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News Headlines   RSS Feeds
 Directions under section 119 of the Income-tax Act, 1961
By CA Andrew F Thomas
Recent initiatives of the Government to curb the black economy in the country has encouraged people to shift towards digital mode of payment while making financial transactions.
 Securities excluded from GST ambit in revised Bill
By CA Atul Gupta
In a significant relief for stock markets, brokers, banks, and mutual funds, the government has excluded securities from the definition of ‘goods’ in the revised draft Model Goods and Services Tax Law.
 GST dilemma: Hope fades for new tax regime
By CA S K Verma
Demonetisation is on course to claim yet another victim. The roll-out of the Goods and Services Tax (GST) regime is set to miss the April 1, 2017 deadline.
 5nance.com launches tax investment platform
By CA S K Verma
Fintech startup 5nance.com today launched tax investment platform, Tax-Max, which will enable taxpayers to complete the entire process right from planning, advisory, investments, filing and monitoring of investments done for tax saving under one single platform.
 Is government tapping your phone?
By CA Devender Singh
After demonetization was announced by PM Narendra Modi on November 8, 2016, everyone was at knee-jerk reaction to convert their cash-in-hand. People who have loads of cash headed to their chartered accountants or their finance consultants to seek a better solution.
 Income tax department to use analytics to look for discrepancies in bank accounts
By CA Andrew F Thomas
For the first time, the income-tax department will use big data analytical tools to go through personal bank deposits to segregate black money holders from genuine tax-payers, two people in the know have said.
 GST Council fails to break deadlock over indirect tax regime, next meet on Dec 11 and 12 to hammer out differences
By CA Mayank Jain
For the third time in one month, the GST Council on Saturday failed to break deadlock over control of assessees under the new indirect tax regime, an issue that has been holding up supporting bills essential for the GST rollout from April 1 next year.
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Continuing Prof. Edu.   RSS Feeds
  Indian Accounting Standards (ACCOUNTING AND AUDITING)
By CA Ojas Aggarwal
Place: L Block Connaught Circus CPE Study Circle Date: 20-12-2016 – To: 21-12-2016 CPE.Hrs.: 12
  Discussion on IFRS – Overview of IND AS including Carve Out & CA Profession – Road Ahead – An open discussion on contemporary issues of CA Profession (ACCOUNTING AND AUDITING)
By CA Atul Gupta
Place: North-Ex C.A. Study Circle of NIRC Date: 16-12-2016 – To: 16-12-2016 CPE.Hrs.: 4
 Discussion on Goods and Service Tax Act (GST) (Topic wise coverage) (INDIRECT TAXES)a
By CA Nilesh Sahu
Place: Vikas Marg C.A. Study Circle of NIRC Date: 13-12-2016 – To: 13-12-2016 CPE.Hrs.: 4
 RBI-Amendment Bill Under PMGKY 2016 & Benami Transactions (Prohibition) Amendment Act, 2016 and Taxability Provisions Under GST (TAXATION)
By CA Devender Singh
Place: Vikas Marg C.A. Study Circle of NIRC Date: 13-12-2016 – To: 13-12-2016 CPE.Hrs.: 4
 Discussion on Goods and Service Tax Act (GST) (Topic wise coverage) (INDIRECT TAXES)
By CA S K Verma
Place: Vikas Marg C.A. Study Circle of NIRC Date: 13-12-2016 – To: 13-12-2016 CPE.Hrs.: 4
 Demonetisation, Taxation Laws (Second Amedmentment),2016 And Penny Stock (Direct Taxes)
By CA Ojas Aggarwal
Place: North Campus Study Circle of NIRC Date: 07-12-2016 – To: 07-12-2016 CPE.Hrs.: 5
 Taxation of shares & over view of income tax act (TAXATION)
By CA Manu T George
Place: Jawahar Park CPE Study Circle of NIRC Date: 17-12-2016 – To: 17-12-2016 CPE.Hrs.: 4
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VAT (Value Added Tax)   RSS Feeds
 15% rise in collectionof VAT for Oct-Nov
By CA Ojas Aggarwal
Demonetisation may have sent the traders — who have been claiming that sales have taken a nosedive — into a tizzy, but the Value Added Tax department is not complaining as of now about its collections.
 China to simplify tax scheme after switch to VAT
By CA Atul Gupta
The change to a VAT tax, considered to be a more efficient way of taxing business, has gone relatively smoothly in China.
