Del. HC: Proper Officer Empowered to Grant Upto 3 Adjournments if Sufficient Cause Shown || Order to Terminate Pregnancy of Minor Rape Survivor, Recalled by Supreme Court || Licenses of 14 Patanjali and Divya Pharmacy Products Suspended by Uttarakhand Licensing Authority || PIL Seeking ‘Authoritative Interpretation’ of Section 66 PMLA Refused by Delhi High Court || All. HC: Can’t Declare Transaction Benami on Contractor’s Statement Without Relevant Material || Del. HC: Denying ITC to Taxpayers One of the Outcomes of GST Registration Cancell. with Retrospect || Cal HC: Penalty Amount on Higher Value than Invoice Value Can’t be Computed by GST Dep. w/o Evidence || All. HC: Candidates with Criminal Background Will Pose Severe Threat to Democracy if Elected || All. HC: It’s an Obligation of Bank Officials to Fully Co-operate in Criminal Investigations || SC: Prima Facie Case Made Out from Allegations in Complaint Sufficient to Summon Accused

Comments invited on minimum alternate tax report- (Ministry of Finance ) (28 Apr 2016)

MANU/PIBU/0402/2016

Direct Taxation

The Central Board of Direct Taxes is receiving comments on the recommendations of the Committee on Minimum Alternate Tax for Indian Accounting Standards till 10 May 2016.

The Committee submitted its Report on 18 March 2016, taking into consideration Ministry of Corporate Affairs input on assessment of net profit. The Report discusses adjustments that must be made to net profit on account of unrealised gains. It also provides for reporting of adjustments in the opening Ind AS balance sheet, which may differ from Indian GAAP financial statements.

Tags : MINIMUM ALTERNATE TAX COMPANY IND AS

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