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News Headlines   RSS Feeds
 Income-tax (21st Amendment) Rules, 2016
By CA Manu T George
In exercise of the powers conferred by sub-section (1E) of section 206C read with section 295 of the Income-tax Act, 1961 (43 of 1961),
 Companies (Share Capital and Debentures) Fourth Amendment Rules, 2016
By CA Nilesh Sahu
In exercise of the powers conferred by sub-sections (1) and (2) of section 469 of the Companies Act, 2013
  Clarifications on the Income Declaration Scheme, 2016
By CA Devender Singh
The Income Declaration Scheme, 2016 (hereinafter referred to as `the Scheme\\\') came into effect on 1st June, 2016.
 Income Declaration Scheme (Third Amendment) Rules 2016
By CA Manu T George
In exercise of the powers conferred by sub-section (1) and sub-section (2) of section 199 of the Finance Act, 2016 (28 of 2016), the Central Board of Direct Taxes,
 Tax on unaccounted income now payable in cash as well
By CA Atul Gupta
Those disclosing unaccounted wealth under the income declaration scheme (IDS) will have the option of paying the tax on such income in cash, the income-tax department has clarified through a fifth set of frequently asked questions (FAQs).
 Issuance of rupee bonds to overseas investors by Indian companies - Clarification regarding applicability of provisions of Chapter III of the Companies Act, 2013
By CA Atul Gupta
The Minislry has received lercnces trom slaleholders seeking claity on applicability of provisions of Chapter lll ol the Companies Acl, 2013
 Online tax refunds reduce hardships of I-T assesses
By CA Devender Singh
Prime minister Narendra Modi on Monday said online refunds had reduced the hardships of the income tax assesses. Personal income tax refunds of Rs 14,332 crore had been issued till August 5 of this financial year.
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Continuing Prof. Edu.   RSS Feeds
 GST SERVICE TAX AMENDEMENTS IN FINANCE ACT2016&IDS2016 (DIRECT TAXES)
By CA Nilesh Sahu
Place: Tirupathi Branch of SIRC of ICAI Date: 23-08-2016 – To: 23-08-2016 CPE.Hrs.: 6
 Latest Amendments in Taxation and Critical Issues in Consolidation of Financial Statements and Practical Notes to accounts with reference to accounting Standards. (INDIRECT TAXES)
By CA Devender Singh
Place: MAHARAJA PLACE. Opp. Metro Pillar No. 146, Punjabi Bagh, Near Shivaji Park Metro Station, New Delhi – 110026. Date: 23-08-2016 – To: 23-08-2016 CPE.Hrs.: 4
  CPE Seminar on Tax Audit (OTHERS)
By CA Rashmi Sharma
Place: Branch Premises 11/5, Pachayappa Street, Kumbakonam Date: 20-08-2016 – To: 20-08-2016 CPE.Hrs.: 6
 Amnesty Scheme for VAT and Allied Acts (TAXATION)
By CA Atul Gupta
Place: Vasai Branch of WIRC of ICAI Date: 19-08-2016 – To: 19-08-2016 CPE.Hrs.: 3
  GST – what lies ahead in implementation? (INDIRECT TAXES)
By CA Mayank Jain
Place: Kharadi Magarpatta (Industry) CPE Study Circle for Members in Industry of ICAI Date: 19-08-2016 – To: 19-08-2016 CPE.Hrs.: 2
 CPE Lecture Meeting on IND AS – 18 & 11 Revenue & Construction Contracts (OTHERS)
By CA Mayank Jain
Place: SOUTHERN INDIA REGIONAL COUNCIL Date: 17-08-2016 – To: 17-08-2016 CPE.Hrs.: 2
 Service Tax rules (INDIRECT TAXES)
By CA Manu T George
Place: North Delhi Hudson Line CPE Study Circle for Members in Industry of ICAI Date: 17-08-2016 – To: 17-08-2016 CPE.Hrs.:
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VAT (Value Added Tax)   RSS Feeds
 Punjab and Haryana HC issue notice to Chandigarh Administration on paying VAT on discount amount
By CA Mayank Jain
THE PUNJAB and Haryana High Court has issued notice of motion to the Chandigarh Administration asking to file a reply as to why their order directing the automobile agencies to pay value added tax (VAT)
 GST: Fear of dip in VAT collection hitting growth haunts officials
By CA Ojas Aggarwal
Haryana's BJP leadership may be jubilant over the passing of the Goods and Services Tax (GST) Bill in the Rajya Sabha, but government officials believe that initially the state would face revenue loss.
