Audit and assurance services , Internal audit services, Statutory audit consultant
Govt extends the deadline for tax compliance to file a return and other records by 30 June Extension of different deadlines under the Direct Tax & Benami laws: Notification No 35/2020 has been released by CBDT [S.O. 2033(E)] of 24 June 2020 on Taxation & Other Laws, extending further the time-limits for numerous compliance measures. …
* TAX UPDATES ON 20TH NOVEMBER 2015 INCOME TAX ACT SECTION 9 INCOME – DEEMED TO ACCRUE OR ARISE IN INDIA Interest : Where assessee issued FCCB to foreign investors and remitted interest to them, since said money was utilized for overseas business of assessee, no income could be said to have accrued or arisen in India in hands …
CORPORATE LAW UPDATE FOR THE MONTH : MCA MCA has notified the New Form AOC – 4 (XBRL) which shall be available for filing w.e.f today, 1st October, 2015. All Companies which are falling under the critiria as prescribed by the MCA are required to file the financials in the XBRL mode only. The recently …
CLARIFICATION REGARDING BINDING NATURE OF CIRCULAR AND INSTRUCTIONS Recently, CBEC issued Circular No. 1006/13/2015-CX dated 21st September,2015 vide F.No.96/90/2015-CX.1 to clarify issues related to binding nature of circular and instructions which are contrary to the judgment(s) delivered by Honble Supreme Court. Circular draws attention towards judgment of Hon’ble Supreme Court in case of M/s Ratan …
NEW RELIEF FOR DEVELOPERS IN HARYANA AS RULE 49A Earlier, on 12th August 2014 the Haryana State Government, issued a notification No. S.O. 89/H.A.6/2003/S.60/ 2014, for introducing composition scheme specifically for the builders engaged in the construction activities and inserted Rule 49A for the lump sum payment of VAT by the builders. Although, prior to …
CORPORATE UPDATE FOR THE MONTH: Wal-Mart’s India sales go south by 32% in 2014 Sep 28, 2015 The Indian unit of Wal-Mart Stores Inc, the world’s largest retailer, posted its first ever sales decline after parting ways with key client Bharti Retail and halting store expansion amid an ongoing internal probe into alleged corrupt …
LOB CLAUSE BETWEEN INDIA-SINGAPORE IS NOT APPLICABLE IN CASE OF PAYMENT IS MADE TO A BANK ACCOUNT IN THIRD COUNTRY LOB CLAUSE BETWEEN INDIA-SINGAPORE IS NOT APPLICABLE IN CASE OF PAYMENT IS MADE TO A BANK ACCOUNT IN THIRD COUNTRY IF THE SAID INCOME WAS TAXABLE IN SINGAPORE ON ACCRUAL BASIS AND NOT ON REMITTANCE …
RELIEF CANNOT BE GRANTED IF ASSESSE DOES NOT COMPLY WITH PROVISIONS OF VOLUNTARY COMPLIANCE ENCOURAGEMENT SCHEME VCES, 2013 Recently on 1st September, 2015, Hon’ble Bombay High Court dismissed Writ petition no. 1735 of 2015, seeking availment of benefit of ST- Voluntary Compliance Encouragement Scheme (VCES), 2013, by the petitioner in the matter of Sunil Agnihotri Productions vs. …
Corporate tax Update for the Month : Company Law: Query: Is sitting fees payable to a director who participates in a meeting through video conferencing? Answer: Yes, sitting fee is payable to a director who participates in a meeting through any of two modes viz. in person or through video conferencing or any other audio visual means. …
FATCA LAW OF USA Introduction: On 9th July 2015, India has signed the inter-governmental agreement (IGA) on Foreign Account Tax Compliance Act (FATCA) with the USA. The government would now receive information about Indian “tax resident” persons having financial accounts in the USA. Financial institutions (FIs) have to perform required due diligence processes, identify “reportable persons” from their …