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News Headlines   RSS Feeds
 Claim of refund of tax paid on surrendered income during survey to buy peace
By CA Mayank Jain
Surrender of income making statement u/s 133A during survey is not a conclusive proof that there was undisclosed income.
 How long should you keep tax-related documents?
By CA Atul Gupta
The duration for holding on to income tax-related documents depends on the type of income and financial transactions. In some cases, you may have to preserve the documents for up to 16 years
  Income Tax Returns will play an important role in nation building
By CA Andrew F Thomas
The Union Finance Minister, Arun Jaitley said that revival of the practice of acknowledging the tax payers for paying taxes within the prescribed time and promptly filing their Income Tax Returns,
 Income Tax department to intensify crackdown on tax defaulters post Sept 30
By CA Atul Gupta
The IT department will intensify raids to swoop down on the businessmen "hell-bent to hide their wealth".
 Companies (Management and Administration) Amendment Rules, 2016
By CA S K Verma
The Fowcrs conferred by sub-scrtions (l) and (2) of S4ction 469 of thc Compani$ A.t, 2013 (18 of 2013), the Cenhal Govenrmcnt hcrebt makes the folk)tfing rules further
 5 Tax Benefits Every Entrepreneur in India Must Know About
By CA Rashmi Sharma
The move to boost startups in the country has resulted in a slew of tax exemptions and benefits for budding entrepreneurs.
  Support Desk for Implementation of Ind AS
By CA Atul Gupta
With the beginning of financial year 2016-17, the era of implementation of Ind AS has begun in India.
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Continuing Prof. Edu.   RSS Feeds
 Discussion on Service Tax Issue and GST Overview INDIRECT TAXES
By CA Rashmi Sharma
Place: Siri Fort CPE Study Circle for Members in Industry of ICAI Date: 29-09-2016 – To: 29-09-2016 CPE.Hrs.: 6
 A Informative Session On Goods And Service Tax And Annual Compliance Of Private Companies Indirect Taxes
By CA Andrew F Thomas
Place: HISAR BRANCH OF NIRC Date: 01-10-2016 – To: 01-10-2016 CPE.Hrs.: 6
 GST & COMPLIANCES UNDER COMPANIES ACT INDIRECT TAXES
By CA Nilesh Sahu
Place: Joshi Road CPE Study Circle of NIRC Date: 03-10-2016 – To: 03-10-2016 CPE.Hrs.: 5
 Seminar On GST Impact & Preparedness & Overview of Foreign Trade Policy 2015-20 & Professional Opportunities (INDIRECT TAXES)
By CA Devender Singh
Place: LUDHIANA BRANCH OF NIRC Date: 01-10-2016 – To: 01-10-2016 CPE.Hrs.: 5
 Overview of GST and Supply of Goods and Services and Input Tax Credits INDIRECT TAXES
By CA Andrew F Thomas
Place: Rohini CPE Study Circle of NIRC Date: 30-09-2016 – To: 30-09-2016 CPE.Hrs.: 4
 Overview review of GST 2) Taxation Issues in Capital Market Transaction (INDIRECT TAXES)
By CA Nilesh Sahu
Place: South Delhi CA Study Circle of NIRC Date: 27-09-2016 – To: 27-09-2016 CPE.Hrs.: 4
 VAT / CST / Service Tax & TDS return generation from Tally & GST the way forward in Tally INDIRECT TAXES
By CA S K Verma
Place: BORIVALI (CENTRAL) CPE STUDY CIRCLE OF WIRC Date: 24-09-2016 – To: 24-09-2016 CPE.Hrs.: 4
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VAT (Value Added Tax)   RSS Feeds
 VAT sops to IOCL Paradip refinery hits Odisha revenue growth
By CA Manu T George
The deferment of VAT on products of newly commissioned Paradip refinery of Indian Oil Corporation (IOCL) has cost the revenue collection in Odisha in terms of tepid growth in commercial taxes earnings.
