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Archive: March, 2017

Posts in March, 2017

GP on unaccounted Sales cannot be less than that of Accounted Sales

March 3, 2017 4995 Views 0 comment Print

We note that GP rate on the accounted sales estimated by the assessee himself stands at 07.29%. We thus fail to understand as to how the GP for the unaccounted sale should be so lower at 03.56% which is less than half of the GP rate declared by the assessee himself on accounted sales.

EPFO introduces Pension claim Form (Aadhaar)

March 3, 2017 4569 Views 0 comment Print

members and pensioners of the Employees’ Pension Scheme desirous of continuing to avail pension and membership to the Employees’ pension Scheme by availing the Central Government’s contribution and subsidy under the said Scheme, are required to furnish proof of the possession of the Aadhaar number or undergo Aadhaar authentication for better and hassle free identification through Aadhaar.

Reg. Composite EPF Claim Form in Death Cases

March 3, 2017 4900 Views 0 comment Print

The Central Provident Fund Commissioner vide order Manual/Amendments/2011/ Pt/31792 dated 20.02.2017 has introduced Composite Claim Form (Aadhar) and Composite Claim Form (Non-Aadhar) by replacing the erstwhile Forms No. 19, 10C & 31 to simplify the submission of claim form by the subscribers.

Guidelines on Claim processing for Group Insurance Policies

March 3, 2017 3120 Views 0 comment Print

The Authority issued Guidelines on Claim Processing for Group Life Insurance Policies under Lender Borrower Schemes vide cir ref: IRDA/Life/Cir/GDL/285/12/2014 dated 29/12/2014 which provided that insurers may settle the outstanding loan amounts to certain categories of Master Policyholders prescribing therein the procedure to be adopted.

Minimum rates of wages in Delhi wef 3rd March 2017

March 3, 2017 13497 Views 0 comment Print

Government of National Capital Territory of Delhi is pleased to revise, the minimum rates of wages for the class of workmen/employees mentioned in all the Schedule employments as mentioned in earlier notification no. F.12 (1)142/11/MW/Lab/ 2023-2047 dated the 26th July, 2011, in the National Capital Territory of Delhi, namely:

FEM(Transfer or Issue of Security by a Person Resident outside India) (Second Amendment) Regulations, 2017

March 3, 2017 7878 Views 0 comment Print

G.S.R. 188 (E).—In exercise of the powers conferred by clause (b) of sub-section (3) of Section 6 and Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank of India hereby makes the following amendments in the Foreign Exchange Management (Transfer or issue of Security by a Person Resident outside India) Regulations, 2000

AO has no jurisdiction to examine constitutional validity of any Act

March 3, 2017 9123 Views 0 comment Print

All the appeals are directed against the common order dated 18.02.2016 passed by the learned Single Judge in the respect of writ petitions whereby the learned Single Judge, for the reasons recorded in the order, has set aside the impugned assessment orders so far as they relate to Privilege Fee as being taxable income.

Sec. 271J- Why Penalty on chartered accountant needs to be removed?

March 3, 2017 10257 Views 4 comments Print

In order to ensure that the person furnishing report or certificate undertakes due diligence before making such certification, new section 271J is proposed to be inserted so as to provide that if an accountant or a merchant banker or a registered valuer

Contingent consideration in Business combinations – Ind-As/ IFRS

March 3, 2017 9600 Views 5 comments Print

When an acquisition of a business is being made and the consideration for such business to include some portion of amount which is NOT certainly determinable and depending upon some future event/s to be met and accordingly an expectation is required to be built to calculate that uncertain portion called Contingent consideration.

Budget 2017: Tax neutral conversion of preference shares to equity shares

March 3, 2017 3963 Views 0 comment Print

Article deals with proposed amendment in Section 2(hf), section 47(xb) and section 49(2AE) related to Tax neutral conversion of preference shares to equity shares and sought Clarification regarding tax treatment for earlier years

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