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Posted On:  9 months ago


Income Computation and Disclosure Standard V relating to tangible fixed assets Preamble

This Income Computation and Disclosure Standard is applicable for computation of income chargeable under the head “Profits and gains of business or profession” or “Income from other sources” and not for the purpose of maintenance of books of accounts. In the case of conflict between the provisions of the Income-tax Act, 1961 (‘the Act’) and this Income Computation and Disclosure Standard, the provisions of the Act shall prevail to that extent.

article author One Roof Consultant

Posted On:  9 months ago


Income Computation and Disclosure Standard IX relating to borrowing costs

This Income Computation and Disclosure Standard is applicable for computation of income chargeable under the head “Profits and gains of business or profession” or “Income from other sources” and not for the purpose of maintenance of books of account. In the case of conflict between the provisions of the Income-tax Act, 1961 (‘the Act’) and this Income Computation and Disclosure Standard, the provisions of the Act shall prevail to that extent.

article author One Roof Consultant

Posted On:  9 months ago


Income Computation and Disclosure Standard IV relating to revenue recognition Preamble

This Income Computation and Disclosure Standard is applicable for computation of income chargeable under the head “Profits and gains of business or profession” or “Income from other sources” and not for the purpose of maintenance of books of accounts. In the case of conflict between the provisions of the Income-tax Act, 1961 (‘the Act’) and this Income Computation and Disclosure Standard, the provisions of the Act shall prevail to that extent.

article author One Roof Consultant

Posted On:  9 months ago


Income Computation and Disclosure Standard III relating to construction contracts Preamble

This Income Computation and Disclosure Standard is applicable for computation of income chargeable under the head “Profits and gains of business or profession” or “Income from other sources” and not for the purpose of maintenance of books of accounts. In the case of conflict between the provisions of the Income-tax Act, 1961(‘the Act’) and this Income Computation and Disclosure Standard, the provisions of the Act shall prevail to that extent.

article author One Roof Consultant

Posted On:  9 months ago


Income Computation and Disclosure Standard II relating to valuation of inventories Preamble

This Income Computation and Disclosure Standard is applicable for computation of income chargeable under the head “Profits and gains of Business or profession” or “Income from other sources” and not for the purpose of maintenance of books of accounts. In the case of conflict between the provisions of Income Tax Act, 1961 (‘the Act’) and this Income Computation and Disclosure Standard, the provisions of the Act shall prevail to that extent.

article author One Roof Consultant

Posted On:  9 months ago


Income Computation and Disclosure Standard I relating to accounting policies Preamble

This Income Computation and Disclosure Standard is applicable for computation of income chargeable under the head “Profits and gains of business or profession” or “Income from other sources” and not for the purpose of maintenance of books of accounts. In the case of conflict between the provisions of the Income-tax Act, 1961 (‘the Act’) and this Income Computation and Disclosure Standard, the provisions of the Act shall prevail to that extent

article author One Roof Consultant

Posted On:  9 months ago


MVAT- Extension of due date for filling of refund application for the year 2014-15

The due date for submission of refund application in Form e-501 ups 51 of MVAT Act, 2002 for the period 2014-15 was 30.09.2016. The facility of uploading e-501 was not available on system from 28.09.2016 to 30.09.2016 resulting into inability to upload the refund application. Representations were received for extension of this date. Considering the difficulties faced by the trade, the due date for submission of refund application in Form e-501 for the year 2014-15 has been extended by 7 days and now the dealer can upload the refund application upto 08.10.2016.

article author One Roof Consultant

Posted On:  9 months ago


CBDT amends format of 3CD Report wef 01.04.2017

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART-II, SECTION 3, SUB-SECTION (ii)] S.O. 3080(E).— In exercise of the powers conferred by section 44AB, 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 the Income-tax Rules, 1962,

article author One Roof Consultant

Posted On:  9 months ago


CBEC retains customs duty on ghee, butter & butter oil at 40 beyond 30.09.2016

G.S.R. 931 (E).– In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendment in the notification of the Government of India

article author One Roof Consultant

Posted On:  9 months ago


Notification No. 123/2016-Customs(N.T.) dated 30.09.2016

In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), 

article author One Roof Consultant

Posted On:  9 months ago


MVAT Settlement of Arrears in Disputes Act due date extended to 15.11.2016

In pursuance of clause (3) of article 348 of the Constitution of India, the following translation in English of the Maharashtra Settlement of Arrears in Disputes (Second Amendment) Ordinance, 2016 (Mah. Ord. XXIV of 2016), is hereby published under the authority of the Governor. FINANCE DEPARTMENT Mantralaya, Madam Cama Marg, Hutatma Rajguru Chowk, Mumbai 400 032, dated the 30th September 2016.

article author One Roof Consultant

Posted On:  9 months ago


FM: Government is working on a target date of 1st April, 2017 for the roll out of the Goods and Service Tax (GST) in the country.

