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 Income-tax (10th Amendment) Rules 
By CA Manu T George
In exercise of the powers conferred by section 199 read with section 295 of the
Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes, hereby makes the following rules further to amend the Income-tax Rules, 1962, namely
| Clarification in respect of option exercised under section 115BBA of the Income-tax Act, 1961 inserted through the recent Ordinance
By CA S K Verma
Ordinance also amended seclion 115JB ofthc Aet n;:latingto Minimum Alternate Tax (MA'I) so lIS to. inter alia. provide that thc provisions of said section shaJloot apply to a person woo has eXl:n;:iscd thc option referred to und(:T newly inscned section 115BAA. 4. Representations have bttn recei,"Cd from the stakeholders seeking clarification on following issues relating to exertisc of oplion under seclion 115BAA:
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| Here is how you may still file ITR Income Tax Return 2019 Didn’t get Form 16?
By CA Mayank Jain
If the company has not paid TDS and filed the quarterly TDS returns, the income tax department can issue you a notice in this regard due to mismatch in TDS.
| Extension of due date for linking of PAN Card with Aadhaar
By CA Mayank Jain
In exercise of the powers conferred under sub-section (2) of section 139AA of the
Income-tax Act, 1961 (`Act')(43 of 1961), the Central Government hereby amends the notification of the Ministry of Finance (Department of Revenue) dated 31st March, 2019
| Clarifications in respect of filling-up of return forms for the Assessment Year 2019-20
By CA Mayank Jain
The Income-tax Return (ITR) forms for the Assessment Year (A.Y.) 2019-20 were
notified vide notification bearing G.S.R. 279(E) dated the O1st day of April, 2019. Subsequently; instructions for filing ITR forms were issued and the software utility for e-filing of all the ITR forms was also released.
| What is faceless scrutiny of income tax return? Here is all you need to know
By CA Devender Singh
The E-assessment Scheme 2019 aims to eliminate human interface, reduce corruption and bring in transparency. The idea of faceless E-assessment was mooted in the Budget 2018 by the late Finance Minister, Arun Jaitley, who announced the proposal to introduce the new assessment scheme to replace the old assessment system of manual scrutiny and face-to-face interaction with tax authorities.
| CBDT extends ITR filing deadline to October 31
By CA Rashmi Sharma
The Central Board of Direct Taxes (CBDT) has decided to extend the deadline for filing of ITRs and Tax Audits Reports by a month. Given the relentless demands by Chartered Accountants (CAs) and tax consultants, the CBDT has given a breather till October 31. It will also provide some respite to smaller companies too, who are struggling with GST filings.
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Financial services firms come under taxman’s scanner
By CA Manu T George
Indirect tax officials suspect that some of these companies may have claimed input tax credit on expenses incurred before the switchover to the GST regime in July 2017, said people aware of the matter.
| Filing Income Tax Return Using Aadhaar Leads To Allotment Of Aadhaar. Read Latest Rules Here
By CA Nilesh Sahu
Did you know that a PAN or Permanent Account Number is generated automatically if an income tax return (ITR) is filed by quoting an Aadhaar number? The Income Tax Department said last month that a PAN will be generated automatically if a person files the ITR is filed using Aadhaar.
| If you are not paying income tax, get ready for I-T department's call
By CA Devender Singh
Not paying taxes and having unaccounted income is not going to pay any dividend anymore. The Income Tax Department has set up a huge database of all citizens.
| Five things to expect from GST Council meet in Goa today
By CA Nilesh Sahu
Federal indirect tax body, the Goods and Services Tax (GST) Council, is set to meet in Goa on Friday amid demands from the industry for a fiscal stimulus. Here are the five things to expect from the meeting to be chaired by union finance minister Nirmala Sitharaman.
| Are steps on personal income tax coming?
By CA Devender Singh
The sharp cut in corporate tax rate has triggered demand and speculation about more measures particularly on the personal income tax side. The government has a report of the task force on direct tax to chart out any future measures on the personal income tax.
| Here is how the tax cuts will help sectors
By CA S K Verma
Friday’s unprecedented corporate tax rate cut is set to boost company earnings. All other things being equal, the cut from 30 percent to 22 percent would mean that companies paying taxes at the full rate should see their earnings jump by 11 percent.
| You may not get tax refund if you haven’t validated your bank account
By CA S K Verma
Have you received your refund for the income tax return that you filed last year? If you have still not received it, that’s probably on account of the fact that there is now a new requirement you need to fulfil to receive your tax refund. The tax department has recently made it mandatory for you to link your bank account with your tax account for you to be able to receive your tax refund. You may be under the impression that your bank account is already linked since you have mentioned your bank account details in your income tax return. However, that is not the linking envisaged by the tax department.
