"13 September 2017" Archive - Page 2

Income Computation and Disclosure Standard- II Valuation of Inventories

ICDS does not specifically provide for the exclusion of WIP arising in the ordinary course of service provider. However it is also not specified any provision for the valuation of inventories....

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Posted Under: Income Tax |

Order No. 155/2017: Extension of ad-hoc appointment of officers in JCIT grade

Order No. 155 Of 2017 13/09/2017

ORDER NO. 155 OF 2017 The President is pleased to extend the ad-hoc appointment of the following IRS officers to the grade of Joint Commissioner of Income Tax from 01.07.2017 to 15.10.2017: -...

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Tax on any gain to firms under insolvency code under hair cut be waived: ASSOCHAM to Govt.

ASSOCHAM has written to the government, seeking a slew of tax reliefs, including exemption from tax on any hair cut taken by the banks in the form of a waiver of interest accrued, for the debt -ridden companies which are sought to be revived under the Insolvency and Bankruptcy Code (IBC) ....

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Posted Under: Income Tax |

Start your own GST return filing practice with this master excel sheet

GSTR 1, 2 and 3 are monthly returns to be filed by every regular assessee. It is a huge task and needs mastery to file return without making any mistake. With this in mind we are helping you to file GSTR 1 return....

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Posted Under: Income Tax |

GST: Composition Scheme under Goods & Services Tax

With every emerging tax regime there comes compliances with statutory provisions that needs to be adhered in a efficient and timely manner. With the introduction of GST in India there comes compliances which could have been a challenge to small businesses. However to protect the interest of small businesses befitting provisions exists in ...

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Posted Under: Income Tax |

Legislative Provisions cannot be amended by CBDT in exercise of its Power U/s. 119 of Income Tax Act, 1961

CIT Vs S.V. Gopala Rao (Supreme Court of India)

Hon’ble Supreme Court held that such legislative provisions cannot be amended by CBDT in exercise of its power under Section 119 of the Act. The High Court has, therefore, rightly held the circular ultra virus and quashed the same....

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ABC of Rental Management for NRI Investors

Beside the obvious reason of the home offering us a world of our own, a house also has the potential to generate wealth through rental income. NRI investors often invest in homes with this dual purpose of earning rental out of them while away, and settling down when they return....

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Posted Under: Income Tax |

Mere Cheque payment and establishing ID of creditors is not sufficient to make a loan genuine

Principal Commissioner Of Income Tax – 7 Vs Bikram Singh (Delhi High Court)

The use of deceptive loan entries to bring unaccounted money into banking channels plagues the legitimate economy of our country. The mere fact that the identity of the lenders is established & payments are made by cheques does not mean they are genuine....

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Clarification on Exchange Traded Cross Currency Derivatives contracts on EUR-USD, GBP-USD and USD-JPY currency pairs

Circular No. SEBI/HO/MRD/DP/CIR/P/2017/102 13/09/2017

The Stock Brokers (bank and non-bank) shall ensure that all proprietary positions created in FCY-INR pairs (USD-INR, EUR-INR, GBP-INR and JPY-INR) is within the following consolidated position limits:...

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Guideline for Outsourcing of activities by Stock Exchanges & Clearing Corporations

Circular No. SEBI/HO/MRD/DP/CIR/P/2017/101 13/09/2017

SEBI has vide circular CIR/MIRSD/24/2011 dated December 15, 2011 prescribed Guidelines on Outsourcing of Activities by Intermediaries. Through these guidelines certain principles for outsourcing to be followed by all the intermediaries registered with SEBI were laid down. Further, based on the recommendations of the Depository System Revi...

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