"27 January 2017" Archive

Definition of Consideration Under Revised Model GST Law

Consideration in relation to the supply of goods or services includes (a) any payment made or to be made, whether in money or otherwise, in respect of, in response to, or for the inducement of, the supply of goods or services, whether by the recipient or by any other person but shall not include any subsidy given by the Central Governmen...

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De-FACTO Control – Ind-As/ IFRS

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 ...

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CA IPC November 2016 result likely on 31st January 2017

Result of Chartered Accountants Intermediate (Integrated Professional Competence) Examination held in November, 2016 is likely to be declared on Tuesday, 31st January 2017....

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UIDAI Achieves 111 Crore Mark on Aadhaar Generation

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 ...

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16 FAQS on implementation of GAAR provisions

Circular No. 7/2017-Income Tax (27/01/2017)

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, i...

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ICAI discontinues OMR Exam Application Forms WEF May, 2017 Exam

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....

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File Your TDS Statement by 31st January 2017

FILE: e-fiie TDS statement for the quarter ended on 31st December 2016 by 31st January 2017. Delay in filing of TDS statement shall entail levy of fee of Rs. 200/- for each day of default not exceeding amount of tax deductible. ISSUE : TDS Certificate  In Form 16A on Income other then salary for the […]...

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CBDT issues Clarifications on implementation of GAAR

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....

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Get the Highest Tax Benefits with ELSS Funds!

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....

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3Q DVAT return due date extended to 13/02/2017

Circular No. 21 of 2016-17 (27/01/2017)

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....

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