Consolidated Foreign Direct Investment Policy Circular of 2017 – inviting comments from stakeholders Department of Industrial Policy & Promotion issued a ‘Consolidated FDI Policy Circular (Circular 1 of 2010)‘ on 31/03/2010, compiling all the information on FDI policy at one place. The Circular subsumed all the earlier Press Notes/ Press Releases/ Clarifications regarding Government’s policy… Read More »
CA Final November 2016 Pass Percentage ttempt Group No. Of Candidate Appeared No. of candidates cleared pass percentage CA Final November 2016 Pass Percentage Both 36768 4256 11.57% CA Final Nov 2016. Group – 1. 37200 2655 07.14% CA Final Nov 2016. Group – 2. 36896 4545 12.32% CA Final may 2016 Both 40180 4565… Read More »
Ministry of Corporate Affairs updates dt. 18.01.2017 Forms ADJ, DIR-6 and 23AC are likely to be revised on MCA21 Company Forms Download page w.e.f 19th Jan 2017. Stakeholders are advised to check the latest version before filing. Revised INC-7 form for incorporating Part 1 companies and companies with more than 7 Subscribers is made available… Read More »
From Ministry of Corporate Affairs , Govt of India To, The Principal Officer All eligible companies Sir, As per Rule 114E of the Income Tax Rules 1962, for and from 2016-17, all companies have to be furnish SFT in respect of certain specified transactions as tabulated below: S.No. Nature and value of transactions Reporting companies… Read More »
Life Certificate for Pensioner /Jeevan Praman Ho No. Pension-I/17(1)2016/Jeevan Pranam/613 Dated 16.01.2017 Subject : Submission of Life Certificate for Pensioner extended to 28.02.2017
Rounding off of tax under GST As per Section 160 of Revised Model GST Law, 160. Rounding off of tax etc. The amount of tax, interest, penalty, fine or any other sum payable, and the amount of refund or any other sum due, under the provisions of the Act shall be rounded off to the nearest… Read More »
Tax sparing credit The Hyderabad Bench of the Income-tax Appellate Tribunal held that: (1) the “ tax sparing ” credit is allowed on the interest income under the India-Cyprus income tax treaty; (2) payment for clinical trials is not taxable as “fees for technical services” under the India-United States income tax treaty; and (3) post-merger,… Read More »
PANs and reporting of cash transactions The Central Board of Direct Taxes issued guidance with respect to permanent account numbers (PANs) reflecting the links to bank accounts with PAN/Form No. 60. The rules were also amended to provide details of bank accounts in which cash deposits were made during the demonetisation period and making this… Read More »
Foreign tax credit allowed on basis of gross receipts The Ahmedabad Bench of the Income-tax Tribunal held that the foreign tax credit is applicable with respect to “ income ”—and not “gross receipts.” However, the tribunal allowed the taxpayer’s claim for foreign tax credit on the basis of “ gross receipts. ” The case is:… Read More »
Depreciation on goodwill The Ahmedabad Bench of Income Tax Appellate Tribunal allowed the taxpayer’s claim of depreciation on goodwill under Section 32 of the Income-tax Act, 1961 (even though the claim was not made by the taxpayer on an amended return, but was made during the course of assessment proceedings). The case is: Zydus Wellness… Read More »