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IT dept to issue 7 lakh letters seeking information in respect of high value non PAN transaction

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi 21st July 2016 Sub Income Tax Department to issue 7 lakh letters seeking Information in respect of High Value Transactions Under the Annual Information Returns AIR various types of high value transa

SIT on black money recommends ban of cash transaction above 3 lakh and cash holding more than 15 lakhs

Recommendations of SIT on Black Money as Contained in the Fifth SIT Report The Fifth SIT report has been submitted before the Honble Supreme Court by the SIT An extract of the report has been uploaded on Department of Revenue websitewww dor gov in The SIT has made the following recommendations in th

Govt considering having a new financial year

Government today constituted a Committee headed by Dr Shankar Acharya former Chief Economic Adviser to examine the desirability and feasibility of having a new financial year The Committee to submit its Report by 31st December 2016 The Government of India today constituted a Committee to examine the

MCA issues order regarding rotation of auditors

Ministry of Corporate Affairs has issued Companies Third Removal of Difficulty Order 2016 regarding applicability of the provisions of Rotation of Auditors as per Section 139 2 of the Companies Act 2013 PFA the enclosed attachment for more details

Government Notifies Rules regarding Fair market value

Government Notifies Rules regarding Fair market value and reporting requirement for Indian concern Indirect transfer provisions section 9 1 of the Income tax Act 1961 Under section 9 of the Income tax Act 1961 the Act any income arising from transfer of any share of or interest in a foreign company

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Experts Opinions

Query related to tax audit for contractor

Dear Experts we have taken contract from samsung to repair its mobile which is under warranty period the samsung will made the payment to us Rs 90 Per mobile as our service charge however in FY 2015 16 our service charge is 58 Lacs pls let me know does this king of service attract audit on 25 Lacs o

ADT-1 Auditor appointment issue

Casual vacancy in a pvt co due to resignation of auditor in August 2015 New auditor being appointed after 11 months in July 2016 for the year 2015 16 Now the company if file ADT 1 showing resignation and appointment on above dates is there any violation and what is the remedy pls su gest

Bank details

What happen if I disclose the undisclosed Bank a c in current year Can I file a salary return of tution income without Tds form 16 in which head should I file the coaching tution income

Query regarding tax audit

One of my client who have dealt in shares have sold shares of more than Rs 2 Crore and having profit from shares only of Rs 5 lakh Dealing in Shares is not his business neither its speculative business Is tax audit compulsary for him

Ca final law and audit buk

Hey I m a student of ca final year n I wanted to know that I have buks of law detailed buk by munish bhandhari sir n audit buk by surbhi bansal mam but my law buk is of 20th edition applicable for may2015 but now 23rd edition is available now n audit buk is of 12th edition but now 14th is there so s


Fraud reporting to government(mca)

Is there any responsibility of management of a listed company for reporting to government MCA regarding fraud

Concurrent audit of banks

Friends While checking the Term Loans and OCC A c s what are the important points to keep in my mind for the status of NPA Regards Sheetal

Qualification of audit report

Company has taken a loan over assets and after 30 days but before 300 days no charge is created Whether qualification of audit report is mandatory in this situation

Msme units to furnish online information now!

All MSME units are now required to furnish online information of their units at www msmedatabank in http egazette nic in WriteReadData 2016 171051 pdf

Auditor becoming a employee

Hello all can you please clarify me whether a statutory auditor of a company become an employee of the same company in the subsequent year to which he was a Auditor Please also quote the relevant act and sectionif there is anything prohibiting the same Thanks in advance

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How to report Incomes from India while filing the tax return in USA?

It is often that people take the plea that the law is not known to them and any breach of law therefore is purely due to ignorance However the Latin term ignorantialegisneminemexcusat very aptly and succinctly states the truth ignorance of the law excuses no one Tax violations in countries like USA

Career in Banking Sector : Life, Salary, Growth

We all know that Banks are considered as the backbone of any countrys economy In India Bank Job is considered as most sought job Getting a bank job is a matter of prestige especially in a government sector bank Life in a Banking Sector You can enjoy your personal life while working in banks You can

NPA in banks - Causes and solutions

Dear friends Now a days we all are facing a crucial issue of NPA of all public sector banks Many large banks including SBI PNB have reported huge NPA of their industrial clients Govt has been making efforts for solving the issue changing laws issuing directives etc but it seems that everybody is try

Ind AS 10: Events occurring after the reporting period

Background Today we live in a dynamic business world where changes in business environment are eminent Some of these changes are important for users of financial statements such as shareholders because they play a key role in decision making In order to bring about uniformity in changes in business

Analysis of Audit (CA Final) Paper for May 16 Exams

Paper Analysis Suggested Answers Common Mistakes CA Final May 2016 Exams Generally audit paper from past 4 attempts was of 7 pages but this time it increase to 11 pages 57 increase Questions of around 50 marks were from PM rest of 70 marks questions were new from module SAs Level of Questions Marks

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Updated on : 8/4/2016 5:46:16 PM


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