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News Headlines   RSS Feeds
 Filing income tax return to become simpler from next month
By CA S K Verma
A crisp income tax form for salaried individuals will be introduced from April 1 to simplify the filing of returns.
 Here's why that big tax refund isn't great news for you
By CA Atul Gupta
A large tax refund may feel like free money, but it isn't.
 Filing tax returns to be less painful as government simplifies ITR forms
By CA Manu T George
A crisp income tax form for salaried individuals will be introduced from April 1, doing away with some columns to simplify the filing of returns.
 Here’s how the new tax provisions will impact you in 2017-18
By CA S K Verma
As the new financial year kicks in, a clutch of new tax provisions will impact you as a taxpayer.
 Income-tax (3rd Amendment) Rules, 2017
By CA Ojas Aggarwal
In exercise of the powers conferred by clause (d) and clause (e) of proviso to clause (5) of section 43
 How you can save tax in the last 2 days of current FY
By CA Andrew F Thomas
With only two more days left for the tax saving season to end, for those who still haven't exhausted their section 80C limit of Rs 1.5 lakh per annum, there's a dim hope left.
 6 important income tax rules for individuals which will change from April 1, 2017
By CA Ojas Aggarwal
With the onset of the new financial year, some tax rules for individuals are also going to change. These changes were proposed by Finance Minister Arun Jaitley in the Budget 2017, and with the passage of the Finance Bill in Lok Sabha recently, these tax proposals have now become law.
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Continuing Prof. Edu.   RSS Feeds
 Bank Branch Audit & General Anti Avoidance Rule (Gaar) Under Income Tax Accounting And Auditing
By CA Ojas Aggarwal
Place: Karol Bagh Westend CPE Study Circle of NIRC Date: 29-03-2017 – To: 29-03-2017 CPE.Hrs.: 4
  Bank Branch Audit and Insolvency & Bankruptcy Code 2016 (OTHERS)
By CA Mayank Jain
Place: Shastri Nagar CPE Study Circle of NIRC of ICAI Date: Auditorium of Sunder Lal Jain Hospital, Ashok Vihar-III, Delhi-52 CPE.Hrs.: 6
 RBI-Bank Audit-LFAR,Advances,Asset Classification and other Critical Issues (ACCOUNTING AND AUDITING)
By CA Manu T George
Place: Tri Nagar Keshav Puram CPE Study Circle of NIRC Date: 28-03-2017 – To: 28-03-2017 CPE.Hrs.: 5
  Bank Branch Audit and Insolvency & Bankruptcy Code 2016 (OTHERS)
By CA Atul Gupta
Place: Shastri Nagar CPE Study Circle of NIRC of ICAI Date: 27-03-2017 – To: 27-03-2017 CPE.Hrs.: 6
 GST And Bank Audit (Accounting And Auditing)
By CA Mayank Jain
Place: Dwarka CPE Study Circle of NIRC Date: 26-03-2017 – To: 26-03-2017 CPE.Hrs.: 6
 Overall Approach To Bank Branch Audit. And Provisioning For Npas. (Accounting And Auditing)
By CA S K Verma
Place: Laxmi Nagar CPE Study Circle of NIRC Date: 27-03-2017 – To: 27-03-2017 CPE.Hrs.: 5
 Forensic Audit And Prevention Of Frauds Accounting And Auditing
By CA Ojas Aggarwal
Place: L Block Connaught Circus CPE Study Circle Date: 25-03-2017 – To: 25-03-2017 Place: 6
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VAT (Value Added Tax)   RSS Feeds
 Petrol prices set to rise in Goa with increase in VAT
By CA Atul Gupta
The value-added tax collected by Delhi government in February indicates that the adverse impact of demonetisation on tax revenue visible in December and January may have diminished.
 Payment systems to remain open on all days from March 25, 2017 to April 1, 2017
By CA Mayank Jain
A reference is invited to the circulars DPSS.CO.CHD.No./2656/03.01.03/2016-17 dated March 23, 2017 on “Special Clearing operations on March 30 and 31, 2017”
 Delhi cuts VAT on ATF to 1% for regional flights; other states to announce the same soon a
By CA Manu T George
The Delhi government today announced reduction in Value Added Tax (VAT) on jet fuel for regional flights flying out of Delhi airport.
 Shops cannot charge VAT on discounted items: Consumer forum
By CA Mayank Jain
To check fleecing of customers by charging value added tax (VAT) on discounted items, the district consumer disputes forum has ruled that “Charging of VAT on the discounted price by the shops is unfair trade practice and a deficiency in service.”
 Delhiites have to pay lowest taxes as AAP govt announces cuts on VAT on various items
By CA Nilesh Sahu
The Aam Admi Party in Delhi once again has come up with a budget that will give Delhi'ítes a reason to smile.
 Tamil Nadu minister justifies VAT hike on fuel
By CA S K Verma
State commercial taxes department minister K C Veeramani justified the hike in value added tax (VAT) levied on petrol and diesel in Tamil Nadu imposed on Saturday.
 State Government urged to withdraw hike in VAT on petrol, diese
By CA Atul Gupta
Following hike in the price of diesel by Rs. 1.76, State Lorry Owners’ Federation – Tamil Nadu said that a decision on hiking the rent for transporting goods in lorries would be taken during the meeting on March 11 in Chennai.
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Markets   RSS Feeds
 FM calms nerves, says no plan to tax market gains
By CA S K Verma
In a bid to calm frayed nerves of stock market players, Finance Minister Arun Jaitley on Sunday clarified the government has no intention to impose a tax on long-term capital gains from trading in shares.
