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Penalty us 271FA for late filing AIR Return quashed. Country’s tax laws are complex, complicated and require assistance of specialised tax practitioners

Penalty us 271FA for late filing AIR Return quashed. Country’s tax laws are complex, complicated and require assistance of specialised tax practitioners

August 7, 2016 Income Tax, ITAT, Judgments
Penalty us 271FA for late filing AIR Return quashed by ITAT considering that the tax laws of the country are complex and complicated and require assistance of specialised tax practitioners.  ABCAUS Case Law Citation: 980 2016 (08) ITAT Date/Month of Judgment: August 2016 Important Judgments relied by the assessee: Motilal …
IRDAI-Guidelines on Remuneration of Non-executive Directors and Managing Director /Chief Executive Officer / Whole-time Directors of Insurers

IRDAI-Guidelines on Remuneration of Non-executive Directors and Managing Director /Chief Executive Officer / Whole-time Directors of Insurers

August 6, 2016 IRDAI
To all Private sectors Insurers Ref:IRDA/F&A/GDL/LSTD/154/08/2016 Date:05-08-2016 Guidelines on Remuneration of Non-executive Directors and Managing Director /Chief Executive Officer / Whole-time Directors of Insurers Financial institutions like insurance companies are an important part of the financial system. Any risk that adversely affects the insurers also gets transmitted to …
Road map to GST

Next Steps in Goods and Service Tax-Road map to GST Revenue Secretary’s presentation after passage of Constitution Amendment Bill

August 5, 2016 GST
NEXT STEPS GOODS AND SERVICES TAX: THE ROADMAP TO GST  Revenue Secretary’s presentation on next steps required about GST after passage of Constitution Amendnent Bill  Establishment of Legal Framework • Preparation of IT infrastructure • Change Management: Training of Officials and Staff Outreach and Consultation with trade and …
Cheque dishonour-Cheque book non issue

Cheque dishonour-Cheque book non issue procedure relaxation. Even for four dishonours during FY for insufficient fund bank to determine their response.

August 4, 2016 RBI
Dishonour of cheques – Modification in procedure RBI/2016-17/33 DBR.No.Leg.BC.3/09.07.005/2016-17 August 04, 2016 All Scheduled Commercial Banks (Including RRBs) Dear Sir/ Madam, Dishonour of cheques – Modification in procedure Please refer to our circular DBOD.BC.Leg.No.113/09.12.001/2002-03 dated June 26, 2003 and paragraph 11.4 (i) of RPCD.CO.RRB.BC.No.100/03.05.33/2013-14 dated May 12, 2014 …
Implementation of Ind AS

Implementation of Ind AS by All India Financial Institutions (Exim Bank, NABARD, NHB and SIDBI) for accounting periods beginning from April 1, 2018

August 4, 2016 RBI
Implementation of Indian Accounting Standards (Ind AS) Reserve Bank of India RBI/2016-17/34 RBI/2016-17/DBR.FID.No. 1/01.02.000/2016-17 August 04, 2016 All India Financial Institutions (Exim Bank, NABARD, NHB and SIDBI) Madam / Dear Sir, Implementation of Indian Accounting Standards (Ind AS) The Ministry of Corporate Affairs (MCA), Government of India has …
Website Sachet

Website Sachet सचेत launched by RBI to curb Illegal Deposits Collections. Public can check if an entity is permitted to accept deposits or not.

August 4, 2016 RBI
RBI Governor launches Website ‘सचेत’ to curb Illegal Collection of Deposits Reserve Bank of India Dated: Aug 04, 2016 “Initiating quick follow up and taking cases to logical conclusion by punishing the guilty is paramount to deter entities in future from carrying out unlawful activity. I hope ‘Sachet’ …