MEFICAI Empanelment – Bank Branch Auditors’ Panel for 2015-16

Multipurpose Empanelment Form for the Year 2015-16 is now hosted at the MEFICAI website. Last date for online submission is 31st August 2015. Multipurpose Empanelment Form for the year 2015-16 is an on line application. Members can fill up the application form directly on the site itself and Submit it. Members can view the Application and can Edit the Application

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New Income Tax Return Forms for Assessment Year 2015-16

New Simplified Income Tax Return Forms for Assessment Year 2015-16 Notified The CBDT has notified new ITR 1, ITR 2, ITR 2A, ITR 4S, ITR V and has also amended Rule 12 vide Notification No. 49/2015. The new ITRs have replaced the 14-page form notified earlier this year, triggering controversy that filing would become cumbersome as those forms had sought details including foreign trips

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Definitions as per Section 2 of the Companies Act, 2013

Unless the context otherwise requires, definitions of various terms under respective clauses of Section 2 of the Companies Act, 2013 are as under: (1) “abridged prospectus” means a memorandum containing such salient features of a prospectus as may be specified by the Securities and Exchange Board by making regulations in this behalf; (2) “accounting standards” means the standards of accounting

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General Anti Avoidance Rules (GAAR) of Income Tax

General Anti Avoidance Rules (GAAR) of Income Tax The existing provisions of the General Anti Avoidance Rule (GAAR) introduced by the Finance Act, 2013 are contained in Chapter X-A (consisting of section 95 to 102) and section 144BA of the Act. Chapter X-A provides the substantive provision of GAAR whereas section 144BA provides the procedure to be undertaken for invoking

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Annual Information Return for High Value Financial Transactions – An Overview

What is Annual Information Return? As per the amendment to Section 285BA of the Income Tax Act, 1961, specified entities (Filers) are required to furnish an Annual Information Return (AIR) in respect of specified financial transactions (high value financial transactions) registered / recorded by them during the financial year (beginning on or after April 1, 2004) to the specified income

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FAQs on PPF Scheme of Post Office

FAQs on Public Provident Fund (PPF) Scheme of Post Office PPF is a scheme floated by central government under the PPF Act 1968. PPF is a scheme for people looking for fully secure, government backed and tax beneficial investment. Salient features of PPF Scheme are as under: 1. Interest Rate on PPF From 1.4.2013, i.e. in respect of Financial Years 2013-14,

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Procedure for e-filing of Income Tax Returns

What is e-filing of Income Tax Returns The process of electronically filing the Income tax returns through the internet is known as e-Filing. Types of e-Filing of Income Tax Returns There are three ways to file Income Tax Returns electronically: Option 1: Use Digital Signature Certificate (DSC) to e-File. There is no further action needed, if filed with a DSC.

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