Direct Tax
Expected reduction on MAT liabilities on Ind AS adoption
Did you wonder the impact of revaluation of assets pursuant to adoption of Ind AS over book profit for the purpose of MAT?
Here is the expected relief for the transitional impact as per the recommendation by the committee set for the purpose....Read More
Even if you’re on the right track, you’ll get run over if you just sit there.
First Bilateral Advance Pricing Agreement Entered
The APA Scheme was introduced in the Income-tax Act in 2012 and the "Rollback" provisions were introduced in 2014. The scheme endeavours to provide certainty to taxpayers in the domain of transfer pricing by specifying the methods of pricing and setting the...Read More
Our patience will achieve more than our force.
Treatment made by assessee of shares transactions cannot be disturbed by Revenue
The ITAT Bench Jaipur in the above cited case held that as per CBDT circular 6/2016 dated 29.02.2016 , if the assessee has treated the securities as investment and not as stock in trade earlier years,the revenue is not permitted to take a contrary view in the present year to claim that the security is stock in trade...Read More
Genius is more often found in a cracked pot than in a whole one.
Govt. and embassies exempt from TCS on cash purchase of specified goods or services
Central Board of Direct Taxes (CBDT) vide notification dated 19 August 2016 have inserted new rule 37CB. As per the subject new rule, the provision of sub-section (1D) of section 206C shall not apply, to the extant notified, on certain class or classes of buyers, namely, Government, Embassies, notified institutions etc....Read More
Life laughs at you when you are unhappy. Life smiles at you when you are happy. But, life salutes you when you make others happy.
Indirect Tax
Model GST Law – Value of Supply of goods and services (Part 5)
Continuing with our last update on the time of supply of goods and services under GST, we present our next commentary on the value of supply under the GST law.
Section 15 contains the provision relating to the valuation of supply under GST regime....Read More
There was never a night or a problem that could defeat sunrise or hope.
Ind AS/IFRS
IFRS 9: Impact on Asian Banks
IFRS 9’s rule on impairment is a major step towards addressing an identified weakness in financial reporting in the aftermath of the 2008 global financial crisis. For those Asian economies that follow IFRS 9 and its stated timeline, implementation is less than 18 months away. Given the looming deadline, implementing the new standard will be a daunting task for many Asian banks. However, the transition to a more appropriate accounting methodology will ultimately enhance the credibility and transparency of reported financial statements....Read More
The best way to pay for a lovely moment is to enjoy it.
Implementation of Indian Accounting Standards (Ind AS) for All-India Term Lending and Refinancing Institutions
The Ministry of Corporate Affairs (MCA), Government of India had notified the Companies (Indian Accounting Standards) Rules, 2015 on February 16, 2015. A Press Release dated January 18, 2016 was issued by the MCA outlining the roadmap for implementation...Read More
Believe that life is worth living and your belief will help create the fact.
Revised format for publishing financial accounts
To facilitate smooth transition, the Securities and Exchange Board of India (SEBI) has issued a revised format, vide circular CIR/IMD/DF1/69/2016 dated 10 August 2016 (‘Circular’), for publishing financial accounts in compliance with Indian Accounting Standards. The new format will be applicable on all listed entities on the stock exchanges for disclosing financial results...Read More
There are two ways of spreading light: to be the candle or the mirror that reflects it.
Corporate laws
Internal Financial Controls over financial reporting
One important amendment that was mandated by the Companies Act, 2013 and mostly ignored by some of the corporates is Implementation of Internal Financial Control of Financial Reporting. The objectives behind such compliance is to ensure the operational effectiveness, efficiency and reliable financial reporting....Read More
A problem is a chance for you to do your best.
Economy
Statutory and Institutionalised framework for Monetary Policy; Central Government in consultation with RBI announces the Inflation Target of Four Percent
While keeping in mind the objective of growth, and to meet the challenge of an increasingly complex economy, the Preamble in the RBI Act, as amended by the Finance Act, 2016, now provides that the primary objective of the monetary policy is to maintain price stability .....Read More
The best revenge is massive success.
Exactly
Once upon a time a King ordered his two sons to build two large aqueducts to supply water to his country estates, which were in a very poor state due to a great drought. The first son took part of his father's riches and part of the army. With them he travelled north where he ordered the people of those lands to work hard on building the aqueduct. He oversaw the work very carefully, paying the villagers fairly, and finishing the project within the predicted two years. Proud of his work, he returned to the palace, only to find the place in the midst of celebrations for the coming crowning of his brother as King. He was told that his brother had taken only one year to build his aqueduct in the south, and that he had managed to do the job with hardly any soldiers or money.
This seemed so strange to the first brother that he began to investigate the southern aqueduct. What he found amounted to more than a few irregularities. He returned to the palace, telling his father to avoid this madness of making his brother King
"Why do you say that? Is there something I should know?" asked the King. "You know how much I love my brother, but he must have gone crazy. He has dragged our good name through the gutter. He built his aqueduct deviating from the plans. He created so many outlets that barely half the water arrives at the royal estates. He confronted the prime minister in front of the villagers, and he left without paying any of the workers. He even used your soldiers as labourers. And who knows? Maybe that's only the start..."
The King, gazing affectionately at his son, replied.
"My son, what you say is true. Your brother had the initiative to modify the aqueduct to improve it; the wisdom to propose something which would improve the lives of everyone. And so he convinced the villagers to work quickly and without pay. He had the courage to confront the prime minister to defend justice, and the charisma to set his soldiers to work even more hours than the villagers. His commitment was so great that he himself was the one who worked hardest on the project, forgetting his Princely status. You know what, my son? This is why everyone adores your brother, and would do anything he were to ask of them. He is more than their King, he is their leader".
The Prince left, deep in thought. He came to recognise that the words of his father indeed pointed to the greatness of his brother. And without hesitation, he ran to his brother, to congratulate him.
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