"21 June 2016" Archive

CBDT Clarification on Threshold Limit of tax audit U/s. 44AB & 44AD

Section 44AB of the Income-tax Act (‘the Act’) makes it obligatory for every person carrying on business to get his accounts of any previous year audited if his total sales, turnover or gross receipts exceed one crore rupees. However, if an eligible person opts for presumptive taxation scheme as per section 44AD(1) of the Act, he shal...

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Posted Under: Income Tax | ,

Clarification regarding News Report on Tax Defaulter Arrest

NA (21/06/2016)

Certain sections of the press have been carrying news reports today that Income Tax Department is going to arrest wilful defaulters of tax. In this regard, it is clarified that no such statement has been authorised by the Income-tax Department. ...

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Posted Under: Income Tax |

Equalization Levy (a.k.a. Google Tax)

‘Specified Service’ means online advertisement, any provision for digital advertising space or any other facility or service for the purpose of online advertisement and includes any other service as may be notified by the Central Government in this behalf....

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Posted Under: Income Tax |

Registration requirements under Model GST Law, 2016

1. Registration requirement under GST is linked to aggregate turnover. 2. Aggregate turnover means aggregate value of all taxable , non taxable, exempt supplies and exports of goods and services of a person having same PAN to be computed on all India basis. ...

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Posted Under: Income Tax |

AS amendments not applicable for Nov 2016 CA Exams

Amendments made on 31st March, 2016 by the Ministry of Corporate Affairs in the Companies (Accounting Standards) Rules, 2006 and Companies (Indian Accounting Standards) Rules, 2015 are not applicable for November, 2016 examination both at the Intermediate (IPC) and Final levels....

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Posted Under: Income Tax |

Foreign Assets & Liabilities Return (FLA Return)

The concept of Annual return on Foreign Liabilities and Assets was notified under the regulations of FEMA Act, 1999. Later, RBI vide notification no- RBI/2010-11/427 A.P. (DIR Series) Circular No. 45 introduced the concept of Foreign Assets & Liabilities Return which is an annual return of all investments made in the company during a fina...

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Posted Under: Income Tax |

ICAI advisory in respect of a fake website

This is to inform to all Members and Students of ICAI and public at large that a website namely, icai-org.in and icairesults.info, has been created, which is deceptively similar to the official website of the Institute (i.e., www.icai.org)....

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Posted Under: Income Tax |

SEBI consultation paper on offshore fund managers

NA (21/06/2016)

The objective of this consultation paper is to seek comments from the public for the purpose of laying down an enabling framework for the registration of Eligible Fund Managers to manage Eligible Investment Funds pursuant to insertion of Section 9A in the Income Tax Act, 1961....

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Don't Shy Away From The Truth

Truth always remains the same unaltered whatever the tricks one may take to conceal. Most of the people think they are smart when they play a double game of hide and seek to serve their selfish motives. Some dress gorgeously and smile elegantly, but sporting enmity and jealousy within. ...

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Posted Under: Income Tax |

List of applicants with quantity allocated for import of Rough Marble & Travertine Blocks

Trade Notice No. 09/2016 (21/06/2016)

In terms of Notification No. 11 dated 21/6/2016, revalidation of import authorisations issued under Trade Notice No. 12 dated 8/1/2015 has been allowed with 25% increase in import quantity of Rough Marble & Travertine Blocks. The list of 472 import authorisation holders and the quantity to be increased in respect of each of authorisation ...

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