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News Headlines   RSS Feeds
 How to claim income tax refund
By CA Atul Gupta
Every year we all file income tax returns but most of us are not sure about how the process of income tax refund works.
 How to time your buys to have best of two tax regimes
By CA Andrew F Thomas
The Goods and Services Tax will be rolled out on July 1 at midnight. The price market is going to change for most of the commodities prompting shopping outlets to announce clearance sale.
 Here's why you must always check Form 26AS before filing tax return
By CA Andrew F Thomas
The tax filing season is about to start. For salaried class, tax is deducted at source (TDS) by the employer and is deposited to the tax department.
 Want to file your income tax return after June 30? Having Aadhaar card is a must
By CA Atul Gupta
If you want to file your income tax return or want to apply for a PAN card after June 30, then better get your Aadhaar card made, otherwise you won’t be allowed to do so.
 Timeline for filing of tax returns extended by two months
By CA Nilesh Sahu
Service providers for the Goods and Services Tax (GST), who will offer taxpayers the technological solutions to file GST returns,
 Top 5 common mistakes to avoid while filing your income tax returns
By CA S K Verma
With the due date of July 31 fast approaching, it is that time of the year again when the taxpayers need to file their I-T returns. After all, filing of tax return is compulsory for everyone whose gross total income exceeds the basic exemption limit.
 GST rollout on July 1: Deadline for filing tax returns extended
By CA Devender Singh
The GST Council on Sunday relaxed return filing rules for businesses for the first two months of the rollout of the new indirect tax regime even as it stuck to the July 1 launch date.
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Continuing Prof. Edu.   RSS Feeds
  Implementation of GST & Returns in GST (INDIRECT TAXES)
By CA Mayank Jain
Place: Central Delhi CPE Study Circle of NIRC Date:
 ITC & Transional Provisions Under GST (Indirect Taxes)
By CA Mayank Jain
Place: Bhiwani Branch of NIRC of ICAI Date: 25-06-2017 – To: 25-06-2017 CPE.Hrs.: 6
 Discussion on Time and Value of Supply Under GST (INDIRECT TAXES)
By CA Manu T George
Place: Gurgaon Branch Of NIRC Date: 23-06-2017 – To: 23-06-2017 CPE.Hrs.: 3
 Practical Implications of Income disclosure standards 2) GST- Invoice and other documents (DIRECT TAXES)
By CA Devender Singh
Place: South Delhi CA Study Circle of NIRC Date: From: 22-06-2017 – To: 22-06-2017 CPE.Hrs.: 4
  Critical Analysis of Section 44 AD of Income Tax Act, 1961 (DIRECT TAXES)
By CA S K Verma
Place: YAMUNA NAGAR BRANCH OF NIRC Date: 21-06-2017 – To: 21-06-2017 CPE.Hrs.: 3
 ‘GST – A New Era In Indirect Taxation’ [Session Iv] (Indirect Taxes)
By CA Rashmi Sharma
Place: Delhi Gate CPE Study Circle of NIRC Date: 17-06-2017 – To: 17-06-2017 CPE.Hrs.: 3
 Concept of GST and meaning of scope of supply under GST and Practical Issues in transition to GST (INDIRECT TAXES)
By CA Manu T George
Place: Bhikaji Cama CPE Study Circle of NIRC Date: 16-06-2017 – To: 16-06-2017 CPE.Hrs.: 4
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VAT (Value Added Tax)   RSS Feeds
 GST regime: VAT Commissioner and CBEC to work with businesses
By CA Rashmi Sharma
CBEC and Service Tax Department along with Commercial Tax Department should work in unison for the smooth implementation of Goods
 Amendments in the Second Schedule appended to the Act (Delhi Value Added Tax Act, 2004)
By CA Atul Gupta
In exercise of powers conferred by section 295 of the Income Tax Act, 1961 (43 of 1961) (hereinafter referred to as the `Act'),
 Guidelines relating to downloading of Statutory Forms-Modification thereof
By CA Nilesh Sahu
In supersession of Circular No.1 of 2016-17 (issued vide No.F.3(750)/POLICY/ VAT/2017/04-10 dated 03.04.2017), the following criteria are laid down to curb the misuse of the facility of auto downloading of Statutory Forms provided at the dealer's end in the online module.
