Daily Archives: February 11, 2017

Empanelment of CA as Mediator or Conciliator for 2017-2018.

Regarding Empanelment of professionals having at least fifteen years of continuous practice as a Chartered Accountant with Regional Directors of the respective Region as Mediator or Conciliator for the year 2017-2018. I would like to inform you that the Regional Directors of Southern and North Western Region), Ministry of Corporate Affairs (MCA), Government of India… Read More »

Aadhaar mandatory for enrolling as apprentices or trainees under National Apprenticeship Promotion Scheme

MINISTRY OF SKILL DEVELOPMENT AND ENTREPRENEURSHIP NOTIFICATION New Delhi, the 10th February, 2017 S.O. 394 (E).–– Whereas, the use of Aadhaar as identity document for delivery of services or benefits or subsidies simplifies the Government delivery processes, brings in transparency and efficiency, and enables beneficiaries to get their entitlements directly in a convenient and seamless… Read More »

Taxability of Gifts in hands of every person w.e.f 01.04.2017

Gifts taxable in hands of every person [Section 56 of Income tax Act – Applicable from  01.04.2017 ] Widening scope of Income from other sources Under the existing provisions of section 56(2)(vii), any sum of money or any property which is received without consideration or for inadequate consideration (in excess of the specified limit of… Read More »

Exemption from Capital Gain tax on investment in long term bonds u/s 54EC w.e.f AY 2018-19

Expanding the scope of long term bonds under 54EC [Section 54EC  of Income Tax Act – Applicable from Assessment Year 2018-19] The existing provision of section 54EC of Income Tax Act  provides that capital gain to the extent of Rs. 50 lakhs arising from the transfer of a long-term capital asset shall be exempt if… Read More »

No capital gains Tax on conversion of preference shares into equity w.e.f AY 2018-19

No capital gains Tax on conversion of preference shares into equity [Section 47 of Income tax Act- Applicable from Assessment Year 2018-19 (Financial Year 2017-18) ] Under the existing provisions of the Act, conversion of security from one form to another is regarded as transfer for the purpose of levy of capital gains tax. However,… Read More »

Taxability in case of Joint Development Agreements w.e.f AY 2018-19

Special provisions for computation of capital gains in case of joint development agreement [Section 45(5A) of Income tax Act- Applicable from Assessment Year 2018-19 (Financial Year 2016-17) ] Under the existing provisions of section 45 of Income tax Act, capital gain is chargeable to tax in the year in which transfer takes place except in certain… Read More »

How Auditor should do documentation to safeguard himself -Book -Evidence Your Audit

Evidence Your Audit- An Exhaustive Guide to Audit Documentation by Khurshed Noshir Pastakia The publication on Audit Documentation focusses on “How the Auditor should do the documentation to safeguard himself”. Documentation is a double-edged sword. If what is documented evidences that the audit was planned and performed to meet the standards on auditing, it can sturdily… Read More »

Cash Transaction 2016 -FAQ’s released for e-filing on income tax website

Cash Transaction 2016 Frequently Asked Questions The Online response for Cash Transactions, 2016 can be submitted by 15th Feb 2017. Frequently Asked Questions related to Cash Transactions, 2016 are now available Viewing Information 1. Which internet browser should I use to view and file response on e-filing portal? Ans: The e-filing portal and other utilities… Read More »

Govt to Take Harsh punitive actions against deviant Shell Companies

Harsh punitive actions to be taken against the deviant Shell Companies including freezing of Bank Accounts, striking off the names of dormant companies, invocation of Benami Transactions (Prohibition) Amendment Act, 2016; A Task Force set-up under the Co-chairmanship of the Revenue Secretary and Corporate Affairs Secretary with members from various regulatory Ministries and Enforcement Agencies… Read More »