| ICAI election procedure Our elections are held on the single 'transferable vote' system under which the voter has to indicate his preferences about the candidates by inserting the figures 1, 2, 3 etc against the names of the candidates according to his preference. Some... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Empanel with ROC for Technical Scrutiny of Balance Sheets, COP not required Further, it may be noted that since technical scrutiny of balance sheet does not involve attestation function, accordingly any Chartered Accountant not holding certificate of practice is also eligible to apply for the subject panel. Related... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Catholic churches worried about impact of direct tax code on them Certain provisions in the Direct Tax Code applicable to religious and charitable institutions and trusts will pose "serious difficulties" for these organizations, the Catholic Church has said. "The Direct Tax Code as conceived creates serious... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Goods & Services Tax (GST) Model for India The GST shall have two components: one levied by the Centre (hereinafter referred to as Central GST), and the other levied by the States (hereinafter referred to as State GST). Rates for Central GST and State GST would be prescribed appropriately,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Frequently Asked Questions and Answers on Goods and Service Tax (GST) GST is a tax on goods and services with comprehensive and continuous chain of set-off benefits from the producer's point and service provider's point upto the retailer's level. It is essentially a tax only on value addition at each stage, and a... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| SEBI proposed new guideline for Smaller companies IPO and for more disclosures from listed companies The Securities and Exchange Board of India on Monday proposed changes to the way public share offerings are done, spelt out guidelines SEBI rules for smaller companies to raise capital through share sales, and called for more disclosures from listed... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| SEBI exempted SMEs from usual eligibility norms applicable for IPO SMEs, which depend on expensive loans and stocks and raise money from the public. As part of its efforts to encourage SMEs to go public, the Securities and Exchange Board of India (Sebi) on Monday exempted them from the usual eligibility norms... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Income tax treatment / Taxability of Agricultural Income Agriculture income is exempt under the Indian Income Tax Act. This means that income earned from agricultural operations is not taxed. The reason for exemption of agriculture income from Central Taxation is that the Constitution gives exclusive... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| FM's speech at meeting of empowered committee of state finance ministers on GST It gives me great pleasure to be here on this occasion when the Empowered Committee under the dynamic leadership of Dr. Asim Dasgupta is releasing its First Discussion Paper on the proposed Goods and Services Tax (GST). At the outset, let me... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| RBI circular on frequent dishonour of cheques In this connection, it may be mentioned that frequent dishonour of cheques of value of less than Rs. 1 crore is also a matter of concern and banks need to take appropriate action in those accounts where such dishonour of cheques occur. Related... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| SEBI Board Meeting on SME Exchange and Amendments to ICDR Regulations/ Listing Agreement Companies listed on the SME exchanges would be exempted from the eligibility norms applicable for IPOs and FPOs prescribed in the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Share broker eligible to claim bad debts as expense while computing taxable income The assessee, a share broker, purchased shares on behalf of its client and paid for them. The brokerage on the said transaction was offered to tax. As the client did not pay for the shares, the assessee wrote off the amount due and claimed the same... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| CBEC proposed to launch third party information system (TPIS) to tackle service tax evasion Last Year, The CBEC, had planned a Third Party Information System (TPIS), a third party information model for excise duty. Now CBEC requires to reproduce the trials with service tax. As per board, it is a very effective and non-intrusive set up to... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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