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News Headlines   RSS Feeds
 5 things you should not forget while filing income tax return
By CA Nilesh Sahu
Filing income tax return may be a hard task for first-timers as there are a number of documents and forms involved. Often, first-time filers end up making mistakes that attract notices from the income tax department.
 10 Easy Steps to File ITR 1 Online
By CA Devender Singh
The tax filing season has started. The new income tax return (ITR) forms have been notified.
 How to e-verify income tax return?
By CA Mayank Jain
It may be noted that there is a system in place which now allows you to verify ITR by an EVC or electronic verification code. What this essentially means is a customer will no longer have to break his/her back over verifying return
 What to do when you receive a notice from the tax department
By CA Manu T George
Most of us manage to get through our days without ever having to deal with the Income-Tax Department. Sometimes the small business that you are running may not be that lucky. So what do you do when the long arm of the tax department reaches out and hands you a notice?
 How to use your Form 16
By CA Mayank Jain
Form 16 helps an assessee identify various income heads at the time of filing income tax returns, or ITR, and avail of deductions for tax saving
 Which ITR form applies to you for financial year 2017-18?
By CA Nilesh Sahu
The income tax authorities notified the new tax return forms applicable for the financial year 2017-18 in April (online utility tools for a couple of forms have been published).
 Income tax returns filing form-2 released; should you use it? Find out
By CA Devender Singh
The Income Tax Department has just released another income tax returns filing form for the assessment year (AY) 2018-19. The new form ITR-2,
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Continuing Prof. Edu.   RSS Feeds
 Changes in ITR , Taxation of Gifts, Share Transfer, Immovable properties and strike off companies etc.
By CA Rashmi Sharma
Place: Shivaji Marg CPE Study Circle of NIRC Date: 26-05-2018 – To: 26-05-2018 CPE.Hrs.: 4
 Income Tax Forms & Statement of Financial Transactions and Income Computation & Disclosure Standards (ICDS)
By CA Andrew F Thomas
Place: Shastri Nagar CPE Study Circle of NIRC of ICAI Date: 26-05-2018 – To: 26-05-2018 CPE.Hrs.: 6
 E-way Bill & Companies Amendment Act, 2017
By CA Manu T George
Place: Vikas Marg C.A. Study Circle of NIRC Date: 24-05-2018 – To: 24-05-2018 CPE.Hrs.: 4
 Exploring New Professional Avenues & Changes in New ITR Forms for AY 2018-19
By CA Rashmi Sharma
Place: PANIPAT BRANCH OF NIRC Date: 24-05-2018 – To: 24-05-2018 CPE.Hrs.: 4
 CPE Events 21th May - 26th May 2018
By CA S K Verma
CPE Events 21th May - 26th May 2018
 Seminar on GST and Practice
By CA Manu T George
Place: District Centre Janakpuri CPE Study Circle of NIRC Date: 18-05-2018 – To: 18-05-2018 CPE.Hrs.: 4
 ITR Forms and latest Development in Direct Taxes. and GST Audit.
By CA Rashmi Sharma
Place: Laxmi Nagar CPE Study Circle of NIRC Date: 20-05-2018 – To: 20-05-2018 CPE.Hrs.: 5
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GST - Goods and Services Tax   RSS Feeds
 Notice inviting tender for Appointment of Chartered Accountant Firm as Internal Auditors for undertaking comprehensive Internal Audit for the Year 2018-19
By CA S K Verma
Housing & Urban Development Corporation Limited (HUDCO) is a fully owned Government of India Enterprise under the administrative control of Ministry of Housing & Urban Affairs
 Integrated Goods and Services Tax (IGST) Rules, 2017
By CA Ojas Aggarwal
Short title and commencement.-(1) These rules may be called the Integrated Goods and Services Tax Rules, 2017.
 Tax department sends notices to GST non-filers
By CA Devender Singh
After months of large scale non-compliance in filing of the summary return (GSTR-3B) by taxpayers under Goods and Services Tax (GST), the tax department has started sending reminder notices to such assessees.
 Government extends deadline for filing April GSTR-3B by 2 days till May 22
By CA S K Verma
The government has extended the due date for filing GST summary sales returns for April by two days till May 22.
  GIST Of Recent Pronouncements On GST
By CA Manu T George
Goods and Services Tax (GST), introduced from July 1, 2017 is more than ten months old now but has resulted in operational and implementation disruptions affecting all stakeholders.
  GIST Of Recent Pronouncements On GST
By CA Rashmi Sharma
Goods and Services Tax (GST), introduced from July 1, 2017 is more than ten months old now but has resulted in operational and implementation disruptions affecting all stakeholders.