 Cabinet clears key proposals on VAT, regularisation of jobs
By CA S K Verma
The state cabinet gave approval to two dozen proposals which included regularisation of temporary and daily wage employees, exempt of hoteliers from paying entertainment tax, slash in Value Added Tax (VAT) imposed on aviation turbine fuel (ATF) among others.
 Cases of VAT overcharging flood consumer forum
By CA Andrew F Thomas
As UT turns a blind eye on retailers charging VAT on MRP in the name of discount, consumer courts continue to flood with such cases.
 State seeks relief from Centre
By CA Atul Gupta
With its tax revenue plunging to a new low post-demonetisation, the already cash-stressed Punjab Government has demanded compensation from the Centre.
 Flat rate VAT changes for small businesses explained
By CA Andrew F Thomas
This will affect businesses that use the VAT Flat Rate Scheme but which spend very little on raw materials - such as firms providing services.
 Cenvat Credit Of Additional Duties Of Customs [Cvd] On Imported Coal
By CA S K Verma
The imported coking coal suffers two types of duties at the time of import as customs duties.
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Markets   RSS Feeds
 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.
 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
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General   RSS Feeds
 Alarm bells over return of tax inspector raj
By CA Mayank Jain
The possibility of the taxman getting to wield enormous discretionary powers post-demonetisation has set off alarm bells within a section of the government itself.
 Shah gets notices over civic tax dues
By CA Manu T George
Mahesh Shah, the city-based property dealer who is in the dock for making a Rs 13,860 crore disclosure under the Income Declaration Scheme 2016
 Tax revenue down in first six months after prohibition
By CA Rashmi Sharma
BJP today said the claim made by Chief Minister Nitish Kumar that prohibition would have no effect on Bihar's financial health has been proved wrong as indicated by a drop of 16.23 per cent in tax revenue in the first six months of the current fiscal.
 Post demonetisation, Income Tax department sends 30 cases of irregularities to Enforcement Directorate, CBI
By CA Manu T George
The Income Tax department has expedited investigation in more than 400 cases since the demonetisation of the old high-denomination currency was announced by the government on November 8.
 Don’t rush into a new tax without being prepared
By CA Ojas Aggarwal
Given the virtually stalled progress on the goods and services tax (GST), it is increasingly unlikely that the government would be able to kick off the new tax by April 2016.
 Can’t tax income from palace rent: Supreme Court
By CA S K Verma
The Supreme Court held on Monday that the income earned by erstwhile rulers of a princely state or their heirs by renting out a portion of the residential palace was not taxable and rapped the Income Tax department for pursuing a case despite their income being exempted under IT law.
  Withdrawal of Legal Tender Character of the existing Bank Notes in the denominations of ₹ 500/- and ₹ 1000/- (Updated as on November 30, 2016)
By CA Manu T George
The incidence of fake Indian currency notes in higher denomination has increased. For ordinary persons, the fake notes look similar to genuine notes, even though no security feature has been copied. The fake notes are used for antinational and illegal activities.
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Corporate Law   RSS Feeds
 Meaning and Scope of ‘Supply’ – Comparative view under Revised Model GST Law vis-à-vis Earlier Model GST Law
By CA Ojas Aggarwal
Whilst the Government is keen to make Goods and Services Tax (“GST”) a reality by envisaged April 1, 2017
 Tax Tribunal issues order against a law firm for forum shopping
By CA Andrew F Thomas
In an unprecedented order, a tax tribunal has barred cases and appeals filed by a law firm from being heard by any bench headed by one of its judicial members.
 Input Tax Credit under the GST Law
By CA Mayank Jain
Before understanding the Input tax credit under GST Law it is essential to understand the changes made in earlier Law i.e. CENVAT under Rule , 2004 to the new law.
 Tax Return Preparer Under Model ‘gst’ Law
By CA Andrew F Thomas
Section 34(1) of the model Goods and Services Tax Act, 2016 (‘Act’ for short) provides that the appropriate Government may prescribe the manner of approval of Tax Return preparers,
 India unveils first-ever comprehensive draft anti-human trafficking law
By CA Manu T George
Maneka Gandhi, Minister for Women and Child Development, unveiled a draft of the countrys first-ever comprehensive anti-human trafficking law, which would treat survivors as victims in need of assistance and protection rather than as criminals.
