Guidance Note on CARO 2016 Guidance Note on Companies Auditor’s Report Order 2016 The Ministry of Corporate Affairs has issued the Companies (Auditor’s Report) Order, 2016 (CARO 2016) vide Order dated 29th March 2016. The Order would be applicable for audit of the financial statements for the period beginning on or after April 1, 2015.… Read More »
Instructions F. No. 401/69/ 2016- Cus III Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs North Block, New Delhi 22nd April, 2016 To, All Chief Commissioners of Customs / Customs (Preventive), All Chief Commissioners of Customs and Central Excise, All Commissioners of Customs / Customs (Preventive), All Commissioners… Read More »
IMPOSITION OF CENTRAL EXCISE DUTY ON JEWELLERY – CONSTITUTION OF SUB-COMMITTEE OF HIGH LEVEL COMMITTEE TO INTERACT WITH TRADE AND INDUSTRY THEREON – EXTENSION OF TIME LIMIT FOR TAKING CENTRAL EXCISE REGISTRATION OF AN ESTABLISHMENT CIRCULAR NO.1026/14/2016-CX, DATED 23-4-2016 Kindly refer to the Circular No. 1021/9/2016-CX, dated 21-3-2016 issued vide F. No. 354/25/2016-TRU. 2. In… Read More »
SECTION 197, READ WITH SECTIONS 195, 206C, OF THE INCOME-TAX ACT, 1961 – DEDUCTION OF TAX AT SOURCE – CERTIFICATE FOR DEDUCTION AT LOWER RATE – ADVISORY FOR DEDUCTORS PRESS RELEASE, DATED 1-1-2016 Advisory for Deductors 1. Deductors deduct tax at lower rate on payment/credit to deductee on production of certificate duly issued by assessing… Read More »
IMPOSITION OF CENTRAL EXCISE DUTY ON JEWELLERY – CONSTITUTION OF SUB-COMMITTEE OF HIGH LEVEL COMMITTEE TO INTERACT WITH TRADE AND INDUSTRY THEREON CIRCULAR NO.1025/13/2016-CX, DATED 22-4-2016 In continuation to the Circular No. 1021/9/2016-CX dated 21-3-2016, issued vide F. No. 354/25/2016-TRU, the composition of the Sub-Committee referred to therein would be as under: (i) Dr. Ashok… Read More »
New Rules notified by Government to revamp Scheduled Castes and Scheduled Tribes (Prevention of Atrocities) Act The Ministry of Social Justice and Empowerment has notified the Scheduled Castes and the Scheduled Tribes (Prevention of Atrocities) Amendment Rules, 2016 on 14 April 2016, the birthday of Babasaheb Ambedkar The Scheduled Castes and Scheduled Tribes (Prevention of… Read More »
Facts of the Case The assessee submitted that she has provided her Form No. 16 received from her employer to the website of online tax return filing portal “Taxspanner” and received the confirmation from the said online tax return filing portal “Taxspanner” on 25/06/2011 stating that return of income is filed with the Revenue and… Read More »
Govt. issues Notification and SoP regarding Good Samaritans The Supreme Court has passed a judgment dated 30-03-2016 regarding Good Samaritans, i.e. bystanders and passers-by who render help to the victims of road accidents. The Court has ruled that the affidavit of Good Samaritan, if filed, shall be treated as complete statement by the Police official… Read More »
FAQs on limits of Secretarial Audits 1. What is the limit for the issue of Secretarial Audit Reports for financial year 2016-17? The Council of the Institute at its 235th meeting held on February 11, 2016 reviewed the existing limits for the issue of Secretarial Audit Reports and decided as below: 10 Secretarial… Read More »
Computation and Dissemination of RBI Reference Rate-Revised Methodology The Reserve Bank of India (RBI) compiles and publishes on a daily basis the Reference Rate for Spot USD/INR. Under the existing methodology, the rate is arrived at through a polling process involving rates obtained from select banks. RBI had constituted a Committee on Financial Benchmarks (Chairman:… Read More »