 5 possible moves expected from today's big GST meeting
By CA Andrew F Thomas
The Goods and Services Tax (GST) Council will meet today to consider making several important changes in the tax. Since the new tax was imposed on July 1 last year,
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Markets   RSS Feeds
 FM calms nerves, says no plan to tax market gains
By CA S K Verma
In a bid to calm frayed nerves of stock market players, Finance Minister Arun Jaitley on Sunday clarified the government has no intention to impose a tax on long-term capital gains from trading in shares.
 Why we must tweak the market-led model
By CA Ojas Aggarwal
ACCORDING to the latest report by the New World Wealth, after Russia, India is the second most unequal nation in the world as 54 per cent of its wealth is in the hands of millionaires.
 PE transactions prompt income tax queries over round tripping concerns
By CA Atul Gupta
Domestic companies raising private equity funding in the near term are likely to face increased scrutiny from tax sleuths looking for instances of round tripping.
 Amended India-Mauritius tax treaty only covers investments in shares
By CA Andrew F Thomas
The revamped India-Mauritius tax treaty will apply to only investments in shares and not to other instruments, details of the agreement released by Port Louis showed.
 Government drops cap gains tax on startup shares held for 2 years
By CA Nilesh Sahu
In a fresh boost to startups, the government on Thursday inserted an amendment to the Finance Bill to provide for capital gains tax exemption if shares of an unlisted company were held for more than two years.
 Tax-free bonds regain demand in the secondary market
By CA Ojas Aggarwal
Tax-free bonds which have been languishing for more than six months due to lack of investor interest in the secondary market, are in demand again.
 Relevant Market Under Competition Act, 2002
By CA S K Verma
The object of the Competition Act, 2002 (Act for short) is to preserve and promote competition and to prevent anti competitive business practices with minimal Government intervention.
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General   RSS Feeds
 Government likely to withdraw tax notice on free banking services
By CA Mayank Jain
The tax department will likely withdraw a show-cause notice issued to several banks asking them to pay the service tax on ‘free services’ provided to customers, following the finance ministry’s intervention.
 Senior Citizens Savings Scheme Rules, 2004
By CA Andrew F Thomas
The Central Government made ‘Senior Citizens Savings Scheme Rules, 2004’, in exercise of the powers conferred on it by section 15 of the Government Savings Banks Act, 1873.
 How salaried individuals can avail full potential of I-T benefits
By CA Andrew F Thomas
The survey, conducted among 194 corporates and 1,233 employees across seven cities, found telecom reimbursement as the most popular tax benefit offered by companies, followed by fuel and LTA and gadget reimbursement.
 The Central Board of Direct Taxes unveiled new Income Tax Return forms for assessment year 2018-19 on 5 April. Although the manner of filing returns remains the same as compared to last year, certain changes have been incorporated in the new ITR forms.
By CA Atul Gupta
The Central Board of Direct Taxes unveiled new Income Tax Return forms for assessment year 2018-19 on 5 April. Although the manner of filing returns remains the same as compared to last year, certain changes have been incorporated in the new ITR forms.
 Income Tax efiling: Must-do steps to file your IT return for FY 2017-18 on time till you get Form 16
By CA Rashmi Sharma
Some of you might wonder that you haven’t received your Form 16 yet and, also, there is ample time for income tax filing for FY2017-18, then why to start getting prepared for the same at this point of time? Here are the reasons.
 What are the tax filing deadlines for financial year 2017-18?
By CA Mayank Jain
The government has changed rules on filing belated returns in two different Budgets (2017-18 and 2016-17). This assessment year (AY) onwards, taxpayers get only one year to file late returns.
 How income tax department can penalise you for under-reporting, misreporting income
By CA Ojas Aggarwal
Under-reporting income or inflating deductions/exemptions in income tax return can attract heavy penalties ranging from 50% to 200% of tax evaded, say experts. An advisory issued yesterday
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Corporate Law   RSS Feeds
 Case Laws Relating To E-Way Bill
By CA Manu T George
The implementation of e-way bill has caused more delay because of the improvements to be done in the portal system. The Central Government has announced that the e-way bill system would be applicable for the inter-State transactions with effect from 01.02.2018 and the States would implement the e-way bill system for intra-State transactions by 1st June, 2018.
  Are we maintaining documents and records as required under GST Laws?
By CA S K Verma
By this time every tax professional is aware that GST is mainly following various kinds of compliances like filing of returns, e-way bills, etc.
 Are we maintaining documents and records as required under GST Laws?