 Bihar legislative council passes state VAT (Amendment) bill
By CA Atul Gupta
Bihar Legislative Council today passed six legislations including the Bihar Value Added Tax (VAT) (Amendment) Bill, 2016 which seeks to propose an increase of .50 per cent to one per cent to the existing VAT rate. The Bill proposed to mop up an additional Rs 1,200 crore in the current fiscal.
 Delhi traders angry after AAP govt imposes VAT on goods imported into state
By CA Nilesh Sahu
Is the Delhi state government stepping into the Centre's jurisdiction? The question surfaced after some traders in the city expressed discontent over the Delhi government's decision to levy advance Value Added Tax (VAT)
 Punjab may rationalise VAT on several items soon
By CA Devender Singh
After announcing rate cut in power tariff for the industry, Punjab government is now eyeing another move to impress industrialists. According to sources,
  Speedy disposal of all refund claims
By CA Nilesh Sahu
Whereas Refunds are required to be processed strictly in accordance with the provisions as laid down u/s 38 ofDVAT Act and Rule 34 made there under and two circulars have, in this regard,
 Speedy disposal of all refund claims
By CA Devender Singh
Whereas Refunds are required to be processed strictly in accordance with the provisions as laid down u/s 38 ofDVAT Act and Rule 34 made there under and two circulars have, in this regard, already been issued vide No.6 of 2014-15, and vide No.12 of 2015-16 respectively;
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Markets   RSS Feeds
 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.
 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.
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General   RSS Feeds
 Law to tax indirect transfers is not bad in itself at all
By CA Manu T George
Tax disputes typically remind people of courts. But they arise at the lowest level where the taxpayer says ‘x’ and an officer says something different, eg, ‘y’.
 CBDT issues clarifications on valuation of fictitious liabilities
By CA Andrew F Thomas
CBDT has said that such fictitious liabilities can be in the nature of loans, creditors, advances received, share capital, payables etc.
 FPIs still wary of tax and regulatory environment in India
By CA Nilesh Sahu
Even as foreign portfolio investors (FPIs) find India to be an attractive emerging market destination, a large number of them continue to be wary of the overall tax and regulatory environment, a survey showed.
 Government notifies revised tax treaty with Mauritius
By CA Andrew F Thomas
Government has notified the revised tax treaty with Mauritius under which India will impose capital gains tax on investments routed through the island nation from April 1 next year in a bid to curb tax evasion.
 Liberation from 29 different tax regimes
By CA Nilesh Sahu
After almost 13 years of being ‘work in progress’ the political consensus on the proposed Goods and Services Tax (GST) regime came this month, with the target rollout date of April 1, 2017.
 Gift from certain relatives is tax free in India
By CA Rashmi Sharma
After living in the US for 10 years, I returned to India last week. Will my rupee deposits in Indian accounts be taxed differently with the change in my residential status?
 Group to look into Terms and conditions of Scheme for Overseas Citizens of India.
By CA Mayank Jain
The Council at its 356th meeting held on 29th, 30th June and 1st July, 2016, while considering the recommendations of the Examination Committee with regard to modification of the terms and conditions of the Scheme for Overseas Citizen of India (OCI),
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Corporate Law   RSS Feeds
 India unveils first-ever comprehensive draft anti-human trafficking law
By CA Manu T George
Maneka Gandhi, Minister for Women and Child Development, unveiled a draft of the country’s first-ever comprehensive anti-human trafficking law, which would treat survivors as victims in need of assistance and protection rather than as criminals.
