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News Headlines   RSS Feeds
  How to rectify income tax returns
By CA S K Verma
After an income tax return is filed, it is processed by the CPC, Income Tax Department.
 Govt extends tax exemption for industry in North East, hilly states
By CA Andrew F Thomas
As many as 4,284 industrial units in the North East and Himalayan States will get GST relief in the form of refund of Central share of CGST and iGST.
 Should you file revised Income Tax returns; find out here
By CA Atul Gupta
Often, many taxpayers file their tax returns just before the July 31 deadline expires. This year, owing to the heavy rush, the deadline was extended till August 5.
 Tax Deducted at Source (TDS) in Goods & Services Tax (GST)
By CA Andrew F Thomas
Is online shopping affected in any way, for the same product bought by different customers in different States?
 10 companies that blamed GST for soft June quarter
By CA Atul Gupta
The terrific rally on Dalal Street came to a halt in August, with Sensex falling around 1,300 points this month so far.
 How will GST impact the Indian economy
By CA Mayank Jain
Here is a look at the impact the goods and services taxes will have on businesses under an employer-employee scenario as well as on investment by NRIs or expatriates
 10 days left to file your first GST return. This is how you do it
By CA Rashmi Sharma
Filing of monthly returns, GSTR 1 and GSTR 2, has been deferred till September, but in the month of August you will have to file a simpler return in the form of GSTR-3B.
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Continuing Prof. Edu.   RSS Feeds
  Technical Aspects And Return Filling In GST (Indirect Taxes)
By CA Andrew F Thomas
Place: Pathankot CPE Study Chapter of NIRC of ICAI Date: 17-08-2017 – To: 17-08-2017 CPE.Hrs.: 6
 Recent issues on Goods and Service Tax (INDIRECT TAXES)
By CA Nilesh Sahu
Place: Jind CPE Chapter of NIRC of ICAI Date: 19-08-2017 – To: 19-08-2017 CPE.Hrs.: 6
 Critical Issues In Tax Audit Report And Overview Of Benami ACT (Direct Taxes)
By CA Ojas Aggarwal
Place: Ambala Branch Of NIRC Date: 18-08-2017 – To: 18-08-2017 CPE.Hrs.: 3
 Technical Aspects And Return Filling In GST (Indirect Taxes)
By CA Atul Gupta
Place: Pathankot CPE Study Chapter of NIRC of ICAI Date: 17-08-2017 – To: 17-08-2017 CPE.Hrs.: 6
  Recent Issues On Goods And Service Tax Indirect Taxes
By CA Mayank Jain
Place: Jind CPE Chapter of NIRC of ICAI Date: 19-08-2017 – To: 19-08-2017 CPE.Hrs.: 6
 Accounting And Auditing Issues Relating To Charitable Trusts (Accounting And Auditing)
By CA Manu T George
Place: FARIDABAD BRANCH OF NIRC Date: 23-08-2017 – To: 23-08-2017 CPE.Hrs.: 3
 Recent Issues On Goods And Service Tax Indirect Taxes
By CA Rashmi Sharma
Place: Jind CPE Chapter of NIRC of ICAI Date: 19-08-2017 – To: 19-08-2017 CPE.Hrs.: 6
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GST - Goods and Services Tax   RSS Feeds
 As filing GST interim tax returns deadline fast approaches, another stumbling block set to hit taxpayers
By CA Devender Singh
With less than a week left for filing interim tax returns under GST, taxpayers may be staring at another stumbling block.
 Here's how a missing column in GST return form is creating trouble for India Inc
By CA Rashmi Sharma
A top conglomerate may have to shell out a bit extra in advance tax this quarter due to an unusual glitch in the tax returns form. Another Delhi-based firm, which does not want to bear any extra tax,
 FAQ: Food Processing P1
By CA Devender Singh
A registered person is sending semi-cooked food from his manufacturing unit at Gurgaon to his branch in Delhi. Is he required to pay any tax?
 High GST may hit leasing industry growth
By CA S K Verma
The estimated Rs. 5,500-crore capital goods leasing sector, growing at 15-20 per cent, may get tapered due to the high Goods and Services Tax (GST), along with a few other issues.
 GST Council flooded with requests to slash tax rates
By CA Nilesh Sahu
From helmets to granite slabs, hybrid cars to namkeen, the GST Council is flooded with requests for tweaking tax rates on a variety of commodities.
 FAQ: E-Commerce P3
By CA Mayank Jain
Section 52(1) of the CGST Act, 2017 mandates that TCS is to be collected on the net taxable value of such supplies in respect of which the ECO collects the consideration.
 FAQ: E-Commerce P2
By CA Manu T George
The e-commerce operator should make the collection during the month in which the consideration amount is collected from the recipient.
