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Archive: 25 April 2017

Posts in 25 April 2017

ICAI Proposes amendments to IFRS 8 and IAS 34

April 25, 2017 891 Views 0 comment Print

Exposure Draft issued by IASB on Improvements to IFRS 8 Operating Segments (Proposed amendments to IFRS 8 and IAS 34) is for comments only. Comments on the Exposure Draft need to be received by May 26, 2017.

Withdrawal of FAQs on Revised Schedule VI to Companies Act, 1956

April 25, 2017 4185 Views 0 comment Print

ICAI withdraws Frequently Asked Questions on the Revised Schedule VI to the Companies Act, 1956 as issued by the Corporate Laws & Corporate Governance Committee in May, 2012.

Lets understand Goods and Services Tax (GST)

April 25, 2017 10656 Views 0 comment Print

Constitution amended to provide concurrent powers to both Centre & States to levy GST (Centre to tax sale of goods and States to tax provision of services)

All about Input Tax Credit under GST Act & Rules – PART I

April 25, 2017 7686 Views 1 comment Print

As per Section 16 – Manner of taking input tax credit read with Input Tax Credit Rules – By Empowered Committee of State Finance Ministers June, 2016 1. Eligibility: – Every registered taxable person shall be entitled to take credit of input tax admissible to him (The said amount shall be credited to the electronic […]

Video- GST Conclave- GST Explained by Dr. Hasmukh Adhia

April 25, 2017 5607 Views 4 comments Print

GST Conclave LIVE: Goods & Services Tax explained by Dr. Hasmukh Adhia, Revenue Secretary, Government of India during GST Conclave held in Delhi. Hasmukh Adhia explains what is GST and its key components in Hindi language.

Goods and Services Tax– What you must know

April 25, 2017 31155 Views 5 comments Print

GST is a win-win situation for the entire country. It brings benefits to all the stakeholders of industry, government and the consumer. It will lower the cost of goods and services, give a boost to the economy and make the products and services globally competitive.

Assesse must satisfy the appellate authority that ground now raised was bona fide and could not have been raised earlier for good reasons

April 25, 2017 2742 Views 0 comment Print

We note that it is an undisputed position before us that for the subject assessment year, the appellant assessee had not claimed benefit of Section 80IA of the Act in respect of its Jetty / Port either before the Assessing Officer or before the CIT(A).

Service Tax Return filing due date extended to 30th April 2017

April 25, 2017 6375 Views 1 comment Print

CBEC hereby extends the date of submission of the Form ST-3 for the period from 1St October 2016 to 31st March 2017, from 25th April, 2017 to 30th April. 2017.

Impact of GST on Textile Sector

April 25, 2017 22308 Views 0 comment Print

Goods and Services Tax (GST) is a proposed system of indirect taxation in India merging around 17 existing taxes into single system of taxation. It was introduced as The Constitution (One Hundred and First Amendment) Act 2016.

Closely connected international transaction can be clubbed / aggregated

April 25, 2017 1050 Views 0 comment Print

These are appeals filed by the assessee-company directed against the assessment orders dated 24.12.2014, 17.12.2015 and 30.11.2016 for the assessment years 2010-11, 2011-12 and 2012-13 respectively u/s. 143(3) r.w.s. 144C of the Act by the Deputy Commissioner of Income-tax / Assistant Commissioner of Income-tax, Circle-4(1)(1), Bangalore.

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