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News Headlines   RSS Feeds
 How to calculate capital gains tax on property sold at less than stamp value?
By CA Atul Gupta
We have sold our ancestral house in May 2017 for Rs 36 lakh after the deed was duly registered.
 Return Filing - Under GST, this is how you will file tax returns from July 1
By CA Ojas Aggarwal
Small businesses are the backbone of Indian economics. They drive the velocity of country's economics, industrial growth, and catalyst for job creation.
 Income tax filing FAQs part 1
By CA Atul Gupta
The tax season is back. If you are struggling to file your returns, or looking for answers, we can help you out.
 Filing Income Tax Returns? Things To Keep In Mind As Deadline Approaches
By CA Mayank Jain
With the close of the financial year, most individuals have completed their tax planning and tax deduction exercise for the year.
 Filing of online return for 4th quarter of 2016-17- extension of period thereof.
By CA Nilesh Sahu
In partial modification to this department's Circular No. 02 dated 28.04.2017 on the subject cited above and in exercise of the powers conferred under Rule 49A of the Delhi Value Added Tax Rules, 2005,
 New tax accounting standards may reduce leeway for infrastructure companies
By CA Nilesh Sahu
Tax officials and industry experts will discuss new tax accounting standards for infrastructure companies in July, a person aware of the matter said.
 GST – CONCEPT & STATUS – As on 01st May, 2017
By CA Atul Gupta
The introduction of Goods and Services Tax (GST) would be a very significant step in the field of indirect tax reforms in India.
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Continuing Prof. Edu.   RSS Feeds
 Statement on Financial Transactions (Rule 114E) of Income Tax (DIRECT TAXES)
By CA Rashmi Sharma
Place: Rohtak Branch Of NIRC Date: 24-05-2017 – To: 24-05-2017 CPE.Hrs.: 6
 Issues in Forensic Audit, Overview of GST and Discussion on Issues in ICDS (ACCOUNTING AND AUDITING)
By CA Andrew F Thomas
Place: JAMMU & KASHMIR BRANCH OF NIRC Date: 27-05-2017 – To: 27-05-2017 CPE.Hrs.: 6
 Issues in Forensic Audit, Overview of GST and Discussion on Issues in ICDS ACCOUNTING AND AUDITING
By CA Rashmi Sharma
Place: JAMMU & KASHMIR BRANCH OF NIRC Date: 27-05-2017 – To: 27-05-2017 CPE.Hrs.: 6
 Statement of Financial Transactions (Form 61A), Levy, Registration & Returns under GST OTHERS
By CA Andrew F Thomas
Place: Shastri Nagar CPE Study Circle of NIRC of ICAI Date: 23-05-2017 – To: 23-05-2017 CPE.Hrs.: 6
 ICDS-Implementation and disclosure Issues; Cash Transactions U/S-269ST,Section-115BBE, Reply to Notices U/S 148 and other latest issues (DIRECT TAXES)
By CA Devender Singh
Place: North Campus Study Circle of NIRC Date: 18-05-2017 – To: 18-05-2017 CPE.Hrs.: 5
  GST – Supply and Time Of Supply AND ICDS under Income Tax Act 1961 (TAXATION)
By CA S K Verma
Place: District Centre Janakpuri CPE Study Circle of NIRC Date: 20-05-2017 – To: 20-05-2017 CPE.Hrs.: 5
  GST – Supply and Time Of Supply AND ICDS under Income Tax Act 1961 (TAXATION)
By CA Andrew F Thomas
Place: District Centre Janakpuri CPE Study Circle of NIRC Date: 20-05-2017 – To: 20-05-2017 CPE.Hrs.: 5
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VAT (Value Added Tax)   RSS Feeds
 VAT exemption stays in tax reform bill
By CA Nilesh Sahu
House Majority Leader Rodolfo Fariñas on Tuesday said the tax exemption of cooperatives would be retained, a looming victory for those who opposed its repeal in House Bill No. 5636 or the Tax Reform Acceleration and Inclusion (TRAIN), the tax reform package of the Duterte administration.
 Income Tax Appellate Tribunal Bangalore Banches Bangalore 'A' Bench DB Case Causelist for The Week from 22-05-2017 To 25-05-2017
By CA Devender Singh
Income Tax Appellate Tribunal Bangalore Banches Bangalore 'A' Bench DB Case Causelist for The Week from 22-05-2017 To 25-05-2017
 Amendments in Second schedule appended to Delhi Value Added Tax Act, 2004
By CA S K Verma
Whereas the Lt. Governor of the National Capital Territory of Delhi is of the opinion that it is expedient in the interest of general public to do so;
 Haryana govt exempts solar devices from VAT net
By CA Ojas Aggarwal
The Haryana government has exempted solar devices, equipment or parts used in installation of solar power projects from Value Added Tax (VAT), to encourage entrepreneurs set up manufacturing of these items in the state.
 Court rules out VAT on Paradise equity transfer
By CA Manu T George
The Hyderabad High Court has made it clear that Telangana tax sleuths can collect VAT from Paradise Hotel when it sells biryani but not when it transfers its equity into a new company.
