LOAN AND ADVANCES –Interest free funds available with the assessee is in excess of amount advanced to sister concern. There is no nexus between the interest bearing funds and the money so advanced to sister concern which has been established by AO. In view of the same, a presumption will arise in favour of assessee that interest free funds have been utilized for advancing such advance to sister concern.
Ind AS Transition Facilitation Group (ITFG) of Ind AS Implementation Committee has been constituted for providing clarifications on timely basis on various issues related to the applicability and /or implementation of Ind AS under the Companies (Indian Accounting Standards) Rules, 2015
Article Covers the following topics 1. What is an e-Way Bill? 2. When Should e-Way Bill be issued? 3. Cases when e-Way bill is Not Required 4. Who should generate an e way bill? 5. Consolidated E-Way Bill 6. States that have Notified e-Way Bill 7. Process to generate e-Way Bill 8. Validity of e-Way […]
In case of Incorporation, name reserved by the Registrar of Companies shall be valid for 20 days instead of 60 days from the date of application, as currently provided. Now, Sweat Equity shares can be issued at any time after the registration of the Company. Currently, it can be issued after one year from the commencement of business.
GST provisions are inconsistent with service tax provision, Amendment required in Notification No. 20/2017-Central Tax (Rate), Notification No. 24/2017-Central Tax (Rate)
Last year ICAI had revised SA 700, in accordance with revision in ISA 700, by IFAC. Subsequently its effective date was changed to audit after 01/04/2018. The key change in revised SA 700 is Key Audit Matters.
This article seeks to analyse Section 185 of Companies Act, 2013, before and after the Companies Amendment Act 2017. An effort is also made to ascertain the impact of the amendment in Section 185 vide Companies Amendment Act 2017 on other provisions of the Companies Act 2013.
Section 28(iiid) provides that any profit on transfer of the Duty Entitlement Pass Book Scheme, being the Duty Remission Scheme under the export and import policy formulated and announced under section 5 of the Foreign Trade (Development and Regulation) Act, 1992 (22 of 1992) shall be chargeable to income-tax under the head Profits and gains of business or profession.
Section 28 provides for income that is chargeable to income tax under the head profit and gains from business or profession. As per sub-section (iiia) of section 28, profit on sale of license granted under the Imports (Control) Order, 1955, made under the Imports and Exports (Control) Act, 1947 is chargeable to tax under the head profit and gains from business or profession.
UIDAI has all my data including biometrics, bank account, PAN, etc. Will they be used to track my activities? Why am I being asked to verify and link my mobile numbers with Aadhaar?
