Daily Archives: June 14, 2016

15 Action points to curb Base Erosion and Profit Shifting

By | June 14, 2016

Base Erosion and Profit Shifting The following are the fifteen action plans envisaged to curb the base erosion and shifting of profits from one tax jurisdiction to others Action 1: Addressing the Tax Challenges of the Digital Economy (EN) Action 2: Neutralising the Effects of Hybrid Mismatch Arrangements (EN) Action 3: Designing Effective Controlled Foreign Company Rules (EN / FR) Action 4: Limiting… Read More »

Effect of ICDS on Income Tax Return from AY 2016-17

By | June 14, 2016

Effect of ICDS on Income Tax Return New ‘Schedule ICDS ‘ has been inserted in ITR forms [ITR 4, 5, 6]  wherein effect of Income Computation and Disclosure Standards(‘ ICDS ‘) on profit needs to be disclosed  w.e.f AY 2016-17 Following is the Disclosure Required to be made in Income tax Return regarding ICDS (Income… Read More »

ICAI vs Vivek Kapoor and others (P & H High Court)

By | June 14, 2016

CA professional providing accommodation entries, defrauding revenue, deserves to be debarred from practice for life time IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH Civil Reference No. 5 of 2012 (O&M) Date of decision: 18.3.2016 Institute of Chartered Accountants of India .. Petitioner v. Vivek Kapoor and others .. Respondents

Spread Over of Shortfall on Sale of NPAs to SCs/RCs

By | June 14, 2016

RBI/2015-16/423 DBR.No.BP.BC.102/21.04.048/2015-16 June 13, 2016 All Scheduled Commercial Banks (Excluding Regional Rural Banks) Prudential Norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances –Spread Over of Shortfall on Sale of NPAs to SCs/RCs In terms of paragraph 3.4 of circular DBOD.BP.BC.No.98/21.04.132/2013-14 dated February 26, 2014, as an incentive for early sale of non-performing… Read More »

RBI Scheme for Sustainable Structuring of Stressed Assets

By | June 14, 2016

RBI/2015-16/422 DBR.No.BP.BC.103/21.04.132/2015-16 June 13, 2016 All Scheduled Commercial Banks (Excluding RRBs), All-India Term-lending and Refinancing Institutions (Exim Bank, NABARD, NHB and SIDBI) Non-Banking Financial Companies Securitisation Companies/ Reconstruction Companies Scheme for Sustainable Structuring of Stressed Assets In order to strengthen the lenders’ ability to deal with stressed assets, Reserve Bank of India has been issuing,… Read More »

NO TDS u/s 194A on Interest awarded under Land Acquisition Act

By | June 14, 2016

Buy Latest Book on TDS HIGH COURT OF GUJARAT Movaliya Bhikhubhai Balabhai v. Income-tax Officer-TDS-1-Surat MS. HARSHA DEVANI AND G.R. UDHWANI, JJ. SPECIAL CIVIL APPLICATION NO. 17944 OF 2015 MARCH  31, 2016 Kushal V. Timbadia and Tushar L. Sheth, Advocates for the Petitioner. Hardik Vora, Asstt. Govt. Pleader and Sudhir M. Mehta, Sr. Standing Counsel… Read More »

Agriculture in Model GST Law

By | June 14, 2016

Agriculture in Model GST Law Govt has Released Model GST Law . As per Model GST Law various provisions for Agriculture are as follow Meaning of Agriculture in Model GST Law [ section 2(7) ] “agriculture” with all its grammatical variations and cognate expressions, includes floriculture, horticulture, sericulture, the raising of crops, grass or garde produce and also grazing,… Read More »

All ICDS Notified for Income Computation at one place

By | June 14, 2016

Income Computation and Disclosure Standard Govt has Notified Income Computation and Disclosure Standard (ICDS) Vide NOTIFICATION  NO.32/2015 [F. NO. 134/48/2010-TPL]/SO 892(E), DATED 31-3-2015 These Standards are to be followed by all assessees, following the mercantile system of accounting, for the purposes of computation of income chargeable to income-tax under the head “Profit and gains of business or profession” or… Read More »