latest updates Central Board of Direct Taxes By CA Nilesh Sahu The CBDT is a part of Department of Revenue in the Ministry of Finance. On one hand, CBDT provides essential inputs for policy and planning of direct taxes in India,at the same time it is also responsible for administration of direct tax laws through the Income Tax Department.
ICAI Invites Suggestions for Pre-Budget Memorandum-2014. By CA Devender Singh The Direct Taxes Committee, Indirect Taxes Committee & Committee on International Taxation of ICAI are in the process of identifying issues for inclusion in the Pre-Budget Memoranda- 2014 to be submitted to the Ministry of Finance.Suggestions are invited on laws relating to Direct Taxes (including International Taxation) and Indirect Taxes for the same.
Nine reasons for getting a tax notice By CA Manu T George The Income Tax Department has launched a drive to ensure greater tax compliance. In recent months, thousands of taxpayers have been served notices after discrepancies were noted in their tax returns or their TDS details.
President's Message - December 2013 By CA S K Verma We have come quite close to end of the year 2013. And, I must admit we have really come a very long way from our formative years. Look at the way we have progressed and grown in our country as well as in the world. We are the second largest accounting body of the world.
Revised Draft Bank Branch Auditors' Panel for the year 2013-14. By CA Andrew F Thomas In the end, we may inform that the draft panel will be removed from the website on 29th November, 2013 upto 3 PM. Therefore, you are requested to please log your complaint on or before the said date (no extension possible under any circumstances)
Govt decision to slash VAT boosts air links with city By CA Rashmi Sharma Two days after the state cabinet slashed the Value Added Tax (VAT) on Air Turbine Fuel (ATF) from 20 per cent to five per cent, requests have poured in from both international and domestic carriers to operate from the Biju Patnaik International Airport.
VAT reality for your new flat By CA Andrew F Thomas The Supreme Court, in the case of Larsen & Toubro, recently upheld the constitutional validity of VAT levied by State governments on the sale of under-construction flats.
HC turns down PIL for VAT abolition on CNG By CA Ojas Aggarwal Gujarat high court on Thursday rejected a public interest litigation that demanded abolition of Value Added Tax (VAT) imposed on CNG by the state government.
Column: States back to pre-VAT chaos By CA Manu T George While continuing to block the introduction of GST, the states are making changes to the Value Added Tax (VAT) laws which are a blow to the economy.
Take a leaf from VAT to get GST going By CA Devender Singh Even as the implementation of the Goods and Services Tax (GST) looks like it's going to flounder yet again, largely on concerns raised by states about potential loss of revenues,
No reduction in VAT on gas in Gujarat By CA Ojas Aggarwal Even as CNG & domestic PNG prices in the state are set to come down from December onwards, the government has ruled out any reduction in Value Added Taxes (VAT) on gas sales.
Sensex gains 161 points on good buying By CA Atul Gupta The BSE Sensex on Monday continued to gain on the back of short covering amid volatility with buying in frontline shares of oil & gas, health care, realty, consumer durable and teck counters in late morning trade.
Markets may not gain sharply despite friendly Budget 2013 By CA Manu T George Ever since returning as the Finance Minister, P Chidambaram has been instrumental in introducing a slew of reform measures to perk up a sluggish economy. A fiscally prudent and balanced budget is what the markets are expecting from the Finance Minister.
Markets end session on a firm note By CA Manu T George The markets trimmed gains but continued to witness positive trades in afternoon deals, buoyed by index heavy-weight RIL, Consumer Durables, Capital Goods and Metal shares. The BSE Sensex is at 17,604, up 126 points and the Nifty at 5,358, up 40 points.
Asian markets rally, small savings rates hiked and more By CA S K Verma Asian markets rose on Tuesday as they reversed a two-day losing streak. The MSCI Asia Pacific index and the Japanese Nikkei index rose 1 per cent each as weak Asian currencies benefit export oriented Asian economies.
Deputy Commissioner Customs, two others arrested by CBI By CA S K Verma A Deputy Commissioner in the Customs Department has been arrested by the Central Bureau of Investigation along with the owner and the promoter of two Delhi-based companies for allegedly receiving a bribe of Rs.5 lakh to clear a shipment of seized tyres.
