"30 January 2018" Archive - Page 4

Penalty for delay in filing Audit Report due to Dispute with Auditor is invalid: ITAT

M/s. Care Concern Hospital Pvt. Ltd Vs. ACIT (ITAT Kolkata)

Due to disputes between the assessee with its earlier auditor and resignation thereof, the same (audited accounts) was filed before AO belatedly. ...

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Economic Survey Predicts 7-7.5 Percent Growth in 2018-19

A series of major reforms undertaken over the past year will allow real GDP growth to reach 6.75 percent this fiscal and will rise to 7.0 to 7.5 percent in 2018-19, thereby re-instating India as the world’s fastest growing major economy. ...

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Posted Under: Income Tax |

27 Changes vide Companies Amendment Act, 2017 in Company Law

Article discusses briefly on Impact of Companies Amendment Act, 2017 on Companies Act, 2013 Provisions related to Associate Company, Joint Venture, Small Company, Name Reservation, Name Change of an Existing Company, Registered Office, Private Placement, Repayment of deposit accepted before commencement of this act, Penalty of wrongful ac...

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Posted Under: Income Tax |

Amend Rule 3(9) to Enable CAs to do Valuation of Sweat Equity: ICAI

In respect of sweat equity/ ESOP the company law guidelines specify that the valuation is to be done by the statutory auditors/ merchant bankers. Further, Rule 11UA(c)(c) also provides for the purposes of section 56...

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Posted Under: Income Tax |

Economic Survey calls for Fiscal Federalism and accountability to avoid low equilibrium trap

Is there a low equilibrium trap if fiscal federalism is not achieved? This was the question posed by the Economic Survey 2017-18 tabled by the Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley in Parliament today. ...

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Posted Under: Income Tax |

IBC Mechanism Being Used Actively to Resolve NPA Problem, Asserts Economic Survey

The IBC mechanism is being used actively to resolve the NPA problem of the banking sector. A major factor behind the effectiveness of the new Code has been the adjudication by the Judiciary. The Code prescribes strict time limits for various procedures under it. In this process, a rich case-law has evolved, reducing future legal uncertai...

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Posted Under: Income Tax |

Gross Tax Collections on Track for First Eight Months of GST Era; 50% Increase in Indirect Tax Payers

The GST was unveiled after comprehensive preparations, calculations and multi-stage consultations, yet the sheer magnitude of change meant that it needed to be carefully managed. The Government is navigating the change and challenges, including the possibili...

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Posted Under: Income Tax |

IBBI has No Association with ‘IBBI Insolvency Practitioners LLP’

It has come to the notice of the Insolvency and Bankruptcy Board of India (IBBI) that there is a Limited Liability Partnership (LLP) by the name IBBI Insolvency Practitioners LLP...

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Posted Under: Income Tax |

Some FAQ On Composition Scheme Under GST

Composition scheme under the law is for small businesses. This is to bring relief to small businesses so that they need not be burdened with the compliance provisions under the law. ...

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Posted Under: Income Tax |

Budget 2018: What is on the wish list?

With less than a week to go before the India’s Union Budget for the financial year 2018-19, there is lot of debating between pundits from various schools of thought. Given the past three budgets in the reign of Prime Minister Narendra Modi, the tax laws and the corresponding regulations have been rationalised, resolving many ignored/ un...

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