 VAT gone but riddle of derivatives traded on commodity exchanges lives on
By CA Rashmi Sharma
On Tuesday, the Gujarat assembly finally bid farewell to value added tax (VAT) after it passed the State Goods and Services Tax (GST) Bill in a special session.
 Rule 2(L) Of Cenvat Credit Rules, 2004 Amended
By CA Andrew F Thomas
services provided or agreed to be provided by a person located in non-taxable territory to a person located in non-taxable territory by way of transportation of goods
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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
 While filing tax in India, NRIs do not have to report overseas assets
By CA Ojas Aggarwal
I am a non-resident Indian (NRI) and own a couple of properties in Dubai. Do I have to declare them in India? Is the rental income from these properties in Dubai taxable in India?
  Clarification regarding applicability of Section 16 (1)(a) of the Companies Act. 2013 with reference to cases under corresponding provisions of Companies Act. 1956 -reg.
By CA Manu T George
A representation was received from Regional Director, Mumbai seeking clarification as to whether Regional Directors can entertain, fresh applications u/s 16 of the Companies Act, 2013
 SH. VISHWA NATH GUPTA Vs. PRINCIPAL COMMISSIONER OF INCOME TAX CENTRAL, KANPUR AND ANR.
By CA Atul Gupta
The petitioner seeks a direction to quash the order of 03.05.2016, passed by the Income Tax Settlement Commission, Additional Bench -II, New Delhi
 No tax scrutiny of big transaction if it matches income
By CA Mayank Jain
If you splurged on something really expensive or made an enormous investment recently, rest assured your accounts won’t be opened up for scrutiny by the income tax department as long as these can be squared with your declared income.
 Clarification regarding applicability of Section 16 (1)(a) of the Companies Act. 2013 with reference to cases under corresponding provisions of Companies Act. 1956 -reg.
By CA Rashmi Sharma
A representation was received from Regional Director, Mumbai seeking clarification as to whether Regional Directors can entertain, fresh applications u/s 16 of the Companies Act, 2013
  Home loan tax reliefs often missed by taxpayers
By CA Devender Singh
The Union budget of 2017 brought mixed bundle of joy for the taxpayers. While the section 80EE was re-introduced, holding period was lowered which brought cheers for the taxpayers, on the other hand, the individuals claiming a loss on the let out property or deemed to be let out property were left in shock.
 Income tax department launches online facility for linking Aadhaar and PAN
By CA Andrew F Thomas
The Income Tax Department is offering a new way of linking Aadhaar numbers with PAN on its e-filing website, in a move aimed at increasing compliance
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Corporate Law   RSS Feeds
 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.
 Law panel against income tax relief for single parents
By CA S K Verma
The Law Commission is learnt to have decided against recommending income tax exemption on the money deposited in a single parent’s account as maintenance for a minor child in a divorce settlement case.
 Maintenance of Accounts and other record in GST Law
By CA Rashmi Sharma
No specific list of accounts or record has been prescribed in Section 53 of GST Law.
 Parliament Votes to Extend Value Added Tax Law
By CA Ojas Aggarwal
Legislators on Sunday extended the enforcement of value added tax for the upcoming fiscal year (starting March 21) and dropped the newly-proposed article narrowing the tax base to the final consumer.
 Taxation Laws (Second Amendment) Act, 2016 ​​​​​​​​​​​​​​​​​​​​​​​​​​​​
By CA Mayank Jain
In the Income-tax Act, 1961 (hereinafter referred to as the Income-tax Act), in Amendment of section 115BBE, for sub-section (1),
 Glimpse of Invoices Revised Model GST Law
By CA Nilesh Sahu
The esteemed vision of Hon’ble Prime Minister to create a digital and paper less economy cannot be crystalize without the digitalization of documentation and removal of hurdle of hard document.
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Students   RSS Feeds
 Announcement for ICAI-CAMPUS (August-September, 2017) Aspirants
By CA Manu T George
Completion of GMCS is mandatory for taking part in ICAI Campus Placement Programme, meant for Newly Qualified CAs. Accordingly,
 Date and Time Schedule for Webcast and Mock Test Papers for May’ 2017 Examination
By CA Devender Singh
The Board of Studies has organized LIVE Webcasts for Intermediate (IPC) Course and Final Course students on how to prepare for respective subjects for May, 2017
 Announcement for the Students of CPT level for June, 2017 Examination - Section A: Fundamentals of Accounting
By CA Mayank Jain
The Ministry of Corporate Affairs (MCA) has notified Companies (Accounting Standards) Amendment Rules, 2016 (G.S.R. 364(E) dated 30.03.2016) wherein MCA has omitted AS 6,
 GST to be made applicable from May, 2018 examination onwards for Intermediate (IPC) Course and Final Course
By CA S K Verma
The Council of ICAI has decided that Goods and Services Tax (GST) will be examined in both Part II: Indirect Taxes of Paper 4: Taxation of Intermediate (IPC)
 Applicability of GST in Nov., 2017 Examinations
By CA Rashmi Sharma
Students appearing in November, 2017 Intermediate (IPC) Examination may note that Goods and Services Tax (GST) will not be examined in Part II: Indirect Taxes of Paper 4: Taxation.
