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News Headlines   RSS Feeds
 NRIs need to file income tax return to get TDS refund
By CA S K Verma
Income from shifting from one scheme to another scheme of mutual funds is considered transfer and is subject to long term capital gains or short term capital gains depending upon the holding period.
 Filing out a tax return for the first time? Here are seven important tips
By CA Andrew F Thomas
There are many who find income tax calculation and filing to be a tough task. However, reading and learning about it can turn out to be a skill useful for a lifetime. Knowing this basic skill gives you the confidence to deal with your income and taxes. Here are a few important tips that are useful when filing income taxes, especially for first-time taxpayers.
 What is the last date to file ITR?
By CA Mayank Jain
Did you know that the last date to file income tax return (ITR) varies for different categories of taxpayers? For individuals, Hindu Undivided Families (HUF) and those taxpayers whose accounts are not required to be audited, the last date of filing ITR for the financial year (FY) 2018-19 is July 31, 2019.
 A step-by-step guide to filling salary details in your income tax return
By CA Manu T George
Salaried individuals can file income tax returns (ITR) using the forms ITR-1 or ITR-2. ITR-1 applies to individual resident taxpayers with a total income of up to Rs 50 lakhs. Whereas, ITR-2 applies to other individual taxpayers who do not have income from business or profession.
 Companies (Incorporation) Sixth Amendment Rules, 2019
By CA Ojas Aggarwal
In exercise of the powers conferred by sub-sections (1) and (2) of section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Incorporation) Rules, 2014,
 Five things you should know about Income Tax Salaried employee
By CA Mayank Jain
Income Tax Return for FY 2019-20: The deadline for filing Income Tax Return (ITR) is approaching fast. If you are a salaried employee, you would have to file the income tax return (ITR) before the deadline to avoid penalty.
 How to get tax e-refund
By CA Rashmi Sharma
The Income Tax Department issues refunds, if any, only as an e-refund to the assessee. The process of issuing refunds by way of cheques has been discontinued. To be able to receive the refund amount, the bank account of the assessee should be linked to his permanent account number (PAN) and should have been pre-validated on the income tax e-fi ling portal.
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Continuing Prof. Edu.   RSS Feeds
 GST Annual Return and GST Audit 2) Changes in ITR Forms
By CA Ojas Aggarwal
Place: South Delhi CA Study Circle of NIRC Date: 25-06-2019 – To: 25-06-2019 CPE.Hrs.: 4
 Practical modalities in GSTR-9 and 9C including GST AUDIT
By CA Atul Gupta
Place: Patiala Branch Of NIRC Date: 20-06-2019 – To: 20-06-2019 CPE.Hrs.: 6
 CPE Events 17th May -22th May 2019
By CA Nilesh Sahu
CPE Events 17th May -22th May 2019
 Seminar on CARO and GST audit-form 9C
By CA Devender Singh
Place: Netaji Subhash Place CPE Study Circle of NIRC Date: 15-06-2019 – To: 15-06-2019 CPE.Hrs.: 5
  GST Journey so far including major Amendments to GST Law
By CA S K Verma
Place: Himachal Pradesh Branch Of NIRC Date: 14-06-2019 – To: 14-06-2019 CPE.Hrs.: 6
 Seminar on Annual Return (GSTR – 9) & Annual Audit (GSTR – 9C)
By CA Atul Gupta
Place: North-Ex C.A. Study Circle of NIRC Date: 18-06-2019 – To: 18-06-2019 CPE.Hrs.: 4
 Discussion on Queries of GST Audit and Annual Return
By CA Mayank Jain
Place: North Campus Study Circle of NIRC Date: 14-06-2019 – To: 14-06-2019 CPE.Hrs.: 5
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GST - Goods and Services Tax   RSS Feeds
 Filing your very first GSTR-9? Avoid these 8 common mistakes Tax tips 2019
By CA Atul Gupta
For GSTR9 for FY18 fiscal, the deadline was extended by government to June 30, 2019 - otherwise, in normal course, last date is set for December end every year.
 How to avoid credit mismatch while filing GSTR-9
By CA Ojas Aggarwal
For credit that has already been claimed in the GSTR-3B return, as well as credit claimed in the auto-generated GSTR-2A return, it is imperative that this matches with the books of accounts, and the GSTR-9 return.
 Extend GST annual return deadline
By CA Manu T George
Tax practitioners from Gujarat have written to central and state governments that it is not possible to file GSTR-9, the annual return of GST within the set deadline of June 30 and so the deadline for filing the return should be extended. There are close to 6.7 lakh registered traders in Gujarat, of which only a handful of them have filed returns and the rest are not able to file returns because the auto-computation leads to erroneous entries, leading to over taxation of the dealers. While the form has a provision to increase the tax liability, there is no provision for rectification if a businessmen want to avail tax refund, which he failed to earlier.