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No Postponement of CA November 2019 Exams
By CA Rashmi Sharma
It has been brought to our notice that certain announcement is being circulated in social media that the CA Exams will be held in December instead of November 2019.
| Effective Date of Validity of Peer Review Certificate.
By CA Manu T George
The Peer Review Board at its 59th meeting held on 23.08.2019, considering the difficulties faced by practice units on the validity of Peer Review Certificate, decided as follows
| ANNOUNCEMENT- Evaluation of Answer Books of CA Examsa
By CA Rashmi Sharma
It has been brought to our notice that certain adverse reports relating to the system of evaluation of answer books of CA exams are doing the rounds in social media. In this connection, following reforms which have been put in place recently are brought to the attention of the stakeholders in respect of the ICAI examination system
| Extension of the last date for submission of examination application forms in respect of CA exams to be held in November 2019, for candidates in J & K only
By CA Devender Singh
In view of the disruption of internet facitily in Jammu & Kashmir and the consequent hardships caused to students in filing examination application form, the last date for submission of exam application forms for appearing in the CA exams to be held in the month of November 2019 for candidates residing in the Jammu & Kashmir stands extended upto 15th September, 2019.
| Important Announcement - For kind attention of Direct Entry Students
By CA Mayank Jain
In order to mitigate the hardship being faced by the students while registering in Intermediate Course through Direct Entry Route till 30th June, 2019, the Council has decided to relax the criteria of completion of nine months of Practical Training to six months for being eligible to appear in the May 2020 Intermediate Examinations. Accordingly, the Council has passed the following resolution under Regulation 205 of the Chartered Accountants Regulations, 1988
| Relaxation in the requirement to undergo 8 months Study Period to appear in May, 2020 Intermediate Examination in respect of students who have cleared May/June, 2019 Foundation Examinations.
By CA Manu T George
In order to mitigate the hardship being faced by the students while registering themselves in Intermediate Course through Foundation Route on Self Service Portal to be eligible for appearing in May 2020 examinations, the Council has decided to give following relaxation to students who have cleared Foundation Examination in the results declared on 13th of August, 2019
| Clarification on postponement of some of the papers of May 2019 CA Exams
By CA Manu T George
Postponement of Paper on 2nd June 2019 to 4th June 2019 was occasioned by the inability expressed by many exam centres to conduct the exam on that date owing to their holding UPSC exams on that day
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TDS mismatch in Form 26AS & Form 16? Ask employer to issue new Form 16 with correct details
By CA Mayank Jain
One must obtain Form 16 (TDS certificate issued by the employer) and verify the same with the Form 26AS.
| Before you file your tax return, note the key changes in Form 16
By CA Mayank Jain
Part B of Form 16 has been amended seeking more details about the allowances exempt under section 10 such as HRA, LTA, etc and deductions allowed under Chapter VI-A of the Income Tax Act, 1961.
| 5 Things to know about Form 16
By CA Atul Gupta
Form 16 is a certificate issued by an employer, certifying that the TDS is deducted from the salary of the employee and deposited with the government.
| Form 16 will now have more details of your income and deductions
By CA Nilesh Sahu
In yet another attempt to increase transparency and minimize tax evasion, the Central Board of Direct Taxes (CBDT) has notified various changes in the formats of Form 16 and Form 24Q. The new amendments are in line with the changes in income-tax rules and new income tax return (ITR) forms recently notified by CBDT for assessment year (AY) 2019-20.
| Amendment of Form No. 16 and Form No. 24Q
By CA Manu T George
In exercise of powers conferred by sections 200 and 203 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962,
| What are Form 15G, Form 15H?
By CA Mayank Jain
Form 15G is for resident Indians under the age of 60, HUF or trust. While Form 15H is for resident Indians aged 60 years or above.
| Post Qualification Course in International Taxation - Assessment Test (INTT-AT) - May, 2019 Application Form
By CA Atul Gupta
Candidates are advised to carefully read, understand and follow the instructions while filling in the Form and retain the same for future reference
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What happens if the information is not accepted or the password is not sent?
By CA Ojas Aggarwal
It will happen only when the credentials do not match with the member's profile as per SSP database of ICAI. In such cases, the query may be lodged at UDIN portal.
| How to Revoke UDIN?
