Month: July 2021
ICAI issues Guidance Note on Accounting for Derivative Contracts ICAI has formulated a ‘Guidance Note on Accounting for Derivative Contracts’ for uniform accounting principles for accounting of derivative contracts. The Guidance Note provides guidance on accounting for financial and commodity derivative contracts consistent with the extant international practices. …
Non renewed Fixed Deposits to attract less interest – RBI Directions RBI has revised its Instruction with respect to where a Fixed / Term Deposit matures and remains unpaid/unclaimed As per the existing instruction, if a Term Deposit matures and proceeds are unpaid, the amount of left unclaimed …
CIT Revision u/s 263 for failure of AO to convert limited scrutiny into complete scrutiny quashed as no credible material was available In the instant case, the assessee had challenged the revisionary order u/s 263 of the Income Tax Act, 1961 (the Act) passed by the CIT. The …
Retrospective amendment cannot change tax withholding liability with retrospective effect though it changes tax liability in respect of an income with retrospective effect ABCAUS Case Law CitationABCAUS 3521 (2021) (07) ITAT Important case law relied referred:M/s Euro RSCG Worldwide Inc.M/s Virola International Ashapura Minichem Ltd. vs ADIT 131 …
CBDT issues Guidelines on section 9B and formula u/s 45(4) of the Income-tax Act 1961 CBDT vide Circular No. 14 of 2021 dated 02nd July, 2021 issued Guidelines under section 9B and sub-section (4) of section 45 of the Income-tax Act, 1961 Finance Act, 2021 …
Online filing of AEO T2 and AEO T3 applications: Launch of Version 2.0 of web application for filing, real-time monitoring, and digital certification Circular No. 13/2021- Customs F. No. DIC/WEB/1/2020.WEB-O/o Pr COMMR-DIC-DELHI.Part(1)Government of India Ministry of Finance Department of RevenueCentral Board of Indirect Taxes and Customs Directorate of …
Implementation of Sea Cargo Manifest & Transhipment Regulations-detailes to be filed electronically Circular No.12/2021-Customs F. No.450/58/2015-Cus IV(Pt) Government of IndiaMinistry of FinanceDepartment of Revenue(Central Board of Indirect Taxes & Customs)***** Room No. 227B, North Block, New Delhi, dated the 30th June, 2021 To,All Principal Chief …
Extension of transitional provisions of Sea Cargo Manifest & Transhipment Regulations 2018. Authorised sea carrier to continue to deliver the cargo declaration in old Forms MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) Notification No. 56/2021-Customs (N.T.) New Delhi, the 30th June, 2021 G.S.R. 457(E).—In …
Under PMLA, further relaxation is given in operation of trust small bank accounts till 31st December, 2021 MINISTRY OF FINANCE(Department of Revenue) NOTIFICATION New Delhi, the 30th June, 2021 G.S.R. 461(E).—In exercise of the powers conferred by clause (iiia) of sub-rule(5) of rule 9 of the Prevention of …
ICAI announce modified opt out options for ca exams as per Supreme Court directions As directed by the Hon’ble Supreme Court and in continuation of it previous announcement dated 21st June 2021 regarding Opt Out option for the examinees for Chartered Accountant Examinations, July 2021, ICAI has …
