Daily Archives: October 18, 2016

Section 234E of Income Tax Act -Fees for Default in TDS/TCS statements

By | October 18, 2016

 Section 234E of Income Tax Act Inserted by the Finance Act, 2012, w.e.f. 1-7-2012. Section 234 prescribe fees for default in furnishing TDS/TCS statements. Section 234E :- Fee for default in furnishing statements. 234E. (1) Without prejudice to the provisions of the Act, where a person fails to deliver or cause to be delivered a statement… Read More »

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

By | October 18, 2016

 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)

Sovereign Gold Bonds issued on September 30 to be tradable from October 19

By | October 18, 2016

Reserve Bank of India Sovereign Gold Bonds issued on September 30 to be tradable from October 19 Date : Oct 17, 2016 From October 19, 2016 (Wednesday), the Sovereign Gold Bonds issued on September 30, 2016 held in dematerialised form shall be eligible for trading on stock exchanges recognised by the Government of India under… Read More »

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

By | October 18, 2016

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 »

Co-owner gets full credit of TDS deducted in his name as it paid to other co-owners their share in TDS

By | October 18, 2016

Held The assessee is undoubtedly an owner of the property but he is not an absolute owner. His ownership is restricted to a certain percentage of the right in the property. The assessee has collected the rent payable with respect to the property in its entirety and thereafter has passed on the rent including the… Read More »

Centre proposes 26% peak rate for GST

By | October 18, 2016

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

CBDT notified rules for Buy-Back of Shares

By | October 18, 2016

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

By | October 18, 2016

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 »

ICAI Clarifications on Certified copies of CA Exam answer books

By | October 18, 2016

Institute of Chartered Accountants of India Clarifications regarding exemptions in a paper(s) in CA Examinations 17.10.2016 Certified copies of answer books in respect of CA examinations are being made available to those candidates who apply for the same, under the scheme formulated for the purpose. It is seen that upon receipt of certified copies of… Read More »

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

By | October 18, 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

By | October 18, 2016

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

By | October 18, 2016

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

By | October 18, 2016

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

By | October 18, 2016

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 »