 GST Council meet on 21 June to focus on checking tax evasion
By CA Rashmi Sharma
Goods and Services Tax Council, the federal indirect tax body, is set to take several decisions to curb tax evasion in its first meeting to be chaired by new finance minister Nirmala Sitharaman on 21 June.
 Government introduces transition plan for filing returns under GST
By CA Mayank Jain
Businesses will be able to use the new return filing forms under Goods and Services Tax (GST) on a trial basis for three months beginning July, the government said, spelling out the transition plan for the new tax return filing system on Tuesday.
 Here's everything you must know New GST return transition plan
By CA Andrew F Thomas
The GST Council in its 31st meeting decided that a new GST return system will be introduced to facilitate taxpayers. In order to ease the transition to the new return system, a transition plan has been worked out.
 All You Need to Know About the New Monthly GST Return Filing System
By CA Nilesh Sahu
The finance ministry has put in place a transition mechanism which allows taxpayers to try the new return filing forms during July-September.
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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
 Stricter rules on dealing with tax evasion kicks in from today
By CA Devender Singh
A stricter set of norms that govern the option of paying additional fee to avoid prosecution for income tax offences has kicked in from today.
 New income tax rules from today, no escape just by paying penalty
By CA Manu T George
Tightening the screw on tax evaders, the revised guidelines issued by the Income Tax (I-T) Department have made serious offences under black money and benami laws "generally" non-compoundable.
 How to link your Aadhaar Card with Income Tax Return?
By CA Andrew F Thomas
Under the Income Tax Act, it is compulsory for resident Indians to submit their Aadhaar number while applying for the allotment of a Permanent Account Number (PAN) and for submitting income tax return.
 Got a tax notice? Here’s what you should do
By CA Nilesh Sahu
You can respond to a tax notice by logging in to www.incometaxindiaefiling.gov.in. Different types of notices can be found under options on the dashboard in your account.
 How tax efficiency varies across states
By CA Devender Singh
In 2018-19, 52% of the revenue receipts of Indian states is estimated to have come from their own revenue and the remaining 48% from transfers from the center. State governments clearly rely heavily on their own revenue raising capabilities.
 Follow deadline or you may face these consequences Income Tax Return filing
By CA S K Verma
Income Tax Return filing for AY 2019-20: The process to file income tax returns for the new financial year has started. The income tax return is a form where taxpayers declare their taxable income, deductions, and tax payments.
 How to make full use of section 80D to save tax on health insurance?
By CA Mayank Jain
Health insurance is a necessity that can also help you save taxes. Generally, you can save tax on health insurance premium for a maximum of Rs 1 lakh in case you and your parents are above the age of 60 years. But did you know that you and your spouse can save more tax on health insurance premium beyond the Rs 1 lakh limit (assuming that you and your spouse earn independent taxable income)?
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Corporate Law   RSS Feeds
  GST & Companies Act way Forward
By CA Mayank Jain
Place: East Delhi CPE Study Circle of NIRC Date: 06-04-2019 – To: 06-04-2019 CPE.Hrs.: 5
 Taxmen use rare law to collect dues directly from bank accounts of evaders
By CA Manu T George
Revenue officials, chasing huge tax collection deficit, are moving into top gear to maximise collections by year end even if that means deducting money directly from your bank account to fill a gap of thousands of crores.
 Income tax law needs to be a lot simpler
By CA Manu T George
Simplifying the Income Tax Act, automating tax collection and return processing and making the process user-friendly are priorities for the National Democratic Alliance (NDA) government, finance minister Piyush Goyal said.
 Govt panel may recommend dropping dividend distribution tax in new direct tax law
By CA Rashmi Sharma
The tax law panel is considering reverting to the classical method of taxing dividend in the hands of the shareholders Members of the task force set up to draft a new direct tax legislation may favour abolishing dividend distribution tax (DDT), according to a report by The Times of India.
 Law Commission proposes to abolish it Tax saving tool HUF may cease to exist
By CA Atul Gupta
The concept of Hindu Undivided Family (HUF) may cease to exist if the proposals of a recently released consultation paper on Reform of Family Law by the law commission are accepted.
 Residential status rules are different for exchange control, income tax laws NRI taxation
By CA Nilesh Sahu
The rules for determination of residential status under the exchange control law are different from those under the income tax law.
 Recent advance rulings under the GST Law
By CA Andrew F Thomas
The Authority for Advance Ruling (AAR) constituted under the Goods and Services Tax (GST) Law has recently pronounced advance rulings clarifying certain positions on the applicability of GST on supply of goods from retail outlets in international airports,
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Students   RSS Feeds
 Clarification on postponement of some of the papers of May 2019 CA Exams
By CA Manu T George
Postponement of Paper on 2nd June 2019 to 4th June 2019 was occasioned by the inability expressed by many exam centres to conduct the exam on that date owing to their holding UPSC exams on that day
 Admit Cards for appearing in May 2019 CA Final / Intermediate/ Intermediate(IPC) Exams
By CA Rashmi Sharma
It may be noted that Page No 2 of the admit card provides for columns for taking acknowledgement of the invigilator, after submission of the answer books, at the exam hall/centre.
