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News Headlines   RSS Feeds
  Clarifications on the Income Declaration Scheme, 2016
By CA Mayank Jain
The Income Declaration Scheme, 2016 (hereinafter referred to as `the Scheme\') incorporated as Chapter IX of the Finance Act, 2016
 Income-tax ( 17th Amendment) Rules, 2016 - 53/2016
By CA Atul Gupta
In exercise of the powers conferred by clause (ii) of sub-section (7) of section 206AA, read withsection 295 of the Income-tax Act, 1961
 Income tax dept publishes list of asset valuers
By CA Devender Singh
The Income Tax department today published a country-wide list of registered asset valuers for those who wish to declare their untaxed funds and properties under the one-time domestic black money compliance window that opened this month.
 Income-tax (16th Amendment) Rules, 2016
By CA S K Verma
In exercise of the powers conferred by section 101, read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend theIncome-tax Rules, 1962, namely:-
 Income–tax (15th Amendment) Rules, 2016
By CA Manu T George
In exercise of the powers conferred by section 285BA read with section 295 of the Income-tax Act, 1961
 CBDT provides fillip to digital payments
By CA S K Verma
Payment system companies have cause for cheer as the Central Board of Direct Taxes (CBDT) has helped improve cash flows for them by exempting seven types of transactions from TDS obligations.
 5 things to know when filing tax returns online
By CA Devender Singh
The tax-return filing deadline is five weeks away and it is time you sat down with the required documents, calculated your liabilities or sent a refund receipt.
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Continuing Prof. Edu.   RSS Feeds
 Direct tax –Recent Judicial pronouncements AND Indirect tax- Recent updates GST (TAXATION)
By CA Nilesh Sahu
Place: Indiabulls Finance Centre, Tower 3, Cafetaria lobby , Elphinstone Road, Mumbai 400 013 Date: 28-06-2016 – To: 28-06-2016 CPE.Hrs.: 4
 Recent Changes in Service Tax and Personality Development (INDIRECT TAXES)
By CA Devender Singh
Place: Hotel Abha Regency, Ramghat Road, Aligarh 202001 Date: 28-06-2016 – To: 28-06-2016 CPE.Hrs.: 3
 Seminar on Direct Taxes & Companies, Act – 2013 (NA)
By CA Atul Gupta
Place: Hotel Maple Wood, Near KFC, Siram Toli Chowk, Ranchi – 834001 Date: 25-06-2016 – To: 25-06-2016 CPE.Hrs.: 6
 issues on capital gains and direct tax dispute resolution scheme (DIRECT TAXES)
By CA Mayank Jain
Place: MEHFIL RESTAURANT , CIVIL LINES, KANPUR Date: 24-06-2016 – To: 24-06-2016 CPE.Hrs.: 3
 Seminar On Income Computation And Disclosure Standards (Direct Taxes)
By CA Rashmi Sharma
Place: 321/1, ICAI BHAWAN, Dabholkar Corner , New Shahupuri, Date: 23-06-2016 – To: 23-06-2016 CPE.Hrs.: 3
 Income Disclosure Scheme And Finance Act 2016
By CA Andrew F Thomas
Place: Ratnagiri Cpe Chapter Of Wirc Date: 25-06-2016 – To: 25-06-2016 CPE.Hrs.: 3
 Recent Changes in TDS & TCS” and “Accounting Standards Applicable to Real Estate Sector” (TAXATION)
By CA Rashmi Sharma
Place: BANGALORE BRANCH OF SIRC Date: 25-06-2016 – To: 25-06-2016 CPE.Hrs.: 3
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VAT (Value Added Tax)   RSS Feeds
 Appointment of Special Vigilance Commissioner and Addl.Commissioner, Value Added Tax
By CA Mayank Jain
In exercise of the powers conferred by clause (a) of sub- section (2) of section 66 of the Delhi Value Added Tax Act, 2004 (Delhi Act 3 of 2005), read with rule 47 of the Delhi Value Added Tax Rules, 2005,
 Govt may restore 'Lucky VAT' to boost revenue
By CA S K Verma
Taking a cue from the Aam Aadmi Party (AAP) government's initiative in New Delhi to provide incentives to customers who demand bills for purchases and thus pay value-added tax (VAT) promptly, the state government is mooting a lucky draw scheme where customers -who pay VAT for each and every purchase - will be properly rewarded.
 Requirement of item-wise details in Forms Annexure-2A, Annexure-2B, DVAT-30 and DVAT-31
By CA Devender Singh
Certain amendments in the Delhi Value Added Tax Rules, 2005 have been recently made vide notification No.F.3(30)/Fin(Rev-I)/dsvi/121 dated 12/04/2016 requiring furnishing of item-wise details of sales and purchases in DVAT Returns and in Forms DVAT-30 and DVAT-31.
