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Archive: 19 August 2016

Posts in 19 August 2016

Ind AS Transition Facilitation Group Clarification Bulletin 4

August 19, 2016 4775 Views 0 comment Print

Paragraph 8 of Ind AS 18, inter alia, provides that revenue includes only the gross inflows of economic benefits received and receivable by the entity on its own account. Amounts collected on behalf of third parties such as sales taxes, goods and services taxes and value added taxes are not economic benefits which flow to the entity and do not result in increases in equity.

SEBI Circular on Position Limits for Hedgers

August 19, 2016 812 Views 0 comment Print

As per Section 131(4) of Finance Act, 2015 all rules, directions, guidelines, instructions, circulars, or any like instruments, made by the erstwhile FMC or the Central Government applicable to recognized associations under the FCRA would continue to remain in force for a period of one year from the date on which FCRA was repealed (September 29, 2015), or till such time as notified by SEBI, whichever is earlier.

CBDT notifies classes of buyers to whom TCS provisions not apply

August 19, 2016 7469 Views 0 comment Print

Class or classes of buyers to whom provisions of sub-section (1D) of section 206C shall not apply. 37CB. (1) The provisions of sub- section (1D) of section 206C in relation to sale of any goods (other than bullion or jewellery) or providing any service shall not apply to the following class or classes of buyers , namely:-

CAG criticises Service Tax VCES, 2013

August 19, 2016 8132 Views 1 comment Print

The Performance Audit of CAG revealed deficiencies in the design and enabling provisions of the Service Tax Voluntary Compliance Encouragement Scheme, 2013 (VCES), non-compliance to provisions prescribed in various stages and inadequacies in tax administration

Changes In Rules of Acceptance of Deposits under CA, 2013

August 19, 2016 8090 Views 0 comment Print

The existing sub-clause (ix), of rule 2(1)(c) Compulsory convertible bonds or debentures convertible within a period of five years are included in ‘exempt Deposits’, under the extant rules, Now, it covers these compulsorily convertible bonds or debentures convertible within a period of up to ten years (instead of five years) in ‘exempt Deposits’.

Dealing with Model GST Law: A Move towards Consumerism!

August 19, 2016 4790 Views 0 comment Print

The GST will replace at least 17 state and federal levies, making the movement of goods cheaper and seamless across a market holding 1.3 billion consumers, about four times the U.S. population. It would be far simpler than the current system, where a good is taxed multiple times at different rates.

Article on Labour Law Compliance Audit

August 19, 2016 7805 Views 1 comment Print

How to start with Labor Laws audit ? 1) First prepare list of basic labor laws which will be applicable. 2) Prepare few basic details on applicability of various section like requirement of canteen, creche, rest room, etc. 3) Prepare few basic details on appointment of welfare officer, safety officer, etc.

SEBI: Programmes sponsored by Exchanges through media channels

August 19, 2016 815 Views 0 comment Print

Exchanges shall also ensure that the staff members of the Exchanges are not associated with such activities as mentioned above. The Exchanges shall lay down a suitable code of conduct for their executives and other staff members in this regard.

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