Six home loan tax sops you didn't know about By CA Ojas Aggarwal 2016 is looking to be one of the best years for home buyers. More tax benefits, rate cuts on loans, stagnant property prices, new launches in the 'affordable' segment with freebies and attractive payment schemes.
Govt slashes VAT to combat petrol hike By CA Andrew F Thomas Following a hike in petrol prices by oil companies on Monday night, the state government, on Tuesday, reduced the value-added tax (VAT)
Delhi reduces VAT on hybrid cars By CA Manu T George The Delhi government has reduced Value Added Tax (VAT) on hybrid cars, battery-operated vehicles and e-rickshaws from 12.5 per cent to 5 per cent, projecting it as
Display of Certificate of Registration By CA Nilesh Sahu In compliance of Rule 14(3) of Delhi Value Added Tax Rules, 2005 all the ACs/ward incharges are hereby directed to ensure, within their respective jurisdiction, that all the registered dealers,
MVAT – Recent Amendments and Automation By CA Nilesh Sahu Place: Sangli Branch of WIRC of ICAI, Anandi Vilas Appt., Block No. 9 & 10, Near Samrat Vyayam Mandal, South Shivaji Nagar, Sangli, 416416
Date: 11th May, 2016 09:30 - 13:30
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.
How India will become a common market with GST By CA Rashmi Sharma With the Centre and states finally reaching a consensus on the contours of the Goods and Services Tax (GST), India is all set to roll out the largest indirect tax reform since the introduction of the value-added tax in 2005.
Govt tapping tech to widen tax base, give quick refunds By CA Nilesh Sahu With sustained efforts by the government, the number of taxpayers in the country has risen to 5.7 crore for assessment year (AY) 2016-17 from the 5.43 crore seen last year, revenue secretary Hasmukh Adhia told FE
Supreme Court admits tax appeal against Vodafone By CA Ojas Aggarwal The Supreme Court on Friday admitted an appeal by the Income Tax Department against a Bombay High Court order rejecting its demand to raise tax on Vodafone for a Rs 8,500-crore deal with Hutchison.
The Companies (Auditor S Report) Order, 2016 By CA Nilesh Sahu The Ministry of Corporate Affairs vide Notification No. S.O. 1228(E), dated 29.03.2016 made ‘The Companies (Auditor’s Report) Order, 2016’ (‘Order’ for short) in supersession of the Companies (Auditor’s Report) Order, 2015.
Decision to amend Income Tax law retrospectively regrettable By CA Andrew F Thomas The then Finance Minister Pranab Mukherjee’s decision to amend the Income Tax Act with retrospective effect to negate a Supreme Court verdict was regrettable, former Planning Commission deputy chairman Montek Singh Ahluwalia said today.
Times guide to corporate tax By CA Devender Singh New manufacturing companies incorporated on or after March 1, 2016 have been provided an option either to adopt a reduced corporate tax of 27.55%
Gear up for changes in tax laws, treaties By CA Rashmi Sharma The international community led by the G20 had initiated the Base Erosion and Profit Shifting (BEPS) project a few years ago with the aim of ensuring that profits are taxed where economic activities are performed and where value is created. Governments,
Admit Cards for May 2016 Examination By CA S K Verma Admit cards in respect of candidates admitted to the Intermediate (IPC) and Final May 2016 examination, with their photographs and signatures on them, are hosted onwww.icai.nic.in.
ICAI to scrap CPT route for studying CA By CA Manu T George Institute of Chartered Accountants of India (ICAI) would abolish common proficiency test (CPT) examination for CA aspirants and reinstate the Foundation course instead from November this year.
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
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
Zone-shifting of candidates for 19th June - 2016 CPT By CA Devender Singh Due to paucity of accommodation in certain Zones opted by the candidates in the city of Chennai and Hyderabad some of the candidates have been allotted examinations centres in the zone other than the zone opted by them.
New / Revised Standards on Auditing By CA Ojas Aggarwal The Ministry of Corporate Affairs is receiving references from professionals/companies seeking clarification on the forms/process to be followed for alteration in the Memorandum of Association of Section 8 Companies.
Adobe Systems Inc vs. ADIT (Delhi High Court) By CA Ojas Aggarwal Entire law on what constitutes a Permanent Establishment (PE) in India in terms of Article 5(1), 5(2)(l) or Article 5(5) of the Indo-USA DTAA explained. If the alleged PE has been assessed on ALP basis in terms of Article 7, no income has escaped escapement so as to justify issue of s. 148 notice
P.G. & W. Sawoo Pvt. Ltd vs. ACIT (Supreme Court) By CA Mayank Jain S. 5/ 147: Even if income by way of rent is enhanced with retrospective effect, it accrues only when a right to receive the income is vested in the assessee. A notice u/s 148 seeking to assessee the income prior to its accrual is without jurisdiction
CIT vs. Amitabh Bachchan (Supreme Court) By CA Manu T George S. 263: Even if AO applies mind and decides not to assess expenditure as unexplained u/s 69C because the assessee withdrew the claim for deduction, the CIT is entitled to revise the assessment on the ground that the matter needed further investigation
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:
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.
The Global Outlook and India : RBI Governor By CA S K Verma Delivering the Mahtab Memorial Lecture at Bhubaneswar on May 21, 2016, Dr. Raghuram Rajan, Governor, Reserve Bank of India emphasised that even though policies in the rest of the world could enhance uncertainty
Budget moves to reduce tax litigation By CA S K Verma The tremendous backlog of pending direct tax litigation has been a bane for the government and taxpayers alike—the locking-up of precious tax revenue for the government and unrelenting uncertainty on the tax front for the taxpayers.
