Subject: Suggestions on the Proposed New CARO for FY 2015-2016 Dear Members The Ministry of Corporate Affairs recently constituted a Committee to formulate the Companies (Auditor’s Report) Order (CARO) to be issued under section 143(11) of the Companies Act, 2013. This aforesaid Order is proposed to be made applicable for audit reports on the financial […]
Recently, it has come to our knowledge that a proposal not allowing Chartered Accountants/ Non- Advocates for practice of law in the course of proceedings before revenue authorities falling in your jurisdiction is under consideration.
The APA programme was introduced in the Income-tax Act, 1961 in 2012 vide the Finance Act, 2012. 5 APAs were concluded in the first year and 4 APAs got signed in the second year. The pace of negotiations has picked up in the current year. This year has already witnessed the conclusion of 22 APAs. It is the aim of the CBDT to finalise another 30 to 40 APAs before the end of this fiscal to provide stability and confidence to foreign enterprises operating in India.
After notification of ICDS, it has been brought to the notice of the Central Board of Direct Taxes by the stakeholders that certain provisions of ICDS may need further clarification/ guidance for proper implementation. These implementation issues raised by the stakeholders have been referred to an expert committee comprising of departmental officers and professionals and the committee is currently examining these issues.
Exposure Draft of the Accounting Standard (AS) 8, Accounting Policies, Changes in Accounting Estimates and Errors (Comments to be received by December 07, 2015)
The Government has decided to provide further indirect tax incentives for domestic shipbuilding industry. Accordingly, the Central Government has issued Notification Nos. 44/2015-Central Excise, 45/2015-Central Excise, 54/2015-Customs and 55/2015-Customs all dated 24.11.2015 so as to provide the following indirect tax incentives to the aforesaid industry:
Overwhelming response received from the retail investors for Sovereign Gold Bond Scheme (SGB) ; 63,000 applications received for a total of Rs 246.20 crore by the Banks and Post Offices for 917 kgs of gold; Number of decisions taken to improve the reach of Gold Monetisation Scheme (GMS).
The ICAI elections for 23rd Central and 22nd Regional Councils will be held at 620 polling booths across the nation on 4th and 5th December, 2015. On the part of the Institute, I would assure that the Institute is committed to hold fair and transparent elections. We all must exercise our power of democracy and give preferences to all candidates to elect the most suitable candidates.
Press Information Bureau Government of India Ministry of Finance 26-November-2015 09:44 IST Date for sending comments by the stakeholders and general public regarding phasing-out plan of deductions under the Income-tax Act extended till 31st December, 2015 A phasing-out plan of deductions under Income-tax Act was placed in the public domain on 20th of November 2015. […]
It has come to our notice that students are being misguided about the applicability of the Revised Scheme of Education and Training especially the Foundation course w.e.f May 2016 and elimination of the existing Common Proficiency Test without providing single option to appear in it on the announcement of the revised scheme.
