Daily Archives: April 18, 2017

RBI Prudential Guidelines – Banks’ investment in units of REITs and InvITs

RBI/2016-17/280 DBR.No.FSD.BC.62/24.01.040/2016-17 April 18, 2017 All Scheduled Commercial Banks (excluding RRBs) Dear Sir/ Madam, Prudential Guidelines – Banks’ investment in units of REITs and InvITs Please refer to the paragraph 12 of the Statement on Developmental and Regulatory Policies (extract enclosed) issued by RBI on April 06, 2017. As indicated therein, it has been decided… Read More »

Banks not to recognize Forex Gain Loss on foreign currency translation reserve in P & L

RBI/2016-17/281 DBR.BP.BC.No.61/21.04.018/2016-17 April 18, 2017 All Scheduled Commercial Banks (excluding Regional Rural Banks) Madam / Dear Sir, Guidelines on compliance with Accounting Standard (AS) 11 [The Effects of Changes in Foreign Exchange Rates] by banks – Clarification Please refer to circulars DBOD.No.BP.BC.76/21.04.018/2004-05 dated March 15, 2005 and DBOD.BP.BC.No.76/21.04.018/2005-06 dated April 05, 2006 on the captioned… Read More »

Banks to make Additional Provisions For Standard Advances At Higher Than The Prescribed Rates

RBI/2016-17/282 DBR.No.BP.BC.64/21.04.048/2016-17 April 18, 2017 All Scheduled Commercial Banks (Excluding Regional Rural Banks) Madam/Dear Sir, Additional Provisions For Standard Advances At Higher Than The Prescribed Rates Please refer to paragraph 5 of the Master Circular – Prudential norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances dated July 1, 2015. 2. It is… Read More »

Category: RBI

Banks to make Disclosure in “Notes to Accounts” if Divergence in asset classification & provisioning

RBI/2016-17/283 DBR.BP.BC.No.63/21.04.018/2016-17 April 18, 2017 All Commercial Banks (Excluding Regional Rural Banks) Madam/Dear Sir, Disclosure in the “Notes to Accounts” to the Financial Statements- Divergence in the asset classification and provisioning Please refer to paragraph 22 of the Fourth Bi-monthly Monetary Policy Statement, 2015-16 announced on September 29, 2015 on the captioned subject (extract enclosed).… Read More »

iGAAP 2016 A guide to Ind AS reporting – Deloitte

iGAAP 2016 A guide to Ind AS reporting Hardcover – 2016 by Deloitte (Author) Price Rs 5880. Click to buy online Description In February 2015, the Ministry of Corporate Affairs notified the Companies (Indian Accounting Standards) Rules, 2015 that set out the text of 39 Indian Accounting Standards (Ind ASs) and the dates of implementation of… Read More »

Guide to ICDS- Income Computation & Disclosure Standards A.Y 2017-18- 2nd Edition- Srinivasan Anand G

Guide to Income Computation & Disclosure Standards (2nd Edition A.Y 2017-18) Paperback – 2017 by CA Srinivasan Anand G Also Covering: CBDT Circular No. 10/2017, dated 23-3-2017 Price Rs 525. Click to buy online Paperback: 256 pages Publisher: Taxmann Publications Pvt. Ltd.; 2nd Edition A.Y 2017-18 edition (2017) View Contents of this Book Related Books on… Read More »

Punjab Minimum wages Rates increased wef 01.03.2017 – Notification -Download

Punjab Minimum wages Rates increased wef 01.03.2017 As per the information provided by the office of Labour Commissioner, Punjab, Chandigarh, vide Circular No.7179 dated 5th April, 2017, there is an increase of Rs.109.96 in the minimum rates of wages of each category (Unskilled, Semi-Skilled, Skilled and Highly Skilled) of employees working in scheduled employments in… Read More »

Employers required to collect PAN of lender banks from employees to claim Interest in House Property in the salary return.

Employers required to collect PAN of the lender banks from the employees to claim Interest in House Property in the salary return.   CBDT had in its Finance Act, 2015 had introduced a new section 192(2D) of the Income-tax Act, (‘the IT Act’) wherein the person responsible for making payment of salary (employer) was obliged… Read More »

93. Special provisions regarding liability to pay tax, interest or penalty in certain cases.- CGST Act 2017

CENTRAL GOODS AND SERVICES TAX ACT, 2017 [ Assented by the President of India on 12-4-2017 ] An Act to make a provision for levy and collection of tax on intra-State supply of goods or services or both by the Central Government and the matters connected therewith or incidental thereto. Special provisions regarding liability to… Read More »

79. Recovery of tax.- CGST Act 2017

CENTRAL GOODS AND SERVICES TAX ACT, 2017 [ Assented by the President of India on 12-4-2017 ] An Act to make a provision for levy and collection of tax on intra-State supply of goods or services or both by the Central Government and the matters connected therewith or incidental thereto. Recovery of tax. 79. (1)… Read More »

74. Determination of tax not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilized by reason of fraud or any wilful-misstatement or suppression of facts.- CGST Act 2017

CENTRAL GOODS AND SERVICES TAX ACT, 2017 [ Assented by the President of India on 12-4-2017 ] An Act to make a provision for levy and collection of tax on intra-State supply of goods or services or both by the Central Government and the matters connected therewith or incidental thereto. Determination of tax not paid… Read More »

73. Determination of tax not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilised for any reason other than fraud or any wilful misstatement or suppression of facts.- CGST Act 2017

CENTRAL GOODS AND SERVICES TAX ACT, 2017 [ Assented by the President of India on 12-4-2017 ] An Act to make a provision for levy and collection of tax on intra-State supply of goods or services or both by the Central Government and the matters connected therewith or incidental thereto. CHAPTER XV DEMANDS AND RECOVERY… Read More »

Income tax withheld outside India disallowed as deduction u/s 37(1)

Income tax withheld outside India disallowed as deduction under section 37(1) The Ahmedabad Bench of the Income-tax Appellate Tribunal held that income tax that is withheld (“deducted”) outside India is not allowed as a deduction under section 37(1) of the Income-tax Act, 1961 because the amount is covered under the “disabling provisions” of section 40(a)(ii).… Read More »

Govt of India actions to implement GST still pending

Government actions to implement goods and services tax (GST) still pending: The Central GST Bill, the Integrated GST Bill, Union-Territory GST Bill, and the GST (Compensation to States) Bill, have received assent from the president of India to become “acts of Parliament,” thereby making implementation of GST in India by 1 July 2017 possible. However,… Read More »

Category: GST

USA IRS Reminds Taxpayers of April 18 Tax-Filing Deadline

IRS Reminds Taxpayers of April 18 Tax-Filing Deadline WASHINGTON — The Internal Revenue Service has received 103.6 million 2016 individual income tax returns as of April 7 and expects millions more to be filed by the April 18 deadline. Special filing deadline rules apply to members of the military serving in combat zones, those living… Read More »