This Budget is not business as usual By CA Atul Gupta Is it possible to be popular without being populist? This Budget, which has sought to combine the virtues of macroeconomic stability with growth, is a good example.
Expectations high on size of TS Budget expenditure By CA Manu T George With the Chief Minister K Chandrasekhar Rao’s firm directive that the Budget for 2016-17 should be realistic and to be tuned to the resources and requirements of the State, there is high anticipation about the size of the total expenditure.
Budget 2016 brings lawyers under service tax net By CA Ojas Aggarwal The Budget has withdrawn tax exemptions given to lawyers and proposed a 14% tax on the services of a senior advocate to an advocate or partnership firm, and a person represented on an arbitral tribunal to an arbitral tribunal.
GST will smooth the way for e-commerce companies By CA Manu T George Implementation of GST will help resolve various issues concerning taxation and logistics with regard to e-commerce business, which has been recording rapid growth in the country, says a study.
Income-tax (8th Amendment) Rules, 2016 By CA Andrew F Thomas In Exercise of the powers conferred by section 295 of the Income-tax Act,
1961 (43 of 1961), the Central Government hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-
8 held for hacking into Sales Tax dept system to commit fraud By CA Nilesh Sahu Ahmedabad, Mar 28 (PTI) Police have arrested eight men including four government employees for allegedly hacking into the Sales Tax departments computer system to activate Taxpayer Identification Numbers of 14 defunct companies so as to fraudulently withdraw Rs 11 crore in tax credit.
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
New Opening Chartered Accountant/executives By CA Mayank Jain Salary:INR 2,50,000 - 6,00,000 P.A, Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:Any Postgraduate - Any Specialization, M.Com - Commerce
New Opening Chartered Accountant/executives By CA Manu T George Salary:INR 2,50,000 - 6,00,000 P.A, Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:Any Postgraduate - Any Specialization, M.Com - Commerce
Gujarat among top 5 in growth By CA S K Verma In terms of direct tax collections, Gujarat has recorded the fifth highest growth among states across the country in financial year 2014-15 over the previous year.
How the presumptive tax scheme helps you By CA Nilesh Sahu The Finance Act, 2016 includes various amendments that aim at helping professionals and small businesses. One of them is about presumptive taxation,
SC agrees to hear transfer pricing case against Vodafone x By CA Nilesh Sahu The Supreme Court on Friday agreed to hear the taxman's plea against Vodafone India in a transfer pricing case. The Income Tax Department had earlier challenged the Bombay High Court order which granted relief to the telecom giant.
Pressing need to tackle transfer pricing By CA Mayank Jain Findings, however, must be based on evidence and arguments and made in a proper and consistent manner to ensure a fair business environment between State agencies and enterprises.
Transfer pricing rules with wider ambit soon By CA Nilesh Sahu The government might change transfer pricing provisions in Budget 2016-17 to ensure companies with overseas presence and consolidated revenue of more than Rs 5,000 crore comply with extensive data reporting and documentation.
Vodafone wins transfer pricing tax dispute case By CA Devender Singh In a major relief to British telecom major Vodafone in the transfer pricing case, the Bombay High Court on Thursday ruled in its favour, setting aside a tax demand of Rs. 3,700 crore imposed on Vodafone India by the income tax authorities. This is likely to benefit multinational companies such as IBM, Royal Dutch Shell and Nokia that face similar tax demands.
Special Warehouse Licensing Regulations, 2016 By CA Rashmi Sharma In exercise of the powers conferred by section 157 read with section 58A of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby makes the following regulations, namely:-
Harnessing The Power Of Culture In Mergers And Acquisitions By CA Manu T George There has certainly not been a shortage of merger and acquisition activity in the US over the last couple of years. Organizations continue to find growth strategies that keep them competitive in the rapidly evolving business landscape through M&A activity.
Indian Companies' M&A Value Jumps 63% In March Quarter: Report By CA S K Verma Total value of mergers and acquisitions (M&As) involving Indian companies surged nearly 63 per cent to $7.8 billion in the first three months of 2016, primarily spurred by big-ticket disinvestment transactions, according to a report by EY.
Missing tax reforms; sharp hike in cases stuck in appeals process By CA Rashmi Sharma Though the government has announced a slew of measures to make India’s tax system less taxing—quicker tax refunds are often cited as an instance of this happening—the finance ministry’s FY16 annual report makes it clear that this is far from happening.
Here are the various facets of Mauritius tax treaty By CA Mayank Jain After years of effort, India has managed to renegotiate its tax treaty with Mauritius , marking a bold step by the government to firmly shut the door on a pact that may have cost the country much by way of revenue.
Closing the tax bolthole By CA Devender Singh More than three decades and several billions of dollars of lost revenue after India entered into a bilateral Double Taxation Avoidance Agreement with Mauritius,
Indirect tax Digest – May 9, 2016 By CA Nilesh Sahu If the services provided outside India and the consideration is actually received in the convertible foreign exchange, benefit of export of services cannot be denied even if the contract contains the amount of consideration in Indian currency.
The indirect benefits transfer By CA Rashmi Sharma We now have a peculiar combination in the economic policy of India: a declared attempt at fiscal consolidation, combined with a reluctance to do what it takes to raise tax revenues.