insurance and investment under a single integrated plan. Unit Linked Plans refer to Unit Linked Insurance Plans offered by insurance companies. These plans allow investors to direct part ...

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