 Government to announce new VAT rates in October
By CA Rashmi Sharma
Saint Lucians could look forward to a reduction in the Value Added Tax (VAT) before the end of the year, according to Prime Minister Allen Chastanet who recently stated that his government is looking at an October deadline.
 World Wide Gst, Vat, Sales Tax Rate
By CA Andrew F Thomas
In India, we are entering into GST regime from the existing indirect tax regime which is a major change in the taxation area.
 Article on Transition Process of Registrations under VAT / Service Tax Laws to GST Law
By CA Nilesh Sahu
As we are all aware that constitutional amendment for implementing GST Law has got nod in Rajya Sabha. Now we are looking forward to welcome GST Law to have brighter India with one law subsuming number of indirect tax laws like Entry Tax, Octroi, etc.
 Filing of online return for first quarter of 2016-17 - extension of period thereof.
By CA Manu T George
In partial modification to this department's Circular No. 13 of 2016-17 on the subject cited above and in exercise of the powers conferred under Rule 49A of the Delhi Value Added Tax Rules, 2005
 Tax associations demand faster refund of VAT
By CA Mayank Jain
Tax bar associations of the state have demanded that the excise and taxation department should process VAT refunds at a faster pace.
 Excise, VAT exempted goods by states should be GST exempt: India Inc
By CA Manu T George
India Inc on Tuesday proposed that goods fully exempted from excise duty and VAT by states should be categorised as exempted goods in the GST regime,
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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
 HC allows ICAI Chandigarh branch to function under new chairman, seeks reply from national body on interference
By CA Mayank Jain
The Punjab and Haryana high court has stayed the disciplinary proceedings against the members of the managing committee of the Chandigarh branch of the Northern India regional council of the Institute of Chartered Accountants of India (ICAI) Chandigarh.
 The Income Declaration Scheme, 2016 – extension of last date to declare and some amendments are desirable
By CA Devender Singh
The IDS has been enacted vide Chapter IX of the Finance Act, 2016 containing sections 181-199.
 The new face of tax notoriety
By CA Andrew F Thomas
Both historical and contemporary perceptions of tax have characterised it as a necessary extraction, a penalty. A likely fallout of this statutory burden is that there is an innate urge to either mitigate the liability or even eliminate it.
 Service tax inspector gets 7 yrs for graft
By CA Rashmi Sharma
A special CBI court on Saturday sentenced an inspector of the service tax department to 7 years of rigorous imprisonment in connection with a bribery case.
 Tax queries answered by Dilip Lakhani, Senior Chartered Accountant
By CA S K Verma
I am a housewife and never filed income tax (I-T) return in the past as I did not have any income. Two months back, I received some money from my mother-in-law and invested the amount in equity mutual funds. I am not planning to sell the units before 3 years.
 FinMin to look into tax issues of FPIs: Das
By CA Atul Gupta
The finance ministry on Tuesday promised to look into some taxation issues raised by foreign portfolio investors (FPIs)
 Chinese real estate major Dalian Wanda requests tax benefits for investments in India
By CA Atul Gupta
After committing investments upwards of $10 billion in India, Chinese real estate major Dalian Wanda has requested a list of corporate tax breaks for the company.
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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 countrys 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 (Auditors Report) Order, 2016 (Order for short) in supersession of the Companies (Auditors Report) Order, 2015.
 Decision to amend Income Tax law retrospectively regrettable
By CA Andrew F Thomas
The then Finance Minister Pranab Mukherjees 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 didnt relax any existing safeguards (for investors)
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Students   RSS Feeds
  Examination dates of Certificate course on Forex and Treasury Management conducted by Committee on Financial Markets and Investors Protection on 19th and 20th November ,2016
By CA S K Verma
All Candidates are mandatorily required to fill the examination form for confirming their presence on the scheduled examination dates by visiting:
  Upcoming batches of Certificate course on Forex and Treasury Management in Noida, Mumbai, Bangalore, Hyderabad on 5th Nov,2016 and in Kolkata on 26th Nov, 2016.