 Applicability of Income Computation and Disclosure Standards (ICDSs) for May 2017 Examination
By CA Manu T George
The Central Government had, vide Notification No.S.O.892(E) dated 31.3.2015, in exercise of the powers conferred by section 145
 Scholarships for CA Students
By CA Mayank Jain
Board of Studies, ICAI invites applications for the award of Scholarships to the selected candidates to be paid from April 1, 2017
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New Forms   RSS Feeds
  Form DVAT 01 - Application For Opting For Composition Scheme by a dealer registered
By CA Devender Singh
Instructions for dealers opting for composition scheme (For details refer section 16 of the Act and Rule 5 of these rules)
 Requirement of item wise details in Forms Annexure - 2A, Annexure - 2B, DVAT- 30 and DVAT 31
By CA Manu T George
Requirement of item wise details in Forms Annexure - 2A, Annexure - 2B, DVAT- 30 and DVAT 31
 Amendment of ANF 3C Application for on line filing of Grant of Status Certificate
By CA S K Verma
In exercise of powers conferred under paragraph 2.04 of the Foreign Trade Policy 2015-20,
 Regarding Form CR-II.
By CA Manu T George
In exercise of the powers conferred on me under section 27 of Delhi Value Added Tax Act, 2004 and in partial rnodification to the notification No.F.3(628)/Policy/VAT/2016/ 1424-36 dated 11th February,2016
 Filing of reconciliation return in Form 9 for the year 2014-15
By CA Nilesh Sahu
In partial modification to this department's Circular No. 34 of 2015-16 on the subject cited above and in exercise of the powers conferred under Rule 49A of the Delhi Value Added Tax Rules, 2005
  Form DVAT 01 - Application For Opting For Composition Scheme by a dealer registered
By CA Andrew F Thomas
Form DVAT 01 - Application For Opting For Composition Scheme by a dealer registered
 Interest from Non-SLR securities of Banks
By CA Ojas Aggarwal
It has been brought to the notice of the Board that in the case of Banks, field officers are taking a view that, "expenses relatable to investment in non-SLR
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Department of Companies Affairs   RSS Feeds
 Impose tax on windfall profits of pvt oil cos: CPM tells Govt
 Taxes fuel petrol, diesel prices globally
 Department of Economic Affairs seeks hike in spectrum fee
 Rising yen gives companies the jitters
 ROC Forms
 ROC Circulars
 ROC Notifications
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ICAI   RSS Feeds
 Application Form for the Information Systems Audit (ISA) Assessment Test - June, 2017
By CA Rashmi Sharma
Application Form for the Information Systems Audit (ISA) Assessment Test - June, 2017
 Formation of a Group for Reviewing the Decision Regarding Noting of Change in Constitution on Account of Leaving of Partner of Firm and Allied Issues.
By CA Mayank Jain
The President, in terms of authority given to him at the 363rd meeting of the Council held on 12th February, 2017
  Three Days Intensive Class Room Training for IBBI - Limited Insolvency Examinations in two batches at Chennai. Batch-1: 2nd to 4th June, 2017; Batch 2-23rd to 25th June, 2017
By CA Mayank Jain
The Insolvency and Bankruptcy Code, 2016 is expected to herald new and extensive professional opportunities in the Debt resolution space in India.
 Announcement on Advertising by members in practice engaged in Coaching/Teaching Activities
By CA Manu T George
Announcement on Advertising by members in practice engaged in Coaching/Teaching Activities
 Constitution of Group related to all issues of Bank Audit including reduction in SCAs Cooling Period, distribution of Bank Branch Audit
By CA Mayank Jain
The President, in terms of the authority given to him by the Council at its 363rd meeting held on 12th February, 2017, has constituted a Group related to all issues of Bank Audit including reduction in Statutory Central Auditors (SCAs),
 Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 9
By CA Manu T George
Ind AS Transition Facilitation Group' (ITFG) of Ind AS Implementation Committee has been constituted for providing clarifications on timely basis on various issues related to the applicability
 Announcement - For the attention of candidates appearing in CA exams at exam centres in Tamil Nadu.
By CA Devender Singh
It has been brought to our notice that bus services in Tamil Nadu may be hit on account of strike called by trade unions of the Tamil Nadu State Transport Corporation, from 15th May 2017 onwards.
More »
From the Courts   RSS Feeds
 Prabhatam Investment Pvt. Ltd vs. ACIT (ITAT Delhi)
By CA Rashmi Sharma
S. 68 Bogus share capital: (i) The AO cannot ignore the documentation produced by the assessee to show that the investors are genuine,
 CIT vs. Laxman Industrial Resources Pvt.Ltd (Delhi High Court)
By CA Andrew F Thomas
Bogus share capital: Fact that the investigation wing’s report alleged that the assessee was beneficiary to bogus transactions and that the identity of shareholders, genuineness etc was suspect is not sufficient.
