Daily Archives: June 16, 2016

GST on E commerce transactions

By | June 16, 2016

GST on E commerce ‘Aggregator’ means a person, who owns and manages an electronic platform, and by means of the application and a communication device, enables a potential customer to connect with the persons providing service of a particular kind under the brand name or trade name of the said aggregator; ‘Electronic commerce’ shall mean… Read More »

Speedy disbursal of pending refund claims of exporters of services

By | June 16, 2016

Refund claims under rule 5 of the CENVAT Credit Rules, 2004 Circular No. 195/05/2016-Service Tax F. No. 137/62/2015-Service Tax Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs Service Tax Wing *** New Delhi, dated 15th June, 2016 To All Principal Chief Commissioners of Central Excise All Chief Commissioners… Read More »

Taxpayer not required to have Separate Books of Accounts as per ICDS

By | June 16, 2016

Income computation and disclosure standards Separate Books of Accounts not required as per ICDS As per Explanatory Memorandum to Finance (No. 2) Bill, 2014  ” ……The Central Board of Direct Taxes (CBDT) had constituted an Accounting Standard Committee in 2010. The Committee has submitted its Final Report in August, 2012. The Committee recommended that the AS… Read More »

If ICDS not followed in preparing return ,AO may do Best judgment assessment

By | June 16, 2016

Income computation and disclosure standards Income computation and disclosure standards are mandatory from AY 2016-17 as per Notification  NO.32/2015 [F. NO. 134/48/2010-TPL]/SO 892(E) Dated 31.03.2015  Central Government notified the income computation and disclosure standards to be followed by all assessees, following the mercantile system of accounting, for the purposes of computation of income chargeable to income-tax… Read More »