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Archive: 24 May 2018

Posts in 24 May 2018

Segregated Nominee Account Structure in IFSC

May 24, 2018 1296 Views 0 comment Print

SEBI permits Segregated Nominee Account Structure in IFSC wherein orders of foreign investors may be routed through eligible Segregated Nominee Account Providers, for trading on stock exchanges in IFSC while adhering to regulatory requirements, inter alia, relating to identification of end-client, Unique Client Code, order placement at client level, client level margining and position limits.

Enhancement in rate of rewards for MEIS SI no. 207, HS Code 07122000

May 24, 2018 987 Views 0 comment Print

The rate of rewards under MEIS for the ITC HS Code 2017: 07122000 is enhanced to 5% from earlier 3% with immediate effect vide Public Notice No. 11/2015-2020 -DGFT

Ignorance of law is not excuse and cannot be a ground to avoid tax liability

May 24, 2018 4122 Views 0 comment Print

Whirlpool of India Ltd. Vs. DCIT (ITAT Delhi) In the present case, there is admission on part of the assessee that the quantum of depreciation claim was incorrectly computed at enhanced cost. It is well settled principle that ignorance of law is not excused and cannot be a ground to avoid tax liability. The Assessee […]

Reg. ADM Relief for Un-registered period to dealers who obtained Registration late

May 24, 2018 16485 Views 0 comment Print

Earlier, the application for ADM Relief was required to be made manually to the concerned Joint Commissioner. After receipt of the application, consideration of the facts as also the report in this behalf, obtained from the Nodal Officer concerned, the request for ADM Relief was either rejected or granted.

Conversion of Partnership firm/LLP into company

May 24, 2018 26745 Views 7 comments Print

E-form URC-1 is required to be filed by a Partnership firm/LLP under section 366 of the Companies Act, 2013 read with Rule 3(2) of the Companies (Authorised to Register) Rules, 2014 for conversion of partnership firm or LLP into Company.

Repercussions of non-payment of invoice in GST Regime

May 24, 2018 15849 Views 4 comments Print

Repercussions when invoice is not paid by the Recipient to Supplier of goods or services or both within the specified period. 1) If ITC is availed where full value of invoice alongwith applicable GST thereon is not paid to the supplier within 180 days from the date of invoice:-

CAs cannot do Valuation of unquoted equity shares under DCF method

May 24, 2018 94104 Views 0 comment Print

Amendment in Rule 11U and 11UA omitting reference to the term accountant, thereby permitting only merchant bankers to determine the FMV of unquoted equity shares as per the Discounted Free Cash Flow Method

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