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Archive: 14 December 2015

Posts in 14 December 2015

Live Course on Grow Your IDT Practice & Preparation for GSTAT (GST Tribunal)

August 16, 2024 2118 Views 0 comment Print

Join our webinars on GST Tribunals preparation. Learn to grow your IDT practice and prepare for GSTAT with expert guidance. Register now for ₹899 + GST!

MCA notifies date for reporting of Fraud by Auditors and Approval of Related Party Transaction by Audit Committee

December 14, 2015 6723 Views 0 comment Print

S.O. 3388(E).—In exercise of the powers conferred by sub-section (2) of section 1 of the Companies (Amendment) Act, 2015 (21 of 2015), the Central Government hereby appoints the 14th day of December, 2015 as the date on which the provisions of section 13 and 14 of the said Act shall come into force.

Govt makes All FCRA services online and Simplified Filing of Documents

December 14, 2015 1771 Views 0 comment Print

The Union Home Minister Shri Rajnath Singh today launched the new revamped website in order to substantially improve upon the existing services for Foreign Contribution (Regulation) Rules (FCRA) under the Ministry of Home Affairs. Shri Rajnath Singh hoped that the new initiative will offer the genuine applicants seamless services of FCRA with adequate ease and facilitation. Simultaneously, the amended rules (Foreign Contribution (Regulation) Rules, 2015) are also being notified.

New Rules for Cancellation & Refund of Railway Tickets, Reservation Chart 4 Hour Before Departure

December 14, 2015 2902 Views 0 comment Print

Under normal circumstances no refund is granted on confirmed, RAC and Waitlisted tickets after the departure of the train. With effect from 12.11.2015, certain provisions of Railway Passengers (Cancellation of tickets and refund of fare) Rules have been amended and comprehensive Railway Passengers (Cancellation of tickets and refund of fare) Rules 2015 have been notified through Gazette Notification G.S.R. 836(E). dated 04.11.2015.

No addition u/s 41(1) for unclaimed stale Drafts / Pay Orders if liability to pay back not ceased

December 14, 2015 689 Views 0 comment Print

Karnataka High Court held In the case of CIT & ACIT vs. Karnataka Vikas Grameen Bank that Section 41(1) attracted when an allowance or deduction is sought to be made in respect of loss, expenditure or trading liability is incurred by the assessee.

GST : Significant Step in Reform of Indirect Taxation In India

December 14, 2015 2843 Views 0 comment Print

Arun Jaitly (Finance Minister) introduced the Constitution (One Hundred and Twenty second Amendment) Bill, 2014, in Lok Sabha on 19 December, 2014 that was passed by House in 6 May, 2015. After passing the Bill by Lok Sabha, Government attempted to move the Bill for consideration in the Rajya Sabha on 11 May, 2015, but member of opposition repeatedly stalled the Proceeding of the House so, still Bill hasn’t passed by the Rajya Sabha.

MCA notifies rule for Omnibus approval for related party transactions on annual basis

December 14, 2015 25221 Views 1 comment Print

6A. Omnibus approval for related party transactions on annual basis.- All related party transactions shall require approval of the Audit Committee and the Audit Committee may make omnibus approval for related party transactions proposed to be entered into by the company subject to the following conditions, namely:-

Issues on Registration Processes under GST for Large and Medium enterprises

December 14, 2015 1919 Views 0 comment Print

One of the key objectives of GST should be to ease the tax compliance in doing business in India. At present, for large and medium enterprises having business across India, one has to get registered in each of the State and Union Territory, have tax persons posted in major big sates for ensuring regulatory compliance under these separate VAT Acts including filing of Returns and Assessments separately for each state.

MCQ Strategy : Ethical Code to cheat

December 14, 2015 1928 Views 0 comment Print

Very useful for students appearing in CA, CS, CMA, UPSC and other competitive exams. 1. Accelerate your mind before the start. … 2. Read the questions cautiously and then answer. … 3. Do not try to solve everything in one go. … 4. Take half to one minute breaks if possible. … 5. Learn as […]

Clarification on availability of benefit under Focus Product Scheme of FTP 2009-14

December 14, 2015 1006 Views 1 comment Print

DGFT has received representations from exporters requesting for providing benefits under focus Product Scheme of Foreign Trade Policy 2009-14 on the export of industrial valves under item at Sl No. 269 of Appendix 37-D, Table-I of Foreign Trade Policy 2009-14 notified vide public notice no.52 dated 25.02.2014 or under any other any other SI. No. in the earlier public notices having same description and even to those items which are not used in bicycles.

MCA notifies rules for Reporting of frauds by auditor

December 14, 2015 8425 Views 0 comment Print

13. Reporting of frauds by auditor and other matters: (1) lf an auditor of a company, in the course of the performance of his duties as statutory auditor, has reason to believe that an offence of fraud, which involves or is expected to involve individually an amount of rupees one crore or above, is being or has been committed against the company by its officers or employees, the auditor shall report the matter to the Central Government.

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