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Archive: 18 June 2016

Posts in 18 June 2016

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

May 15, 2024 6453 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.

RBI governor not to accept Second Term

June 18, 2016 3844 Views 3 comments Print

Today, I feel proud that we at the Reserve Bank have delivered on all these proposals. A new inflation-focused framework is in place that has helped halve inflation and allowed savers to earn positive real interest rates on deposits after a long time. We have also been able to cut interest rates by 150 basis points after raising them initially.

1% Lesser Interest on Premature closure of PPF Account

June 18, 2016 4690 Views 0 comment Print

3(C) A subscriber shall be allowed premature closure of his account or the account of a minor of whom he is a guardian, on a written application to the Accounts Office, on any of the following grounds, namely, (i) that the amount is required for the treatment of serious ailments or life threatening diseases of the account holder, spouse or dependent children or parents, on production of supporting documents from competent medical authority.

Key Highlights of Draft Model GST Law

June 18, 2016 35797 Views 3 comments Print

It is imperative that Trade and Industry should understand key provisions in the Draft Model GST law including the intention of the legislation along with the probable impact on their business operations. We are summarising herewith an overview and key highlights of Draft Model GST Law for easy digest:

Empanelment of auditors for conducting forensic audit of SEBI registered Registrar

June 18, 2016 5848 Views 0 comment Print

SEBI- Empanelment of auditors for conducting forensic audit of SEBI registered Registrar to an Issue and Share Transfer Agent(RTA/STA) Securities and Exchange Board of India (“hereinafter referred to as “SEBI”) invites applications from eligible Chartered Accountant Firms for empanelment to take up assignments relating to forensic audit of SEBI registered RTA/STA. 1. Criteria for empanelment […]

All about Valuation of Goodwill

June 18, 2016 72226 Views 4 comments Print

A firms’ reputation of generally assessed by Goodwill earned by the firm during its tenure. The Goodwill has been defined by many, but no one has given a crystal clear definition. Goodwill is generally used in business world, to access the value of a firm. It an intangible, invaluable asset.

Decoding HC Judgment: Service tax on Under Construction Flats

June 18, 2016 9088 Views 1 comment Print

CA Nikhil M. Jhanwar Decoding Judgment of Delhi HC on Service tax in case of Under-Construction Flats Real estate industry has been in limelight for reasons, right or wrong every season from economy to environment, from tax to transaction, from consumer to court. This time it struck chord with tax battle. We are discussing about […]

FAQs on Responding to Tenders by Chartered Accountants

June 18, 2016 3472 Views 0 comment Print

Whether a member of the Institute in practice can accept such assignment where advertisement of tender was issued prior to 7th April, 2016? The notification is effective for all tenders issued/hosted on or after 7th April, 2016. Therefore, a member of the Institute in practice can accept such assignment where advertisement of tender was issued prior to 7th April, 2016.

Mobilisation / demobilisation charges cannot be treated as Royalty

June 18, 2016 3265 Views 0 comment Print

As far as DTAA in the present case is concerned, the income earned by the Assessee would be treated as royalty only where it is received as consideration for the use of the equipment, i.e., industrial, commercial or scientific.

Registration u/s 12AA cannot be denied on town Planning Activities continuing from earlier years

June 18, 2016 1603 Views 0 comment Print

The Hon’ble Allahabad High Court after examining the said objects in light of proviso to Sec 2(15) has held that development authorities will not be hit by the proviso to Sec 2 (15). The reliance on the judgments by the Ld. DR are on different footing altogether. The reliance of the Board Circular is also not applicable in the present case as there was no change in the charitable purpose while doing the activity of development by the assessee.

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