CBDT has tied up with Ministry of Corporate Affairs to issue Permanent Account Number (PAN) and Tax Deduction Account Number (TAN) in 1 day.
The account holders may be informed that, in case self-certifications are not provided till 30 April 2017, the accounts would be blocked, which would mean that the financial institution would prohibit the account holder from effecting any transaction with respect to such accounts.
Till now new tax regime GST,roll out date is July 1st but in an interview with our former finance minister P Chidambaram, said that a rush to roll out the new tax regime from July 1 could be detrimental.
The memorandum to Finance Bill, 2017, explained that the exemption on long-term capital gains tax, provided in section 10(38) of ITA was misutilised to declare unaccounted income . CBDT has issued a draft notification on 3 April , 2017 and provided that the amendment would not apply to any transactions except mentioned in the Notification. Analysis of the Notification and possible implications are discussed.
Government has introduced new section 269ST limiting cash transactions above Rs. 2 lakhs. There are no exceptions to this. Even gift received in cash form close relatives above Rs. 2 lakhs come under the ambit of this section. At present there are also certain other provisions which have either a cap or a complete ban on cash transactions.
Indian Bank’s Association (IBA) invites applications from eligible Chartered Accountant Firms for empanelment to take up assignments relating to forensic audit of Frauds upto Rs. 50 crores & Frauds above Rs. 50 crores in the Banking Industry.
It is essential to protect the Confidential Financial Data filed by millions of Tax Payers from falling into wrong hands in the larger public interest.
On 6th April 2017 Rajyasabha has passed four GST bills viz. Central GST Bill 2017, Integrated Goods and Service Tax Bill 2017, the Union Territory Service Tax Bill 2017 and the Goods and Service Tax (Compensation to States) Bill 2017.
On Thursday i.e. April 6, 2017, the Rajya Sabha has passed four supplementary GST legislations without amendments by a voice vote as all parties were on board. The four Bills are as under:
In this Flash editorial, the auditor begins by referring the provisions of section 248(1) of Companies Act, 2013 relating to Power of Registrar to remove name of company from register of companies. The main thrust of the article, however, is upon the effects of Show Cause Notices