  Grant of Registration under DVAT & CST
By CA Ojas Aggarwal
Act and Form-A under CSTAct and all requisite documents, without any Held verification by the VAT!. In case of any deficiency in the requisite documents
 VAT on petroleum products to continue, to be decided by GST Council
By CA Rashmi Sharma
Maharashtra Minister Deepak Kesarkar today informed the Legislative Council that the continuation of VAT on petroleum products and alcohol will be decided by the Goods and Service Tax Council in the next five years.
 Government rolls out settlement scheme to clear VAT, CST dues
By CA Nilesh Sahu
Finally, ahead of rolling out of all new indirect tax regime Goods and Service Tax (GST) in the country, the state government declared settlement scheme for clearing pending dues of VAT and central sales tax.
 Maharashtra government offers VAT benefit to realty buyers
By CA Devender Singh
In a move that would impact all real estate transactions across the state, the Maharashtra government has issued a notification to levy Value Added Tax (VAT)
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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
 Retailers need to file single GST return every month
By CA S K Verma
Days before the rollout of the landmark GST, the government today sought to dispel the notion that the new tax regime will be cumbersome and compliance- heavy, saying taxpayers need to file only one return every month, similar to what they presently do.
 Aadhaar is must for income tax returns if you have one; Here's how you can file it online
By CA Ojas Aggarwal
Only nine days are left for you to file your income tax returns (ITR) for last year and it is mandatory to quote your Aadhaar number if you have one.
 Will it be a tax haven above the law?
By CA Devender Singh
A private nation, beyond the reach of earthly laws and tax men, is what you get when a Russian billionaire and a bunch of scientists put their heads together for a common dream project.
 Your mutual fund investment tax efficient? Here are 3 steps to ensure utmost efficiency for your portfolio
By CA Nilesh Sahu
HomeIndustry Banking financeYour mutual fund investment tax efficient? Here are 3 steps to ensure utmost efficiency for your portfolio
 Finally a goods and services tax. But what lies ahead?
By CA Nilesh Sahu
The goods and services tax (GST) will be rolled out on 1 July. Arguably the most important economic reform since the liberalization of 1991, it will usher in a far-reaching transformation of the indirect tax system that has been in operation since independence.
 Tax May Rise On Outbound M&As, Indian Mncs’ Investments
By CA Nilesh Sahu
Indian companies are preparing to shift overseas investment companies from tax havens such as Mauritius after about 100 countries, including India, agreed to adopt a common tax treaty curbing loopholes frequently used by multinationals to avoid taxes.
 Filing income tax return? Do remember to claim benefits on your reimbursements
By CA Atul Gupta
If you fail to submit the proof of reimbursements within the deadline specified by your employer, then the employer does not give the tax benefit to you. This results in extra deduction of tax from your salary.
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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
 Announcement for ICAI-CAMPUS (August-September, 2017) Aspirants
By CA Manu T George
Completion of GMCS is mandatory for taking part in ICAI Campus Placement Programme, meant for Newly Qualified CAs. Accordingly,
 Date and Time Schedule for Webcast and Mock Test Papers for May’ 2017 Examination
By CA Devender Singh
The Board of Studies has organized LIVE Webcasts for Intermediate (IPC) Course and Final Course students on how to prepare for respective subjects for May, 2017
 Announcement for the Students of CPT level for June, 2017 Examination - Section A: Fundamentals of Accounting
By CA Mayank Jain
The Ministry of Corporate Affairs (MCA) has notified Companies (Accounting Standards) Amendment Rules, 2016 (G.S.R. 364(E) dated 30.03.2016) wherein MCA has omitted AS 6,
 GST to be made applicable from May, 2018 examination onwards for Intermediate (IPC) Course and Final Course
By CA S K Verma
The Council of ICAI has decided that Goods and Services Tax (GST) will be examined in both Part II: Indirect Taxes of Paper 4: Taxation of Intermediate (IPC)
 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
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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
 Summary of MCA Notification dated 13.06.2017 to give further exemptions private companies as per Section 462 of the Companies Act 2013
By CA Manu T George
Summary of Notification dated 13th June, 2017 to exempt private companies as per Section 462 of the Companies Act 2013
 Exemption to Private Companies u/s 462 of The Companies Act 2013 as per Ministry of Corporate Affairs Notifications Dated 5th June, 2015 and 13th June, 2017
By CA Rashmi Sharma
Exemption to Private Companies u/s 462 of The Companies Act 2013 as per Ministry of Corporate Affairs Notifications Dated 5th June, 2015 and 13th June, 2017
 Four Weeks Residential Programme to be held from 31st July, 2017 to 27th August, 2017 at Centre of Excellence, Hyderabad for Men Participants only.
