Daily Archives: June 16, 2016

Due date for quarterly uploading of Form 15G/15H

The Pr. DGIT (Systems) specifies the due date for quarterly uploading of Form 15G/15H declarations by payers on e-Filing portal vide Notification No. 9/2016 dated 09/06/2016. For details click here   Related Post Due date of quarterly uploading of Form 15G /H declaration by payers

Shipbreaking Code 2013, Comments Invited

Proposed Amendments to the Shipbreaking Code, 2013: Stakeholders Comments Called for In pursuance of the directions of the Hon’ble Supreme Court in CWP 657 of 1995, in the matter of Research Foundation for Science Vs Union of India and another, Government of India in the Ministry of Steel had formulated and notified the comprehensive code… Read More »

Exchange Rate of Foreign Currency Notified

Exchange Rate of Foreign Currency Relating to Imported and Export Goods Notified In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Central Board of Excise and Customs (CBEC) No.80/2016-CUSTOMS (N.T.), dated 2nd June, 2016, except as respects things done… Read More »

GST on E commerce transactions

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 »

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

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

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 »