 Recent Case Laws On Reverse Charge Mechanism
By CA Ojas Aggarwal
The service tax recipient is liable to pay the service tax. Other persons are not liable to pay service tax.
 The Companies (Auditor S Report) Order, 2016
By CA Nilesh Sahu
The Ministry of Corporate Affairs vide Notification No. S.O. 1228(E), dated 29.03.2016 made The Companies (Auditors Report) Order, 2016 (Order for short) in supersession of the Companies (Auditors Report) Order, 2015.
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Students   RSS Feeds
  The Chartered Accountants’ Students Benevolent Fund (CASBF)
By CA Andrew F Thomas
The Board of Trustees has decided to provide financial assistance of Rs. 1500/- p.m, for articled assistants who are registered for Intermediate (IPC)/IPCC course and Rs. 2000/- P.M.
 Admit Cards for Intermediate (IPC) and Final November 2016 Examination
By CA Manu T George
Admit cards in respect of candidates admitted to the Intermediate (IPC) and Final November 2016 examination, with their photographs and signatures on them, are hosted on icaiexam.icai.org
  Examination dates of Certificate course on Forex and Treasury Management conducted by Committee on Financial Markets and Investors Protection on 19th and 20th November ,2016
By CA S K Verma
All Candidates are mandatorily required to fill the examination form for confirming their presence on the scheduled examination dates by visiting:
  Upcoming batches of Certificate course on Forex and Treasury Management in Noida, Mumbai, Bangalore, Hyderabad on 5th Nov,2016 and in Kolkata on 26th Nov, 2016.
By CA Ojas Aggarwal
The Committee on Financial Markets and Investors' Protection of ICAI announced batches of Certificate Course on Forex
  Applicability of Standards/Guidance Notes/Legislative Amendments etc. for November, 2016 Intermediate (IPC) Examination
By CA Andrew F Thomas
Applicability of the Companies Act, 2013 and other Legislative Amendments for Paper 1 and Paper 5 : The relevant notified Sections of the Companies Act, 2013
 CA Students participation in Institute Programmes for 5 hours
By CA Rashmi Sharma
The Council of the Institute has decided to implement a minimum of 5 hours (1 day) participation, in a year, w.e.f. 1st July, 2016 on recommendatory basis in various Institutes programmes organized
 Applicability of Standards/Guidance Notes/Legislative Amendments etc. for November, 2016 Intermediate (IPC) Examination
By CA Andrew F Thomas
The Negotiable Instruments (Amendment) Act, 2015:The Negotiable Instruments (Amendment) Act, 2015 received the assent of the president on 26th December, 2015
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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
 Change in the date of Holiday on the occasion of Milad-Un-Nabi or Id-E-Milad.
By CA Rashmi Sharma
In terms of the decision taken by the Central Government and respective State Governments, it has been decided that the holiday on account of Milad-Un-Nabi or Id-E-Miladbe observed on 12th December, 2016
 ICAI submits Pre-Budget Memoranda-2017
By CA Andrew F Thomas
ICAI submits Pre-Budget Memoranda-2017
 Clarification - Fake Audio Clip in circulation under the name of President, ICAI.
By CA Nilesh Sahu
It has been brought to our attention that a fake audio containing views on economic matters, inter alia, demonetization, tax reforms etc.
 Examination dates of Certificate Course on Forex and Treasury Management conducted by Committee on Financial Markets and Investors Protection on 21st and 22nd January, 2017
By CA Ojas Aggarwal
All Candidates are mandatorily required to fill the examination form for confirming their presence on the scheduled examination
  Syllabus for the Limited Insolvency Examination on 31st December, 2016 to become Insolvency Professional
By CA Nilesh Sahu
The Board hereby publishes the syllabus, format and frequency of the “Limited Insolvency Examination” under regulation 3(3) of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016:
 Extension of last date for submission of application forms for Information Systems Audit-Assessment Test (ISA-AT), upto 10th December 2016.
By CA S K Verma
It has been decided that the last date for submission of application forms for ISA-AT scheduled to be held on 24th December 2016 has been extended upto 10th December 2016, so as to enable those who qualify in ISA-ET held on 3rd December 2016 to apply for the ISA-AT.
 Four Weeks Residential Programme to be held from 28th January, 2017 to 24th February, 2017 at Centre of Excellence, Hyderabad for Women Participants only.