By CA Andrew F Thomas
Board of Studies is pleased to announce the next batch of ICAI Four Weeks Residential Programme on Pro-fessional Skills Development from 31st July, 2017
 Next batch of the Certificate Course on Valuation at Bangalore from 15th July, 2017.
By CA Ojas Aggarwal
The Valuation Standards Board of ICAI is starting next batch for the Certificate Course on Valuation at Bangalore from 15thJuly, 2017.
 CPE Events 19th June - 24th June 2017
By CA Mayank Jain
CPE Events 19th June - 24th June 2017
 Post-implementation Review - IFRS 13 Fair Value Measurement
By CA Devender Singh
The IASB has issued a request for stakeholders to tell the Board about their experience with the accounting standard that explains how to measure the ‘fair value’ of assets and liabilities, IFRS 13.
 Disclosure Initiative - Principles of Disclosure
By CA S K Verma
The IASB has published Discussion Paper that suggests principles to make disclosures in financial statements more effective.
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From the Courts   RSS Feeds
 Principal Commissioner Of Income Tax, Delhi-1 Vs. Amadeus India Pvt. Ltd.
By CA Rashmi Sharma
These are two appeals by the Revenue under Section 260A of the ITA Nos.154/2017 & 330/2017
  AAA Paper Marketing Ltd vs. ACIT (ITAT Lucknow)
By CA Andrew F Thomas
S. 153A/ 153C: When the Addl CIT records that he is granting “mechanical approval” u/s 153D to the draft assessment order for want of time to have meaningful discussion,
 CIT vs. Mettler Toledo India Pvt. Ltd (Bombay High Court)
By CA Nilesh Sahu
S. 92C +/- 5%: The contention that there is an error because mere mathematical calculation shows that the arm's length purchase price as worked out
 B.A.Mohota Textiles Traders Pvt. Ltd vs. DCIT (Bombay High Court)
By CA Devender Singh
Capital Gains: While a family arrangement/settlement does not amount to a "transfer" u/s 2(47) as it only recognizes "pre-existing rights" between the parties, the same applies only to members of the families
 Shrey Infradevelopers Pvt Ltd Vs. Commissioner Of Income Tax
By CA Rashmi Sharma
These fifteen writ petitions arise out of a similar set of facts concerning the notices issued to each of the Petitioners under Section 153C of the Income Tax Act, 1961 (,,Act).
 Pr. Commissioner Of Income Tax Central-2 New Delhi Vs. Meeta Gutgutia Prop. M/s Ferns „N'? Petals
By CA Andrew F Thomas
These are five appeals by the Revenue under Section 260A of the Income Tax Act 1961
 Shrey Infradevelopers Pvt. Ltd Vs. Commissioner Of Income Tax
By CA Nilesh Sahu
These fifteen writ petitions arise out of a similar set of facts concerning the notices issued to each of the Petitioners under Section 153C of the Income Tax Act, 1961 (,,Act).
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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
 Recording of Details of Transactions in Passbook/ Statement of Account
By CA Manu T George
Please refer to instructions contained in Paragraphs 6 and 7 of our circular DBOD.No.Leg.BC.74/09.07.005/2003-04 dated April 10, 2004 on "Committee on Procedures
 Exclusion of “The Royal Bank of Scotland N.V.” from the Second Schedule to the Reserve Bank of India Act, 1934
By CA Rashmi Sharma
We advise that the “The Royal Bank of Scotland N.V.” has been excluded from the Second Schedule to the Reserve Bank of India Act, 1934 vide Notification DBR.IBD.No.9999/23.13.020/2016-17 dated February 28, 2017,
 Monitoring of Foreign Investment under PIS in Indian Companies- Removal from Ban List - FIIs/RPIs : M/s IDFC Limited
By CA S K Verma
The Reserve Bank of India has today notified that the foreign shareholding by Foreign Institutional Investors (FIIs)/ Foreign Portfolios Investors
 FIIs/FPIs can now invest 24 to 49 per cent under PIS in M/s Satin Creditcare Network Limited
By CA Rashmi Sharma
The Reserve Bank of India has today notified that Foreign Institutional Investors (FIIs)/Foreign Portfolios Investors (FPIs) can now invest from 24 per cent to 49 per cent of the paid up capital of M/s Satin Creditcare Network Limited under the Portfolio Investment Scheme (PIS).