Fixed maturity plans offer tax advantage over fixed deposits By CA Manu T George Bank fixed deposits (FDs) are one of the most popular in vestment vehicles in India. One of the prime reasons for this popularity is that FDs give guaranteed returns. If you keep Rs 10,000 in a bank FD for one year at 10% rate of interest, at the end of the year you will almost definitely get Rs 11,000 from the bank.
Vodafone, finance ministry agree on tax settlement talks By CA S K Verma After months of debate, the finance ministry and the British telecom giant Vodafone have agreed to sit across the table for talks on a possible settlement of the Rs 20,000 crore tax dispute after the government formally communicated that any conciliation will not be legally binding on the telecom company.
Overlaps confound corporate India By CA Devender Singh India is waking up to the implications of the new company law. As sections get notified in tranches and the rules are put out for public comments, several areas of overlap with other laws and regulations are emerging, which need to be sorted out, say legal experts.
Metro & Metro vs. ACIT (ITAT Agra) By CA Andrew F Thomas Law on taxation of fees for technical services u/s 9(1)(vii) & Article 12 and disallowance u/s 40(a)(i) for failure to deduct TDS explained
Shome against retro amendment of tax laws to raise revenue By CA S K Verma Amid the long-pending dispute between Vodafone and tax authorities, the Finance Minister’s advisor Parthasarathi Shome on Monday said the government should not go in for retrospective amendment of tax laws to raise revenue.
Government faces yet another blow to retrospective tax laws By CA Nilesh Sahu At a time when the government has made little progress over the settlement of its multi-billion dollar tax dispute with British telecom giant Vodafone and uncertainty persists over the taxation of cross-border deals, it has been stung with yet another challenge to its controversial retrospective tax laws announced in Budget 2012.
Students can no longer study commerce and CA together By CA Atul Gupta With the four-year degree course, students can no longer study chartered accountancy and a baccalaureate of commerce together. This will come as a setback to those students who were planning to pursue both these qualifications simultaneously.
CA students win Chennai round of TATA quiz By CA S K Verma Two students from the Institute of Chartered Accountants of India (ICAI), Chennai walked away with the first prize, at the regional round of the Tata Crucible Campus quiz 2013, held here on Sunday. Bhargav K and Francis Anto will compete with winners from seven other cities in the North Zone finals of the quiz.
CA results: Ahmedabad rocks, 10 students figure in top 50 By CA Devender Singh As the Institute of Chartered Accountants of India (ICAI) announced results of the final Chartered Accountants (CA) on Monday, 10 students from Ahmedabad found themselves among the top 50 in the country. It means that 20% of the toppers in CA final exam belong to apnu Amdavad!
More youths should take up chartered accountancy’ By CA Rashmi Sharma More young people should take up chartered accountancy for study as it is inexpensive and offers good job opportunities, Vijay Kapur, Director, Board of Studies, Institute of Chartered Accountants of India (ICAI), has said.
CA final result out, 3 from Ahmedabad in top 50 By CA Nilesh Sahu City girl Roshni Khanwani ranked 18th in the country in the chartered accountancy (CA) final examination. Three students from the city ranked in the top 50. Kunal Bindra secured 23th rank while Archit Singhla ranked 29th.
E-sampark centres not taking downloaded property tax forms By CA Mayank Jain Residents who went to e-sampark centre in some sectors for submitting property tax on residential property had to face problems with forms downloaded from the internet not being accepted. Instead the residents were asked to take forms from the sampark centres and fill these up
Vodafone India Services Pvt. Ltd (No. 2) vs. UOI (Bombay High Court) By CA Mayank Jain Transfer Pricing: Existence of income is a jurisdictional requirement for the applicability of T. P. provisions. AO must deal with it after giving personal hearing before making reference to TPO. The dept should not treat the assessee as an adversary who has to be taxed, no matter what
Govt to explore strict 'water auditing' mechanism for industries By CA Andrew F Thomas Amid growing decline of per capita annual availability of water in India, different central ministries have resolved to chalk out a joint strategy to ensure efficient use of water and work for devising a mechanism of "water auditing" for various users including industries and municipal bodies across the country.