 Why we must tweak the market-led model
By CA Ojas Aggarwal
ACCORDING to the latest report by the New World Wealth, after Russia, India is the second most unequal nation in the world as 54 per cent of its wealth is in the hands of millionaires.
 PE transactions prompt income tax queries over round tripping concerns
By CA Atul Gupta
Domestic companies raising private equity funding in the near term are likely to face increased scrutiny from tax sleuths looking for instances of round tripping.
 Amended India-Mauritius tax treaty only covers investments in shares
By CA Andrew F Thomas
The revamped India-Mauritius tax treaty will apply to only investments in shares and not to other instruments, details of the agreement released by Port Louis showed.
 Government drops cap gains tax on startup shares held for 2 years
By CA Nilesh Sahu
In a fresh boost to startups, the government on Thursday inserted an amendment to the Finance Bill to provide for capital gains tax exemption if shares of an unlisted company were held for more than two years.
 Tax-free bonds regain demand in the secondary market
By CA Ojas Aggarwal
Tax-free bonds which have been languishing for more than six months due to lack of investor interest in the secondary market, are in demand again.
 Relevant Market Under Competition Act, 2002
By CA S K Verma
The object of the Competition Act, 2002 (Act for short) is to preserve and promote competition and to prevent anti competitive business practices with minimal Government intervention.
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General   RSS Feeds
 Companies should invest in upgradation of tax technology
By CA Devender Singh
Companies need to invest in upgrading their tax technology as authorities globally are focusing on enforcing compliance and expanding tax base, consultancy firm PwC said in a report.
 Top House tax writer suggests measures to mitigate the impact of the border tax
By CA Manu T George
House Ways and Means Committee Chairman Kevin Brady offers ideas on how to blunt the initial impact of a border adjustment tax on imports — a controversial proposal that's part of the overall Republican plan to overhaul corporate taxes and help pay for it.
 Consumer goods distributors, wholesalers to bear the brunt of GST
By CA Mayank Jain
Consumer goods distributors and wholesalers will face the brunt of the Goods and Services Tax (GST) as companies look to shift to direct distribution channels to save money, according to an Edelweiss report.
 GST classification woes to continue
By CA Manu T George
A rose by any other name, smells just as sweet. Unfortunately, this doesn't apply in the sphere of indirect taxation, where the applicable excise tax rate depends on its classification.
 There will be no tax on farm or agriculture income
By CA Andrew F Thomas
Finance Minister Arun Jaitley while taking part in debate over Finance Bill that was tabled in Parliament this week said that there will be no tax on farm or agriculture income.
 RBI, Income Tax Acts to be amended for electoral bonds, Jaitley says
By CA Manu T George
Paving the way for electoral reforms, finance minister Arun Jaitley on Tuesday said the government will amend several laws including the RBI Act and Income Tax Act to allow political parties to raise funds through electoral bonds.
  Clarifications on the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016
By CA Devender Singh
Clarifications on the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016
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Corporate Law   RSS Feeds
 Government firm on tax law changes, relents on tribunal postings
By CA Ojas Aggarwal
Addressing one of the major concerns of the Opposition on the Finance Bill, the government Wednesday assured Parliament that all judicial appointments in regulatory bodies or tribunals, many of which are being restructured in one go through provisions in the Finance Bill, will continue to be made in consultation with the judiciary.
 Income Tax relief on money in single parent’s account may lead to tax evasion: Law panel
By CA Rashmi Sharma
The income tax exemption on the money deposited in a single parent's account as maintenance for a minor child in a divorce settlement case could open flood gates of tax evasion, the Law Commission warned today.
 Law panel against income tax relief for single parents
By CA S K Verma
The Law Commission is learnt to have decided against recommending income tax exemption on the money deposited in a single parent’s account as maintenance for a minor child in a divorce settlement case.
 Maintenance of Accounts and other record in GST Law
By CA Rashmi Sharma
No specific list of accounts or record has been prescribed in Section 53 of GST Law.
 Parliament Votes to Extend Value Added Tax Law
By CA Ojas Aggarwal
Legislators on Sunday extended the enforcement of value added tax for the upcoming fiscal year (starting March 21) and dropped the newly-proposed article narrowing the tax base to the final consumer.
 Taxation Laws (Second Amendment) Act, 2016 ​​​​​​​​​​​​​​​​​​​​​​​​​​​​
By CA Mayank Jain
In the Income-tax Act, 1961 (hereinafter referred to as the Income-tax Act), in Amendment of section 115BBE, for sub-section (1),
 Glimpse of Invoices Revised Model GST Law
By CA Nilesh Sahu
The esteemed vision of Hon’ble Prime Minister to create a digital and paper less economy cannot be crystalize without the digitalization of documentation and removal of hurdle of hard document.
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Students   RSS Feeds
 Applicability of GST in Nov., 2017 Examinations
By CA Rashmi Sharma
Students appearing in November, 2017 Intermediate (IPC) Examination may note that Goods and Services Tax (GST) will not be examined in Part II: Indirect Taxes of Paper 4: Taxation.
 Applicability of Income Computation and Disclosure Standards (ICDSs) for May 2017 Examination
By CA Manu T George
The Central Government had, vide Notification No.S.O.892(E) dated 31.3.2015, in exercise of the powers conferred by section 145
 Scholarships for CA Students
By CA Mayank Jain
Board of Studies, ICAI invites applications for the award of Scholarships to the selected candidates to be paid from April 1, 2017
 Campus Placements for Articleship and Industrial Training
By CA Rashmi Sharma
It was felt that many students could not approach firms / Industries on account of inadequate information, resources and also due to lack of reference/connection.