By CA Devender Singh
The UDIN once generated can be revoked or cancelled with narration. If any user had searched that UDIN before revocation, an alert message will go to him about revocation of the UDIN. After revocation of the UDIN, anybody searches for that UDIN, appropriate narration indicated by Member with the date of revocation will be displayed for that revoked UDIN.
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| The next Advanced ICITSS (Computer Based Test) is proposed to be held on Sunday, the 20th October, 2019 (Sunday) from 10.30 AM to 12.30 PM (IST) at 71 Indian Cities and 2 Abroad.
By CA Manu T George
Advanced Integrated Course on Information Technology and Soft Skills (Advanced ICITSS) -Adv. Information Technology Test Computer Based Mode It has been decided to conduct Advanced ICITSS - Adv. IT Test in Computer Based Mode on Sunday, the 20th October, 2019 from 10.30 AM to 12.30 PM (IST).
| Introduction of OMR answer sheets in respect of the Multiple Choice Questions (MCQs) in Paper 6 of Final (New) Examination (Elective Paper), w.e.f November 2019 Examination.
By CA Andrew F Thomas
In Paper 6 (Elective paper held on open book methodology) of Final (New Syllabus) examination, question paper comprises MCQs and questions which require descriptive answers.
| How UDIN generated earlier by me can be tracked? Can it be sorted assignment-wise for our records?
By CA Devender Singh
Yes, UDIN generated by the members can be tracked through “Search” from your UDIN account
| NRIs can use ITR-2 form to report rental income earned from Indian property
By CA Nilesh Sahu
I recently got my US green card. I am 64 years old and I file my income tax returns (ITR) in India regularly. My income is below the taxable limits. I had bought shares 30 years back. Is it possible to transfer these to a non-resident ordinary (NRO) demat account? Can I sell these shares and then transfer the money to an NRO account? Will Foreign Account Tax Compliance Act (Fatca) apply on this? Please advise.
| President's Message - October 2019
By CA Devender Singh
As India observes Gandhi Jayanti on 2nd October, I would like to quote Mahatma Gandhi, “Strength does not come from winning.Your struggles develop your strengths. When you go through hardships and decide not to surrender, that is strength.” Revered as father of our nation, Gandhi ji, through his ahimsa and nonviolence ideology, shook the world and proved that great things can be accomplished through simple tenets of truth and nonviolence.
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Sh. Fateh Singh L/H of Late Sh. Dharamveer C/o Krishna Sarees, H. No. 41, HIG, Abhay Khand-1st Indirapuram, Ghaziabad Vs. ITO, Ward-1(2), Ghaziabad
By CA Andrew F Thomas
Referred Sections: Section 147 of the Income Tax Act, 1961, Section 144 of the Act., Section 271(1)(c) of the Act., Section 221
| Neeraj Garg, C-25, Shakti Nagar Extn., New Delhi – 110 052 Vs. Ito, Ward 34(4) New Delhi
By CA Nilesh Sahu
Referred Sections: Section 147 of the Income Tax Act, 1961, Section 143(3) r.w.s. 147 of the Act, Section 234B of the Act., Section 271(1)(c).
| Shri Gulshan Kumar Jhurani, B-226A, Greater Kailash Part-1, New Delhi. Vs. The ACIT, Circle – 37 (1), New Delhi.
By CA Devender Singh
This appeal is filed by assessee against the Order dated 26.10.2018 passed by the Ld. CIT(A)-12, New Delhi relating to Assessment Year 2010-11 on the following grounds
| Hemla Embroidery Mills Private Ltd., 14/6, Mathura Road, Faridabad. Vs. The DCIT, Circle-1, Faridabad.
By CA S K Verma
Referred Sections: Section 271(1)(c) of the I.T. Act, 1961. Since it is a legal issue, therefore, same is admitted for disposal of the appeal.
| M/s. Nuovo Pignone Vs. The Deputy Commissioner Of Income-Tax & Anr.
By CA Manu T George
These are four petitions arising out of a common set of facts and they raise similar issues. They are accordingly being disposed of by this common judgment.
| Religare Enterprises Limited Vs. Deputy Commissioner Of Income Tax & Anr
By CA Rashmi Sharma
Referred Sections: Section 142 (2A) of the Income Tax Act, 1961, Section 143(2) of the Act., Section 141 (2A), Sections 142 (2A) (2D), 142 (3) and 142 (4)
| The ACIT, Central Circle, Meerut. Vs. M/s. Godwin Construction Pvt. Ltd., A-151, Defence Colony, Meerut.
