CBDT: Defers GAAR & GST reporting under amended Tax Audit Form till March 31, 2019

The Central Board of Direct Taxes (CBDT) has decided that reporting under the newly inserted clause 30C (pertaining to GAAR) & clause 44 (pertaining to GST) in the Form 3CD shall be kept in abeyance till 31st March 2019. The Continue Reading

CBDT Notifies Cost Inflation Index for AY 2019-20 at 280

The Central Board of Direct Taxes vide Notification No.26/2018/F.No.370142/3/2018 notifies Cost Inflation Index for FY 2018-19 at 280. This notification shall come into force with effect from April 1, 2019 and shall accordingly apply to AY 2019-20 and subsequent years. The notification can be downloaded by Continue Reading

India Amends Double Taxation Avoidance Agreement with Kuwait

CBDT on 4th May notified that The Government of India and Government of the State of Kuwait have Amended Double Taxation Avoidance Agreement (DTAA). The Amended Protocol can be downloaded by clicking here

CBDT Doubles Exemption Limit Conveyance Allowance

Vide Notification No. 39/2015/F. No.142/02/2015-TPL, CBDT doubled conveyance allowance from Rs. 800 per month to Rs. 1600 per month for employees to meet his expenditure for the purpose of commuting between the place of his residence and the place of his duty. Continue Reading

Companies (Auditor’s Report) Order 2015

Two days after ICAI Announcement on Applicability of CARO 2003 & Additional Reporting Under Companies Act 2013, Ministry of Corporate Affairs has notified Companies (Auditor’s Report) Order 2015. The said Order can be downloaded by clicking here –>> Companies_Auditors_Report_Order_2015

ICAI Announcement on Applicability of CARO 2003 & Additional Reporting Under Companies Act 2013

ICAI in its Announcement said that the Companies Act, 1956 has ceased to have effect from 01st April, 2014. As a corollary, even the Companies (Auditor’s Report) Order, 2003 issued under section 227(4A) of the said Act also ceases to Continue Reading

RBI notifies hike in FDI cap in insurance sector

The Reserve Bank of India (RBI) on Wednesday notified government’s decision to raise foreign direct investment (FDI) limit in the insurance sector to 49 per cent. “The extant FDI policy for insurance sector has since been reviewed and further liberalised. Accordingly, with Continue Reading

Interest rate of Sukanaya Scheme and 5 Year Senior Citizen Saving Scheme increased by 0.1% w.e.f. April 1, 2015

Government of India increased the interest rate on Sukanaya Scheme & 5 year Senior Citizen Saving Scheme by 0.1% w.e.f. 01 April 2015.   Source: PRESS RELEASE, DATED 31-3-2015 The Press Release can be downloaded by clicking here –> Sukanya Samriddhi Scheme Continue Reading

MCA clarifies that Amounts received by Private Companies as loan from Members, Directors or Relatives prior to 01 April 2014 shall not be treated as Deposit

Much awaited relief is granted by the Ministry of Corporate Affairs vide its General Circular No. 05/2015, wherein it has clarified that amounts received by the Private Limited Companies from their members, directors or their relatives prior to 1st April Continue Reading

Draft Circular – Section 234A – INTEREST FOR DEFAULTS IN FURNISHING RETURN OF INCOME

DRAFT CIRCULAR NO. 2/2015 [F.NO.385/03/2015-IT(B), DATED 10-2-2015 Based on the Suprement Court Ruling in case of CIT v. Prannoy Roy, 309 ITR 231 (2009), CBDT has decided that interest under Section 234A shall not be levied on the Self Assessment Continue Reading