  Bankers & SME Borrowers: The Emerging Mantras (Shri S. S. Mundra, Deputy Governor – June 16, 2017 – at the 3rd Bankers Borrowers Business Summit organized by ASSOCHAM in New Delhi1)
By CA Andrew F Thomas
Dignitaries on the dais; distinguished colleagues from the banking fraternity; members of ASSOCHAM; representatives from the print and electronic media; ladies
 RBI extends Directions issued to Navodaya Urban Co-operative Bank Ltd, Nagpur, Maharashtra
By CA Atul Gupta
The Reserve Bank of India has extended the Directions earlier issued to Navodaya Urban Co-operative Bank Ltd, Nagpur for further four months.
 Developments in India’s Balance of Payments during the Fourth Quarter (January-March) of 2016-17
By CA Nilesh Sahu
Preliminary data on India’s balance of payments (BoP) for the fourth quarter (Q4) i.e., January-March 2016-17 are presented in Statements I (BPM6 format)
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Budget Extravaganza   RSS Feeds
 How presenting the Budget early seems to be paying off already
By CA Ojas Aggarwal
Breaking with a long-standing tradition, Finance Minister Arun Jaitley presented the Union Budget a full four weeks early this year and the results already seem to be showing in terms of expenditure.
 Budget advancement helps Centre, states start spending early
By CA Rashmi Sharma
Advancing the Budget and notifying the Finance Act, 2017, have enabled the Centre and state governments to start spending from the first month of the financial year from the central funds.
 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.
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Sales Tax   RSS Feeds
 Income tax: How to calculate capital gains tax on sale of old jewellery
By CA Atul Gupta
Q. Last year, I had sold my old jewellery which was given to me by my in-laws in 1990 on my marriage. I got Rs 4.26 lakh by selling the jewellery but I do not have any proof of the purchase price in 1990. How much capital gains tax is due and is there any tax exemption for this?
 Six arrested for posing as Sales Tax officers, extorting money
By CA Nilesh Sahu
Ulhasnagar police in Thane district have arrested six persons who allegedly posed as Sales Tax officers and extorted lakhs of rupees from shop owners.
 Insurance Agency Mergers and Acquisitions in Q1 "Explode," OPTIS Partners' Report Reveals
By CA Devender Singh
Insurance agency mergers and acquisitions exploded during the first quarter of the year, with 178 reported transactions in the first three months of 2017, according to OPTIS Partners' M&A database. That far outstripped the 115 deals reported in the first quarter of 2016.
 Sales tax sleuths raid spare parts shops in Meerut's infamous Sotiganj market
By CA S K Verma
Several officers of sales tax department, escorted by a large contingent of police, on Thursday carried out an inspection of shops in Sotiganj market, which is infamously known as the "last destination" of vehicles stolen from Delhi and NCR region.
 Income Tax: How offshore income could be taxed twice
By CA Devender Singh
In this era of globalisation, an individual’s earnings is often from across the border. He can be a resident of one country, but earning income from other countries in a particular financial year.
 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.