 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)
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Students   RSS Feeds
  Applicability of Standards/Guidance Notes/Legislative Amendments etc. for November, 2016 – Intermediate (IPC) Examination
By CA Andrew F Thomas
Applicability of the Companies Act, 2013 and other Legislative Amendments for Paper 1 and Paper 5 : The relevant notified Sections of the Companies Act, 2013
 CA Students participation in Institute Programmes for 5 hours
By CA Rashmi Sharma
The Council of the Institute has decided to implement a minimum of 5 hours (1 day) participation, in a year, w.e.f. 1st July, 2016 on recommendatory basis in various Institute’s programmes organized
 Applicability of Standards/Guidance Notes/Legislative Amendments etc. for November, 2016 – Intermediate (IPC) Examination
By CA Andrew F Thomas
The Negotiable Instruments (Amendment) Act, 2015:The Negotiable Instruments (Amendment) Act, 2015 received the assent of the president on 26th December, 2015
 Next batch of the Certificate Course on Valuation at Ahmedabad from 16th July, 2016
By CA Devender Singh
The Corporate Laws & Corporate Governance Committee of ICAI is starting next batch of the Certificate Course on Valuation at Ahmedabad from 16th July, 2016.
  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.
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New Forms   RSS Feeds
 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
 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.
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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
 CPE Events 22th August - 27th August 2016
By CA Andrew F Thomas
CPE Events 22th August - 27th August 2016
  Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 4
By CA Atul Gupta
Ind AS Transition Facilitation Group' (ITFG) of Ind AS (IFRS) Implementation Committee has been constituted for providing clarifications on timely basis on various issues related to the applicability and /or implementation of Ind AS under the Companies (Indian Accounting Standards) Rules, 2015,
 Group for re-construction of ICAI premises at I.P. Marg, New Delhi
By CA Ojas Aggarwal
The President, in terms of the authority given to him by the Council at its 351st meeting held on 12th February, 2016, has constituted a Group for re-construction of ICAI premises at Indraprastha Marg,
 International Taxation - Assessment Test (INTT - AT) is scheduled to be held on November 9th and 11th, 2016.
By CA S K Verma
International Taxation - Assessment Test (INTT - AT) is scheduled to be held on November 9th and 11th, 2016.
  Exam Application form for the International Taxation Assessment Test (INTT-AT) -Nov, 2016
By CA Ojas Aggarwal
Application Form for Admission to the International Taxation Assessment Test to be held in accordance with the Chartered Accountants Regulations, 1988.
 CPE Events 16th August - 20th August 2016
By CA Manu T George
CPE Events 16th August - 20th August 2016
 CPE Events 16th August - 20th August 2016
By CA Manu T George
CPE Events 16th August - 20th August 2016
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From the Courts   RSS Feeds
 Hyundai Rotem Company vs. ACIT (ITAT Delhi)
By CA Mayank Jain
The TPO is required to be consistent in matters relating to selection of comparables.
 Tally Solutions Pvt. Ltd vs. ACIT (ITAT Bangalore)
By CA Manu T George
Transfer Pricing: Argument that transaction of extending credit period to AEs cannot be regarded as “international transaction” in the absence of any income arising therefrom is not acceptable.
  United Breweries Limited vs. DCIT (Karnataka High Court)
By CA Rashmi Sharma
S. 14A is applicable even where the motive of the assessee in acquiring the shares is to obtain controlling interest in a company and not to earn dividends
 CIT vs. Vinergy International Pvt. Ltd (Bombay High Court)
By CA Andrew F Thomas
S. 37(1): Foreign exchange loss is not a "notional" or "speculation" loss and is allowable as a deduction.
 Commissioner Of Income Tax Delhi Vs. Mm Aqua Technologies Ltd.
By CA Ojas Aggarwal
This review petition by the assessee seeks recall of the judgment and order of this court, dated 18.05.2015, allowing the revenue's appeal under Section 263-A of the Income Tax Act ("the Act").