By CA Ojas Aggarwal
Board of Studies is pleased to announce the next batch of ICAI Four Weeks Residential Programme on Pro-fessional Skills Development from 28th January, 2017 to 24th February, 2017 at Centre of Excellence, Hy-derabad.
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From the Courts   RSS Feeds
  Micro Spacematrix Solution P Ltd vs. ITO (ITAT Delhi)
By CA Devender Singh
S. 282: Entire law on pre-requisites for valid service of notice and drawing of a presumption that the notice has been validly served explained
 Micro Spacematrix Solution P Ltd vs. ITO (ITAT Delhi)
By CA Devender Singh
S. 282: Entire law on pre-requisites for valid service of notice and drawing of a presumption that the notice has been validly served explained
 CIT vs. Greenfield Hotels & Estates Pvt. Ltd (Bombay High Court)
By CA S K Verma
S 50C does not apply to transfer of land and building, being leasehold property
 IndiaBulls Financial Services Ltd vs. DCIT (Delhi High Court)
By CA Ojas Aggarwal
S. 14A Rule 8D: The fact that the AO did not expressly record his dissatisfaction with the assessee's working does not mean that he cannot make the disallowance.
 Maharao Bhim Singh of Kota vs. CIT (Supreme Court)
By CA Atul Gupta
S. 10(19A): Though principles of res judicata do not apply, the Dept should not endlessly pursue matters which have attained finality in earlier years.
 Ravneet Takhar Vs. Commissioner Of Income Tax Ix And Ors.
By CA Atul Gupta
In this writ petition, the assessee impugns notice dated 24.04.2012 under Section 127 (1) of the Income tax Act as well as the order made subsequently on 11.09.2012.
 Jaiprakash Associates Ltd. Vs. Commissioner Of Income Tax
By CA Mayank Jain
Jaiprakash Associates Ltd. Vs. Commissioner Of Income Tax
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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 releases Annual Report of the Banking Ombudsman Scheme
By CA S K Verma
The Reserve Bank of India, today, released the Annual Report of the Banking Ombudsman Scheme for the year 2015-2016.
 Issuance of ₹ 500 bank notes without inset letter, in the Mahatma Gandhi (New Series)
By CA Ojas Aggarwal
The Reserve Bank of India will shortly issue ₹ 500 denomination banknotes in the Mahatma Gandhi (New) Series, without any inset letter, bearing signature of Dr. Urjit R. Patel, Governor, Reserve Bank of India, and the year of printing '2016' printed on the reverse of the banknote.
 RBI-Exim Bank's GoI supported Line of Credit of USD 35.00 million to the Government of the Republic of Guinea
By CA Mayank Jain
Export-Import Bank of India (Exim Bank) has entered into an Agreement dated September 9, 2015 with the Government of the Republic of Guinea for making available to the latter, a Government of India supported Line of Credit (LOC)
 RBI-Amendment to Master Direction on Know Your Customer
By CA Manu T George
In exercise of the powers conferred under Section 35A of the Banking Regulation Act, 1949, it has been decided to make certain amendments to the Master Direction on Know Your Customer (KYC).
 Reserve Bank of India Act, 1934 – Section 42(1A) Withdrawal of the Incremental CRR
By CA S K Verma
Please refer to our circular DBR.No.Ret.BC.41/12.01.001/2016-17 dated November 26, 2016 whereby all scheduled banks were required to maintain, under Section 42(1A)
 RBI-Transcript of Statement made by Shri R. Gandhi, Deputy Governor
By CA Ojas Aggarwal
There have been several questions about the decision to withdraw the legal tender status of the ₹ 1000 and the old series of ₹ 500 notes.
 Requirement of customer due diligence and need for maintenance of records
By CA Atul Gupta
It has been reported that, of late, a lot of customers are approaching banks for re-activation of dormant accounts.
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Budget Extravaganza   RSS Feeds
 Government should reinstate wealth tax in Budget 2017
By CA Devender Singh
Wealth Tax, which was in force since 1957, was abolished in the 2015 Budget. I think this was a big mistake and, therefore, the government should reinstate the wealth tax at the earliest, preferably, in the 2017 Budget itself.
 With demonetisation inducing tax compliance will PM Modi cut tax rates in Budget 2017?
By CA S K Verma
After years of watching cash being hoarded and the vulgar consumption of hoarders, the public is gleeful. Stashes in underground storerooms, suitcases and mattresses have become worthless overnight— deserving punishment and a remarkable exercise of powers by the government.