 Sportech’s Spot the Ball VAT row drags on into extra time
By CA Manu T George
Sportech said its seven-year battle to recoup £97 million in VAT from the taxman, on the grounds that Spot the Ball is a game of chance rather than skill would continue until at least the autumn.
 Delhi Congress to start signature campaign against VAT hike
By CA Manu T George
The Delhi Congress will be launching a signature campaign next week to protest against the increase in excise and VAT on petrol and diesel, the party announced on Thursday.
  Introduction of reward scheme for informers providing vital inputs in order to check and detect value added tax evasion in Delhi.
By CA Ojas Aggarwal
It has been decided to introduce a reward .scheme for informers providing vital inputs in order to check and detect value added tax evasion in Delhi so as to minimize the pilferage of VAT revenue of the Government of Delhi.
 Govt. assures traders VAT cut from 5 to 1%
By CA Manu T George
The Naveen Patnaik government on Monday assured the Odisha Byabasayee Mahasangha (OBM) that it would reduce value added tax from 5 per cent on pulses to 1 per cent on experimental basis.
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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
 ICAI seeks robust auditing system for govt departments
By CA Mayank Jain
The Institute of Chartered Accountants of India (ICAI) on Friday stressed the need for a robust auditing system in state and central government departments.
 Government approves revision of tax treaty with Belgium
By CA Mayank Jain
The Cabinet today approved the signing of a protocol amending an agreement between India
 Fall in remittances may hit consumer spending, tax targets
By CA Nilesh Sahu
It is time economic planners in Kerala reflect on the serious impact of sharp fall in remittances on future consumer spending and tax collection in the State.
 Know Your Gratuity Benefits And Income Tax Exemption Rules
By CA Ojas Aggarwal
The IT Act requires that a certain percentage of total payment of dues is withheld as TDS – Tax Deducted at Source. Generally the rate of TDS for professional services is 10%,
 Know your taxes and exemptions
By CA Nilesh Sahu
The hardest thing in the world to understand is the income tax, is what Albert Einstein had famously said. Amid the long list of taxation categories, to assimilate what is taxable and what is exempted is hard.
 How youngsters in their 20s should approach tax saving
By CA S K Verma
You probably don’t want to be bothered about saving money if you’re in your 20s. There are so many places you want to visit, so many experiences you want to have, so many hotspots you want to be seen at.
 Pay Income Tax Dues For June In Advance To Beat Rush: RBI
By CA Manu T George
Reserve Bank on Wednesday asked income tax assessees to pay their taxes well in advance to avoid any rush towards June-end.
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Corporate Law   RSS Feeds
 India unveils first-ever comprehensive draft anti-human trafficking law
By CA Manu T George
Maneka Gandhi, Minister for Women and Child Development, unveiled a draft of the country’s first-ever comprehensive anti-human trafficking law, which would treat survivors as victims in need of assistance and protection rather than as criminals.
 Recent Case Laws On Reverse Charge Mechanism
By CA Ojas Aggarwal
The service tax recipient is liable to pay the service tax. Other persons are not liable to pay service tax.
 The Companies (Auditor S Report) Order, 2016
By CA Nilesh Sahu
The Ministry of Corporate Affairs vide Notification No. S.O. 1228(E), dated 29.03.2016 made ‘The Companies (Auditor’s Report) Order, 2016’ (‘Order’ for short) in supersession of the Companies (Auditor’s Report) Order, 2015.
 Decision to amend Income Tax law retrospectively regrettable
By CA Andrew F Thomas
The then Finance Minister Pranab Mukherjee’s decision to amend the Income Tax Act with retrospective effect to negate a Supreme Court verdict was regrettable, former Planning Commission deputy chairman Montek Singh Ahluwalia said today.
 Times guide to corporate tax
By CA Devender Singh
New manufacturing companies incorporated on or after March 1, 2016 have been provided an option either to adopt a reduced corporate tax of 27.55%
 Clearer interpretation of tax laws needed
By CA Devender Singh
The telecom sector, once the poster boy of reforms, has now turned into one of the biggest revenue earners for the Centre.
 What the proposed corporate law changes mean for retail investors
By CA Mayank Jain
The proposed corporate law framework is a mixed bag for retail investors. “It is positive for minority shareholders to the extent it didn’t relax any existing safeguards (for investors)
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Students   RSS Feeds
 CA Students participation in Institute Programmes for 5 hours
By CA Rashmi Sharma
The Council of the Institute has decided to implement a minimum of 5 hours (1 day) participation, in a year, w.e.f. 1st July, 2016 on recommendatory basis in various Institute’s programmes organized
 Applicability of Standards/Guidance Notes/Legislative Amendments etc. for November, 2016 – Intermediate (IPC) Examination
By CA Andrew F Thomas
The Negotiable Instruments (Amendment) Act, 2015:The Negotiable Instruments (Amendment) Act, 2015 received the assent of the president on 26th December, 2015
 Next batch of the Certificate Course on Valuation at Ahmedabad from 16th July, 2016
By CA Devender Singh
The Corporate Laws & Corporate Governance Committee of ICAI is starting next batch of the Certificate Course on Valuation at Ahmedabad from 16th July, 2016.
