Tax on unaccounted income now payable in cash as well By CA Atul Gupta Those disclosing unaccounted wealth under the income declaration scheme (IDS) will have the option of paying the tax on such income in cash, the income-tax department has clarified through a fifth set of frequently asked questions (FAQs).
Online tax refunds reduce hardships of I-T assesses By CA Devender Singh Prime minister Narendra Modi on Monday said online refunds had reduced the hardships of the income tax assesses. Personal income tax refunds of Rs 14,332 crore had been issued till August 5 of this financial year.
Bihar legislative council passes state VAT (Amendment) bill By CA Atul Gupta Bihar Legislative Council today passed six legislations including the Bihar Value Added Tax (VAT) (Amendment) Bill, 2016 which seeks to propose an increase of .50 per cent to one per cent to the existing VAT rate. The Bill proposed to mop up an additional Rs 1,200 crore in the current fiscal.
Speedy disposal of all refund claims By CA Nilesh Sahu Whereas Refunds are required to be processed strictly in accordance with the provisions as laid down u/s 38 ofDVAT Act and Rule 34 made there under and two circulars have, in this regard,
Speedy disposal of all refund claims By CA Devender Singh Whereas Refunds are required to be processed strictly in accordance with the provisions as laid down u/s 38 ofDVAT Act and Rule 34 made there under and two circulars have, in this regard, already been issued vide No.6 of 2014-15, and vide No.12 of 2015-16 respectively;
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.
How India will become a common market with GST By CA Rashmi Sharma With the Centre and states finally reaching a consensus on the contours of the Goods and Services Tax (GST), India is all set to roll out the largest indirect tax reform since the introduction of the value-added tax in 2005.
Government notifies revised tax treaty with Mauritius By CA Andrew F Thomas Government has notified the revised tax treaty with Mauritius under which India will impose capital gains tax on investments routed through the island nation from April 1 next year in a bid to curb tax evasion.
Liberation from 29 different tax regimes By CA Nilesh Sahu After almost 13 years of being ‘work in progress’ the political consensus on the proposed Goods and Services Tax (GST) regime came this month, with the target rollout date of April 1, 2017.
The Companies (Auditor S Report) Order, 2016 By CA Nilesh Sahu The Ministry of Corporate Affairs vide Notification No. S.O. 1228(E), dated 29.03.2016 made ‘The Companies (Auditor’s Report) Order, 2016’ (‘Order’ for short) in supersession of the Companies (Auditor’s Report) Order, 2015.
Decision to amend Income Tax law retrospectively regrettable By CA Andrew F Thomas The then Finance Minister Pranab Mukherjee’s decision to amend the Income Tax Act with retrospective effect to negate a Supreme Court verdict was regrettable, former Planning Commission deputy chairman Montek Singh Ahluwalia said today.
Times guide to corporate tax By CA Devender Singh New manufacturing companies incorporated on or after March 1, 2016 have been provided an option either to adopt a reduced corporate tax of 27.55%
Admit Cards for May 2016 Examination By CA S K Verma Admit cards in respect of candidates admitted to the Intermediate (IPC) and Final May 2016 examination, with their photographs and signatures on them, are hosted onwww.icai.nic.in.
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
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
Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 4 By CA Atul Gupta Ind AS Transition Facilitation Group' (ITFG) of Ind AS (IFRS) Implementation Committee has been constituted for providing clarifications on timely basis on various issues related to the applicability and /or implementation of Ind AS under the Companies (Indian Accounting Standards) Rules, 2015,
Tally Solutions Pvt. Ltd vs. ACIT (ITAT Bangalore) By CA Manu T George Transfer Pricing: Argument that transaction of extending credit period to AEs cannot be regarded as “international transaction” in the absence of any income arising therefrom is not acceptable.
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:
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.
Budget moves to reduce tax litigation By CA S K Verma The tremendous backlog of pending direct tax litigation has been a bane for the government and taxpayers alike—the locking-up of precious tax revenue for the government and unrelenting uncertainty on the tax front for the taxpayers.
This Budget is not business as usual By CA Atul Gupta Is it possible to be popular without being populist? This Budget, which has sought to combine the virtues of macroeconomic stability with growth, is a good example.