By CA Mayank Jain
By this time every tax professional is aware that GST is mainly following various kinds of compliances like filing of returns, e-way bills, etc.
 Businesses tipped on new income tax law
By CA S K Verma
The business community has been urged to study and understand the new income tax law to be able to fully-benefit from it when it is implemented.
 Will Budget Make Changes In GST Laws
By CA Mayank Jain
Union Budget 2018-19 is just a fortnight away from now and there is one school of thought which say that Budget will not contain GST proposals.
 Government firm on tax law changes, relents on tribunal postings
By CA Ojas Aggarwal
Addressing one of the major concerns of the Opposition on the Finance Bill, the government Wednesday assured Parliament that all judicial appointments in regulatory bodies or tribunals, many of which are being restructured in one go through provisions in the Finance Bill, will continue to be made in consultation with the judiciary.
 Income Tax relief on money in single parent’s account may lead to tax evasion: Law panel
By CA Rashmi Sharma
The income tax exemption on the money deposited in a single parent's account as maintenance for a minor child in a divorce settlement case could open flood gates of tax evasion, the Law Commission warned today.
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Students   RSS Feeds
 Cut-off date for conversion from earlier scheme to Revised Scheme of Education and Training -Eligibility to appear in November, 2018 examinations.
By CA Manu T George
Cut-off date for students converting from earlier scheme to Revised Scheme of Education
 Announcement for the Certificate Course on Cooperatives at Gwalior from 26th May 2018
By CA Mayank Jain
The Committee for Co-operatives and NPO Sectors of ICAI is starting its next batch for the Certificate Course on Cooperatives at Gwalior.
 Roll No. data - PQC Exam in INTT-AT, May, 2018.
By CA Andrew F Thomas
Roll No. data - PQC Exam in INTT-AT, May, 2018.
 President's Message - February 2018
By CA Rashmi Sharma
Moreover, India’s recently-liberalised FDI policy, especially regarding the participation of non-resident Indians (NRIs) as domestic investors, has made India a prime destination, among the NRIs.
  Examination Timings - CA May - 2018 Examinations
By CA Andrew F Thomas
An announcement dated 9th January 2018 informing the schedule and timings of the CA Examinations-May 2018
 ICAI wants CA course to be accorded PG status
By CA Devender Singh
The Institute of Chartered Accountants of India (ICAI) will approach the University Grants Commission to accord postgraduate degree status for Chartered Accountant (CA) qualification.
 Announcement - Reservations in CA course
By CA Mayank Jain
The Institute has come across certain messages that are being aired in social media that some persons have approached to the Court of Law seeking direction to the Institute for making provisions for reservation in the Chartered Accountancy course.
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New Forms   RSS Feeds
 Penalty on late filing of ITR and other tax changes effective from Apr 1
By CA Nilesh Sahu
Several major income tax changes will come into effect from the start of the new financial year, i.e., April 1, 2018. These include penalty on late filing of income tax returns (ITR),
 How to view, download your Form 26AS and why it is important
By CA Andrew F Thomas
Form 26AS, also known as Annual Statement, is a document that provides details of TDS, refunds associated with a PAN in a particular financial year
 E-Way Bill Mandatory From 01.02.2018
By CA Rashmi Sharma
Rule 138 of the Central Goods and Service Tax Rules, 2017 deals with the e-way bill which came into effect from 01.07.2017. But no rule has been framed at that time.
 FORM GSTR-3B v/s FORM GSTR-1
By CA Nilesh Sahu
The common errors while submitting FORM GSTR-3B and the steps needed to be taken to rectify the same in FORM GSTR-1 are provided in the table annexed herewith. The corresponding column in the table provides the steps to be followed by taxpayer to rectify such error:
 Form GSTR-3B of GST - Boon or Curse
By CA Atul Gupta
Form GSTR--3B is summary return inserted by Government vide Rule 61 of the CGST Rules,2017 in lieu of Form –GSTR-3 . It is a summary return in place of GSTR-3.
  Extension of time limit for submitting the declaration in FORM GST TRAN-1 under rule 117 of the Central Goods and Services Tax Rules, 2017
By CA Ojas Aggarwal
In exercise of the powers conferred by rule 117 of the Central Goods and Services Tax Rules, 2017 read with section 168 of the Central Goods and Services Tax Act, 2017
 Form 64E is enabled in e-Filing to furnish the statement of income distributed by a securitisation trust
By CA Atul Gupta
In exercise of the powers conferred by section 295 read with sub-section (4) of section 115TCA of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-
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ICAI   RSS Feeds
 Launch of 1st Batch of Educational Course by ICAI Registered Valuers Organsiation (ICAI RVO) at ICAI Bhawan, Sector- 62, Noida from 2nd June, 2018 to 24th June, 2018.
