The Institute of Chartered Accountants of India (ICAI) today announced the following results. 1) Chartered Accountants Final Examination held in Nov, 2015. 2) Common Proficiency Test held in Dec, 2015. Since December 1949, the Chartered Accountancy Examination is held twice in a year. The top three rank holders on all India basis of Chartered Accountants Final Examinations held in Nov, 2015… Read More »
Global Crude oil price of Indian Basket was US$ 26.40 per bbl on 15.01.2016 The international crude oil price of Indian Basket as computed/published today by Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas was US$ 26.40 per barrel (bbl) on 15.01.2016. This was lower than the price of… Read More »
Change in Tariff Value of Crude Palm Oil, RBD Palm Oil, Others – Palm Oil, Crude Palmolein, RBD Palmolein, Others – Palmolein, Crude Soyabean Oil, Brass Scrap (All Grades), Poppy Seeds, Areca Nuts, Gold and Silver Notified In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52… Read More »
India’s Foreign Trade (Merchandise): December, 2015 EXPORTS (including re-exports) Exports during December, 2015 were valued at US$ 22297.48 million (Rs. 148491.18 crore) which was 14.75 per cent lower in Dollar terms (9.53 per cent lower in Rupee terms) than the level of US$ 26154.46 million (Rs. 164127.08 crore) during December, 2014. Cumulative value of exports for… Read More »
Dear Members, Sub: Extension of last date “for complying with the CPE hours requirement for the Calendar Year 2015” – from 31st December, 2015 to 31st March, 2016 We may inform you that it has been decided to extend the last date for compliance of CPE hours requirement for the Calendar year 2015,… Read More »
GUIDANCE NOTE ON IMPLEMENTATION OF REPORTING REQUIREMENTS UNDER RULES 114F TO 114H OF THE INCOME-TAX RULES, 1962 relating to Foreign Account Tax Compliance Act DOWNLOAD GUIDANCE NOTE ON IMPLEMENTATION OF REPORTING REQUIREMENTS UNDER RULES 114F TO 114H OF THE INCOME-TAX RULES, 1962 Download the Full text of GUIDANCE NOTE
Recommendations to promote ease of doing business and simplify procedures- (a) Enhancement and rationalisation of the threshold limits and reduction of the rates of TDS. TDS rates for individuals & HUFs to be reduced to 5% as against the present 10%. (b) Simplification & rationalisation of the provisions of Section 197 and Rules for lower… Read More »
Source INCOME TAX SIMPLIFICATION COMMITTEE REPORT EXECUTIVE SUMMARY Recommendations to check or curb litigation /facilitate speedier disposal (a) Amendments to provide that in cases where shares are shown as capital assets and held for one year or less, the Assessing Officer will not re-characterise the surplus on sale as business income, provided the surplus in… Read More »
Held merely because qualitative record was not maintained and on this premise, the books of account could not have been rejected. HIGH COURT OF RAJASTHAN PR. Commissioner of Income-tax v. Bhawani Silicate Industries AJAY RASTOGI AND J.K. RANKA, JJ. D.B. IT APPEAL NOS. 121 AND 122 OF 2015 JULY 30, 2015 Sameer Jain, Adv. for… Read More »
Tax Exemption on Capital Gains Objective To promote investments into Startups by mobilizing the capital gains arising from sale of capital assets Details Due to their high risk nature, Startups are not able to attract investment in their initial stage. It is therefore important that suitable incentives are provided to investors for investing in the… Read More »