By CA Andrew F Thomas
This appeal by Revenue has been directed against the Order of the Ld. CIT(A)-IV, Kanpur, Dated 03.03.2016 for the A.Y. 2010-2011, challenging the deletion of addition of Rs.70 lakhs.
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Auditors barred from putting a value on companies they are auditing
By CA S K Verma
An income tax tribunal has barred auditors from issuing valuation certificates to the companies they are auditing. This is set to impact several tax disputes around valuations in companies including angel tax disputes involving start-ups.
| Standard on Internal Audit (SIA) 18, Related Parties
By CA Devender Singh
Standard on Internal Audit (SIA) 18, Related Parties
| Standard on Internal Audit (SIA) 17, Consideration of Laws and Regulations in an Internal Audit
By CA S K Verma
Standard on Internal Audit (SIA) 17, Consideration of Laws and Regulations in an Internal Audit
| Standard on Internal Audit (SIA) 16, Using the Work of an Expert
By CA Ojas Aggarwal
Standard on Internal Audit (SIA) 16, Using the Work of an Expert
| Standard on Internal Audit (SIA) 14, Internal Audit in an Information Technology Environment
By CA Atul Gupta
Standard on Internal Audit (SIA) 14, Internal Audit in an Information Technology Environment
| Standard on Internal Audit (SIA) 13, Enterprise Risk Management
By CA Mayank Jain
Standard on Internal Audit (SIA) 13, Enterprise Risk Management
| Standard on Internal Audit (SIA) 12, Internal Control Evaluation
By CA Manu T George
Standard on Internal Audit (SIA) 12, Internal Control Evaluation
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Reserve Bank Enhances withdrawal limit for depositors of Punjab and Maharashtra Cooperative Bank Ltd
By CA Atul Gupta
It may be recalled that the Reserve Bank of India had permitted the depositors of Punjab and Maharashtra Cooperative Bank Ltd to withdraw up to ₹ 10,000/- (Rupees Ten Thousand Only) of the total balance in their accounts.
| Master Direction on Levy of Penal Interest for Delayed Reporting / Wrong Reporting / Non-Reporting of Currency Chest Transactions and Inclusion of Ineligible Amounts in Currency Chest Balances
By CA Mayank Jain
In terms of the Preamble, under Section 45 of the RBI Act, 1934 and 35 A of the Banking Regulation Act, 1949, the Bank issues guidelines / instructions for realising the objectives of our Clean Note Policy. With a view to sustaining these efforts and ensure discipline among the banks on timely and accurate reporting of currency chest transactions, we have issued instructions on the subject.
| Notification No.72/2019 - Central Board Of Indirect Taxes And Customs
By CA Nilesh Sahu
In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52
of 1962), and in supersession of the notification of the Central Board of Indirect Taxes and Customs No.66/2019-CUSTOMS (N.T.),
| RBI-Sovereign Gold Bond Scheme (SGB) 2019-20 Series V/VI/VII/VIII/IX/X
By CA Ojas Aggarwal
Government of India has vide its Notification F.No.4(7)-B W&M/2019 dated September 30, 2019 announced the Sovereign Gold Bond Scheme 2019-20 Series V/VI/VII/VIII/IX/X. Under the scheme there will be a distinct series (starting from Series V) for every tranche which will be indicated on the Bond issued to the investor. The Government of India (GoI) may, with prior notice, close the Scheme before the specified period.
| Auction of Government of India Dated Securities September 30, 2019
By CA Manu T George
The auction be yield based (for the new security) and price based (for other securities), using multiple price method. The Reserve Bank of India at Mumbai will conduct the auctions. The salient features of the auctions and the terms and conditions governing the issue of the Stocks are given in the notifications (copies enclosed), which should be read along with the General Notification F.No.4(2)–W&M/2018, dated March 27, 2018 issued by Government of India.
| Recovery of Interest on delayed remittance of Government Receipts into Government Account
By CA Rashmi Sharma
With a view to bring further uniformity in the procedure for reporting both central and state government transactions to Reserve Bank, it has been decided with the approval of Comptroller
| RBI releases the Report of the Internal Working Group to Review the Liquidity Management Framework
By CA Rashmi Sharma
As announced in the Statement on Developmental and Regulatory Policies of June 06, 2019, an Internal Working Group was mandated to review the current liquidity management framework with a view to simplifying it and suggest measures to clearly communicate the objectives and the toolkit for liquidity management. The Group has since submitted its report.
