During the course of inspection of records and accounts of the associations registered/ granted prior permission under Foreign Contribution (Regulation) Act, 2010 from time to time, it has been observed that some associations withdraw huge amount of foreign contribution (FC) from their FC designated bank accounts and Utilisation Accounts by Cash.
In the said notification, in the ANNEXURE, in condition number 100, in clause (b), for the words “within a period of six months” the words “within a period of twelve months” shall be substituted.
Clause 36 of Equity Listing Agreement inter-alia mandates every Listed Company to intimate stock exchanges on any material event which will have bearing on operation of company or any information which is price sensitive in nature. Clause 36 provides indicative events which may have ‘material impact’ on the performance or operations of the company.
Ld. Commissioner of Income Tax in his notice u/s 263 dated 18.3.2014 stated that prima facie deduction claimed u/s 80IC of the Act by the assessee is not justifiable on the following grounds :- 1. Assessee is assembling and trading LCDs and it is not carrying on manufacturing of goods.
Attention is invited to Notification No. 21/2014 – CE (NT) dated 11.07.2014 vide which the definition of “place of removal” has been inserted in the CENVAT Credit Rules, 2004 (CCR). Under these rules there are provisions that the credit of input services is available upto the place of removal. As the definition is now provided in the CCR, wherever Cenvat credit is available upto the place of removal, this definition of place of removal would apply, irrespective of the nature of assessment of duty.
As a measure of ease of doing business, henceforth two extensions of two years each in the initial validity of three years of the industrial License shall be allowed up to seven years. This is in supersession of Press Note No. 5(2014 Series) dated 02.07.2014,
Background Compounding of Offence is a voluntary process available in case of contravention of offence under Foreign Exchange Management Act, 1999 (hereinafter referred as ‘FEMA’). Foreign Exchange (Compounding Proceedings) Rules, 2000[1] empowers Reserve Bank of India (hereafter referred as ‘RBI’) to compound contravention under FEMA. For compounding of offence under FEMA an application for compounding […]
This standard lays emphasis on the auditors responsibilities in regard to the related parties identified during the conduct of an audit of financial statements. It deals with the responsibilities and expands on how to make the application of: SA 315 Identification and Assessment of the Risk of Material Misstatement Through Understanding the Entity and its Environment.
Deregulation of Diesel Prices The Union Cabinet Committee of Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, today approved the issues relating to the under-recovery on sale of diesel and its present status. Instructions have been issued today i.e. on 18th October 2014 to make the price of Diesel market determined with effect […]
Last date of filing of the TDS/TCS Statements for the 2nd Quarter of Financial year 2014-15 for the deductors/collectors in the States of Andhra Pradesh, Jammu & Kashmir, Odisha & Telangana extended.
