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Upadates CBDT ICAI GST

Upadates CBDT ICAI GST

Upadates CBDT ICAI GST

Upadates CBDT ICAI GST

1)IT: Notice u/s 274 should specify Grounds of Imposition of Penalty:B L Dasraj Urs Vs I.T.O (Bangalore ITAT).

2) IT: CBDT with an intention to facilitate the participation of leading diamond mining companies of the world in the Bharat Diamond Bourse has notified it as “Special Notified Zone”.

3)ST: No Service Tax on agents in relation to remittance of foreign currency, from 1st July 2012 to 13th October 2014. Notification No. 19/2015-ST dt. 14th October, 2015.

4) IDT: Assessee using brand name/ trade mark of another person which has been assigned to it with a right to use it exclusively in India is eligible for SSI Exemption.: Commissioner of Central Excise, Bangalore V/s. Otto Bilz (India) Pvt Ltd. Supreme Court of India.

5) ICAI: Withdrawal of five Guidance Notes on Accounting:
a. GN(A) 3 (Issued 1982) – Guidance Note on Treatment of Reserve Created on Revaluation of Fixed Assets

b. GN(A) 7 (Issued 1989) – Guidance Note on Accounting for Depreciation in Companies

c. GN (A) 8 (Issued 1994) Guidance Note on Some Important Issues Arising from the Amendments to Schedule XIV to the Companies Act, 1956

d. GN (A) 26 (Issued 2008) Guidance Note on Applicability of Accounting Standard (AS) 20, Earnings Per Share

e. GN (A) 27 (Issued 2008) Guidance Note on Remuneration Paid to Key Management Personnel-Whether a Related Party Transaction

6) IT: Amount received by prospective employee for loss of employment offer is a capital receipt and is neither taxable as salary and nor as Income From other sources. CIT vs. Pritam Das Narang (Delhi High Court).

7) GST: The Joint Committee on Business Process for GST has submitted it’s Report on GST Return on public domain for Comments.

8)RBI:RBI seeks Comments/Feedback on Report of Working Group on Implementation of Ind AS by Banks in India.

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