Stock exchanges and clearing corporations are directed to: a) take necessary steps to put in place systems for implementation of the circular, including necessary amendments to the relevant bye-laws, rules and regulations;
It has been observed that banks have been recognizing gains in profit & loss account from Foreign Currency Translation Reserve (FCTR) on repatriation of accumulated profits / retained earnings from overseas branch(es) by treating the same as partial disposal under AS 11.
It is advised that the provisioning rates prescribed in the abovementioned circular are the regulatory minimum and banks are encouraged to make provisions at higher rates in respect of advances to stressed sectors of the economy. With a view to ensure that banks have adequate provisions for loans and advances at all times, it is advised as under:
Amendment to Notification No.41/1999-Cus to align the said notification with para 4.36 of FTP 2015-20 by omitting the word ‘for export’ in the proviso to the notification
Presently, several State Governments have provisions for payment of a Composition levy of VAT for specified small businesses which makes compliance of tax laws easier without having to maintain copious records, registers and returns.
The present set of Appeals (1282 in number) arise out of RTI Applications filed by the Appellant against different Commands of Indian Air Force and it has been decided to adjudicate upon the Appeals by putting same subject matters under one head (which may or may not have the same date of RTI Application) and have been listed for hearings in different bunches.
The scope of the e-commerce definition as given in the Goods and Services dispensation has been left so wide that it could go well beyond Amazon or Flipkart marketplace platforms and may even cover the commodity exchanges,
Composition dealer shall not issue tax invoice but Issue Bill of Supply. Composition dealer shall not collect any tax from the recipient on supplies made by him. [Section (10)(4)]. Composition dealer shall not be entitled to any credit of input tax. [Section (10)(4)]
As the amount of Securities Premium Account had been utilised to provide for debenture redemption premium payable and to write off debenture issue expenses, what retrospective accounting adjustments in this regard are required to be done in the books under Ind AS on transition date.
CBDT had in its Finance Act, 2015 had introduced a new section 192(2D) of the Income-tax Act, (‘the IT Act’) wherein the person responsible for making payment of salary (employer) was obliged to collect the necessary evidence or proof in Form 12BB to allow any claim for any deduction and/or tax saving investments.