By CA S K Verma
The ICAI Registered Valuers Organsiation (ICAI RVO) is launching its first batch of Educational Course for taking IBBI Registered Valuers Examination for Securities or Financial assets class at Delhi from 2nd June, 2018
 Application Form for the Information Systems Audit (ISA) Assessment Test - June, 2018.
By CA Andrew F Thomas
Application Form for the Information Systems Audit (ISA) Assessment Test - June, 2018.
 Information System Audit - Assessment Test (ISA - AT), June 2018
By CA Nilesh Sahu
Members are hereby informed that the next Information Systems Audit (ISA) Course Assessment Test which is open to the members of the Institute, will be held on 23rd June, 2018
 FAQs on SA 570 (Revised), ‘Going Concern’ (Applicable for audits of financial year 2017-18)
By CA Devender Singh
The Auditing and Assurance Standards Board have received queries from the members with respect to implementation of SA 570 (Revised) for the audit of F.Y. 2017-18
  Exposure Draft of Standard on Internal Audit (SIA), Planning the Internal Audit Assignment (Comments to be received by June 15, 2018)
By CA Rashmi Sharma
The Internal Audit Standards Board (IASB) of The Institute of Chartered Accountants of India (ICAI) invites comments on proposed revision of the Standard on Internal Audit (SIA) 000 ­ Planning the Internal Audit Assignment.
 Four Weeks Residential Programme to be held from 4th June, 2018 to 1st July, 2018 at Centre of Excellence, Jaipur for Men Participants only.
By CA Andrew F Thomas
Board of Studies is pleased to announce its first batch of ICAI Four Weeks Residential Programme on Profes-sional Skills Development from 4th June, 2018
 Inputs/ Suggestions Invited on Draft Revised Syllabus for the Post Qualification Course on Information Systems Audit formulated by Digital Accounting and Assurance Board of ICAI latest by 31st May, 2018.
By CA Nilesh Sahu
Digital Accounting and Assurance Board (erstwhile Committee on Information Technology) conducts Post Qualification Course on Information Systems Audit for the Members of the ICAI.
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From the Courts   RSS Feeds
 M/s A Daga Royal Arts vs. ITO (ITAT Jaipur)
By CA Manu T George
S. 40A(3) Rule 6DD: No disallowance can be made for cash payments if the transaction is genuine and the identity of the payee is known. Rule 6DD is not exhaustive. The fact that the transaction does not fall with Rule 6DD does not mean that a disallowance has to be per force made (all judgements considered)
 Gagan Infraenergy Ltd vs. DCIT (ITAT Delhi)
By CA Rashmi Sharma
Capital gains on shares transferred via "Gift": Surprising that huge volume of shares in a public limited company is transferred
 PCIT vs. Chawla Interbild Construction Co. Pvt. Ltd (Bombay High Court)
By CA Andrew F Thomas
The fact that the parties to whom payments were made did not appear before the AO does not justify a disallowance if the assessee has discharged the initial onus and produced documentary proof. The assessee cannot compel the appearance of the parties before the AO. The onus is on the AO to carry out enquiries based on the PAN Nos to find out the genuineness of the parties
 All India Federation of Tax Practitioners vs. ITO (ITAT Mumbai)
By CA S K Verma
Rule 45 of the Income Tax Rules which mandates compulsory e-filing of appeals before the CIT(A) w.e.f. 01.04.2016 is a procedural and technical requirement. It cannot defeat the statutory right of an assessee to file an appeal. An assessee who has filed the appeal in paper format should be permitted to make good the default and to file an appeal electronically
  Suresh M. Jamkhindikar vs. ACIT (Bombay High Court)
By CA Ojas Aggarwal
Court records sincere appreciation for the proactive and sensitive manner in which the CIT has intervened to ensure that injustice caused to the party is addressed. His expression of regret for the inconvenience caused to the Petitioner for acts of his department is gracious and a very commendable and fair gesture, which is rarely noticed on the part of the Revenue. If such conduct would became the norm, the department itself would gain as the fairness in dealing with an assessee would automatically result in greater compliance of the laws by the tax payer. This secure in the belief the tax department would be fair and not treat the assessee as its enemy/adversary
  Suresh M. Jamkhindikar vs. ACIT (Bombay High Court)
By CA Mayank Jain
Court records sincere appreciation for the proactive and sensitive manner in which the CIT has intervened to ensure that injustice caused to the party is addressed.
