"19 July 2016" Archive

Synchronisation of financial accounting year with calendar year

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 existin...

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Posted Under: Income Tax |

Detection of black money by Government

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. ...

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Posted Under: Income Tax |

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

Trade Circular No. 20T Of 2016. (19/07/2016)

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. ...

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5 Extra things handled by Extraordinary Financial Advisors

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...

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Posted Under: Income Tax |

ICAI declares Schedule of November 2016 CA IPC & Final Exams

No. 13-CA (EXAM)/N/2016: (19/07/2016)

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 candi...

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

G.S.R. 704(E) (19/07/2016)

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 ...

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I-T Dept initiates Project Insight for effective information utilization

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....

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Posted Under: Income Tax |

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

S.O. 2463(E) (19/07/2016)

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 t...

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Manual signatures on digitally signed invoices – reg.

Circular No. 1038/26/2016-CX (19/07/2016)

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....

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Classification of Tamarind Kernel Powder under CETA, 1985-reg.

Circular No. 1037/25/2016-CX (19/07/2016)

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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