By CA Ojas Aggarwal
The Committee on Financial Markets and Investors' Protection of ICAI announced batches of Certificate Course on Forex
  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 Institutes 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.
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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
 Guidance Note on Combined and Carve-Out Financial Statements
By CA Manu T George
Generally, consolidated financial statements of an entity are required to be presented under the relevant legal or regulatory requirements.
 Amendment to AS 2, 4, 6, 10, 13, 14, 21 and 29 issued by the Institute of Chartered Accountants of India, pursuant to issuance of amendments to Accounting Standards by the MCA (September 2016)
By CA Rashmi Sharma
The Council of the Institute of Chartered Accountants of India (ICAI) at its 359th meeting held on August 16-17, 2016 noted that the Ministry of Corporate Affairs (MCA)
 Indian Accounting Standards (Ind AS): An Overview (Revised 2016)
By CA Mayank Jain
This publication contains an overview of various aspects related to IFRS-converged Indian Accounting Standards (Ind AS) such as Roadmap for the applicability of Ind AS, carve-outs from IFRS/IAS,
 CPE Events 26 September - 1st October 2016
By CA Mayank Jain
CPE Events 26 September - 1st October 2016
 ICAI Invites Suggestions for Pre-Budget Memorandum-2017
By CA Nilesh Sahu
The Direct Taxes Committee, Indirect Taxes Committee and Committee on International Taxation of ICAI are in the process of identifying issues for inclusion in the Pre-Budget Memoranda - 2017
 Support-desk for Implementation of Ind AS
By CA Mayank Jain
With the beginning of financial year 2016-17, the era of implementation of Ind AS has begun in India.
 ICAI International Conference Jnana Yajna - "The Quest for Excellence" 22-23 October, 2016 at HICC Hyderabad.
By CA Manu T George
Indian Chartered Accountancy Profession in its sustained drive for Excellence brainstorms on emerging regulatory and market trends impacting evolving business paradigm, so as to assess the forces and drivers of change vis-a-vis stakeholders’ expectations.
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From the Courts   RSS Feeds
  Lands End Co-operative Housing Society Ltd vs. ITO (ITAT Mumbai)
By CA Nilesh Sahu
S. 80P(2)(d): Interest and dividend earned by a co-op society on investments with other co-operative societies is eligible for deduction.
 Lands End Co-operative Housing Society Ltd vs. ITO (ITAT Mumbai)
By CA Devender Singh
S. 80P(2)(d): Interest and dividend earned by a co-op society on investments with other co-operative societies is eligible for deduction.
  Humayun Suleman Merchant vs. CCIT (Bombay High Court)
By CA S K Verma
S. 54F(4): Failure to deposit the amount of consideration not utilized towards the purchase of new flat in the specified bank account before the due date of filing return of Income u/s 139(1) is fatal to the claim for exemption.
 Commissioner Of Income Tax-Ix Vs. Aman Khera
By CA Nilesh Sahu
These are five appeals by the Revenue under Section 260A of the Income Tax Act, 1961 (Act`).
 Pr. Commissioner Of Income Tax-06 Vs. Nitrex Chemicals India Ltd.
By CA Devender Singh
Whether the payment towards trade mark and use of expertise in the field of commerce, finance etc amount ed to capital or revenue expenditure?
  G. S. Homes & Hotels P. Ltd vs. CIT (Supreme Court)
By CA Manu T George
Refundable deposits received by a housing company for allotment of flats and future maintenance is business income. However, share capital received for allotment of flats is a capital receipt and not income.
