"02 May 2018" Archive

Cabinet approves MRA between ICAI and SAICA

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)....

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Posted Under: CA, CS, CMA |

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

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. ...

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Posted Under: CA, CS, CMA |

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

CIT Vs Virtual Soft Systems Ltd. (Supreme Court of India)

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....

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Cancellation of Certificate of Registration of NBFC

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 ca...

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Posted Under: CA, CS, CMA |

GST Collection : Does it mean Economic Revival ?

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 (pr...

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Posted Under: CA, CS, CMA |

GST applicable on Transfer of Tenancy Right: CBIC

Circular No. 44/18/2018-CGST (02/05/2018)

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...

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

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 foll...

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Posted Under: CA, CS, CMA |

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

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:...

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Posted Under: CA, CS, CMA |

Additional Risk management measures for derivatives segment

Circular No. SEBI/HO/MRD/DRMNP/CIR/P/2018/75 (02/05/2018)

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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SEBI Master Circular for Credit Rating Agencies

SEBI/HO/MIRSD/DOP2/CIR/P/2018/76 (02/05/2018)

Securities and Exchange Board of India (SEBI) has been issuing various circulars/ guidelines from time to time. In order to enable the industry and other users to have access to all the applicable circulars/ directions at one place, Master Circular for Credit Rating Agencies (CRAs) has been prepared....

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