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News Headlines   RSS Feeds
 Six home loan tax sops you didn't know about
By CA Ojas Aggarwal
2016 is looking to be one of the best years for home buyers. More tax benefits, rate cuts on loans, stagnant property prices, new launches in the 'affordable' segment with freebies and attractive payment schemes.
 Seeks to amend Notification No. 25/2012- Service Tax
By CA Atul Gupta
In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994) and sub-section (2A)
 Clarifications on the Income Declaration Scheme, 2016
By CA Mayank Jain
The Income Declaration Scheme, 2016 (hereinafter referred to as ‘the Scheme’) incorporated as Chapter IX of theFinance Act, 2016
 Govt wants you to own a house- See income tax benefits extended
By CA Ojas Aggarwal
The government wants you to own a house and the same becomes evident from the various tax benefits allowed under the income tax laws to the persons who own a house.
 Grant of Registration under DVAT & CST
By CA Ojas Aggarwal
Grant of Registration under DVAT & CST
 Filing of on-line return for fourth quarter of 2015-16 - extension of period thereof
By CA Atul Gupta
Filing of on-line return for fourth quarter of 2015-16 - extension of period thereof
 Statement on Quarterly Review of the trends in receipts and expenditure in relation to the budget at the end of the third quarter of financial year 2015-2016
By CA S K Verma
Economic growth, measured by growth in Gross Domestic Product (GDP) at constant (2011-12) market prices is estimated at 7.5 per cent in 2015-16
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Continuing Prof. Edu.   RSS Feeds
 Latest Amendments in Service Tax 2) Finance Act 2016 ( Amendement made at the time of paffing )
By CA Andrew F Thomas
Place: Recreation Cum Libraray Centre opp.B-4/229,Safdarjung Enclave New Delhi -110029 Date: 23rd May, 2016 17:00 - 21:00 CPE.Hrs.: 4
  Seminar On Direct Taxes And International Taxation
By CA Mayank Jain
Place: Jain Banquet, 10, Wazirpur Press Area, Behind (DD Motors/Punjab Kesri), Delhi-110035. Date: 21st May, 2016 17:00 - 22:00 CPE.Hrs.: 5
 Seminar On Direct Taxes And International Taxation
By CA Manu T George
Place: Jain Banquet, 10, Wazirpur Press Area, Behind (DD Motors/Punjab Kesri), Delhi-110035. Date: 21st May, 2016 17:00 - 22:00 CPE.Hrs.: 5
 CPE SEMINAR ON DIRECT TAX AMENDMENTS
By CA Rashmi Sharma
Place: Suri Centenary Hall , ICAI Bhavan, Trivandrum Date: 20th May, 2016 17:00 - 20:00 CPE.Hrs.: 3
 Recent Amendments and Circulars under Income Tax Law and GST-Practical Case Study on Jammu and Kashmir
By CA Ojas Aggarwal
Place: Hotel K.C. Residency, Residency Road, Jammu. Date: 20th May, 2016 10:30 - 17:00 CPE.Hrs.: 6
  INDIRECT TAXES - Emerging Issues in Indirect Taxation
By CA Atul Gupta
Place: Mulund College of Commerce, S N Road, Mulund(w), Mumbai Date: 18th May, 2016 17:30 - 20:30 CPE.Hrs.: 3
 CPE Live Webcast Indirect Taxes - Cenvat Credit Of Service Tax: Issues And Challenges
By CA Atul Gupta
Place: D/20-24 sector 17 market, opp. andhavidyalya, hanumangarh road, Sriganga nagar Date: 18th May, 2016 18:00 - 20:00 CPE.Hrs.: 2
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VAT (Value Added Tax)   RSS Feeds
 Govt slashes VAT to combat petrol hike
By CA Andrew F Thomas
Following a hike in petrol prices by oil companies on Monday night, the state government, on Tuesday, reduced the value-added tax (VAT)
 Delhi reduces VAT on hybrid cars
By CA Manu T George
The Delhi government has reduced Value Added Tax (VAT) on hybrid cars, battery-operated vehicles and e-rickshaws from 12.5 per cent to 5 per cent, projecting it as
 Display of Certificate of Registration
By CA Nilesh Sahu
In compliance of Rule 14(3) of Delhi Value Added Tax Rules, 2005 all the ACs/ward incharges are hereby directed to ensure, within their respective jurisdiction, that all the registered dealers,
 VAT inspector held for accepting Rs 5,000 bribe
By CA Ojas Aggarwal
Government sources said the officer had demanded a bribe for re-verification of the business premises of a dealer, whose registration request he had earlier rejected.