  Humayun Suleman Merchant vs. CCIT (Bombay High Court)
By CA Atul Gupta
S. 54F(4): Failure to deposit the amount of consideration not utilized towards the purchase of new flat in the specified bank account before the due date of filing return of Income u/s 139(1) is fatal to the claim for exemption. The fact that the entire amount has been paid to the developer/builder before the last date to file the ROI is irrelevant. Contrary view in K. Ramchandra Rao 277 CTR 0522 (Kar) is sub-silentio and is not good law
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Auditing   RSS Feeds
 Time Limit For Completion Of Assessment From The Date Of Special Auditors Report Under Income Tax Act, 1961
By CA Rashmi Sharma
Section 142(2A) of the Income Tax Act, 1961 (Act for short) provides for the conduct of special audit that may directed by the Assessing Officer.
 Provisioning pertaining to Fraud Accounts
By CA Rashmi Sharma
Please refer to circular DBR.No.BP.BC.83/21.04.048/2014-15 dated April 1, 2015 on the captioned subject. On a review, it has been decided to amend the provisioning norms in respect of all cases of fraud, as under:
 Tax Audit Report (TAR) Certain exceptions and increased limits according to number of partners and considering nature of activity are desirable
By CA Devender Singh
Provisions relating to maintenance of accounts and obtaining of TAR are old provisions and we find that very low limits fixed long ago have remain in force for long time.
 Cost Auditing Standards [ Cost Audit Documentation (102)] Part-II
By CA Ojas Aggarwal
In continuation of our effort to make notified Cost Auditing Standards readable, next in line is theCost Auditing Standard on Cost Audit Documentation (102).
 Conference on Companies Act gets under way
By CA Manu T George
The two-day seminar on Companies Act, 2013 New Standards for Corporate Governance being organised by Kakatiya University College of Commerce , Business Management and Institute of Chartered Accounts of India (ICAI), got under way here on Monday.
 New bureau to dissolve state-run banks' power to choose auditors
By CA Ojas Aggarwal
The government is likely to empower the proposed Bank Board Bureau to select audit firms for public sector banks as part of its larger initiative to strengthen their corporate governance practices.
 Foreign Exchange Management (Permissible Capital Account Transactions) (Fourth Amendment) Regulations, 2015
By CA Devender Singh
In exercise of the powers conferred by sub-section (2) of Section 6, sub-section (2) of Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999),
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Latest Circulars   RSS Feeds
 Financial Stability in a Weak Global Environment (Shri S. S. Mundra, Deputy Governor - September 22, 2016 - at the 7th SEACEN High Level Seminar for Deputy Governors in–charge of Financial Stability and Supervision, Mumbai)
By CA Atul Gupta
At the outset, I extend a very warm welcome to Dr. Hans Genberg, Executive Director,
 Auction of Government of India Dated Securities September 26, 2016
By CA Mayank Jain
Government of India has offered to sell (re-issue) four dated securities for notified amount of Rs 14,000 crore as per the following details:
 Challenges in Developing the Bond Market in BRICS (Shri R. Gandhi, Deputy Governor – Sep 27, 2016 – at the Seminar on “Challenges in Developing the Bond Market in BRICS” conducted jointly by CII and MoF, Government of India in Mumbai)
By CA Ojas Aggarwal
I notice that the Seminar is on developing bond markets in BRICS. Though bond markets include both the government securities market and the corporate bonds market,
 RBI imposes penalty on Shivam Sahakari Bank Limited, Kolhapur
By CA Mayank Jain
The Reserve Bank of India has imposed a monetary penalty of ₹ 2.00 lakh (Rupees two Lakh only) on Shivam Sahakari Bank Limited, Kolhapur in exercise of the powers vested in it under the provisions of Section 47A(1)
 RBI launches the 11th round of Survey on Foreign Collaboration in Indian Industry
By CA Manu T George
The Reserve Bank of India has been conducting the Survey on Foreign Collaboration in Indian Industry since 1965. The 11th round of survey with 2014-15 and 2015-16 as the reference period has now been launched.
