Goods and Services Tax : Goods and Services Tax would be a very significant step in the field of indirect tax reforms in India. By amalgamating a large num...
Finance : Seeking to mobilise idle gold worth up to Rs 60 lakh crore held by households and institutions within country, government proposed...
Income Tax : The provisions of section 147 empower the Assessing Officer, to reopen an assessment if he has reason to believe that income has e...
Company Law : With the introduction of the revamped Company Law, changes have been brought about in quite a few areas of interest. We’re focus...
Company Law : MCA has notified the Companies (Auditor’s Report) Order, 2015 (CARO, 2015) on 10th April, 2015. There was a lot of debate amongs...
Finance : Seeking to mobilise idle gold worth up to Rs 60 lakh crore held by households and institutions within country, government proposed...
Goods and Services Tax would be a very significant step in the field of indirect tax reforms in India. By amalgamating a large number of Central and State taxes into a single tax, it would mitigate cascading or double taxation in a major way and pave the way for a common national market.
Seeking to mobilise idle gold worth up to Rs 60 lakh crore held by households and institutions within country, government proposed a new scheme offering tax-free interest on depositing the yellow metal (Gold) with banks. This scheme will allow the depositors of gold to earn interest in their metal accounts and the jewellers to obtain loans in their metal account. Banks/other dealers would also be able to monetise this gold.
The provisions of section 147 empower the Assessing Officer, to reopen an assessment if he has reason to believe that income has escaped assessment. The important words under section 147 are ‘has reason to believe’ and these words are stronger than the words ‘is satisfied’.
With the introduction of the revamped Company Law, changes have been brought about in quite a few areas of interest. We’re focusing on the changes in depreciation in this article. Schedule XIV of the erstwhile Companies Act prescribed minimum SLM (straight line method) and WDV (written down value) rates for depreciation. The Companies could charge higher depreciation, if the useful life of an asset was shorter than that envisaged under Schedule XIV.
MCA has notified the Companies (Auditor’s Report) Order, 2015 (CARO, 2015) on 10th April, 2015. There was a lot of debate amongst professionals as to whether CARO will be applicable for the audit of the financial year 2014- 15. MCA has finally ended the debates by notifying CARO.
