Company Law : The proposal to remove statutory audits for small companies risks eliminating independent financial scrutiny, potentially weakenin...
Income Tax : Section 119(2)(b) applications enable retirees to claim leave encashment exemption up to ₹25 lakh, condoning delays in filing re...
Income Tax : Explore significance of Rule 17AA from Finance Act, 2022, its impact on charitable institutions, compliance, and penalties for non...
Income Tax : Form 10B notified vide Notification No. 7/2023 dated 21st February 2023 is applicable from Assessment Year 2023-24 onwards i.e. fo...
CA, CS, CMA : Unlock the potential for Chartered Accountants in the field of mediation with the Mediation Act, 2023. Explore how CAs can leverag...
CA, CS, CMA : Application For Concurrent / Revenue Audit ( Year 2015-16 )- 1. Allahabad Bank invites applications in the under noted prescribed ...
CA, CS, CMA : As per CPE learning which is eligible for CPE credit for Unstructured Learning Activities(ULAs), the members are required to submi...
Income Tax : Under the new scheme Form 16/16A shall not be issued manually. A deductor shall download Form No. 16/16 A from the online system. ...
CA, CS, CMA : ICAI has expressed its serious concern to rename the ICWAI body to a name identical to Institute of Chartered Accountants of India...
CA, CS, CMA : Allocation of Banks and finalisation of Statutory Branch Auditors are in process. It is expected that the same shall be completed ...
Goods and Services Tax : Show cause notice was issued without scrutiny of the taxable value on which service tax was due from the appellant. He submitted t...
Income Tax : Sudha Garg Vs ITO (ITAT Delhi) The assessing officer made the assessment order u/s 147/143(3). The only issue involved in this app...
When, the Income Disclosure scheme,2016 under the domain of Ministry of Finance began it swiftly became clear that the government is in serious business of tackling the black money within the boundaries of sovereign INDIA.
The empanelment process of Chartered Accountant firms (firm) and Limited Liability Partnership firm (LLP) for allotment of audit of Public Sector Undertakings/Statutory Corporations for the year 2016-17. The desired firms were allowed to fill the online forms till 15th February 2016.
In the month of December, CBDT has shown some excellent moves towards a flow less tax assessment regime. The moves are encouraging and laudable. It clearly establishes that CBDT has finally decided to take on the obstacles in the field of assessment proceedings. This is also adorable at the part of the Finance Ministry to roll down the announcements as and where is basis rather than waiting for the coming budget to announce the measures for tax reforms.
The comptroller and auditor general of India office have recently invited applications from the Chartered accountants Firms/ LLP for the year 2015-16. The online application format shall be available from 1st January 2016 to 15th February 2016; the firms/LLPs can apply/update the data showing the status of their firms as on 1st January 2016.
Youngest Chartered Accountants are the future of the profession. As seniors, we have an obligation to help our future by training and mentoring tomorrow’s Chartered Accountant today. How do we develop them and keep their professional spirit alive in the early years of their profession. The answer is using a mentoring program and grants them a trouble free path to help them to achieve their goals. When young is standing shoulder to shoulder with us, it’s our ample duty to nourish their profession with mentoring and guiding them.
Assessment under section 144 popularly known as best judgment assessment is an assessment carried out as per the best judgment of the Assessing Officer. Best judgment assessment can only be made at the instance of certain failures as specified under section 144 on the part of the taxpayer.
Elections are normal in democratic institution. Our Electoral College is uniquely as it impact on both the power of governance of our Alma Mater ICAI and the relative power of member’s livelihood. We, the contestants are not different from others the only difference is that by accepting the challenge of election we have decided a step further. We are going to represent you as a model of true professional which combines the idea of the pivotal player in addition to our role of practicing member.
Every company shall prepare a return (hereinafter referred to as the annual return) in the prescribed form containing the particulars as they stood on the close of the financial year. If Financial of Company started before 01.04.2014 then Annual Statement will file in e-form 23AC, 23ACA for this financial year instead of AOC-4.
An auditor who is expected to make an independent report to a company’s members is well regulated through the company law. Its appointment, reappointment, ratification, resignation are well defined in Companies Act 2013. The independent auditor has a responsibility to his profession, the responsibility to comply with the standards accepted by his fellow practitioners. The professional qualifications required of the independent auditor are those of a person with the education and experience to practice as such.
No Capital Gain Chargeable to Tax on Sale of Asset acquired by way of Adverse Possession for any Cost of Acquisition u/s 55(2) despite Amendment in the Income Tax act in the year 1995 covering those assets which are having a NIL cost of acquisition. However the amendments still don’t cover the transactions on account of proceeds from reverse possession thus do not attract any capital gains.
