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Archive: 07 February 2018

Posts in 07 February 2018

Auditors who conducted audit of Mutual Fund for 9 years or more may continue till the end of F.Y. 2018-19: SEBI

February 7, 2018 570 Views 0 comment Print

Auditors who have conducted audit of the Mutual Fund for 9 years or more, in terms of clause B (2) (iii) (b) of the aforesaid circular, may continue till the end of F.Y. 2018-19.

AO cannot add notional interest for ICD made at Bank FD Rate

February 7, 2018 2568 Views 0 comment Print

AO has treated the subscription of ICD as a loan which in our understanding is not a correct way to interpret an ICD, because it is a deposit made by the subscriber of the ICD issued by a company on a fixed rate of interest and hence it cannot be treated as a loan.

India’s move from physical to economic presence criterion: “Significant Economic Presence” Comprehensive Insights

February 7, 2018 2511 Views 1 comment Print

The Finance Minister of India, vide the Finance Bill 2018, has thrown a surprise to the Indian taxation fraternity by aligning the scope of business connection with the rules as per the Multilateral Instrument (MLI)1 and also introducing the concept of Significant Economic Presence into the already existing deeming provisions of Business Connection in the Income tax Act 1961 (the Act).

Should you continue to have faith in your ULIP Policy or you are thinking of surrendering it?

February 7, 2018 1080 Views 0 comment Print

All of us who have invested in ULIPs over the years have this question before us? In most situations ULIP have given below expected returns and you may tempted to think of cutting your loss

IBBI (Fast Track Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2018

February 7, 2018 1458 Views 0 comment Print

The Insolvency and Bankruptcy Board of India (IBBI) has amended the Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017 yesterday.

Protective Assessment can’t be made against Shareholder If Overseas Companies already been assessed on substantive basis

February 7, 2018 2631 Views 0 comment Print

AO admitted that the entire amount which was added to income of assessee on protective basis was already assessed in the hands of the overseas companies on substantive basis

Recent Changes in charges for late presentation of bill of entry

February 7, 2018 51489 Views 0 comment Print

Certain possibilities/situations regarding non-filing of bill of entry in prescribed time/applicability of late charge, have been noticed and it has therefore, been decided that:-

How to enter details in RUN (Reserve Unique Name) Service

February 7, 2018 12117 Views 0 comment Print

The Instruction Kit on RUN (Reserve Unique Name) Service has been prepared to enable you to access the Name Reservation Service with ease. This document provides references to law(s) governing the name reservation service and general instructions to provide details therein. The document also includes important points to be noted for successful submission.

CBDT Signs five UAPAs and two BAPAs in January, 2018

February 7, 2018 552 Views 0 comment Print

The Central Board of Direct Taxes (CBDT) has entered into five Unilateral Advance Pricing Agreements (UAPA) and two Bilateral Advance Pricing Agreements (BAPA) during the month of January, 2018.

Zero Incorporation Fee A Gift or Penalty

February 7, 2018 6417 Views 5 comments Print

Although Reserved Unique Name service has made incorporation easier and time saving but still it has its own pros and cons and professionals are still facing difficulties with this. Following are the pros and cons of newly introduced RUN Service.

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