Daily Archives: November 11, 2015

Draft Interpretation on Foreign Currency Transactions and Advance Consideration

By | November 11, 2015
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Draft Interpretation published by the IFRS Interpretations Committee for comment only. Comments on the Draft Interpretation need to be received by December 21, 2015. The International Accounting Standards Board’s IFRS Interpretations Committee (‘Interpretations Committee’) published for public comment a proposed Interpretation of Standards, designed to address diversity in how the Standard is applied in practice.… Read More »

Draft Interpretation on Uncertainty over Income Tax Treatments

By | November 11, 2015
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Draft Interpretation published by the IFRS Interpretations Committee for comment only. Comments on the Draft Interpretation need to be received by December 21, 2015. The International Accounting Standards Board’s IFRS Interpretations Committee (‘Interpretations Committee’) published for public comment a proposed Interpretation of Standards, designed to address diversity in how the Standard is applied in practice.… Read More »

Retro amendment in section 115JA can not be deemed as reasons to believe that income has escaped assessment

By | November 11, 2015
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Retro amendment in section 115JA can not be deemed as reasons to believe that income has escaped assessment HIGH COURT OF BOMBAY Godrej Industries Ltd. v. B.S. Singh, Deputy Commissioner of Income-tax, Range 10(2) M.S. SANKLECHA AND N.M. JAMDAR, JJ. WRIT PETITION NO. 2664 OF 2007 JULY  21, 2015 Farrokh Irani, Jitendra Jain and Atul… Read More »

ICAI issues Draft Guidance Note on Depreciation under the Companies Act, 2013

By | November 11, 2015
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Institute of Chartered Accountants of India (ICAI) has recently withdrawn 5 Guidance Notes, including Guidance Note on Accounting for Depreciation in Companies as per the Companies Act, 1956. Under the Companies Act, 1956, Schedule XIV was dealing with provisions of depreciation. Now, the said Schedule XIV of Companies Act, 1956 has been replaced by Schedule… Read More »

Payment of agency commission, Certification of claims by external auditors

By | November 11, 2015
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RBI/2015-16/233 DGBA.GAD.No. 1636/31.12.010/2015-16 November 10, 2015 The Chairman / Chief Executive Officer All agency banks Dear Sir / Madam Payment of agency commission – Certification of claims by external auditors Please refer to our circulars DGBA.GAD.No.2528/31.12.010(C)/2012-13 and DGBA.GAD.No.H-2995/31.12.010/2014-15 dated October 31, 2012 and January 7, 2015 respectively prescribing the format for certification of agency commission… Read More »

India’s GSAT 15 Communication Satellite Launched Successfully

By | November 11, 2015
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GSAT-15

GSAT 15, India’s latest communications satellite, was launched successfully by the European Ariane 5 VA-227 launch Vehicle in the early morning hours of today (November 11, 2015). The 3164 kg GSAT 15 carries communication transponders in Ku-band as well as a GPS Aided GEO Augmented Navigation (GAGAN) payload operating in L1 and L5 bands.After a… Read More »