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ITAT slams Tax Dept for Negligence in Maintaining Records, says Assessee can’t be Penalized for such Mistakes
By CA Ojas Aggarwal
While granting section 12A registration to a Trust, the Pune bench of the Income Tax Appellate Tribunal ( ITAT ) has criticized the income tax department for its negligence in keeping records.
| Monetary limits for filing/withdrawal of Wealth Tax appeals by the Department before ITAT, HCs and SLPs/appeals before SC through extending the scope of Circular 3 of 2018 -Measures for reducing litigation.?
By CA Devender Singh
Reference is invited to Board's Circular No. 3 of 2018 dated 11.07.2018
(hereinafter, referred to as "the Circular") vide which monetary limits for filing of income tax appeals by the Department before Income Tax Appellate Tribunal, High Courts and SLPs/ appeals before Supreme Court were specified.
| Income Tax Appellate Tribunal, Hyderabad Benches, Hyderabad. Cause List Of Cases Posted Before A-Bench ( Db & Smc ) 14.01.2019 To 18.01.2019
By CA Rashmi Sharma
Income Tax Appellate Tribunal, Hyderabad Benches, Hyderabad. Cause List Of Cases Posted Before A-Bench ( Db & Smc ) 14.01.2019 To 18.01.2019
| Income Tax Appellate Tribunal, Mumbai Benches, Mumbai Consolidated Cause List Of Sal Ma/ Pronouncement For Friday 18.01.2019
By CA Andrew F Thomas
Income Tax Appellate Tribunal, Mumbai Benches, Mumbai Consolidated Cause List Of Sal Ma/ Pronouncement For Friday 18.01.2019
| Income Tax Appellate Tribunal : Kolkata Benches : Kolkata. Sub : Cause List For The Cases Fixed On Friday The 11/01/2019
By CA Manu T George
Income Tax Appellate Tribunal : Kolkata Benches : Kolkata. Sub : Cause List For The Cases Fixed On Friday The 11/01/2019
| Income Tax Appellate Tribunamumbai Benchemumbai Consolidated Cause List Of SA/ Maj Pronouncement For Friday 11.01.2019
By CA Rashmi Sharma
Income Tax Appellate Tribunamumbai Benchemumbai Consolidated Cause List Of SA/ Maj Pronouncement For Friday 11.01.2019
| Income Tax Appellate Tribunal: Chandigarh Benches: Chandigarh Revised Constitution Of Chandigarh Benches From: 17'12.2018 To 21.12.2018 & 24.12.2018 To 28.12.2018,
By CA Andrew F Thomas
Income Tax Appellate Tribunal: Chandigarh Benches: Chandigarh Revised Constitution Of Chandigarh Benches From: 17'12.2018 To 21.12.2018 & 24.12.2018 To 28.12.2018,
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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.
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1 Cr LPA - Opening Chartered Accountants Required
By CA Ojas Aggarwal
Salary: INR 50,00,000 - 1 Cr & above PA., Functional Area:Accounts , Finance , Tax , Company Secretary , Audit
| 22.5 LPA-Opening MNC Hiring Chartered Accountant with Team Management Experience.a
By CA Atul Gupta
Salary: INR 18,00,000 - 22,50,000 PA., Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:CA
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| 30 LPA-Opening Scannhum /Sr. Manager - Finance
By CA Mayank Jain
Salary: INR 20,00,000 - 30,00,000 PA., Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:CA
| 40 LPA-Opening Chartered Accountant - Food & Beverages
By CA S K Verma
Salary: INR 30,00,000 - 40,00,000 PA., Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:CA
| 25 LPA-Opening Chief Financial Officer, Chartered Accountanta
By CA S K Verma
Salary: INR 20,00,000 - 25,00,000 PA., Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:CA
| 22.5 LPA-Opening MNC Hiring Chartered Accountant with Team Management Experience.
