Income Tax Department has issued an advisory/reminder on filing of Statement of Financial Transaction which is required to be filed latest by 31-05-2018 for FY 2017-18 The following category of persons are required to file online SFT: Sub-registrar Cooperative Bank Banking Company NBFC Nidhi Post Master General Issuer …

Cabinet approves restructuring of balance sheet of Scooters India Limited, Lucknow  The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi has given its approval for restructuring of balance sheet of Scooters India Limited, Lucknow (SIL) by way of: 1. reduction of equity of Rs. …

ICAI ISA Course Assessment Test June 2018. Last Date to apply online is 5th June 2018, exam shall be held on 23rd June 2018 ICAI Information Systems Audit (ISA) Course Assessment Test June, 2018 The examination shall be conducted on 23 June 2018 at 9.00 a.m. to 1.00 …

TDS credit on conflict of cash and accrual accounting. ITAT following High Court allowed proportionate TDS when TDS only was offered to tax The appellant assessee had filed the instant appeal contesting the order of the Commissioner of Income-Tax (Appeals) confirming inter alia the TDS credit restricted by …

ICAI FAQ on Revised SA 570 Going Concern Applicable for audits of financial year 2017-18 Frequently Asked Questions on SA 570 (Revised) ‘Going Concern’ (Applicable for audits of financial year 2017-18) ICAI had issued Revised SA 570-Going Concern along with other Standards, SA 700 (Revised), SA 701, SA 705 …

Task Force to submit draft of new direct tax law by 22nd August, 2018.  Extension of the term by three months beyond the initial term of six months. In order to review the existing Income-tax Act, 1961 and to draft a new direct tax law in accordance with economic needs …