India can consider Shared Auditing System By CA Andrew F Thomas As government is contemplating to more accountability on auditors, shared auditing can be the answer to many problems as the audit firms will be compelled to keep check on books which will lead to greater transparency.
‘Our objectivity critical to media audit' By CA Devender Singh Audit and advisory company Spatial Access Media Solutions recently launched a new logo and restructured its services under three SBUs (strategic business units).
HC wants all audit records on NRHM funds By CA Rashmi Sharma The Lucknow bench of the Allahabad High Court on Thursday summoned all audit reports pertaining to utilisation of NRHM funds in UP, prepared by the state and central teams.
RBI-Auction of Government of India Dated Securities By CA Nilesh Sahu Government of India have offered to sell (Re-issue) (a)“8.12 percent Government Stock 2020” for a notified amount of `3,000 crore (nominal) through a price based auction using uniform price method vide Notification No.4(2)
RBI - Participation of NBFCs in Insurance sector By CA Devender Singh Please refer to the circular DNBS.(PD).CC.No.13/02.01/99-2000 dated June 30, 2000 which contains the Guidelines for entry of NBFCs into Insurance Business issued on June 09, 2000
Rail fare rise will only help achieve budget targets By CA Andrew F Thomas The rise in rates across passenger and freight segments will not give any major boost to railway finances. With losses from the passenger segment expected to be around Rs 26,000 crore a year, the introduction of a fuel adjustment component in fares here will merely add Rs 450 crore.
Information panel gave wrong data for budget speech in Bengal By CA S K Verma In a major embarrassment for the Mamata Banerjee government, the West Bengal Information Commission (WBIC) has admitted to handing over wrong information that was meant for finance minister Amit Mitra's budget speech in the assembly this year.
Make your financial budget more effective By CA Atul Gupta Swelled budget is as bad as an excess fat in your body. Excess fat can be burned by exercise while swelled budget can be taken care of by discipline. Budget deficits are not the problem of Indian government alone. In the modern day life, individuals face similar problems.
New Cos Act to bring clarity on tax-free salary By CA Rashmi Sharma Tax equalisation and payment of tax-free remuneration is a common feature in secondment of expatriates globally. In India, it is almost settled that employee’s obligation to pay tax when discharged by the employer constitutes a perquisite for the employee.
India’s corporate tax rates among highest By CA Rashmi Sharma Tax rates for companies in India are among the highest in the world and the number of payments is also more than the global average, putting the country at a low 158th rank on the ‘Paying Taxes 2014’ list.
Changing jobs? File your I-T return with due care By CA Manu T George Job hopping has become the new norm these days. If you are also planning to change your job for better career prospects, you may better do so. But while doing so, apart from other things related to your career, you also need to keep in mind the tax implications coming along with it, particularly if you have changed or are planning to change your job during a particular financial year.
Some breakthrough, some impasse likely at Shillong GST meet By CA Rashmi Sharma The contentious issues in the way of the Constitution Amendment Bill for the proposed Goods and Services Tax (GST) are not likely to be fully resolved at a two-day meeting of the Empowered Committee (EC) of state finance ministers here, beginning on Monday.
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
Taloja trader booked for evading 49L sales tax By CA Mayank Jain The sales tax department, while verifying the documents of a company, found it to be fake and lodged a cheating and forgery case at Taloja police station against the trader, who has identified himself as Zakeria Hussainmia Patel.