By CA Ojas Aggarwal
Salary: INR 18,00,000 - 22,50,000 PA., Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:CA
| 20 LPA-Opening Financial Controller (chartered Accountant),
By CA Atul Gupta
Salary: INR 12,00,000 - 20,00,000 PA., Functional Area:Strategy , Management Consulting , Corporate Planning, PG:CA
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Understanding the difference between TDS and TCS
By CA Rashmi Sharma
Understanding the Difference between TDS and TCS Two of the major tax burdens that an individual bears are – Tax Deducted at Source and Tax Collected at Source. Both these taxes require return filing from the individual.
| Lowering of personal income tax as proposed in the DTC
By CA Atul Gupta
The slab rates proposed would rationalise the present ones and do away with surcharges. The government recently announced across a broad tax rate cut for corporates. The measure appears to be in line with the recommendations of the much-awaited Direct Tax Code (DTC) report that was submitted to the Finance Ministry on August 19, 2019. The report has not been made public yet. However, the government has picked up one of the key and much-awaited direct tax reforms from the DTC report.
| Notification No. 73/2019 Central Board Of Direct Taxes
By CA Atul Gupta
In exercise of the powers conferred by sub-sections (1) and (2) of Section 120 of the Income-tax Act, 1961 (43 of 1961), Central Board of Direct Taxes hereby makes the following amendments in the notification of Income-tax published in the Gazette of India, Extraordinary Part II, section 3, sub-section (ii) vide S.O. 2753(E) dated
22nd October, 2014
| Notification No. 72/2019 Central Board Of Direct Taxes
By CA Atul Gupta
In pursuance of the powers conferred by sub-sections (1), (2) and (5) of Section 120 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby directs that the Income-tax Authority specified in column (2) of Schedule below, having its headquarters at the place mentioned in column
| ITR e-filing: Here are the Dos and Don’ts to file income tax return for AY 2019-20
By CA Atul Gupta
Income Tax Return: Many people willing to file ITR often find it too complicated and thus shy away from filing it. Some also have the misconception that filing tax returns is not mandatory as tax is compulsorily deducted from their salaries, which is wrong.
| Income Tax Return: How taxpayers need to respond to e-assessments
By CA Manu T George
Technical submissions filed as e-responses by taxpayers should be comprehensive, and logical in structure for easy absorption The faceless and nameless e-assessment initiative was launched by Central Board of Direct Taxes (CBDT) to reduce visits by taxpayers to tax offices and their interface with the taxman, thereby bringing anonymity in proceedings using technology in order to ensure that vested interests do not obstruct the due course of law.
| ITR Refund: Want to claim money from Income Tax department? Check terms and conditions
By CA Andrew F Thomas
Income Tax Refund: A salaried person is required to file the ITR or income tax return if his or her gross income exceeds the amount of the basic exemption limit. Income Tax Refund: An earning person is required to file the ITR or income tax return if his or her gross income exceeds the amount of the basic exemption limit. The earning individual can file his or her ITR for claiming an income tax refund even if his or her income does not exceed the exemption limit due to TDS or advance tax payment.
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Official Liquidator, High Court of Gujarat
By CA Devender Singh
Applications in the prescribed format are invited by the Official Liquidator,
High Court of Gujarat, Ahmedabad in compliance of the order dated 28.08.2019
passed by the Hon'ble high Court of Gujarat in OLR No.82 of 2019 from aspiring
Chartered Accountants
| Department Of Urban Local Bodies Faridabad, Panchkula, Haryana
By CA S K Verma
Request for proposal for Selection of Comptroller and Auditor General (CAG) empanelled Chartered Accountant Firms for Implementation of Accrual Based Double Entry Accounting System (ABDEAS) in all the Municipal Corporations / Councils / Committees of Faridabad Cluster of HARYANA
| Bidhannagar Municipal Corporation, West Bengal
By CA Ojas Aggarwal
The Executive Engineer PHE, on behalf of Commissioner, Bidhannagar Municipal Corporation invites e-bid Expression of Interest (EOI) from reliable and resourceful Companies/Firms having experience and in similar nature of works as noted
below:
| Lakshadweep Development Corporation Ltd, Panampilly Nagar, Kochi
By CA Atul Gupta
Sealed tenders are invited from qualified and experienced organizations having
experience in ISM internal audit for conducting internal audit of our 21 vessels operated by Lakshadweep Development Corporation Ltd for initial period of 2 years which is extendable further for 1 more year on the basis of quality of the internal audit .