 Commissioner Of Income Tax-14 Vs. Jyoti Khera
By CA Atul Gupta
These are five appeals by the Revenue under Section 260A of the Income Tax Act, 1961 (Act`).
 Steria (India) Ltd. Vs. Commissioner Of Income Tax-Vi & Anr.
By CA Atul Gupta
The challenge in this petition is to the order dated 2 nd May, 2014 passed by the Authority for Advance Rulings (Income Tax)
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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
 Auction of Government of India Dated Securities August 22, 2016
By CA Nilesh Sahu
The auction for securities will be price based using multiple price method. The Reserve Bank of India at Mumbai will conduct the auctions.
 Clarifications on the Income Declaration Scheme, 2016 - Circular
By CA S K Verma
The Income Declaration Scheme, 2016 (hereinafter referred to as ‘the Scheme’) came into effect on 1st June, 2016. To address doubts and concerns raised
  New paradigm in Banking : Banking is Necessary, Not Banks - Really? (Shri R. Gandhi, Deputy Governor – Aug 17, 2016 – at the FIBAC 2016 "New Horizons in Indian Banking”, Mumbai)
By CA Rashmi Sharma
Banking is necessary, but banks are not”, I am quoting here Bill Gates, what he said as Chairman, Microsoft, way back in 1994.
 Interesting, Profitable, and Challenging: Banking in India Today
By CA Devender Singh
The current times are interesting, profitable, and challenging for the financial sector.
  RBI seeks Comments on Draft Circular on Customer Protection – Limiting Liability of Customers in Unauthorised Electronic Banking Transactions
By CA S K Verma
The Reserve Bank of India has today placed on its website the Draft Circular on “Customer Protection – Limiting Liability of Customers in Unauthorised Electronic Banking Transactions”, for feedback.
 New paradigm in Banking : Banking is Necessary, Not Banks - Really? (Shri R. Gandhi, Deputy Governor – Aug 17, 2016 – at the FIBAC 2016 "New Horizons in Indian Banking”, Mumbai)
By CA Devender Singh
Banking is necessary, but banks are not”, I am quoting here Bill Gates, what he said as Chairman, Microsoft, way back in 1994. Today, after twenty two years, has his prediction or forewarning come true? I intend to explore this in today’s discussion with you.
 RBI publishes Working Group Report on Corporate Bond Market in India
By CA S K Verma
The Reserve Bank of India today placed on its website the report of the Working Group on Development of Corporate Bond Market in India.
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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
 State governments tighten their grip on sales tax holidays
By CA Ojas Aggarwal
Millions of shoppers will have a chance to stick it to the government over the next few weeks, as 17 states and Puerto Rico prepare for their respective sales tax holidays.
 Income tax dept charts plan to broaden national taxpayer base
By CA Ojas Aggarwal
India has drawn up a plan to widen its taxpayer base as the government aims to spend more to keep the economy buoyant.
 Sale of shares on which STT is payable is exempt from tax
By CA S K Verma
We understand that during FY16 you had only earned the LTCG of Rs.3.4 lakh from the sale of equity shares listed on a recognised stock exchange in India.
  Sale of Government of India Treasury Bills by Auction
By CA Manu T George
In supersession of Government notifications No. F.4(14)-W&M/86 dated 18th November, 1986; No. F.2(17)
 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.