  State Of Jharkhand vs. Lalu Prasad Yadav (Supreme Court)
By CA Nilesh Sahu
Severe strictures passed against the High Court for "inconsistent decision-making" and passing orders which are "palpably illegal, faulty and contrary to the basic principles of law"
 CIT vs. Krishan K. Aggarwal (Supreme Court)
By CA Devender Singh
Supreme Court issues strictures against the income-tax department stating that it is "extremely unhappy" with the delay of 3381 days in refiling the SLP and demands that "The concerned authorities need to wake up"
 Ambuja Cements Ltd. Vs. Commissioner, Service Tax Commissionerate, Delhi
 Director Of Income Tax (Exemptions) Vs. Vishwa Hindu Parishad
By CA Ojas Aggarwal
This appeal by the Revenue is directed against the order dated 30th June, 2003 passed by the Income Tax Appellant Tribunal (,,ITAT) in ITA No.4650/Delhi/97 for the Assessment Year (,,AY) 1993-94.
 ITAT Proposes Important Changes To Tribunal Rules
By CA Devender Singh
The ITAT has issued a notice dated 11th May 2017 stating that it intends to make important changes to the Tribunal Rules.
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Auditing   RSS Feeds
 Time Limit For Completion Of Assessment From The Date Of Special Auditors Report Under Income Tax Act, 1961
By CA Rashmi Sharma
Section 142(2A) of the Income Tax Act, 1961 (Act for short) provides for the conduct of special audit that may directed by the Assessing Officer.
 Provisioning pertaining to Fraud Accounts
By CA Rashmi Sharma
Please refer to circular DBR.No.BP.BC.83/21.04.048/2014-15 dated April 1, 2015 on the captioned subject. On a review, it has been decided to amend the provisioning norms in respect of all cases of fraud, as under:
 Tax Audit Report (TAR) Certain exceptions and increased limits according to number of partners and considering nature of activity are desirable
By CA Devender Singh
Provisions relating to maintenance of accounts and obtaining of TAR are old provisions and we find that very low limits fixed long ago have remain in force for long time.
 Cost Auditing Standards [ Cost Audit Documentation (102)] Part-II
By CA Ojas Aggarwal
In continuation of our effort to make notified Cost Auditing Standards readable, next in line is theCost Auditing Standard on Cost Audit Documentation (102).
 Conference on Companies Act gets under way
By CA Manu T George
The two-day seminar on Companies Act, 2013 New Standards for Corporate Governance being organised by Kakatiya University College of Commerce , Business Management and Institute of Chartered Accounts of India (ICAI), got under way here on Monday.
 New bureau to dissolve state-run banks' power to choose auditors
By CA Ojas Aggarwal
The government is likely to empower the proposed Bank Board Bureau to select audit firms for public sector banks as part of its larger initiative to strengthen their corporate governance practices.
 Foreign Exchange Management (Permissible Capital Account Transactions) (Fourth Amendment) Regulations, 2015
By CA Devender Singh
In exercise of the powers conferred by sub-section (2) of Section 6, sub-section (2) of Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999),
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Latest Circulars   RSS Feeds
 Auction of Government of India Dated Securities May 22, 2017
By CA Devender Singh
Government of India has offered to sell (re-issue) four dated securities for notified amount of ₹ 15,000 crore as per the following details:
  Direct Recruitment of ‘Chief Financial Officer’ in the rank of Executive Director in Reserve Bank of India
By CA S K Verma
Applications are invited for one post of ‘Chief Financial Officer’ in the rank of Executive Director in Reserve Bank of India.
 A Call for Enterprise in Economic Data Generation and Information Analytics - Dr. Viral V Acharya, Deputy Governor - May 19, 2017 - Presentation at the 9th Indian Chamber of Commerce Banking Summit, Kolkata
By CA Nilesh Sahu
Alongside banks and other financial intermediaries, need a parallel ecosystem of economic
 Reserve Bank of India Outlines the action plan to implement the Banking Regulation (Amendment) Ordinance, 2017
By CA Devender Singh
In a Release today, the Reserve Bank of India outlined the steps taken and those on the anvil post the promulgation of the Banking Regulation (Amendment) Ordinance, 2017.
 RBI to conduct 7 day, 14 day and 28 day Variable Rate Reverse Repo Auctions under LAF on May 18, 2017
By CA Manu T George
The Reserve Bank of India will conduct the following Variable Rate Reverse Repo Auctions on May 18, 2017,
 RBI to conduct 7 day, 14 day and 28 day Variable rate Reverse Repo auctions under LAF on May 17, 2017
By CA Devender Singh
The Reserve Bank of India will conduct the following Variable rate Reverse Repo auctions on May 17, 2017,
 RBI-Direct Recruitment of ‘Chief Financial Officer’ in the rank of Executive Director in Reserve Bank of India
By CA S K Verma
Applications are invited for one post of ‘Chief Financial Officer’ in the rank of Executive Director in Reserve Bank of India.
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Budget Extravaganza   RSS Feeds
 How presenting the Budget early seems to be paying off already
By CA Ojas Aggarwal
Breaking with a long-standing tradition, Finance Minister Arun Jaitley presented the Union Budget a full four weeks early this year and the results already seem to be showing in terms of expenditure.
 Budget advancement helps Centre, states start spending early
By CA Rashmi Sharma
Advancing the Budget and notifying the Finance Act, 2017, have enabled the Centre and state governments to start spending from the first month of the financial year from the central funds.