 State plan budget utilisation in Odisha
By CA Devender Singh
The State Plan budget utilization up to October has registred around 46 per cent of the budget provision which is an increase by 18.37 per cent compared to the utilization during 2015-16.
 Maharashtra wants budget advanced to February
By CA S K Verma
The BJP-led Maharashtra government is considering a proposal to advance its annual budget by a month and present it in early February,
 Coastal economic zones may get 10-year tax exemption in next Budget
By CA Manu T George
India’s first coastal economic zones (CEZs) could finally take some concrete shape, with the likely announcement in the Union Budget for 2017-18 to give units in these areas a 10-year holiday from corporation tax. However, there could be a rider these units must generate a specific threshold of direct jobs.
 Why advancing the Union Budget date may not make much difference
By CA Ojas Aggarwal
It is human to follow structures and processes as inherited. “No questions asked” is a comfortable position. These statements are true in relation to the functioning of the government where status quo is the norm.
 Govt keen 2017-18 budget should not clash with polls: Arun Jaitley
By CA Ojas Aggarwal
Having decided to advance the budget presentation, the government is keen that it is not presented in the middle of Assembly elections in five states, said Finance Minister Arun Jaitley.
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Sales Tax   RSS Feeds
 To protect its status, state forms panel to draft legislation on GST
By CA Mayank Jain
Days after the Centre downplayed the differences with Jammu and Kashmir over contentious issues in the proposed Goods and Services Tax (GST) Bill,
 India Fails to Break Deadlock on New Sales Tax
By CA Atul Gupta
The Goods and Services Tax is supposed to simplify India’s financial landscape.
 Sales tax staff protest against goods service tax council
By CA S K Verma
The sales tax employees in Aurangabad joined the state-wide pen-down strike to register their protest against alleged unfair policies of the Goods Service Tax (GST) Council.
 Income tax survey on city jeweller
By CA Atul Gupta
The investigation wing of the Income Tax Department, Ludhiana, conducted an income tax (I-T) survey on Nikka Mal Jewellers in Lajpat Nagar market here today.
 Service tax levy to weigh on upstream companies’ earnings
By CA Rashmi Sharma
ET Intelligence Group: There seems to be no end to ‘taxing’ woes of upstream oil companies such as Oil and Natural Gas Corporation (ONGC), Oil India and Cairn India.
 5 pc tax on online sales awaits Cabinet approval
By CA Andrew F Thomas
Though the state Excise and Taxation Department has proposed a 5 per cent entry tax on online sales and also finalised rules for levy of tax, it may take some time as the Cabinet has to take a final call.
 Amendment to Additional Sales Tax Act unconstitutional: High Court
By CA Mayank Jain
The Madras High Court Bench here has declared unconstitutional the inclusion of Explanation V to Section 2(1)(aa) of the Tamil Nadu Additional Sales Tax Act, 1970,
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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 Consolidated of Benches for 14/12/2016 & 15/12/2016
By CA S K Verma
Income Tax Appellate Tribunal New Delhi Consolidated of Benches for 14/12/2016 & 15/12/2016
 Income Tax Appellate Tribunal Mumbai Benches Mumbal Consolidated cause list of Sa/MA/ Pronouncement for friday 09.12.2016
By CA Ojas Aggarwal
Income Tax Appellate Tribunal Mumbai Benches Mumbal Consolidated cause list of Sa/MA/ Pronouncement for friday 09.12.2016
 Income Tax Appellate Tribunal Kolkata Benches Kolkata Consolidated list of Orders read for Pronouncement on 02/12/2016
By CA Rashmi Sharma
Income Tax Appellate Tribunal Kolkata Benches Kolkata Consolidated list of Orders read for Pronouncement on 02/12/2016
 Income TAx Appellate Tibunal Pune Benches Pune Causelist for Bench "A" For The Week Ending 09/12/2016
By CA Andrew F Thomas
Income TAx Appellate Tibunal Pune Benches Pune Causelist for Bench "A" For The Week Ending 09/12/2016
 Income Tax Appellate Tribunal Kolkata Benches Kolkata Constitution of Kolkata Benches for 05/12/2016
By CA Devender Singh
Income Tax Appellate Tribunal Kolkata Benches Kolkata Constitution of Kolkata Benches for 05/12/2016