  Launch of the Certificate Course on Valuation at Gwalior from 14th May, 2016
By CA Ojas Aggarwal
The Corporate Laws & Corporate Governance Committee of ICAI is launching its first batch for the Certificate Course on Valuation at Gwalior from 14th May, 2016.
 CA curriculum to be revised in 2017, says ICAI president
By CA Nilesh Sahu
Devraja Reddy, the president of Institute of Chartered Accountants of India (ICAI), said here on Saturday that the curriculum and exam pattern of CA courses will be revised from the next academic year of 2017.
 Admit Cards for May 2016 Examination
By CA S K Verma
Admit cards in respect of candidates admitted to the Intermediate (IPC) and Final May 2016 examination, with their photographs and signatures on them, are hosted onwww.icai.nic.in.
 Zone-shifting of candidates for May - 2016 CA Exams
By CA Ojas Aggarwal
Due to paucity of accommodation in certain Zones opted by the candidates in the cities of Chennai, Delhi, Hyderabad, and Mumbai,
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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
 Group to consider the issue as to whether there can be 100% FDI in LLP for Book-keeping and Accounting Services
By CA Nilesh Sahu
The Council at its 354th meeting held on 25th May, 2016, vide Item No.7, decided to constitute a Group comprising of Chairman and Vice-Chairman of the Ethical Standards Board
 Revised composition of Group to formulate modalities in respect of Revised Guidelines on LLP & MDP
By CA Devender Singh
In partial modification of our letter of even number dated 9th June, 2016, the President, in terms of the authority given to him by the Council at its 351st meeting held on 12th February, 2016,
 Reconstitution of Group w.r.t. C&AG’s Report `Performance Audit on Appreciation of Third Party (Chartered Accountants) – Reporting in Assessment Proceedings'
 CPE Events 27th June - 2th July 2016
By CA Ojas Aggarwal
CPE Events 27th June - 2th July 2016
  Clarification that HUF cannot be a partner but its karta or any individual of HUF can be a partner in a partnership firm in its individual capacity and not the HUF.
By CA Mayank Jain
Clarification that HUF cannot be a partner but its karta or any individual of HUF can be a partner in a partnership firm in its individual capacity and not the HUF.
  Invitation for empanelment as Examiners for Chartered Accountants Examinations
By CA Manu T George
Applications are invited from eligible members of the Institute and other professionals including academicians of reputed educational institutions,
 Advisory for Members & Students of ICAI in respect of a fake website.
By CA Manu T George
This is to inform to all Members and Students of ICAI and public at large that a website namely, icai-org.in
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From the Courts   RSS Feeds
  LS Cable & System Limited, Korea Through Mr.Jeong Suk Lee Vs. The Commissioner Of Income Tax – Ii & Anr.
By CA S K Verma
he challenge in these four petitions by L.S. Cable & System Ltd., Korea is to the common order dated 3rd August 2015 passed by the Authority for Advance Ruling (Income Tax), New Delhi (,,AAR) in AAR No. 1513 to 1516 of 2013 filed by the Petitioner.
  ITO vs. Indravadan Jain (HUF) (ITAT Mumbai)
By CA Ojas Aggarwal
S. 68: Long-term capital gains arising from transfer of penny stocks cannot be treated as bogus merely because SEBI has initiating an inquiry with regard to the Company & the broker if the shares are purchased from the exchange, payment is by cheque and delivery of shares is taken & given
  DIT (Exemptions) vs. Khar Gymkhana (Bombay High Court)
By CA Atul Gupta
S. 2(15)/12AA(3): The DIT has no jurisdiction to cancel registration of a charitable institution on the ground that it is carrying on commercial activities which are in breach of the amended definition of \"charitable purpose\" in s. 2(15).
