Skip to main content

Updates Of The Day....

By
Updates Of the Day

1.Online Applications are invited from CA firms/LLPs from 1st January 2016 to 15th February 2016 for empanelment for appointment as auditors of Government Companies/Corporations for the year2016-17. For details visit www.saiindia.gov.in
2.ICAI asks CAs to include Name of Firm, FRN, Name, Designation & Membership No. of CA (besides other requirements) with Signature in Certificates issued.
3.FEMA Notification No. 9(R)/2015-RB dated Dec 29, 2015, c.f. G.S.R. No.1005(E) which supersedes the Foreign Exchange Management (Realisation, repatriation and surrender of foreign exchange) Regulations, 2000 and all amendments thereto.
4.The income-tax department has cautioned taxpayers not to share their PIN or password of emails. The department does not seek confidential or financial information from taxpayers.
5.Partner's remuneration u/s 40b- once the additional income offered for taxation during the survey is accepted and it has been explained to be as a business income as a source then there is no bar in the act for claiming partner’s remuneration from such additional business income – Tribunal [The DCIT , Circle-6, Suart vs M/s Radhekrishna Developers C/o Dipak Naginbhai Chauhan and vice-versa – 2016 (2) TMI 192 – ITAT Ahmedabad]
6.Reopen proceedings not valid in absence of any tangible material to substantiate escaped income. [M/s Amit Engineers vs ACIT(ITAT Chandigarh). ITA No. 828/Chd/2014].
7.Addition in already assessed income is not sustainable, in absence of any incriminating material found during search. [ Shri Vimal Kumar Rathi vs DCIT Mumbai].
8.Reassessment u/s 147 not permissible merely on change of opinion – ITAT. [ACIT vs. Reliance Industrial Infrastructure Ltd. (ITAT Mumbai) I.T.A. No. 5872/M/2012].
9.Allowance of interest on bank loan is case of advance to subsidiary and loan to directors out of reserves. [Hero Cycles Private Limited vs CIT (Central), Supreme Court of India].

For more News Like us on https://www.facebook.com/caonlineofficial Or Subscribe on mail visit : www.caonline.in

Comments

Post a Comment

Popular posts from this blog

Data storage norm splits digital payments industry

By
Data storage norm splits digital payments industry  India’s nascent digital payment industry could be thrown into disarray due to the demand by the Reserve Bank of India (RBI) that all user data be stored within the country, fears an industry grouping, which has termed the decision as “heavy-handed”, even as others, including the country’s largest digital payment provider Paytm, have hailed the move.  In a bid to narrow the growing schism, the industry is planning to send a formal representation to the regulator highlighting its concerns, a top official told ET.  “We are trying to build a consensus on the issue," said the person adding that the representation to the central bank will be ready this week.  RBI on April 6, mandated all payment companies—global and local—to set up data storage facilities within India by October. The stringent six-month deadline has attracted the ire of several sections of the industry that fear it will lead to a disruption of wel...
18 comments
Read more

Sebi to finalise options in commodities today

By
The Commodity Derivatives Advisory Committee of the Securities and Exchange Board of India ( Sebi) will meet on Friday with senior officials of the latter, to give a final shape to the rules on options trading in commodity futures, beside revising the warehousing norms to ensure good delivery on settlement. The decision taken, after discussing with the advisory committee, will be placed before the regulator’s board, to finalise the regulations. According to knowledgeable sources, three commodities in each segment, agricultural and non- agricultural, have been proposed for introducing options. It appears commodities from the soya and guar segments are preferred in the former. From the non- agri segment, it is likely that gold, silver and crude oil will be finalised. All these These have better liquidity and both the National Commodity and Derivatives Exchange and the Multi Commodity Exchange, respectively, will be able to introduce the options. In the equity segments, options ar...
17 comments
Read more

E tailers global warehouses may come under tax net

By
E tailers  global warehouses may come under tax net Warehouses of e-commerce companies based in countries such as Australia, Japan, Italy,  Spain, the Netherlands, and Russia may not be exempted from paying the income tax in India  once the multilateral instrument (MLI) to prevent base erosion and profit shifting (BEPS)  comes into force. BEPS refers to the reporting framework mooted by the Organisation for Economic  Co-operation and Development (OECD) and signed by over 100 countries, including India, to  prevent exploiting gaps and mismatches in tax rules to shift profits by multinational  companies (MNCs) artificially to low-tax regimes. The representatives of 68 countries on June 7 this year signed an agreement (MLI) in Paris  to amend their tax treaties to bring them in alignment with measures to prevent BEPS.  However, there is still time for synchronising tax treaties with the multilateral  instrument. India has submitte...
17 comments
Read more