 Applicable Material for Intermediate (IPC) and Final Course FINAL
By CA Andrew F Thomas
Applicable Material for Intermediate (IPC) and Final Course FINAL
 Requirement to Complete Orientation Course (15 Days) in Lieu of GMCS-I for Select Category Of Students
By CA Ojas Aggarwal
The Council of the Institute of Chartered Accountants of India at its 361st Meeting held in December 2016 has decided that the students registered for Practical Training (Articleship) on or after 1st May, 2012
 ICAI opens first cost accounting lab
By CA Rashmi Sharma
The Institute of Cost Accountants of India (ICAI) has commenced a capacity building exercise.
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New Forms   RSS Feeds
  Form DVAT 01 - Application For Opting For Composition Scheme by a dealer registered
By CA Devender Singh
Instructions for dealers opting for composition scheme (For details refer section 16 of the Act and Rule 5 of these rules)
 Requirement of item wise details in Forms Annexure - 2A, Annexure - 2B, DVAT- 30 and DVAT 31
By CA Manu T George
Requirement of item wise details in Forms Annexure - 2A, Annexure - 2B, DVAT- 30 and DVAT 31
 Amendment of ANF 3C Application for on line filing of Grant of Status Certificate
By CA S K Verma
In exercise of powers conferred under paragraph 2.04 of the Foreign Trade Policy 2015-20,
 Regarding Form CR-II.
By CA Manu T George
In exercise of the powers conferred on me under section 27 of Delhi Value Added Tax Act, 2004 and in partial rnodification to the notification No.F.3(628)/Policy/VAT/2016/ 1424-36 dated 11th February,2016
 Filing of reconciliation return in Form 9 for the year 2014-15
By CA Nilesh Sahu
In partial modification to this department's Circular No. 34 of 2015-16 on the subject cited above and in exercise of the powers conferred under Rule 49A of the Delhi Value Added Tax Rules, 2005
  Form DVAT 01 - Application For Opting For Composition Scheme by a dealer registered
By CA Andrew F Thomas
Form DVAT 01 - Application For Opting For Composition Scheme by a dealer registered
 Interest from Non-SLR securities of Banks
By CA Ojas Aggarwal
It has been brought to the notice of the Board that in the case of Banks, field officers are taking a view that, "expenses relatable to investment in non-SLR
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Department of Companies Affairs   RSS Feeds
 Impose tax on windfall profits of pvt oil cos: CPM tells Govt
 Taxes fuel petrol, diesel prices globally
 Department of Economic Affairs seeks hike in spectrum fee
 Rising yen gives companies the jitters
 ROC Forms
 ROC Circulars
 ROC Notifications
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ICAI   RSS Feeds
 Exposure Draft of Appendix B of Ind AS 21, Foreign Currency Transactions and Advance Consideration
By CA Mayank Jain
Following is the Exposure Draft of Appendix B of Ind AS 21, Foreign Currency Transaction and Advance Consideration, issued by the Accounting Standards Board of the Institute of Chartered Accountants of India, for comments.
 Exposure Draft of Transfers of Investment Property, Amendments to Ind AS 40, Investment Property
By CA Manu T George
Following is the Exposure Draft of changes proposed in Ind AS 40, Investment Property, issued by the Accounting Standards Board of the Institute of Chartered Accountants of India, for comments.
 Next batch of the Certificate Course on Valuation at Delhi/Noida from 22nd April, 2017.
By CA Rashmi Sharma
The Corporate Laws & Corporate Governance Committee of ICAI is starting next batch for the Certificate Course on Valuation at Delhi/Noida from 22ndApril, 2017.
 Supplementary Notification of Common Proficiency Test scheduled to be held on 18th June, 2017 (Sunday).
By CA Ojas Aggarwal
Supplementary Notification of Common Proficiency Test scheduled to be held on 18th June, 2017 (Sunday).
 Regarding Inviting application by MCA for filling of 12 posts of Technical Member in National Company Law Tribunal under Section 408 of the Companies Act, 2013
By CA Atul Gupta
I would like to inform you that the Ministry of Corporate Affairs (MCA), Government of India has invited applications for filling of 12 posts of Technical Member in National Company Law Tribunal under Section 408 of the Companies Act, 2013.
  Certificate Course on Forex and Treasury Management - forthcoming batches at Mumbai, Chennai & Noida.
By CA Andrew F Thomas
The Committee on Banking, Insurance, Pension and Financial Markets of ICAI is pleased to announce the schedule of the forthcoming batches of Certificate Course on Forex and Treasury Management at Mumbai, Chennai and Noida commencing from 29th April, 2017 as per the schedule given herein below.
 Constitution of Group for formulating the Detailed Action Plan - Ministry of Corporate Affairs
By CA Mayank Jain
Subsequent to a communication from Ministry of Corporate Affairs, a meeting was held on 8th March, 2017 under Chairmanship of Joint Secretary, Ministry of Commerce which Joint Secretary, Ministry of Corporate Affairs also co-chaired; with Stakeholders and Industry Association to develop Short & Long Term Action Plan to provide services in Accounts and Finance Sector to access overseas markets.
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From the Courts   RSS Feeds
 M/s. Telenor (India) Communications Private Limited Vs. Assistant Commissioner Of Income Tax, Circle 25(1), New Delhi
By CA Nilesh Sahu
The petitioner's grievance is that this court's order in W.P.(C) 1874/2017 (decided on 1st March, 2017)
  Larsen & Toubro Ltd vs. State of Jharkhand (Supreme Court)
By CA Mayank Jain
S. 147: Entire law on reopening of assessments pursuant to audit objections explained in the context of the corresponding provisions of the Bihar Finance Act. If the AO disagrees with the information/ objection of the audit party and is not personally satisfied that income has escaped assessment but still reopens the assessment on the direction issued by the audit party, the reassessment proceedings are without jurisdiction
  Nishant Construction Pvt. Ltd vs. ACIT (ITAT Ahmedabad)
By CA Atul Gupta
S. 143(3): Loose papers which do not have full details are "dumb documents" and have no evidentiary value. The fact that the assessee sold goods at a concession does not mean that that the difference between sale value and market value can be assessed as income.