  Sources of Variation in Foreign Exchange Reserves in India during April-June 2016
By CA Ojas Aggarwal
Earlier today, the Reserve Bank of India released balance of payments (BoP) data for April-June 2016 on its website (www.rbi.org.in).
 Financial Inclusion in India – The Journey so far and the Way Ahead (Shri S. S. Mundra, Deputy Governor - September 19, 2016 - at the BRICS Workshop on Financial Inclusion in Mumbai)
By CA Atul Gupta
Shri Santhosh Kumar Gangwarji, Honorable Minister of State for Finance, Government of India; Shri Ashwani Kumar, Chairman, IBA & CMD, Dena Bank;
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Budget Extravaganza   RSS Feeds
 Cabinet’s formal nod to be sought for Budget on Feb. 1
By CA S K Verma
The Finance Ministry has settled on February 1 as the new date for the presentation of the Union Budget, with the decision expected to be placed before the Cabinet for formal approval “soon”, a senior official of the Ministry told The Hindu.
 Finance Ministry may talk to EC before finalising Budget date
By CA Nilesh Sahu
Before fixing a new date for the presentation of Union Budget 2017-18, the government is likely to hold discussions with the Election Commission to avoid any clash with the schedule of five states headed for polls.
 Govt starts biggest ever overhaul of Budget
By CA Devender Singh
The finance ministry set in motion the most comprehensive overhaul of the Budget exercise in independent India, as it issued the Budget circular on Thursday evening. The circular is the starting point of preparations of the Budget.
 How does an early budget impact you
By CA Devender Singh
As the government paves way for advancing the Budget presentation and getting the Finance Bill passed before March 31, here is something that you should watch out for.
 Welcome steps to overhaul the Budget
By CA Andrew F Thomas
The government has decided to carry out three kinds of changes in the Union Budget: to advance its presentation by 27 days, to do away with a separate railway budget and to dispense with Plan-non-Plan dichotomy in expenditure.
 Cabinet call on Budget overhaul next week
By CA Rashmi Sharma
The Union Cabinet, headed by prime minister Narendra Modi, is likely to take a final call next week on advancing the date of Budget presentation and the merger of Union and railways Budgets.
 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.
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Sales Tax   RSS Feeds
 CBEC chief bats for minimal exemptions for India Inc under GST
By CA Nilesh Sahu
The Chairman of the Central Board of Excise and Customs (CBEC) Najib Shah is batting for minimal exemptions for Corporate India under the GST regime.
 Issuance of Free Sale & Commerce Certificate to Merchant Exporters
By CA Manu T George
Authorities to exporters / merchants. As certain doubts have arisen in the Proforma of the certificate, it is clarified that the exporter has to indicate the details of the manufacturer or the exporter
 Why model GST law does not give confidence to exporting community
By CA Ojas Aggarwal
GST will be a game-changing reform for the Indian economy which promises a common Indian market and reduction of cascading effect of tax on the cost of goods and services.