148 Opening Chartered Accountant,Finance By CA Manu T George Salary:INR 1,50,000 - 5,50,000 P.A Functional Area: Accounts, Finance, Tax, Company Secretary, Audit Education: UG - Any Graduate - Any Specialization, Graduation Not Required PG - Any Postgraduate - Any Specialization,
280 Opening Finance Executive/manager By CA Ojas Aggarwal Salary:INR 2,25,000 - 7,25,000 P.A Functional Area: Accounts, Finance, Tax, Company Secretary, Audit Education: UG - B.A - Any Specialization, B.Arch - Architecture, B.B.A - Management, B.Ed - Education, Recruiter Name:Aditya Singhania
80 Opening Finance & Accounts Manager By CA Atul Gupta Salary:INR 2,25,000 - 7,25,000 P.A Functional Area: Accounts, Finance, Tax, Company Secretary, Audit Education: UG - B.A - Any Specialization, B.Arch - Architecture, B.B.A - Management, B.Ed - Education, B.Pharma - Pharmacy, BCA - Computers, BDS - Dentistry,
50 Opening Billing Executive / Accounts Executive By CA Ojas Aggarwal Salary:INR 50,000 - 1,50,000 P.A Functional Area: Accounts, Finance, Tax, Company Secretary, Audit Education: UG - B.Com - Commerce, B.Sc - Any Specialization, B.A - Any Specialization, B.B.A - Management
14 Opening Financial Analyst Walk in Interview By CA Atul Gupta Salary:INR 1,50,000 - 5,00,000 P.A Functional Area: Accounts, Finance, Tax, Company Secretary, Audit Education: UG - Any Graduate - Any Specialization PG - MBA/PGDM - Finance, M.Com - Commerce
New HRA exemption rule: How it will affect you By CA Manu T George The Central Board of Direct Taxes has now made it mandatory for employees to submit PAN of the landlord to the employer if the annual rent exceeds Rs. 1,00,000 per annum and such an employee is claiming House rent exemption (HRA) under section 10 (13A) of Income Tax Act.
Ensure your house owner will furnish a PAN By CA Devender Singh Software developer Ashu Chawla pays Rs 30,000 towards, but has been able to claim house rent allowance (HRA) exemptions only half the amount of Rs 15,000. Chawla,
Invest in tax-free bonds for capital appreciation By CA Mayank Jain Many savvy investors have started investing in tax-free bonds since September to earn tax-free interest income as well as make a capital appreciation on these bonds, as the interest rates go down in the next few months.
DELHI TAX COMPLIANCE ACHIEVEMENT SCHEME, 2013 HIGHLIGHTS & FAQs By CA S K Verma Where assessment order has NOT been issued, the declarant (including trader,
manufacturer, contractor, builder, leasing company, etc.) shall pay only declared tax (for the period up to 31.03.2013); and get immunity from interest, penalty and prosecution.
Competition act to cover forced bank mergers: MCA By CA Ojas Aggarwal The corporate affairs ministry has turned down the Reserve Bank of India's request for a blanket exemption from the Competition Act for forced mergers of distressed banks initiated by RBI.
Easier norms likely for telecom Mergers and acquisitions By CA Mayank Jain In a bid to spur consolidation in the domestic telecom market, the department of telecommunications (DoT) appears set to allow a market share of up to 50% in case of merger and acquisitions, raising the bar from 35% proposed earlier.
Treat mergers, amalgamations practically By CA S K Verma The earlier article in this section had discussed the practical issues involved with the transfer of Cenvat credit, in case of a merger or sale of a business. This article extends the discussion to the practical issues involved with respect to the transfer of business under the scheme of merger, amalgamation or demerger under different state value-added tax (VAT) laws.
Income Tax department reveals top 10 assessees in all catagories By CA Atul Gupta Directors of Kamal Sponge Steel and Power Kamaljeet Singh Ahluwalia and Prashant Ahluwalia, both facing CBI probe in coal scam, are in the list of top 10 Income Tax assessees in the ‘Individual’ category for 2011-12, according to an RTI reply.
Put your money in right schemes to save on tax By CA Nilesh Sahu nvestors are wary of investing in tax-saving mutual funds (equity-linked savings schemes or ELSS in mutual fund parlance) this tax-planning season, say financial advisors.
Parliament heads for gridlock as consent on financial reform bills unlikely By CA Rashmi Sharma The government is entering a distinctly familiar situation: a paralysing parliamentary stand-off with the opposition over a new set of issues that include a leaked JPC report that absolves Prime Minister Manmohan Singh and Finance Minister P Chidambaram of any wrongdoing in controversial
NBA players take high-stakes fight to court By CA Ojas Aggarwal The NBA lockout now shifts to the American courts after the players union decided on Monday it was time to "push back" and reject the latest offer from the owners.