 Five things that you can expect from the Mumbai civic budget today
By CA Andrew F Thomas
Mumbai civic chief Ajoy Mehta will present the Brihanmumbai Municipal Corporation’s (BMC) budget for the financial year 2017-18
 GST all set for July 1 rollout but casts shadow on state budgets
By CA Ojas Aggarwal
With GST all set to be rolled out from July 1, states have not made too many changes in the indirect tax structure in their budgets for 2017-18.
 Income-Tax collection revised in Rajasthan budget
By CA Manu T George
Expecting a major increase in salaries after implementing the 7th Pay Commission for state government employees this year, the state has upwardly revised its budget estimate from income tax (I-T) collection for 2017-18.
 No new taxes likely in Maharashtra Budget
By CA Rashmi Sharma
Maharashtra finance minister Sudhir Mungantiwar on Thursday indicated that there will not be any new tax burden on the common man.
 H.P. budget devoid of any financial prudence
By CA Manu T George
Initiating a discussion on the State budget for the year 2017-18, the leader of the opposition in Vidhan Sabha, Prem Kumar Dhumal, on Tuesday blamed the Virbhadra government for not identifying even a single factor for resource mobilisation and depending exclusively on borrowings and central allocations.
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Sales Tax   RSS Feeds
 Income tax: How to calculate capital gains tax on sale of old jewellery
By CA Atul Gupta
Q. Last year, I had sold my old jewellery which was given to me by my in-laws in 1990 on my marriage. I got Rs 4.26 lakh by selling the jewellery but I do not have any proof of the purchase price in 1990. How much capital gains tax is due and is there any tax exemption for this?
 Six arrested for posing as Sales Tax officers, extorting money
By CA Nilesh Sahu
Ulhasnagar police in Thane district have arrested six persons who allegedly posed as Sales Tax officers and extorted lakhs of rupees from shop owners.
 Insurance Agency Mergers and Acquisitions in Q1 "Explode," OPTIS Partners' Report Reveals
By CA Devender Singh
Insurance agency mergers and acquisitions exploded during the first quarter of the year, with 178 reported transactions in the first three months of 2017, according to OPTIS Partners' M&A database. That far outstripped the 115 deals reported in the first quarter of 2016.
 Sales tax sleuths raid spare parts shops in Meerut's infamous Sotiganj market
By CA S K Verma
Several officers of sales tax department, escorted by a large contingent of police, on Thursday carried out an inspection of shops in Sotiganj market, which is infamously known as the "last destination" of vehicles stolen from Delhi and NCR region.
 Income Tax: How offshore income could be taxed twice
By CA Devender Singh
In this era of globalisation, an individual’s earnings is often from across the border. He can be a resident of one country, but earning income from other countries in a particular financial year.
 India finalises bills to launch new sales tax in July
By CA Mayank Jain
India moved a step closer on Saturday towards launching a new national sales tax from July after a panel of federal and state finance officials finalised two key bills to be put before parliament.
 NMC to implement new tax system from Apr 1a
By CA Manu T George
Two years after it was planned, the Nagpur Municipal Corporation (NMC) is set to enforce the new tax system from April 1.
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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 Ahmedabad Benches , Ahmedabad S/shri Rajpal Yadav, JM & Manish Borad, AM Causelist For Bench 'A' Date : 22/05/2017
By CA Mayank Jain
Income Tax Appellate Tribunal Ahmedabad Benches , Ahmedabad S/shri Rajpal Yadav, JM & Manish Borad, AM Causelist For Bench 'A' Date : 22/05/2017
 Income Tax Appellate Tribunal : Kolkata Benches : Kolkata Constitution of Kolkata Benches From 22/05/2017 To 25/05/2017 (26th May 2017 M.A. Day )
By CA Manu T George
Income Tax Appellate Tribunal : Kolkata Benches : Kolkata Constitution of Kolkata Benches From 22/05/2017 To 25/05/2017 (26th May 2017 M.A. Day )
 Income Tax Appellate Tribunal Mumbai Benches, Mumbai Consolidated Cause list of SA/MA/Pronouncement for friday 19/05/2017
By CA Andrew F Thomas
Income Tax Appellate Tribunal Mumbai Benches, Mumbai Consolidated Cause list of SA/MA/Pronouncement for friday 19/05/2017
 Income Tax Appellate TriBunal. Bangalore Bengalore Benches Bangalore 'A' Bench DB Cases Causelist for the week from 15/05/2017 To 18/05/2017
By CA Andrew F Thomas
Income Tax Appellate TriBunal. Bangalore Bengalore Benches Bangalore 'A' Bench DB Cases Causelist for the week from 15/05/2017 To 18/05/2017
 Income Tax Appellate Tr!Bunal Chennai Benches Chennai Constitution For The Week From 15/05/2017 To 18/05/2017
By CA Nilesh Sahu
Income Tax Appellate Tr!Bunal Chennai Benches Chennai Constitution For The Week From 15/05/2017 To 18/05/2017
  Income Tax Appellate Tribunal, Mumbai Consolidated list of orders ready for Pronouncement on 17.05.2017
By CA Mayank Jain
Income Tax Appellate Tribunal, Mumbai Consolidated list of orders ready for Pronouncement on 17.05.2017
  Income Tax Appellate Tribunal, Visakhapatnam 15.05.2017
By CA Manu T George
Income Tax Appellate Tribunal, Visakhapatnam 15.05.2017
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Placements & Empanelment   RSS Feeds
 New Opening Senior Associate / Assistant Manager - Tax - Transfer Pricing
By CA S K Verma
Functional Area:Financial Services , Banking , Investments , Insurance, PG:CA,
 New Opening Chartered Accountant (CA) / Manager Taxation
By CA Ojas Aggarwal
Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:CA
 New Opening Manager-accounts (chartered Accountant Only)
By CA Andrew F Thomas
Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:CA
 New Opening GM Finance & Accounts EXP. in Real Estates Construction is Mandatory 20 LPA
By CA Nilesh Sahu
Salary:INR 17,00,000 - 20,00,000 P.A., Functional Area:Accounts , Finance , Tax , Company Secretary , Audit,PG:CA
 New Opening Chartered Accountant / Finance Manager
By CA Nilesh Sahu
Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:CA, ICWA (CMA), M.Com - Commerce
  New Opening Assistant Manager/manager-accounts (chartered Accountant)
By CA Devender Singh
Salary:INR 4,00,000 - 6,00,000 P.A., Functional Area:Accounts , Finance , Tax , Company Secretary , Audit
  New Opening Accounts Executive, Chartered Accountant (CA)
By CA Nilesh Sahu
Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:CA
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Direct Tax   RSS Feeds
 Can we measure demonetisation’s impact on income tax collections?