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Markets   RSS Feeds
 FM calms nerves, says no plan to tax market gains
By CA S K Verma
In a bid to calm frayed nerves of stock market players, Finance Minister Arun Jaitley on Sunday clarified the government has no intention to impose a tax on long-term capital gains from trading in shares.
 Why we must tweak the market-led model
By CA Ojas Aggarwal
ACCORDING to the latest report by the New World Wealth, after Russia, India is the second most unequal nation in the world as 54 per cent of its wealth is in the hands of millionaires.
 PE transactions prompt income tax queries over round tripping concerns
By CA Atul Gupta
Domestic companies raising private equity funding in the near term are likely to face increased scrutiny from tax sleuths looking for instances of round tripping.
 Amended India-Mauritius tax treaty only covers investments in shares
By CA Andrew F Thomas
The revamped India-Mauritius tax treaty will apply to only investments in shares and not to other instruments, details of the agreement released by Port Louis showed.
 Government drops cap gains tax on startup shares held for 2 years
By CA Nilesh Sahu
In a fresh boost to startups, the government on Thursday inserted an amendment to the Finance Bill to provide for capital gains tax exemption if shares of an unlisted company were held for more than two years.
 Tax-free bonds regain demand in the secondary market
By CA Ojas Aggarwal
Tax-free bonds which have been languishing for more than six months due to lack of investor interest in the secondary market, are in demand again.
 Relevant Market Under Competition Act, 2002
By CA S K Verma
The object of the Competition Act, 2002 (Act for short) is to preserve and promote competition and to prevent anti competitive business practices with minimal Government intervention.
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General   RSS Feeds
 Confusion over GST persists: Wholesale grain market affected, sales fall by 40 percent in Pune
By CA Manu T George
In a chat with ET Now, Prakash Chhabria, Finolex IndustriesBSE 0.83 % talks about the volume growth, EBITDA margins & more. Edited excerpts:
 Slow tax growth reflects companies' GST troubles
By CA Nilesh Sahu
The exchequer got 19.1 per cent more from direct taxes in the first four months of the current financial year (FY18), but the amount paid by companies reflected their struggle with the goods and services tax (GST).
 What is PAN card? Why is it important?
By CA Nilesh Sahu
It is that time of the year when talks about income tax and filing returns are heard in every home and office. Did you know that one cannot file IT returns without PAN and without linking it to Aadhar card? PAN card?
 Govt to cut down executive discretion on tax laws
By CA Devender Singh
In an effort to give more certainty in taxation to investors, the finance ministry has decided to change the way it implements amendments in law proposed every year as part of the annual budget.
 Businesses can start filing July returns on GSTN from August 5
By CA S K Verma
The first tax returns under the new Goods and Services Tax (GST) regime can be filed from Saturday and the facility will remain open till August 20, GST Network CEO Navin Kumar said today.
 Are you earning abroad? Know the tax rules
By CA Devender Singh
Indians who are on deputation overseas or have settled overseas — whether by way of acquiring a permanent residency such as a green card in the US, or acquiring citizenship of a foreign country — need to be aware of their tax obligations in India.
 Attention last minute tax filers! Know about key changes made by govt this year
By CA Atul Gupta
With only two days left to file FY 2016-17 Income Tax Return (ITR) – the annual ritual – by individuals and other category of taxpayers, its certainly is a crunch time for last minute tax filers.
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Corporate Law   RSS Feeds
 Government firm on tax law changes, relents on tribunal postings
By CA Ojas Aggarwal
Addressing one of the major concerns of the Opposition on the Finance Bill, the government Wednesday assured Parliament that all judicial appointments in regulatory bodies or tribunals, many of which are being restructured in one go through provisions in the Finance Bill, will continue to be made in consultation with the judiciary.
 Income Tax relief on money in single parent’s account may lead to tax evasion: Law panel
By CA Rashmi Sharma
The income tax exemption on the money deposited in a single parent's account as maintenance for a minor child in a divorce settlement case could open flood gates of tax evasion, the Law Commission warned today.
 Law panel against income tax relief for single parents
By CA S K Verma
The Law Commission is learnt to have decided against recommending income tax exemption on the money deposited in a single parent’s account as maintenance for a minor child in a divorce settlement case.
 Maintenance of Accounts and other record in GST Law
By CA Rashmi Sharma
No specific list of accounts or record has been prescribed in Section 53 of GST Law.
 Parliament Votes to Extend Value Added Tax Law
By CA Ojas Aggarwal
Legislators on Sunday extended the enforcement of value added tax for the upcoming fiscal year (starting March 21) and dropped the newly-proposed article narrowing the tax base to the final consumer.