  DIT vs. A. P. Moller Maersk AS (Supreme Court)
By CA Mayank Jain
S. 9(1)(vii)/ Article 12: In order to constitute “technical services”, services catering to the special needs of the person using them must be rendered.
  Larsen & Toubro Ltd vs. State of Jharkhand (Supreme Court)
By CA Manu T George
S. 147: Entire law on reopening of assessments pursuant to audit objections explained in the context of the corresponding provisions of the Bihar Finance Act.
  Nishant Construction Pvt. Ltd vs. ACIT (ITAT Ahmedabad)
By CA S K Verma
S. 143(3): Loose papers which do not have full details are "dumb documents" and have no evidentiary value. The fact that the assessee sold goods at a concession does not mean that that the difference between sale value and market value can be assessed as income. The onus is on the AO to make inquiries from the buyers and bring incriminating evidence on record to show that the assessee sold flats at a higher rate
 Samson Maritime Ltd vs. CIT (Bombay High Court)
By CA Ojas Aggarwal
S. 271(1)(c): A disclosure of income, or withdrawal of claim for deduction, by the assessee after a specific s. 142(1)/ 143(2) notice is issued cannot be said to be a "voluntary disclosure" so as to avoid the levy of penalty.
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Auditing   RSS Feeds
 Time Limit For Completion Of Assessment From The Date Of Special Auditors Report Under Income Tax Act, 1961
By CA Rashmi Sharma
Section 142(2A) of the Income Tax Act, 1961 (Act for short) provides for the conduct of special audit that may directed by the Assessing Officer.
 Provisioning pertaining to Fraud Accounts
By CA Rashmi Sharma
Please refer to circular DBR.No.BP.BC.83/21.04.048/2014-15 dated April 1, 2015 on the captioned subject. On a review, it has been decided to amend the provisioning norms in respect of all cases of fraud, as under:
 Tax Audit Report (TAR) Certain exceptions and increased limits according to number of partners and considering nature of activity are desirable
By CA Devender Singh
Provisions relating to maintenance of accounts and obtaining of TAR are old provisions and we find that very low limits fixed long ago have remain in force for long time.
 Cost Auditing Standards [ Cost Audit Documentation (102)] Part-II
By CA Ojas Aggarwal
In continuation of our effort to make notified Cost Auditing Standards readable, next in line is theCost Auditing Standard on Cost Audit Documentation (102).
 Conference on Companies Act gets under way
By CA Manu T George
The two-day seminar on Companies Act, 2013 New Standards for Corporate Governance being organised by Kakatiya University College of Commerce , Business Management and Institute of Chartered Accounts of India (ICAI), got under way here on Monday.
 New bureau to dissolve state-run banks' power to choose auditors
By CA Ojas Aggarwal
The government is likely to empower the proposed Bank Board Bureau to select audit firms for public sector banks as part of its larger initiative to strengthen their corporate governance practices.
 Foreign Exchange Management (Permissible Capital Account Transactions) (Fourth Amendment) Regulations, 2015
By CA Devender Singh
In exercise of the powers conferred by sub-section (2) of Section 6, sub-section (2) of Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999),
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Latest Circulars   RSS Feeds
 Opening of all Agency Banks for government business on April 1, 2017 – Revised instructions
By CA Rashmi Sharma
We had vide our circular DBR.No.Leg. BC.55/09.07.005/2016-17 dated March 24, 2017 advised all Agency Banks to keep all their branches dealing
 All payment systems to remain closed on April 1, 2017
By CA Andrew F Thomas
A reference is invited to the our recent circular RBI/2016-17/257DPSS.CO.CHD.No./2695/03.01.03/2016-17 dated March 25, 2017 stating that all payment systems,
 Clarification on Income Computation and Disclosure Standard (ICDS) notified under section 145(2) of the Income-tax Act, 1961
By CA Atul Gupta
Clarification on Income Computation and Disclosure Standard (ICDS) notified under section 145(2) of the Income-tax Act, 1961
 RBI-Calendar for Auction of Government of India Treasury Bills
By CA Atul Gupta
After reviewing the cash position of the Central Government, the Reserve Bank of India, in consultation with Government of India has decided to notify the amounts for the issuance of Treasury Bills for the quarter ending June 2017 as under
 Issuance Calendar for Marketable Dated Securities for April-September 2017
By CA Mayank Jain
In order to enable institutional and retail investors plan their investments efficiently and provide transparency
 Formation of seven new districts in the State of Manipur - Assignment of Lead Bank Responsibility
By CA Nilesh Sahu
The Government of Manipur vide Gazette Notification dated December 14, 2016 has issued a corrigendum rectifying the Sub Divisions of districts Senapati and Kangpokpi as detailed below:-
 Availability of LAF and MSF windows on March 28, 2017 (RTGS Working Mumbai Holiday)
By CA Devender Singh
During the Union Budget 2017-18, Finance Minister Arun Jaitley had proposed several changes to personal income tax and also introduced some amendments in the Finance Bill.
