The Implementation Guide addresses the various issues relating to the auditor’s reporting responsibilities on the financial statements prepared under the Indian Accounting Standards (Ind AS) framework especially during the transition phase of first time implementation of Ind AS Framework.
Sales Tax Department had introduced automation in filing of VAT Returns on 25th February 2016 and it was decided to bring it in effect from April 2016.Due to various technical issues, VAT Returns are still pending to be filled since April 2016.
The issue of deactivating of the e-filing accounts of the members of the ICAI by the Income Tax Department on account of the mismatch in ‘Name’/ ‘PAN No.’ / ‘Date of Birth’ in the Income Tax records and the records available with the ICAI was taken up with the Income Tax Authorities on 26th August 2016.
Much awaited Circular for Introduction of New Automation Process for Filing of MVAT and CST Returns has been issued under no. 22T of 2016 dated 26.08.2016 and accordingly Revised Scheduled for Filing of Returns from 01 April 2016 is also been announced
Property, in the form of real estate, a piece of land, or an apartment or house, is considered to be fairly good investment option. Simple investors feel happy and contended when they invest their money in a property and expect it to give them grand returns. They dream that their net worth will shoot up […]
Merger and acquisitions are the key forms of corporate restructuring. M&A activities are increasing over period. Achieving the economies of scale, broadening geographic market coverage, and more effectively competing have helped to create a flurry of acquisitions in the marketplace.
Few Words about the scheme:- i. The Income Declaration Scheme,2016 is incorporated as Chapter IX of Finance Act 2016 and is covered in section 181 to section 199. ii. It shall come into force on 1st day of June 2016
India is moving towards a lower tax regime with non-litigious approach. Thus, while compliant taxpayer can expect a supportive interface with the department, tax evasion will be countered strongly. Capability of the department to detect tax evasion has improved because of enhanced access to information and availability of technology.
The Union cabinet on Wednesday approved the revised double taxation avoidance agreement (DTAA) with Cyprus which will help close gaps and enable Indian authorities to tax capital gains in the country for investments originating in the Mediterranean island nation.
In India, the contracts are governed by Indian Contract Act, 1872. This Act was passed by British India and is based on the principles of English Common Law. It is applicable to all the states of India except the state of Jammu and Kashmir.