 Taxation Laws (Second Amendment) Act, 2016 ​​​​​​​​​​​​​​​​​​​​​​​​​​​​
By CA Mayank Jain
In the Income-tax Act, 1961 (hereinafter referred to as the Income-tax Act), in Amendment of section 115BBE, for sub-section (1),
 Glimpse of Invoices Revised Model GST Law
By CA Nilesh Sahu
The esteemed vision of Hon’ble Prime Minister to create a digital and paper less economy cannot be crystalize without the digitalization of documentation and removal of hurdle of hard document.
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Students   RSS Feeds
 Intermediate-Announcement for May, 2018 old and new syllabus
By CA Andrew F Thomas
GST Be Examined In Section B ­ Indirect Taxes Of Paper 4: Taxation In May, 2018intermediate (Ipc) Examination Under Old Scheme Of Education And Training
 Certificate Course on Forex and Treasury Management –Forthcoming Batches Mumbai ,Hyderabad, Noida & Kolkata
By CA Ojas Aggarwal
Certificate Course on Forex and Treasury Management –Forthcoming Batches Mumbai ,Hyderabad, Noida & Kolkata
  November-2017 CA Examinations
By CA Ojas Aggarwal
In pursuance of Regulation 22 of the Chartered Accountants Regulations, 1988,
 Announcement for ICAI-CAMPUS (August-September, 2017) Aspirants
By CA Manu T George
Completion of GMCS is mandatory for taking part in ICAI Campus Placement Programme, meant for Newly Qualified CAs. Accordingly,
 Date and Time Schedule for Webcast and Mock Test Papers for May’ 2017 Examination
By CA Devender Singh
The Board of Studies has organized LIVE Webcasts for Intermediate (IPC) Course and Final Course students on how to prepare for respective subjects for May, 2017
 Announcement for the Students of CPT level for June, 2017 Examination - Section A: Fundamentals of Accounting
By CA Mayank Jain
The Ministry of Corporate Affairs (MCA) has notified Companies (Accounting Standards) Amendment Rules, 2016 (G.S.R. 364(E) dated 30.03.2016) wherein MCA has omitted AS 6,
 GST to be made applicable from May, 2018 examination onwards for Intermediate (IPC) Course and Final Course
By CA S K Verma
The Council of ICAI has decided that Goods and Services Tax (GST) will be examined in both Part II: Indirect Taxes of Paper 4: Taxation of Intermediate (IPC)
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New Forms   RSS Feeds
  Form DVAT 01 - Application For Opting For Composition Scheme by a dealer registered
By CA Devender Singh
Instructions for dealers opting for composition scheme (For details refer section 16 of the Act and Rule 5 of these rules)
 Requirement of item wise details in Forms Annexure - 2A, Annexure - 2B, DVAT- 30 and DVAT 31
By CA Manu T George
Requirement of item wise details in Forms Annexure - 2A, Annexure - 2B, DVAT- 30 and DVAT 31
 Amendment of ANF 3C Application for on line filing of Grant of Status Certificate
By CA S K Verma
In exercise of powers conferred under paragraph 2.04 of the Foreign Trade Policy 2015-20,
 Regarding Form CR-II.
By CA Manu T George
In exercise of the powers conferred on me under section 27 of Delhi Value Added Tax Act, 2004 and in partial rnodification to the notification No.F.3(628)/Policy/VAT/2016/ 1424-36 dated 11th February,2016
 Filing of reconciliation return in Form 9 for the year 2014-15
By CA Nilesh Sahu
In partial modification to this department's Circular No. 34 of 2015-16 on the subject cited above and in exercise of the powers conferred under Rule 49A of the Delhi Value Added Tax Rules, 2005
  Form DVAT 01 - Application For Opting For Composition Scheme by a dealer registered
By CA Andrew F Thomas
Form DVAT 01 - Application For Opting For Composition Scheme by a dealer registered
 Interest from Non-SLR securities of Banks
By CA Ojas Aggarwal
It has been brought to the notice of the Board that in the case of Banks, field officers are taking a view that, "expenses relatable to investment in non-SLR
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Department of Companies Affairs   RSS Feeds
 Impose tax on windfall profits of pvt oil cos: CPM tells Govt
 Taxes fuel petrol, diesel prices globally
 Department of Economic Affairs seeks hike in spectrum fee
 Rising yen gives companies the jitters
 ROC Forms
 ROC Circulars
 ROC Notifications
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ICAI   RSS Feeds
 Invitation for expression of interest from Social Media Networking Service providers/online marketing solution providers for providing social media solution/ online marketing solutions for publicizing the contents/ activities/other works of the Career Counselling Sub-group under BOS, ICAI by 25th August, 2017.
