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Archive: 11 July 2016

Posts in 11 July 2016

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

May 15, 2024 6501 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.

TEXPROCIL members can also seek clarification on duty free import entitlement

July 11, 2016 16110 Views 0 comment Print

Seeks to further amend notification No. 12/2012-Customs, dated 17.03.2012 [S. No. 284A] so as to provide that the manufacturer or merchant-exporter, referred to therein, may also be registered with the Cotton Textiles Export Promotion Council(TEXPROCIL), in addition to Apparel Export Promotion Council or the Synthetic and Rayon Textile Export Promotion Council and may seek certification from any of the aforesaid bodies for the purposes of availing duty free import entitlement under the said entry.

No Mandatory Physical verification of readymade garments manufacturing unit

July 11, 2016 17879 Views 0 comment Print

Every manufacturing factory or premises engaged in the manufacture or production of goods falling under Chapters 61, 62 or 63 (except laminated jute bags falling under headings or tariff item 6305, 6309 00 00 or 6310) of the First Schedule to the Central Excise Tariff Act, 1985 (5 of 1986) bearing a brand name or sold under a brand name and having a retail sale price (RSP) of one thousand rupees and above, shall be exempted from sub-clauses (i) and (ii) above.

Analysis of SEBI circular on IND-AS & formats for financial results

July 11, 2016 29178 Views 0 comment Print

SEBI has issued Circular No. CIR/CFD/FAC/62/2016 dated July 05, 2016 regarding the Revised Formats for Financial Results and Implementation of Ind-AS by Listed Entities. SEBI, in consultation with the market participants viz. Listed Entities, Stock Exchanges and Members of the Institute of Chartered Accountants of India (‘ICAI’), has now decided the following:

Comparison: SARFAESI Act & Amendment Bill 2016

July 11, 2016 49690 Views 0 comment Print

In this write-up we have analysed the amendments proposed vide The Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Bill, 2016 which are specific to the SARFAESI Act, 2002 and their impact:

CBDT revises format of Issue of Income Tax notices U/s. 143(2)

July 11, 2016 52563 Views 3 comments Print

Central Board of Direct Taxes, with approval of the Revenue Secretary, has decided to modify notice under section 143(2) of the Income-tax Act. Henceforth, there shall be three formats of the said notice namely: Limited Scrutiny, Complete Scrutiny, Manual Scrutiny

CA Final May 16 & CPT June 16 Result likely on 18.07.2016

July 11, 2016 19813 Views 0 comment Print

Result of the Chartered Accountants Final Examination held in May 2016 and Common Proficiency Test (CPT) held in June 2016 are likely to be declared on Monday, the 18th July 2016 THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA [Set up by an Act of Parliament] July 9, 2016 IMPORTANT ANNOUNCEMENT The result of the Chartered […]

3 Myths about Debt Funds Demystified

July 11, 2016 18888 Views 0 comment Print

Investors, especially those who are new to the venture are often advised to make reasonable investments in debt funds while building their portfolio. It is but natural for the new investor to wonder what ‘debt funds’ are all about and why they should at all invest in it when all the fun and returns are […]

Ensure 100% entry of IDS Form 1 received in paper format : CBDT

July 11, 2016 19014 Views 0 comment Print

All Principal CIT/CIT are also kindly requested to ensure that all Form 1 received in paper format till date and henceforth are entered in the system. Thereafter, the reporting of data of paper Form 1 received by PCIT/CIT, sent on email id to JS (TPL) – 2, may be discontinued. Till the time 100% compliance of data entry of IDS -Form 1 is achieved, the concerned regions may report only such data that has not been entered in the system to JS (TPL)- 2 as per the instructions of CBDT.

“Messi” Likes mess up, in Tax Laws. Avoid It!

July 11, 2016 23774 Views 0 comment Print

Krishna, Football lovers know the missed penalty kick by famous football player Messi and its impact on him. Further he has been punished for tax evasion in his country. Recently Income Tax Department had posted advt. of Foot Ball Goal and Income Declaration Scheme, 2016. So as to avoid such a situation, in a taxpayer’s life, how should he play with the tax law while doing business in India?

Appointment of Cost Auditor in a Company

July 11, 2016 164121 Views 0 comment Print

Who can be a Cost Auditor? According to section 148(3) of Companies Act 2013, cost audit shall be conducted by Cost Accountant in Practice who shall be appointed by the Board on such remuneration as determined by the members in such a manner as may be prescribed.

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