 ITO vs. Indravadan Jain (HUF) (ITAT Mumbai)
By CA Rashmi Sharma
S. 68: Long-term capital gains arising from transfer of penny stocks cannot be treated as bogus merely because SEBI has initiating an inquiry with regard to the Company
 CIT vs. Mukesh Ratilal Marolia (Bombay High Court)
By CA Andrew F Thomas
S. 10(38)/ 69: Fact that a small amount invested in "penny" stocks gave rise to huge capital gains in a short period does not mean that the transaction is "bogus" if the documentation and evidences cannot be faulted
 DIT (Exemptions) vs. Khar Gymkhana (Bombay High Court)
By CA Nilesh Sahu
S. 158BC: A stay on the conduct of a "special audit" u/s 142(2A) amounts to a "stay of the assessment proceedings" and extends limitation u/s 158BE. One warrant of authorisation can be used for multiple visits and searches and limitation commences only after the panchnama records the conclusion of the search
 Technip Singapore Pte Ltd vs. DIT (Delhi High Court)
By CA Devender Singh
Law on whether "installation or construction activity" constitutes a PE under Article 5 and whether "mobilisation/ demobilisation charges" can be treated as "royalty" u/s 9 (1) (vi) & Article 12 (3) (b) of the DTAA and whether "installation charges" could be treated as "Fees for Technical Services" under Explanation 2 below s. 9 (1) (vii) read with Article 12 (4) (a) of the India-Singapore DTAA explained
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Auditing   RSS Feeds
 Time Limit For Completion Of Assessment From The Date Of Special Auditor’s Report Under Income Tax Act, 1961
By CA Rashmi Sharma
Section 142(2A) of the Income Tax Act, 1961 (‘Act’ for short) provides for the conduct of special audit that may directed by the Assessing Officer.
 Provisioning pertaining to Fraud Accounts
By CA Rashmi Sharma
Please refer to circular DBR.No.BP.BC.83/21.04.048/2014-15 dated April 1, 2015 on the captioned subject. On a review, it has been decided to amend the provisioning norms in respect of all cases of fraud, as under:
 Tax Audit Report (TAR) Certain exceptions and increased limits according to number of partners and considering nature of activity are desirable
By CA Devender Singh
Provisions relating to maintenance of accounts and obtaining of TAR are old provisions and we find that very low limits fixed long ago have remain in force for long time.
 Cost Auditing Standards [ Cost Audit Documentation (102)] – Part-II
By CA Ojas Aggarwal
In continuation of our effort to make notified Cost Auditing Standards readable, next in line is theCost Auditing Standard on Cost Audit Documentation (102).
 Conference on Companies Act gets under way
By CA Manu T George
The two-day seminar on “Companies Act, 2013 – New Standards for Corporate Governance” being organised by Kakatiya University College of Commerce , Business Management and Institute of Chartered Accounts of India (ICAI), got under way here on Monday.
 New bureau to dissolve state-run banks' power to choose auditors
By CA Ojas Aggarwal
The government is likely to empower the proposed Bank Board Bureau to select audit firms for public sector banks as part of its larger initiative to strengthen their corporate governance practices.
 Foreign Exchange Management (Permissible Capital Account Transactions) (Fourth Amendment) Regulations, 2015
By CA Devender Singh
In exercise of the powers conferred by sub-section (2) of Section 6, sub-section (2) of Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999),
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Latest Circulars   RSS Feeds
  Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) Regulations, 2015
By CA S K Verma
Attention of Authorised Dealers Banks is invited to the Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) Regulations, 2015,
 Implementation of Indian Accounting Standards (Ind AS)
By CA Ojas Aggarwal
Banks shall submit Proforma Ind AS Financial Statements, for the half year ended September 30, 2016 latest by November 30, 2016
 Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) Regulations, 2015
By CA Andrew F Thomas
Attention of Authorised Dealers Banks is invited to the Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) Regulations, 2015,
 Reporting of Information on Investment in Commercial Papers and Unhedged Foreign Currency Exposures of the Borrowers to Credit Information Companies
By CA Nilesh Sahu
The recommendations that remain to be implemented relate to reporting of information concerning (i) investment of banks and All India Financial Institutions (AIFIs) in Commercial Papers (CPs)
 Master Direction - Reserve Bank of India (Financial Statements of All India Financial Institutions - Presentation, Disclosure and Reporting) Directions, 2016
By CA Andrew F Thomas
In exercise of the powers conferred by Section 45 L of the Reserve Bank of India Act, 1934,
 RBI publishes “Payment and Settlement Systems in India: Vision-2018”
By CA Nilesh Sahu
The Reserve Bank of India has today placed on its website the “Payment and Settlement Systems in India: Vision-2018”.
 Resolving Stress in the Banking System and Restoring Credit Growth Vital to Growth Agenda: RBI Governor
By CA Nilesh Sahu
“The cleaning up of bank balance sheets and the restoration of credit growth are vital and related elements in the growth agenda. The government and the Reserve Bank of India are helping our public sector banks in this difficult but critical task.”
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Budget Extravaganza   RSS Feeds
 Home Budget 2016Budget News Income Tax Return Forms For 2016-17 To Be Notified Early April
By CA Ojas Aggarwal
The Finance Ministry is likely to notify by the first week of April new income tax return (ITR) forms for assessment year 2016-17 which will more or less be similar to the one that was filed by assessees last year.
  Delhi govt presents ‘zero tax’ budget: Watches, clothes may get cheaper
By CA Atul Gupta
Deputy Chief Minister Manish Sisodia presented a ‘zero tax budget’ Monday aimed at rationalising Delhi’s Value Added Tax (VAT) structure.