 Zone / City - shifting of candidates for MAY - 2019 CA Exams
By CA Manu T George
Due to paucity of accommodation in certain Zones opted by the candidates in the cities of Ahmedabad, Bengaluru, Bhopal, Chennai, Delhi, Hyderabad, Mumbai, Pune and Vadodara some of the candidates have been allotted examinations centres in the zone other than the zone opted by them in the said cities.
 Case Study Development in various Elective Subjects of CA Final Course
By CA Andrew F Thomas
The ICAI, under its New Scheme of Education and Training has introduced Case-Study and Open-Book based Elective subjects at the Final level of CA course. In order to strengthen its pool of case studies, it is inviting case studies from Members, Academicians
 Next Batch of Educational Course by ICAI Registered Valuers Organsiation (ICAI RVO) at Hyderabad, from 04th May to 26th May, 2019
By CA Andrew F Thomas
The ICAI Registered Valuers Organsiation (ICAI RVO) is conducting batch of Educational Course for taking IBBI Registered Valuers Examination for Securities or Financial assets class at Hyderabad from 04th May to 26th May, 2019 on the following dates:
 Examination of Certificate Course on Forex and Treasury Management-Forthcoming Exam centers at Ahmedabad, Bangalore ,Chennai, Hyderabad, Mumbai & Noida on 18th & 19th May 2019
By CA Rashmi Sharma
Kind attention to the members registered for the Certificate Course on Forex and Treasury Management is invited to the next examination of the Course which will be held on 18th and 19th May 2019 (Saturday and Sunday) as per the detail given below
 Certificate Course on Forex and Treasury Management - Forthcoming Batches at Noida, Mumbai & Bengaluru
By CA Mayank Jain
Sealed tenders in prescribed format are invited for Engagement of Internal Auditors for The Orissa Minerals Development Company Ltd. for the Financial Year 2019-20.
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New Forms   RSS Feeds
 Before you file your tax return, note the key changes in Form 16
By CA Mayank Jain
Part B of Form 16 has been amended seeking more details about the allowances exempt under section 10 such as HRA, LTA, etc and deductions allowed under Chapter VI-A of the Income Tax Act, 1961.
 5 Things to know about Form 16
By CA Atul Gupta
Form 16 is a certificate issued by an employer, certifying that the TDS is deducted from the salary of the employee and deposited with the government.
 Form 16 will now have more details of your income and deductions
By CA Nilesh Sahu
In yet another attempt to increase transparency and minimize tax evasion, the Central Board of Direct Taxes (CBDT) has notified various changes in the formats of Form 16 and Form 24Q. The new amendments are in line with the changes in income-tax rules and new income tax return (ITR) forms recently notified by CBDT for assessment year (AY) 2019-20.
 Amendment of Form No. 16 and Form No. 24Q
By CA Manu T George
In exercise of powers conferred by sections 200 and 203 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962,
 What are Form 15G, Form 15H?
By CA Mayank Jain
Form 15G is for resident Indians under the age of 60, HUF or trust. While Form 15H is for resident Indians aged 60 years or above.
  Post Qualification Course in International Taxation - Assessment Test (INTT-AT) - May, 2019 Application Form
By CA Atul Gupta
Candidates are advised to carefully read, understand and follow the instructions while filling in the Form and retain the same for future reference
 Form 60 can help you Don’t have PAN and need to do these important transactions?
By CA Ojas Aggarwal
As per the Income Tax Act, PAN is necessary to be quoted in various documents or transactions. However, in certain cases Form No 60 can also be used. Here's all you need to know.
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ICAI   RSS Feeds
 CA exams earlier scheduled on 13th June 2019 and postponed on account of cyclone at some centres to be held on 24th June 2019.
By CA Andrew F Thomas
It is hereby informed that the exams in respect of the following papers scheduled on 13th June 2019 at Bhuj, Bhavnagar, Gandhidham, Jamnagar, Junagadh and Rajkot which were earlier postponed, on account of the cyclone, will now be held on 24th June 2019 at the same venue(s) and at the same time.
 Advanced Integrated Course on Information Technology and Soft Skills (Advanced ICITSS)-Adv. Information Technology Test - Computer Based Mode
By CA Nilesh Sahu
Advanced Integrated Course on Information Technology and Soft Skills (Advanced ICITSS) -Adv. Information Technology Test ­ Computer Based Mode It has been decided to conduct Advanced ICITSS - Adv. IT Test ­ in Computer Based Mode on Sundays, the 1st September, 2019 and 6th October, 2019 from 10.30 AM to 12.30 PM (IST).
  Important Announcement on SSP Portal
By CA Devender Singh
ICAI’s Members and Student services have been made online, in digitized form on a new platform which works on a Self Service Mode on the Self Service portal (SSP). Application forms are available online now barring a few which will also be available shortly. Kindly visit e-services on www.icai.org.
