Daily Archive: Saturday, April 23, 2016

ICAI Guidance Note on CARO 2016

Author: | Categories: ICAI No comments
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 with

New Rules notified by Government to revamp Scheduled Castes and Scheduled Tribes (Prevention of Atrocities) Act

Author: | Categories: Rules No comments
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 14

Central Govt. extends time limit for taking Central Excise registration of jeweller establishment up to 01.07.2016

Author: | Categories: Excise/Custom No comments
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 Customs,

Claim for sales return provision was in accordance with AS notified u/s 145 being best estimate of information available

Author: | Categories: Income Tax, ITAT, Judgments No comments
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 represents

UPS entitled to higher rate depreciation @ 60% being accessories and peripherals forming integral part of computer system

Author: | Categories: Income Tax, ITAT, Judgments No comments
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 computer. 

House Property Annual Value u/s 23(1). Whether flat ihabitable or not, a question of fact to be determined after appreciation of evidences

Author: | Categories: Income Tax, ITAT, Judgments No comments
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: ITA

Availability of self owned interest free funds for disallowance u/s 36(1)(iii) can only be determined by examining the accounts

Author: | Categories: Income Tax, ITAT, Judgments No comments
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 of
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