Regarding Empanelment of professionals having at least fifteen years of continuous practice as a Chartered Accountant with Regional Directors of the respective Region as Mediator or Conciliator for the year 2017-2018. I would like to inform you that the Regional Directors of Southern and North Western Region), Ministry of Corporate Affairs (MCA), Government of India… Read More »
MINISTRY OF SKILL DEVELOPMENT AND ENTREPRENEURSHIP NOTIFICATION New Delhi, the 10th February, 2017 S.O. 394 (E).–– Whereas, the use of Aadhaar as identity document for delivery of services or benefits or subsidies simplifies the Government delivery processes, brings in transparency and efficiency, and enables beneficiaries to get their entitlements directly in a convenient and seamless… Read More »
Gifts taxable in hands of every person [Section 56 of Income tax Act – Applicable from 01.04.2017 ] Widening scope of Income from other sources Under the existing provisions of section 56(2)(vii), any sum of money or any property which is received without consideration or for inadequate consideration (in excess of the specified limit of… Read More »
Extension of Capital Gain exemption to rupee denominated bonds [Sections 47 and 48 of Income tax Act – Applicable from Assessment Year 2018-19 ( Financial Year 2017-18) ] With a view to provide relief to non-resident investor, in the wake of permission to the Indian corporates by the Reserve Bank of India (the RBI) to… Read More »
Expanding the scope of long term bonds under 54EC [Section 54EC of Income Tax Act – Applicable from Assessment Year 2018-19] The existing provision of section 54EC of Income Tax Act provides that capital gain to the extent of Rs. 50 lakhs arising from the transfer of a long-term capital asset shall be exempt if… Read More »
No capital gains Tax on conversion of preference shares into equity [Section 47 of Income tax Act- Applicable from Assessment Year 2018-19 (Financial Year 2017-18) ] Under the existing provisions of the Act, conversion of security from one form to another is regarded as transfer for the purpose of levy of capital gains tax. However,… Read More »
Special provisions for computation of capital gains in case of joint development agreement [Section 45(5A) of Income tax Act- Applicable from Assessment Year 2018-19 (Financial Year 2016-17) ] Under the existing provisions of section 45 of Income tax Act, capital gain is chargeable to tax in the year in which transfer takes place except in certain… Read More »
Mutatis mutandis Mutatis mutandis Meaning Making necessary alterations while not affecting the main point at issue.The necessary changes being made; with necessary changes The phrase is often used in legislation in applying or extending legislative provisions to same or similar circumstances of the same or similar subjects. It is nothing but a rule of adaptation.… Read More »
Locus standi Meaning of Locus standi The right or capacity to bring an action or to appear in a court. The right to have one’s case heard. Case Laws on Locus standi 1. Karnataka High Court’s decision in the case of Devyani International Ltd. v. Union of India [2011] 32 STT 404 In this… Read More »
Evidence Your Audit- An Exhaustive Guide to Audit Documentation by Khurshed Noshir Pastakia The publication on Audit Documentation focusses on “How the Auditor should do the documentation to safeguard himself”. Documentation is a double-edged sword. If what is documented evidences that the audit was planned and performed to meet the standards on auditing, it can sturdily… Read More »