By CA Atul Gupta
Invitation for Expression of interest (EOI) from Social Media Networking Service providers/online marketing solution providers for providing social media solution
 Educational Material on Ind AS 16, Property, Plant and Equipment
By CA Devender Singh
Indian Accounting Standard (Ind AS) 16, Property, Plant and Equipment prescribe the accounting treatment for property, plant and equipment so that users of the financial statements can discern information about an entity’s investment in its property, plant and equipment and the changes in such investment.
 The Last Date of Online Filing of Multipurpose Empanelment Form (MEF) for the year 2017-18 is extended from 15th August, 2017 to 25th August, 2017.
By CA Devender Singh
The last date of online filing of MEF 2017-18 is hereby extended from 15th August, 2017 to 25th August, 2017 and the last date of submission of duly signed hard copy of declaration has been extended from 22nd August, 2017 to 30th August, 2017.
 Empanelment of Members to act as Observers at The Examination Centres for The Chartered Accountants Examinations November / December 2017.
By CA Ojas Aggarwal
It is proposed to empanel members to act as Observers for the forthcoming NOVEMBER / DECEMBER 2017 Chartered Accountants Examinations scheduled as under:
 ICAI Awards for Excellence in Financial Reporting' - Invitation to participate in the Competition for the year 2016-17
By CA Devender Singh
ICAI Awards for Excellence in Financial Reporting' - Invitation to participate in the Competition for the year 2016-17
 ICAI Awards for Excellence in Financial Reporting' - Invitation to participate in the Competition for the year 2016-17
By CA S K Verma
ICAI Awards for Excellence in Financial Reporting' - Invitation to participate in the Competition for the year 2016-17
 December, 2017 - Common Proficiency Test (CPT)
By CA Ojas Aggarwal
In pursuance of Regulation 22 of the Chartered Accountants Regulations, 1988, the Council of the Institute of Chartered Accountants of India is pleased to announce that the Common Proficiency Test will be held on Sunday, 17th December, 2017
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From the Courts   RSS Feeds
 CIT vs. D. K. Garg (Delhi High Court)
By CA S K Verma
S. 68 "Peak Credits": An accommodation entry provider wanting to avail the benefit of the 'peak credit' has to make a clean breast of all the facts within his knowledge concerning the credit entries in the accounts.
 The Citizens Cooperative Society Ltd vs. ACIT (Supreme Court)
By CA Ojas Aggarwal
S. 80P Test of Mutuality: An assessee cannot be treated as a co-operative society meant only for its members and providing credit facilities to its members if it has carved out a category called ‘nominal members’. These are those members who are making deposits with the assessee for the purpose of obtaining loans, etc. and, in fact, they are not members in the real sense. Most of the business of the assessee was with this category of persons who have been giving deposits which are kept in Fixed Deposits with a motive to earn maximum returns. A portion of these deposits is utilised to advance gold loans, etc. to the members of the first category. It is found that the depositors and borrowers are quite distinct. In reality, such activity of the appellant is that of finance business and cannot be termed as co-operative society
 Digipro Import & Export Pvt. Ltd vs. UOI (Delhi High Court)
By CA Nilesh Sahu
Severe strictures passed to condemn the illegal practice of the Dept of collecting undated cheques from taxpayers after search/ survey without even quantifying the extent of duty evasion. Attempt of the unscrupulous officers is to 'negotiate' the evaded duty by threats and coercion. It is not rule of law but anarchy unleashed by holders of public office. It is an abuse of law which has to be stopped
  CIT vs. Hindustan Petroleum Corporation Ltd (Supreme Court)
By CA Devender Singh
S. 80-IA: Difference between 'manufacturing' and 'production' explained. The word ‘production’ has a wider connotation in comparison to ‘manufacture’. Any activity which brings a commercially new product into existence constitutes production. The process of bottling of LPG renders it capable of being marketed as a domestic kitchen fuel and, thereby, makes it a viable commercial product
  DCIT vs. Hita Land Private Limited (ITAT Mumbai)
By CA Manu T George
S. 254(2): The amendment by the Finance Act 2016 w.e.f. 01.06.2016 to specify the time limit of 6 months to file a rectification application applies even to applications filed with respect to appeal orders passed prior to the date of the amendment. The Tribunal has no power to condone the delay in filing a Miscellaneous Application
 GTC Industries Limited vs. ACIT (ITAT Mumbai) (Special Bench)
By CA Rashmi Sharma
Imp law on theory of ‘preponderance of probability’ and to what extent it can be used to make adverse inferences and estimates of undisclosed income, the necessity of tangible material, the rejection of books of account and the scope of a best judgement assessment u/s 145(2) explained
 Premlata Purshottam Paldiwal vs. CIT (Bombay High Court)
By CA Andrew F Thomas
Interest on interim compensation received pending final disposal by the High Court is income if there is no direction given by the Court. The source of funds to earn income cannot determine the taxability of the income. The fact that the assessee may have to return the compensation and interest on the principle of restitution as provided under S. 144 of the Civil Procedure Code is not relevant because restitution is not a certainty. Paragon Construction 274 ITR 413 (Del) distinguished
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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
 RBI-Core Banking Solution (CBS) Requirements for Urban Co-operative Banks (UCBs)
By CA Atul Gupta
As stated therein, a document dealing with the functional and technical requirements for Core Banking Solution in Urban Co-operative Banks has been prepared
 RBI-Interest Subvention Scheme for Short Term Crop Loans during the year 2017-18
By CA Mayank Jain
Please refer to our circular FIDD CO.FSD.BC.No.29/05.02.001/2016-17 dated May 25, 2017 conveying continuation of Interest Subvention Scheme on the interim basis.