 ICAI submits Pre-Budget Memoranda-2019
By CA S K Verma
The Council of the Institute of Chartered Accountants of India considers it a privilege to submit this Pre-Budget Memorandum - 2019 on Direct Taxes and International Tax to the Government. The memorandum contains suggestions for the consideration of the Government while formulating the tax proposals for the year 2019-20.
 Postponement of CA exams scheduled on 13th June 2019 at specified cities in Saurashtra region of Gujarat
By CA Ojas Aggarwal
It is hereby informed that the exams in respect of the following papers scheduled on 13th June 2019 at Bhuj, Bhavnagar, Gandhidham, Jamnagar, Junagadh and Rajkot stand postponed, on account of the cyclone.
 Certificate Course on Forex and Treasury Management - Forthcoming Batches at Bengaluru, Noida & Mumbai
By CA Manu T George
The Committee on Capital Market and Investors Protection of ICAI proposes to conduct batches of Certificate Course on Forex and Treasury Management at Noida, Mumbai and Bangalore commencing from 6th July, 2019 onwards as per the schedule given hereinbelow.
 Requirement of Mentioning UDIN while Signing Audit Reports
By CA S K Verma
The members may be aware that “Unique Document Identification Number (UDIN)” has been made mandatory as per the Council decision taken at its 379th meeting held on 17-18 December 2018 in the following phases:
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From the Courts   RSS Feeds
 Pooja Ajmani vs. ITO (ITAT Delhi)
By CA Andrew F Thomas
S. 10(38) Bogus Capital Gains From Penny Stocks: U/s 101 of Evidence Act, 1972, the onus is on the assessee to prove that the LTCG is genuine. The assessee cannot, on failure to establish a prima facie case, take advantage of the weakness in the AO's case. The jump in the share price of a company of unknown credentials cannot be an accident or windfall but is possible because of manipulations in a pre-planned manner by interested broker and entry operators. The LTCG transactions are a sham
 DCIT vs. Reliance Jio Infocomm Ltd (ITAT Mumbai)
By CA Nilesh Sahu
S. 9(1)(vi) Royalty: Payment for 'bandwith services' is not assessable as 'royalty' if the assessee only has access to services and not to any equipment. The assessee also did not have any access to any process which helped in providing of such bandwith services.
 ITO vs. M/s Shanti Constructions (ITAT Agra)
By CA Devender Singh
S. 145(2) "Project Completion Method" vs. "Percentage Completion Method": Dept's argument that assessee should have declared profit on percentage completion method because according to AS-7, revised in 2002 with effect from 01.04.2003, the 'Completed Contract method' has been scrapped & ICAI guidelines prefer the percentage completion method is not acceptable (Realest Builders 307 ITR 202 (SC) distinguished, All judgements referred)
 CIT vs. Reliance Infocomm Ltd (Bombay High Court)
By CA S K Verma
S. 9(1)(vi) 'Royalty': The insertions of Explanations 5 & 6 to s. 9(1)(vi) by the Finance Act 2015 w.r.e.f. 01.04.1976, even if declaratory and clarificatory of the law, will not apply to the DTAAs. The DTAAs are a bilateral agreement between two Countries and cannot be overridden by a unilateral legislative amendment by one Country (New Skies Satellite BV 382 ITR 114 (Del) & Siemens AG 310 ITR 320 (Bom) followed)
 M/s OCL India Ltd 17th Floor, Narain Manzil 23, Barakhamba Road New Delhi Vs. The DCIT Circle – 19(1), New Delhi
By CA Mayank Jain
This appeal by the assessee is preferred against the order of the ld. CIT(A) ­ 7, New Delhi dated 22.09.2016 pertaining to A.Y 2009-10.
 Smt. Shanti Devi, W/o Shri Mool Chand, C/o Shri Mahavir Singh, Advocate 1078, Sector 15, Part 2, vs. ITO, Ward 2, Rewari.
By CA Manu T George
Referred Sections: section 148 of the Income-tax Act, section 147 of the Act.
 Tata Power Delhi Distribution Ltd [Earlier known as North Delhi Power Ltd NDPL House, Hudson Line, Kingsway Camp, New Delhi Vs. The Addl. C.I.T Range – 13, New Delhi
By CA Rashmi Sharma
Referred Sections: Section on 115JB of the Income-tax Act, Section 5, Section 2(17) of the Income-tax Act, Section 69, Section 1151, Section 1153A , Section 2(c) of the Act, Section 28 of the Act, Sections 57 and 57-A of the said Act; Section 12, Section 80IA(4)(iv)(c) of the Act, Sections 32, 40(a)(ia), 40A(3), 43B etc., of the Act., Section 40(a)(ia) of the Act
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Auditing   RSS Feeds
 Auditors barred from putting a value on companies they are auditing
By CA S K Verma
An income tax tribunal has barred auditors from issuing valuation certificates to the companies they are auditing. This is set to impact several tax disputes around valuations in companies including angel tax disputes involving start-ups.
