Daily Archives: February 3, 2017

Submit CA Examination Application forms on-line – ICAI

ICAI Announcement 2nd February 2017 For the attention of candidates of CA examinations Submission of CA Examination Application forms on-line It is hereby informed that sale and submission of physical i.e. OMR examination application forms have been discontinued with effect from May 2017 examination onwards. Henceforth, all candidates will be required to submit examination application… Read More »

Insolvency and Bankruptcy Board of India (Engagement of Research Associates and Consultants) Regulations 2017

INSOLVENCY AND BANKRUPTCY BOARD OF INDIA NOTIFICATION New Delhi, the 30th January, 2017 Insolvency and Bankruptcy Board of India (Engagement of Research Associates and Consultants) Regulations, 2017 IBBI/2016-17/GN/REG006.—In exercise of the powers conferred by section 240 read with section 194 of the Insolvency and Bankruptcy Board of India Code, 2016 (No. 31 of 2016), the… Read More »

Insolvency and Bankruptcy Board of India (Procedure for Governing Board Meetings) Regulations 2017

INSOLVENCY AND BANKRUPTCY BOARD OF INDIA NOTIFICATION New Delhi, the 30th January, 2017 Insolvency and Bankruptcy Board of India (Procedure for Governing Board Meetings) Regulations, 2017 IBBI/2016-17/GN/REG007.— In exercise of the powers conferred by section 192(1) read with section 240 of the Insolvency and Bankruptcy Code, 2016, the Insolvency and Bankruptcy Board of India hereby… Read More »

Insolvency and Bankruptcy Board of India (Advisory Committee) Regulations 2017

INSOLVENCY AND BANKRUPTCY BOARD OF INDIA NOTIFICATION New Delhi, the 30th January, 2017 Insolvency and Bankruptcy Board of India (Advisory Committee) Regulations, 2017 IBBI/2016-17/GN/REG008.—In exercise of the powers conferred by section 197 read with section 240 of the Insolvency and Bankruptcy Code, 2016, the Insolvency and Bankruptcy Board of India hereby makes the following regulations,… Read More »

Meeting conducted by RBI prior to demonitization on 08.11.2016

Meeting conducted by RBI prior to demonitization RBI held a meeting of its Central Board on November 8, 2016. The agenda of the meeting, inter-alia, included the item : “Memorandum on existing banknotes in the denomination of Rs 500 and Rs 1000 – Legal Tender Status” The following Directors of Central Board of Reserve Bank… Read More »

Indian economy is estimated to grow at 7.1% in 2016-17

First Advance Estimates released by the Central Statistics Office (CSO), the economy is estimated to grow at 7.1 per cent in 2016-17, as compared to the growth of 7.9 per cent achieved in 2015-16 As per the First Advance Estimates released by the Central Statistics Office (CSO), the economy is estimated to grow at 7.1… Read More »

Use of Bitcoins

Use of Bitcoins Promotion of Digital economy is in integral part of Government’s strategy to clean the system and weed out corruption and black money. The earlier initiatives of the Government to promote financial inclusion and the Jan Dhan-Aadhaar-Mobile (JAM) trinity were important pre-curser. However, RBI has cautioned the users, holders and traders of Virtual… Read More »

India’s foreign exchange reserves

Utilisation of Foreign Exchange Reserves India’s foreign exchange reserves (FER) increased from US$ 341.6 billion at end March 2015 to US$ 360.2 billion at end March 2016 and US$ 360.8 billion as on 20th January 2017. India’s foreign exchange reserves (FER) comprise foreign currency assets, gold, Special Drawing Rights (SDRs) and Reserve Tranche Position (RTP)… Read More »

Tax Relief under GST

Tax Relief under GST All decisions of GST Council so far have been taken unanimously. Various states may have different points of view on an issue but the final decisions have been unanimous. The issue regarding treatment of the existing tax incentive schemes of the Central and State Governments was discussed during the 2nd Meeting… Read More »

Category: GST

GST Video – Demand & Recovery Provisions under Model GST Law

Demand & Recovery Provisions under Model GST Law Published on Feb 2, 2017   Related Post on GST Free Video GST Video- Brief Concept of Model GST Law ( CGST, SGST & IGST) (1st Technical session) GST Video – Levy & Composition (2nd Technical Session) GST Video- Valuation of Taxable Supply & Valuation Rules (3rd… Read More »

Category: GST

Cenvat Law & Practice Finance Bill 2017 Edition Book by V.S. Datey

Cenvat Law & Practice – Finance Bill 2017 Edition (31st Edition, 2017) by V.S. Datey  Cenvat Law & Practice – Finance Bill 2017 Edition Book contains Comprehensive Commentary on Law relating to Cenvat Also Incorporating: Comprehensive Case Laws Coverage Department Instructions Guide to Procedures Documentation You can buy this Book for Rs 1076. Click to buy this… Read More »

Service Tax Ready Reckoner – Finance Bill 2017 Edition Book

Service Tax Ready Reckoner- Finance Bill 2017 Edition by V.S. Datey Service Tax Ready Reckoner – Finance Bill 2017 Edition :- Author : V.S. Datey Edition : 28th Edition 2017 Date of Publication : February 2017 No. Of Pages : 1040 You can buy this Book for Rs 1256.Click to Buy this Book Online . It has 1040… Read More »

