Sandeep Dasgupta & Risha Gandhi IFRS adoption in India: With globalization of businesses and imminently increasing need for transparent, comparable financial information across markets, the International Accounting Standards Board (IASB) embarked on developing, a single set of high quality, understandable and enforceable global accounting standards or International Financial Reporting Standards (IFRS) that require transparent and […]
It needs a perfect recipe for a dish to taste good and the best cut will give the suit the right fit. It is no different for investments, the correct mix of investment options goes on to create the coveted portfolio which optimizes returns and minimizes risk.
Term plans are one of the best types of insurance, owing to the low premium cost and high-value cover. Such plans offer financial security to your loved ones in the case of your sudden demise. If your current term plan is reaching its maturity, you may renew it either from an insurance agent or through […]
Clarification regarding the timelines for making applicable/available new Form DPT-3 issued vide the Companies (Acceptance of Deposits) Second Amendment Rules, 2017.
The said interest income had been earned by the assessee out of business compulsions of deposits in the ‘Debit Service Reserve Account’, hence the said interest income is linked to the business activities of the assessee. The issue is covered with the decisions of the Tribunal in the own case of the assessee for earlier assessment years. Hence, the interest income of the assessee is ordered to be assessed as Business Income.
The purpose of initiating proceedings under Section 153C of the Act, the seized documents had to be shown to belong to the other person and not merely pertaining to such other person. The change brought about in this regard in Section 153 C of the Act by way of amendment has been given prospective effect from 1st June 2015.
The valuation of imported and export goods is governed by the provisions of Section 14 of the Customs Act, 1962 and the rules made thereunder. The Customs Valuation (Determination of Value of Imported Goods) Rules, 2007 (CVR) contain the detailed provisions for arriving at the transaction value of the imported goods, on which the customs duty is levied.
Supply of satellite launch services supplied by ANTRIX Corporation Limited to international customers would be outside India in terms of section 13(9) of IGST Act, 2017 and such supply which meets the requirements of section 2(6) of IGST Act, thus constitutes export of service and shall be zero rated in
Attention of the Exporters, Custom Brokers and all concerned are invited to the Board Circular No. 26/2017- Customs dated 1st July, 2017, 36/2017- Customs dated 28 August, 2017 and 37/2017- Customs dated 20th September, 2017 on the above mentioned subject prescribing norms for grant of Self Sealing Permission to the exporters intending for factory/warehouse stuffing of export goods.
Directorate of Revenue Intelligence has been, from time to time, issuing alerts regarding sensitization of officers and taking suitable measures to ensure prevention of illegal import of fireworks/ crackers of foreign origin.
