Author: administrator

Should there be more than one ICAI Vice President ?

Should there be more than one ICAI Vice President? This is one of the terms of reference of the group constituted by ICAI  for review of the existing term of the Council. The announcement of ICAI is as under: Council Affairs/M-626/2016 11th May, 2016 ALL MEMBERS OF THE COUNCIL …

No difference between gift and settlement for capital gain. Holding period of previous owner (settlor) transferring capital asset u/s 2(42A) to be counted

No difference between gift and settlement for capital gains purposes. In a recent judgment, ITAT, Chennai has held that  there is no difference between a gift and settlement and for the purpose of computing capital gains, the holding period of the capital asset (Trade Mark) transferred,  the holding period …

Internship Programme Department of Expenditure MoF FY 2016-17 How to apply. Eligibility, Duration, Remuneration, Placement, Certificate and Selection

Internship Programme Department of Expenditure MoF FY 2016-17 How to apply. Eligibility, Duration, Remuneration, Placement, Certificate and Selection  No.A.33025/04/2016-Ad.I Government of India Ministry of Finance Department of Expenditure North Block  New Delhi, 9th May, 2016 Subject:- Internship Programme of Department of Expenditure The objective and guide lines/salient features …

No mandatory show cause notice requirement us 263. Only reasonable opportunity of hearing to be afforded to the assessee-Supreme Court

No mandatory show cause notice requirement us 263-SC. Only reasonable opportunity of hearing to be afforded to the assessee The Supreme Court in its latest judgment delivered in the case of legendary Indian Movie actor Amitabh Bachchan (Big-B) has upheld and restored the CIT revisionary order u/s 263 …

Govt plan making black money fake notes circulating ineffective. No guidelines to minimise cash transactions to curb money laundering, black money.

Govt plan making black money fake notes circulating ineffective. Denies about any guidelines to minimise cash transactions to curb money laundering, black money.  The Government has not issued any guidelines regarding minimising daily financial transactions in cash to curb money laundering, black money and so on. However, the plans of …

ITR AL schedule capture assets, liabilities details not net worth. For AY 2016-17 Schedule AL is applicable if total income exceeds Rs.50 lakh

ITR AL schedule capture assets liabilities not net worth details.  Press Release of Finance Ministry dated 10/05/2016 Declaration of Assets & Liabilities in the new ITR forms Central Board of Direct Taxes (CBDT) have released new income-tax return forms with mandatory provisions of declaring Assets & Liabilities (A&L) …

CA Firms Empanelment for CBI Forensic Audit. Applications last date is within one week’s time-ICAI Announcement dated 10/05/2016

CA Firms Empanelment for CBI Forensic Audit. Applications last date is within one week’s time-ICAI Announcement dated 10/05/2016 Central Bureau of Investigation (CBI) has sought the help of the Institute of Chartered Accountants of India for investigation of important Forensic Audit assignments. Chartered Accountants firms having prior sufficient …