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GST Master Guide Cum Reckoner : UPDATED TILL 31.05.2018
GST Master Guide Cum Reckoner is now available. The book contains Section & Rule wise Index, Due Dates (illustrating relevant notifications), complete CGST Act, IGST Act, and Compensation Cess Act and along with relevant rules, notifications, circulars, press release incorporated at relevant places. All the changes have been properly displayed. The book comes in 2 volumes.To Purchase: CLICK HERE
WHATS APP UPDATES
It covers Income Tax, GST, Service Tax, Excise Duty, Custom Duty, Company Law, SEBI, RBI, Labour Law, IRDAI & Miscellaneous. Time: 12 months Price: Rs. 500/- + 18% GST To subscribe: Click Here
Income Tax
Special drive for expeditious clearance of pending appeal effect and rectification matters and issue of refunds
The Income Tax Department observed a dedicated fortnight from 1st to 15th June, 2018 to expeditiously clear pending matters of appeal effect and rectification. More than 20,000 such matters were disposed of and refunds were issued to the taxpayers, wherever due. Seeing the success of this initiative, the special drive was extended in certain regions up to 30th June, 2018. Further, large amounts of refunds have also been issued consequent to processing of income-tax returns. More than 99% of all refund claims pending for processing as on 30.06.2018 have already been processed and the refunds due have been issued [..] Read more at:
Indian Advance Pricing Agreement regime moves forward with signing of three UAPAs by CBDT in May and June, 2018
The Central Board of Direct Taxes (CBDT) has entered into three Unilateral Advance Pricing Agreements (UAPA) during the past couple of months. With the signing of these Agreements, the total number of APAs entered into by the CBDT has gone up to 223, which inter alia include 20 Bilateral APAs. The UAPAs entered into during the past couple of months pertain to consumer industry, automobile and precious stones & metals sectors of the economy. The international transactions covered in the agreements pertain to provision of corporate guarantee, purchase of brand, availing of grading services, availing of manageme [..] Read more at:
SEBI
Review of Adjustment of corporate actions for Stock Options
SEBI, vide Circular No. SMDRP/DC/CIR- 8/01 dated June 21, 2001, prescribed a framework for adjustment of corporate actions for stock option contracts. Further, SEBI, vide Circular No. SMDRP/DC/CIR-15/02 dated December 18, 2002, set out principles for adjustment in derivative contracts at the time of corporate actions. 2. SEBI has been receiving representations from various stakeholders requesting to review the dividend adjustment framework for stock options. The suggestions were examined and placed before the Secondary Market Advisory Committee (SMAC) for deliberations. Based on the recommendations of [..] Read more at:
http://onlinelawsolutions.com/review-of-adjustment-of-corporate-actions-for-stock-options.html
Guidelines on Anti-Money Laundering (AML) Standards and Combating the Financing of Terrorism (CFT) /Obligations of Securities Market Intermediaries under the Prevention of Money Laundering Act, 2002 and Rules framed there under
All Intermediaries registered with SEBI under Section 12 of the Securities and Exchange Board of India Act, 1992. (Through the stock exchanges for stock brokers and sub brokers, depositories for depository participants, Association of Mutual Funds in India (AMFI) for Asset Management Companies) Subject: Guidelines on Anti-Money Laundering (AML) Standards and Combating the Financing of Terrorism (CFT) /Obligations of Securities Market Intermediaries under the Prevention of Money Laundering Act, 2002 and Rules framed there under 1. The Prevention of Money Laundering Act, 2002 (“PMLA”) [..] Read more at:
RBI
Scheme of Penalties for bank branches based on performance in rendering customer service to the members of public
Master Circular on the Scheme of Penalties for bank branches including currency chests based on performance in rendering customer service to members of public 1. The Scheme of Penalties for bank branches including currency chests has been formulated in order to ensure that all bank branches provide better customer service to members of public with regard to exchange of notes and coins, in keeping with the objectives of Clean Note Policy. 2. Penalties Penalties to be imposed on banks for deficiencies in exchange of notes and coins / remittances sent to RBI / operations of currency chests etc. are as follows [..] Read more at:
ICAI
Indian Accounting Standards (Ind AS): Disclosure Checklist
Over the past two decades, the nature of accounting and financial reporting has evolved to meet the changing needs of users. Business and Financial markets have become more challenging, with greater complexity in business models, sources of risk and uncertainty, and how to manage this risk. These new emerging challenges require disclosure for information that is relevant to users and may be subjective in nature. Disclosures of information in financial reporting have also had to respond to these challenges by shifting from simply presenting the line items on the face of the financial statements to providing [..] Read more at:
http://onlinelawsolutions.com/indian-accounting-standards-ind-as-disclosure-checklist.html
Indian Accounting Standards (Ind AS): Impact Analysis and Industry Experience
The Institute of Chartered Accountants of India (the ICAI), being the premier accounting body in the country, has played the leadership role to develop sound financial reporting framework in the country by establishing Accounting Standards Board (ASB) way back in 1977. The accounting standards formulated by the ASB have come a long way and got legal recognition as well. The ICAI in its endeavour to enable the Nation with high quality accounting standards comparable to the best in the world, decided in the year 2006 to converge with International Financial Reporting Standards (IFRS Standards) issued by the IASB [..] Read more at:
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