 Delhi budget today, Major boost for health, transport likely
By CA Devender Singh
Education, health, and transport sectors are likely get a major allocation of funds in the Delhi Budget, which will be tabled in the assembly Monday by Deputy Chief Minister Manish Sisodia.
 Budget moves to reduce tax litigation
By CA S K Verma
The tremendous backlog of pending direct tax litigation has been a bane for the government and taxpayers alike—the locking-up of precious tax revenue for the government and unrelenting uncertainty on the tax front for the taxpayers.
 This Budget is not business as usual
By CA Atul Gupta
Is it possible to be popular without being populist? This Budget, which has sought to combine the virtues of macroeconomic stability with growth, is a good example.
 Expectations high on size of TS Budget expenditure
By CA Manu T George
With the Chief Minister K Chandrasekhar Rao’s firm directive that the Budget for 2016-17 should be realistic and to be tuned to the resources and requirements of the State, there is high anticipation about the size of the total expenditure.
 Budget 2016 brings lawyers under service tax net
By CA Ojas Aggarwal
The Budget has withdrawn tax exemptions given to lawyers and proposed a 14% tax on the services of a senior advocate to an advocate or partnership firm, and a person represented on an arbitral tribunal to an arbitral tribunal.
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Sales Tax   RSS Feeds
 Income tax dept charts plan to broaden national taxpayer base
By CA Ojas Aggarwal
India has drawn up a plan to widen its taxpayer base as the government aims to spend more to keep the economy buoyant.
 Sale of shares on which STT is payable is exempt from tax
By CA S K Verma
We understand that during FY16 you had only earned the LTCG of Rs.3.4 lakh from the sale of equity shares listed on a recognised stock exchange in India.
  Sale of Government of India Treasury Bills by Auction
By CA Manu T George
In supersession of Government notifications No. F.4(14)-W&M/86 dated 18th November, 1986; No. F.2(17)
 New tax treatment of sale of unlisted shares brings more certainty, less litigation
By CA Andrew F Thomas
As per Income Tax Law, Income earned from Sale of shares could be held as either Business Income or capital gains depending upon the facts of the case which had led to a lot of litigation over the years.
 Simpler tax laws, low rate can help get more people to pay up
By CA Rashmi Sharma
Much about taxes tend to be dismal. Data recently released by the Indian government shows hardly 1% of our population actually pays income tax.
 GST will smooth the way for e-commerce companies
By CA Manu T George
Implementation of GST will help resolve various issues concerning taxation and logistics with regard to e-commerce business, which has been recording rapid growth in the country, says a study.
 Taxation of income from sale of listed shares: CBDT circular to reduce disputes
By CA Devender Singh
A recent circular from the CBDT allowing tax payers to decide whether their gains/losses from sale of listed shares/securities should be treated as business income or as capital gains for tax purposes, is expected to help reduce tax disputes significantly.
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Forex   RSS Feeds
 Perils of an ad hoc forex policy
By CA Nilesh Sahu
In a speech that he gave last month at the International Monetary Fund, the Reserve Bank of India (RBI) Governor,
 Rupee depreciated by 17 paise to Rs 45.62 a dollar in early trade
By CA Andrew F Thomas
The rupee depreciated by 17 paise to Rs 45.62 a dollar in early trade today following weak domestic equity markets
 Rupee strengthened by 7 paise against dollar
By CA Devender Singh
The rupee strengthened by 7 paise to Rs 45.35 a dollar in early trade today on weakness in the US currency against major world currencies
 Rupee up by 4 paise against dollar in early trade
By CA Nilesh Sahu
The rupee strengthened by 4 paise to Rs 45.48 against the US dollar in early trade at the Interbank Foreign Exchange today
 Rupee falls by 18 paise at 4-week low against dollar
By CA Manu T George
The rupee today fell by 18 paise to trade at a four-week low of Rs 45.54 against the US currency in early trade, weighed down by dollar's gains against the major world currencies
 Rupee drops on weak shares; inflation eyed
By CA Nilesh Sahu
The Indian rupee fell on Friday tracking losses in local shares, which raised worries of foreign investors continuing to pull out funds from Asia's third-largest economy
 Rupee raises 6 paise against dollar in early trade
By CA Rashmi Sharma
The Rupee appreciated by 6 paise to Rs 45.07 a dollar at the Interbank Foreign Exchange market today, boosted by the greenback's weakness against euro and other major currencies
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ITAT-Constitution of Benches   RSS Feeds
 Income Tax Appellate Tribunal : Kolkata Benches : Kolkata Consolidated list of orders ready for pronouncement on 22/06/2016
By CA Rashmi Sharma
Income Tax Appellate Tribunal : Kolkata Benches : Kolkata Consolidated list of orders ready for pronouncement on 22/06/2016
 Income Tax Appellate Tribunal Kolkata Bennches Kolkata Sub : Cause list for the Cases fixed on friday the 24/06/2016
By CA Manu T George
Income Tax Appellate Tribunal Kolkata Bennches Kolkata Sub : Cause list for the Cases fixed on friday the 24/06/2016
 Income Tax Appellate Tribunal Mumbai Bennches Mumbai Consolidated Cause list of SA/MA Pronouncement for friday 24/06/2016
By CA Rashmi Sharma
Income Tax Appellate Tribunal Mumbai Bennches Mumbai Consolidated Cause list of SA/MA Pronouncement for friday 24/06/2016
 Income Tax Appellate Tribunal, Mumbai Consolidated list of orders ready for Pronouncement on 22.06.16
By CA Devender Singh
Income Tax Appellate Tribunal, Mumbai Consolidated list of orders ready for Pronouncement on 22.06.16
  Income Tax Appellate Tribunal, Hyderabad Benches, Hyderabad. Constitution For The Week Commencing From 20.06.2016 To 23.06.2016.