 Standard on Internal Audit (SIA) 18, Related Parties
By CA Devender Singh
Standard on Internal Audit (SIA) 18, Related Parties
 Standard on Internal Audit (SIA) 17, Consideration of Laws and Regulations in an Internal Audit
By CA S K Verma
Standard on Internal Audit (SIA) 17, Consideration of Laws and Regulations in an Internal Audit
 Standard on Internal Audit (SIA) 16, Using the Work of an Expert
By CA Ojas Aggarwal
Standard on Internal Audit (SIA) 16, Using the Work of an Expert
 Standard on Internal Audit (SIA) 14, Internal Audit in an Information Technology Environment
By CA Atul Gupta
Standard on Internal Audit (SIA) 14, Internal Audit in an Information Technology Environment
 Standard on Internal Audit (SIA) 13, Enterprise Risk Management
By CA Mayank Jain
Standard on Internal Audit (SIA) 13, Enterprise Risk Management
 Standard on Internal Audit (SIA) 12, Internal Control Evaluation
By CA Manu T George
Standard on Internal Audit (SIA) 12, Internal Control Evaluation
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Latest Circulars   RSS Feeds
 Auction for Sale (re-issue) of Government Stock (GS) June 17, 2019
By CA Mayank Jain
The Government Stock up to 5% of the notified amount of the sale will be allotted to eligible individuals and institutions as per the enclosed Scheme for Non-competitive Bidding Facility in the Auctions of Government Securities (Annex).
 Auction of Government of India Dated Securities June 17, 2019
By CA Manu T George
The auction will be price based using multiple price method. The Reserve Bank of India at Mumbai will conduct the auctions. The salient features of the auctions and the terms and conditions governing the issue of the Stocks are given in the notifications (copies enclosed),
  Directions for Central Counterparties (CCPs)
By CA Ojas Aggarwal
In the Section A - Directions on Governance of domestic CCPs authorised to operate in India by the RBI, the upper age limit for appointment of Managing Director, Director, Nominee Director, Independent Director and Chairperson was stipulated as 65 years.
  National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) systems – Waiver of charges
By CA Atul Gupta
The Reserve Bank has since reviewed the various charges levied by it on the member banks for transactions processed in the RTGS and NEFT systems. In order to provide an impetus to digital funds movement, it has been decided that with effect from July 1, 2019,
 1 Cr LPA-Opening Senior Chartered Accountant
By CA S K Verma
Salary: INR 50,00,000 - 1 Cr & above P.A., Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:CA
 Directions for Central Counterparties (CCPs)
By CA Ojas Aggarwal
In the Section A - Directions on Governance of domestic CCPs authorised to operate in India by the RBI, the upper age limit for appointment of Managing Director, Director, Nominee Director, Independent Director and Chairperson was stipulated as 65 years.
 Scheme for Reimbursement of MDR- withdrawal of RBI circulars
By CA Atul Gupta
It has been decided that reimbursement of MDR claims will be handled directly by Ministry of Electronics and Information Technology (MeitY) w.e.f. January 01, 2019. In view of this, the above mentioned circulars/letters issued by Reserve Bank of India stand withdrawn from the date of this circular.
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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
 ITAT slams Tax Dept for Negligence in Maintaining Records, says Assessee can’t be Penalized for such Mistakes
By CA Ojas Aggarwal
While granting section 12A registration to a Trust, the Pune bench of the Income Tax Appellate Tribunal ( ITAT ) has criticized the income tax department for its negligence in keeping records.
 Monetary limits for filing/withdrawal of Wealth Tax appeals by the Department before ITAT, HCs and SLPs/appeals before SC through extending the scope of Circular 3 of 2018 -Measures for reducing litigation.?
By CA Devender Singh
Reference is invited to Board's Circular No. 3 of 2018 dated 11.07.2018 (hereinafter, referred to as "the Circular") vide which monetary limits for filing of income tax appeals by the Department before Income Tax Appellate Tribunal, High Courts and SLPs/ appeals before Supreme Court were specified.