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Budget Extravaganza   RSS Feeds
 Five things that you can expect from the Mumbai civic budget today
By CA Andrew F Thomas
Mumbai civic chief Ajoy Mehta will present the Brihanmumbai Municipal Corporation’s (BMC) budget for the financial year 2017-18
 GST all set for July 1 rollout but casts shadow on state budgets
By CA Ojas Aggarwal
With GST all set to be rolled out from July 1, states have not made too many changes in the indirect tax structure in their budgets for 2017-18.
 Income-Tax collection revised in Rajasthan budget
By CA Manu T George
Expecting a major increase in salaries after implementing the 7th Pay Commission for state government employees this year, the state has upwardly revised its budget estimate from income tax (I-T) collection for 2017-18.
 No new taxes likely in Maharashtra Budget
By CA Rashmi Sharma
Maharashtra finance minister Sudhir Mungantiwar on Thursday indicated that there will not be any new tax burden on the common man.
 H.P. budget devoid of any financial prudence
By CA Manu T George
Initiating a discussion on the State budget for the year 2017-18, the leader of the opposition in Vidhan Sabha, Prem Kumar Dhumal, on Tuesday blamed the Virbhadra government for not identifying even a single factor for resource mobilisation and depending exclusively on borrowings and central allocations.
 GST, demonetisation todecide budget priorities
By CA Nilesh Sahu
Demonetisation, Goods and Service Tax (GST), and Kerala Infrastructure Investment Fund Board (KIIFB) are likely to be the three key markers of his speech as Finance Minister
 Railways to come up with mini-budget tomorrow
By CA Mayank Jain
With the railway budget becoming a history, the roadmap for Indian railways for a financial year, which used to get released with the Budget, has also become thing from the past now.
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Sales Tax   RSS Feeds
 India finalises bills to launch new sales tax in July
By CA Mayank Jain
India moved a step closer on Saturday towards launching a new national sales tax from July after a panel of federal and state finance officials finalised two key bills to be put before parliament.
 NMC to implement new tax system from Apr 1a
By CA Manu T George
Two years after it was planned, the Nagpur Municipal Corporation (NMC) is set to enforce the new tax system from April 1.
 13 per cent sales tax boost post demonetisationa
By CA S K Verma
The finance department, which was earlier apprehensive of meeting its target of Rs 90,985 crore, is now confident of reaching its goal.
 Arun Jaitley May Lower Corporate And Income Tax Rates But Hike The Service Tax Rate
By CA Ojas Aggarwal
The surprise 22 percent increase in tax revenue in the April to December 2016 period suggests the government may exceed its tax collection target for financial year 2016-17. That in turn suggests the government may have some room to increase expenditure without ditching fiscal discipline. Unfortunately, that may not be the case.
 Tax on high seas sales becomes dispute area
By CA Ojas Aggarwal
The dispute between Centre and the states over jurisdiction is not confined to service outfits with turnover of less than Rs 1.5 crore.
  State extends GST enrolment deadline
By CA Atul Gupta
The sales tax department of the Jharkhand government has given the state's businessmen, whose gross turnover is less than Rs 20 lakh, an extended time for registering an exemptions certificate under the goods and services tax (GST).
 State extends GST enrolment deadline
By CA Mayank Jain
The sales tax department of the Jharkhand government has given the state's businessmen, whose gross turnover is less than Rs 20 lakh, an extended time for registering an exemptions certificate under the goods and services tax (GST).
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Forex   RSS Feeds
 Perils of an ad hoc forex policy
By CA Nilesh Sahu
In a speech that he gave last month at the International Monetary Fund, the Reserve Bank of India (RBI) Governor,
 Rupee depreciated by 17 paise to Rs 45.62 a dollar in early trade
By CA Andrew F Thomas
The rupee depreciated by 17 paise to Rs 45.62 a dollar in early trade today following weak domestic equity markets
 Rupee strengthened by 7 paise against dollar
By CA Devender Singh
The rupee strengthened by 7 paise to Rs 45.35 a dollar in early trade today on weakness in the US currency against major world currencies
 Rupee up by 4 paise against dollar in early trade
By CA Nilesh Sahu
The rupee strengthened by 4 paise to Rs 45.48 against the US dollar in early trade at the Interbank Foreign Exchange today
 Rupee falls by 18 paise at 4-week low against dollar
By CA Manu T George
The rupee today fell by 18 paise to trade at a four-week low of Rs 45.54 against the US currency in early trade, weighed down by dollar's gains against the major world currencies
 Rupee drops on weak shares; inflation eyed
By CA Nilesh Sahu
The Indian rupee fell on Friday tracking losses in local shares, which raised worries of foreign investors continuing to pull out funds from Asia's third-largest economy
 Rupee raises 6 paise against dollar in early trade
By CA Rashmi Sharma
The Rupee appreciated by 6 paise to Rs 45.07 a dollar at the Interbank Foreign Exchange market today, boosted by the greenback's weakness against euro and other major currencies
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ITAT-Constitution of Benches   RSS Feeds
 Income Tax Appellate Tribunal, Ahmedabad Benches, Ahmedabad Constitution For The Period Of 27-03-2017 To 31-03-2017 & 03-04-2017 To 06-04-2017
By CA Devender Singh
Income Tax Appellate Tribunal, Ahmedabad Benches, Ahmedabad Constitution For The Period Of 27-03-2017 To 31-03-2017 & 03-04-2017 To 06-04-2017
 Income Tax Appellate Tribunal Ahmedabad Benches Ahmedabad S/shri S.S. Godara, Jm & Amarjit Singh, Am Causelist For Bench 'A' Date : 27/03/2017
By CA S K Verma
Income Tax Appellate Tribunal Ahmedabad Benches Ahmedabad S/shri S.S. Godara, Jm & Amarjit Singh, Am Causelist For Bench 'A' Date : 27/03/2017
 Income Tax Appellate Tribunal : Delhi Bench : Stay list dated 29/03/2017
By CA Manu T George
Income Tax Appellate Tribunal : Delhi Bench : Stay list dated 29/03/2017
 Income Tax Appellate Tribunal Mumbai Consolidated list of orders ready for Pronouncement on 29/03/2017
By CA Rashmi Sharma
Income Tax Appellate Tribunal Mumbai Consolidated list of orders ready for Pronouncement on 29/03/2017
 Income Tax Appella Tribunal : Kolkata Benches : Kolkata Constitution of Kolkata Benches from 27/03/2017 To 30/03/2017(31st March 2017 M.A. Day)
By CA Rashmi Sharma
Income Tax Appella Tribunal : Kolkata Benches : Kolkata Constitution of Kolkata Benches from 27/03/2017 To 30/03/2017(31st March 2017 M.A. Day)
 Income Tax Appella Tribunal : Lucknow Benches : Locknow Constitution from 03/04/2017 To 07/04/2017
By CA Andrew F Thomas
Income Tax Appella Tribunal : Lucknow Benches : Locknow Constitution from 03/04/2017 To 07/04/2017
 Income Tax Appellate Tribunal, Bangalore Benches, Bangalore. Constitution For The week 20.03.2017 To 23.03.2017.