 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)
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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, Delhi Benches, New Delhi Revised Constitution of Benches from 26.09.2016 To 06.10.2016
By CA Ojas Aggarwal
Income Tax Appellate Tribunal, Delhi Benches, New Delhi Revised Constitution of Benches from 26.09.2016 To 06.10.2016
 Income Tax Appellate Tribunal, Ahmedabad Benches, Ahmedabad Constitution For The Period Of 26.09.2016 To 06.10.2016
By CA Atul Gupta
Income Tax Appellate Tribunal, Ahmedabad Benches, Ahmedabad Constitution For The Period Of 26.09.2016 To 06.10.2016
 Income Tax Appellate Tribunal : Jaipur Benches : Jaipur Constitution from 27.09.2016 To 30.09.2016
By CA Rashmi Sharma
Income Tax Appellate Tribunal : Jaipur Benches : Jaipur Constitution from 27.09.2016 To 30.09.2016
 Income Tax Appellate Tribunal : Lucknow Benches : Lucknow ( Constitution from 26.09.2016 To 30.09.2016 & 03/10/2016 To 07/10/2016)
By CA Andrew F Thomas
Income Tax Appellate Tribunal : Lucknow Benches : Lucknow ( Constitution from 26.09.2016 To 30.09.2016 & 03/10/2016 To 07/10/2016)
 Income Tax Appellate Tribunal : kolkata Benches : Kolkata Consolidated list of ready for Pronouncement on 23.09.2016
By CA Nilesh Sahu
Income Tax Appellate Tribunal : kolkata Benches : Kolkata Consolidated list of ready for Pronouncement on 23.09.2016
 Income Tax Appellate Tribunal : kolkata Benches : Kolkata Sub : Cause list for the Cases fixed on friday the 23.09.2016
By CA Devender Singh
Income Tax Appellate Tribunal : kolkata Benches : Kolkata Sub : Cause list for the Cases fixed on friday the 23.09.2016
  Income Tax Appellate Tribunal, Hyderabad Benches, Hyderabad. Constitution For The Week Commencing 19.09 .2016 To 29.09.2016.
By CA Ojas Aggarwal
Income Tax Appellate Tribunal, Hyderabad Benches, Hyderabad. Constitution For The Week Commencing 19.09 .2016 To 29.09.2016.
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Placements & Empanelment   RSS Feeds
 80 Accounts and Finance / Banking and Finance / E Commerce/ BPO Voice
By CA Devender Singh
Functional Area:ITES , BPO , KPO , LPO , Customer Service , Operations, PG:Any Postgraduate - Any Specialization, Any Specialization,
 10 Opening Associate/sr.associate GST
By CA S K Verma
Salary:INR 3,00,000 - 5,00,000 P.A, Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:CA
 80 Opening Accounts and Finance / Banking and Finance / E Commerce/ BPO Voice
By CA Andrew F Thomas
Functional Area:ITES , BPO , KPO , LPO , Customer Service , Operations, PG:Any Postgraduate - Any Specialization,
  100 Opening Walkin for Financial Analysts at XL Dynamics India Pvt. Ltd.
By CA Manu T George
Salary:INR 3,50,000 - 8,00,000 P.A, Functional Area:Financial Services , Banking , Investments , Insurance, PG:M.A - Any Specialization, Any Specialization,
 100 Opening Accounts and Finance / Banking and Finance / E Commerce/ BPO Voice
By CA Rashmi Sharma
Functional Area:ITES , BPO , KPO , LPO , Customer Service , Operations, PG:Any Postgraduate - Any Specialization
 100 Accounts and Finance / Banking and Finance / E Commerce/ BPO Voice
By CA S K Verma
Functional Area:ITES , BPO , KPO , LPO , Customer Service , Operations, PG:Any Postgraduate - Any Specialization
 New Opening Urgent Required Asst Manager/ Manager Statutory Audit
By CA Mayank Jain
Salary:INR 5,00,000 - 10,00,000 P.A, Functional Area:Accounts , Finance , Tax , Company Secretary , Audit
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Direct Tax   RSS Feeds
 Use your tax return for more than paying taxes
By CA Ojas Aggarwal
When it comes to ideas for improving your finances, your latest tax return can be a gold mine.
 CBDT signs 5 advance pricing pacts with Indian taxpayers
By CA Devender Singh
The Central Board of Direct Taxes today singed five unilateral advance pricing agreements (APAs) with Indian taxpayers as it looks to reduce litigation by providing certainty in transfer pricing.
 CBDT Extends working Hours on 30th September, 2016 for IDS Declarations
By CA S K Verma
The Income Declaration Scheme, 2016 came into effect from 1st June, 2016. It provides an opportunity to persons who have not paid full taxes in the past to come forward and declare their undisclosed income and assets.
 Direct tax collection rises 15% in April-August
By CA Mayank Jain
Direct taxes, which include corporate income tax and personal income tax, collection in the first five months till August is 22.30 per cent of Budget estimates for the full fiscal.
