Daily Archives: October 30, 2015

Guidance Note on Reporting on Fraud under Section 143(12) of the Companies Act, 2013

By | October 30, 2015

Auditing and Assurance Standards Board Guidance Note on Reporting on Fraud under Section 143(12) of the Companies Act, 2013 The Auditing and Assurance Standards Board of the Institute of Chartered Accountants of India has today issued the Guidance Note on Reporting on Fraud under Section 143(12) of the Companies Act, 2013. For the benefit of… Read More »

Packaged,readymade, off the shelf software are liable only to VAT

By | October 30, 2015

 High Court of Karnataka Finance Department of Karnataka Department vs IBM India Private Limited, STRP No. 215/2011  18th September 2015, Following aspects in respect of sale and development of customized software has been held with regard to their taxability: 1.The packaged, readymade, off the shelf software are pure goods liable only to VAT. 2. The… Read More »

No addition of sundry creditors while making assessment under section 44AF

By | October 30, 2015

No addition can be made in respect of sundry creditors while making assessment under section 44AF IN THE ITAT PANAJI BENCH Good Luck Kinetic v. Income-tax Officer, Ward -2, Margao GEORGE MATHAN, JUDICIAL MEMBER AND N.K. BILLAIYA, ACCOUNTANT MEMBER IT APPEAL NO. 26 (PNJ.) OF 2013 [ASSESSMENT YEAR 2006-07] JUNE  15, 2015 A perusal of… Read More »

Advances paid for purchase of Machinery amount to utilization u/s 54G

By | October 30, 2015

Advances paid for purpose of purchase and/or acquisition of plant/machinery, and land/building amount to utilization by assessee of capital gains under section 54G SUPREME COURT OF INDIA Fibre Boards (P.) Ltd. v. Commissioner of Income-tax, Bangalore A.K. SIKRI AND ROHINTON FALI NARIMAN, JJ. CIVIL APPEAL NOS. 5525 – 5526 OF 2005 AUGUST  11, 2015  A… Read More »

Assessee can claim Section 10A even though he claimed Section 80HHE in earilier Assessment Year

By | October 30, 2015

PR. Commissioner of Income Tax Vs. E-funds International India Pvt. Ltd., I.T.A. No. 607/2015, Date of Order: 06.10.2015, High Court of Delhi Whether AO is correct while not allowing deduction under Section 10A to the Assessee either for the same or any subsequent assessment year where assessee had claimed deduction under Section 80HHE of the… Read More »

Framework for Revitalising Distressed Assets in the Economy

By | October 30, 2015

Early Recognition of Financial Distress, Prompt Steps for Resolution and Fair Recovery for Lenders: Framework for Revitalising Distressed Assets in the Economy – Review of the Guidelines on Joint Lenders’ Forum (JLF) and Corrective Action Plan (CAP) RBI/2015-16/214 DNBR.CC.PD.No. 070/03.10.01/2015-16 October 29, 2015 To All Non-Banking Financial Companies (NBFCs) Madam/ Sir, Early Recognition of Financial… Read More »

Subscription to National Pension System by Non Resident Indians

By | October 30, 2015

RBI/2015-16/216 A.P. (DIR Series) Circular No. 24 October 29, 2015 To, All Authorised Dealer Category – I Banks Madam/Sir Subscription to National Pension System by Non-Resident Indians (NRIs) Attention of Authorised Dealers Category – I (AD Category – I) banks is invited to the Foreign Exchange Management (Transfer or Issue of Security by a Person… Read More »

Short Selling allowed by RBI between CSGL account holder (custodian) and its gilt account holder (GAH)

By | October 30, 2015

RBI/2015-16/217 FMRD.DIRD.5/14.03.007/2015-16 October 29, 2015 All market participants Dear Sir/Madam Secondary Market Transactions in Government Securities – Short Selling This has reference to circular IDMD.No.03/11.01.01(B)/2005-06 dated February 28, 2006, as updated vide circulars IDMD.No/11.01.01(B)/2006-07 dated January 31, 2007, IDMD.DOD.No.3165 /11.01.01(B)/ 2007-08 dated January 1, 2008, IDMD.PCD.14/14.03.07/2011-12 dated December 28, 2011, IDMD.PCD.21 /14.03.07/2011-12 dated June 21,… Read More »

Change in name on account of marriage or otherwise

By | October 30, 2015

Amendment to Prevention of Money Laundering (Maintenance of Records) Rules, 2005 – Submitting ‘Officially Valid Documents’ – Change in name on account of marriage or otherwise RBI/2015-16/213 DBR. AML.BC. No. 46/14.01.001/2015-16 October 29, 2015 The Chairpersons/ CEOs of all Scheduled Commercial Banks/ Regional Rural Banks/ Local Area Banks/ All India Financial Institutions/ all NBFCs/ All… Read More »

Education Cess and SHE allowed to be utilized for service tax payment

By | October 30, 2015

Education Cess and Secondary and Higher Education Cess paid on inputs or capital goods received in the premises of the provider of output service on or after the 1st day of June, 2015 can be utilized for payment of service tax on any output service [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART… Read More »

FAQ on Options on USD INR Spot Rate

By | October 30, 2015

What are Currency Options? Currency Options are contracts that grant the buyer of the option the right, but not the obligation, to buy or sell underlying currency at a specified exchange rate during a specified period of time. For this right, the buyer pays premium to the seller of the option. What is the need… Read More »

FAQ on 10 Year notional coupon bearing Security Futures of Government of India

By | October 30, 2015

 Q1. What is Interest Rate Futures? A. Interest Rate Futures means a standarised interest rate derivative contract traded on a recognized stock exchange to buy and sell a notional security or any other interest bearing instrument or an index of such instruments or interest rates at a specified future date, at a price determined at… Read More »