 Mangammal @ Thulasi vs. T.B. Raju (Supreme Court)
By CA Manu T George
Hindu Succession Act, 1956 (HUF Law): U/s 29-A of the TN Amendment, only daughters of a coparcener who were not married at the time of commencement of the amendment of 1989 are is entitled to claim partition in the Hindu Joint Family Property. Married daughters are not coparceners and are not entitled to institute suit for partition and separate possession (Danamma @ Suman Surpur Vs. Amar 2018 (1) Scale 657 distinguished)
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Auditing   RSS Feeds
 Supreme Court puts the spotlight on audit firms
By CA Atul Gupta
The Supreme Court on Friday put the spotlight on the Big Four multinational accounting firms, directing that a committee be set up to tighten regulatory oversight over them.
 Auditing to be less of a burden as accountants embrace AI
By CA Nilesh Sahu
Among the more thankless tasks undertaken by junior accountants is meticulously checking off inventory at clients’ warehouses, which can involve scaling ladders with paper and pen in hand.
 CAG's report on GST will be totally paperless
By CA Devender Singh
The Comptroller and Auditor General (CAG) will come out with its first digital audit report, a complete paperless exercise, with its performance appraisal of the Goods and Services Tax, expected to come out sometime towards the end of this calendar year.
 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).
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Latest Circulars   RSS Feeds
 Results of Underwriting Auctions Conducted on May 24, 2018
By CA Atul Gupta
In the underwriting auctions conducted on May 24, 2018 for Additional Competitive Underwriting (ACU) of the undernoted Government securities,
 RBI to conduct 7-day Variable Rate Reverse Repo auction under LAF on May 24, 2018
By CA Andrew F Thomas
The Reserve Bank of India will conduct the following Variable Rate Reverse Repo auction on May 24, 2018, Thursday, as per the revised guidelines on Term Repo Auctions issued on February 13, 2014.
 Results of OMO purchase auction held on May 17, 2018 and Settlement on May 18, 2018
By CA Mayank Jain
Results of OMO purchase auction held on May 17, 2018 and Settlement on May 18, 2018
 Auction of Government of India Dated Securities May 21, 2018
By CA Nilesh Sahu
The auction for securities will be price based using multiple price method. The Reserve Bank of India at Mumbai will conduct the auctions.
 Auction for Sale (Re-issue) of Government Stock (GS) May 21, 2018
By CA Devender Singh
Subject to the limit of Rs 12000 Cr, being total notified amount, GoI will have the option to retain additional subscription up to Rs 1000 Cr each against any one
  RBI-Setting up of IFSC Banking Units (IBUs) – Permissible activities
By CA Ojas Aggarwal
In terms of para 2.3 of the circular, the parent bank will be required to provide a minimum capital of USD 20 million or equivalent in any foreign currency to start their IBU operations and the IBU should maintain the minimum prescribed regulatory capital on an on-going basis as per regulations amended from time to time.
 RBI-Basel III Framework on Liquidity Standards – Net Stable Funding Ratio (NSFR) – Final Guidelines
By CA Atul Gupta
The Net Stable Funding Ratio (NSFR) and Liquidity Coverage Ratio (LCR) are significant components of the Basel III reforms. The LCR guidelines which promote short term resilience of a bank’s liquidity profile have been issued
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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, Bangalore Benches, Bangalore List of Orders To Be Pronounced and SPS MPS Past Heard Cases Posted Before 'A' 'B'&'C' Benches on 25/05/2018
By CA Mayank Jain
Income Tax Appellate Tribunal, Bangalore Benches, Bangalore List of Orders To Be Pronounced and SPS MPS Past Heard Cases Posted Before 'A' 'B'&'C' Benches on 25/05/2018
 Income Tax Appellate Tribunal, Ahmedabad Benches, Ahmedabad Constitution For The Period From 28-05-2018 To 31-05-2018 & 04-06-2018 To 08-06-2018
By CA Manu T George
Income Tax Appellate Tribunal, Ahmedabad Benches, Ahmedabad Constitution For The Period From 28-05-2018 To 31-05-2018 & 04-06-2018 To 08-06-2018
 Income Tax Appellate Tribunal : Mumbai Consolidated of orders ready for Pronouncement On 23/05/2018
By CA Atul Gupta