 For joy of giving, government staff to go extra mile
By CA Rashmi Sharma
When it comes to scale, there is no match that can achieve it better than government. This is simply because the government employs the largest number of people, and easily has the widest reach across the country.
 CBDT extends working hours for Income Tax declaration scheme on 30th Sept.
By CA S K Verma
The Central Board of Direct Taxes has extended working hours to receive declarations of undisclosed income and assets until midnight of 30th September.
 CBDT seals more than 100 advance pricing agreements
By CA Manu T George
The APA scheme, introduced in the Income Tax Act in 2012, is aimed at providing certainty to taxpayers in the domain of transfer pricing by specifying the methods of pricing and setting the prices of international transactions in advance.
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Service Tax   RSS Feeds
  Tax department unveils draft rules for registration under GST
By CA Ojas Aggarwal
The government has put out the draft rules for the Goods & Services Tax for discussion ahead of the September 30 meeting of the Centre and states to discuss the regulations.
  Tax department unveils draft rules for registration under GST
By CA Ojas Aggarwal
The government has put out the draft rules for the Goods & Services Tax for discussion ahead of the September 30 meeting of the Centre and states to discuss the regulations.
 Monthly returns to be mandatory under GST
By CA Manu T George
Businesses have to file at least three monthly returns and one annual return for each state, if draft rules proposed by the indirect tax department are introduced under the goods and services tax (GST) regime.
 Tax department unveils draft rules for registration under GST
By CA Ojas Aggarwal
In less than a week after the first meeting of the GST Council, the tax department today came out with three draft rules and their formats relating to registration, invoice and payments which would be finalised by week-end.
 Govt releases draft GST rules for payment, invoice and registration
By CA Rashmi Sharma
The rules are expected to be finalized in the second meeting of the GST council to be held in New Delhi on Friday
 GST council sets exemption threshold for tax at Rs.20 lakh
By CA Andrew F Thomas
The Goods & Services Tax (GST) Council has decided that businesses in the Northeastern and hill states with annual turnover below Rs.10 lakh would be out of the GST net,
 Consensus eludes GST threshold
By CA Mayank Jain
A consensus on turnover threshold over which the proposed goods and services tax (GST) would apply eluded the first meeting of the recently constituted GST Council on Thursday.
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Transfer Pricing   RSS Feeds
 The need for transfer pricing documentation
By CA Manu T George
In essence the provisions under section 31 of the Income Tax Act (58 of 1962), as amended,
 Introduction to transfer pricing
By CA Rashmi Sharma
Transfer pricing is one of the most important issues in international taxation. Also it is one of the most important areas for the expected tax reforms in Azerbaijan. Discussions in the press and the business community point to the particular attention that has been paid to this subject
 Introduction of Stringent Transfer Pricing Documentation Requirement
By CA Nilesh Sahu
A recent 2016 tax reform in Japan ("Reform") has introduced stringent Japanese Transfer Pricing Documentation Requirements, which require the preparation/filing of: (i) a Master File
 CBDT signs five unilateral advance pricing agreements
By CA Devender Singh
India’s advance pricing agreements (APAs) programme crossed a milestone with the Central Board of Direct Taxes (CBDT) signing five more unilateral APAs.
 Law firm enters co-op agreement with transfer pricing firm
By CA Devender Singh
Bird & Bird's transfer pricing offering, which is currently managed by dedicated teams within the tax department, has grown continuously and significantly over the last few years.
 China Introduces Sweeping New Transfer Pricing Rules
By CA S K Verma
China’s State Administration of Taxation (SAT) issued the Announcement on the Administration of Related-party Transactions and Contemporaneous Documentation
 5 Tips For Structuring Transfer Pricing Agreements
By CA Ojas Aggarwal
In a changing global tax environment in which greater attention is being paid to whether transfer pricing practices are really tax avoidance schemes,
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Customs and Excise   RSS Feeds
 Refund of Terminal Excise Duty (TED) under Deemed Exports where Duty has been paid from CENVAT Credit and ab-initio waiver is not available.
