The Hon’ble Madras HC in the above cited case held that the one time upfront payment made by assessee lessee to lessor for the acquisition of leasehold rights over an immovable property for a long duration of time say 99 years could not be taken to constitute rental income at the hands of the lessor because the dominant intention of leasing is sale of rights in immovable property for a long period of 99 years.
With the view to ease trading requirements in the currency derivatives segment, it is clarified that the position limit linked to open interest shall be applicable at the time of opening a position. Such positions shall not be required to be unwound in the event of a drop of total open interest in a currency pair at the stock exchange.
The Institute of Cost Accountants of India released Clause-wise Analysis of Model GST Law 2016 on its website on 21.06.2016 and link for the same are as follows :- 1. Final GST Analysis 2. Valuation Rules 3. IGST 4. Annexures Annexures A Annexures B Annexures C Annexures D Source- http://icmai.in/icmai/news/Model-GST-Law-2016.php click here to know about […]
It is obvious that the overall progress on disposal of grievances is unsatisfactory and that in spite of repeated instructions from the Board from time to time, a large number of grievances have not been disposed of within the prescribed timeline of 60 days from the date of their receipt.
Section 44AB of the Income-tax Act (‘the Act’) makes it obligatory for every person carrying on business to get his accounts of any previous year audited if his total sales, turnover or gross receipts exceed one crore rupees. However, if an eligible person opts for presumptive taxation scheme as per section 44AD(1) of the Act, he shall not be required to get his accounts audited if the total turnover or gross receipts of the relevant previous year does not exceed two crore rupees.
Certain sections of the press have been carrying news reports today that Income Tax Department is going to arrest wilful defaulters of tax. In this regard, it is clarified that no such statement has been authorised by the Income-tax Department.
‘Specified Service’ means online advertisement, any provision for digital advertising space or any other facility or service for the purpose of online advertisement and includes any other service as may be notified by the Central Government in this behalf.
1. Registration requirement under GST is linked to aggregate turnover. 2. Aggregate turnover means aggregate value of all taxable , non taxable, exempt supplies and exports of goods and services of a person having same PAN to be computed on all India basis.
Amendments made on 31st March, 2016 by the Ministry of Corporate Affairs in the Companies (Accounting Standards) Rules, 2006 and Companies (Indian Accounting Standards) Rules, 2015 are not applicable for November, 2016 examination both at the Intermediate (IPC) and Final levels.
This is to inform to all Members and Students of ICAI and public at large that a website namely, icai-org.in and icairesults.info, has been created, which is deceptively similar to the official website of the Institute (i.e., www.icai.org).
