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Archive: 19 July 2016

Posts in 19 July 2016

Synchronisation of financial accounting year with calendar year

July 19, 2016 21513 Views 0 comment Print

Government has constituted a Committee to examine the desirability and feasibility of having a new financial year and give its recommendations by 31st December, 2016. The terms of reference (ToR) of the Committee are as under: Examine the merits and demerits of various dates for the commencement of the financial year including the existing date, taking into account, inter-alia, the following:

Detection of black money by Government

July 19, 2016 21698 Views 0 comment Print

Recognizing various limitations under the existing legislation [Income-tax Act, 1961, etc.], the Government enacted a new law – ‘The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015’ – to specifically and effectively tackle the issue of black money stashed away abroad.

MVAT- 41 FAQ's on Settlement of Arrears in Disputes Act, 2016

July 19, 2016 22887 Views 0 comment Print

Subsequently, further queries have been received from the Trade and Associations about various provisions of the Settlement Act. Same are examined and considered. So as to mitigate the issues raised, a third set of FAQs are added to the existing FAQ’s. A Trade Circular is being issued and all the earlier FAQ’s are clubbed together.

5 Extra things handled by Extraordinary Financial Advisors

July 19, 2016 23465 Views 0 comment Print

After a meeting with my client yesterday, somewhere inside me I realized that being a financial advisor is a challenging job. And what makes it even tougher is not its finance related section, but the personal aspect. One can rarely separate the family from the finance; as a result, many financial advisors are seen as also becoming family counselors.

ICAI declares Schedule of November 2016 CA IPC & Final Exams

July 19, 2016 25560 Views 0 comment Print

No. 13-CA (EXAM)/N/2016: In pursuance of Regulation 22 of the Chartered Accountants Regulations, 1988, the Council of the Institute of Chartered Accountants of India is pleased to notify that the Intermediate (IPC) and Final examinations will be held on the dates given below at the following places provided that sufficient number of candidates offer themselves to appear from each centre.

Companies (Share Capital and Debentures) Third Amendment Rules, 2016

July 19, 2016 26905 Views 0 comment Print

Provided further that a startup company, as defined in notification number GSR 180(E) dated 17th February, 2016 issued by the Department of Industrial Policy and Promotion, Ministry of Commerce and Industry, Government of India, may issue sweat equity shares not exceeding fifty percent of its paid up capital upto five years from the date of its incorporation or registration.

I-T Dept initiates Project Insight for effective information utilization

July 19, 2016 21100 Views 0 comment Print

In the last decade, the Income Tax Department embarked on an ambitious computerization plan which developed voluminous databases of IT returns, IT forms, TDS/TCS statements, Annual Information Return (AIR) etc. The large volumes of data necessitated development of a comprehensive platform for effective utilization of information.

Reg. docs to be filed by foreign Airlines U/s. Section 381(1)(a) of CA,1956

July 19, 2016 20157 Views 0 comment Print

In so far as it relates to the foreign company which is an airlines company, the Central Government hereby directs that the requirement of clause (a) of sub-section (1) of section 381 of the Act shall apply to a foreign company which is an airlines company (hereinafter referred to as “the company”) having a share capital, subject to the following exceptions and modifications, namely:-

Manual signatures on digitally signed invoices – reg

July 19, 2016 23500 Views 0 comment Print

Representations have been received from the trade requesting for clarification on whether a manufacturer who opts to authenticate invoices with digital signature can simultaneously also authenticate invoices by manual signature.

Classification of Tamarind Kernel Powder under CETA, 1985-reg

July 19, 2016 21800 Views 0 comment Print

Representations have been received from the members of the trade requesting clarification regarding classification of tamarind kernel powder. It has been stated in these representations that there is divergence in the field regarding practice of classification of tamarind kernel powder

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