| Official Liquidator, High Court of Gujarat
By CA Nilesh Sahu
Applications in the prescribed format are invited by the Official Liquidator, High Court of Gujarat, Ahmedabad in compliance of the order dated 28.08.2019
passed by the Hon'ble high Court of Gujarat in OLR No.82 of 2019 from aspiring
Chartered Accountants and / or firms of Chartered Accountants who are having
valid Membership No. and certificate of practice issued by the Institute of
| Official Liquidator, High Court of Gujarat
By CA Manu T George
Applications in the prescribed format are invited by the Official Liquidator,
High Court of Gujarat, Ahmedabad in compliance of the order dated 28.08.2019
passed by the Hon'ble high Court of Gujarat in OLR No.82 of 2019
| Department Of Urban Local Bodies Faridabad, Panchkula, Haryana
By CA Rashmi Sharma
Request for proposal for Selection of Comptroller and Auditor General (CAG) empanelled Chartered Accountant Firms for Implementation of Accrual Based Double Entry Accounting System (ABDEAS) in all the Municipal Corporations / Councils / Committees of Faridabad Cluster of HARYANA
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National High Speed Rail Corporation Limited, New Delhi, Delhi
By CA Nilesh Sahu
Completed tender documents sealed in an envelope super-scribing the name of work;
name and address of the Bidder, shall be submitted at NHSRCL's office at address in Para 1 above before 15.00 hrs. on 10.09.2019.
| Deals of the day-Mergers and acquisitions September 3, 2019
By CA Andrew F Thomas
Industrial vehicle maker CNH Industrial, said it planned to split its operations in two to create two more focused businesses.
| Transfer pricing documentation due by year-end
By CA Nilesh Sahu
Transfer pricing documentation, required by the State Administration of Taxation (SAT), is due to be submitted by companies that are part of an international group by the end of December.
| Transfer pricing amendments – a step towards certainty
By CA Manu T George
The Finance Minister has proposed to provide an option to the taxpayers to make one-time payment of tax including surcharge on the amount of transfer pricing adjustment or part thereof, instead of tax on deemed interest every year in case the taxpayer does not repatriate money from its AE in India.
| key international tax and transfer pricing developments
By CA Rashmi Sharma
Following the re-election of the Modi government, this year’s budget was presented by India’s first full-time female Finance Minister, Mrs. Nirmala Sitharaman. The finance minister maintained the theme that it is well within India’s capacity to reach a $5 trillion economy by 2025.
| Transfer pricing methodology of MNCs under customs department lens
By CA Rashmi Sharma
The days for information arbitration may just be over for many companies. The special valuation branch of the customs department is scrutinising transfer pricing methodologies of several multinationals with a view to reconcile their tax and import-expert submissions.
| MNCs now won't have to file CbC report in Indiaa
By CA Ojas Aggarwal
Indian arms of US MNCs will not have to file country by country or CbC report here. India has finalized bilateral competent authority arrangement for exchange of CbC reports with US.
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| | Customs and Excise RSS Feeds |
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Notification No.63/2019 Central Board Of Indirect Taxes And Customs
By CA Atul Gupta
In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52
of 1962), and in supersession of the notification of the Central Board of Indirect Taxes and Customs No.60/2019-CUSTOMS (N.T.), dated 14th August, 2019 except as respects things done or omitted to be done before such supersession
| Notification No. 62/2019- Central Board of Indirect Taxes and Customs
By CA Devender Singh
In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect Taxes & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2001-Customs
| Notification No.60/2019 Central Board Of Indirect Taxes And Customsa
By CA S K Verma
In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52
of 1962), and in supersession of the notification of the Central Board of Indirect Taxes and Customs No.55/2019-CUSTOMS (N.T.), dated 1st August, 2019 except as respects things done or omitted to be done before such supersession,
| Notification No.59/2019 Central Board Of Indirect Taxes And Customs
By CA Rashmi Sharma
In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of
1962), the Central Board of Indirect Taxes and Customs hereby makes the
following amendments in the Notification of the Central Board of Indirect Taxes
and Customs No.55/2019-CUSTOMS (N.T.), dated 1st August, 2019 with effect
from 14th August, 2019,
| Notification No. 57/2019- Central Board of Indirect Taxes and Customs
By CA Mayank Jain
In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect Taxes & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendments in the notification of the Government of India in
the Ministry of Finance (Department of Revenue), No. 36/2001-Customs
| Notification No. 58/ 2019-Central Board of Indirect Taxes & Customs
By CA Manu T George
In exercise of the powers conferred by clause (aa) of sub- section (1) of
section 7 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect Taxes and Customs, hereby makes following further amendments in the notification of the Government of India in the Ministry of Finance
| Notification No.55/2019 Central Board Of Indirect Taxes And Customs
By CA S K Verma
In exercise of the powers conferred by section 14 of the Customs Act, 1962
(52 of 1962), and in supersession of the notification of the Central Board of Indirect Taxes and Customs No.52/2019-CUSTOMS (N.T.), dated 18th July, 2019
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| | Mergers and Acquisitions RSS Feeds |
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Gun Jumping In Mergers And Acquisitions
By CA Devender Singh
Competition is regarded as the one of the most useful means recognized globally to ensure that consumers are provided access to a wide range of goods and services at competitive prices and the producers have an incentive to innovate and reduce costs for meeting the demands of consumers. It would be correct to mention that competition promotes efficiency. Recognizing its importance, governments across the world promote and sustain competition in the markets through appropriate regulations.