Disallowance of cash payments for capital Asset / expenditure w.e.f 01.04.2017

No cash payments for capital Asset / capital expenditure Summary  :As per Finance Bill 2017  w.e.f 01.04.2017 i.e FY 2017-18 (AY 2018-19)  it has been proposed that any cash payments of capital expenditure above Rs 10,000 shall not be considered to determine actual cost of asset under Section 43(1). Similarly, no deductions shall be available under… Read More »

Tax-exemption to partial withdrawal from National Pension System w.e.f AY 2018-19

Tax-exemption to partial withdrawal from National Pension System (NPS) The existing provision of section 10(12A) provides that payment from National Pension System (NPS) trust to an employee on closer of his account or opting out shall be exempt up to 40% of total amount payable to him. In order to provide further relief to an… Read More »

Set-off of loss from House property restricted w.e.f AY 2018-19

Restriction on set-off of loss from House property Summary : As per Finance Bill 2017  w.e.f FY 2017-18 (AY 2018-19)  Section 71 of Income tax Act is proposed to be amended to restrict the set-off of loss under the head ‘Income from house property’, in any assessment year against any other income, up to Rs 2,00,000. The… Read More »

Higher Tax Rate for not giving PAN by Collectee for TCS w.e.f 01.04.2017

PAN by Collectee for TCS compliance Summary : -As per Finance Bill 2017  w.e.f 01.04.2017  i.e  FY 2017-18 (AY 2018-19) Any person paying any sum or amount, on which tax is collectable at source under Chapter XVII BB (hereafter referred to as collectee) shall furnish his Permanent Account Number to the person responsible for collecting such tax (hereafter… Read More »

234F- Fee for delayed filing of Income tax return w.e.f AY 2018-19

Section 234F -Fee for delayed filing of Income tax return Summary : As per Finance Bill 2017  w.e.f FY 2017-18 (AY 2018-19)  new section 234F is proposed to be inserted to provide for levy of fees for late filing of return after the due date. Rs. 5,000 would be levied for return filed after the due… Read More »

GST Video -Time of Supply of Goods under Revised Model GST Law- Session 2

Time of Supply of Goods under Revised Model GST Law by CA Avinash Poddar This is the second session of Revised Model GST Law Knowledge series. This session contains “Time of Supply of Goods under Revised Model GST Law” Click to Buy Book by  CA Avinash Poddar – Glimpses of GST Related Post on GST Free Video GST… Read More »

Financial Reporting Book For CA Final by G Sekar

Padhuka’s Student Guide On Financial Reporting For CA Final May 2017 by CA G Sekar (Author) This Financial Reporting Book For CA Final Contains :-  1 Complete Coverage of the CA Final Syllabus. 2 Content Update on Schedule III with more Practical Questions. 3 Summary of all Accounting Standards. 4 Summary of Comparison with IFRS / US… Read More »

Advanced Auditing & Professional Ethics book for CA Final

Advanced Auditing & Professional Ethics (CA-Final) (May 2017 Exams) (8th Edition 2017) Description of this book on Advanced Auditing & Professional Ethics for CA-Final Exam by CA Pankaj Garg (Author)  Revised and New Standards on Auditing – 260,570,610,700,701,705 & 706 Companies (Accounts) Amendment Rules,2016 Companies (Cost Records and Audit) Amendment Rules,2016 Companies ( Accounting Standards) Amendment… Read More »

Strategic Financial Management Book for CA Final by Dr. J B Gupta

Strategic Financial Management (CA-Final) (9th Edition,June 2016)  – 2016 by Dr. J B Gupta This book on Strategic Financial Management for CA-Final Incorporates:- All important fully solved theoretical and practical questions of past 46 CA Final exams (Including May .2016) 730 fully solved practical problems are also included in the book You can buy this book for… Read More »

Law of Contract (Set of 2 Vols.) – 2017 -Book by M J Aslam

Law of Contract (Set of 2 Vols.) – 2017 Law of Contract (Set of 2 Vols.) – 2017 by M J Aslam (Author) Book incorporates :- VOLUME-1: (1) Of Communication, Acceptance & Revocation; (2) Of Contracts, Voidable Contracts & Void Contracts; (3) Of Contingent Contracts; (4) Of Performance of Contracts, Contracts which must be performed; VOLUME-2:… Read More »

Risk Management and Inter-bank Dealings – RBI Permitted NRI access to ETCD

Risk Management and Inter-bank Dealings: Permitting Non Resident Indians (NRIs) access to Exchange Traded Currency Derivatives (ETCD) market RBI/2016-17/221 A.P. (DIR Series) Circular No. 30 February 2, 2017 To All Category – I Authorised Dealer Banks Madam / Sir, Risk Management and Inter-bank Dealings: Permitting Non Resident Indians (NRIs) access to Exchange Traded Currency Derivatives… Read More »

Category: RBI

Basel III Capital Regulations- Additional Tier 1 Capital-RBI amendment

Basel III Capital Regulations- Additional Tier 1 Capital RBI/2016-17/222 DBR.BP.BC.No.50/21.06.201/2016-17 February 02, 2017 All Scheduled Commercial Banks (Excluding Regional Rural Banks) Madam/ Sir, Basel III Capital Regulations- Additional Tier 1 Capital Please refer to the paragraph 1.8 on ‘Coupon Discretion’ under Annex 4 on ‘’Criteria for Inclusion of Perpetual Debt Instruments (PDI) in Additional Tier… Read More »

Category: RBI