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- http://icmai.in/icmai/news/Model-GST-Law-2016.php click here to know about […]
It is obvious that the overall progress on disposal of grievances is unsatisfactory and that in spite of repeated instructions from the Board from time to time, a large number of grievances have not been disposed of within the prescribed timeline of 60 days from the date of their receipt.
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 shall not be required to get his accounts audited if the total turnover or gross receipts of the relevant previous year does not exceed two crore rupees.
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.
‘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.
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.
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.
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 financial year, is required to be submitted directly by the Company to the RBI.
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).
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.