Income Tax Appellate Tribunal : Mumbai Consolidated of orders ready for Pronouncement On 23/05/2018
 Income Tax Appellate Tribunal : Kolkata Benches : Kolkata Consolidated List Of Orders Ready For Pronouncement On 23/05/2018
By CA Mayank Jain
Income Tax Appellate Tribunal : Kolkata Benches : Kolkata Consolidated List Of Orders Ready For Pronouncement On 23/05/2018
 Income Tax Appellate Tribunal Pune Benches Pune Cause list for Bench "B"for the week ending 25/05/2018
By CA Ojas Aggarwal
Income Tax Appellate Tribunal Pune Benches Pune Cause list for Bench "B"for the week ending 25/05/2018
 Income Tax Appellate Tribunal Bangalore Benches Bangalore Causelist For The Week From 21/05/2018 To 24/05/2018
By CA Atul Gupta
Income Tax Appellate Tribunal Bangalore Benches Bangalore Causelist For The Week From 21/05/2018 To 24/05/2018
 Income Tax Appellate Tribunal, Hyderabad Benches, Hyderabad. Cause List Of Cases Posted Before A-Bench (Db ) 21.05.2018 To 25.05.2018
By CA Andrew F Thomas
Income Tax Appellate Tribunal, Hyderabad Benches, Hyderabad. Cause List Of Cases Posted Before A-Bench (Db ) 21.05.2018 To 25.05.2018
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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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Placements & Empanelment   RSS Feeds
 45 LPA -Opening Great Opportunity for Internal Audit with a Leading Automobile OEM
By CA S K Verma
Salary: INR 30,00,000 - 45,00,000 P.A.,Industry:Automobile / Auto Anciliary / Auto Components,PG:CA, MBA/PGDM - Finance, ICWA (CMA)
 45 LPA -Opening Great Opportunity for Internal Audit with a Leading Automobile OEM
By CA S K Verma
Salary: INR 30,00,000 - 45,00,000 P.A.,Industry:Automobile / Auto Anciliary / Auto Components,PG:CA, MBA/PGDM - Finance, ICWA (CMA)
 40 LPA-Opening Opening - Financial Expert
By CA Ojas Aggarwal
Salary: INR 30,00,000 - 40,00,000 P.A. other,Functional Area:Financial Services , Banking , Investments , Insurance,UG: B.A - Any Specialization, Economics
 25 LPA-Opening CA First Attempt or Second Attempt/ MBA Finance- Planning & Strategy
By CA Rashmi Sharma
Salary: INR 18,00,000 - 25,00,000 P.A.,Industry:Banking / Financial Services / Broking,PG:MBA/PGDM - Finance, CA
 30 LPA-Opening Financial Reporting - Sr. Manager/agm
By CA Andrew F Thomas
Salary: INR 22,50,000 - 30,00,000 P.A.,Functional Area:Financial Services , Banking , Investments , Insurance,PG:CA
  95 LPA-Opening Vice President (treasury)
By CA S K Verma
Salary: INR 35,00,000 - 95,00,000 P.A.,Functional Area:Accounts , Finance , Tax , Company Secretary , Audit,PG:CA
 35 LPA-Opening Chartered Accountant with 8-10 Years post Qualification exp
By CA Andrew F Thomas
Salary: INR 30,00,000 - 35,00,000 P.A.,Functional Area:Accounts , Finance , Tax , Company Secretary , Audit,PG:CA
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Direct Tax   RSS Feeds
  New direct tax code may have to wait until 2019
By CA Atul Gupta
The Narendra Modi-led government's plans to simplify the direct tax regime may spill over to next year, and may well have to wait until the next government is in place in 2019.
 Direct tax collection grows fastest in 7 years in FY18, courtesy GST; here’s how indirect tax reform helps
By CA Nilesh Sahu
Clocking the fastest growth in seven years, India's direct tax collection in the fiscal year 2017-18 stood at about Rs 10.03 lakh crore.
 Income Tax: Deadline for filing belated ITR of Assessment Year 17-18 is over
By CA Rashmi Sharma
Employees need to submit Form 12BB to their employer, mentioning the property owner’s name, address and the PAN.
 Income Tax department cautions TDS deductors, says file statements by May 31 or pay penalty
By CA Ojas Aggarwal
The last date to file Tax Deducted at Source (TDS) statement for the January-March quarter is May 31.
 ITR-4 launched on e-filing portal; total 3 ITRs available now
By CA Andrew F Thomas
The Income Tax Department today launched the ITR-2, the third income return form for assessment year 2018-19, on the official e-filing portal.
 CBDT directs income tax department to hold grievance redressal fortnight for taxpayers in June
By CA Nilesh Sahu
The CBDT has directed the Income Tax department to hold a special 'grievance redressal fortnight' next month to address taxpayers' disputes regarding rectification and adjustments made in tax demands.