By CA Ojas Aggarwal
Income Tax Appellate Tribunal, Bangalore Benches, Bangalore. Constitution For The week 20.03.2017 To 23.03.2017.
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Placements & Empanelment   RSS Feeds
 New Opening Management Trainee - Finance - Chartered Accountant (2016)
By CA Devender Singh
Salary: INR 4,75,000 - 5,50,000 P.A., Functional Area: Accounts, Finance, Tax, Company Secretary, Audit
 New Opening Chartered Accountant , Finance
By CA S K Verma
Salary: INR 7,00,000 - 15,00,000 P.A., Functional Area:Accounts , Finance , Tax , Company Secretary , Audit
  15 Opening Account Acquisition Manager - Bangalore/freshers/experienced
By CA Devender Singh
Salary:INR 50,000 - 2,50,000 P.A. Incentives, Functional Area:Sales , Retail , Business Development
 15 Opening Account Acquisition Manager - Bangalore/freshers/experienced
By CA S K Verma
Salary:INR 50,000 - 2,50,000 P.A. Incentives, Functional Area:Sales , Retail , Business Development
 5 Opening Executive Finance & Accounts
By CA Ojas Aggarwal
Functional Area:Accounts , Finance , Tax , Company Secretary , Audit
  100 Opening Financial Analysts at XL Dynamics India Pvt. Ltd.
By CA Mayank Jain
Functional Area:Financial Services , Banking , Investments , Insurance, PG:M.A, M.Com, MBA/PGDM, MS/M.Sc(Science)
  10 Opening Chartered Accountant and Semi Qualified CA
By CA Manu T George
Salary:INR 2,50,000 - 7,00,000 P.A. Best in the industry, Functional Area:Accounts , Finance , Tax , Company Secretary , Audit
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Direct Tax   RSS Feeds
  CBDT to waive interest if tax demand paid in retro cases
By CA Manu T George
Nearly two months since the one-time window for companies under the Dispute Resolution Scheme came to an end, the tax department has decided to waive off interest liability if the principal demand of capital gains tax is paid by companies.
 No relief to those who defaulted on 1st IDS installment: CBDT
By CA Rashmi Sharma
The Central Board of Direct Taxes (CBDT) has refused to grant any relief to those black money declarants who failed to submit their first installment of tax and penalty under the IDS owing to personal emergencies or liquidity crunch.
 6 tax tasks you should finish by March 31
By CA Devender Singh
Effectively, four working days are left for the end of the financial year 2016-17. Although the Reserve Bank of India has directed banks to remain open on all days till April 1, 2017
 CBDT to waive interest if tax demand paid in retro cases
By CA Andrew F Thomas
The tax department will waive interest liability if the principal demand of capital gains tax is paid by companies like Cairn India and Vodafone plc.
 CBDT to waive interest if tax paid in retrospective cases
By CA Nilesh Sahu
CBDT said no reduction or waiver of interest shall be ordered unless the principal demand of capital gains tax is fully paid, the new guidelines to be applicable for Cairn India and Vodafone
 New move to settle retrospective tax cases, CBDT offers interest liability waiver to firms
By CA Ojas Aggarwal
India has offered to waive interest liability in a fresh attempt to settle income tax cases such as those involving Cairn India and Vodafone plc, provided the principal amount is paid.
 I-T department guidelines for interest waiver in specific cases offer tax relief
By CA Nilesh Sahu
Senior officials of I-T department can now waive or reduce interest in cases where the assessee genuinely believed no tax needed to be withheld
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Service Tax   RSS Feeds
 All GST council decisions taken by consensus and will be passed in states as well
By CA Nilesh Sahu
How confident are you about the July 1 deadline for the launch of GST?
 It would be wiser to put off implementation of GST till September
By CA Devender Singh
The goods and services tax (GST) has received unprecedented support from all quarters.
 Revised GST legislation may pinch working capital of industries
By CA Nilesh Sahu
The revised draft of the GST bills tabled in Parliament could put pressure on the working capital of industries and spark greater litigation in the coming years
 GST to result in price reduction for consumers: Hasmukh Adhia
By CA S K Verma
The workshop was designed to provide Members of Parliament an insight into the new tax regime being established in the country and give them a better understanding about GST, thereby enabling them to participate fruitfully in the upcoming Parliamentary discussions on the subject," said an official statement.
