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Govt asks employees to use debit card for personal transaction

Government of India takes policy decisions to encourage cashless electronic transactions Asks the Government employees to take the lead and maximize the usage of Debit Cards for personal related transactions instead of cash In the recent years advancements in banking technology progress in mobile ba

IT dept rejects Rs 2 lakh crore IDS declaration by a family from Mumbai

Verification of High Value Suspicious Declarations made under the IDS 2016 An Income Declaration Scheme IDS was announced in the Union Budget 2016 17 under which declaration of undisclosed income or assetcould be made by agreeing to pay forty five percent 45 of the declared amount as tax surcharge a

New facility for online request of duplicate mark sheet for CA exam

Introduction of the facility of on line submission of requests for issue of duplicate mark sheets pass certificates An on line facility for submission of requests for issue of duplicate mark sheets pass certificates has been put in place at http icaiexam icai org Those who are desirous of applying f

ICAI invites suggestions on revised Model GST Law

Your feedback concerns and suggestions received on Model GST Law were communicated and as can be seen many amendments are due to the suggestions made by us CBEC has now releasedrevised draft Model GST Lawin the public domain The same can be viewed at the below link http idtc icai s3 amazonaws com do

Bank official suspended for not following RBI guidelines

Action taken in cases of bank officials involved in carrying out irregular transactions violative of RBIs instructions post demonetisation of Specific Bank Notes by the Government w e f midnight of 8th November 2016 Pursuant to the decision of the Government to demonetise Specified Bank Notes w e f

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Experts Opinions

In the case of loss

whether in the case of loss provision for taxation is created or not

Cash in hand

dear sir while preparing first time balancesheet how much i can shown cash in hand whether i can decalare cash in balancesheet above 250000 if any problem or not give repaly

Query about late fee in case of late filing of er-3 return.

Dear Experts I am working in a company which are required to file excise return quarterly i e ER 3 for 2nd qtr we were required to file return upto 10th oct 16 but due to some reason i could not file it timely I filed the return 0n 1st Dec 16 with late fee of Rs 100 per day subject to maximum of Rs

Applicablility of service tax

Dear Expert one of my client having soyabean plant in this we process soyabean seed after processing DOC refined soya oil is come out IS feeding of soyabean seed we are outsourcesd this work to third party is applicable of service tax

Capital gains on foreign rsus

I m Pawan Sharma based in Delhi Recently I sold RSUs of my US based company Please refer following tutorial on short term capital gain from Income tax web site http www incometaxindia gov in tutorials 14 stcg pdf There is a new clause on capital gain from stocks on page 6 and example on bottom of Pa


Capital gain on agricultural land (most urgent)

Please suggest whether cap gain tax will attract or not in case of sale of agricultural land and further the acquisition of new land is made in name of other person of same family please suggest some case laws

Joint venture of a subsidiary calculation required- equity method

If a company X has a subsidiary Y 67 shareholding and the company Y has joint venture with company Z 50 Now what should company X account for JV 67 50 33 or 50 Pl provide the relevant IFRS example

Substantial cash transaction

We are HUF and have pan card in name of HUF and current account in the name of HUF Banks have taken my pancard and my sons pan card for purpose of Authorized Signatory KARTA and mapped to the HUF current account Now if i login to my and my sons income tax online its showing with Substantial Cash Tra

Short term capital gain can be shown as other inc?

So I went to CAToday I had some short term capital gain around 9K from IPO She said 9k is not big amount Wewill show as other income Koi baat nahi Now what i know that its not right thing but since its not a big amount it would be okey

Issuance of 35 days Cash Management Bills under Market Stabilisation Scheme (MSS)

The Reserve Bank of India will conduct an auction of 35 days Government of India Cash Management Bills under the Market Stabilisation Scheme MSS for a notified amount of 60 000 crore tomorrow December 06 2016 using Multiple Price Auction method The bids for the auction should be submitted in electro

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Section 40A(3) disallowance of expense made in cash & its exceptions

Section 40A 3 of the Income tax Act The payment made more than 20 000 in cash and its result Section 40a 3 of the Income tax Act provides that any expenditure incurred in relation to business is made in a sum exceeding Rs 20 000 in a single day otherwise than by account payee cheque or draft shall n

Do CAs have competitive advantage?

Hello folks Its been quite a while since I made any comment on this forum let alone penning down an article I was actually working on two of my articles Buying health insurance and What Employers want Both are complete but Im just not able to make time to write them on CCI as they are too long Will

CA syllabus is like a mountain to climb

As is the saying Time flies and you are the pilot CA syllabus is like a mountain to climb and many of my friends are working at the moment They might not get adequate time for preparations once the result comes out 5 months remain for the next attempt So whats my point Why not spare 1 hour daily for

Removal of chairman under companies act, 2013 - Tata Sons Case

On 24th October 2016 Cyrus Mistry was removed as the chairman of Tata Sons and replaced by Mr Ratan Tata who has been appointed as an interim chairman for four months The grounds of removal and Cyrus Mistrys own defence are not discussed here For our perspective the manner in which this move was car

Currency Ban: How penalty cannot be imposed on cash deposits in bank account under Income Tax Act, 1961

Introduction We are going through a very unusual phase of Indian economy where people are rushing nowhere carrying cash in hand I have experience it first time when people are ready to pay the full amount of tax or they are ready to even forego 50 of the amount still they are not able to buy peace o

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Updated on : 12/6/2016 4:31:10 PM


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