 Income Tax Appellate Tribunal, Hyderabad Benches, Hyderabad. Cause List Of Cases Posted Before A-Bench ( Db & Smc ) 14.01.2019 To 18.01.2019
By CA Rashmi Sharma
Income Tax Appellate Tribunal, Hyderabad Benches, Hyderabad. Cause List Of Cases Posted Before A-Bench ( Db & Smc ) 14.01.2019 To 18.01.2019
 Income Tax Appellate Tribunal, Mumbai Benches, Mumbai Consolidated Cause List Of Sal Ma/ Pronouncement For Friday 18.01.2019
By CA Andrew F Thomas
Income Tax Appellate Tribunal, Mumbai Benches, Mumbai Consolidated Cause List Of Sal Ma/ Pronouncement For Friday 18.01.2019
 Income Tax Appellate Tribunal : Kolkata Benches : Kolkata. Sub : Cause List For The Cases Fixed On Friday The 11/01/2019
By CA Manu T George
Income Tax Appellate Tribunal : Kolkata Benches : Kolkata. Sub : Cause List For The Cases Fixed On Friday The 11/01/2019
 Income Tax Appellate Tribunamumbai Benchemumbai Consolidated Cause List Of SA/ Maj Pronouncement For Friday 11.01.2019
By CA Rashmi Sharma
Income Tax Appellate Tribunamumbai Benchemumbai Consolidated Cause List Of SA/ Maj Pronouncement For Friday 11.01.2019
 Income Tax Appellate Tribunal: Chandigarh Benches: Chandigarh Revised Constitution Of Chandigarh Benches From: 17'12.2018 To 21.12.2018 & 24.12.2018 To 28.12.2018,
By CA Andrew F Thomas
Income Tax Appellate Tribunal: Chandigarh Benches: Chandigarh Revised Constitution Of Chandigarh Benches From: 17'12.2018 To 21.12.2018 & 24.12.2018 To 28.12.2018,
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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 Deputy General Manager Taxation
By CA Rashmi Sharma
Salary: INR 32,50,000 - 45,00,000 P.A., Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:CA, ICWA (CMA), LLM - Law
  30 LPA - Opening Senior Manager - Assurance Services / Statutory Audit for Big4
By CA S K Verma
Salary: INR 22,50,000 - 30,00,000 P.A. Plus, Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:CA - First Attempt, Second Attempt
 80 LPA-Opening Accountants and Finance Managers
By CA Atul Gupta
Salary: INR 40,00,000 - 80,00,000 P.A. Bonuses, Perks & Commissions, Functional Area:Accounts , Finance , Tax , Company Secretary , Audit,
 1 Cr LPA-Opening Chartered Accountants Required In Canada on PR Visa
By CA Nilesh Sahu
Salary: INR 50,00,000 - 1 Cr & above P.A., Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:CA
  40 LPA-Opening Manager/ SR Manager Fund Administration
By CA Devender Singh
Salary: INR 27,50,000 - 40,00,000 P.A., Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:CA
 60 LPA-Opening Director Accounts, Finance
By CA Nilesh Sahu
Salary: INR 40,00,000 - 60,00,000 P.A., Functional Area: Accounts, Finance, Tax, Company Secretary, Audit, PG - CA
 30 LPA-Opening Agm/sr. Manager- Internal Audit
By CA Devender Singh
Salary: INR 15,00,000 - 30,00,000 P.A., Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:CA
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Direct Tax   RSS Feeds
 CBDT issues new guidelines for compounding
By CA Andrew F Thomas
India's direct taxes body has tightened framework for compounding of offences almost shutting the window for money laundering, non-disclosure of foreign assets or possession of a benami asset.
 New I-T guidelines tightens screw on tax evaders
By CA Nilesh Sahu
Serious offences under black money and benami laws will be non-compoundable Indulgence in serious criminal cases of money laundering, terror financing, corruption, possession of benami properties and undisclosed foreign assets will virtually shut a person’s chances of getting relief in an income tax evasion offence beginning Monday, a latest directive issued by the CBDT said.
 Have not filed ITR yet? Know last date, late filing fee and other details
By CA Mayank Jain
Individuals who miss the ITR filing deadline of July 31 2019, you can still file your return. However, it will be termed as belated ITR. The last date to file belated ITR is March 31, 2020.
 Filing Income Tax Returns? Avoid These Six Common Mistakes
By CA Atul Gupta
From the intimidating number of forms available, to claiming deductions, in the last-minute rush to file income tax returns, make sure to keep in mind some details to avoid making these commonplace mistakes.
 Form 15G -For Non deduction of TDS on Interest for Individuals & HUF
By CA Ojas Aggarwal
We all are very well aware of the concept of tax deduction at source (TDS) prevailing under the income tax, wherein, the tax is deducted at the source of income once the payment exceeds the specified limit.
  Filing ITR-1 this year? You must know about these changes
By CA Atul Gupta
If you are filing ITR-1 this year, then there are several procedural changes you must know about. Being aware of these changes will make it easier for you to file your income tax return.
 File your ITR in just 7 minutes – Here is how Income Tax Return filing
By CA Ojas Aggarwal
For taxpayers, less than two months are left for Income Tax return filing. The Income Tax Return (ITR) is a form for reporting gross taxable income from different sources.
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Tenders   RSS Feeds
  Airports Authority Of India, Delhi
By CA Atul Gupta
It is further informed that during the empanelment of CA/CMA firms the bids were received through AAI e-tender portal, which has now become obsolete and the new portal is in vogue. The unconditional acceptance letter is a prerequisite document of Technical bid and for call of financial bids.
 Food Civil Supplies and Consumer Affairs Department, Mumbai, Maharashtra
By CA Mayank Jain
The Office of Financial Advisor and Deputy Secretary, Food, Civil Supplies and Consumer Protection Department, Government of Maharashtra, seeks to invite Proposal from CAG empaneled Chartered Accountant firms for conducting Accounts Management Related Services (AMRS) of all 42 district offices' financial statements of Food, Civil Supplies and Consumer Protection Department in Maharashtra State for the current year (FY 2018-19).