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Forex   RSS Feeds
 Perils of an ad hoc forex policy
By CA Nilesh Sahu
In a speech that he gave last month at the International Monetary Fund, the Reserve Bank of India (RBI) Governor,
 Rupee depreciated by 17 paise to Rs 45.62 a dollar in early trade
By CA Andrew F Thomas
The rupee depreciated by 17 paise to Rs 45.62 a dollar in early trade today following weak domestic equity markets
 Rupee strengthened by 7 paise against dollar
By CA Devender Singh
The rupee strengthened by 7 paise to Rs 45.35 a dollar in early trade today on weakness in the US currency against major world currencies
 Rupee up by 4 paise against dollar in early trade
By CA Nilesh Sahu
The rupee strengthened by 4 paise to Rs 45.48 against the US dollar in early trade at the Interbank Foreign Exchange today
 Rupee falls by 18 paise at 4-week low against dollar
By CA Manu T George
The rupee today fell by 18 paise to trade at a four-week low of Rs 45.54 against the US currency in early trade, weighed down by dollar's gains against the major world currencies
 Rupee drops on weak shares; inflation eyed
By CA Nilesh Sahu
The Indian rupee fell on Friday tracking losses in local shares, which raised worries of foreign investors continuing to pull out funds from Asia's third-largest economy
 Rupee raises 6 paise against dollar in early trade
By CA Rashmi Sharma
The Rupee appreciated by 6 paise to Rs 45.07 a dollar at the Interbank Foreign Exchange market today, boosted by the greenback's weakness against euro and other major currencies
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ITAT-Constitution of Benches   RSS Feeds
 Income Tax Appellate Tribunal, Kolkata Benches, Kolkata : Sub : Cause Life for the Cases Fixed on Friday the 19-08-2016
By CA Rashmi Sharma
Income Tax Appellate Tribunal, Kolkata Benches, Kolkata : Sub : Cause Life for the Cases Fixed on Friday the 19-08-2016
 Income Tax Appellate Tribunal, Bangalore Benches, bangalore "A" Bench DB Cases Causelist for The Week From 22-08-2016 To 25-08-2016
By CA Andrew F Thomas
Income Tax Appellate Tribunal, Bangalore Benches, bangalore "A" Bench DB Cases Causelist for The Week From 22-08-2016 To 25-08-2016
 Incvome Tax Appellate Tribunal : Chennai Benches : Chennai Constitution of Chennai Benches for one Week From 22/08/2016 To 24/08/2016(25/08/2016 declared as closed Holiday)
By CA Mayank Jain
Incvome Tax Appellate Tribunal : Chennai Benches : Chennai Constitution of Chennai Benches for one Week From 22/08/2016 To 24/08/2016(25/08/2016 declared as closed Holiday)
 Incvome Tax Appellate Tribunal : Kolkata Benches : Kolkata Constitution of Kolkata Benches for one Week From 22/08/2016 To 25/08/2016
By CA Manu T George
Incvome Tax Appellate Tribunal : Kolkata Benches : Kolkata Constitution of Kolkata Benches for one Week From 22/08/2016 To 25/08/2016
 Income Tax Appellate Tribunal Ahmedabad Benches ,Ahmedabad S/shri R.P. Tolani, Jm & Amarjit Singh, Am Causelist For Bench 'A' Date : 16/08/2016
By CA Ojas Aggarwal
Income Tax Appellate Tribunal Ahmedabad Benches ,Ahmedabad S/shri R.P. Tolani, Jm & Amarjit Singh, Am Causelist For Bench 'A' Date : 16/08/2016
 Income Tax Appellate Tribunal : Kolkata Benches : Kolkata Constitution of Kolkata Benches For Two weeks From 16/08/2016 To 18/08/2016(15.08.2016is gaz Holiday & 19.08.2016 is M.A.& SMC Day)
By CA Atul Gupta
Income Tax Appellate Tribunal : Kolkata Benches : Kolkata Constitution of Kolkata Benches For Two weeks From 16/08/2016 To 18/08/2016(15.08.2016is gaz Holiday & 19.08.2016 is M.A.& SMC Day)
 Income Tax Appellate Tribunal New Delhi Consonsolidated List of Orders ready for Pronouncement on 08/08/2016 To 11/08/2016
By CA S K Verma
Income Tax Appellate Tribunal New Delhi Consonsolidated List of Orders ready for Pronouncement on 08/08/2016 To 11/08/2016
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Placements & Empanelment   RSS Feeds
