Introduction: The Constitution (One Hundred and First Amendment) Act, 2016 (hereinafter referred to as ‘GST Constitutional Amendment Act) is been recently passed by Parliament, ratified by majority of the States and received President’s assent on 08.09.2016. Subsequently, Central Government has notified various provisions of the GST Constitutional Amendment Act
Companies Amendment Bill 2016- part 6
THE COMPANIES AMENDMENT BILL, 2016 [BILL 73 of 2016] – A REVIEW- PART-5 (continued from September-2016 wiki) Sl. Section(s) under the CA, Clause No. in the Proposed amendment relating to Remarks/Comments/Penalty No. 2013, amended Amendment Bill
Income Computation And Disclosure Standards (ICDS)-New
Flash News!!! The Central Government in exercise of the Powers conferred in 145(2) of the Income tax Act, 1961 notifies1 Income Computation and Disclosure Standards (‘ICDS’) to be followed by all assessees (other than exempted2 ) following mercantile system of accounting for the purpose of computing income under the
How Audit Commiittes Can Leverage Internal Audit
The audit committee is a cornerstone of good corporate governance. Its mandate now extends well beyond oversight of financial reporting to include an array of key areas that support an organization’s performance, such as risk management, compliance, reliability and integrity of internal data, cyber risk, and the effectiveness of internal
FDI INTO Food Processing Industry
FDI into Food Processing Products – various forms of business – FEMA Regulations Food Processing Sector has been on average growing at a faster rate than agricultural sector since last three years. During the last three years ending 2014-15, it is growing at Average Annual Growth Rate (AAGR) of
Safe Harbour vs APA
Background of Safe Harbour: Tax payers often need to carry out complex transfer pricing analysis of their related party cross border transactions. Compelled to allocate resources for preparing detailed documentation, companies are thus burdened with significant costs associated with undertaking such an exercise. Moreover, transfer pricing analysis being a subjective
Income Declaration Scheme, 2016
Introduction In order to provide an opportunity to all persons, a new scheme, i.e., Income Declaration Scheme, 2016 (“Scheme”) has been introduced by the Finance Ministry which allows all persons who have not paid full taxes in the past to come forward and declare the undisclosed income and pay tax,
Importance Of Internal Audit For Investors
1.1 Introduction: Profit potentiality, limited liability, tax benefits, free transferability would make investment in equity preferable, however there is other side to the coin in terms of high risk, market fluctuations which prudent investor should always consider. Normal tendency of investors while making investments is to look at
Companies Amendment Bill 2016-(Part 4)
Contributed by CS D V K Phanindra Sl. Section(s) under the CA, Clause No. in the Proposed amendment relating to Remarks/Comments/Penalty No. 2013, amended Amendment Bill
Rationalisation Of Penality Provisions
The Finance Bill, 2016 proposed to insert a new section – section 270A on imposition of penalty to replace the existing section 271of the Income-tax Act, 1961 (“Act”) which has been matter of litigation throughout. This section shall come into effect from April 1, 2017 i.e., Assessment Year (“AY”) 2017-18.