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Archive: 01 April 2016

Posts in 01 April 2016

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6435 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Delhi HC too stays Service Tax on Senior Advocates

April 1, 2016 4243 Views 0 comment Print

Delhi High Court has directed by its order to Union of India that till the next date the operation of the execution of para 1(a) (i) (b) of Notification No.9/2016-ST, para 1(a) (iii) and (b) (iii) of Notification No.18/2016-ST and para 2 (1) (a) of Notification No.19/2016-ST be and is hereby stayed and the Respondents are directed to continue the reverse charge mechanism for payment of service tax for Senior Advocates under Notification No.30/2012-ST.

CENVAT Credit (Fourth Amendment) Rules, 2016

April 1, 2016 10588 Views 0 comment Print

Pay an amount equal to six per cent. of value of the exempted goods and seven per cent. of value of the exempted services subject to a maximum of the sum total of opening balance of the credit of input and input services available at the beginning of the period to which the payment relates and the credit of input and input services taken during that period

Foreign Exchange Management (Deposit) Regulations, 2016

April 1, 2016 7081 Views 0 comment Print

Restrictions on deposits between a person resident in India and a person resident outside India:- Save as otherwise provided in the Act or Regulations or in rules, directions and orders made or issued under the Act, no person resident in India shall accept any deposit from, or make any deposit with, a person resident outside India:

Notification of Income Tax Returns for Assessment Year 2016-17

April 1, 2016 10102 Views 0 comment Print

The Central Board of Direct Taxes has notified the forms for filing of Income-tax returns for Assessment Year 2016-17. These return forms, namely ITR-1 (Sahaj), ITR­2, ITR-2A, ITR-3, ITR-4, ITR-4S (Sugam), ITR-5, ITR-6, ITR-7 are available on the official website of the Department, http://www.incometaxindia.gov.in.

Foreign Exchange Management (Remittance of Assets) Regulations, 2016

April 1, 2016 2833 Views 0 comment Print

A Non-Resident Indian (NRI) or a Person of Indian Origin (PIO) may remit through an authorised dealer an amount, not exceeding USD 1,000,000 (US Dollar One million only) per financial year,

Income as commentator of Gavaskar eligible for S. 80RR Deduction

April 1, 2016 5137 Views 0 comment Print

The entire role of the assessee and the activity performed by him for which he was remunerated, have a direct and proximate link with the game of cricket. In the given facts of this case, one cannot visualise earning of this income, de-horse the assessee having been a cricketer and a sportsman and nor can it be visualised independent of the game of cricket.

CBDT requests taxpayer to avail facility for online rectification

April 1, 2016 4333 Views 1 comment Print

Taxpayers who are not satisfied with the outcome of processing of their Income Tax Return by the Centralized Processing Centre, Bengaluru can avail of the facility of online filing and tracking of rectification requests available on http://incometaxindiaefiling.gov.in/

Comparative Analysis of CARO, 2016 and CARO, 2015

April 1, 2016 45496 Views 2 comments Print

MCA notified CARO, 2016 on 29th of March, 2016, which replaces the Existing CARO, 2015 and brings some additional reporting by the Auditors on Fixed assets, Loans and investments, Managerial remuneration, Nidhi company, Related party transactions, Preferential allotment/private placement & Non-Cash Transaction.

Comparison between CARO 2015 and CARO 2016

April 1, 2016 74344 Views 1 comment Print

The ministry of corporate affairs, vide notification dated 29 March 2016, has issued the Companies (Auditor’s Report) Order, 2016 which will be applicable from financial years commencing on or after 1 April 2015. The new Order introduced few new reporting requirement by curtailing few in comparison of Companies (Auditor’s Report) Order, 2015. Following is the comparison between CARO 2015 and 2016:

Pre amendment too S. 201(3) Proceeding Initiation restricted to 4 years

April 1, 2016 1459 Views 0 comment Print

As per amendment, the time limit for initiation of proceedings for assessee in default is four years from the end of the financial year in which payment is made or credit is given. It is proposed to make these amendments effective from 1st April, 2010 i.e. there was no time limit mentioned before this amendment.

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