By CA S K Verma
Income Tax Appellate Tribunal, Hyderabad Benches, Hyderabad. Constitution For The Week Commencing From 20.06.2016 To 23.06.2016.
 Income Tax Appellate Tribunal, Hyderabad Benches, Hyderabad. Constitution For The Week Commencing From 20.06.2016 To 23.06.2016.
By CA S K Verma
Income Tax Appellate Tribunal, Hyderabad Benches, Hyderabad. Constitution For The Week Commencing From 20.06.2016 To 23.06.2016.
 Income Tax Appellate Tribunal, Mumbai Benches : Mumbai Constitution for the week 21.06.2016 To 23.06.2016
By CA Ojas Aggarwal
Income Tax Appellate Tribunal, Mumbai Benches : Mumbai Constitution for the week 21.06.2016 To 23.06.2016
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Placements & Empanelment   RSS Feeds
 News Opening Finance and Accounts Manager (chartered Accountant)
By CA Manu T George
Salary:INR 2,75,000 - 4,50,000 P.A , Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:CA
  200 Opening Walkin for Financial Analysts at XL Dynamics India Pvt. Ltd.
By CA Nilesh Sahu
Salary:INR 3,50,000 - 8,00,000 P.A, Functional Area:Financial Services , Banking , Investments , Insurance, PG:M.A - Any Specialization, Any Specialization, M.Com - Commerce, Commerce, MBA/PGDM - Finance,
  New Opening Direct Taxation / Indirect Taxation
By CA Devender Singh
Salary:INR 2,50,000 - 6,50,000 P.A. Best In The Industry, Functional Area:Accounts , Finance , Tax , Company Secretary , Audit
 Urgent Required Asst Manager/ Manager NGO Statutory Audit
By CA Manu T George
Salary:INR 5,00,000 - 10,00,000 P.A, Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:CA
  New Opening Chartered Accountants in a Global IT Services Firm
By CA Andrew F Thomas
Salary:INR 5,00,000 - 15,00,000 P.A, PG:CA, Functional Area:IT Software - ERP , CRM
 New Opening Assistant Manager Accounting
By CA Rashmi Sharma
Salary:INR 4,00,000 - 8,00,000 P.A, Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:CA
 New Opening Consultant - Chartered Accountants in a Global IT Services Firm
By CA Nilesh Sahu
Salary:INR 5,00,000 - 15,00,000 P.A, Functional Area:IT Software - ERP , CRM PG:CA
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Direct Tax   RSS Feeds
 Mopup from Tax amnesty scheme pegged at Rs 1,000 crore
By CA Andrew F Thomas
Tax evaders and avoiders may not bite the bait of Prime Minister Narendra Modi's latest amnesty scheme and officials and consultants estimate the mopup to be only about Rs 1,000 crore, against Rs 33,339 crore declared way back in 1997.
 Publicise blackmoney scheme at posh markets, malls: CBDT to I-T department
By CA Atul Gupta
CBDT has directed the Income Tax department to step up publicity of the ongoing one-time blackmoney compliance window by advertising it at posh markets,
 Income Tax department to take steps to boost TDS collections
By CA Ojas Aggarwal
Buoyed by a steady growth in collections from tax deducted at source (TDS), the Income Tax department now plans to undertake multiple steps to "augment" revenue from this category and minimise tax avoidance.
 Action against tax defaulters whose names made public by IT:Arun Jaitley
By CA Atul Gupta
Finance Minister Arun Jaitley today said the I-T department would take penal actions only against those wilful defaulters whose names have been made public by the tax authorities.