 Amendment in Fourth Schedule of the Delhi Value Added Tax Act, 2004
By CA Mayank Jain
Whereas the Lt. Governor of the National Capital Territory of Delhi is of the opinion that it is expedient in the interest of general public so to do
 Amendment in Third and Fourth Schedule in Delhi Value Added Tax Act, 2004
By CA Manu T George
Whereas the Lt. Governor of the National Capital Territory of Delhi is of the opinion that it is expedient in the interest of general public so to do;
 MVAT – Recent Amendments and Automation
By CA Nilesh Sahu
Place: Sangli Branch of WIRC of ICAI, Anandi Vilas Appt., Block No. 9 & 10, Near Samrat Vyayam Mandal, South Shivaji Nagar, Sangli, 416416 Date: 11th May, 2016 09:30 - 13:30 CPE.Hrs.: 4
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Markets   RSS Feeds
 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.
 Indian markets best in terms of earnings momentum, price revision
By CA Andrew F Thomas
Let me just first ask you: the kind of volatile trade setup that the year has started with, the global markets were looking extremely shaky two or three days back because of oil and the Greek fears
 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.
 Broader markets outperform; Nifty holds 8,500
By CA Manu T George
Benchmark share indices continued to trade flat after the first hour of trade as investors shifted focus to fundamentally sound stocks in the broader market.
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General   RSS Feeds
 special courts under section 435 of Companies Act, 2013New
By CA Andrew F Thomas
exercise of the powers conferred by sub-section (1) of section 435 of the Companies Act, 2013
 India-Mauritius Tax Protocol Marks a Changing Zeitgeist
By CA Atul Gupta
India must remember that in all developed countries, greater scrutiny of taxpayers has gone hand in hand with fair
 Pay Income Tax Dues On Time To Avoid Last-Minute Rush: RBI
By CA Nilesh Sahu
The Reserve Bank of India has asked income tax assessees to pay their tax dues well in advance to avoid last minute rush.
 India-Mauritius tax treaty amendment: What could be the impact on key stakeholders
By CA S K Verma
After long-drawn negotiations between the governments of India and Mauritius, the tax treaty between the two countries has finally been amended.
 India-Mauritius tax treaty amendment: What could be the impact on key stakeholders
By CA S K Verma
After long-drawn negotiations between the governments of India and Mauritius, the tax treaty between the two countries has finally been amended.
 Govt tapping tech to widen tax base, give quick refunds
By CA Nilesh Sahu
With sustained efforts by the government, the number of taxpayers in the country has risen to 5.7 crore for assessment year (AY) 2016-17 from the 5.43 crore seen last year, revenue secretary Hasmukh Adhia told FE
 Supreme Court admits tax appeal against Vodafone
By CA Ojas Aggarwal
The Supreme Court on Friday admitted an appeal by the Income Tax Department against a Bombay High Court order rejecting its demand to raise tax on Vodafone for a Rs 8,500-crore deal with Hutchison.
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Corporate Law   RSS Feeds
 Recent Case Laws On Reverse Charge Mechanism
By CA Ojas Aggarwal
The service tax recipient is liable to pay the service tax. Other persons are not liable to pay service tax.
 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%
 Clearer interpretation of tax laws needed
By CA Devender Singh
The telecom sector, once the poster boy of reforms, has now turned into one of the biggest revenue earners for the Centre.
