The IFRS is designed as a common global language for business affairs so that company accounts are understandable and comparable across international boundaries. IFRS is particularly important for companies that have dealing in several companies.
It was argued that the above decisions were accepted by CBDT and the due date was extended in the respective territories of the High Court’s jurisdiction. Hon’ble HC after considering the above two judgments held that held that it is very unfair that benefit regarding an all India statute is restricting its benefit to only two states and one Union territory.
Comparative analysis between listing agreement and Chapter IV of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015- Transfer or transmission of securities and issue certificates within 15 days from the date of such receipt of request for transfer.
WILL CBDT and its sycophants introspect and explain to their own consciences that why this foolishness to extend due date for filing of ITR/TAR after ending of statutory due date. What purpose it has served for them. Those who put the CBDT and MoF in this ignominious state of back track should be shunted out of their present regime.
In the case of Govats Foundation v ITO (Exemption) it is held by ITAT-Hyderabad that the approval u/s 80G(5) could be granted to charitable institution if the certificate granted u/s 12A has not been withdrawn.
After much hullabaloo the CBDT has issued the circular of extending due date to 31/10/15. What would have happened if the order was not issued in the first place? 1. Contempt of court petition can be filed for states who have got a writ to their favour. What is the penalty? Imprisonment or fine? Who will be imprisoned? Some scapegoat bureaucrat or say chairman of CBDT.
The new era of Accounting and presentation for corporate entities has been set by Ministry of Corporate Affairs (MCA) by notifying 39 new Indian Accounting Standards (INDAS) vide its notification dated 16th February,2015. These INDASs are applicable to companies other than Banking, Insurance & Non Banking Finance companies.
As per Sec.66B of Finance Act, introduced w.e.f. 01.07.12 which is the new charging section undr Service Tax Provisions, Service ‘agreed to be provided is also taxable. legally, even entering into a contract for provision of service is a taxable event but, liability to pay the tax will be only on actual provision of service or amount received or invoice raised whichever is earlier, taxability event is given under Point Of Taxation Rules,2012 which is an another part of discussion.
1) Introduction of Electronic mode of filing Form 15G & 15H (Alternate to Paper Form). No procedural rules has been prescribed as regard to filing of Form 15G. However, It seems Form 15G & 15H can be filed using Internet Banking facility or Similar facility for in case of Other institution which are making payment as provided in Section 197(1) or 197(1A) or 197(1C).
Madras High Court held In the case of M/s. Chandra CFS and Terminal Operators Pvt. Ltd. vs. Commissioner of Customs that as per Regulation 11(2) the Commissioner of Customs may in appropriate cases where immediate action is necessary, suspend the approval granted to a Customs Cargo Service
