Generally, consolidated financial statements of an entity are required to be presented under the relevant legal or regulatory requirements. In India, these requirements are met by presenting consolidated financial statements prepared under the applicable Accounting Standards
Amendment to AS 2, 4, 6, 10, 13, 14, 21 and 29 issued by the Institute of Chartered Accountants of India, pursuant to issuance of amendments to Accounting Standards by the MCA
Superintendent- Not exceeding rupees ten lakh (excluding the cases relating to taxability of services or valuation of services and cases involving extended period of limitation). Assistant Commissioner or Deputy Commissioner- Not exceeding rupees fifty lakhs (except cases where superintendents are empowered to adjudicate)
These rules may be called the Service Tax (Third Amendment) Rules, 2016. In the Service Tax Rules, 1994, in Form ST- 3,- (i) in Part-A, in the Table, in A8,- (a) in serial number A 8.1, for the words Individual/Proprietary, the words Individual/Proprietary/ One Person Company shall be substituted;
Sale consideration received by the assessee is entitled to benefit under Section 54 of the Income Tax Act, even though the transaction for purchase of new property was not completed and possession was also not handed over to the assessee within 2 years.
Utilization of capital gains in construction /Purchase of residential house would suffice to claim the benefit of section 54 of the Act irrespective of the fact that transaction not being complete in all respects.
Where assessee was precluded from construction of new house due to prohibition of construction in his area then assessee could seek relaxation in terms of section 119(2)(c) at time of claiming deduction under section 54F and such claim could be made only within time period, as prescribed under Act for making such claim.
The ACES Service Desk functions on working days from Monday to Friday between 9 AM and 7 PM and on Saturdays between 9 AM to 2.30 PM. However, the Service Desk will remain open from 9AM to 7PM on all Saturdays (i.e., 01.10.2016, 08.10.2016, 15.10.2016 & 22.10.2016) in the month of October, 2016 also and […]
All the TEMP based Registrants (Central Excise & Service Tax) are advised to get converted into PAN based Registrants immediately since only the PAN based Registrants will be considered for migration to GSTN for GST implementation. For details: File1_Active_Registration click here File2-Active Registration-No payment click here File3-Inactive and not present click here
In order to facilitate the declarants who would like to file the declaration in paper form, the CBDT has issued instructions to all Principal Chief Commissioners of Income Tax across India to ensure that arrangements are made for receiving such declarations till midnight of 30-09-2016.