  Government to make changes in section 56(2) of Income Tax Act in a bid to promote startups
By CA Rashmi Sharma
The government has removed the so-called \'angel tax\' for investors providing funding to startups under its ambitious plan to boost entrepreneurship and job creation in the country.
 PM set no target on income tax assessees
By CA Andrew F Thomas
The finance ministry on Saturday clarified after a series of flip-flops that Prime Minister Narendra Modi had not set a target for widening the income tax base to 100 million assessees at the Rajasva Gyan Sangam, a two-day retreat for revenue officials.
 CBDT to look into high value transactions to trace tax evaders
By CA Andrew F Thomas
Atulesh Jindal said that our emphasis will be to broaden this NMS system so that we have more robust data base, the department would use non-intrusive method for widening of tax base.
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Service Tax   RSS Feeds
 Service Tax Implication on Co-operative Society
By CA Manu T George
With the passing of days, a culture to form a Cooperative Society has been increased which helps in pooling of the fund for the own benefit of people.
 GST will improve tax-to-GDP ratio
By CA Rashmi Sharma
Chief Economic Adviser Arvind Subramanian has said on Sunday that Goods and Services Tax (GST) will help improve tax-to-GDP ratio in the country, while giving buoyancy to the government's tax collection efforts.
 Service Tax Exemption To Packaged / Customized Software
By CA Ojas Aggarwal
Presently, software in India is subject to levy of multiple taxes in the form of Central Excise, Customs duty, Service Tax and Value added tax (VAT) as follows
 Will stock transactions be subjected to additional tax under GST?
By CA S K Verma
The central GST law, the state GST law and the integrated GST law will be formulated, based on the clauses in the draft GST law
 Service Tax department may appeal against tax relief for under construction properties
By CA Ojas Aggarwal
Those buying under construction property may not have to pay service tax.
 Traders not for service tax audit
By CA Atul Gupta
Local traders have urged the commissioner of the Central Board of Excise and Customs (CBEC) to stop the ongoing audit of service tax in Ranchi zone following a Delhi high court order of June 6. The court had declared central excise and service tax audit manual as illegal.
 Remove Fear Of Harassment Among Taxpayers, PM Tells CBDT, CBEC Officials
By CA Ojas Aggarwal
Prime Minister Narendra Modi today asked the CBDT and CBEC officials to remove fear of harassment from the minds of taxpayers and focus on five pillars of administration — revenue, accountability, probity, information and digitisation (RAPID).
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Transfer Pricing   RSS Feeds
 Japanese firms are worried over transfer pricing issues
By CA Atul Gupta
Kenji Hiramatsu, Ambassador of Japan to India, said Japanese firms are concerned with the Indian taxation regime as far as transfer pricing issues are concerned.
 MNCs will have to disclose more about transfer pricing
By CA Mayank Jain
Nations that rely on income tax from multinational corporations (MNCs) have long been plagued by base erosion and profit shifting (BEPS).
 KPMG appoints Rahul Mitra to head transfer pricing biz
By CA Atul Gupta
KPMG in India has appointed its partner Rahul Mitra as head of Transfer Pricing services, with effect from today.
 HMRC investigations into transfer pricing down 15%
By CA Mayank Jain
The number of HMRC investigations into high-value big companies suspected of using transfer pricing to avoid tax has fallen by 15% in a year, according to UHY Hacker Young
 FDI from tax havens raises concerns about transfer pricing
By CA Andrew F Thomas
Experts have warned that foreign invested enterprises (FIEs) from tax havens may be conducting transfer pricing, and have urged state management agencies to investigate enterprises with ‘abnormal signs’.
 Government deliberates secondary adjustment to transfer pricing rules
By CA Nilesh Sahu
HMRC is consulting on whether a secondary adjustment rule should be introduced into the UK’s transfer pricing legislation, as the government department continues its clampdown against tax avoidance.
 We had a problem with Free Basics because it gave free data only to those who went through RCom pipe
By CA Nilesh Sahu
After coming out with historic rules banning discriminatory pricing, Telecom Regulatory Authority of India's chief seems to have had a rethink on giving free access to data or rather a curated version of the Internet.
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Customs and Excise   RSS Feeds
 Amendment to Notification No. 61/94-Customs
By CA Atul Gupta
In exercise of the powers conferred by clause (a) of sub-section (1) of section 7 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs,
 Mumbai airport Customs better than global counterparts
By CA Andrew F Thomas
A Finance Ministry-sponsored survey has revealed that 69 per cent respondents at the Mumbai airport Customs rated their experience as "better or somewhat better" than other international airports .
 Customs Cadet Corps set to spread wings
By CA Nilesh Sahu
Thousands of schoolchildren across the country will soon have a role to play in safeguarding the country’s economic frontiers, thanks to a novel initiative by the Cochin Customs House (CCH).