 Appointment of nominated counsel in the Hon’ble High Court of Delhi at New Delhi- Compliance of the Order dated 21.07.2017
By CA Mayank Jain
All NBFCs notified as ‘Financial Institutions’ under sub clause (iv) of clause (m) of sub section (1) of section 2 read with section 31A of the SARFAESI Act, 2002
 RBI releases Data on India’s International Trade in Services: June 2017
By CA Manu T George
The Reserve Bank releases monthly data on India’s international trade in services with a lag of around 45 days.
 RBI-Reserve Bank Commercial Paper Directions, 2017
By CA Andrew F Thomas
Reserve Bank had issued draft directions on Commercial Paper for public comments on February 02, 2017.
  RBI announces OMO Sale of Government of India Dated Securities
By CA Nilesh Sahu
Based on the current assessment of prevailing and evolving liquidity conditions, the Reserve Bank has decided to conduct sale of Government securities under Open Market Operations for an aggregate amount of ₹ 100 billion on August 29, 2017
 Risk Management and Interbank Dealings- Reports to the Reserve Bank
By CA Rashmi Sharma
Attention of Authorized Dealers Category – I (AD Category – I) banks is invited to the Foreign Exchange Management (Foreign Exchange Derivative Contracts) Regulations, 2000 dated May 3, 2000
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VAT (Value Added Tax)   RSS Feeds
 Disposal of pending Form DVAT 04 & Form DVAT 07 applications: regarding
By CA Nilesh Sahu
As you are aware, we have ushered into a new Tax regime with the roll out of GST which has taken effect from 1st July, 2017.
 Cenvat Credit Rules, 2017 III Part
By CA Andrew F Thomas
Rule 11(5) provides that the manufacturer of final products shall submit a monthly return in the form specified by the notification, by the Board.
 VAT phased out in TS
By CA Rashmi Sharma
The twelve-year journey of Value Added Tax (VAT) in the State ended on Thursday with its dealers meeting the deadline for filing of the final returns of income.
 Cenvat Credit Rules, 2017 II Part
By CA Ojas Aggarwal
In this part we will discuss the obligation of a manufacturer or producer of final products under Rule 8. In this regard we may refer definitions of some terms.
 Cenvat Credit Rules, 2017 – Part I
 How much do you know about VAT as a taxpayer?
By CA Andrew F Thomas
Have you ever wondered why your receipts generated using Electronic Cash Register (ETR) like in the supermarkets include a 16 per cent VAT charge?
 New tax structure not higher than VAT
By CA Ojas Aggarwal
Two days into the GST regime, Revenue Secretary Hasmukh Adhia today took to twitter busting "7 myths" that were doing the rounds about the new tax regime.
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Budget Extravaganza   RSS Feeds
 New look finance ministry team to frame contours of Budget 2018
By CA Ojas Aggarwal
Finance Minister Arun Jaitley's fifth Union Budget will sport a different look, starting with a lighter `Part B’ with fewer indirect tax changes because of GST
 How presenting the Budget early seems to be paying off already
By CA Ojas Aggarwal
Breaking with a long-standing tradition, Finance Minister Arun Jaitley presented the Union Budget a full four weeks early this year and the results already seem to be showing in terms of expenditure.
 Budget advancement helps Centre, states start spending early
By CA Rashmi Sharma
Advancing the Budget and notifying the Finance Act, 2017, have enabled the Centre and state governments to start spending from the first month of the financial year from the central funds.
 Five things that you can expect from the Mumbai civic budget today
By CA Andrew F Thomas
Mumbai civic chief Ajoy Mehta will present the Brihanmumbai Municipal Corporation’s (BMC) budget for the financial year 2017-18
 GST all set for July 1 rollout but casts shadow on state budgets
By CA Ojas Aggarwal
With GST all set to be rolled out from July 1, states have not made too many changes in the indirect tax structure in their budgets for 2017-18.
