Procedure of Intimating AADHAAR Number to Income Tax Department

CBDT through Notification No. 7 of 2017 issues procedure of intimating AADHAAR number to Income Tax Department by Permanent Account Number (PAN) holder and quoting of the same in PAN applications in compliance of Section 139AA of Income Tax Act. Now every person who has PAN No. is required to update/ intimate his/ her AADHAR to […]

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Exposure Draft of Revised SA 299, “Joint Audits” for Comments

ICAI invites comments on the Exposure Draft which should reach by August 11, 2017. Comments are most helpful if they indicate the specific paragraph(s) to which they relate, contain a clear rationale and, where applicable, provide a suggestion for alternative wording. The comments should be sent to: Secretary, Auditing and Assurance Standards Board, The Institute […]

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NEFT TRANSFER TO GET QUICKER AS RBI CUTS CLEARANCE TIME

The Reserve Bank has decided to slash clearance time for National Electronic Funds Transfer (NEFT) in an attempt to enhance efficiency of the electronic payment system and add to customer convenience. With regard to the same, the NEFT settlement cycle will be reduced from hourly batches to half hourly batches. “Consequently, 11 additional settlement batches […]

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TAX EVASION OVER RS 5 CR A NONBAILABLE OFFENCE

Tax evasion of over Rs 5 crore under the GST regime would be nonbailable offence with the police having authority to make an arrest without a warrant. The Central GST (CGST) Act provides that if the offences relating to taxable goods and/or services where the amount of tax evaded or the amount of input tax […]

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Insolvency and Bankruptcy Board of India notifies Corporate Voluntary Liquidation Process Regulations

The regulations provide the process from initiation of voluntary liquidation of a corporate person companies, limited liability partnerships and any other persons incorporated with limited liability till its dissolution. A corporate person may initiate a voluntary liquidation proceeding if majority of the directors or designated partners of the corporate person make a declaration to the […]

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