The Institute of Chartered Accountants of India Announcement regarding Non-application of AS 30, AS 31 and AS 32 in the Final Course Paper 1: Financial Reporting – (23-11-2015) The entire IAS 39 “Financial Instruments: Recognition and Measurement”, on which AS 30 “Financial Instruments: Recognition and Measurement” was based, has been replaced by IFRS 9 “Financial… Read More »
New dedicated Chapter helpdesk for queries related to members/students based abroad 24 November 2015 The Institute of Chartered Accountants of India is committed to provide the best services to its members. Considering the same, the International Affairs Committee of the Institute has reactivated its logistic framework through a dedicated email foreigndesk@icai.in at ICAI HO level, to coordinate… Read More »
Ministry of Railways of Govt of India on 26-November, 2015 Rationalization of Allotment of Berths under Physically Handicapped Quota with a View To Ensure Optimum Utilization As per extant instructions, handicapped quota of 2 berths in sleeper class (one lower and one middle) is earmarked for physically handicapped persons travelling on concession. There are two… Read More »
Ministry of Finance of Govt of India on 26-November, 2015 Government decides to provide further Indirect Tax Incentives to Domestic Shipbuilding Industry 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… Read More »
Who are the Overseas Citizens of India (OCI)? A person of Indian origin who is a foreign national and gets registered as Overseas Citizen of India Cardholder under Section 7A of the Citizenship Act, 1955 is an OCI. What is Overseas Citizen of India Scheme? OCI Scheme is operational from 02.12.2005 The Constitution of India… Read More »
My visa expired and my employer is not renewing my visa and hence I am staying illegally in a foreign country. I want to return back to India. Please help me. You can approach the Embassy of India for assistance. My employer is insisting that I deposit my passport with him. What should I do?… Read More »
Law : Rajasthan Vat Act Facts of the case The assessee-company is engaged in the business of manufacturing Asbestos Cement Pressure Pipe and Asbestos Cement Sheets and it had availed ITC on the purchase of raw material used in the manufacture of A.C. Sheets. Issue The assessing authority issued notice to the assessee for the… Read More »
Facts of the case The Transport Department of Karnataka through a competitive bidding process invited proposals from interested parties for supply, installation and maintenance of computer systems, supply and printing of smart cards, provision of data entry services and to carry out other activities incidental thereto.The proposal submitted by the assessee was accepted by the… Read More »
Commercial Expediency Facts of the Case The present appeal preferred by the assessee pertains to the Assessment Year 1988-1989. In the income tax return filed by the assessee for the aforesaid Assessment year, the assessee, inter alia, claimed deduction of interest paid on borrowed sums from Bank under the provisions of Section 36(1)(iii) of the… Read More »
When did the Right to Information Act, 2005 come into force? The Right to Information Act came into force fully on the 12th October, 2005 (120th day of its enactment i.e., 15th June, 2005). Some provisions came into force with immediate effect viz. obligations of public authorities [Section 4(1)], designation of Public Information Officers and… Read More »