S. Jaykishan

Chartered Accountants

KnowledgeBase

Budget 2015

Budget 2015

– By Team S. Jaykishan

The Union Budget for the year 2015-16 was presented by the Finance Minister in the parliament on 28th Feb 2015. This being the first full budget by the new government, expectations were running high. Significant announcements were made by the Hon’ble Finance Minister in his speech. He emphasized on curbing black money generation and coming down heavily on tax evaders. Emphasis was given on stability of tax regime and clear focus was seen on promoting […] Read More >>


Ind AS Convergence with IFRS

Ind AS Convergence with IFRS

– By CA Niketa Agarwal

Ind AS–Indian Accounting Standards converged with International Financial Reporting Standards (IFRS) has now become a reality. Soon after the revised roadmap for implementing Ind AS was announced in January, 2015, the MCA through notification dated 16th February, 2015 issued the Companies (Indian Accounting Standards) Rules, 2015 (Rules) which lays down a roadmap for companies other than insurance companies, banking companies and non-banking finance companies (NBFC) for implementation of Ind AS converged with […] Read More >>


TDS on Payment of commission to Non-Residents

TDS on Payment of commission to Non-Residents

– By CA Puja Borar

Residents in India acquire the services of non-resident agents for canvassing of overseas contacts, for export of their products and/or for the provision of ancillary support services etc. Commission is paid to the non-resident agents in lieu of the services rendered by them. The chargeability and deduction of tax on such payments has been a controversial subject. This article intends to discuss the issue in the light of […] Read More >>


Disallowance u/s 14A with reference to a dealer of shares and securities

Disallowance u/s 14A with reference to a dealer of shares and securities

– By CA BK Newatia

Right from its inception, the scope of section 14A of the Income Tax Act, 1961 has been a subject matter of controversies and litigation between the tax payers and the tax collectors. One of the issues, surrounding disallowance u/s. 14A, is the possibility of disallowance of an expenditure in the hands of a dealer of shares and securities, who holds such shares and securities […] Read More >>


Advanced Pricing Agreement (APA) Roll Back Provisions

Advanced Pricing Agreement (APA) Roll Back Provisions

– By CA Puja Borar

The CBDT announced Income-tax (Third Amendment) Rules, 2015 to prescribe the conditions, procedure and manner for such roll back mechanism, namely, Rules 10MA and 10RA, vide S.O. 758(E) dated 14th March, 2015. Subsequent to the notification of the rules, requests for clarification regarding certain issues have been received in the CBDT. The CBDT therefore issued FAQs vide Circular No. 10/2015 dated 10th June, 2015, clarifying certain issues.The salient features of […] Read More >>


Income Computation and Disclosure Standards – An Overview

Income Computation and Disclosure Standards – An Overview

– By CA Vivek Newatia, CA Puja Borar

As per the provisions of Section 145, Income chargeable under the head “Profits and gains of business or profession” or “Income from other sources” shall be computed in accordance with either cash or mercantile system of accounting regularly employed by the assessee.
The Central Government has been empowered by the provisions of sub-section 2 of Section 145 to notify the Income Computation and Disclosure Standards for any […] Read More >>


Certification requirements u/s 195 in the light of the amendments by the Finance Act, 2015

Certification requirements u/s 195 in the light of the amendments by the Finance Act, 2015

– By CA Puja Borar

the provisions of sub-section (6) of section 195 of the Act have been amended vide the Finance Act, 2015 w.e.f 1st April, 2016 (i.e. AY 2016-17) to provide that the person responsible for paying any sum, whether chargeable to tax or not, to a non-resident, not being a company, or to a foreign company, shall be required to furnish the information of […] Read More >>




RELATED PARTY TRANSACTIONS- HARMONISING AND REPORTING UNDER VARIOUS STATUES

Related Party Transactions – Harmonising and Reporting Under Various Statues

– By CA Niketa Agarwal

The “Related Party Transactions” (RPTs) are under heightened watch of various regulators and tax authorities not just in India but globally. The potential to misuse RPTs is a cause for concern all over the world to both regulators as well as investors as has been evident from various scams and frauds in India and globally.

The reporting and compliance under various different laws poses a challenge […] Read More >>