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Archive: 01 June 2018

Posts in 01 June 2018

No Penalty for cash above Rs. 20000 from relatives due to Business Exigencies

June 1, 2018 3612 Views 0 comment Print

The ld. counsel vehemently stated that the legislative intent in prohibiting the acceptance and repayment of money in cash over and above Rs. 20,000/- is to check the unaccounted money and not to hit the genuine business need.

Composite supply of exam support services attracts 18% GST: AAR

June 1, 2018 4614 Views 0 comment Print

1. Whether all the activities involved in the exam support service constitute a mixed supply or a composite supply? 2. What will be the rate of GST applicable on the exam support service?

GST on Meat of Sheep or goat, frozen & packed in LDPE/HDPE bags

June 1, 2018 3462 Views 0 comment Print

Meat of Sheep or goat, frozen and packed in LDPE/HDPE bags having varied weight and quantity printed/labelled on such pickings, whether could be held to be packed in unit containers ?

Alleged circumvention of anti-dumping duty imposed on imports of O-Acid

June 1, 2018 372 Views 0 comment Print

Initiation of anti-circumvention investigation concerning the alleged circumvention of anti-dumping duty imposed on the imports of O-Acid, originating and exported from China PR.

Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2018

June 1, 2018 1581 Views 0 comment Print

Reserve Bank of India hereby notifies that proviso (ii) to sub-regulation (1) of regulation 10 and proviso (ii) to sub-regulation (2) of regulation 10 of the Foreign Exchange Management (Transfer or Issue of Security by a person resident outside India) Regulations, 2017, shall come into force with effect from June 02, 2018.

ICAI withdraws Guidance Note on Accounting for Real Estate Transactions

June 1, 2018 4464 Views 0 comment Print

The ICAI had issued a Guidance Note on Accounting for Real Estate Transactions (for entities to whom Ind AS is applicable), in May 2016, applicable to all projects in real estate by entities to whom Ind AS were applicable. The aforementioned Guidance Note is based on principles of Ind AS 11, Construction Contracts and Ind AS 18, Revenue. On issuance of Ind AS 115,

CCI decides two Penalty cases relating to tenders of Pune Municipality

June 1, 2018 441 Views 0 comment Print

CCI passed final order in two cases involving bid rigging/ collusion in three tenders floated by Pune Municipal Corporation for Design, Supply, Installation, Commissioning, Operation and Maintenance of Municipal Organic and Inorganic Solid Waste Processing Plant(s)

ICAI President’s Message – June 2018

June 1, 2018 1098 Views 0 comment Print

Within ICAI too, governance matters are always our top priority, and technology is the best way to manage, resolve and dealing with the issues of a large group like our membership and students. To effectively manage the education & training and other professional requirements of our huge membership and other stakeholders, ICAI has about 70 Committees, Groups and Departments that work thereat.

Striking off of LLPs and remedy available

June 1, 2018 8409 Views 0 comment Print

A total of 1171 LLPs are about to be struck off by the Roc Delhi and Haryana due to non-filing of Financial Statements and Annual Returns for previous two years. In this write up endeavor is made on discussing the validity of this notice issued to the LLP and the primary remedy available to the […]

Provisions related to Declaration and Payment of Dividend

June 1, 2018 144402 Views 5 comments Print

This article is about provisions related to the declaration and payment of dividend under companies Act 2013.

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