By CA Mayank Jain
News reports have quoted government officials making claims about a record increase in the number of income tax payers in 2016-17.
 CBDT signs 2 more advance pricing pacts
By CA Manu T George
The Central Board of Direct Taxes (CBDT) has signed two more unilateral Advance Pricing Agreements (APAs).The two APAs signed pertain to chip design/development of embedded software and information technology (software development) sectors of the economy.
 Income tax returns: How to calculate income from house property
By CA Rashmi Sharma
The deadline for filing income tax returns for FY2016-17 is round the corner : July 31. It is the right time to chalk out the deductions that may be claimed in the tax return.
 CBDT proposes new accounting standards for real estate firms
By CA Atul Gupta
In a move to curtail discretion of real estate players over how and when they recognise revenue from projects, the tax department has proposed to introduce new accounting standards for developers to compute their tax outgo.
 1 lakh entities face I-T action as ‘clean money’ drive gains pace
By CA Rashmi Sharma
On the trail of tax evaders in the wake of demonetisation, income-tax authorities have identified 1 lakh “high-risk entities” against whom they plan to take strict enforcement action.
 Here are 4 things to know about how CBDT improves ease of doing business by issuing PAN and TAN within 1 day
By CA Andrew F Thomas
In order to improve the ease of doing business for newly-incorporated corporates, CBDT has tied up with the Ministry of Corporate Affairs (MCA) to issue Permanent Account Number (PAN) and Tax Deduction Account Number (TAN) in 1 day.
 Online platforms make tax filing easy, help fill details automatically
By CA Manu T George
The Income Tax department on May 4 activated an e-filing facility in which you can start filing returns.
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Service Tax   RSS Feeds
 Extension Of Provisional Attachment Under Service Tax Provisins
By CA Mayank Jain
Section 73 of the Finance Act, 1994 (‘Act’ for short) provides for recovery of services tax not paid or not levied or short paid or short levied or erroneously refunded.
 How favourable will GST be for Karnataka?
By CA Atul Gupta
The goods and services tax (GST) has headed into the final leg of discussions and deliberations of the proposed economic reform, with just over a month left for the actual roll out.
 GST rate impact: Here’s how the new tax can carry a greater punch
By CA Mayank Jain
The government, over the last few days, finalised GST rates that could blunt the reform’s growth impact.
 E-way Bill - movement of goods under GST
By CA Ojas Aggarwal
Every registered person who causes “movement of goods” of consignment value exceeding fifty thousand rupees - (i) in relation to a supply; or (ii) for reasons other than supply;
 How the GST rates will affect your money
By CA Atul Gupta
The statutory tax rates under the Goods and Services Tax (GST) Act have been announced and will be become effective from 1 July.
 GST: The coming disruption in the wholesale trade
By CA S K Verma
Most fast-moving consumer goods (FMCG) companies flagged weakness in the wholesale channel as a problem that affected sales growth in the March quarter.
  Ways In Which GST Will Impact The Average Indian’s Wallet
By CA S K Verma
Let's face it—taxes are among our biggest expenses over a lifetime. And this includes indirect taxes. We pay excise duty for manufacturing of goods, VAT on purchases, service tax
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Transfer Pricing   RSS Feeds
 Duff & Phelps Acquires Leading Transfer Pricing Asia-Pacific Advisory Firm
By CA Manu T George
Duff & Phelps, the premier global valuation and corporate finance advisor, has acquired Quantera Global Asia Holding, a leading Asia-Pacific transfer pricing advisory firm affiliated with Quantera Global.
  Updated UN manual reveals India’s transfer pricing positions
By CA Manu T George
The UN transfer pricing subcommittee has released a revised draft of the Practical Manual on Transfer Pricing for Developing Countries, which is expected to be finalized in the spring of 2017 after necessary editing and checking.