 What the proposed corporate law changes mean for retail investors
By CA Mayank Jain
The proposed corporate law framework is a mixed bag for retail investors. “It is positive for minority shareholders to the extent it didn’t relax any existing safeguards (for investors)
 Gear up for changes in tax laws, treaties
By CA Rashmi Sharma
The international community led by the G20 had initiated the Base Erosion and Profit Shifting (BEPS) project a few years ago with the aim of ensuring that profits are taxed where economic activities are performed and where value is created. Governments,
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Students   RSS Feeds
  Launch of the Certificate Course on Valuation at Gwalior from 14th May, 2016
By CA Ojas Aggarwal
The Corporate Laws & Corporate Governance Committee of ICAI is launching its first batch for the Certificate Course on Valuation at Gwalior from 14th May, 2016.
 CA curriculum to be revised in 2017, says ICAI president
By CA Nilesh Sahu
Devraja Reddy, the president of Institute of Chartered Accountants of India (ICAI), said here on Saturday that the curriculum and exam pattern of CA courses will be revised from the next academic year of 2017.
 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.
 Zone-shifting of candidates for May - 2016 CA Exams
By CA Ojas Aggarwal
Due to paucity of accommodation in certain Zones opted by the candidates in the cities of Chennai, Delhi, Hyderabad, and Mumbai,
 Advisory for the Students of CPT level for Section A: Fundamentals of Accounting
By CA Andrew F Thomas
In the Updated Edition-Nov. 2015 of Section A: Fundamentals of Accounting Study Material at CPT level, certain printing errors relating to years (which occurred at the end of Printer)
 Next Batch of the Certificate Course on Valuation in Mumbai starting from 2nd April, 2016.
By CA Mayank Jain
The Corporate Laws & Corporate Governance Committee of ICAI is starting next batch for the Certificate Course on Valuation at Mumbai from 2nd April, 2016.
 ICAI to scrap CPT route for studying CA
By CA Manu T George
Institute of Chartered Accountants of India (ICAI) would abolish common proficiency test (CPT) examination for CA aspirants and reinstate the Foundation course instead from November this year.
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New Forms   RSS Feeds
 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
 Regarding the status of the forms downloaded by the dealers.
By CA Manu T George
The department had started issuing central statutory forms online without any manual II intervention since the middle of year 2012.
 Regarding the status of the forms downloaded by the dealers
By CA Nilesh Sahu
The department had started issuing central statutory forms online without any manual intervention since the middle of year 2012.
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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
 Zone-shifting of candidates for 19th June - 2016 CPT
By CA Devender Singh
Due to paucity of accommodation in certain Zones opted by the candidates in the city of Chennai and Hyderabad some of the candidates have been allotted examinations centres in the zone other than the zone opted by them.
 CPE Events 23th May - 28th May 2016
By CA Rashmi Sharma
ICAI Bhawan, Kollad, Kottayam, Bangalore Branch of SIRC of ICAI, Bangalore, Jawahar Nagar, Goregaon West, Mumbai,
 Seminar on Direct Tax at Hotel Allahabad Regency, Civil Lines, Allahabad on 28th May, 2016.
By CA Nilesh Sahu
Registration is open for members and they are requested to register in dvance. Members are also requested to send their queries in advance so that the same may be forwarded to the speaker.
 Revise composition of the Group for formulating the Infrastructure Policy for Centres of Excellence.
By CA S K Verma
In partial modification of our letter of even number dated 10th May, 2016, the President, in terms of the authority given to him by the Council at its 351st meeting held on 12th February, 2016,
 Revise composition of the Group to consider and review the matters of Infrastructure Development Committee
By CA Ojas Aggarwal
In partial modification of our letter of even number dated 11th May, 2016, the President, in terms of the authority given to him by the Council at its 351st meeting held on 12th February, 2016,
 New / Revised Standards on Auditing
By CA Ojas Aggarwal
The Ministry of Corporate Affairs is receiving references from professionals/companies seeking clarification on the forms/process to be followed for alteration in the Memorandum of Association of Section 8 Companies.