 Income Tax Appellate Tribunal Ahmedabad Benches ahmedabad S/shri R. P. Tolani, Jm & Manish Borad, Am Causelist For Bench 'A' Date : 05/12/2016
By CA S K Verma
Income Tax Appellate Tribunal Ahmedabad Benches ahmedabad S/shri R. P. Tolani, Jm & Manish Borad, Am Causelist For Bench 'A' Date : 05/12/2016
 Income Tax Appellate Tribunal New Delhi Benches New Delhi The Revised Constitution of Delhi Benches from 28/11/2016 To 01/12/2016
By CA Rashmi Sharma
Income Tax Appellate Tribunal New Delhi Benches New Delhi The Revised Constitution of Delhi Benches from 28/11/2016 To 01/12/2016
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Placements & Empanelment   RSS Feeds
  New Opening Analyst/sr.analyst-ratings for a Leading Credit Rating Agency
By CA Manu T George
Salary:INR 7,00,000 - 16,00,000 P.A, Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:MBA/PGDM - Finance, CA
 New Opening Analyst/sr.analyst-ratings for a Leading Credit Rating Agency
By CA Rashmi Sharma
Salary:INR 7,00,000 - 16,00,000 P.A, Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:MBA/PGDM - Finance, CA
 New Opening Chartered Accountant with 2 + Years of Experience, Fresher
By CA Andrew F Thomas
Salary:INR 5,00,000 - 7,50,000 P.A, Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:CA
 New Opening Assistant Manager / Sr. Executive - Finance & Accounts
By CA Andrew F Thomas
Salary:INR 3,00,000 - 6,00,000 P.A, Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:CA
 New Opening Industrial Trainee for CA/ Chartered Accountant
By CA Nilesh Sahu
Salary:INR 2,25,000 - 3,25,000 P.A, Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:CA - Pursuing
  100 Opening Financial Analysts at XL Dynamics India Pvt. Ltd.
By CA Mayank Jain
Functional Area:Financial Services , Banking , Investments , Insurance, PG:M.A, M.Com, MBA/PGDM, MS/M.Sc(Science)
 New Opening Senior Accountant / Accountant / Account Executive Vlcc
By CA Manu T George
Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:Post Graduation Not Required,
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Direct Tax   RSS Feeds
 Senior IRS officer Rajendra Kumar appointed new CBDT member
By CA Rashmi Sharma
Senior IRS officer Rajendra Kumarwas today appointed as the new Member of the CBDT, the policy making body for the Income Tax Department.
 Income tax raids continue on premises of three Chennai businessmen
By CA Atul Gupta
Income tax officials continued raids on the premises of three Chennai-based businessmen for the second day on Friday. So far the income tax investigation wing has seized Rs 106 crore in old and new currencies and 127kg of gold bars.
 Hopeful of meeting direct tax collection target for this financial year: CBDT
By CA Nilesh Sahu
The CBDT on Monday said it is hopeful of meeting the direct tax collection target for this financial year.
 Bengaluru tops in income tax probes after demonetisation
By CA Rashmi Sharma
The biggest stash of new currency was unearthed in Bengaluru after a 30 November raid on two state government engineers lead to the seizing of Rs4.7 crore in new notes
 Income Tax department rejects black money disclosures of over Rs 2 lakh crore
By CA Devender Singh
The Income Tax department has rejected an astonishing Rs 2 lakh crore disclosure
 CBDT urges people to protect bank accounts from 'unscrupulous elements'
By CA Nilesh Sahu
The Central Board of Direct Taxes (CBDT) on Sunday urged account holders not to consent to any kind of misuse of their accounts, which would expose them to the dangers of being held responsible for the tax evasion by unscrupulous elements.
 No change in gold seizure norms in proposed I-T Law amendments
By CA Rashmi Sharma
There will be no seizure of gold jewellery and ornaments to the extent of existing guidelines during search operations,
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Service Tax   RSS Feeds
 Credit Note And Debit Note Under Gst
By CA Nilesh Sahu
As per section 2(35) read with section 24(1) of model GST law, where a tax invoice has been issued for supply of any goods and/or services and the taxable value and/or tax charged in that a tax invoice is found to exceed the taxable value
 Demonetisation hits service tax, excise duty collection
By CA Devender Singh
Excise duty and service tax collection growth slowed in November, reflecting to some extent the impact of demonetization on economic activity in the country.