  100 Opening Financial Analysts at XL Dynamics India Pvt. Ltd.
By CA Ojas Aggarwal
Salary:INR 3,50,000 - 8,00,000 P.A, Functional Area:Financial Services , Banking , Investments , Insurance, PG:M.A - Any Specialization, Any Specialization, M.Com - Commerce, Commerce, MBA/PGDM - Finance,
 New Openings in Statutory Audit with Big4 Audit firm
By CA Atul Gupta
Salary:INR 6,00,000 - 16,00,000 P.A, Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:Any Postgraduate
 31 opening Axis Securities Hiring On Role Home Loan, LAP, Business Loan Position
By CA Ojas Aggarwal
INR Position for Home Loan, LAP, Business Loan (We never charged Anything from Jobseeker), Functional Area:Sales , Retail , Business Development, PG:Post Graduation Not Required
  New Opening Ernst & Young Hiring Qualified CA (senior /asst. Manager / Manager).
By CA Andrew F Thomas
Salary:INR 6,00,000 - 16,00,000 P.A. Variables, Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:MBA/PGDM - Any Specialization
 New Opening Full Time Academic Writer (finance and Accounting)
By CA Nilesh Sahu
Salary:INR 6,00,000 - 8,00,000 P.A,Industry:Education / Teaching / Training PG:CA, MBA/PGDM - Any Specialization, Finance
 100 Opening Financial Analysts at XL Dynamics India Pvt. Ltd.
By CA S K Verma
Salary:INR 3,50,000 - 8,00,000 P.A, Functional Area:Financial Services , Banking , Investments , Insurance, PG:M.A - Any Specialization,
 100 Opening Multiple Openings for Top MNC Companies in Bangalore Call-bharath
By CA Devender Singh
Salary:INR 90,000 - 3,00,000 P.A, Functional Area:ITES , BPO , KPO , LPO , Customer Service , Operations, PG:MBA/PGDM - Any Specialization
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Direct Tax   RSS Feeds
 New rules make it easier to admit evasion
By CA S K Verma
In a notification dated 17 August, the Central Board of Direct Taxes (CBDT) has amended the fair market value (FMV) determination rules for immovable property, as applicable to the Income Declaration Scheme (IDS) 2016.
 What is the actual post-tax return on different investments? Find out
By CA Ojas Aggarwal
The actual annualised returns of financial instruments vary from the quoted rates due to different methods of calculations involved and taxation rules.
 58 firms contributed one-fourth of total direct taxes in FY12
By CA Devender Singh
The income tax department has released a detailed disclosure of receipts from the various classes of taxpayers at different income levels
 Small companies have a much higher tax liability, says CBDT head
By CA S K Verma
The government is working towards increasing the taxpayer base, as well as curbing the use of black money. For this, the tax department is already reaching out to people, and the younger generation is already adapting to the change, CBDT chairperson Rani Nair told HT. Excerpts from an edited interview.
 Maharashtra leads in direct tax collection
By CA Rashmi Sharma
Maharashtra tops the list of states in direct tax collection, shows data from the ministry of finance.
 India votes in favour of sweeping tax reforms
By CA Devender Singh
India’s parliament has passed a historic tax reform that will transform its $2tn (£1.5tn) economy, bringing the country’s 1.25 billion consumers into a single market for the first time.
 Your tax affair is not over with the last date
By CA S K Verma
The due date to file your income tax return (ITR) for financial year (FY) 2015-16 has been extended to 5 August 2016, from 31 July. However, even if you were smart enough to file your return before the due date, here are a few things you may still need to do.
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Service Tax   RSS Feeds
 Will urge Centre to lower tax band for essentials:
By CA S K Verma
The State government will demand the Centre to fix the tax on maximum retail price of commodities at 10 per cent
 Service tax liability in case of hiring of goods without the transfer of the right to use goods
By CA Devender Singh
In terms of sub-clause (d) of clause (29 A) of Article 366 of the Constitution of India, the transfer of the right to use any goods for any purpose
 GST biggest tax reform since Independence: official
By CA Nilesh Sahu
The Goods and Services Tax is one of the biggest tax reforms since Independence, said K. Balamurugan, Additional Commissioner, Ministry of Finance, Department of Revenue, government of India.
