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Archive: 22 June 2016

Posts in 22 June 2016

CBDT notifies dates for General Anti Avoidance Rule

June 22, 2016 3319 Views 0 comment Print

Application of General Anti Avoidance Rule- 10U. Chapter X-A not to apply in certain cases.—(1) The provisions of Chapter X-A shall not apply to—any income accruing or arising to, or deemed to accrue or arise to, or received or deemed to be received by, any person from transfer of investments made before the 1st day of April, 2017 by such person.

CBDT Strategies regarding Income Declaration Scheme, 2016

June 22, 2016 8347 Views 0 comment Print

It is reiterated again that all out efforts are to be made to ensure that the targeted taxpayers are well-informed about the Scheme and are adequately guided and facilitated for filing declarations so that they can avail maximum benefits under the Scheme. which is under highest consideration of the Government during coming months.

Action Taken on observations/Recommendations of PAC

June 22, 2016 1528 Views 0 comment Print

Action Taken on the observations/Recommendations of the Public Accounts Committee contained in their Forty Second Report (16th Lok Sabha) on Non-compliance by the Ministries/Departments in timely submission of Action Taken Notes on the Non-Selected Audit Paragraphs (Civil and other Ministries.

Saudi regulator bars Deloitte from auditing listed companies for 2 years

June 22, 2016 6838 Views 0 comment Print

As per the new published in Saudi Arabia’s market regulator i.e. Capital Market Authority’s (CMA) Committee for the Resolution of Securities Disputes (CRSD  has barred the local unit of New York-based accountancy firm Deloitte & Touche from providing accounting services for listed companies in the kingdom for two years for breaching rules on accumulated losses. […]

Revised Procedure for online submission of TDS/TCS statement

June 22, 2016 40069 Views 4 comments Print

Procedure for online submission of statement of deduction of tax under sub-section (3) of section 200 and statement of collection of tax under proviso to sub-section (3) of section 206C of the Income-tax Act, 1961 read with rule 31A(5) and rule 31AA(5) of the Income-tax Rules, 1962 respectively

Additional 1,146 MTs for export of sugar to USA under TRQ

June 22, 2016 547 Views 0 comment Print

Additional quantity of 1,146 MTs (One Thousand One Hundred and Forty Six metric tons) of raw cane sugar to be exported to USA under TRQ upto 30.09.2016 has been notified.

One time upfront payment- Sale or Lease Payment?

June 22, 2016 11770 Views 3 comments Print

The Hon’ble Madras HC in the above cited case held that the one time upfront payment made by assessee lessee to lessor for the acquisition of leasehold rights over an immovable property for a long duration of time say 99 years could not be taken to constitute rental income at the hands of the lessor because the dominant intention of leasing is sale of rights in immovable property for a long period of 99 years.

Accounting Fundamental Concepts & Yoga

June 22, 2016 3643 Views 0 comment Print

Would not be an exaggeration if said, Life without yoga certainly difficult to survive. An appeal to all guys dreaming about going ahead, Spare few minutes for asanas- meditation, pranayama & exercise.

Reg. framework of position limits for currency derivatives contracts

June 22, 2016 733 Views 0 comment Print

With the view to ease trading requirements in the currency derivatives segment, it is clarified that the position limit linked to open interest shall be applicable at the time of opening a position. Such positions shall not be required to be unwound in the event of a drop of total open interest in a currency pair at the stock exchange.

Model GST Law 2016 : Clause-wise Analysis

June 22, 2016 19945 Views 1 comment Print

The Institute of Cost Accountants of India released Clause-wise Analysis of Model GST Law 2016 on its website on 21.06.2016 and link for the same are as follows :- 1. Final GST Analysis 2. Valuation Rules 3. IGST 4. Annexures Annexures A Annexures B Annexures C Annexures D Source- click here to know about […]

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