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 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) …

Guidance Note on Accounting for Real Estate Transactions-ICAI ICAI has issued a Guidance Note on Accounting for Real Estate Transactions (for entities to whom Ind AS is applicable). The objective of the guidance note is  to recommend the accounting treatment by entities dealing in ‘Real Estate’ as sellers …

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 …

Feedback on Income-tax Arrear Demand Verification Portal invited by ICAI ICAI Announcment The Income Tax Department has launched an “Arrear Demand Verification Portal at https://incometaxindiaefiling.gov.in/ which can be accessed by the assessees with their respective user-id. This portal provides various options in the assessee’s dashboard for settling/modifying the …

India-Mauritius double taxation avoidance convention amendment protocol for prevention of tax evasion on income and capital gains. Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 10th May, 2016 Subject: Protocol for amendment of the Convention for the avoidance …