Author: administrator

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 business of the company was to lease its property and to earn rent-Supreme Court

August 12, 2016 Income Tax, Judgments, 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

August 12, 2016 Service Tax
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.

August 12, 2016 RBI
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

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

August 12, 2016 Chartered Accountants, ICAI
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

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

August 11, 2016 Finance Ministry
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 …

PAN compulsory in Form No 10 for author founders trustees managers of charitable trust or institution in application for registration u/s 12A

August 10, 2016 Income Tax
PAN compulsory in Form No 10 for author founders trustees managers of charitable trust or institution in application for registration u/s 12A MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 9th August, 2016 INCOME-TAX S.O. 2671(E).— In exercise of the powers …