"20 February 2017" Archive

Empanelment of CA firms for concurrent audit of Andhra Bank

Andhra Bank invites applications from practicing Firms of Chartered Accountants, who are willing to have their Firm empanelled as Concurrent auditor of the bank. Period of the assignment is from April 2017 to March 2018 and the last date for submission of application online is 28.02.2017 ....

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Posted Under: CA, CS, CMA |

EPFO introduces Composite Claim Forms (Aadhar and Non-Aadhar)

order No. No: Manual/Amendment/2011/pt/31792 20/02/2017

In the matter of Introduction of Composite Claim Forms (Aadhar and Non-Aadhar) to replace existing Claim Forms No. 19, 10C & 31 and Forms No. 19 (UAN), 10C(UAN) & 31 (UAN)...

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Other Comprehensive Income with regard to IndAS 16

Other comprehensive income comprises items of income and expense (including reclassification adjustments) that are not recognized in profit or loss as required or permitted by other Ind ASs....

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Posted Under: CA, CS, CMA |

Food processing sector to generate 9 million jobs by 2024: study

Indian food processing sector has potential to attract US$ 33 billion of investment and generate employment of 9 million persons days by FY 2024, said an ASSOCHAM-Grant Thorton Research paper....

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Posted Under: CA, CS, CMA |

Assessment cannot be made merely on the basis of a statement recorded u/s 133A

Kottakkal Wood Complex vs. DCIT (Kerala High Court)

Aassessment order itself reveals that the Revenue has placed reliance on the proceedings initiated against the appellant for imposition of penalty under Section 67 of the KVAT Act based on an inspection held on 17.08.2006. It is seen that the Revenue relied on letter dated 18.09.2007 issued by V. Ahammed to the Assistant Director of [&hel...

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Key takeaways of 10th GST Council meeting

Prospects of Goods and Services Tax (GST) becoming a reality from July 1, 2017, brightened further with the GST Council clearing the legally vetted draft of the GST Compensation Bill, in its 10th meeting, held on February 18,t 2017 at Udaipur....

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Anti-Profiteering measure under GST to bring relief to consumers

The 10th GST Council Meeting which concluded on 18.02.2017 at Udaipur has approved the anti-profiteering Measure as illustrated by section 163 of the Revised Draft of Goods and Services Tax Law. But what it is exactly here we illustrate for you:...

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Posted Under: CA, CS, CMA |

Equalisation Levy: Impact and consequences

It’s been almost eight months since the equalisation levy was imposed on payment for specified service which includes online advertisement, any provision for digital advertising space or any other facility or service for the purpose of online advertisement and includes any other service as may be notified later, provided by a Non-reside...

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Posted Under: CA, CS, CMA |

GST Moves Forward: Summary of 10th GST Council Meeting

GST Council met for the tenth time at Udaipur on 18th February, 2017, its first meeting out of Delhi and at Udaipur (Rajasthan). This meeting being at Udaipur for only few hours, being of one day and then due to air connectivity, people were reaching till 12.00 p.m. of same day....

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Posted Under: CA, CS, CMA |

Central excise demands on Industrial Promotion Subsidy received under PSI 2007

Recently, the central excise department has started issuing SCNs for recover of central excise duty on the Industrial Promotion Subsidy received by assessees in Maharshtra state....

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Posted Under: CA, CS, CMA |

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