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Another point of probable litigation is that the definition states that consideration can be voluntary or non voluntary. Although the main phrase uses the term ‘any act or forbearance’, but it does not limits the scope of the involuntary considerations.
We have a situation where standard says that an entity will have power over other entity when it has current ability(refer Para 10 above) to direct the “relevant activities” (as defined in Ind-As 103- “Business Combinations”) of an investee which essentially means that existing rights which can in substance direct these relevant activities to conclude as power
Result of Chartered Accountants Intermediate (Integrated Professional Competence) Examination held in November, 2016 is likely to be declared on Tuesday, 31st January 2017.
Aadhaar generation has crossed the 111+ crore mark. It’s a great achievement towards inclusion of everyone into national development fabric. As on date, Aadhaar’s total saturation percentage is 91.7% (as per Census 2011) while over 99% adult population above the age of 18 have been assigned Aadhaar numbers. Twenty two States/UTs have more than 90% saturation.
Question no. 1: Will GAAR be invoked if SAAR applies? Answer: It is internationally accepted that specific anti avoidance provisions may not address all situations of abuse and there is need for general anti-abuse provisions in the domestic legislation. The provisions of GAAR and SAAR can coexist and are applicable. as may be necessary, in the facts and circumstances of the case.
ICAI decided to discontinue OMR examination application forms with effect from May, 2017 Examination onwards for the students’ examinations. In other words candidates would not be able to submit OMR exam forms along with demand draft for the applicable fee, henceforth.
Stakeholders and industry associations had requested for clarifications on implementation of GAAR provisions and a Working Group was constituted by CBDT to examine the issues raised. Accordingly, CBDT has issued the clarifications on implementation of GAAR provisions on 27th January, 2017.
ELSS is a type of diversified equity mutual fund (MF), which is qualified for tax exemption under section 80C of the Income Tax Act. Since it is an equity fund, returns from an ELSS fund reflect returns from the equity markets.
Last date of filing of online/hard copy of third quarter return for the year 2016-17, in Form DVAT-16, DVAT-17 and DVAT-48 along with required annexure/enclosures extended to 13/02/2017.
In order to address any conflict arising out of aforesaid provisions of listing of a stock exchange on any recognised stock exchange, other than itself, and also to ensure effective compliance with the applicable laws, it has been decided that:
