No direct investment in overseas entities located in non co-operative countries FEM (TRANSFER OR ISSUE OF ANY FOREIGN SECURITY) (SECOND AMENDMENT) REGULATIONS, 2016 – AMENDMENT IN REGULATION 6 NOTIFICATION NO.FEMA.382/2016-RB/GSR 01(E), DATED 2-1-2017 In exercise of the powers conferred by clause (a) of sub-section (3) of section 6 and sub-section (2) of section 47 of… Read More »
Press Note : First Advance Estimates of National Income, 2016-17 The Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation have released the First Advance estimates of national income at constant (2011-12) and current prices, for the financial year 2016-17. These are presented in Statements 1-4. The First Advance Estimates of GDP have been… Read More »
Delhi Zonal Unit of the Directorate of Revenue Intelligence (DRI) busts Hawala racket, seizes foreign currencies worth Rs.One Crore at IGI Airport. The Delhi Zonal Unit (DZU) of the Directorate of Revenue Intelligence (DRI),Ministry of Finance has busted at Hawala racket adopting an ingenious modus operandi of foreign currency smuggling at the IGI airport, New… Read More »
Furnishing of Monthly Form No. 24G Statements by Pay and Accounts Officers (PAOs)/District Treasury Officers (DTOs)/Cheque Drawing and Disbursing Officers(CDDOs) 1. Under what income tax rule should Form 24G be filed? Income-tax Department Notification no. 41/2010 dated May 31, 2010amended the Income Tax Rule 30 which mandates that in case of an office of the… Read More »
FORM NO. 10BA n(See rule 11B) DECLARATION TO BE FILED BY THE ASSESSEE CLAIMING DEDUCTION U/S 80 GG I/We……………………………………………………………………………………………………………………. ( Name of the assessee with permanent account number) do hereby certify that during the previous Year………….I/We had occupied the premise………………………….(full address of the premise) for the purpose of my/our own residence for a period of…………………..months and… Read More »
India and Kazakhstan sign Protocol to amend the Double Taxation Avoidance Convention (DTAC) India and Kazakhstan signed here today in the national capital a Protocol to amend the existing Double Taxation Avoidance Convention (DTAC) between the two countries which was earlier signed on 9thDecember, 1996 for the avoidance of double taxation and for the prevention… Read More »
General election to Legislative Assemblies of Goa, Manipur, Punjab, Uttar Pradesh & Uttarakhand, 2017 – Media Coverage during the period referred to in Section 126 of RP Act, 1951. The schedule for calling general election to the Legislative Assemblies of Goa, Manipur, Punjab, Uttar Pradesh & Uttarakhand has been announced on 4th January, 2017. Poll… Read More »
TDS on Salary for FY 2016-17 / Financial Year 2016-17 ( Assessment Year 2017-18 ) Following Circular of TDS on Salary for FY 2016-17 issued by CBDT explains how much TDS to be deducted and valuation of perquisites, Allowances etc. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) CENTRAL BOARD OF DIRECT TAXES DEDUCTION… Read More »
Checklist for Statutory Bank Audit 1.Download Closing circular issued to the branch / reference in their website. 2. The extent, size and specialization of the branch 3. The profile of the branch and performance in the past two years. 4. Comparative analysis of movement of interest income and expenses vis a vis advances and deposits… Read More »
Facts of the Case The assessee is a Hindu Undivided Family (HUF). During the previous year to the Assessment Year, the assessee had received certain advances from one M/s. G.S. Fertilizers (P) Ltd. In the audit report and annual return for the relevant period, which was filed by it before the Registrar of Companies… Read More »