The Goods and Services Tax regime is likely to have two standard rates — one for goods and the other for services. A discussion to this effect is expected at the third meeting of the GST Council, which begins on Tuesday. According to the proposal under consideration, the rate structure under GST would mirror that… Read More »
MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 17th October, 2016 INCOME-TAX G.S.R. 982(E).—In exercise of the powers conferred by section 115QA read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend… Read More »
Institute of Chartered Accountants of India Hosting of exemption(s) in a paper granted in Intermediate and Final examinations, valid for November 2016 – (15-10-2016) Re: Hosting of exemption(s) in a paper granted in Intermediate and Final examinations, valid for November 2016. Exemption(s) in a paper(s) are granted to candidates of Intermediate and Final examinations, in… Read More »
Institute of Chartered Accountants of India Clarifications regarding exemptions in a paper(s) in CA Examinations 17.10.2016 Certified copies of answer books in respect of CA examinations are being made available to those candidates who apply for the same, under the scheme formulated for the purpose. It is seen that upon receipt of certified copies of… Read More »
Guidance Note on Audit of Consolidated Financial Statements (Revised 2016) The Auditing and Assurance Standards Board of the Institute of Chartered Accountants of India, in 2003, had issued the Guidance Note on Audit of Consolidated Financial Statements to provide guidance to the members undertaking audits of consolidated financial statements. Since the issuance of this Guidance… Read More »
Instruction F.No.605/71/2015-DBK Government of India Ministry of Finance: Department of Revenue Central Board of Excise and Customs (Drawback Division) **** New Delhi, dated 14th October, 2016 To Pr. Chief Commissioners/Pr. Directors General (All) Chief Commissioners/Directors General (All) Pr. Commissioners/Commissioners (All) Madam/Sir, Subject: Rationalization of procedures in handling exporters obligations under EPCG authorizations -reg. The undersigned is directed to… Read More »
Eligible investment fund under Section 9A of Income Tax Act (India) Form No.3CEJ – Audit Report u/s 9A (Arm’s length price for remuneration paid by an eligible investment fund to the fund manager) and Form No.3CEK – Annual statement u/s 9A are available for e-Filing. Relevant notification is Notification No. 14/2016 [F.No. 142/15/2015-TPL] dt. 15th… Read More »
TCS -Tax Collected at Source TCS Tax Collected at Source under Income Tax Act Section 206 Table of Contents on TCS Sr No Contents 1.1 Who is responsible to collect tax at source under section 206C 1.2 Specified goods in Section 206C(1) 1.3 Who is a seller under Section 206C 1.4 Who is a buyer… Read More »
IRS Gives Expanded Tax Relief to Victims of Hurricane Matthew; Parts of Four States Eligible; Extension Filers Have Until March 15 to File IR-2016-135, Oct. 17, 2016 WASHINGTON –– Hurricane Matthew victims in much of North Carolina and parts of South Carolina, Georgia and Florida have until March 15, 2017, to file certain individual and… Read More »
Issue is whether s 128B of the Income Tax Assessment Act 1936 (ITAA 1936) applied to payments that Seven Network Limited (Seven), a resident of Australia, paid to the International Olympic Committee (IOC), a resident of Switzerland, between March 2006 and August 2008 for the broadcasting rights to the Olympic Games. Whether s 128B of… Read More »