Prosecution u/s 276CC-CBDT asks Department to identify potential cases of non filing of income tax return ITRs for AY 2013-14 to initiate proceedings

CBDT has asked Income Tax Department to identify the potential cases of non filing of income tax return (ITRs) for AY 2013-14 and initiate prosecution u/s 276CC if the conditions prescribed are fulfilled. In a letter issued by Directorate of Income tax (Systems) dated 22/03/2016, Pr. Chief Commissioner of …

Accounting Codes for Infrastructure Cess notified by CBEC

No. Coord/13-6/H/A/c/Vol.VIII/ 333 0/o Pr. Chief Controller of Accounts Central Board of Excise & Customs Dated 28-03-2016 Office Memorandum Subject:- Opening of New Minor Head “5o6-Infrastructure Cess” below Sub­–Major Head “03-Non-Sharable Duties” under Major Head “0038-Union Excise Duties”. · The undersigned has been directed to inform that the …

Companies (Accounting Standards) Amendment Rules, 2016 Notification

Ministry of Corporate Affairs (MCA) has made amendments to  Companies (Accounting Standards) Rules, 2006 by the Companies (Accounting Standards) Amendment Rules, 2016 by notification dated 30/03/2016. In the amended rules: Reference to Companies Act 2013 has been incorporated; For financial statements reference to section 2(40) of the Companies Act 2013 …

MCA Notified Indian Accounting Standards Ind AS 11 Construction Contracts and Ind AS 18 Revenue. Download Full Notification

On 16-02-2015, MCA had notified Companies (Indian Accounting Standards) Rules, 2015. Today, (30/03/2016) Ministry of Corporate Affairs (MCA) has notified Companies (Indian Accounting Standards) (Amendment) Rule, 2016. The amendment has made the following changes: Indian Accounting Standard (Ind AS) 11 – Construction Contracts notified. The  standard shall be applied in accounting for …