Eight States have passed the State Goods and Services Tax (SGST) Act in their respective State Assembly in less than a month’s time.
Fair Values are being used as one of the measurement requirements to recognize certain transactions/ Assets/ Liabilities as required by respective Accounting Standards (i.e. Ind-As).
Circular No. 35 issued by Board clearly states the losses arising due to negligence of employees has to be allowed as expense if the loss took place in the normal course of the business and the amount involved was necessarily kept for the purpose of business. In the present case, the losses were necessarily incurred in the normal course of business of assessee and therefore, the expenditure was allowable.
ICAI Request to give feedback and improvement ideas in the present service delivery of the Ministry of Corporate Affairs as desired by National Productivity Council (NPC).
ICSI Council of the Institute has approved following Revision in existing guidelines for transfer of training from one trainer to another trainer w.e.f 01.06.2017
In exercising its power under Section 15 of CS Act 1980, the Council of the Institute has approved the following eligibility criteria for registration of CS firms & LLPs for imparting training to CS Students w.e.f 01.06.2017
GST Professionals take pride in releasing its latest May’ 2017 edition of GST Book titled – Simplified Approach to GST – A Ready Referencer authored by CA Raman Singla covering the latest GST laws and simplistic presentation of GST Acts and Rules.
One of the classic controversies, lasting for more than a decade, is disallowance for non-deduction/payment of TDS on domestic payments u/s 40a(ia).
As per the latest instruction received from PFRDA/NPS Trust, PRAN would not be blocked on account of non-submission of FATCA Self-Certification. PFRDA / NPS Trust will issue revised guidelines on FATCA shortly.
Income Tax Department has released Income Tax Return Utility for Assessment Year 2017-18 / Financial Year 2016-17 for ITR 1, ITR 2, ITR 3 and ITR 4 (SUGAM), ITR 5, IT 6. ITR 7 in both Java and Excel Format.