| Share of carve-outs in M&A deals rises as firms hive non-core assets
By CA S K Verma
According to the Bain-CII India M&A report, the share of carve-out deals among non-distressed asset deals has increased in salience from 27% in 2015 to 33% in 2018, with many headline deals over the last four years being carve-outs.
| Global headwinds cause steep fall in Mergers & Acquisitions activity in August
By CA Ojas Aggarwal
The month also saw active deal-making in the pharma and healthcare, e-commerce, banking, retail, and media and entertainment sectors.
| India witnesses M&A activity worth $310 billion between 2015-2019
By CA Atul Gupta
The report focused on 60 largest transactions by strategic investors in India between 2015 and 2019, each valued at more than $250 million.
| Competition Commission puts in place green channel route for M&A approvals
By CA Andrew F Thomas
Mergers and Acquisitions (M&As) or combinations beyond a certain threshold are required to have mandatory approval from the fair trade regulator.
| The big bank merger - What, why, and what next?
By CA Atul Gupta
In this episode of Digging Deeper, we look at the merger in some detail, what it means for the sector, and also take a look briefly at what the future could look like for the banking sector in India. The big news of late in the financial sector is govt’s decision to merge public sector banks, trimming their number from 27 to 12 over the next couple of years or so. Finance Minister Nirmala Sitharaman unveiled a plan that will merge as many as 10 public sector banks into four entities.
| Mega bank mergers come with mammoth issues
By CA Mayank Jain
After the merger of SBI with its five associate banks two years ago and Bank of Baroda with Dena Bank and Vijaya Bank last year, consolidation among other PSBs was long-awaited. The Centre’s move to lay down a concrete roadmap for consolidation has no doubt ended the uncertainty over the matter.
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| | Indirect Tax RSS Feeds |
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Govt gives businesses four months to settle indirect tax disputes
By CA Rashmi Sharma
Businesses can now settle their pending disputes relating to central excise duty and service tax within four months starting 1 September under the terms notified by the government on Thursday.
| ITR filing becomes easy via new 'e-Filing Lite' portal - 5 things to know Income Tax Return
By CA S K Verma
Income Tax Return: Income Tax department has made lives easier for the taxpayers by launching 'e-Filing Lite' portal. The portal is meant for the tax payers who find filing of income tax returns (ITR) on their own a complicated and time-taking process.
| No income tax on interest from accident compensation: High Court
By CA Manu T George
Forty years after an eight-year-old city boy was left maimed for life in a car accident, the Bombay High Court on Thursday held that income tax should not have been deducted from the interest on the compensation awarded by the court. The ruling was given by a bench of justices Akil Kureshi and S J Kathawalla on a plea by accident victim Rupesh Shah, now 48.
| How much tax do you need to pay for your equity investments?
By CA Atul Gupta
Among different types of assets, be they financial or physical, equity investments have given the highest returns over the long term. This is the reason why equity assets form a large part of most investors’ portfolios.
| Income Tax Department proposes new norms for taxing MNCs in India
By CA Atul Gupta
The income tax department on Thursday proposed change in the methodology for taxing multinational companies (MNCs), including digital firms, having permanent establishment in India by giving weightage to factors like domestic sales, employee strength, assets and user base.
| Can you claim tax benefit for tax paid on insurance premium? a
By CA Manu T George
Section 80C and 80D of Income-tax Act entitles specified taxpayers to claim deductions for the entire amount paid to the insurance company for specified insurance schemes.
| Top 30 Income Tax Judgments in 2018
By CA Andrew F Thomas
The year 2018 has been a very significant one to the taxation regime due to some important reforms in the laws and procedures. The contribution of the judiciary including the Supreme Court and various High Courts and Tribunals cannot be ignored. Some of the significant tax judgments delivered by the Indian judiciary in this year have been enlisted below.
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| | Various Acts & Rules RSS Feeds |
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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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