S. Jaykishan

Chartered Accountants

Author Archive for S Jaykishan

Set-off of loss against deemed income u/s 115BBE allowed till AY 2016-17

Set-off of loss against deemed income u/s 115BBE allowed till AY 2016-17

(Date: 20/6/2019)

The Central Board of Direct Taxes (CBDT), vide a circular issued on 19th June 2019, has clarified that since the term ‘or set off any loss’ was inserted by Finance Act, 2016, w.e.f., 01-04-2017, an assessee can claim set-off of loss against income determined under section 115BBE till the Assessment Year 2016-17.

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CBDT issues revised guidelines for Compounding of Offences

CBDT issues revised guidelines for Compounding of Offences

(Date: 15/6/2019)

The Central Board of Direct Taxes (CBDT) has issued Guidelines for Compounding of Offences under Direct Tax Laws, 2019 in supersession of earlier Guidelines dated 23-12-2014 These Guidelines shall come into effect from 17.06.2019 and shall be applicable to all applications for compounding received on or after the aforesaid date.

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Rate of ESI contribution reduced to 4%

Rate of ESI contribution reduced to 4%

(Date: 15/6/2019)

The Govt. has reduced the rate of contribution under the ESI Act from 6.5% to 4% with effect from July 01, 2019. This would benefit to both employers and employees. The reduced rate of contribution will bring the substantial relief to workers and it will facilitate enrollment of worker under the ESI scheme.

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RBI reduces repo rate by 25 basis points

RBI reduces repo rate by 25 basis points

(Date: 10/06/2019)

On the basis of an assessment of the current and evolving macroeconomic situation, the Monetary Policy Committee (MPC) at its meeting on 6th June,2019 decided to reduce the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points to 5.75 per cent from 6.0 per cent with immediate effect.

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ICSI issues four Auditing Standards

ICSI issues four Auditing Standards

(Date: 9/05/2019)

The Institute of Company Secretaries of India (ICSI) has issued four Auditing Standards namely, Auditing Standard on Audit Engagement, Auditing Standard on Audit Process and Documentation, Auditing Standard on forming an opinion and Auditing Standard on Secretarial Audit.

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