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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 Appllate Tribunal Pune Banches Pune, Causelist for Bench 'A' for the week Ending 23/06/2017
By CA Ojas Aggarwal
Income Tax Appllate Tribunal Pune Banches Pune, Causelist for Bench 'A' for the week Ending 23/06/2017
 Income Tax Appllate Tribunal Mumbai Consolidated list of orders ready for Pronouncement on 21/06/2017
By CA Atul Gupta
Income Tax Appllate Tribunal Mumbai Consolidated list of orders ready for Pronouncement on 21/06/2017
 Income Tax Appellate Tribunal Chennai Benches Chennai Constitution for the week from 12/06/2017 To 15/06/2017
By CA Ojas Aggarwal
Income Tax Appellate Tribunal Chennai Benches Chennai Constitution for the week from 12/06/2017 To 15/06/2017
 Income Tax Appellate Tribunal New Delhi Constitution of Benches from 12/06/2017 To 16/06/2017
By CA Atul Gupta
Income Tax Appellate Tribunal New Delhi Constitution of Benches from 12/06/2017 To 16/06/2017
 Income Tax Appellate Tribunal Revised Constitution of Pune Benches for the Period from 19/06/2017 To 23/06/2017
By CA Ojas Aggarwal
Income Tax Appellate Tribunal Revised Constitution of Pune Benches for the Period from 19/06/2017 To 23/06/2017
 Income Tax Appellate Tribunal Revised Constitution of Mumbai Benches for the Period from 19/06/2017 To 23/06/2017
By CA Atul Gupta
Income Tax Appellate Tribunal Revised Constitution of Mumbai Benches for the Period from 19/06/2017 To 23/06/2017
 Income Tax Appellate Tribinal : Bangalore Benches : Bangalore Constitution for the week from 19/06/2017 To 22/06/2017
By CA Manu T George
Income Tax Appellate Tribinal : Bangalore Benches : Bangalore Constitution for the week from 19/06/2017 To 22/06/2017
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Placements & Empanelment   RSS Feeds
 New Opening Senior Audit Managers for one of the Top 10 CA Firms
By CA Mayank Jain
Salary:INR 10,00,000 - 20,00,000 P.A., Functional Area:Accounts , Finance , Tax , Company Secretary , Audit
 New Opening Sr. Executive / Asst. Manager - Finance (Chartered Accountant)
By CA Nilesh Sahu
Salary:INR 3,00,000 - 5,00,000 P.A. Best, Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:CA
 New Openinmg Assistant Manager - Assurance ( STAT Audit)for BIG 4a
By CA Mayank Jain
Salary:INR 12,00,000 - 17,00,000 P.A., Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:CA
  New Opening Executive / SR Executive Fund Accounting ( Chartered Accountant )
By CA Manu T George
Salary:INR 7,00,000 - 9,00,000 P.A., Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:CA
  New Opening Manager - International Finance
By CA Andrew F Thomas
Salary:INR 8,00,000 - 10,00,000 P.A., Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:CA
 New Opening Senior Manager - VAT & CST
By CA Nilesh Sahu
Salary:INR 13,00,000 - 20,00,000 P.A., Functional Area:Accounts , Finance , Tax , Company Secretary , Audit
 New Opening Assistant Manager Chartered Accountants (BIG Four) Statutory Audit 15 LPA
By CA Devender Singh
Salary:INR 6,00,000 - 15,00,000 P.A.
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Direct Tax   RSS Feeds
 GST is a transformational business process reform. All companies will have to change
By CA Nilesh Sahu
A week from today, India will have a revolutionary new indirect tax regime that will integrate the country’s $ 2 trillion economy and 1.3 billion consumers into a vast,
 GST Council relaxes return filing rules for July-Aug
By CA Rashmi Sharma
The GST Council today relaxed return filing rules for businesses for the first two months of the rollout of the new indirect tax regime even as it stuck to the July 1 launch date.
 Here's how self-employed individual can file tax return with ITR4
By CA Nilesh Sahu
Income Tax Return (ITR) filing deadline is coming close with each passing week. Though many of the taxpayers are still waiting for the end moment, it is always advisable to start filing early.
 CBDT mulling new system of jurisdiction-free I-T assessment to curb corruption
By CA S K Verma
The Income Tax Department is working on a new system of jurisdiction-free assessment, where a taxpayer would be assessed
 CBDT draft notice on computing tax liability of foreign firms
By CA Nilesh Sahu
The Central Board of Direct Taxes (CBDT) has issued a draft notification detailing the computation process for various parameters involved in arriving at the tax liability of a foreign company,
 CBDT forms task force for jurisdiction-free income tax assessment system
By CA Devender Singh
The Central Board of Direct Taxes (CBDT) has constituted a special task force to chart the road map for its ambitious proposal of a jurisdiction-free income tax assessment system and e-scrutiny of taxpayers.