 GST on a knife-edge as states act tough
By CA Nilesh Sahu
Forecasts about the adverse impact of demonetisation on the economy have weakened the resolve of the Narendra Modi government to push the goods and services tax (GST)
 Parliament Winter Session: Govt keen on proper discussion on GST Bills
By CA Devender Singh
Government is keen to have proper discussion on the three GST legislations in Parliament even as the Lok Sabha on Tuesday pushed through the I-T Amendment Bill amid din without debate.
 Service Tax revision to make digital content expensive: Here’s how it will impact you
By CA Andrew F Thomas
On November 9, the Finance Ministry issued an addendum to their Service Tax rules which made it mandatory for foreign companies that offer digital services over the internet to customers within India to pay a 15 per cent service charge as well.
 GST Council may reduce tax slabs in future: CBEC chief
By CA Nilesh Sahu
The GST Council may in future decide to reduce the tax slabs under the Goods and Services Tax regime after analysing the revenue garnered and the compensation payouts to states, CBEC chairman Najib Shah said on Thursday.
 Govt to waive service tax on card transactions up to Rs 2,000
By CA Devender Singh
Government will waive service tax on debit and credit card transactions of up to Rs 2,000 in a bid to promote digital transactions amid cash crunch following withdrawal of old Rs 500 and 1,000 banknotes.
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Transfer Pricing   RSS Feeds
 The transfer pricing conflict is about profit shifting
By CA Atul Gupta
Some of Lonmin’s statements in September have been confusing. To say so is not “defamation” and I will not waste space by giving examples. Mail & Guardian’s centre for investigative journalism, AmaBhunghane, has done an excellent job in pointing to them.
 Transfer Pricing Compensating Adjustments: Another IRS Loss
By CA Mayank Jain
Following the resolution of a transfer pricing adjustment, there are inevitable compensating adjustment issues to be addressed. Revenue Procedure 99-32 provides the guidelines.
 HMRC steps up inquiries into cross-border deals by big business
By CA Nilesh Sahu
Revenue & Customs has ramped up its investigations into multinationals’ cross-border deals, pushing up their potential exposure by 60 per cent to nearly £4bn.
 An Overview of Transfer Pricing in China
By CA Devender Singh
Transfer pricing has fast become one of the standout issues in international taxation. Put simply, the practice concerns the price charged for intercompany transactions between entities in different tax jurisdictions. These transactions can be used to shift funds within a multinational company (MNC),
 South Africa: transfer pricing record-keeping rules finalized
By CA Nilesh Sahu
The South African Revenue Service (SARS), on 28 October, published a final notice (GN 1334) setting out new record-keeping requirements for transfer pricing transactions applicable to years of assessment beginning on or after 1 October, moving South Africa one step closer to having final transfer pricing documentation rules.
 India among the top three nations where transfer pricing policies faced official examination: EY Survey
By CA Devender Singh
Companies will need to become comfortable with sharing more tax data with authorities far and wide. More jurisdictions having unfettered access to more data will lead to heightened focus on transfer pricing and greater risk of controversy.
 Vietnam publishes draft transfer pricing law to combat tax avoidance
By CA Mayank Jain
Vietnam’s Ministry of Finance (MOF) in early October published a draft decree establishing uniform transfer pricing rules, including an expansive definition of “related party transactions”
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Customs and Excise   RSS Feeds
  Rate of exchange of conversion of the foreign currency with effect from 21st October, 2016
By CA Nilesh Sahu
In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Central Board of Excise and Customs No.124/2016-CUSTOMS (N.T.)
 Rate of exchange of conversion of the foreign currency with effect from 21st October, 2016
By CA Devender Singh
In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Central Board of Excise and Customs No.124/2016-CUSTOMS (N.T.)
 Seeks to amend Notification No. 27/2014-Central Excise
By CA Rashmi Sharma
In exercise of the powers conferred by rule 3 of the Central Excise Rules, 2002, the Central Board of Excise and Customs
 Government doubles limit of excise duty evasion for arrest and prosecution
By CA Devender Singh
The government has doubled the limit of excise duty evasion for arrest and prosecution of accused to Rs 2 crore and also asked officials not to resort to penal provision in cases of technical nature.
 Excise duty evasion limit to warrant arrest revised to Rs 2 crore
By CA S K Verma
The Central Board of Excise and Customs (CBEC) has asked officials not to resort to a penal provision in cases where the additional demand of duty/tax is based on a difference of opinion regarding interpretation of law, in cases of excise duty evasion.