 Income-Tax collection revised in Rajasthan budget
By CA Manu T George
Expecting a major increase in salaries after implementing the 7th Pay Commission for state government employees this year, the state has upwardly revised its budget estimate from income tax (I-T) collection for 2017-18.
 No new taxes likely in Maharashtra Budget
By CA Rashmi Sharma
Maharashtra finance minister Sudhir Mungantiwar on Thursday indicated that there will not be any new tax burden on the common man.
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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 New Delhi Benches New Delhi Causelist for Bench 'B' 07/08/2017
By CA Mayank Jain
Income Tax Appellate Tribunal New Delhi Benches New Delhi Causelist for Bench 'B' 07/08/2017
 Income Tax Appellate Tribunal New Delhi Constitution of Benches from 21/08/2017 To 25/08/2017
By CA Manu T George
Income Tax Appellate Tribunal New Delhi Constitution of Benches from 21/08/2017 To 25/08/2017
 Income Tax Appellate Tribunal Banglore Causelist for The week from 14/08/2017 To 17/08/2017
By CA Andrew F Thomas
Income Tax Appellate Tribunal Banglore Causelist for The week from 14/08/2017 To 17/08/2017
 Income Tax Appellate Tribunal Mumbai Consolidated list of orders ready for Pronouncement on 16/08/2017
By CA Nilesh Sahu
Income Tax Appellate Tribunal Mumbai Consolidated list of orders ready for Pronouncement on 16/08/2017
 Income Tax Appellate Tribunal, Ahmedabad Benches, Ahmedabad Constitution For The Period From 14-08-2017 To 17-08-2017 & 21-08-2017 To 24-08-2017
By CA Devender Singh
Income Tax Appellate Tribunal, Ahmedabad Benches, Ahmedabad Constitution For The Period From 14-08-2017 To 17-08-2017 & 21-08-2017 To 24-08-2017
 Income Tax Appellate Tribunal : Bangalore Benches : Bangalore Constitution for the week from 21/08/2017 To 24/08/2017
By CA S K Verma
Income Tax Appellate Tribunal : Bangalore Benches : Bangalore Constitution for the week from 21/08/2017 To 24/08/2017
 Income Tax Appellate Tribunal Mumbai Benches , Consolidated list orders read for Pronouncement 09-08-2017
By CA Ojas Aggarwal
Income Tax Appellate Tribunal Mumbai Benches , Consolidated list orders read for Pronouncement 09-08-2017
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 5 Opening CA - Direct Taxation/indirect Taxation Semi Qualified
By CA Nilesh Sahu
Salary:INR 3,00,000 - 8,00,000 P.A., Functional Area:Accounts , Finance , Tax , Company Secretary , Audit
 New Opening Chief Financial Officer (cfo)
By CA Devender Singh
Salary:INR 25,00,000 - 30,00,000 P.A., Functional Area:Accounts , Finance , Tax , Company Secretary , Audit
 New Opening Maneger Emea/ German Regulatory Reporting
By CA Mayank Jain
Salary:INR 12,00,000 - 22,00,000 P.A., Functional Area:Accounts , Finance , Tax , Company Secretary , Audit
 New Opening Sr.Mgr / DGM Finance And Accounts - Consumer Durable 25 LPA
By CA Rashmi Sharma
Salary: INR 22,50,000 - 25,00,000 P.A., Functional Area: Accounts, Finance, Tax, Company Secretary, Audit
 New Opening Manager - Finance and Accounts
By CA S K Verma
Salary:INR 10,00,000 - 15,00,000 P.A., Functional Area:Accounts , Finance , Tax , Company Secretary , Audit
 New Opening in a Leading BIG4 _statutory Audit
By CA Ojas Aggarwal
Salary:INR 12,00,000 - 17,00,000 P.A., Functional Area:Accounts , Finance , Tax , Company Secretary , Audit
 Accenture Is Hiring Qualified Chartered Accountants At Noida
By CA Mayank Jain
Salary: INR 6,00,000 - 14,00,000 P.A., Functional Area: Financial Services, Banking, Investments, Insurance, PG - CA
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Direct Tax   RSS Feeds
 Direct Tax Collections up to July, 2017 show Growth
By CA Rashmi Sharma
The Direct Tax collections up to July, 2017 continue to register steady growth.
 How True is CBDT’s Claim of Record New Tax Filers?
By CA Ojas Aggarwal
As per a release from the Central Board of Direct Taxes (CBDT), due to "demonetisation and Operation Clean Money", the number of income tax returns filed increased 25% to 2.83 crore, as on 5 August 2017, from 2.27 crore in the previous year.
 Five Questions for Republican Tax Reformers
By CA S K Verma
This was the month that Republicans were going to sell voters on tax reform.
