This Standard on Auditing (SA) deals with the external auditor’s responsibilities if using the work of internal auditors. This includes (a) using the work of the internal audit function in obtaining audit evidence and (b) using internal auditors to provide direct assistance under the direction, supervision and review of the external auditor. This SA is effective for audits of financial statements for periods beginning on or after 01st April, 2016.
Notification No. 38/2015-2020 a) Imports under Advance Authorisation Scheme are exempted from Minimum import Price (MIP) under this Notification; b) MIP is also exempted for all API grade steel conforming to X-52 and higher API grades !Or manufacturing pipes used for pipeline transportation systems in the petroleum and natural gas industries: and
The Income Tax Department has been at the forefront of using technology in implementing its – e-Governance initiatives. Most of its routine communication to taxpayers is through email and SMS. Therefore, the Department is very sensitive and alert to attempts made by fraudsters to spoof the Department’s identity to send phishing emails.
List of Exempted Services 1. Services Provided to the United Nations or a specified international organization. 2. With effect from 01.04.2015 (Substituted by Notification No. 06/2015-ST, Dated 01.03.2015) (i) Health care services by a clinical establishment, an authorized medical practitioner or para-medics;
What is apparent is not always real. To reach out to the real story, one has to undertake the scavenging exercise. This daunting task undertaken by ITAT Amritsar in a recent case pronounced on 05-02-2016 to resolve the mayhem when survey documents along with auditors qualifications had apparently almost maimed the assessee.
The Reserve Bank of India has proposed certain changes in respect of the time frame for issue of shares to align the provisions of Foreign Exchange Management Act, 1999 which requires an investee company receiving Foreign Direct Investments to issue shares within 180 days of receipt of foreign investment
Central Government (CG) has issued various Notifications under the Service tax and the Central Excise for extending the benefit of refund/rebate to the Swachh Bharat Cess (SB Cess) component and the input services used beyond factory for export. Further, the Cenvat Credit Rules, 2004 (the Credit Rules) has been amended to allow Cenvat credit on commission agent’s services and to make explicit that Cenvat credit shall not be used for payment of SB Cess.
ITAT Delhi held In the case of G.R. Commercial Pvt. Ltd. vs. ITO that the Supreme Court in the case of Chennai Properties and Investments Ltd. vs CIT (2015) 373 ITR 673 (SC) after considering all previous judgments of Supreme Court
TDS Instruction No . 51 Request has been received from field formations and tax payers to provide functionality for issue of online certificate u/s 195(2) and 195(3) for lower / no deduction as manual certificates were not being considered during processing of TDS statements by CPC TDS.
Notification No. 03/2016-Service Tax – Seeks to amend notification No. 39/2012- ST, dated the 20th June, 2012 so as to provide for rebate of Swachh Bharat Cess paid on all services, used in providing services exported in terms of rule 6A of the Service Tax Rules.
