The CBDT has vide its notification dated 23.06.2014, notified Wealth-tax (1st amendment) Rules, 2014 which substitutes the existing Form of return of net wealth with a new form. The new Form prescribes certain new reporting clauses and substitutes some existing clauses with new ones. In the said rules, Form BB has been inserted in the Appendix after the existing Form BA.
The CBDT has vide its notification dated 25.07.2014, notified Income-tax (7th amendment) Rules, 2014 which substitutes the existing Form No. 3CD with a new form. The new Form 3CD prescribes certain new reporting clauses and substitutes some existing clauses with new ones. The new form requires tax auditor to furnish more and detailed information in the new form for tax audit report.
The income of Alternative Investment Funds (AIF) shall be taxed at the rate of 30 per cent. Such funds basically pool in money from domestic and overseas investors and invest on the basis of a pre-determined policy. The Central Board of Direct taxes was requested to clarify whether the income of such funds would be taxable in the hands of investors (contributors to the fund) or the trustees of the fu..
RBI vide A.P.(DIR Series) Circular No. 138 dated June 3, 2014, has enhanced the existing limit of USD 75,000 per financial year (April-March) in respect of the Liberalised Remittance Scheme for resident individuals to USD 125,000 per financial year (April-March). Accordingly, AD Category – I banks have been allowed to remit up to USD 125,000 per financial year, under the Scheme, for any permitted current or capital account transaction or a combination of both.
n an attempt to shore up the rupee, former RBI chief Duvvuri Subbarao vide A.P. (DIR Series) Circular No. 23 dated August 14, 2013 had limited the overseas investment by Indian companies to 100% of their net worth from the existing 400%. Assessing the improvements in the market scenario, and the appreciation in rupee from the last years recorded low levels against dollar, RBI has again relaxed the norms for overse..
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KnowledgeBase – Recent Articles
Impact of Ind AS on Minimum Alternate Tax (MAT)
– By CA Niketa Agarwal
As the book profit based on Ind AS compliant financial statement is likely to be different from the book profit based on existing Indian GAAP, the CBDT constituted a committee in June, 2015 for suggesting the framework for computation of MAT liability under section 115JB for Ind AS compliant companies in the year of adoption and thereafter. On 22nd December, 2016, the Committee submitted its final report after [...] Read More >>
Impact of Ind AS 41 – Agriculture on Tea Industry
– By CA Niketa Agarwal
The Ministry of Corporate Affairs (‘MCA’) issued a press release on January 2, 2015 announcing a roadmap for the implementation of Ind- AS based on a company’s net worth. With respect to agricultural sector, before the introduction of the Companies (Indian Accounting Standards) Rules, 2015, there was no specific accounting literature in India (previous GAAP) that required recognition of biological or bearer plant and hence no accounting [...] Read More >>
Revenue recognition for real estate developers – Indian GAAP vs ICDS
-By CA Vivek Newatia
Real estate as a subject has always been of interest to all professionals considering the complex implications of the transactions – legal, accounting or taxation. One question which has perplexed everyone is whether revenue in the books of real estate developers should be recognised on percentage completion method (POCM) or project completion method/ completed contract method (CCM).Read More >>
Controversies surrounding Section 14A of the Income Tax Act
-By CA Vivek Newatia -By CA Puja Borar
Section 14A introduced by the Finance Act 2001 with retrospective effect from 1st April 1962 has been one of the most litigated provisions with different courts interpreting it differently. The Section provides for disallowance of such expenditure which is incurred in relation to income which does not form part of the total income.Read More >>
– By Team S.Jaykishan
The Union Budget for the year 2016-17 was presented by the Finance Minister in the parliament on 29thFeb 2016.The Government has announced a series of measures to reduce litigation and rationalisation of tax proposals. The nine point agenda mentioned in the budget speech is a welcome move.The Government is set to introduce a framework for Base Erosion and Profit Shifting (BEPS), a global agreement to check tax avoidance by multinationals, making it difficult for the MNCs [...] Read More >>