The Union Finance Minister Shri Arun Jaitley said that the Government is working on a target date of 1st April, 2017 for the roll out of the Goods and Services Tax (GST) in the country. He said that till 16th September, 2017, that is one year after the provisions of the Constitution (101st Amendment) Act, 2016 being brought into force, the Constitution empowers the Central Government to levy excise duty on manufacturing; and service tax on the supply of services. The Finance Minister said that similarly the Constitution Amendment Act empowers the State Governments to levy sales tax or Value Added Tax (VAT) on the sale of goods till that time i.e. 16th September, 2016. The Finance Minister Shri Jaitley said that so far the Government is following the road map for implementation of GST as per the schedule.

article author One Roof Consultant

Posted On:  9 months ago


Service Tax Exemption on transportation to educational institutions

Service Tax Exemption on  Service of transportation, by educational institutions to students, faculty and staff for the period commencing on and from the first day of April, 2013 and ending with the tenth day of July, 2014. G.S.R. (E).- Whereas, the Central Government is satisfied that in the period commencing on and from the first day of April, 2013 and ending with the tenth day of July, 2014 (hereinafter referred to as the said period)

article author One Roof Consultant

Posted On:  9 months ago


Guidelines for arrest in relation to offences punishable under the Finance Act, 1994 and Central Excise Act, 1944

I am directed to draw your attention to the fact that the arrest provisions in Service Tax were introduced with effect from 10.05.2013 vide sub-sections (J) and (K) of section 103 of the Finance Act, 2013 which introduced sections 90 and 91 in the Finance Act, 1994 and also amended section 89 of the Finance Act 1994. Vide sections 155, 156 and 157 of the Finance Act 2016, with effect from 14.05.2016, sections 89, 90 and 91 of the Finance Act, 1994 have been amended.

article author One Roof Consultant

Posted On:  9 months ago


Constitution of Expert Group to look into issues related to Audit firms

Several audit firms have represented about adverse impacts on Indian audit firms due to the structuring of certain audit firms leading to circumvention of various regulations, manner in which auditor rotation requirements is being implemented by companies, and imposition of restrictive conditions by foreign investors with regard to auditor appointment by companies. In order to examine the above and related issues and make

article author One Roof Consultant

Posted On:  9 months ago


Latest and revised MVAT return due dates and interest provision from April 2016

Forms for MVAT returns like Form-231, Form CST, Regular Annexure etc are now revised and the due dates for filing the returns are as follows: Schedules for filing returns for the periods from April 2016: Monthly Returns:

article author CA Chirag Chauhan

Posted On:  9 months ago


‘Doubling Farmers’ Income by 2022-Measures

As you are aware, the Government of India in the Union Budget 2016-17 had announced its resolve to double the income of farmers by 2022. Several steps have been taken towards attaining this objective including setting up of an inter-ministerial committee for preparation of a blue print for the same. This agenda has also been reiterated by the government in several forums and has acquired primacy from the point of view of rural and agricultural development.

article author One Roof Consultant

Posted On:  9 months ago


Master Circular- Credit Facilities to Minority Communities – Modification

Please refer to our Master Circular FIDD.GSSD.BC.No.01/09.10.01/2016-17 dated July 01, 2016. 2. In partial modification of the Circular, para 2.1 under “Definition of Minority Communities” and para 5.1 & 5.5 under “Monitoring” may be replaced as under: “2.1 The following communities have been notified as minority communities by the Government of India, Ministry of Minority Affairs:

article author One Roof Consultant

Posted On:  9 months ago


Introduction of Options in Commodity Derivatives Market

1. At present the only instrument available in the Commodity Derivatives market is futures on individual commodities. Introduction of new commodity derivatives products has been a subject of deliberation as it is considered to be conducive for the overall development of the commodity derivatives market, attracting broad base participation, enhancing liquidity, facilitating hedging and bringing in more depth to the commodity derivatives market. 2. In his Union Budget Speech for the year 2016-17, the Hon’ble Finance Minister announced that “new derivative products will be developed by SEBI in the Commodity Derivatives market”.

article author One Roof Consultant

Posted On:  9 months ago


Generation of scrutiny notices u/s 143(2) for PAN selected in CASS-2016 regarding. (Time barring matter)

Kindly refer to letter No. F.No.System/ ITBA/Instruction/ Assessment/2015-16 dtd.15/03/2016, F.No.System/ ITBA/Instruction/ Assessment/CASS Cycle 2/2016-17 dtd. 25/07/2016 and F.no. DGIT(S)-2/ADG(S)-2ICASS 2016-17/93 dated 16/09/2016 requiring Assessing officers to generate scrutiny notices u/s 143(2) for PANs selected in cycle 1, cycle 2 and cycle 3 of CASS-2016. 2. It is seen that till 28-09-2016, notices have not been issued in 625 cases. 3. These 625 cases include 62 cases which are lying with inactive codes.

article author One Roof Consultant