Author: administrator

In a recent judgment, ITAT Jaipur while allowing assessee’s claim of exemption u/s 11 held that the Supreme Court decision in Goetze India Ltd. vs. CIT  that assessee was not entitled to claim exemption which was not made in the return was applicable to AO and not to the appellate authority. Case …

AASB of ICAI has constituted Expert panel for providing online support by addressing Bank Branch Audit related queries for FY 2015-16. The facility is available till 15/04/2016 only. The announcement of ICAI in this regard is as under: AUDITING & ASSURANCE STANDARDS BOARD CONSTITUTES EXPERT PANEL FOR ADDRESSING BANK …

ICAI has issued the following guidelines whereby any chartered accountant member responding to an exclusive areas of practice (like audit and attestation) shall be liable for disciplinary action. Council Affairs 4th April, 2016 ANNOUNCEMENT – RESPONDING TO TENDERS The matter pertaining to responding to tenders issued by various users of professional …

Empanelment of Chartered Accountant firm for concurrent audit assignment of Andhra Bank for 237 branches all over India-Last date to apply is 10/04/2016 Terms and conditions 1  Andhra bank invites applications from practicing Firms of Chartered Accountants, who are willing to have their Firm empanelled as Concurrent auditor …

MHRD Press Release-India Rankings 2016 Union HRD Minister Smt Smriti Zubin Irani Releases ‘India Rankings 2016’: India’s First Ever Rankings of Indian Institutions The Union Minister of Human Resource Development, Smt. Smriti Zubin Irani, released the India Rankings 2016 and dedicated India’s first ranking to the nation in …

Soon after the Indian Express spread the news (“Panama Papers”) on the names of few famous Indian personalities like film stars, business men, singers, lawyers etc. in global list of secret firms in tax heavens. The finance Ministry acted quickly to clarify  its stand and has issued a press release. As per …

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 4th April, 2016 Sub: Release of E-filing of Income Tax Returns (ITR) and other forms –reg In pursuance of the Notification of the Income Tax Returns (ITR) for AY 2016-17 …

To establish the fact that the assessee cultivated the land the Adangal extract is a must In a recent judgment, ITAT Chennai has stated that  to establish the fact that the assessee cultivated the land and eared agricultural income, the Adangal extract from the Village Administrative Officer is a must. …

In a recent order, ITAT Ahmedabad has held that the credit of self assessment tax paid which has the same effect as advance tax, and tax deducted or collected at source, can not be denied for the purpose of charging interest upon the assessee under section 234A. Case Details: …

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 4 th April, 2016 Sub: Record setting year for taxpayer services, issue of refunds by CBDT -reg The Central Board Direct Taxes achieved significant success in delivery of taxpayer services …