 Income tax return form-2 in Java format released for e-filing for FY2017-18
By CA Manu T George
The Central Board of Direct Taxes (CBDT) has now released the income tax return (ITR) form 2 in java utility to be used by individuals for FY 2017-18. Till now only the paper version of this form in pdf was available which could not be used for e-filing of ITR.
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Tenders   RSS Feeds
 Institute Of Chartered Accountants Of India, New Delhi
By CA Devender Singh
The firm must have GST Registration Number and should submit the copy thereof along with audit fee bill.
 Medical And Health Services, Lucknow, Uttar Pradesh
By CA Andrew F Thomas
Expression of Interest (EOI) are invited from qualified and experienced chartered accountant/Cost Accountant firms who wish to undertake assignment of Internal Audit of UPMSC Ltd , located at Lucknow, for the Financial Year 2018-19.
 Central Board Of Excise And Customs, New Delhi, Delhi
By CA Manu T George
Central Tax Delhi North(HQ), Central Revenue Building, I.P. Estate, New Delhi is inviting tenders for e-filing of income tax returns and other work related to income tax for the financial year 2018-19 in respect of Headquarter office located at C.R. building,
 National Institute For The Empowerment Of Persons With Intellectual Disabilities (Divyangjan), Secunderabad
By CA Nilesh Sahu
Audit of the transactions of the Institute and its Regional Centres and Composite Regional Centres from 01.04.2018 in the following areas:
 Dedicated Freight Corridor Corporation Of India Limited, New Delhi
By CA Devender Singh
Cost of bid document and bid security is to be submitted in the form of crossed Demand Draft/ Banker Cheque favouring "M/s DFCCIL" payable at Delhi
  National Institute Of Mental Health And Neuro Sciences, Bangalore - Karnataka
By CA Mayank Jain
National Institute Of Mental Health And Neuro Sciences, Bangalore - Karnataka
 Madhya Pradesh Paschim Kshetra Vidvut Vitaran Company Limited, Indore, Madhya Pradesh
By CA Nilesh Sahu
Online tenders are invited for supply of following items/works. The bid seals will be received online on the e-portal
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Transfer Pricing   RSS Feeds
 Transfer pricing review and adjustments in Germany
By CA Rashmi Sharma
What rules, standards and procedures govern the tax authorities’ review of companies’ compliance with transfer pricing rules? Where does the burden of proof lie in terms of compliance?
 Indian advance pricing agreement uses customs value as arm’s length price
By CA Andrew F Thomas
India’s Central Board of Direct Taxes (CBDT) has recently entered into an advance pricing agreement (APA) where the price determined by the Indian Customs authorities was accepted as arm’s length price for import transactions for transfer pricing purposes.
 Indian advance pricing agreement uses customs value as arm’s length price
By CA Nilesh Sahu
India’s Central Board of Direct Taxes (CBDT) has recently entered into an advance pricing agreement (APA) where the price determined by the Indian Customs authorities was accepted as arm’s length price for import transactions for transfer pricing purposes.
  How advance pricing agreement helps India-Singapore business ties
By CA S K Verma
Since its very inception, the advance pricing agreement programme has been a success in India as a dispute avoidance mechanism
 Doing business in India: ‘Substance’ over ‘form’ in transfer pricing regime
By CA Ojas Aggarwal
International taxation has witnessed some major changes in recent times. Many of these changes are attributable to the base erosion and profit shifting (BEPS) project of the Organisation for Economic Co-operation and Development (OECD).
 How advance pricing agreement helps India-Singapore business ties
By CA Devender Singh
Since its very inception, the advance pricing agreement programme has been a success in India as a dispute avoidance mechanism
  CBDT to accept transfer pricing MAP sans riders
By CA Ojas Aggarwal
India's apex direct taxes body has said it will accept transfer pricing applications for mutual agreement procedure (MAP) and bilateral advance pricing agreement regardless of presence of a specific provision in the double taxation avoidance agreements (DTAAs).
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Customs and Excise   RSS Feeds
 Central Board of Excise and Customs to be renamed CBIC by April
By CA S K Verma
Rechristening of the apex indirect tax policy making body CBEC to Central Board of Indirect Taxes and Customs (CBIC) is likely to happen by April after the budgetary exercise gets Parliament nod.