 CBDT signs nine UAPAs with Indian taxpayers
By CA Devender Singh
The Central Board of Direct Taxes (CBDT) on Monday announced entering into nine Unilateral Advance Pricing Agreements (UAPAs) with Indian taxpayers.
 Made a mistake in your tax return? Here's how to correct it
By CA S K Verma
Taxpayers are usually careful and exercise due diligence while filing income tax (I-T) returns.
 6 ways to verify your income tax return
By CA Atul Gupta
With the extended deadline for filing income tax returns (ITR) just a few days away, most people have filed their ITR. An ITR after being filed has to be verified by the assessee.
 Businesses can file returns, pay taxes for July on GSTN portal
By CA Nilesh Sahu
Businesses can start filing their first tax return under the new Goods and Services Tax (GST) regime as the GST Network has started the facility for return filing and paying taxes on the portal.
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Service Tax   RSS Feeds
 GST base looks set to be at least 25% wider than earlier tax regime
By CA Ojas Aggarwal
The number of assessees who have applied for GST registration or registered to pay goods and services tax may cross 10 million soon, a 25% expansion from the 8 million assessees under the previous tax regime
 Businesses struggle with multiple tax rates, returns
By CA Atul Gupta
Entities face issues such as difficulty in coding items in HSN codes, need for filing service tax returns for each state of operation and likely challenges in matching of invoices under the new indirect tax regime.
 Common use items exempt from e-way bill provision under GST
By CA Andrew F Thomas
LPG, kerosene, jewellery and currency are among the common use items that have been exempted from the requirement of obtaining electronic permits for transportation under the GST regime.
 Goods And Services Tax Sends Taxes Racing
By CA S K Verma
The steep hike in betting tax — from 10 per cent to 28 per cent — with the advent Goods and Services Tax (GST), has not dampened the spirits of punters. There has been no fall in revenue for the state from betting – on the contrary, the income has gone up dramatically in July, the first month of GST.
 How GST lesson can unleash untapped potential of education sector in India
By CA Nilesh Sahu
An IT-enabled registration process that also permits an automated system for offering various programmes of learning by the institutions (with a strong back end IT accreditation system) may pave way for unleashing the hitherto untapped resources that this sector possesses.
 Services sector PMI falls most in 4 years on GST
By CA S K Verma
After the manufacturing sector, India’s services sector also plunged into the contraction mode in July with the sharpest fall in about four years as confusion caused
 Missing column in GSTR 3B form leaves input claims a shaky edifice
By CA Nilesh Sahu
Companies have hundreds of crores of rupees in input tax credit but they may still need to pay the goods and services tax (GST) for July and August in full, potentially disrupting working capital flows.
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Transfer Pricing   RSS Feeds
  Domestic transfer pricing leeway provides a loophole for Indian companies
By CA S K Verma
Even as the government removed an irritant of domestic transfer pricing, industry trackers said this could lead to some companies exploiting it as a loophole.
 Transfer Pricing Times: U.S. Tax Court Rules In Favor Of Amazon In Latest Transfer Pricing Case
By CA Mayank Jain
In this edition: U.S. tax court rules in favor of Amazon, U.S. tax reform and the effects on transfer pricing, OECD releases toolkit for identifying financial data in developing countries, UK releases guidance on cash pooling,
 Government enters into 9 unilateral APAs with taxpayers in July
By CA Mayank Jain
In a bid to foster a non-adversarial tax regime, the Central Board of Direct Taxes (CBDT) entered into nine Unilateral Advance Pricing Agreements (UAPAs) with Indian taxpayers during the month of July, the government said on Monday.
 BMR Advisors’ corporate tax practice deal goes down to the wire
By CA Mayank Jain
Deloitte India has emerged as the front runner for acquiring BMR Advisors’ corporate tax practice even as KPMG and PwC remain in the race.
 Over 300 Income Tax commissioners transferred across country
By CA Andrew F Thomas
Over 300 commissioners of the Income Tax department have been transferred recently by the government, a major reshuffle seen as an attempt to fine tune the working of the department.
 GST won't apply to transfer of immovable property
By CA Ojas Aggarwal
Queries from our readers on income tax and other levies answered by Dilip Lakhani Senior Chartered Accountant.
 Outlining the transfer pricing law in Thailand
By CA Mayank Jain
This second draft of the laws, in general, aligns with the first draft released in May 2015,
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Customs and Excise   RSS Feeds
 IGST on high-seas sale of imports is levied only during customs clearance
By CA S K Verma
The CBEC Circular no 33/2017-Cus dated August 1, 2017 clarifies that IGST on high-seas sale transactions of imported goods, whether one or multiple,
 Central Excise Rules, 2017 – Part II
By CA S K Verma
Rule 16 provides that the Central Government may, by notification, extend the facility of removal of any excisable goods from the factory of production to a warehouse or from one warehouse to another warehouse without payment of duty.
