Wednesday, 4 March 2015


Guidance Note on Reporting on Fraud under Section 143(12) of the Companies Act, 2013
Auditors have always had an important role to play in enhancing the credibility of the financial information.  With  the  introduction  of section  143(12)  of  the  Companies  Act,  2013, the Central Government is apparently seeking the support of the auditors in bringing in greater transparency and discipline in the corporate world to protect the interests of the shareholders as also the public, at large. 
Guidance Note on Reporting on Fraud under Section 143(12) of the Companies Act, 2013 is aimed to address the intent, scope, implementation and collateral repercussions of the provisions of this section and the related Rules on the auditors and the companies which were subject matter of much debate before this Guidance Note.

Full Text of the Guidance Note:
https://drive.google.com/file/d/0B1rRav-P4-8JalFTY1B5WGhWaWM/view?usp=sharing

Tuesday, 3 March 2015

Proposed TDS and TCS Amendments under Finance Bill, 2015

The Finance Bill, 2015 proposes to streamline the provisions of TDS and TCS under the Income Tax Act. The key proposals seek to bring uniformity between the TDS and TCS provisions, strengthen TDS provisions relating to salary income, resolve the uncertainty surrounding taxation of interest payments by cooperative banks to members and encompass reporting requirements under section 195(6) of the Income Tax Act to those payments that are not chargeable to income tax.
Read the Article:
https://drive.google.com/file/d/0B1rRav-P4-8JQ3docEpzOTNGZ00/view?usp=sharing

FINANCE BILL 2015-2016

REGISTRATION UNDER SERVICE TAX MADE MORE COMPLICATED

The Central Board of Excise and Customs vide ORDER No. 1/2015-SERVICE TAX specifies the  documentation, time limits and procedure with respect to filing of registration applications for single premises, which shall come into effect from 1-3-2015. This is in supercession of Order No. 2/2011-Service Tax dated 13-12-2011.

https://drive.google.com/file/d/0B1rRav-P4-8JTG5leE80ZDNDS28/view?usp=sharing

ASSESSEE NOT ENTITLED TO INTEREST ON REFUND OF EXCESS SELF-ASSESSMENT TAX PAID

RULES DELHI HIGH COURT


Refund of excess self-assessment paid by assessee was not eligible for interest as the provisions of Section 244A would not apply thereto.
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