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Amendment to convention Between India-Mauritius DTAA and Prevention of fiscal evasion of income taxes, capital gains, mutual trade-investment encourgement

MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 10th August, 2016 (INCOME-TAX) S.O. 2680(E).—Whereas, a Protocol amending the agreement between the Government of the Republic of India and the Government of Mauritius, signed on 24th August, 1982 for the avoidance of double taxation and the prevention …

Rent held Business Income not House Property income when the business of the company was to lease its property and to earn rent-Supreme Court

Rent held Business Income not House Property income  When the the assessee company had only one business and that is of leasing its property and earning rent therefrom,  the income so earned should be treated as its business income and not as income from house property-Supreme Court ABCAUS Case …

Service tax on freight forwarders on transportation of goods from India when freight forwarders act as agent or principal-Circular

Service tax on freight forwarders on transportation of goods from India when freight forwarders act as agent or principal. Circular No. 197/7/2016 -Service Tax F. No. 137/54/2016-Service Tax-Part-I Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs Service Tax Wing New Delhi, …

RBI-Customers Limited Liability in Unauthorised Net Banking Transactions. After reporting unauthorised transaction to bank loss shall be borne by bank.

RBI-Customers Limited Liability in Unauthorised Net Banking Transactions. After reporting unauthorised transaction to bank loss shall be borne by bank. Customer Protection – Limiting Liability of Customers in Unauthorised Electronic Banking Transactions Reserve Bank of India (RBI) has placed a Draft Circular on “Customer Protection – Limiting Liability of Customers …

Chartered Accountant held guilty of misconduct not detecting fraud in bank concurrent audit with penalty of severe reprimand – Delhi High Court

CA held guilty of misconduct not detecting fraud in bank concurrent audit, served with penalty of severe reprimand – Delhi High Court ABCAUS Case Law Citation: 983 2016 (08) HC Date/Month of Judgment: August 2016 The indictment: It was alleged by the bank that the respondents chartered accountant had …

Settlement of audit objections in Ministries-Departments. JS level Committee to be set up to settle outstanding Inspection Reports & Audit Paras

F.No. 12(10)/E-Coord/2016 Government of India Ministry of Finance Department of Expenditure Lok Nayak Bhavan, New Delhi Dated the 10th August 2016 OFFlCE MEMORANDUM Subject: Settlement of audit objections- formation of Committee. It has been brought to the notice of this Ministry that a large number of Inspection Reports …
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