 Central Excise Rules, 2017 – Part I
By CA S K Verma
The GST subsumes excise duty, service tax and other indirect taxes levied by the State Governments. After the implementation of GST,
 Allocate the charges amongst the Members of the Central Board of Excise and Customs
By CA Rashmi Sharma
Consequent upon appointment of Shri S.K. Panda and Ms. Ameeta Suri as Member of Central Board of Excise and Customs(CBEC)
  Constitution of Review Committees of the Chief Commissioners of Central Excise and Service Tax-Regd.
By CA Devender Singh
In exercise of powers conferred by sub-section (1B) of section 35B of the Central Excise Act, 1944 (1 of 1944) and sub-section (1A) of section 86 of the Finance Act, 1994
 4 new members appointed in Central Board of Excise and Customs
By CA Atul Gupta
Senior bureaucrat John Joseph and three other officials have been appointed as members in the Central Board of Excise and Customs (CBEC).
 Constitution of Review Committees of the Chief Commissioners of Central Excise and Service Tax-Regd.
By CA Andrew F Thomas
In exercise of powers conferred by sub-section (1B) of section 35B of the Central Excise Act, 1944 (1 of 1944) and sub-section (1A) of section 86 of the Finance Act, 1994 (32 of 1994),
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Mergers and Acquisitions   RSS Feeds
 Is India a more conducive market for mergers than acquisitions?
By CA Manu T George
Merger and acquisition activity in India perked up in 2016 thanks to a few multi-billion-dollar deals that companies struck either to slash debt or consolidate their market share.
 Decoding The Merger And Acquisitions Trends In Indian Startup Ecosystem
By CA Rashmi Sharma
According to the Indian tech startup funding report released by Inc42 for H1 2017, over 71 mergers and acquisitions took place during January-June 2017.
 India witnesses high level of merger and acquisition in online food delivery start-up space
By CA Andrew F Thomas
The merger and acquisition (M&A) activity has been on the rise in online food delivery start-ups. The M&A deals in the online food delivery business in the 2017
 Financial services ripe for mergers and acquisitions
By CA Andrew F Thomas
The financial services industry is predicted to prove a hotspot for M&A activity over the next 12 months, particularly around demergers.
 Telecom M&As mean better spectrum utilisation, services: Govt
By CA Ojas Aggarwal
The ongoing consolidation among telecom operators will result in efficient use of spectrum for better services, and six players in each service area will have adequate competition, Parliament was informed today.
 Vodafone India-Idea Cellular merger deal gets CCI nod
By CA Atul Gupta
The Competition Commission today approved merger of Vodafone India and Idea Cellular in a $ 23-billion deal that will create the country’s largest telecom operator.
 Surge in due diligence activity brings flood of business to big four
By CA Manu T George
Due diligence has always been a more profitable business for the Big Four and work is aplenty in an India buzzing with more mergers and acquisitions (M&As) and private equity (PE) deals than ever before.
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Indirect Tax   RSS Feeds
 What is a belated income tax return and what are its consequences
By CA Ojas Aggarwal
If you think you will miss the extended income tax return filing deadline also, there's still a chance for you to file your return.
 Why rejig of financial year could upset your tax planning
By CA Atul Gupta
On July 1st 2017 the most awaited and historic change to the Indian Taxation system was made with the introduction of the Goods and Services Tax (GST).
 The threat of harsh penalty should not impede tax compliance
By CA Nilesh Sahu
The Employees Provident Fund Organisation added over 10 million new subscribers after employers got an opportunity to file declarations for their unregistered employees with a nominal fee of Rs 1 per annum. The amnesty proved a pragmatic way to improve compliance.
 What are the tax exemption limits for allowances, reimbursements paid to employees? Find out
By CA Nilesh Sahu
Many of the allowances, reimbursements paid to us as a part of salary are tax-exempt up to a certain limit but the tax exemption is subject to certain conditions.
 High-income taxpayers to get priority treatment and extra facilities
By CA S K Verma
Welcome priority taxpayer, how may I help you? That could be the greeting you may get from the taxman, an encounter that's traditionally been far from friendly.
 GST input tax credit rules: How taxpayers will benefit from ITC
By CA Atul Gupta
The mechanism of input tax credit will ultimately reduce the final price to the wholesaler, retailer and consumer too, and cause a paradigm shift from individuals paying more taxes to more individuals paying taxes.
 More complications in filing income tax returns
By CA Ojas Aggarwal
Until recently, a person didn’t need to file a return if his taxable income was below Rs 2.5 lakh. But this year onwards, it doesn’t solely depend on the taxable income.
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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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