 Aadhaar must for filing returns from July 1: CBDT
By CA Andrew F Thomas
The CBDT today made it clear that Aadhaar will be a “must” for filing of Income Tax Returns or for obtaining a new PAN from July 1.
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Service Tax   RSS Feeds
 Indian GST is significantly unique, but is it better?
By CA Ojas Aggarwal
With the deadline of July 1 approaching, the GST regulation in India has started to take shape by finalisation of law and rules. This has been a long journey of over 17 years which began with the intent of unification of indirect tax regime in the country.
 GST example of national integration
By CA Atul Gupta
The Union Cabinet, chaired by Prime Minister Narendra Modi, on Thursday passed a resolution thanking chief ministers and finance ministers from all the states as well as political parties for extending cooperation for the introduction of GST.
 6 reasons you need not fear the GST regime
By CA Rashmi Sharma
The goods and services tax (GST) is set for a July 1 launch. While businesses have adjustments to make, consumers do not have much to worry about, apart from some possible disruption in supply. ET explains
 Tax return filing extension on GST may not be enough
By CA Mayank Jain
Over the weekend, the body administering the goods and services tax, or GST, iterated its intention to roll out the new indirect tax regime from July 1.
 GST: ‘Tech readiness, tax administration key challenges’
By CA S K Verma
As the Goods and Services Tax is set to be rolled out from July 1, companies should have manual and technological documentation compliance till the time there is a surety that the system works seamlessly, says a senior advocate.
 GST return filing rules relaxed for Jul-Aug, July 1 rollout
By CA Rashmi Sharma
The Goods and Services Tax (GST) Council at its 17th meeting on Sunday decided to increase the room tariff threshold, above which the luxury rate of 28% will apply, to ?7,500 from the ?5,000 decided earlier.
 GST Council gives return filing breather to India Inc for 2 months
By CA Andrew F Thomas
Amid doubts in some quarters over the tech preparedness for the goods and services tax (GST), the high-powered GST Council on Sunday decided to introduce the new indirect tax system from the midnight of June 30-July 1
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Transfer Pricing   RSS Feeds
 Interpretation Of Central Goods And Services Tax (CGST) Act (Part-10)
By CA S K Verma
This part of the series contains meanings of certain terms covered in Section 2 of the CGST Act, 2017.
 CBDT notifies secondary adjustment rule in transfer pricing
By CA Ojas Aggarwal
The Income Tax Department has come out with rules for operationalising the provisions of secondary adjustment in books of accounts to reflect actual allocation of profits between a company and its arm.
  Revised Transfer Pricing Safe Harbour Rules Bring Cheer
By CA Atul Gupta
India has, for long, been always regarded as the one of the most aggressive transfer pricing jurisdictions.
 CBDT notifies secondary adjustment transfer pricing rules
By CA Manu T George
The Central Board of Direct Taxes (CBDT) has notified the rules for operationalising the provisions of secondary adjustment in the arena of transfer pricing.
 Revised Transfer Pricing Safe Harbour Rules Bring Cheer
By CA Rashmi Sharma
India has, for long, been always regarded as the one of the most aggressive transfer pricing jurisdictions. To mend this image and reduce litigation,
 India Rationalizes 'Safe Harbor' Rates for Multinational Corporations
By CA Mayank Jain
In a effort to reduce transfer pricing disputes, the Indian government June 8 rationalized 'safe harbor' rates to induce more foreign companies to take advantage of the mechanism and reduce transfer pricing disputes.
 India Rationalizes 'Safe Harbor' Rates for Multinational Corporations
By CA Manu T George
In a effort to reduce transfer pricing disputes, the Indian government June 8 rationalized 'safe harbor' rates to induce more foreign companies to take advantage of the mechanism and reduce transfer pricing disputes.
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Customs and Excise   RSS Feeds
 Central Board of Excise and Customs to soon notify new procedural framework
By CA Manu T George
It’s a green light from Indian customs for the pre-run of the GST on June 23. Central Board of Excise and Customs will soon notify the new procedural framework for the country’s over $650-billion trade sector, which will be among the first to face tax regime change from July 1.
