Daily Archives: October 18, 2016

RBI issues updated master direction on non-deposit taking NBFC.

 Reserve Bank of India Master Direction – Non-Banking Financial Company – Non-Systemically Important Non-Deposit taking Company (Reserve Bank) Directions, 2016 (Updated as on October 17, 2016) Master Direction – Non-Banking Financial Company – Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016 (Updated as on October 17, 2016)

Burden on assessee to prove interest-free funds exceeded value of investment to escape section 14A disallowance

Held The burden is upon the assessee to show and prove that interest free fund far exceeds the value of investment and thereafter, to justify the quantification of amount of Rs. 4 lakhs towards disallowance for the exempted income. In the present case, the said burden has not been discharged satisfactorily and thereafter, the assessing… Read More »

Centre proposes 26% peak rate for GST

The Centre is likely to propose a four-tier tax structure under the goods and services tax (GST), with a peak slab of 26 per cent. Almost 20-25 per cent of all taxable goods, including those consumed by the middle class, could come under the peak rate. The idea is to arrive at a common ground… Read More »

Category: GST

3-Day GST Council Meet Begins Today, Decision On Tax Rates Likely

The central government’s efforts to implement the Goods and Services Tax or GST law from April 1 next year is about to enter a critical phase. Starting today, the three-day meeting of the GST Council will take a decision on the tax bands and iron out issues like compensation formula for the new indirect tax… Read More »

Category: GST

GST Council seen debating on two standard rates for goods, services

The Goods and Services Tax regime is likely to have two standard rates — one for goods and the other for services. A discussion to this effect is expected at the third meeting of the GST Council, which begins on Tuesday. According to the proposal under consideration, the rate structure under GST would mirror that… Read More »

Category: GST

CBDT notified rules for Buy-Back of Shares

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 17th October, 2016 INCOME-TAX G.S.R. 982(E).—In exercise of the powers conferred by section 115QA read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend… Read More »

ICAI hosted Exemption(s) in CA inter and Final Paper valid for Nov 16

Institute of Chartered Accountants of India Hosting of exemption(s) in a paper granted in Intermediate and Final examinations, valid for November 2016 – (15-10-2016) Re: Hosting of exemption(s) in a paper granted in Intermediate and Final examinations, valid for November 2016. Exemption(s) in a paper(s) are granted to candidates of Intermediate and Final examinations, in… Read More »

Free Download Guidance Note on Audit of Consolidated Financial Statements (Revised 2016)

Guidance Note on Audit of Consolidated Financial Statements (Revised 2016) The Auditing and Assurance Standards Board of the Institute of Chartered Accountants of India, in 2003, had issued the Guidance Note on Audit of Consolidated Financial Statements to provide guidance to the members undertaking audits of consolidated financial statements. Since the issuance of this Guidance… Read More »

Procedures smplified for handling exporters obligations under EPCG authorizations

Instruction F.No.605/71/2015-DBK Government of India Ministry of Finance: Department of Revenue Central Board of Excise and Customs (Drawback Division) **** New Delhi, dated 14th October, 2016 To Pr. Chief Commissioners/Pr. Directors General (All) Chief Commissioners/Directors General (All) Pr. Commissioners/Commissioners (All) Madam/Sir, Subject: Rationalization of procedures in handling exporters obligations under EPCG authorizations -reg. The undersigned is directed to… Read More »

Guidelines for eligible investment fund under Section 9A

Eligible investment fund under Section 9A of Income Tax Act  (India) Form No.3CEJ – Audit Report u/s 9A (Arm’s length price for remuneration paid by an eligible investment fund to the fund manager) and Form No.3CEK – Annual statement u/s 9A are available for e-Filing. Relevant notification is Notification No. 14/2016 [F.No. 142/15/2015-TPL]  dt. 15th… Read More »

TCS -Tax Collected at Source -Complete Guide

TCS -Tax Collected at Source Table of Contents on TCS Sr No Contents 1.1 Who is responsible to collect tax at source under section 206C 1.2 Specified goods in Section 206C(1) 1.3 Who is a seller under Section 206C 1.4 Who is a buyer under Section 206C 1.5 Certain lessors/licensors are also covered 1.6  Cash… Read More »

USA- Tax Relief to Victims of Hurricane Matthew -Four States Eligible

IRS Gives Expanded Tax Relief to Victims of Hurricane Matthew; Parts of Four States Eligible; Extension Filers Have Until March 15 to File IR-2016-135, Oct. 17, 2016 WASHINGTON –– Hurricane Matthew victims in much of North Carolina and parts of South Carolina, Georgia and Florida have until March 15, 2017, to file certain individual and… Read More »