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Companies to disclose details of Specified Bank Notes in Balance Sheet & Audit Report

March 30, 2017 75285 Views 6 comments Print

Every company shall disclose the details of Specified Bank Notes (SBN) held and transacted during the period from 8th November, 2016 to 30th December, 201

Lok Sabha Passes CGST, IGST, UTGST & Compensation to States Bills

March 30, 2017 3609 Views 0 comment Print

The historic Goods and Services Tax (GST) regime today came a step closer to meet its July 1 target of rollout, with the Lok Sabha approving four supplementary legislations. Following bills were passed after negation of a host of amendments moved by the opposition parties:- Bill No. 57 of 2017 – The Central Goods And […]

SEBI (Payment of Fees & Mode of Payment) (Amendment) Regulations, 2017

March 29, 2017 3189 Views 0 comment Print

1. These Regulations may be called the Securities and Exchange Board of India (Payment of Fees and Mode of Payment) (Amendment) Regulations, 2017. 2. They shall come into force with retrospective effect from March 6, 2017:

Time of Supply of services under Revised GST Model

March 29, 2017 6402 Views 2 comments Print

Under the new regime of Revised Model GST Law levy of GST is based upon the term supply and accordingly the first step is to know whether a person, who is engaged in the business has made any supply of goods and / or services; and whether these supplies are taxable under GST.

GST and SCNs issued by MCA for non compliance with Cost Audit Provisions

March 29, 2017 4911 Views 0 comment Print

Show Cause Notices (SCNs) issued by MCA for non compliance with the Cost Audit Provisions: Is it a beginning to ensure collection of authenticated data at HSN code level for GST

“Double- double test” – Embedded Derivatives as per Ind-As/ IFRS

March 29, 2017 6051 Views 3 comments Print

All derivatives which are embedded with any host liability are required to be assessed if that derivative part needs to be separated or not as per the below requirement of Ind-As 109 Financial Instruments

Courts not meant for Frivolous Litigation; No Stay on Release of Phillauri: Bombay HC

March 29, 2017 1428 Views 0 comment Print

Plantiff says that there is urgency because the Defendants’ film Phillauri, alleged to be in violation of the Plaintiffs’ copyright in their 2013 Gujarati, Bhojpuri and Nepali film Mangal Phera, is slated for public theatrical release just a few day hence — this very Friday, 24th March 2017.

Penalty / Fine for Traffic Violation not allowable

March 28, 2017 17076 Views 0 comment Print

It is clear from the statutory provisions of the MV Act as well as the law laid down in judicial pronouncements that payments made for any purpose which is an offence or which is prohibited by law and which are not compensatory in nature cannot be allowed as a deduction u/s.37(1) read with Explanation thereto.

GST Migration : 19 Frequently Asked Questions (FAQs)

March 28, 2017 8310 Views 1 comment Print

Q1. I am an existing PAN-based Service Tax (ST) and Central Excise (CE) assessee, and wish to enroll in GST. I have business premises and factories in the State of Telangana. Through the ACES portal, I received the Provisional ID and password for the State of Andhra Pradesh, whereas my Principle Place of Business is […]

TDS not applicable on Hotel Rent in absence of any contract

March 28, 2017 148923 Views 3 comments Print

Where earmarked rooms are let out for specified rate and specified period, only then, they will be construed to be accommodation made available on regular basis

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