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Important issues of SEZs / EOUs during COVID-19 lockdown

April 29, 2020 2628 Views 0 comment Print

Important operational issues pertaining to Special Economic Zones (SEZs) / Export Oriented Units (EOUs) during the prevailing lockdown for COVID-19 -reg.

Draft Procedure for Submission of Audit Files to NFRA

April 28, 2020 3711 Views 0 comment Print

NFRA proposes to prescribe the procedures to be followed by all entities regulated by NFRA for submission of Audit Files to NFRA. NFRA invites comments from regulated entities on the procedure described in this draft document in Annexure A.

GST Payable on auctioning of right to collect charges for vahana pooja

April 28, 2020 4653 Views 0 comment Print

In re Sri Malai Mahadeshwara Swamy Kshethra Development Authority (GST AAR Karnataka) 1. Regarding question no.1 related to the auctioning for collection of vehicle entry fees, question no.4 related to auctioning of service of tonsuring the heads of devotees, question no.8 related to the auctioning of right to collect service charges and question no. 10 […]

DGFT clarifies on application for Free Sale & Commerce certificate

April 28, 2020 10953 Views 1 comment Print

Trade and Industry is advised to send their applications for grant of Free Sale and Commerce Certificate at the official email ID of the concerned RA as per the format given in ANF 21-I. The fee payment needs to be done through the e-MPS system.

Statutory Branch Audit of Banks – Guidelines Revised- COVID-19

April 27, 2020 2349 Views 0 comment Print

In view of the difficulties expressed by certain banks in the matter of conducting Statutory Branch Audit in PSBs on account of lockdown situation prevailing due to the spread of COVID-19 in the country, the matter was examined by RBI.

Fiscal Options & Response to Covid-19 epidemic- (Suggestions by IRS Officers)

April 27, 2020 6273 Views 0 comment Print

INDIAN REVENUE SERVICE ASSOCIATION ALL INDIA BODY Ref: 007/2020 Date: 23.04.2020 To, The Chairman & the Members CBDT, North Block New Delhi Sir/Madam, The CBDT has sought feedback from our field formations across India on the ideas for revival across various sectors of the economy. While the combined feedback would certainly assist in determining the […]

Revised Differential rate of assistance under TMA WEF 28.03.2020

April 27, 2020 2289 Views 0 comment Print

Central Government had introduced a Scheme titled Transport and Marketing Assistance (TMA) for Specified Agriculture Products. In this scheme it is now provided that Assistance for products exported by air would be based on per kilogram freight charges on net weight of the export cargo, calculated on full kilogram basis, ignoring any fraction thereof. It […]

TCS Registration of E-commerce operators without physical presence enabled

April 26, 2020 3627 Views 0 comment Print

Registration for TCS taxpayers: Registration in a State/ UT with address of Head Office – changes in Form GST REG-07 The GST law requires an entity to obtain registration for TCS in each State/UT, where it has an obligation to collect TCS. The E-Commerce operators were facing a challenge of having to obtain registration as […]

FAQ on Ethics related to Bank Audit Assignments

April 25, 2020 22428 Views 1 comment Print

Q 1. Whether a Firm of Chartered Accountants can accept Audit of a branch of a bank, while one of the partners of the said Bank have taken loan from a different branch of the Bank ? Ans. No, the Firm of Chartered Accountants cannot accept branch Audit of the Bank if one of the partners have taken the loan from any branch of that bank. The members should not place themselves in position which would either compromise or jeopardize their independence.

CBDT notifies Protocol Between India And Austria

April 24, 2020 1773 Views 0 comment Print

Protocol Between The Government Of The Republic Of India And The Government Of The Republic Of Austria Amending The Convention For The Avoidance Of Double Taxation And The Prevention Of Fiscal Evasion With Respect To Taxes On Income, Which Was Signed At Vienna On 8 November, 1999

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