Expectations high on size of TS Budget expenditure By CA Manu T George With the Chief Minister K Chandrasekhar Rao’s firm directive that the Budget for 2016-17 should be realistic and to be tuned to the resources and requirements of the State, there is high anticipation about the size of the total expenditure.
Budget 2016 brings lawyers under service tax net By CA Ojas Aggarwal The Budget has withdrawn tax exemptions given to lawyers and proposed a 14% tax on the services of a senior advocate to an advocate or partnership firm, and a person represented on an arbitral tribunal to an arbitral tribunal.
GST will smooth the way for e-commerce companies By CA Manu T George Implementation of GST will help resolve various issues concerning taxation and logistics with regard to e-commerce business, which has been recording rapid growth in the country, says a study.
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
New rules make it easier to admit evasion By CA S K Verma In a notification dated 17 August, the Central Board of Direct Taxes (CBDT) has amended the fair market value (FMV) determination rules for immovable property, as applicable to the Income Declaration Scheme (IDS) 2016.
Small companies have a much higher tax liability, says CBDT head By CA S K Verma The government is working towards increasing the taxpayer base, as well as curbing the use of black money. For this, the tax department is already reaching out to people, and the younger generation is already adapting to the change, CBDT chairperson Rani Nair told HT. Excerpts from an edited interview.
India votes in favour of sweeping tax reforms By CA Devender Singh India’s parliament has passed a historic tax reform that will transform its $2tn (£1.5tn) economy, bringing the country’s 1.25 billion consumers into a single market for the first time.
Your tax affair is not over with the last date By CA S K Verma The due date to file your income tax return (ITR) for financial year (FY) 2015-16 has been extended to 5 August 2016, from 31 July. However, even if you were smart enough to file your return before the due date, here are a few things you may still need to do.
GST biggest tax reform since Independence: official By CA Nilesh Sahu The Goods and Services Tax is one of the biggest tax reforms since Independence, said K. Balamurugan, Additional Commissioner, Ministry of Finance, Department of Revenue, government of India.
GST and its impact on Borrowing By CA Nilesh Sahu As per the new tax structure, tax will be levied on the various fees that the end consumer pays to the financial institutions. So various charges like the processing fee, legal fee etc on a loan will now be taxed as per the new tax rate.
With a New Name, MTC Transfer Pricing Program Moves Forward By CA Rashmi Sharma Today, the Multistate Tax Commission’s Transfer Pricing Committee voted to adopt an Information Exchange Agreement, which permits states to share taxpayer information with other states participating in the transfer pricing program.
Amendment to Notification No. 61/94-Customs By CA Atul Gupta In exercise of the powers conferred by clause (a) of sub-section (1) of section 7 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs,
Customs Cadet Corps set to spread wings By CA Nilesh Sahu Thousands of schoolchildren across the country will soon have a role to play in safeguarding the country’s economic frontiers, thanks to a novel initiative by the Cochin Customs House (CCH).
Manner of payment of interest on warehoused goods By CA Manu T George Section 61 of the Customs Act, 1962 had been amended vide the Finance Act, 1994 whereby the interest payable with respect to warehoused goods was to be calculated with reference to the duty payable at the time of clearance of the goods from the warehouse.
Security under section 59 (3) of the Customs Act By CA Andrew F Thomas Section 59 of the Customs Act, 1962 (as amended by Finance Act 2016) requires an importer of goods filing a bill of entry for warehousing to submit a Bond in a sum equal to thrice the amount of duty assessed on the goods to be warehoused.
Making cybersecurity a priority in mergers and acquisitions By CA Andrew F Thomas The change inevitable in a post-deal situation makes the new company a ripe target for cyber criminals, who often capitalize on the security vulnerabilities that can arise during system implementations, lack of clarity or governance,
CBDT sees scope for higher TDS play By CA Devender Singh The government sees scope for more tax revenues to be garnered via Tax Deduction at Source (TDS) route, a senior income tax department official said.
Income tax collection from Mumbai rises 9% By CA Mayank Jain Income tax collection from the Mumbai zone, which forms one-third of the total direct tax collections, grew by around 9 per cent to ?67,185 crore in April-July, driven by a massive spike in advance collections from individuals.
Goods and Services Tax (GST) Bill, explained By CA Nilesh Sahu The Constitution (122nd) Amendment Bill comes up in RS, on the back of a broad political consensus and boosted by the ‘good wishes’ of the Congress, which holds the crucial cards on its passage.