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Archive: March, 2017

Posts in March, 2017

Identity Theft: IRS Urge People to be Vigilant Against Criminals

March 9, 2017 1155 Views 0 comment Print

The Internal Revenue Service today issued a filing season alert warning taxpayers and tax professionals to watch out for identity theft at tax time and highlighted the crime as a top scam in the agency’s Dirty Dozen series.

How to apply PAN through SPICe Form No. INC-32

March 9, 2017 4974 Views 0 comment Print

Procedure of PAN application through Simplified Profoma for Incorporating Company Electronically (SPICe) (Form No. INC-32) of Ministry of Corporate Affairs.

Notional rent on security deposit cannot be considered to calculate annual value

March 9, 2017 2931 Views 0 comment Print

Assessing Officer to delete the 12% interest charged by him, on the interest free deposit received by the assessee, to determine the ALV of the rented property ignoring the well settled judicial principle that what is important is the real nature of transactions in the relied on case supra and not the facts?

Changes in Service Tax on Inbound Cargo Services

March 9, 2017 2865 Views 1 comment Print

Recently Government of India has withdrawn the exemption granted to transportation of goods through vessel upto custom station of clearance in India (Inbound Cargo transportation or Import Cargo services)

Right Issue and IAS 32 Implication

March 9, 2017 2811 Views 1 comment Print

A rights issue is basically when a company offers existing shareholders a right to purchase additional shares of the company at a given price, which is at a discount to the prevailing market price of the stock, to make the offer enticing for the shareholder and to ensure that the rights offer is fully subscribed to.

Translation of foreign currency financial statements

March 9, 2017 18396 Views 0 comment Print

IASs have no explicit concept of functional currency. Whatever currency the accounts are presented in is simply known as the reporting currency (all other currencies are foreign currencies) and its role in the translation processes is similar to that of the US and UK functional currency.

Pre-Exam Studying: “A Well-Planned Policy”

March 9, 2017 3828 Views 2 comments Print

So dear students, your examination forms filling process is complete, Hence, set your pre-exam studying policy, very clearly, to compete. With a prayer from the heart, reset your schedule, taking key factor as the time. Singing & smiling move onto your schedule, become a superstar & shine.

Extension of Due date to activate account on GST Portal for Maharashtra VAT Dealers

March 8, 2017 3012 Views 0 comment Print

Many communications have been received from the trade for the extension of dates, as some of them have faced difficulties while obtaining Provisional Ids or activating their accounts on GST Portal. So, as per the communication received from GSTN, and as per request from the Trade, the date for disabling Provisional Ids is now extended upto 15-03-2017.

Amendment in Service Tax Exemption to Educational Institutions WEF 01.04.2017

March 8, 2017 40143 Views 0 comment Print

Provided that nothing contained in clause (b) of this entry shall apply to an educational institution other than an institution providing services by way of pre-school education and education up to higher secondary school or equivalent

Addition by CIT(A) without Opportunity to Assessee is invalid

March 8, 2017 2730 Views 0 comment Print

Section 251(2) provides that the Commissioner (Appeal) shall not embark on enhancement of an assessment unless the assessee has been granted a reasonable opportunity of showing cause against such We find no reference to the issuance of enhancement notice in the appellate order of the CIT(A).

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