  Transfer pricing: Centre moves forward, introduces ‘secondary adjustments’
By CA Rashmi Sharma
India has taken the next big step in its transfer pricing framework with the Budget ushering in the concept of ‘secondary adjustments’.
 India Issues First Comprehensive Report on Advance Pricing Accords
By CA Nilesh Sahu
India has signed six bilateral advance pricing agreements with the U.K. and five with Japan since 2012,
 Godrej & Boyce Manufacturing Co Ltd vs. DCIT (Supreme Court)
By CA Ojas Aggarwal
S. 14A disallowance has to be made also with respect to dividend on shares and units on which tax is payable by the payer u/s 115-O & 115-R. Argument that such dividends are not tax-free in the hands of the payee is not correct.
  Domestic transfer pricing leeway provides a loophole for Indian companies
By CA Atul Gupta
Even as the government removed an irritant of domestic transfer pricing, industry trackers said this could lead to some companies exploiting it as a loophole.
 CBDT signs two unilateral APAs with taxpayers
By CA Mayank Jain
The tax department has entered into two unilateral advance pricing agreements (APAs) with Indian taxpayers as it looks to reduce litigation by providing certainty in transfer pricing.
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Customs and Excise   RSS Feeds
 Govt to give customs, excise duty benefits to boost solar rooftop sector
By CA Andrew F Thomas
In a boost to India’s lagging solar rooftop sector, the Union ministry of new and renewable energy (MNRE) has decided to give custom and excise duty benefits to it for ensuring high growth.
 Clarification regarding posting of Central Excise officer in Cigarette units-reg.
By CA Rashmi Sharma
Representations have been received from the field formations and members of the trade and industry regarding practicality of round-the-clock posting of Central Excise officers in the cigarette manufacturing units.
 Ensure transparency in excise department working: Bizmen to government
By CA Mayank Jain
The city industrialists want the new government in the state to ensure transparency in the working of the excise and taxation department.
 It is time to review the customs duty on essential food imports
By CA Manu T George
With Rabi crop prospects looking bright and harvest kicking off, it is time for the Centre to review the tariff or customs duty on commodities such as wheat, pulses, edible oil and sugar.
 Migration to GST of existing Central Excise / Service Tax Assessees
By CA Rashmi Sharma
Please refer to my DO letter IV(33) 16/2016-Systems dt. 27th Jan, 2017 on the above subject regarding setting up GST Migration Seva Kendras for smooth transition of existing taxpayers to GST.
 Rate of exchange of conversion of the foreign currency with effect from 3rd February, 2017
By CA S K Verma
In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962),
 Budgetary Changes In Customs
By CA Mayank Jain
Changes are more in Customs Act by Finance Bill, 2017 than in Central Excise and Service Tax. The changes meant for customs are discussed in this article.
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Mergers and Acquisitions   RSS Feeds
 Deals of the day-Mergers and acquisitions May 18, 2017,
By CA Andrew F Thomas
The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Wednesday:
 Forced mergers, sacking on cards as RBI gets tough with misfiring big banks
By CA Nilesh Sahu
At least half a dozen state-run banks are in the line of fire as their rapidly deteriorating financials have caught the attention of the RBI, two senior bank officials have said.
 Why India Inc is on an M&A spree, preferring inorganic growth to investing in fresh projects and capacities
By CA Andrew F Thomas
VS Parthasarathy, group chief financial officer of auto and farm equipment maker Mahindra & Mahindra (M&M),
 Banking consolidation 2nd wave: FinMin sees room for 3-4 more PSB mergers
By CA Nilesh Sahu
The finance ministry sees a scope of merger among 3-4 more public sector banks — in what could be the second wave of consolidation in the banking sector.
 Ministry of Corporate Affairs (MCA) notifies the provisions of cross-border mergers and acquisitions
By CA Devender Singh
The MCA on 13 April 2016 notified Section 234 of the Companies Act, 2013 (the Act) and the Companies (Compromises, Arrangements
  GAVS Tech eyes to double revenue from mergers & acquisitions
By CA Ojas Aggarwal
IT services and solutions provider GAVS Technologies is looking to double its global revenues through a series of mergers and acquisitions this year, a top official said today.
 ACC, Ambuja Cements evaluating merger
By CA Atul Gupta
ACC and Ambuja Cements say a special committee of directors, comprising largely of independent directors, has been constituted to evaluate the merger
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Indirect Tax   RSS Feeds
 Register for GST, if you pay indirect, service tax
By CA Atul Gupta
The Goods and Services Tax (GST) rates are finally out. While consumers will be impacted by either higher or lower prices for various commodities and services,
 Income tax raids on Uttar Pradesh bureaucrats on charges of tax evasion
By CA Manu T George
The Income Tax department today carried out searches at the premises of four Uttar Pradesh- based bureaucrats, including two IAS officers, in connection with its probe against them on charges of tax evasion.
 Only genuine farm income must be exempt from tax’
By CA Manu T George
Finding ways to stop the camouflaging of the income earned from sources other than agriculture as agricultural income is what NITI Aayog recommends in its Three-Year Action Agenda and ‘not’ levying personal income tax on farmers.