 Income Tax Appellate Tribunal : Chennai Benches : Chennai Constitution for the week from 16.05.2016 To 19.05.2016
By CA Atul Gupta
Income Tax Appellate Tribunal : Chennai Benches : Chennai Constitution for the week from 16.05.2016 To 19.05.2016
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From the Courts   RSS Feeds
 Adobe Systems Inc vs. ADIT (Delhi High Court)
By CA Ojas Aggarwal
Entire law on what constitutes a Permanent Establishment (PE) in India in terms of Article 5(1), 5(2)(l) or Article 5(5) of the Indo-USA DTAA explained. If the alleged PE has been assessed on ALP basis in terms of Article 7, no income has escaped escapement so as to justify issue of s. 148 notice
 Indu Lata Rangwala vs. DCIT (Delhi High Court)
By CA Atul Gupta
S. 143(1)/ 147: Entire law on the reopening of s. 143(1) assessments in the light of Zuari Estate Development 373 ITR 661 (SC) explained
  P.G. & W. Sawoo Pvt. Ltd vs. ACIT (Supreme Court)
By CA Mayank Jain
S. 5/ 147: Even if income by way of rent is enhanced with retrospective effect, it accrues only when a right to receive the income is vested in the assessee. A notice u/s 148 seeking to assessee the income prior to its accrual is without jurisdiction
 CIT vs. Amitabh Bachchan (Supreme Court)
By CA Manu T George
S. 263: Even if AO applies mind and decides not to assess expenditure as unexplained u/s 69C because the assessee withdrew the claim for deduction, the CIT is entitled to revise the assessment on the ground that the matter needed further investigation
 Adobe Systems Incorporated Vs. Assistant Director Of Income Tax And Anr
By CA Atul Gupta
The Petitioner, Adobe Systems Incorporated (hereafter the 'Assessee')
 Commissioner Of Income Tax Vs. Herbalife International India Pvt. Ltd.
By CA Atul Gupta
This appeal by the Revenue is directed against the impugned order dated 28th February 2006
 LS CABLE & SYSTEM LIMITED, KOREA THROUGH MR.JEONG SUK LEE Vs. THE COMMISSIONER OF INCOME TAX – II & ANR.
By CA Mayank Jain
The challenge in these four petitions by L.S. Cable & System Ltd., Korea is to the common order dated 3rd August 2015 passed by the Authority for Advance Ruling (Income Tax), New Delhi (,,AAR) in AAR No. 1513 to 1516 of 2013 filed by the Petitioner.
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Auditing   RSS Feeds
 Time Limit For Completion Of Assessment From The Date Of Special Auditor’s 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
 RBI Recruitment of Legal Officer in Grade ‘B’ and Assistant Archivist in Grade ‘A’
By CA Devender Singh
Applications (App.) are invited for the posts mentioned below in Reserve Bank of India (RBI/Bank) from Indian citizens, citizens of Nepal and subjects of Bhutan and persons of Indian origin who have migrated from Myanmar
 The Global Outlook and India : RBI Governor
By CA S K Verma
Delivering the Mahtab Memorial Lecture at Bhubaneswar on May 21, 2016, Dr. Raghuram Rajan, Governor, Reserve Bank of India emphasised that even though policies in the rest of the world could enhance uncertainty
 Regulating Financial Innovation: P2P Lending Platforms Design Challenges (Shri R. Gandhi, Deputy Governor – May 17, 2016 – at the Mint Marketplace Lending Summit held at Four Seasons Hotel, Mumbai)
 RBI aligns Rules for Investment in Credit Information Companies (CICs)
By CA Nilesh Sahu
The Reserve Bank of India has, in supersession of its directive dated November 29, 2013, revised its directions (DBR. CID. BC. No.98/20.16.042/2015-16 dated May 19, 2016),
 Auction of Government of India Dated Securities 18 may 2016
By CA Mayank Jain
The auction for securities will be price based using multiple price method. The Reserve Bank of India at Mumbai will conduct the auctions.