 GST Constitutional Amendment Bill passed in RajyaSabha with Key amendments
By CA Rashmi Sharma
The long-delayed Constitution (122nd Amendment) Bill, 2014 on GST (“122nd CAB” or “GST Bill”) has finally got the nod of the Rajya Sabha on August 3,2016,
 Goods and Service Tax to impact annual budget too?
By CA Andrew F Thomas
The Goods and Service Tax once implemented is going to trim down the Union budget.
 GST and its impact on Borrowing
By CA Nilesh Sahu
As per the new tax structure, tax will be levied on the various fees that the end consumer pays to the financial institutions. So various charges like the processing fee, legal fee etc on a loan will now be taxed as per the new tax rate.
 GST Bill: India Inc awaits clarity on tax structure, rollout date
By CA Nilesh Sahu
GST is in line with the PM’s focus on ease of doing business by creating one single Indian market, was one of the most awaited steps by Indian business
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Transfer Pricing   RSS Feeds
 How to reduce transfer-pricing disputes
By CA Manu T George
The Indian tax administration has been proactive in the past few years in its attempts at reducing tax litigation.
 With a New Name, MTC Transfer Pricing Program Moves Forward
By CA Rashmi Sharma
Today, the Multistate Tax Commission’s Transfer Pricing Committee voted to adopt an Information Exchange Agreement, which permits states to share taxpayer information with other states participating in the transfer pricing program.
 New accounting standards may trigger transfer pricing adjustments for multinationals: Experts
By CA Ojas Aggarwal
Even as Indian companies prepare for the new accounting standards -- Ind-AS -- multinationals are concerned that the new standards could trigger transfer pricing demands from Indian tax authorities.
 New transfer pricing rules have implications for intellectual property valuation
By CA Andrew F Thomas
The Organization for Economic Co-operation and Development (OECD) and the G20 recently adopted a formal plan related to transfer pricing that has implications for valuations of intangible and intellectual property (IP).
 Cairn Energy retro tax case: Sad reality of doing business in India
By CA Nilesh Sahu
Enough has been written about the $5.6 billion tax-demand on Cairn Energy Plc to know how unfair it was. Not only because it was based on the retrospective tax brought in by the UPA,
  Companies face country-wise rules for transfer pricing
By CA S K Verma
Professionals obtaining any sum of money under a non-compete agreement will now be subject to tax with the government having plugged a loophole in the Budget.
 Transfer Pricing Documentation Requirements Introduced
By CA Mayank Jain
Belgium has introduced transfer pricing documentation requirements through a Program Law of 1 July 2016 which was published on Monday in the Belgian State Gazette.
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Customs and Excise   RSS Feeds
 Rate of exchange of conversion of the foreign currency with effect from 7th July, 2016
By CA S K Verma
In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Central Board of Excise and Customs No.87/2016-CUSTOMS (N.T.), dated 16th June, 2016,
 Common registration and return for First Stage Dealer and Importer
By CA Atul Gupta
Attention is invited to Notifications No. 30/2016-C.E.NT dated 28th June, 2016 by which it has been provided that an assessee who is registered as a First Stage Dealer shall be exempted from taking registration as an importer and vice-versa.
 Amendment to Notification No. 61/94-Customs
By CA Atul Gupta
In exercise of the powers conferred by clause (a) of sub-section (1) of section 7 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs,
 Mumbai airport Customs better than global counterparts
By CA Andrew F Thomas
A Finance Ministry-sponsored survey has revealed that 69 per cent respondents at the Mumbai airport Customs rated their experience as "better or somewhat better" than other international airports .
 Customs Cadet Corps set to spread wings
By CA Nilesh Sahu
Thousands of schoolchildren across the country will soon have a role to play in safeguarding the country’s economic frontiers, thanks to a novel initiative by the Cochin Customs House (CCH).
