REVISED THRESHOLDS On March 4, 2016, the Central Government issued notifications pertaining to the statutory thresholds for the purposes of “combinations” under Section 5 of the Competition Act, 2002 (Act). 1. Increase in thresholds: Pursuant to Notification No. S.O. 675(E) dated March 4, 2016, the value of assets and the value of turnover has been […]
We are of the considered view that assuming of jurisdiction by the AO in this case is bad in law for the reasons inter alia that when the assessee has specifically claimed exemption u/s 10BA on the sum of duty drawback of Rs.3,72,186/- and the AO after applying its mind allowed the same, there was no tenable material with the AO to reopen the assessment;
The books of accounts are duly audited and no defect has been pointed out vis-a-vis the sales, purchase or profit. The purported defects are confined to cash book, which have no nexus with the trading results.
It is held that requirement of getting books of account audited can arise only where the books of account are maintained. In the absence of the maintenance of books of account, there can be no penalty u/s 271B of the Act.
Revised Scheme of Education and Training for Chartered Accountancy Course Revised Scheme: Route 1 – Foundation Course# Under the Foundation Course Route, the following steps are required- Under the Foundation Course Route,the following steps are required: Register with Board of Studies (BoS) after appearing in Class Xll examination till June 30/Dec 31 Be eligible to […]
Section 129 (3) read with Rule 6 of Companies (Accounts) Rules, 2014 (Rules) provides manner of consolidation of financial statements of subsidiaries pursuant to Schedule III of the Act, 2013 and the applicable Accounting Standards. Also explanation to Section 129 (3) clearly states that for the purposes of this sub-section, the word subsidiary shall include associate company and joint venture but that is not envisaged by the Accounting Standard.
Today health care services are the most expensive industry. It is nearly impossible to stay healthy and fit in the polluted environment that gives birth to the number of health problems in such case we need to live a safe and secure life. This is one of the major reasons for buying Health insurance, but […]
In a Record created by CBDT it has released ITR before the start of the Assessment Year for the Assessment Year 2016-17 and released e-filing Utility of all the ITRs within 15 days from the start of Assessment Year. CBDT has today released e-filing Utility of ITR 6 and ITR 7 for AY 2016-17 […]
Who can use this Return Form- This Return Form is to be used by an individual whose total income for the assessment year 2016-17 includes:- (a) Income from Salary/Pension; or (b) Income from One House Property (excluding cases where loss is brought forward from previous years); or (c) Income from Other Sources (excluding winning from lottery and income from Race Horses)
Nidhi Company is one of the categories of NBFC or in other words, it is the cheapest and easiest form of NBFC as well. Also, it is very easy form to register and does not require much capital. Anybody can register a Nidhi Company with only 5 lakh minimum capital and with minimum of seven members.