  RBI invites Comments on allowing FPIs in Unlisted Debt Securities and Securitised Debt Instruments
By CA Manu T George
The Reserve Bank of India, in consultation with the Ministry of Finance, Government of India proposes to permit investment by foreign portfolio investors
 RBI invites Comments on allowing FPIs in Unlisted Debt Securities and Securitised Debt Instruments
By CA Manu T George
The Reserve Bank of India, in consultation with the Ministry of Finance, Government of India proposes to permit investment by foreign portfolio investors (FPIs)
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Budget Extravaganza   RSS Feeds
 Home Budget 2016Budget News Income Tax Return Forms For 2016-17 To Be Notified Early April
By CA Ojas Aggarwal
The Finance Ministry is likely to notify by the first week of April new income tax return (ITR) forms for assessment year 2016-17 which will more or less be similar to the one that was filed by assessees last year.
  Delhi govt presents ‘zero tax’ budget: Watches, clothes may get cheaper
By CA Atul Gupta
Deputy Chief Minister Manish Sisodia presented a ‘zero tax budget’ Monday aimed at rationalising Delhi’s Value Added Tax (VAT) structure.
 Delhi budget today, Major boost for health, transport likely
By CA Devender Singh
Education, health, and transport sectors are likely get a major allocation of funds in the Delhi Budget, which will be tabled in the assembly Monday by Deputy Chief Minister Manish Sisodia.
 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.
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Sales Tax   RSS Feeds
 New tax treatment of sale of unlisted shares brings more certainty, less litigation
By CA Andrew F Thomas
As per Income Tax Law, Income earned from Sale of shares could be held as either Business Income or capital gains depending upon the facts of the case which had led to a lot of litigation over the years.
 Simpler tax laws, low rate can help get more people to pay up
By CA Rashmi Sharma
Much about taxes tend to be dismal. Data recently released by the Indian government shows hardly 1% of our population actually pays income tax.
 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.
 Taxation of income from sale of listed shares: CBDT circular to reduce disputes
By CA Devender Singh
A recent circular from the CBDT allowing tax payers to decide whether their gains/losses from sale of listed shares/securities should be treated as business income or as capital gains for tax purposes, is expected to help reduce tax disputes significantly.
 Last-hour rush to save tax making customers invest online
By CA Rashmi Sharma
The last-hour rush to save on taxes is pushing traffic towards online startups, including Wealthy.in, FundsIndia.com, MakemyReturns.com and TaxSmile.com.
 Income-tax (8th Amendment) Rules, 2016
By CA Andrew F Thomas
In Exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-
 8 held for hacking into Sales Tax dept system to commit fraud
By CA Nilesh Sahu
Ahmedabad, Mar 28 (PTI) Police have arrested eight men including four government employees for allegedly hacking into the Sales Tax departments computer system to activate Taxpayer Identification Numbers of 14 defunct companies so as to fraudulently withdraw Rs 11 crore in tax credit.
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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
 Govt starts reward plan to boost VAT collections
By CA Rashmi Sharma
The Delhi government will launch a reward scheme for market associations on Monday in an attempt to boost VAT collections .
 Income Tax Appellate Tribunal, Pune Benches Pune Single Member Cases To Heard Before Bench 24/05/2016 To 25/05/2016
By CA Andrew F Thomas
Income Tax Appellate Tribunal, Pune Benches Pune Single Member Cases To Heard Before Bench 24/05/2016 To 25/05/2016
 Income Tax Appellate Tribunal Bangalore Benches, Bangalore "A" Bench DB Cases Causelist for the week from 23/05/2015 To 26/05/2016
By CA Nilesh Sahu
Income Tax Appellate Tribunal Bangalore Benches, Bangalore "A" Bench DB Cases Causelist for the week from 23/05/2015 To 26/05/2016
 Income Tax Appellate Tribunal : Mumbai Consolidated list of orders ready for 18/05/2016
By CA Devender Singh
Income Tax Appellate Tribunal : Mumbai Consolidated list of orders ready for 18/05/2016
 Income Tax Appellate Tribunal : Kolkata Benches : kolkata Cause list for the Cases fixed on friday the 20.05.2016
By CA S K Verma
Income Tax Appellate Tribunal : Kolkata Benches : kolkata Cause list for the Cases fixed on friday the 20.05.2016
 Income Tax Appellate Tribunal : Pune Benches : PuneCauselist for Bench 'A' for the week ending 20.05.2016
By CA Nilesh Sahu
Income Tax Appellate Tribunal : Pune Benches : PuneCauselist for Bench 'A' for the week ending 20.05.2016
