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Archive: 02 May 2018

Posts in 02 May 2018

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6717 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Cabinet approves MRA between ICAI and SAICA

May 2, 2018 996 Views 0 comment Print

The Union Cabinet chaired by Prime Minister Shri Narendra Modi has has approved the Mutual Recognition Agreement (MRA) between the Institute of Chartered Accountants of India (ICAI) and The South African Institute of Chartered Accountants (SAICA).

EPFO rules out any leakage of subscribers’ data from their data centre

May 2, 2018 501 Views 0 comment Print

EPFO has taken advance action by closing the server and host service through Common Service Centres pending vulnerability checks as part of the data security and protection. EPFO has been taking all necessary precautions and measures to ensure that no data leakage takes place.

Lease equalisation charges allowable expense; ICAI Guidance Note carries great weight: SC

May 2, 2018 25653 Views 0 comment Print

Supreme Court Ruling – The Guidance Note issued by Institute of Chartered Accountants of India on lease rental income which helps to compute lease equalisation charges, held to be allowable as a deduction. There is no express bar in the Income-tax Act, 1961 regarding the application of such accounting standards.

Benefit of IDS, 2016 cannot be given to Person Prosecuted u/s 420

May 2, 2018 666 Views 0 comment Print

M/s Hillways Construction Company Private Limited Vs Income Tax Department and others (Uttarakhand High Court); Admittedly Section 420 of IPC is an offence which comes under Chapter XVII of the IPC. Income Declaration Scheme (IDS), 2016, of which the petitioner is seeking benefit, categorically stipulates that in case prosecution is going on against a person […]

Cancellation of Certificate of Registration of NBFC

May 2, 2018 9045 Views 0 comment Print

Market Regulator RBI has issued various Show Cause Notices to Non-Banking Finance Companies who have failed to communicate the name, designation and address of the principal officer to Financial Intelligence Unit- India (FIU-IND) as directed in respect of Cancellation of Certificate of Registration for violations and non-compliances to carry on the business of non-banking financial institution and mandating them to comply.

GST Collection : Does it mean Economic Revival ?

May 2, 2018 7245 Views 0 comment Print

In first nine months of Financial Year 2017-18 when GST was in force w.e.f. 1st July, 2017, GST collections have averaged @ Rs. 89800 crore per month. Effectively it is for eight months as GST is collected in the following month. The GST collection in 2017-18 (9 months) has averaged @ Rs. 89800 crore per month which is on a lower side (provisional but including cess totaling Rs. 7.41 lakh crore).

GST applicable on Transfer of Tenancy Right: CBIC

May 2, 2018 15054 Views 1 comment Print

To sum up, the activity of transfer of ‘tenancy rights’ is squarely covered under the scope of supply and taxable per-se. Transfer of tenancy rights to a new tenant against consideration in the form of tenancy premium is taxable under GST

Labour code on Social Security (draft) – Benefits to Employee

May 2, 2018 2523 Views 0 comment Print

Government has notified vide its Notification No. Z-13025/12/2015-LRC Dated:  23rd April, 2018  Draft Labour Code on Occupational Safety, Health and Working Conditions, 2018 for Objections or suggestions, if any by 31st May, 2018. Main Features of Draft Labour Code on Occupational Safety, Health and Working Conditions, 2018 are as follows:- 1. The “Code” replaces below 15  […]

ICAI Study Guidelines Final Paper 6F: Multi-disciplinary Case Study

May 2, 2018 3012 Views 0 comment Print

The Multi-disciplinary case study would involve application of two or more of the seven core subjects at the Final level. The reference material which would be provided to the students as open book in respect of each of these subjects for the purpose of solving Final Paper 6F: Multi-disciplinary Case Study are indicated hereunder:

Additional Risk management measures for derivatives segment

May 2, 2018 537 Views 0 comment Print

For the Equity Derivatives segment, the client margins which are required to be compulsorily collected and reported to the Exchange/Clearing Corporation, as the case may be, by the Clearing members / Trading members shall include initial margin, exposure margin/extreme loss margin, calendar spread margin and mark to market settlements.

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