  Health And Family Welfare Department, New Delhi, Delhi
By CA Nilesh Sahu
The State Health Society (Delhi) invites Proposals from firms of Chartered Accountants registered with ICAI / empanelled with C&AG and which meet all the minimum conditions as per the eligibility criteria given in Request for Proposal (RFP), for carrying out Monthly Concurrent Audit of all programs (including NDCPs & NCD)
 NABARD Consultancy Services Private Limited (NABCONS)
By CA Devender Singh
To conduct risk-based Internal Audit for the Company and to provide guidance on maintenance & finalization of Accounts, internal control systems and all statutory & legal compliances.
 Cotton Corporation India Limited, MUMBAI
By CA Rashmi Sharma
The Cotton Corporation of India Limited invites Sealed Tenders in two bid system from the firms/companies, who have prior experience of software development of web browser based application for Central Public Sector Undertakings/Govt. Organizations / Leading Commercial Organisations.
 Health And Family Welfare Department, New Delhi, Delhi
By CA Andrew F Thomas
The State Health Society (Delhi) invites Proposals from firms of Chartered Accountants registered with ICAI / empanelled with C&AG and which meet all the minimum conditions as per the eligibility criteria given in Request for Proposal (RFP), for carrying out Monthly Concurrent Audit of all programs (including NDCPs & NCD) for State Health Society and eleven Integrated District Health Societies under NHM.
  BOB Financial Solutions Limited, Mumbai, Maharashtra
By CA S K Verma
The interested parties are advised to adhere to the following schedule for the purpose of this Request and submit their queries, replies & quotations at details mentioned below:
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Transfer Pricing   RSS Feeds
 Transfer pricing methodology of MNCs under customs department lens
By CA Rashmi Sharma
The days for information arbitration may just be over for many companies. The special valuation branch of the customs department is scrutinising transfer pricing methodologies of several multinationals with a view to reconcile their tax and import-expert submissions.
 MNCs now won't have to file CbC report in Indiaa
By CA Ojas Aggarwal
Indian arms of US MNCs will not have to file country by country or CbC report here. India has finalized bilateral competent authority arrangement for exchange of CbC reports with US.
 Citing Supreme Court’s Vodafone order, Bombay HC rejects transfer pricing adjustment
By CA Ojas Aggarwal
Relying on the Supreme Court’s verdict in the Vodafone case related to transfer pricing adjustment (TPA), the Bombay High Court upheld the Income Tax Appellate Tribunal (ITAT) ruling that had struck down the adjustments made by the taxman on an Indian company for buying shares in a fully-owned Dubai-based subsidiary on its capital account.
 General Insurance Corporation Of India, Mumbai, Maharashtra
By CA Ojas Aggarwal
This E-Tender document is not an agreement or offer by General Insurance Corporation of India (hereinafter to be referred as GIC Re) to the prospective Bidders or any other party. The purpose of this E-Tender document is to provide interested parties with information to assist the formulation of their Bid.
 Air India Limited, Multi Location, Multi State
By CA Atul Gupta
The information contained in this TENDER or subsequently provided to bidder(s) whether verbally or in documentary or in any other form or on behalf of Air India, is provided to the bidder(s) on the terms and conditions set out in this TENDER and such other terms and conditions subject to which such information is provided.
  Edcil India Limited, New Delhi
By CA Manu T George
Appointment of Chartered Accountant Firm / Practicing Chartered Accountant to undertake work of Internal Audit for its Corporate Office at Noida and its Branch offices at Barakhamba Rd. New Delhi.
 Edcil India Limited, New Delhi
By CA Rashmi Sharma
Appointment of Chartered Accountant Firm / Practicing Chartered Accountant to undertake work of Internal Audit for its Corporate Office at Noida and its Branch offices at Barakhamba Rd. New Delhi.
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Customs and Excise   RSS Feeds
 Notification No. 41/2019 Central Board of Indirect Taxes and Customs
By CA Manu T George
In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect Taxes & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2001-Customs
 Exchange Rates Notification No. 40/2019-Central Board Of Indirect Taxes And Customs
By CA S K Verma
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 Indirect Taxes and Customs No.37/2019-CUSTOMS (N.T.), dated 16th May, 2019
 Notification No.39/2019 -Central Board Of Indirect Taxes And Customs
By CA Rashmi Sharma
In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect Taxes and Customs hereby makes the following amendments in the Central Board of Indirect Taxes and Customs Notification No.37/2019-CUSTOMS (N.T.), dated 16th May, 2019 with effect from 1st June, 2019.