 Income Tax Appellate Tribunal : Lucknow Benches : Lucknow Constitution from 16.05.2016 To 20.05.2016 & 23.05.2016 To 27.05.2016
By CA Devender Singh
Income Tax Appellate Tribunal : Lucknow Benches : Lucknow Constitution from 16.05.2016 To 20.05.2016 & 23.05.2016 To 27.05.2016
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Placements & Empanelment   RSS Feeds
  New Opening Chartered Accountant/executives
By CA S K Verma
Salary:INR 2,50,000 - 6,00,000 P.A, Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:Any Postgraduate - Any Specialization, M.Com - Commerce
  New Opening CA Fresher - Chartered Accountant
By CA Mayank Jain
Salary:INR 5,00,000 - 8,00,000, Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, P.A., PG:CA,
 New Opening Associate/sr Associate Indirect Tax
By CA Manu T George
Salary:INR 3,00,000 - 6,00,000 P.A, Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:Any Postgraduate - Any Specialization,
 10 Opening Qualified Chartered Accountants (CA) in Big 4 Accounting Firms
By CA Andrew F Thomas
Industry:Accounting / Finance, Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:MBA/PGDM - Any Specialization, M.Com - Commerce
  New Opening Chartered Accountant/executives
By CA Mayank Jain
Salary:INR 2,50,000 - 6,00,000 P.A, Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:Any Postgraduate - Any Specialization, M.Com - Commerce
 New Opening Chartered Accountant/executives
By CA Manu T George
Salary:INR 2,50,000 - 6,00,000 P.A, Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:Any Postgraduate - Any Specialization, M.Com - Commerce
 10 Opening Qualified Chartered Accountants (CA) in Big 4 Accounting Firms
By CA Rashmi Sharma
6,00,000 - 13,00,000 P.A. Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:MBA/PGDM - Any Specialization, M.Com - Commerce
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Direct Tax   RSS Feeds
 Gujarat among top 5 in growth
By CA S K Verma
In terms of direct tax collections, Gujarat has recorded the fifth highest growth among states across the country in financial year 2014-15 over the previous year.
 CBDT directs Income Tax department to comply with CIC orders invariably
By CA Devender Singh
Citing some cases of non- compliance of Central Information Commission's orders to the Income Tax department , CBDT has said the taxman should strictly comply with them and non-compliance will be taken "adversely".
 Income Tax return is not considered filed unless it’s verified
By CA Devender Singh
Several taxpayers diligently file their tax returns but forget to verify them. They believe their return filing process is complete once return has been duly submitted to the income tax department.
 CBDT issues norms for request of information from British Virgin Islands
By CA Nilesh Sahu
Subsequent to the leaked Panama Papers, tax authorities have issued new norms for requests for Exchange of Information from the British Virgin Islands.
 CBDT proposes rules to help corporates claim credit for taxes paid overseas
By CA Devender Singh
To provide relief to corporates having income abroad, the tax department on Monday proposed simplified 'Foreign Tax Credit' (FTC) rules allowing companies to claim credit for taxes paid overseas.
  How to plan your tax on income from house property
By CA Atul Gupta
One may either have a tax break or additional tax liability as there are different rules for determining income and claiming deductions from house property.
 How to plan your tax on income from house property
By CA Mayank Jain
One may either have a tax break or additional tax liability as there are different rules for determining income and claiming deductions from house property.
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Service Tax   RSS Feeds
  Firms approaching arbitration tribunals to pay service tax: CBEC
By CA Devender Singh
Firms with a turnover of over ?10 lakh who go in for arbitration proceedings will be liable to pay service tax at the rate of 14 per cent.
 commencement of section 2(29), sections 435 to 438 and 440 of Companies Act, 2013
By CA Rashmi Sharma
In exercise of the powers conferred by sub-section (3) of section 1 of the Companies Act, 2013
 Significant changes in Service Tax, effective from May 14, 2016
By CA Rashmi Sharma
The Hon’ble Finance Minister Shri .Arun Jaitley presented the Union Budget for 2016-17 on February 29, 2016 in the Lok Sabha. On May 5, 2016,
 How the presumptive tax scheme helps you
By CA Nilesh Sahu
The Finance Act, 2016 includes various amendments that aim at helping professionals and small businesses. One of them is about presumptive taxation,
  Clarification on issues regarding levy of Service Tax on the services provided by Government or a local authority to business entities
By CA S K Verma
Any service provided by Government or a local authority to a business entity has been made taxable w.e.f 1st April 2016.