By CA Nilesh Sahu
The Para 7.03 (c) of FTP 2015-20 provides for refund of Terminal Excise Duty if exemption is not available.
 CBEC directs customs officials for random search of vessels
By CA S K Verma
Amid allegations of lackadaisical approach of officers in checking vessels and aircraft, Central Board of Excise and Customs (CBEC) has asked customs officers to rummage carriers to prevent smuggling or any security risk.
 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 countrys economic frontiers, thanks to a novel initiative by the Cochin Customs House (CCH).
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Mergers and Acquisitions   RSS Feeds
 A closer look at the 30 mergers and acquisitions of 2016
By CA Andrew F Thomas
This year is shaping up to be a big one for acquisitions, if not for the money (many are for undisclosed amounts) but for sheer volume.
 New Mergers and Acquisitions Rule Creates Tremors in the Business Sector
By CA Nilesh Sahu
The new guidelines released by the Chinese government for mergers and acquisitions (M&A) will penalize business managers by imprisonment for life in cases of grave violations.
 A Short History of Mergers and Acquisitions in the WCM Space
By CA S K Verma
Mergers and acquisitions (M&A) in the web content management (WCM) space have been so common that more than one-third of all leading vendors now own their WCM
 Should Social Media Have a Role in Mergers and Acquisitions?
By CA Ojas Aggarwal
Social media is quickly becoming the way that companies present and market themselves to the world.
 Agency mergers and acquisitions and why they fail
By CA Mayank Jain
The mergers and acquisitions game in agency-land is strewn with failures, so many local agency brands in the past have disappeared along with their billings
 Research identifies what makes a company an attractive acquisition target
By CA Mayank Jain
Underperforming public companies have become increasingly attractive acquisition targets in recent years, according to research out today.
 How to Find Local Mergers and Acquisitions Stories
By CA Atul Gupta
When I was hired to work for “The Deal” a decade ago, I thought that mergers and acquisitions was limited to the mega deals that made the international headlines.
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Indirect Tax   RSS Feeds
 Gears Up To GST Deadline Challenge
By CA Rashmi Sharma
April 1, 2017 deadline is ‘challenging’, but going by the outcomes of the first meeting of the Council, it is clearly doable: FM Arun Jaitley
 GST would subsume over 60 indirect taxes
By CA Andrew F Thomas
Goods and Service Tax (GST) is all set to subsume as many as 60 existing indirect taxes, cess, surcharges and duties levied by the Union and state governments.
 Indian tax drive offers no absolution, to yield little cash for govt
By CA Atul Gupta
The government has sent out about 700,000 notices to suspected tax evaders to coax them to declare hidden income and assets, promising they won't be pursued by the authorities if they pay a penalty now to clear their name.
 Will GST be a burden for infrastructure?
By CA Ojas Aggarwal
Robust infrastructure is vital for economic development of any country. Infrastructure encompasses various sectors, of which energy and transport play a predominant role.
 Tax department issues draft rules on registration, invoice and payments
By CA Atul Gupta
To prepare the groundwork for a smooth rollout of the Goods and Services Tax (GST), the tax department on Monday released three sets of draft rules and their formats relating to registration, invoice and payments under the new indirect tax regime.
  Order under section 119 of the Income-tax Act, 1961
By CA Andrew F Thomas
Circular No.17 of 2016 dated 20.05.2016 relating to the Income Declaration Scheme, 2016
 India to focus reforms on tax, banks, infrastructure: Jaitley
By CA Nilesh Sahu
India will press ahead with tax reforms, repairing the banking system and getting stalled infrastructure projects moving to drive growth, Finance Minister Arun Jaitley said on Wednesday, but it is not yet ready to sell off public sector banks.
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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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