ITFG Bulletin 10-Ind AS

Ind AS Transition Facilitation Group (ITFG) considered some issues received from members and decided to issue clarification. So ITFG issued Bulletin 10 for this on July 05, 2017. For Bulletin 10 Please Refer: http://resource.cdn.icai.org/45802indas36018.pdf What is ITFG? As per ICAI: Pursuant to the issuance of roadmap for Ind AS implementation issued by the MCA vide notification […]

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IGST Exemption to SEZs on Import of Services by a unit/developer in an SEZ

CBEC through Notification No. 18/2017-Integrated Tax (Rate) exempts services imported by a unit or a developer in the Special Economic Zone for authorised operations, from the whole of the integrated tax leviable thereon under section 5 of the Integrated Goods and Service Tax Act, 2017.   For Notification Please Refer: http://www.cbec.gov.in/resources//htdocs-cbec/gst/notification18-igst-rate.pdf

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​Income-Tax (18th Amendment) Rules, 2017-Amendment in Form 3CD

CBDT through Notification No. 58/2017 amends Form 3CD to get detail information under section 269SS and Section 269T. After amendment there will be requirement of more information for transactions covered under section 269SS and 269T.   For more details please refer: http://www.incometaxindia.gov.in/communications/notification/notification58_2017.pdf

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Clarifications in respect of Section 269ST of the Income-Tax Act, 1961

CBDT through Circular No. 22 of 2017 has clarified in respect of Section 269ST of Income Tax for receipt in the nature of repayment of loan by NBFCs or HFCs and clarified that the receipt of one instalment of loan repayment in respect of a loan shall constitute a ‘single transaction’ as specified in clause (b) of […]

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Property, Plant and Equipment – Proceeds Before Intended Use (Proposed Amendments to IAS 16)

Introduction In this Exposure Draft, the International Accounting Standards Board (Board) proposes to amend IAS 16 Property, Plant and Equipment. The amendments would prohibit deducting from the cost of an item of property, plant and equipment any proceeds from selling items produced while bringing that asset to the location and condition necessary for it to be capable […]

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GST: GST (Third Amendment) Rules, 2017

CBEC through Notification No. 15/2017 issues GST (Third Amendment) Rules, 2017 and notifies CGST rules and format related to Inspection, Search & Seizure, Demand & Recovery, Offences and Penalties. For Nofication No. 15/2017-GST Please Refer: http://www.cbec.gov.in/resources//htdocs-cbec/gst/notfctn-15-central-tax-english.pdf

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