 Guidelines for launching of prosecution in relation to offences punishable under the Customs Act, 1962
By CA S K Verma
Kind reference is invited to prosecution guidelines issued vide Board's Circular No. 27/2015-Customs dated 23.10.2015 on the above mentioned subject.
 GST notification triggers uncertainty over excise duty
By CA Andrew F Thomas
If you bought a car or any other goods over the weekend, you could legally expect a refund of the component that went to pay the excise duty on it,
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Mergers and Acquisitions   RSS Feeds
 The Deal Economy Conference Reveals Upbeat Forecast for Mergers & Acquisitions in 2017
By CA Manu T George
Participants at The Deal Economy event, an annual predictive conference on mergers and acquisitions hosted
 Mergers and acquisitions almost halve over three months following Brexit vote
By CA Rashmi Sharma
The Office for National Statistics (ONS) said there were 140 successful £1 million or more deals worth £34 billion in the third quarter, against 278 worth £33.1 billion in the previous three months.
 Mergers & acquisitions: a lesson in cyber-security complacency and reputational ruin
By CA Andrew F Thomas
Complacency is the arch-enemy of cyber-security. While no amount of investment can guarantee 100 percent protection from cyber-attacks, organisations that are consistently vigilant and understand that the devil is in the detail will always be ahead in the safety stakes. This is especially the case over the course of a merger or acquisition.
 Notable Mergers and Acquisitions 12/5: (CNSL)/(FRP) (CX) (FDML)
By CA Nilesh Sahu
Liberty Mutual Insurance announced today it has signed a definitive agreement to acquire Ironshore Inc., a premier global specialty lines company, from Fosun International Limited.
 What is Triggering the Wave of Mergers & Acquisitions in the Indian Internet Space?
By CA S K Verma
The Indian Internet story in India which is just over a decade old has unfolded itself beyond anyone’s imagination.
 Oil and gas mergers and acquisitions are finally making a comeback
By CA Ojas Aggarwal
Oil and gas players are finally inking new mergers and acquisitions, after nearly two years of moribund deal activity.
  Mergers: Commission approves acquisition of St Jude Medical by Abbott Laboratories, subject to conditions
By CA Nilesh Sahu
The European Commission has approved under the EU Merger Regulation the proposed acquisition of St Jude Medical by Abbott Laboratories, both US based companies that develop and market medical devices. The approval is conditional on Abbott divesting two devices used in cardiovascular treatments.
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Indirect Tax   RSS Feeds
 Indirect tax collections rise by 23.1 per cent in November
By CA Manu T George
Indirect tax collections have posted a robust growth in November from a year ago, data released by the government showed on Friday, suggesting that demonetisation may have had only marginal impact so far.
 Government waives service tax charged while making payments through credit card, debit card, charge card or any other payment card; waiver limited to payments up to Rs. 2,000 in a single transaction
By CA Rashmi Sharma
Government waives service tax charged while making payments through credit card, debit card, charge card or any other payment card; waiver limited to payments up to Rs. 2,000 in a single transaction
 Clarification Regarding Filing of Offline Challans with IEPF Authority under Companies Act
By CA Manu T George
In accordance With Investor Education & Protection Fund (Accounting, Audit. Transfer. and Refund) Rules. 2016. notified on 05.09.2016,
 Cash deposits in Jan Dhan accounts drop after govt warning: income tax dept
By CA Atul Gupta
The income tax department said on Wednesday that there has been a considerable reduction in inflows into the Jan Dhan or no frill accounts after the government warned bank account holders to not allow misuse of their accounts.
 Indirect tax receipts to see small, brief hit’
By CA Atul Gupta
The Centre expects indirect tax receipts will take a slight hit in the wake of demonetisation, though it may take a month or two to make a more accurate estimate of the impact the move will have on direct and indirect tax collections, a senior Finance Ministry official said.
 There is no tax on interest income of up to Rs3 lakh a year for senior citizens
By CA Devender Singh
My mother is 75 years old and earns about Rs30,000 a month from her savings accounts and fixed deposits? Does she have to file an income tax return? This is her only income. The bank cuts TDS (tax deducted at source) when giving the interest sum.
 Chidambaram favours change in direct tax rates
By CA Atul Gupta
Former Finance Minister P Chidambaram on Monday strongly favoured a downward change in the direct tax rates that came into effect in 1997, The Economic Times quoted him as saying in a series of tweets.
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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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