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Archive: 08 April 2016

Posts in 08 April 2016

Main features of revised Sukanya Samriddhi Account Scheme

April 8, 2016 7426 Views 2 comments Print

(i) Sukanya Samriddhi Account can be opened by:- (a) The natural or legal guardian in the name of a girl child who has not attained the age of ten years on the date of opening of the Account and in the name of girl child who has born on or after 2.12.2003. the Account may be opened till one year from the date of the original Notification of the Sukanya Samriddhi Account rules i.e.upto 2.12.2015.

Adjudication of SCN on the basis of CERA/CRA objection

April 8, 2016 24697 Views 0 comment Print

Central Board of Excise and Customs has issued instructions from time to time regarding adjudication of show cause notices issued on the basis of audit objections of Central Excise Revenue Audit (CERA) and Customs Revenue Audit (CRA), which is receipt audit wing of the Comptroller and Auditor General of India. The pendency position of such notices in the Call-Book has been reviewed and found to be larger than the number of audit objections which have been converted into Audit Paragraphs.

Exhaustive Analysis of proposed Companies Amendment Bill 2016

April 8, 2016 12463 Views 0 comment Print

Proposals of the Companies (Amendment) Bill 2016 as introduced in the Lok Sabha on 16th March, 2016 The Companies Act 2013 was enacted to improve corporate governance and to further strengthen regulations for the companies, keeping in view the changing economic environment as well as the growth of our economy. The Ministry of Corporate Affairs […]

Audit Services by BIG4 needs to be checked to save SMP CA firms

April 8, 2016 9400 Views 6 comments Print

With due respect I would like to bring some important issues which need the kind attention of council on the issue that the working of Big 4 in India is not legal, according to the basic principle of law i.e. what cannot be done directly, that cannot be done in directly and same contention was given by the Bar Council of India for these Big 4 operations in India.

Compliances to do while determining Record/Cut-off Dates of AGM

April 8, 2016 107866 Views 1 comment Print

Record date: Meaning & Requirement: With the advent of demat trading, the whole concept of transfers have changed as transfers continue to happen seamlessly and momentarily. As a result, the list of shareholders keeps on changing continuously.

High pitched assessments: 100% demand stay must be Granted

April 8, 2016 11719 Views 0 comment Print

The Tribunal granted 100 percent stay of demand because (a) the assessed income was more than 10 times the returned income. (Instruction 96 of 1969 was relied upon) & (b) The stand taken by the AO was at variance with the stand taken by TPO.

Clarification on availability of benefit under N/N. 151/94-Cus dated 13.07.1994

April 8, 2016 1672 Views 0 comment Print

The matter has been examined by the Board and it is observed that in reference to Serial No. 1 of the Notification No. 151/94-Cus dated 13.07.1994, exemption is not limited to the ‘Indian Airlines’ (now called as ‘National Aviation Company of India Limited’). It is available to any Indian airline, in other words, to all Indian airlines.

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