 CBEC set to be Central Board of Indirect Taxes and Customs
By CA Mayank Jain
Reiterating that preparations are in full swing for rolling out GST on July 1, the Central Board of Excise and Customs (CBEC) said on Tuesday that, along with the states, the department has increased its outreach programmes on the forthcoming indirect tax regime so as to reach the "last trader".
 Govt to give customs, excise duty benefits to boost solar rooftop sector
By CA Andrew F Thomas
In a boost to India’s lagging solar rooftop sector, the Union ministry of new and renewable energy (MNRE) has decided to give custom and excise duty benefits to it for ensuring high growth.
 Clarification regarding posting of Central Excise officer in Cigarette units-reg.
By CA Rashmi Sharma
Representations have been received from the field formations and members of the trade and industry regarding practicality of round-the-clock posting of Central Excise officers in the cigarette manufacturing units.
 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.
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Mergers and Acquisitions   RSS Feeds
 Deals of the day-Mergers and acquisitions june 20, 2017
By CA Atul Gupta
The following bids, mergers, acquisitions and disposals were reported by 1000 GMT on Monday:
 How new funding avenues, M&As are powering India’s renewable energy sector
By CA Mayank Jain
Over the last few years, India has significantly transformed its energy policy, with renewable energy emerging as the dominant source of capacity addition.
 Finance Ministry asks PSBs to explore acquisition of smaller banks
By CA Manu T George
The finance ministry has asked four large PSU lenders to explore opportunities for acquisition of small and mid-sized banks with a goal to create global sized lenders, sources said.
 Bank of Baroda, Canara Bank may lead next round of mergers
By CA Andrew F Thomas
Following the merger of State Bank of India and associate banks, Bank of Baroda and Canara Bank may acquire smaller banks like Vijaya Bank, United Bank of India, Union Bank of India, Dena Bank and UCO Bank, officials told the Business Standard.
  Deals of the day-Mergers and acquisitions June 13, 2017
By CA Atul Gupta
The following bids, mergers, acquisitions and disposals were reported by 1330 GMT on Tuesday:
 India’s booming stock market has a downside: It’s making M&As expensive, says BNP Paribas
By CA S K Verma
India’s booming stock market has a downside -- it is making mergers and acquisitions expensive as valuations stay elevated, according to BNP Paribas SA.
 Cross border mergers make India favoured FDI route: UNCTAD
By CA Ojas Aggarwal
Despite stagnant foreign direct investment (FDI) inflow of USD 44 billion in 2016,
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Indirect Tax   RSS Feeds
 GST may lead to better operating profit margin for multiplex operators
By CA Devender Singh
Multiplex companies—PVR Ltd and Inox Leisure Ltd—are expected to benefit from the implementation of the goods and services tax (GST).
 Indirect taxes must equal direct taxes
By CA Manu T George
Out of the total taxes collected in the country, 65% is collected as indirect taxes and only 35% are direct taxes. This ratio is completely opposite to the taxation in developed world .
  Income Tax dept issues notices to ‘farmers’ claiming suspect agricultural income
By CA Mayank Jain
The Income-Tax department has issued notices to tax assessees who have shown unusually high income from agricultural activities, sources told Moneycontrol.
 GST would match or be lower than the multiple indirect taxes on real estate
By CA Manu T George
Goods and Services Tax (GST) is set to get implemented from 1 July 2017. There are different GST rates prescribed for various goods and services, which may impact their cost.
 Tax incidence under GST lower than current indirect taxes
By CA Andrew F Thomas
The incidence of tax on majority of goods is lower under the Goods and Services Tax (GST) regime as compared to the current indirect taxes on account of levy of central excise, service tax,
 Here's the complete list of pre-GST discounts being offered by companies
By CA Mayank Jain
It is turning out to be bonanza time for consumers as companies, ranging from apparels to car manufacturers, woo them with attractive discounts ahead of the implementation of the goods and services tax (GST) next month.
 Applicability of Explanation 2 to Section 132B of the I.T. Act, 1961- reg.
By CA Rashmi Sharma
Section 132B of the Income Tax Act 1961, provides for adjustment of seized assets/ requisitioned assets against the amount of any existing liability under the Income Tax Act, 1961,
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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.
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