Daily Archives: June 14, 2016

15 Action points to curb Base Erosion and Profit Shifting

Base Erosion and Profit Shifting The following are the fifteen action plans envisaged to curb the base erosion and shifting of profits from one tax jurisdiction to others Action 1: Addressing the Tax Challenges of the Digital Economy (EN) Action 2: Neutralising the Effects of Hybrid Mismatch Arrangements (EN) Action 3: Designing Effective Controlled Foreign Company Rules (EN / FR) Action 4: Limiting… Read More »

ICAI vs Vivek Kapoor and others (P & H High Court)

CA professional providing accommodation entries, defrauding revenue, deserves to be debarred from practice for life time IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH Civil Reference No. 5 of 2012 (O&M) Date of decision: 18.3.2016 Institute of Chartered Accountants of India .. Petitioner v. Vivek Kapoor and others .. Respondents

Spread Over of Shortfall on Sale of NPAs to SCs/RCs

RBI/2015-16/423 DBR.No.BP.BC.102/21.04.048/2015-16 June 13, 2016 All Scheduled Commercial Banks (Excluding Regional Rural Banks) Prudential Norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances –Spread Over of Shortfall on Sale of NPAs to SCs/RCs In terms of paragraph 3.4 of circular DBOD.BP.BC.No.98/21.04.132/2013-14 dated February 26, 2014, as an incentive for early sale of non-performing… Read More »

RBI Scheme for Sustainable Structuring of Stressed Assets

RBI/2015-16/422 DBR.No.BP.BC.103/21.04.132/2015-16 June 13, 2016 All Scheduled Commercial Banks (Excluding RRBs), All-India Term-lending and Refinancing Institutions (Exim Bank, NABARD, NHB and SIDBI) Non-Banking Financial Companies Securitisation Companies/ Reconstruction Companies Scheme for Sustainable Structuring of Stressed Assets In order to strengthen the lenders’ ability to deal with stressed assets, Reserve Bank of India has been issuing,… Read More »

NO TDS u/s 194A on Interest awarded under Land Acquisition Act

Buy Latest Book on TDS HIGH COURT OF GUJARAT Movaliya Bhikhubhai Balabhai v. Income-tax Officer-TDS-1-Surat MS. HARSHA DEVANI AND G.R. UDHWANI, JJ. SPECIAL CIVIL APPLICATION NO. 17944 OF 2015 MARCH  31, 2016 Kushal V. Timbadia and Tushar L. Sheth, Advocates for the Petitioner. Hardik Vora, Asstt. Govt. Pleader and Sudhir M. Mehta, Sr. Standing Counsel… Read More »

Agriculture in Model GST Law

Agriculture in Model GST Law Govt has Released Model GST Law . As per Model GST Law various provisions for Agriculture are as follow Meaning of Agriculture in Model GST Law [ section 2(7) ] “agriculture” with all its grammatical variations and cognate expressions, includes floriculture, horticulture, sericulture, the raising of crops, grass or garde produce and also grazing,… Read More »

Model GST Law Released by Govt

MODEL GST LAW Empowered Committee of State Finance Ministers June, 2016 Download MODEL GST LAW Related Post Agriculture in Model GST Law An Insight of GST in India Report on Revenue Neutral Rate and Rates for GST Taxable person under GST Tax rates under GST: Executive Summary Roadmap for the implementation of GST No Revision of… Read More »

All ICDS Notified for Income Computation at one place

Income Computation and Disclosure Standard Govt has Notified Income Computation and Disclosure Standard (ICDS) Vide NOTIFICATION  NO.32/2015 [F. NO. 134/48/2010-TPL]/SO 892(E), DATED 31-3-2015 These Standards are to be followed by all assessees, following the mercantile system of accounting, for the purposes of computation of income chargeable to income-tax under the head “Profit and gains of business or profession” or… Read More »

ICDS X- Income Computation and Disclosure Standard X

ICDS X Income Computation and Disclosure Standard X Provisions, Contingent Liabilities and Contingent Assets Preamble This Income Computation and Disclosure Standard is applicable for computation of income chargeable under the head “Profits and gains of business or profession” or “Income from other sources” and not for the purpose of maintenance of books of account. In… Read More »

