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ICAI Press Release ICAI releases Compendium of Ind AS (E-version) effective from April 01, 2019 Indian Accounting Standards Framework (Ind AS Framework) is based on IFRS Standards. IFRS Standards undergo regular upgrades due to issuance of new Standards and amendments in existing Standards by way of annual improvements etc. The Central Government, prescribes under Section […]
Section 5(2)(a) provides that only such income of non-resident would be subjected to tax in India that is either received or is deemed to be received in India, therefore, salary accrued to a non-resident seafarer for services rendered outside India on a foreign ship could not be included in total income merely because salary has been credited in the NRE/NRO account maintained with an Indian Bank by the seafarer.
Date : May 03, 2019 RBI clarifies on safe custody of its gold reserves We have come across reports in certain sections of the print and social media regarding RBI shifting abroad a part of its gold holding in 2014. It is a normal practice for Central Banks world over, to keep their gold reserves overseas […]
Customs Rate of Exchange of Foreign Currency Conversion w.e.f. 3rd May, 2019 notified vide Notification No. 35/2019–Customs (N.T.) dated 2nd May, 2019.
Pr. CIT Vs Roshan Lal Sancheti (Rajasthan High Court) it must be held that statement recorded under section 132(4) of the Act and later confirmed in statement recorded under section 131 of the Act, cannot be discarded simply by observing that the assessee has retracted the same because such retraction ought to have been generally […]
Vasu Corporation Vs State of Gujarat (Gujarat High Court) 1. Mr. Uchit Sheth, learned advocate for the petitioner has, inter alia, submitted that upon the vehicle in question together with the goods being detained under section 129(1) of the Gujarat Goods and Services Tax Act, 2017 (hereinafter referred to as “the GST Act”), the petitioner has […]
GST should not be collected by builders at higher rate on services relating to the preferential location of the unit and right to use car parking space and common areas and facilities
In re Shri Jayesh Anilkumar Dalal (GST AAR Gujarat) Question: Whether or not my supply of services in the nature as mentioned in point 12(B) above, provided to Local Authorities , Urban Development Authority, Dist. Panchayat R&B Div. and other Government Departments which are entrusted with the functions mentioned under article 243G and 243W of […]
With the Income Tax return (ITR) filing season approaching, the importance of getting key documents in order for filing taxes cannot be overstressed. While depending upon your unique requirement, the list of tax-related documents you need might vary, in the following sections we will discuss two key documents – Form 16 and Form 26AS that […]
