If we read the above circular strictly, it exempts seizure of only gold ornaments and jewellery and does not cover gold coins and gold bars. So the income tax officers can seize the gold coins and bars even if the weight is within the limits specified in the above circular in case you are not able to explain source of such gold coins and bars.
Guidance Note on Accounting for Oil and Gas Producing Activities, issued by Council of ICAI for entities to whom Ind ASs are applicable.
Assessee can deposit his unaccounted cash into bank and declared it as a current year’s income in next year’s tax return i.e. next Assessment year 2017-18.
Insolvency is possibly most demanding career option a professional can undertake. It is certainly one of most challenging, involving and rewarding.
CBEC released FAQ on GST in English, Hindi, Assamese, Gujarati, Malayalam, Punjabi Telugu and Kannada for the benefit of General Public
Central government is taking various initiatives to reduce transactions in cash thereby increasing transactions through banks. So in F.Y. 2016-17 what will be effect of all this and on income tax provisions?
Keeping in mind highest standards of Chartered Accountancy profession in India, Council of ICAI thought it necessary to issue such KYC norms to be observed by members of profession who are in practice.
Input tax in relation to a taxable person, means IGST, including that on import of goods, CGST and SGST charged on any supply of goods or services to him and includes tax payable under sub-section (3) of section 8, but does not include tax paid under section 9
WEF 01.01.2017, all Credit Information Companies shall provide, upon request provide a Free Full Credit Report popularly known as CIBIL report
Mere increase in turnover, because of use of digital means of payment or otherwise , in a particular year cannot be a sole reason to believe that income has escaped assessment in earlier years.