ICDS IX-Income Computation and Disclosure Standard IX

ICDS IX Income Computation and Disclosure Standard IX Borrowing Costs Preamble This Income Computation and Disclosure Standard is applicable for computation of income chargeable under the head “Profits and gains of business or profession” or “Income from other sources” and not for the purpose of maintenance of books of account. In the case of conflict… Read More »

ICDS VIII -Income Computation and Disclosure Standard VIII

ICDS VIII Income Computation and Disclosure Standard VIII Securities Preamble This Income Computation and Disclosure Standard is applicable for computation of income chargeable under the head “Profits and gains of business or profession” or “Income from other sources” and not for the purpose of maintenance of books of account. In the case of conflict between… Read More »

ICDS VII -Income Computation and Disclosure Standard VII

ICDS VII Income Computation and Disclosure Standard -VII Government Grants Preamble This Income Computation and Disclosure Standard is applicable for computation of income chargeable under the head “Profits and gains of business or profession” or “Income from other sources” and not for the purpose of maintenance of books of account. In case of conflict between… Read More »

ICDS VI -Income Computation and Disclosure Standard VI

ICDS VI Effects of Changes in Foreign Exchange Rates Preamble This Income Computation and Disclosure Standard is applicable for computation of income chargeable under the head “Profits and gains of business or profession” or “Income from other sources” and not for the purpose of maintenance of books of accounts. In the case of conflict between… Read More »

ICDS V – Income Computation and Disclosure Standard V

ICDS V ( Income Computation and Disclosure Standard V) Tangible fixed assets Preamble This Income Computation and Disclosure Standard is applicable for computation of income chargeable under the head “Profits and gains of business or profession” or “Income from other sources” and not for the purpose of maintenance of books of accounts. In the case… Read More »

ICDS IV -Income Computation and Disclosure Standard IV

ICDS IV ( Income Computation and Disclosure Standard IV) Revenue Recognition Preamble This Income Computation and Disclosure Standard is applicable for computation of income chargeable under the head “Profits and gains of business or profession” or “Income from other sources” and not for the purpose of maintenance of books of accounts. In the case of… Read More »

ICDS III -Income Computation and Disclosure Standard -III

ICDS III ( Income Computation and Disclosure Standard -III ) Construction Contracts Preamble This Income Computation and Disclosure Standard is applicable for computation of income chargeable under the head “Profits and gains of business or profession” or “Income from other sources” and not for the purpose of maintenance of books of accounts. In the case… Read More »

ICDS II -Income Computation and Disclosure Standard-II

ICDS II Income Computation and Disclosure Standard Valuation of Inventories Preamble This Income Computation and Disclosure Standard is applicable for computation of income chargeable under the head “Profits and gains of Business or profession” or “Income from other sources” and not for the purpose of maintenance of books of accounts. In the case of conflict… Read More »

ICDS I ( Income Computation and Disclosure Standard -I )

ICDS I (Income Computation and Disclosure Standard) Accounting Policies Preamble This Income Computation and Disclosure Standard is applicable for computation of income chargeable under the head “Profits and gains of business or profession” or “Income from other sources” and not for the purpose of maintenance of books of accounts. In the case of conflict between… Read More »

Stipend to MDS students for 3 years

Stipend to MDS students Norms for giving Stipend to MDS students has been notified by following notification by Govt of India :- THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4] DETNAL COUNCIL OF INDIA NOTIFICATION New Delhi, the 13th May, 2016 No. DE-87(4)-2016.—In exercise of the powers conferred upon the DCI by Section 20 of… Read More »

Rates of Income Tax / Income Tax slab rates /Chart AY 2016-17 & 2017-18

Rates of Income Tax / Income Tax slab rates  AY 2016-17 & AY 2017-18 This  article highlights Rates of income-tax / Income tax slab rates for AY 2016-17 and AY 2017-18 payable by Individual (Resident or Non Resident ) HUF (Hindu Undivided Family) Association of Person Body of Individual Any other Artificial Judicial Persons Local Authority… Read More »