 Bill gives free hand to CAG to audit GST operation
By CA Atul Gupta
After a series of communication with the Union finance ministry, it has been decided to drop the particular reference on the role of the Comptroller and Auditor General in the Goods and Services Tax (GST) Bill that had restricted the audit parameters of the government's official auditor.
 Lok Sabha to discuss GST bills on Wednesday
By CA Mayank Jain
Finance Minister Arun Jaitley on Monday introduced four GST bills in Lok Sabha that provide for a maximum tax rate of 40 per cent, an anti-profiteering body and arrests for evading taxes in a bid to overhaul India's fragmented indirect tax system.
 GST to strengthen organised logistics companies
By CA Nilesh Sahu
As per the market experts, the Goods and Services Tax, will bring healthy growth prospects for the logistics sector.
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Transfer Pricing   RSS Feeds
 World Tax and World Transfer Pricing submissions open
By CA Rashmi Sharma
The directories, which are released annually, are key resources for helping tax executives locate specialist advice.
 African Tax Officials Receive Transfer Pricing Training
By CA Rashmi Sharma
African tax officials have attended a four-day workshop organized by the African Minerals Development Centre (AMDC) to improve their understanding of transfer pricing issues facing the mineral sector.
 India-Russia spar over pricing and transfer of tech in Kamov copters
By CA Andrew F Thomas
India and Russia are having a disagreement over the joint production of the Kamov-226T light utility helicopter which was announced as the first major ‘Make in India’ project some five months ago.
 Highlights Of Recent Amendments In The Communiqué Concerning The Mergers And Acquisitions
By CA Nilesh Sahu
Communiqué Concerning the Mergers and Acquisitions Calling for the Authorization of the Competition Board1 was amended on 24.02.20172.
 New transfer pricing decree: a step closer to international standards
By CA Rashmi Sharma
Decree 20 replaces the existing TP regulations (Circular No.66/2010/TT-BTC) and provides new compliance requirements in Vietnam.
 Indiana Combined Reporting and Transfer Pricing Studies
By CA Rashmi Sharma
On October 1, 2016, the Indiana Office of Fiscal and Management Analysis of the Indiana Legislative Services Agency released a Combined-Reporting Study and a Transfer Pricing Study. These studies, which address corporate income tax issues, were required by legislation passed in 2016.
 Secondary Adjustments to Indian Transfer Pricing Regulations
By CA Andrew F Thomas
Proposed Union Budget 2017 Introduces Secondary Adjustments to Indian Transfer Pricing Regulations
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Customs and Excise   RSS Feeds
 Ensure transparency in excise department working: Bizmen to government
By CA Mayank Jain
The city industrialists want the new government in the state to ensure transparency in the working of the excise and taxation department.
 It is time to review the customs duty on essential food imports
By CA Manu T George
With Rabi crop prospects looking bright and harvest kicking off, it is time for the Centre to review the tariff or customs duty on commodities such as wheat, pulses, edible oil and sugar.
 Migration to GST of existing Central Excise / Service Tax Assessees
By CA Rashmi Sharma
Please refer to my DO letter IV(33) 16/2016-Systems dt. 27th Jan, 2017 on the above subject regarding setting up GST Migration Seva Kendras for smooth transition of existing taxpayers to GST.
 Rate of exchange of conversion of the foreign currency with effect from 3rd February, 2017
By CA S K Verma
In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962),
 Budgetary Changes In Customs
By CA Mayank Jain
Changes are more in Customs Act by Finance Bill, 2017 than in Central Excise and Service Tax. The changes meant for customs are discussed in this article.
 Customs and excise officials upset with GST administration deal with states
By CA Devender Singh
Upset at the centre ceding most of taxpayers under the goods and services (GST) to states, the association of Indian Revenue Service Officers from customs and central excise on Monday passed a resolution at its general body that in its present form the proposed tax would not be good for the country.
 Higher petro excise props up govt tax kitty
By CA S K Verma
Finance minister Arun Jaitley has said that indirect tax receipts are up 25% in the April-December period.
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Mergers and Acquisitions   RSS Feeds
 2016-17 in review: A record year for M&A deals
By CA Manu T George
This financial year has set a record for mergers and acquisitions (M&As) in India, with deals worth $61.26 billion—more than double the value of transactions last year.
 Demystifying transfer pricing
By CA Andrew F Thomas
Taxation has become a dynamic and crucial issue in the global world. As countries become more connected through the advent of technology, tax authorities have to create more complex regulations in order to keep pace.
 Deals of the day-Mergers and acquisitions March2017
By CA Nilesh Sahu
March 24 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 1330 GMT on Friday:
 Expect lay-offs, fewer jobs in telecom sector despite mergers: Experts
By CA Devender Singh
The recent spell of mergers and acquisitions in the telecom sector also portends job losses, say experts.
 Mergers, acquisitions and consolidation are driving the 3PL industrya
By CA Andrew F Thomas
Conducted by Robert C. Lieb of the CEOs of fourteen of the largest third-party logistics (3PL) companies serving the North American marketplace. Launched in 1994,
 How Mergers & Acquisitions Could Boost
By CA Nilesh Sahu
Infant formula company Mead Johnson Nutrition Co. (MJN US, +24.60%) benefited from corporate action news shortly after being added to the U.S. Moat Index in December.
 Preparing for International Mergers and Acquisitions
By CA Devender Singh
International mergers and acquisitions can be the perfect solution for any company looking to expand their brand overseas.
