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Archive: 20 February 2017

Posts in 20 February 2017

Empanelment of CA firms for concurrent audit of Andhra Bank

February 20, 2017 32644 Views 1 comment Print

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 .

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

February 20, 2017 43551 Views 0 comment Print

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)

Other Comprehensive Income with regard to IndAS 16

February 20, 2017 43524 Views 2 comments Print

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.

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

February 20, 2017 981 Views 0 comment Print

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.

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

February 20, 2017 3546 Views 0 comment Print

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 […]

Key takeaways of 10th GST Council meeting

February 20, 2017 17112 Views 0 comment Print

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.

Anti-Profiteering measure under GST to bring relief to consumers

February 20, 2017 2919 Views 1 comment Print

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:

Equalisation Levy: Impact and consequences

February 20, 2017 8658 Views 0 comment Print

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-resident who doesn’t have a permanent establishment (PE) in India.

GST Moves Forward: Summary of 10th GST Council Meeting

February 20, 2017 4098 Views 0 comment Print

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.

S. 68 Onus of Assessee discharged on submission of names, addresses, PAN, bank statement, income-tax returns of Loan Creditors

February 20, 2017 3051 Views 0 comment Print

This appeal of Revenue for Asst. Year 2009-10 is directed against the order of ld. CIT(A)-XV, Ahmedabad, dated 2nd July, 2012 vide appeal No.CIT(A)-XV/406/ITO-9(1 )/1 1-12 arising out of the order u/s 143(3) of the IT Act, 1961 (in short the Act), framed on 23/12/2011 by ITO, 9(1), Ahmedabad. Following grounds have been raised by the Revenue

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February 2017