 Manner of payment of interest on warehoused goods
By CA Manu T George
Section 61 of the Customs Act, 1962 had been amended vide the Finance Act, 1994 whereby the interest payable with respect to warehoused goods was to be calculated with reference to the duty payable at the time of clearance of the goods from the warehouse.
 Security under section 59 (3) of the Customs Act
By CA Andrew F Thomas
Section 59 of the Customs Act, 1962 (as amended by Finance Act 2016) requires an importer of goods filing a bill of entry for warehousing to submit a Bond in a sum equal to thrice the amount of duty assessed on the goods to be warehoused.
 Procedure regarding filing of ex-bond bill of entry
By CA Nilesh Sahu
Section 68 of the Customs Act, 1962 requires the filing of a bill of entry (ex-bond bill of entry) for clearance of any warehoused goods for home consumption.
  Amendment to Ch IX of the Customs Act, 1962 – Bond required to be filed under section 59
By CA Ojas Aggarwal
Pursuant to the enactment of the Finance Bill 2016, section 59 of the Customs Act, 1962 stands amended consequent to which,
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Mergers and Acquisitions   RSS Feeds
 Plastics industry ripe for mergers and acquisitions
By CA Ojas Aggarwal
Custom injection molder and mold and automation manufacturer MGS Mfg. Group Inc. (Germantown, WI) is just the latest plastics company to be acquired by investment firms looking for strong manufacturers in this industry
  Female members on corporate boards can lower number of mergers and acquisitions
By CA Manu T George
Does female membership on corporate boards impact mergers and acquisitions? As the percentage of females on boards of America's largest companies has risen from 15 percent in 2005 to 20 percent in 2015, the question is relevant to today's decision makers.
 Mergers and acquisitions boom driven by £35bn Shell deal
By CA Rashmi Sharma
The first quarter of the year has seen the highest value of mergers and acquisitions involving UK firms since the financial crisis, owing to two big takeovers.
 Pharma sector set for wave of mergers, acquisitions: EY
By CA Nilesh Sahu
The pharmaceuticals sector is facing an intensive period of mergers and acquisitions in the coming years,
 How India's startups founders find work-life balance
By CA Atul Gupta
The Commerce and Industry Ministry has commissioned a study to assess the impact of foreign direct investment in pharmaceutical companies amid concerns over mergers and acquisitions of domestic drug manufacturers.
 Female members on corporate boards can lower number of mergers and acquisitions, study suggests
By CA Mayank Jain
Does female membership on corporate boards impact mergers and acquisitions? As the percentage of females on boards of America’s largest companies has risen from 15 percent in 2005 to 20 percent in 2015, the question is relevant to today’s decision makers.
 Merger and acquisition deal pipeline healthy; domestic deal outlook bullish: EY
By CA Nilesh Sahu
Merger and acquisition activity in India is set to retain its momentum through this year, as deal pipeline remains healthy and is likely to increase further in the next 12 months, says a survey.
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Indirect Tax   RSS Feeds
 Amendment in rule 114H of Income-tax Rules, 1962
By CA Atul Gupta
The rule 114H of the Income-tax Rules, 1962 (the Rules) has been amended vide Notification No.48/2016 [S.O.2151(E)] dated 20th June 2016
 Service tax on under construction property is charged on 25% or 30% of its value
By CA Manu T George
The Delhi High Court, with regards to a recent case, ruled that service tax cannot be levied on under-construction flats in a housing project. A bench consisting of justices
 Government to make changes in section 56(2) of Income Tax Act in a bid to promote startups
By CA Rashmi Sharma
The government has removed the so-called 'angel tax' for investors providing funding to startups under its ambitious plan to boost entrepreneurship and job creation in the country.
 Maintenance of records in relation to warehoused goods in electronic form, filing of returns and acknowledgement of receipt of goods
By CA S K Verma
Regulation 11 of the Warehouse (Custody and Handling of Goods) Regulations, 2016 requires the licensee to maintain detailed records of the receipt, handling, storage and removal of goods into and from the warehouse and file monthly returns regarding the same.
 Govt banks on new PSU norms for higher non-tax revenue
By CA Mayank Jain
The Centre has released a new set of guidelines on capital restructuring of state-owned companies, which will make them more accountable on matters of dividends, buybacks and bonuses, and will help the government meet its non-tax revenue and capital receipts target for the year.
 Choosing a fund purely to save tax is not a good idea
By CA Atul Gupta
You can look at liquid or ultra short-term category mutual funds. These can help you to get about double the returns than the normal savings bank account though please keep in mind the taxes. For the purpose you mentioned, equity mutual funds are not recommended since they fluctuate in the short term
 Indirect tax row needs resolution
By CA Andrew F Thomas
In his Budget speech, the finance minister had said, "Litigation is a scourge for a tax-friendly regime and creates an environment of distrust, in addition to increasing the compliance cost on taxpayers and administrative cost for the government.
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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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