AI (Artificial Intelligence) may help CA’s Deliver High Quality Audits Current scenario of Chartered Accountants Audit Services Now a days Chartered Accountants are faces challenges like poor work life balance; less time for business expansion; process inefficiency, limited availability of skilled resources and manual management leading to higher operational cost; poor traceability & visibility of …
Why did the Silicon Valley Bank fail? Recently, Silicon Valley Bank, One of the biggest names in the IT industry’s bank went bankrupt, making it the worst bank collapse since the2008 financial crisis. Silicon Valley Bank, flush with funds from successful startups, made substantial bond purchases more than a year ago. Like other banks, Silicon …
Is Management representation letter is an effective tool of Deference for Statutory Auditor? What is management representation letter ? A client may provide a written management representation to the auditor as part of the audit evidences. To prevent misunderstandings about management’s responsibility for the financial accounts, it serves to document management’s representations made during the …
A: CENVAT ELIGIBILITY OF WORKS CONTRACT SERVICE: Recently CESTAT of Mumbai in the case of Red Hat India (P.) Ltd. v. Principal Commissioner of Service Tax, Pune (2016) 70 taxmann.com 132 has held that Works Contract Services used for maintenance of office equipment and building is not excluded from definition of input service and hence, same is eligible for …
TODAYS UPDATES : DIRECT TAX: CBDT issued clarification on the Income Declaration Scheme, 2016 vide Circular No. 17 of 2016 dated 20.05.2016. CBDT issued explanatory notes on provisions of the Income Declaration Scheme, 2016 as provided in chapter ix of the finance act, 2016 vide Circular No. 16 of 2016 dated 20.05.2016 CBDT has issued circular regarding …
CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 3, 2016 DIRECT TAX IT: Transfer pricing adjustment – the unusual features which remained unexplained by the assessee influenced the TPO and the AO to resort to transfer pricing adjustment and determine ALP by adopting the CUP method for the procurements from Sumitomo Japan – Denso India Ltd. Vs. CIT (2016 …
CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 13,2016 DIRECT TAX: Disallowance u/s 14A – no separate books of account are maintained for taxable income and exempt income – some expenditure on account of administrative expenses has to be disallowed on reasonable estimate basis- (M/s. Coated Fabrics Pvt. Ltd. Versus ACIT, Circle-1 (1), Pune – 2016 (2) TMI 373 …
Consolidated FDI Policy by Department of Industrial Policy & Promotion (DIPP) on Agriculture Agriculture & Animal Husbandry Sector/Activity % of Equity/ FDI Cap Entry Route a) Floriculture, Horticulture, Apiculture and Cultivation of Vegetables & Mushrooms under controlled conditions;b) Development and Production of seeds and planting material; c) Animal Husbandry (including breeding of dogs), Pisciculture, Aquaculture, under controlled conditions; …
CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 4,2016 Direct Tax CBDT Officials directed to use new Performa to request info exchange from foreign tax authorities. Non-resident will not to be liable to deduct tax at source from payments made to persons resident in India, if the source of the aforesaid payments is located outside the Indian Territory. …
CORPORATE UPDATES ON SEBI, DVAT, MCA, SEZ, DGFT A. Bombay Stock Exchange (BSE) BSE has changed the head of Payment of SEBI Turnover Fees of Equity Segment/Equity Derivative/Currency Derivatives Segment/Interest Rate Derivatives/New Debt Segment. Trading members of the Exchange are hereby informed that the SEBI Turnover fee for the month ended will be debited to their respective …