Day: April 23, 2016
Companies (Auditor’s Report) Order, 2016 (CARO 2016) issued by the Ministry of Corporate Affairs (MCA) is applicable for audits of financial statements for periods beginning on or after 1st April 2015 (FY 2015-16) The new reporting requirements of CARO 2016 are distinguished and from earlier CARO Orders. ICAI has come up …
Ministry of Social Justice & Empowerment-Press Release dated 23/04/2016 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 …
Circular No. 1026/14/2016-CX F. No. 354/25/2016-TRU Government of India Ministry of Finance Tax Research Unit New Delhi, the 23rd April, 2016 To, Principal Chief Commissioners I Chief Commissioners of Central Excise (All); Principal Chief Commissioners I Chief Commissioners of Customs & Central Excise (All); All Director Generals of …
In a recent judgment, ITAT Delhi has allowed claim for provision made for sales return holding that as per Accounting Standard notified u/s 145 of Income Tax Act, 1961, provisions should be made for all known liabilities and losses even though the amount cannot be determined with certainty and …
In a recent judgment, ITAT Delhi has allowed depreciation on UPS at the higher rate of 60% allowable at computers following Delhi High Court judgment that computer accessories and peripherals such as, printers, scanners and server etc. form an integral part of the computer system and cannot be used without the …
ITAT, Mumbai in a recent judgment has held that for determination of Annual Value of House property, u/s 23(1), whether the residential property (flat) was habitable or not was a question of fact that can be determined only after appreciation of evidences and remanded the case back to AO. Case Law Details: …
In a recent judgment, Amritsar has held that issue of availability of self owned interest free funds for making disallowance u/s 36(1)(iii) can only be determined by examining the accounts. Case Details: ITA No.66(Asr)/2016 Assessment year:2008-09 M/s. Sehdev Enterprises vs. Income Tax Officer Date of Order/Judgment: 21/04/2016 Brief Facts …
The Institute of Cost Accountants of India REQUEST FOR COMMENTS 19th April 2016 Cost Accounting Standards Board (CASB), the standard-setting body of the Institute, has approved the release of Exposure Draft of Guidance Note on ‘Treatment of Costs Relating to Corporate Social Responsibility (CSR) Activities’ in its 82nd …
NSDL Tax Information Network (TIN) Notice Online Upload of e-TDS/TCS statement(s) and AIR functionality will be discontinued from May 1, 2016 at TIN. The users who are desirous to file e-TDS/TCS statements/AIR are requested to visit our TIN-FC agents at https://www.tin-nsdl.com/tin-facilities.php. Alternatively, you can visit to e-filing website …