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Indirect Tax   RSS Feeds
 GST May Replace 15 Indirect Taxes from July 1. Here's How
By CA Ojas Aggarwal
The power to impose indirect taxes on goods and services was divided between the Centre and states before the GST Constitution Amendment Bill.
 Guidelines for waiver of interest charged under section 201(1A)(i) of the Income-tax Act, 1961
 GST will bring uniformity in system
By CA Manu T George
Responding to questions raised by the opposition on GST, BJP MP Udit Raj said the tax reforms would bring about uniformity in the system and be immensely beneficial to the people.
 Tax saving FD offers convenience, safety and a little liquidity too
By CA Nilesh Sahu
If you still haven't done any tax-saving investment and are looking for a safe and easy bet for saving tax then a tax-saving fixed deposit could be a solution.
 10 groups set up under senior taxmen to examine issues and report by April 10
By CA Devender Singh
As India gets ready for its biggest tax reform in decades, industries such as ecommerce, banking and insurance, logistics and others will get another chance to resolve any niggles they have with the goods and services tax (GST), which the government wants to put in place by July 1.
 Indirect tax wing rejigged ahead of GST launch
By CA Rashmi Sharma
As it prepares to launch the Goods and Services Tax (GST) by July 1, the finance ministry on Saturday approved the re-organisation of the indirect tax wing renaming the Central Board of Excise and Customs (CBEC) as the Central Board of Indirect Taxes and Customs (CBIC).
 Grey areas remain for foreign investors on tax issues
By CA Ojas Aggarwal
The amendments to Finance Bill gave relief to foreign portfolio investors from indirect tax provisions. But there are certain areas where clarity is awaited.
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Various Acts & Rules   RSS Feeds
 Customs Tariff 2009-10 - PART-II - Chapter 98 - Project imports, Laboratory chemicals, passenger's baggage
By CA Atul Gupta
This Chapter is to be taken to apply to all goods which satisfy the conditions prescribed therein, even though they may be covered by a more specific heading elsewhere in this Schedule.
 Customs Tariff 2009-10 - PART-II - Chapter 97 - Works of art, collectors' pieces and antiques
By CA Atul Gupta
Unused postage or revenue stamps, postal stationery (stamped paper) or the like of heading 4907
 Customs Tariff 2009-10 - PART-II - Chapter 96 - Miscellaneous manufactured articles
By CA Mayank Jain
Articles of Chapter 66 (for example, parts of umbrellas or walking-sticks);
 Customs Tariff 2009-10 - PART-II - Chapter 95 - Toys, games and sports requisites; parts and accessories thereof
By CA Ojas Aggarwal
Toys, games and sports requisites; parts and accessories thereof
 Customs Tariff 2009-10 - PART-II - Chapter 94 - Furniture; bedding, mattresses, mattress supports
By CA Atul Gupta
Furniture; bedding, mattresses, mattress supports, cushions and similar stuffed furnishings; lamps and lighting fittings, not elsewhere specified or included; illuminated signs, illuminated name-plates and the like; prefabricated buildings.
 Customs Tariff 2009-10 - PART-II - Chapter 93 - Arms and ammunition; parts and accessories thereof
By CA Nilesh Sahu
telescopic sights or other optical devices suitable for use with arms, unless mounted on a firearm or presented with the firearm on which they are designed to be mounted (Chapter 90);
 Customs Tariff 2009-10 - PART-II - Chapter 92 - Musical instruments; parts and accessories of such articles
By CA Devender Singh
parts of general use, as defined in Note 2 to Section XV, of base metal (Section XV), or similar goods of plastics (Chapter 39);
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Finance Bills   RSS Feeds
 The Companies (Removal Of Difficulties) Seventh Order - dated 4th Sept 2014 New
By CA Manu T George
Whereas the Companies Act, 2013 (18 of 2013) (hereinafter referred to as the said Act) received the assent of the President on the 29th August, 2013 and section 143 of the Act,
 Finance & Commerce Ministry to discuss draft BIPA model tomorrow
By CA Nilesh Sahu
Officials of the finance and the commerce and industry ministries are scheduled to discuss the issues related to the draft text of the Bilateral Investment Promotion and Protection Agreement (BIPA) tomorrow.
 Union Finance Minister Shri Arun Jaitley said that the revenue targets fixed for Direct Taxes for the current Financial Year 2014-15 would not only be achieved but would also be surpassed
By CA Nilesh Sahu
The Union Finance Minister Shri Arun Jaitley hoped that the revenue targets fixed for Direct Taxes for the current Financial Year 2014-15 would not only be achieved but would also be surpassed.
 Finance ministry may pitch for higher tax exemption on health insurance
By CA Mayank Jain
The finance ministry is likely to pitch for a substantial increase in the income-tax exemption limit for health insurance as part of its plan to deepen insurance coverage. The ministry is examining a proposal that seeks to double the limit to 30,000 from 15,000.
 Finance minister reviews annual performance of public sector banks and financial institutions for 2013-14; calls for tougher action against wilful defaulters; highest ever more than 10,000 new branches opened during 2013-14
By CA Devender Singh
The Union Finance Minister Shri P. Chidambaram said that the last Financial Year 2013-14 was a difficult year even though there was positive movement towards greater stability.
 India Infrastructure Finance Company to raise Rs 7,000 crore through tax-free bonds
By CA Manu T George
State-owned India Infrastructure Finance Company (IIFCL) plans to raise Rs 7,000 crore via a public issue of tax-free bonds in October, according to a senior company official
 Finance Ministry hopes RBI focusses on promoting growth in policy tomorrow
By CA Atul Gupta
Ahead of tomorrow's monetary policy review, the Finance Ministry has expressed the hope that Reserve Bank will focus on promoting growth.
More »
 
 
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