 Central Board Of Excise & Customs New Delhi GST Flyers
By CA Andrew F Thomas
The Flyers compiled by NACIN and vetted by the GST Policy Wing, CBEC are based on the CGST/SGST/UTGST/IGST Act(s), the CGST Rules, 2017
 Hike in customs duty on electronics likely to boost revenue collection
By CA Ojas Aggarwal
The recent hike in customs duty on electronic goods is expected to not only discourage imports and boost domestic manufacturing, but could also benefit the Exchequer in a year of muted revenue growth.
 Customs duty raised on electronic goods
By CA Atul Gupta
The increase in customs duty will boost government’s tax collection at a time when GST collections have fallen below expectations
 Ministry Of Finance (Central Board Of Direct Taxes) Notification
By CA Mayank Jain
In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause,
 Refund of IGST paid on export of goods under rule 96 of CGST Rules,2017
By CA Devender Singh
The GST Council in its 22nd Meeting had approved a major relief package for exporters.
 Customs And Central Excise Drawback – Part II
By CA Atul Gupta
If the goods are to be exported by post under a claim for drawback the outer packing, carrying the address of the consignee shall also carry in bold letters the words DRAWBACK EXPORT.
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Mergers and Acquisitions   RSS Feeds
 How can HR help with mergers and acquisitions?
By CA Nilesh Sahu
For a leadership team looking to boost performance or ‘jump-start’ growth, acquiring or merging with another business can be an enticing option, according to Karen Gately, founder of HR consultancy Ryan Gately.
 Here are the top 10 acquisitions to have happened in India
By CA Devender Singh
Walmart’s acquisition of Flipkart is the biggest ever in India, with the US-based retail giant spending $16 billion. But this buyout isn’t the first big takeover we’ve seen in the country. Here’s a list of some of the biggest mergers and acquisitions India has seen.
 The difference between mergers and acquisitions
By CA Atul Gupta
There are three main legal structures for acquiring a business: 1) asset purchase, 2) stock purchase (or membership unit purchase in the case of a limited liability company), or 3) a merger. All three of these structures are different types of acquisitions.
 Mergers and acquisitions: Know what rights you have as employees
By CA Manu T George
Mergers and acquisitions (M&A) have increasingly become popular corporate strategies to further establish and expand the business practices of the corporate institutions. For employees, however, M&As often prove to be personally disruptive as such activities often lead to restructuring of employees, positions and perks.
 Deals of the day-Mergers and acquisitions May 8, 2018
By CA Rashmi Sharma
The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Tuesday:
 Motherson Sumi plans 3 acquisitions in 6 months
By CA Ojas Aggarwal
Samvardhana Motherson Group (SMG)’s flagship company Motherson Sumi SystemsNSE -1.45 % (MSSL) is in an advanced stage of sealing at least three more acquisitions in the next 5-6 months, two people familiar with the development said.
 How tax reform is expected to alter the mergers and acquisitions landscape
By CA Mayank Jain
Explore news and trend stories on the IT mergers and acquisitions reshaping MSPs and other IT channel companies.
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Indirect Tax   RSS Feeds
 CBDT notifies new I-T return forms
By CA Nilesh Sahu
The Central Board of Direct Taxes (CBDT) on Thursday notified income tax return (ITR) forms for assessment year 2018-19 (financial year 2017-18).
 Here are the key changes in tax rules to come into effect from today
By CA Andrew F Thomas
Finance Minister Arun Jaitley while presenting the Union Budget 2018 introduced some major changes in the tax structure which will become effective from today.
 GST revenue growth in 2018-19 to match last 10 years’ indirect tax growth, says SBI report
By CA Devender Singh
The goods and services tax collection would grow at a rate of 14 percent to 16 percent for FY18-19, SBI report said.
 Things You Should Know Before Filing Your Income Tax Returns (ITR)
By CA Devender Singh
The last day to file income tax returns for assessment years 2016-17 and 2017-18 is March 31. The Income Tax (IT) department has been issuing some warnings which tax payers should be wary of before filing their income tax returns by March 31, the last to file belated income tax returns.
 All education loans do not get income tax benefits
By CA Manu T George
While education loans from all banks can provide you the section 80E benefit, loans from NBFCs may or may not
 FM Arun Jaitley to focus on direct and indirect taxes
By CA S K Verma
The last full Union Budget to be presented by Finance Minister Arun Jaitley in the forthcoming session of Parliament beginning on Monday will be unlike his previous four such exercises because of the complete overhaul of the indirect tax regime effected by implementing the Goods and Services Tax (GST) last year.
 Income Tax For Individuals – Assessment Year 2019–20
By CA Atul Gupta
The individuals, especially the salaried people expected much from the Finance Minister in his budget for this year 2018. But the Finance Minister did not bring the income exemption limit and also the rate structure.
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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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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
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