Month: October 2016
Tax on Distributed income of Domestic Company for shares Buy-Back. Determination of amount as per Rule/section 115QA MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 94/2016 New Delhi, the 17th October, 2016 INCOME-TAX G.S.R. 982(E).—In exercise of the powers conferred by section 115QA …
ICAI warns of Misleading advertisements by educational institutes representing themselves as offering admission for chartered accountancy course ICAI has issued a public notice warning general public against misleading advertisements by colleges/educational institutions/private organizations etc. representing themselves as college of finance/accountancy, offering admission for chartered accountancy course. The public notice of ICAI …
Tax audit ITR Due date extension Jammu Kashmir AY 2016-17 to 31-12-2016 for all categories of assessees. CBDT order u/s 119 F.No. 225/195/2016/ITA.II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North-Block, ITA.II Division New Delhi, the 18th October, 2016 Order under …
ICAI Revised Guidance Note-Audit of Consolidated Financial Statements The Auditing and Assurance Standards Board of ICAI has released out a revised Guidance Note on Audit of Consolidated Financial Statements. Earlier, the Institute of Chartered Accountants of India had issued the ‘Guidance Note on Audit of Consolidated Financial Statements in 2003. As …
Public Sector Company Deemed Demerger on Shares Transfer by Central Government MINISTRY OF FINANCE Department of Revenue CENTRAL BOARD OF DIRECT TAXES Notification No. 93/2016 New Delhi, the 14th October, 2016 (INCOME-TAX) S.O. 3204(E).— In exercise of the powers conferred by Explanation 5 to clause (19AA) of section …
Difference in CPC Demand and Central Action Plan CAP-1. Income Tax Department study shows PrCCIT Regions -wise unreconciled differences. Directorate of Income Tax has issued a letter to all Principal Chief Commissioners of Income Tax (PrCCIT) stating that it has observed noticeable differences in the amount of demand as reported …
Partnership salary allowed in profit loss ratio as per deed. Remuneration clause provided the manner of quantifying as per CBDT Circular No. 739 – ITAT ABCAUS Case Law Ctation 1035 (2016)(10) ITAT Important Judgments Cited: Assistant Commissioner of Income Tax Vs. M/s. DCS International Trading Durga Dass Davki …
No Penalty 271(1)(c) even if quantum proceedings upheld additions. Merely because a bona fide explanation did not find favour, it would not justify the levy of concealment penalty-ITAT ABCAUS Case Law Citation: 1034 (2016) (10) ITAT Brief Facts of the Case: A search operation u/s 132 of the Income Tax Act, …
Insolvency and Bankruptcy Code 2016-ICAI Request to give suggestions on the Draft Rules and Regulations as issued by the Ministry of Corporate Affairs. he Ministry of Corporate Affairs as part of the process of implementing Insolvency and Bankruptcy Code, 2016 (Code) had set up a Working Group consisting …
IDS 2016 Clarification Instruction No. 11 of 2016 F.No.142/8/2016-TPL(Part) Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) *** New Delhi, the 13th October, 2016 To, All Principal Chief Commissioners of Income-tax Sub.: The Income Declaration Scheme, 2016 – reg. Representations have been …