 Notification No. 38/2019-Central Board of Indirect Taxes and Customs
By CA Andrew F Thomas
In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect Taxes & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue),
 Notification No.05/2019 - Customs (N.T.) Central Board Of Indirect Taxes And Customs
By CA Manu T George
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 Indirect Taxes and Customs No.02/2019
 Notification No. 03/2019-Customs (ADD) Ministry of Finance
By CA Nilesh Sahu
Whereas, in the matter of import of ,,Jute Products namely, Jute Yarn/Twine (multiple folded/cabled and single), Hessian fabric, and Jute sacking bags (hereinafter referred to as the subject goods) falling under Tariff Headings 5307, 5310, 5607 or 6305 of the First Schedule to the Customs Tariff Act, 1975
 Notification No.3/2019 - Customs Central Board Of Indirect Taxes And Customs
By CA Manu T George
In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect Taxes and Customs hereby makes the following amendments in the Notification of the Central Board of Indirect Taxes and Customs No.2/2019-CUSTOMS (N.T.), dated 3rd January, 2019
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Mergers and Acquisitions   RSS Feeds
 Deals of the day-Mergers and acquisitions June 14, 2019
By CA Rashmi Sharma
Italian Deputy Prime Minister Matteo Salvini said an infrastructure or transportation group would be his preferred partner for troubled carrier Alitalia
 Deals of the day-Mergers and acquisitions June 11, 2019
By CA Mayank Jain
Book distribution company Readerlink LLC is working towards making a bid for Barnes & Nobles Inc that would top hedge fund Elliott Management Corp’s agreed price to buy the U.S bookseller, the Wall Street Journal reported, citing a source.
 Mergers and acquisitions activity saw sharp decline in Jan-Mar quarter: EY India
By CA S K Verma
Merger and acquisition activity in India saw a sharp decline in the January-March period, amid subdued global deal market and uncertainty around general election results, according to a report.
 Unicorns outpace technology companies in acquisitions
By CA Ojas Aggarwal
The top unicorns—shorthand for startups with valuations of $1 billion or more—in India are also the most acquisitive. Among other things, it indicates how many of these companies have used mergers and acquisitions (M&As) to scale up rapidly in a short period of time.
 Next trade-war casualty may be mergers and acquisitions market
By CA Devender Singh
Already, one megadeal is at risk because of the US-China trade spat: a massive order by Chinese airlines for Boeing planes that may be worth more than $30 billion. A Bloomberg News story on Wednesday detailed how important the deal is to both sides, and how the talks may take a precarious turn because of escalating tensions between their countries. But the Boeing matter draws attention to an even a bigger risk: namely, that the trade war could complicate giant M&A deals, the kind that have kept the market together even as other types of dealmaking have slowed.
 For more successful mergers and acquisitions, play 20 questions
By CA Mayank Jain
How are we going to grow? It’s a perennial question, and for many senior executives, “mergers and acquisitions” is the quick answer. But such deals are more risky than many executives realize. The stats are sobering: 65 to 85 percent of mergers and acquisitions fail to create shareholder value.
 Deals of the day-Mergers and acquisitions May 30, 2019
By CA Atul Gupta
Shares of Viacom Inc jumped nearly 6% on a report that CBS Corp’s board is preparing for merger talks with the media company.
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Indirect Tax   RSS Feeds
 How much tax do you need to pay for your equity investments?
By CA Atul Gupta
Among different types of assets, be they financial or physical, equity investments have given the highest returns over the long term. This is the reason why equity assets form a large part of most investors’ portfolios.
 Income Tax Department proposes new norms for taxing MNCs in India
By CA Atul Gupta
The income tax department on Thursday proposed change in the methodology for taxing multinational companies (MNCs), including digital firms, having permanent establishment in India by giving weightage to factors like domestic sales, employee strength, assets and user base.
 Can you claim tax benefit for tax paid on insurance premium? a
By CA Manu T George
Section 80C and 80D of Income-tax Act entitles specified taxpayers to claim deductions for the entire amount paid to the insurance company for specified insurance schemes.
 Top 30 Income Tax Judgments in 2018
By CA Andrew F Thomas
The year 2018 has been a very significant one to the taxation regime due to some important reforms in the laws and procedures. The contribution of the judiciary including the Supreme Court and various High Courts and Tribunals cannot be ignored. Some of the significant tax judgments delivered by the Indian judiciary in this year have been enlisted below.
 Urban Development and Housing Department, Chakradharpur, Jharkhand
By CA Devender Singh
Though adequate care has been taken while issuing this RFP, the applicant Chartered Accountant/ Cost Accountant Firm should satisfy himself that the document is complete in all respects. Intimation of any discrepancy shall be given to this office (as mentioned below) immediately.
 National Rural Health Mission, Faridabad - Haryana
By CA S K Verma
The Civil Surgeon Gurugram shall have the authority to cancel the tender process if does not find a suitable tender.
  Govt fails to release exporters’ pending sales tax refund claims
By CA Ojas Aggarwal
Billions of rupees of exporters in DDT and DLTL has been stuck up with the government causing great sufferings to the already burdened exporters who are now at a loss to understand how to make both ends meet and such an alarming situation will ruin the export business of the Value Added Textile Exporters.
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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
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