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So far Salcoca Team has created 79 blog entries.
1512, 2015

Quoting PAN every where…practically every where

By |December 15th, 2015|Blog|0 Comments

Today, on 15th December, 2015, CBDT has issued a press release detailing out requirement of quoting PAN.

The changes to the Rules will take effect from 1st January, 2016.

It is very much necessary that you gear up the changes in the systems for compliance

 

 

 

 

Sl.
NATURE OF
TRANSACTION
MANDATORY QUOTING OF PAN (RULE 114B)

Existing requirement
New requirement

1.
Immovable property
Sale/ purchase valued at Rs.5 […]

1412, 2015

ICAI – elections – transparency and weighted average method of voting

By |December 14th, 2015|Blog|0 Comments

This is regarding the elections of CA institute. I just want to highlight 2 points

 

Right to remain present

You may, if you so desire, attend the counting of votes of your Constituency either personally or through an authorised representative who should be a member of the Institute.

 

In the latter case, a letter of authority, in the enclosed format, may please […]

1011, 2015

A local committee – overview orders passed by AO

By |November 10th, 2015|Blog|0 Comments

Background-:

Pursuant to the solemn promise made by Prime Minister Narendra Modi that a mechanism would be set up to ensure that Assessing Officers are accountable for the unreasonable additions that they make in the assessment order, the CBDT has issued Instruction No. 17/2015 dated 09.11.2015 in which it has admitted that the tendency of the […]

711, 2015

a googly by CBEC on the eve of diwali…..swachh bharat cess

By |November 7th, 2015|Blog|0 Comments

I am sure, the news of swachh bharat cess of 0.5% on value of taxable services with effect from 15-Nov-2015 has reached you. Relevant notification is re-produced below.

There are 2 things to be understood.

first

Earlier, the education cess and higher education cess were 3% of TAX and not value for taxable service.

Thus it was 0.36% whereby this […]

111, 2015

simplification of income tax law…welcome step

By |November 1st, 2015|Blog|0 Comments

Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
PRESS RELEASE
New Delhi, 27th October, 2015
Subject: SETTING UP OF COMMITTEE WITH A VIEW TO SIMPLIFY THE PROVISIONS OF THE INCOME TAX ACT, 1961

With a view to simplify the provisions of the Income Tax Act, 1961, a Committee has been constituted with the following composition:

 

Justice R.V. […]

2910, 2015

co. law date stands extended

By |October 29th, 2015|Banking and Finacial Services, Manufacturing Industries, Notices, Others|0 Comments

the due date for uploading audited financial statements for the year ending March 31, 2015 has been extended from 31th October 2015 to 30th November 2015.
thus no additional fees etc.
As compared to income tax department, Ministry of Corporate Affairs has almost taken pro-active stand.
for income tax, writs were concurrently lying across 10 different high courts.
ITD […]

2510, 2015

SC struct down NJAC – now what….?

By |October 25th, 2015|Blog|0 Comments

This is regarding the Judgement of Supreme Court (SC) dated 16 October 2015

Supreme Court Advocates-on-Record – Association and another v Union of India WP No 13 of 2015

A Constitution bench of 5 members pronounced the judgement.

Background of the case-:

There was a system of appointment of Judges to the Supreme Court, and Chief Justices and Judges […]

1410, 2015

Finally…..Court sentences…double death sentence & double life imprisonment for rape & murder of 2 year old

By |October 14th, 2015|Blog|0 Comments

Judgement Date – October 12, 2015, Nagpur Bench Bombay High court

Facts-:

Victim – a child of two years of age
Convict – 21 year, Shatrughna Meshram
Offence-: rape and murder

Punishment-:

Section 376-A and 302 of the Indian Penal Code
two life terms under Section 376 (2) (f) (i) (m) (rape) and Protection of Children from Sexual Offences Act (POCSO), 2012.

Confirming […]

610, 2015

so are we reaching the stage…वसुधैव कुटुम्बकम {vasudhaiv kuTumbakam} = THE WOLE WORLD IS A FAMILY

By |October 6th, 2015|Blog|0 Comments

Background-:

Political leaders, media outlets, and civil society around the world have expressed growing concern about tax planning by multinational enterprises (MNEs) that makes use of gaps in the interaction of different tax systems to artificially reduce taxable income or shift profits to low-tax jurisdictions in which little or no economic activity is performed.
In response to […]

510, 2015

Black Money scheme – window closed… time for IRS to deliver…

By |October 5th, 2015|Blog|0 Comments

Background-:

Midst the huge hue and cry on extension of due date on 30-sep-2015, the one time compliance window also stands closed.
Undisclosed foreign assets amounting to Rs 3,770 crore were disclosed in 638 declarations before the one-time black money compliance window that closed yesterday.
It is definitely less than as expected by the finance ministry. One may […]