 CBEC rechristened Central Board of Indirect Taxes and Customs
By CA Mayank Jain
Ahead of the implementation of the Goods and Services Tax (GST), Finance Minister Arun Jaitley has given his nod for the reorganisation of the field formations of the Central Board of Excise and Customs (CBEC).
 Income tax department to challenge ITAT relief to Cairn Energy in HC
By CA Nilesh Sahu
The Income Tax Department is likely to challenge in high court a tax tribunal order giving relief to British oil firm Cairn Energy plc from payment of interest on a Rs 10,247 crore tax demand it had raised retrospectively.
 5 crucial ways how doing business will be different under GST
By CA Manu T George
The goods and services tax (GST) regime is less than 75 days away — assuming July 1 as the roll-out date. Here is a look at how doing business will be different in the GST-era.
 What is the lowdown on the Goods and Services Tax
By CA Mayank Jain
It’s the new system proposed to be rolled out from July 1 this year for taxing all goods and services that you consume. The Goods and Services Tax or GST will replace the myriad local,
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Various Acts & Rules   RSS Feeds
 Customs Tariff 2009-10 - PART-II - Chapter 98 - Project imports, Laboratory chemicals, passenger's baggage
By CA Atul Gupta
This Chapter is to be taken to apply to all goods which satisfy the conditions prescribed therein, even though they may be covered by a more specific heading elsewhere in this Schedule.
 Customs Tariff 2009-10 - PART-II - Chapter 97 - Works of art, collectors' pieces and antiques
By CA Atul Gupta
Unused postage or revenue stamps, postal stationery (stamped paper) or the like of heading 4907
 Customs Tariff 2009-10 - PART-II - Chapter 96 - Miscellaneous manufactured articles
By CA Mayank Jain
Articles of Chapter 66 (for example, parts of umbrellas or walking-sticks);
 Customs Tariff 2009-10 - PART-II - Chapter 95 - Toys, games and sports requisites; parts and accessories thereof
By CA Ojas Aggarwal
Toys, games and sports requisites; parts and accessories thereof
 Customs Tariff 2009-10 - PART-II - Chapter 94 - Furniture; bedding, mattresses, mattress supports
By CA Atul Gupta
Furniture; bedding, mattresses, mattress supports, cushions and similar stuffed furnishings; lamps and lighting fittings, not elsewhere specified or included; illuminated signs, illuminated name-plates and the like; prefabricated buildings.
 Customs Tariff 2009-10 - PART-II - Chapter 93 - Arms and ammunition; parts and accessories thereof
By CA Nilesh Sahu
telescopic sights or other optical devices suitable for use with arms, unless mounted on a firearm or presented with the firearm on which they are designed to be mounted (Chapter 90);
 Customs Tariff 2009-10 - PART-II - Chapter 92 - Musical instruments; parts and accessories of such articles
By CA Devender Singh
parts of general use, as defined in Note 2 to Section XV, of base metal (Section XV), or similar goods of plastics (Chapter 39);
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Finance Bills   RSS Feeds
 The Companies (Removal Of Difficulties) Seventh Order - dated 4th Sept 2014 New
By CA Manu T George
Whereas the Companies Act, 2013 (18 of 2013) (hereinafter referred to as the said Act) received the assent of the President on the 29th August, 2013 and section 143 of the Act,
 Finance & Commerce Ministry to discuss draft BIPA model tomorrow
By CA Nilesh Sahu
Officials of the finance and the commerce and industry ministries are scheduled to discuss the issues related to the draft text of the Bilateral Investment Promotion and Protection Agreement (BIPA) tomorrow.
 Union Finance Minister Shri Arun Jaitley said that the revenue targets fixed for Direct Taxes for the current Financial Year 2014-15 would not only be achieved but would also be surpassed
By CA Nilesh Sahu
The Union Finance Minister Shri Arun Jaitley hoped that the revenue targets fixed for Direct Taxes for the current Financial Year 2014-15 would not only be achieved but would also be surpassed.
 Finance ministry may pitch for higher tax exemption on health insurance
By CA Mayank Jain
The finance ministry is likely to pitch for a substantial increase in the income-tax exemption limit for health insurance as part of its plan to deepen insurance coverage. The ministry is examining a proposal that seeks to double the limit to 30,000 from 15,000.
 Finance minister reviews annual performance of public sector banks and financial institutions for 2013-14; calls for tougher action against wilful defaulters; highest ever more than 10,000 new branches opened during 2013-14
By CA Devender Singh
The Union Finance Minister Shri P. Chidambaram said that the last Financial Year 2013-14 was a difficult year even though there was positive movement towards greater stability.
 India Infrastructure Finance Company to raise Rs 7,000 crore through tax-free bonds
By CA Manu T George
State-owned India Infrastructure Finance Company (IIFCL) plans to raise Rs 7,000 crore via a public issue of tax-free bonds in October, according to a senior company official
 Finance Ministry hopes RBI focusses on promoting growth in policy tomorrow
By CA Atul Gupta
Ahead of tomorrow's monetary policy review, the Finance Ministry has expressed the hope that Reserve Bank will focus on promoting growth.
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