15G/ 15H Declarations Uploading Due Date Extended by CBDT
The due date for quarterly furnishing of 15G/ 15H declarations received by the payer from 1 April, 2016 onwards and the manner for dealing with Form 15G/15H received by …
FATCA requirement to Close Accounts lacking Self Certifications relaxed for FIs: CBDT
CBDT has relaxed the financial institutions from closing the accounts, by 31 Aug. 2016, for which self-certifications have not been obtained under the alternative procedure for implementation of FATCA …
Audit of Internal Financial Controls over Financial Reporting: ICAI’s Implementation Guide
The Companies Act, 2013 had introduced Section 143(3)(i) which requires the statutory auditors of companies to report on adequacy and operating effectiveness of internal financial controls system of the …
EPFO Relaxes instructions for mandatory use of UAN based PF Claim forms in certain cases
With introduction of Composite PF Claim Forms (Aadhar/ Non-Aadhar) by EPFO, applicable w.e.f. 20 Feb. 2017, the Claim Forms No. 19, 10C and 31 (including UAN Forms 19, 10C …
CBDT’s Revised Format for Scrutiny Notice u/s 143(2) of Income-tax for E Assessments
The CBDT has prescribed revised format for Scrutiny Notice u/s 143(2) for i) Limited Scrutiny; ii) Complete Scrutiny & iii) Manual Scrutiny under e-assessment applicable only in case of taxpayers whose Income-tax jurisdiction …
ICAI Clarification / FAQ on “Deemed Cost of Property, Plant and Equipment under Ind-AS 101”
ASB of ICAI has replied to the question raised by Ind AS Transition Facilitation Group as to “whether the accumulated depreciation and provision for impairment under previous GAAP would …
FAQs on Requirements to Prepare Consolidated Financial Statements: ICAI Clarifications
The ICAI has clarified on FAQs regarding the requirements to prepare Consolidated Financial Statements in accordance with the applicable Companies Rules and the Accounting Standards, as under: These FAQs …
Bad Debt Claims u/s 36(1)(vii) based on Write off in Books of Account: CBDT Clarification
The CBDT vide Circular No. 12/2016 dt. 30th May, 2016 has clarified that claim for any bad debt or part thereof in any previous year, shall be admissible under section 36(1)(vii) of …
Change in MoA by Section 8 Companies (Form GNL-1 vs. RD-1): ICAI Clarification
The ICAI vide Announcement dt 17 May 2016 has clarified that Form GNL 1 is applicable for making changes in Memorandum of Association (MoA) by Section 8 Companies instead …
ICAI’s Revised Standards on Auditing (SA 700, SA 701, SA 705, SA 706, SA 260 & SA 570)
ICAI has released various Revised/ New Standards on Auditing (i.e. SA 700, SA 701, SA 705, SA 706, SA 260 & SA 570), vide Announcement dt. 17/05/2016, as under: …