 Income Tax Appellate Tribunal : Bangalore Benches : Bangalore Constitution for the week 16.05.2016 To 20.05.2016
By CA Mayank Jain
Income Tax Appellate Tribunal : Bangalore Benches : Bangalore Constitution for the week 16.05.2016 To 20.05.2016
 Now, services to attract 10 per cent tax under revised DTAA
By CA Manu T George
The amended India-Mauritius tax treaty has inserted a new clause allowing source-based taxation at 10 per cent on fees paid for technical and consultancy services .
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Transfer Pricing   RSS Feeds
 SC agrees to hear transfer pricing case against Vodafone x
By CA Nilesh Sahu
The Supreme Court on Friday agreed to hear the taxman's plea against Vodafone India in a transfer pricing case. The Income Tax Department had earlier challenged the Bombay High Court order which granted relief to the telecom giant.
 HSBC raises India equities to 'neutral'; says underperformance to end
By CA Andrew F Thomas
HSBC has raised India to “neutral” after being “underweight" since April 2015.
 Supreme Court to hear Vodafone transfer pricing case
By CA Devender Singh
The Supreme Court on Friday agreed to hear an income tax department’s appeal against Vodafone India Ltd in a transfer pricing case.
 Pressing need to tackle transfer pricing
By CA Mayank Jain
Findings, however, must be based on evidence and arguments and made in a proper and consistent manner to ensure a fair business environment between State agencies and enterprises.
 Government looks to resolve 100 transfer pricing issues; seeks to sign more advanced agreements
By CA Mayank Jain
In amove towards a more progressive taxation policy the revenue officials have set an aggressive target of resolving about 100 transfer pricing issues by signing advance pricing agreements (APAs) with multinationals this fiscal, people close to the development said.
  Transfer pricing rules with wider ambit soon
By CA Nilesh Sahu
The government might change transfer pricing provisions in Budget 2016-17 to ensure companies with overseas presence and consolidated revenue of more than Rs 5,000 crore comply with extensive data reporting and documentation.
 Vodafone wins transfer pricing tax dispute case
By CA Devender Singh
In a major relief to British telecom major Vodafone in the transfer pricing case, the Bombay High Court on Thursday ruled in its favour, setting aside a tax demand of Rs. 3,700 crore imposed on Vodafone India by the income tax authorities. This is likely to benefit multinational companies such as IBM, Royal Dutch Shell and Nokia that face similar tax demands.
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Customs and Excise   RSS Feeds
  Amendment to Ch IX of the Customs Act, 1962 – Bond required to be filed under section 59
By CA Ojas Aggarwal
Pursuant to the enactment of the Finance Bill 2016, section 59 of the Customs Act, 1962 stands amended consequent to which,
 Amendment to Ch IX of the Customs Act, 1962 – Bond required to be filed under section 59
By CA Manu T George
Pursuant to the enactment of the Finance Bill 2016, section 59 of the Customs Act, 1962 stands amended consequent to which, an importer is to execute a triple duty bond at the customs station of import with respect to the goods to be cleared for deposit in a warehouse.
 Special Warehouse Licensing Regulations, 2016
By CA Rashmi Sharma
In exercise of the powers conferred by section 157 read with section 58A of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby makes the following regulations, namely:-
 Audit Report No.15/2011-2012, Section 2 - Duty Drawback Scheme: Re-export under section 74 of Customs Act 1962
By CA Ojas Aggarwal
Attention of field formations is drawn to Board's Circular No.46/2011-Customs dated 20.10.2011 read with Circular No. 35/2013-Customs which strengthened the assessment practice for export under section 74 of the Customs Act 1962
 Clarification regarding classification of export item “Silico manganese
By CA Andrew F Thomas
Representations have been received at this office seeking clarification in respect of FPS claims on Export Products “silico manganese” under ITC(HS) Code 72023000.