 Manner of payment of interest on warehoused goods
By CA Manu T George
Section 61 of the Customs Act, 1962 had been amended vide the Finance Act, 1994 whereby the interest payable with respect to warehoused goods was to be calculated with reference to the duty payable at the time of clearance of the goods from the warehouse.
 Security under section 59 (3) of the Customs Act
By CA Andrew F Thomas
Section 59 of the Customs Act, 1962 (as amended by Finance Act 2016) requires an importer of goods filing a bill of entry for warehousing to submit a Bond in a sum equal to thrice the amount of duty assessed on the goods to be warehoused.
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Mergers and Acquisitions   RSS Feeds
 Making cybersecurity a priority in mergers and acquisitions
By CA Andrew F Thomas
The change inevitable in a post-deal situation makes the new company a ripe target for cyber criminals, who often capitalize on the security vulnerabilities that can arise during system implementations, lack of clarity or governance,
 In liberalised era, Kerala polity gets ready for mergers and acquisitions game
By CA Nilesh Sahu
Kerala politics, as it is poised now, could well take a leaf out of the corporate text books, especially the chapter on Mergers & Acquisitions.
 Strong Mergers and Acquisitions Activity Continues in Second Quarter
By CA Andrew F Thomas
The growth includes activity in the accounts receivables management and healthcare revenue cycle management sectors.
 Six mining companies to watch as mergers and acquisitions heat up
By CA Atul Gupta
In the most recent mining merger and acquisition (M&A) activity, Goldcorp Inc. acquired Kaminak Gold Corp. to get its hands on the coffee project in Canada's Yukon Territory,
 Time to reconsider mergers and acquisitions pricing norms?
By CA Mayank Jain
It is almost universally accepted that valuation is an art and not a science and the value determined by one expert can vary significantly from that of the other expert especially for large and complex M&A
 Singapore snaps up 17 merger and acquisition deals in India
By CA Devender Singh
The big deals includes Government Investment Corporation’s (GIC) acquisition of stakes in Viviana Mall and Greenko Energy and Bandhan Bank.
 Significant rise in mergers and acquisitions in startup space with 48 deals in past three months
By CA S K Verma
Mergers and acquisitions have picked up significantly in the startup space with 48 deals in the past three months, according to Xeler8, a platform that tracks startup activity in the country.
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Indirect Tax   RSS Feeds
 CBDT sees scope for higher TDS play
By CA Devender Singh
The government sees scope for more tax revenues to be garnered via Tax Deduction at Source (TDS) route, a senior income tax department official said.
 Income tax collection from Mumbai rises 9%
By CA Mayank Jain
Income tax collection from the Mumbai zone, which forms one-third of the total direct tax collections, grew by around 9 per cent to ?67,185 crore in April-July, driven by a massive spike in advance collections from individuals.
 Indirect tax collection up 30 per cent in June quarter against last financial year
By CA Devender Singh
The tax department is hopeful of meeting the revenue collection target for FY 2016-17, a top official said on August 16. Indirect tax collection rose by about 30.8 per cent during April-June to Rs 1,99,970 crore, from Rs 1,52,740 crore collected in the year-ago period.
 All you need to know about the GST Constitutional Amendment Bill
By CA Rashmi Sharma
With the long-awaited passage of the GST Constitution Amendment Bill in Rajya Sabha, here is a ready reckoner on the issues surrounding the proposed tax reform and it will mean for the Indian economy.
 GST is indeed a significant step towards indirect tax reforms: Abhishek Bansal, Pacific India
By CA Andrew F Thomas
This is indeed a significant step towards indirect tax reforms.
 Goods and Services Tax (GST) Bill, explained
By CA Nilesh Sahu
The Constitution (122nd) Amendment Bill comes up in RS, on the back of a broad political consensus and boosted by the ‘good wishes’ of the Congress, which holds the crucial cards on its passage.
 Reading Down Model Igst Act (Part-8) (Payment Of Tax)
By CA S K Verma
Chapter V of the Model IGST Act comprises of section 7 which contains provisions for payment of tax, interest, penalty and other amounts.
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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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