 Seeks to further amend notification No.24/2005-Customs
By CA Atul Gupta
In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962),
 Penalties Under Customs Act, 1962
By CA Devender Singh
The Customs Act, 1962 (‘Act’ for short) provides for penalties. Chapter XIV of the Act provides for imposition of penalties.
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Mergers and Acquisitions   RSS Feeds
 Commission prohibits Hutchison's proposed acquisition of Telefónica UK
By CA Atul Gupta
The Commission has blocked the proposed acquisition of O2 by Hutchison under the EU Merger Regulation.
 Marriages of convenience: mergers and acquisitions in print
By CA Mayank Jain
There is a scene in the film version of Bret Easton Ellis’ gothic horror American Psycho where deranged executioner Patrick Bateman (played by Christian Bale) spouts to a club patron:
 Harnessing The Power Of Culture In Mergers And Acquisitions
By CA Manu T George
There has certainly not been a shortage of merger and acquisition activity in the US over the last couple of years. Organizations continue to find growth strategies that keep them competitive in the rapidly evolving business landscape through M&A activity.
 Tech M&A: Mergers and Acquisitions Drive New Tech Investments
By CA Andrew F Thomas
Tech M&A is a hot topic right now, as companies ramp up their mergers and acquisitions activity to stay competitive in an ever changing market.
 Indian Companies' M&A Value Jumps 63% In March Quarter: Report
By CA S K Verma
Total value of mergers and acquisitions (M&As) involving Indian companies surged nearly 63 per cent to $7.8 billion in the first three months of 2016, primarily spurred by big-ticket disinvestment transactions, according to a report by EY.
 Accounts Receivable Mergers and Acquisitions Start Strong in 2016
By CA Andrew F Thomas
Mergers and acquisitions are going strong in the accounts receivable management industry after solid activity in the first quarter this year, according to ACA affiliate member company Corporate Advisory Solutions.
  India Inc is on a roll; registers eightfold rise in mergers and acquisitions in March
By CA Mayank Jain
The month of March saw a significant rise in the number and values of mergers and acquisitions done, with Corporate India striking deals worth $5.4 billion in one month alone.
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Indirect Tax   RSS Feeds
 Indirect Tax Dispute Resolution Scheme (Part-1)
By CA Manu T George
Indirect tax Dispute Resolution Scheme, 2016, is a scheme wherein in respect of cases pending before Commissioner (Appeals), the assessee,
 India gearing up to apply Mauritius tax treaty fix to double taxation avoidance accord with Cyprus
By CA S K Verma
Now that loopholes in the tax treaty with Mauritius have been plugged, the Indian government is gearing up to apply the same fix to its accord with Cyprus.
 Missing tax reforms; sharp hike in cases stuck in appeals process
By CA Rashmi Sharma
Though the government has announced a slew of measures to make India’s tax system less taxing—quicker tax refunds are often cited as an instance of this happening—the finance ministry’s FY16 annual report makes it clear that this is far from happening.
 Here are the various facets of Mauritius tax treaty
By CA Mayank Jain
After years of effort, India has managed to renegotiate its tax treaty with Mauritius , marking a bold step by the government to firmly shut the door on a pact that may have cost the country much by way of revenue.
 Closing the tax bolthole
By CA Devender Singh
More than three decades and several billions of dollars of lost revenue after India entered into a bilateral Double Taxation Avoidance Agreement with Mauritius,
 Indirect tax Digest – May 9, 2016
By CA Nilesh Sahu
If the services provided outside India and the consideration is actually received in the convertible foreign exchange, benefit of export of services cannot be denied even if the contract contains the amount of consideration in Indian currency.
 The indirect benefits transfer
By CA Rashmi Sharma
We now have a peculiar combination in the economic policy of India: a declared attempt at fiscal consolidation, combined with a reluctance to do what it takes to raise tax revenues.
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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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