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News Headlines   RSS Feeds
 Income-tax (17th Amendment) Rules, 2017
By CA Andrew F Thomas
In exercise of the powers conferred by section 139A and section 139AA, read with section 295 of the Income-tax Act, 1961 (43 of 1961)
 GST: One nation, one market, one tax
By CA Rashmi Sharma
In A Four-Part Series, Sachin Menon (Partner And Head, Indirect Tax At KPMG-India), Writes About The Goods and Services Tax And Its Implications On The Common Man And Businesses In Kerala
 Ready or not, businesses brace for biggest-ever tax reform
By CA Nilesh Sahu
Businessman Pankaj Jain is so worried about the impending launch of a new sales tax in India that he is thinking of shutting down his tiny textile factory for a month to give himself time to adjust.
 Ready or not, businesses brace for biggest-ever tax reform
By CA Nilesh Sahu
Businessman Pankaj Jain is so worried about the impending launch of a new sales tax in India that he is thinking of shutting down his tiny textile factory for a month to give himself time to adjust.
 Make your inventory and invoicing software GST Ready from Binarysoft
By CA Ojas Aggarwal
Binarysoft Technologies is one of the leading IT company based out in New Delhi, India which are making their client's legacy softwares GST Ready.
 Filing income-tax returns gets simpler for salaried persons
By CA Mayank Jain
Filing income-tax returns for salaried individuals (with income up to ?50 lakh) just got simpler, with the Central Board of Direct Taxes (CBDT) coming out with a single-page form against the seven-page version that existed earlier.
 Ten rules you must follow while filing income tax returns
By CA Rashmi Sharma
All of us believe that we are paying a lot of tax. Well, the time has come to record it as well.
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Continuing Prof. Edu.   RSS Feeds
  Disussion On GST & CA Day Celebration (Indirect Taxes)
By CA S K Verma
Place: Pathankot CPE Study Chapter of NIRC of ICAI Date: 01-07-2017 – To: 01-07-2017 CPE.Hrs.: 3
 Disussion On GST & CA Day Celebration (Indirect Taxes)
By CA Ojas Aggarwal
Place: Pathankot CPE Study Chapter of NIRC of ICAI Date: 01-07-2017 – To: 01-07-2017 CPE.Hrs.: 3
 Implementation Of Gst & Returns In Gst Indirect Taxes
By CA Devender Singh
Place: Netaji Subhash Place CPE Study Circle of NIRC Date: 29-06-2017 – To: 29-06-2017 CPE.Hrs.: 5
  Implementation of GST & Returns in GST (INDIRECT TAXES)
By CA Mayank Jain
Place: Central Delhi CPE Study Circle of NIRC Date:
 ITC & Transional Provisions Under GST (Indirect Taxes)
By CA Mayank Jain
Place: Bhiwani Branch of NIRC of ICAI Date: 25-06-2017 – To: 25-06-2017 CPE.Hrs.: 6
 Discussion on Time and Value of Supply Under GST (INDIRECT TAXES)
By CA Manu T George
Place: Gurgaon Branch Of NIRC Date: 23-06-2017 – To: 23-06-2017 CPE.Hrs.: 3
 Practical Implications of Income disclosure standards 2) GST- Invoice and other documents (DIRECT TAXES)
By CA Devender Singh
Place: South Delhi CA Study Circle of NIRC Date: From: 22-06-2017 – To: 22-06-2017 CPE.Hrs.: 4
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VAT (Value Added Tax)   RSS Feeds
 Is it a modified Value Added Tax?
By CA Andrew F Thomas
Under the Indirect taxes structure in India, indirect taxes like VAT, Excise, Service Tax, Entry Tax etc.
 GST regime: VAT Commissioner and CBEC to work with businesses
By CA Rashmi Sharma
CBEC and Service Tax Department along with Commercial Tax Department should work in unison for the smooth implementation of Goods
 Amendments in the Second Schedule appended to the Act (Delhi Value Added Tax Act, 2004)
By CA Atul Gupta
In exercise of powers conferred by section 295 of the Income Tax Act, 1961 (43 of 1961) (hereinafter referred to as the `Act'),
 Guidelines relating to downloading of Statutory Forms-Modification thereof
By CA Nilesh Sahu
In supersession of Circular No.1 of 2016-17 (issued vide No.F.3(750)/POLICY/ VAT/2017/04-10 dated 03.04.2017), the following criteria are laid down to curb the misuse of the facility of auto downloading of Statutory Forms provided at the dealer's end in the online module.
  Grant of Registration under DVAT & CST
By CA Ojas Aggarwal
Act and Form-A under CSTAct and all requisite documents, without any Held verification by the VAT!. In case of any deficiency in the requisite documents
 VAT on petroleum products to continue, to be decided by GST Council
By CA Rashmi Sharma
Maharashtra Minister Deepak Kesarkar today informed the Legislative Council that the continuation of VAT on petroleum products and alcohol will be decided by the Goods and Service Tax Council in the next five years.
 Government rolls out settlement scheme to clear VAT, CST dues
By CA Nilesh Sahu
Finally, ahead of rolling out of all new indirect tax regime Goods and Service Tax (GST) in the country, the state government declared settlement scheme for clearing pending dues of VAT and central sales tax.
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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
 Income Tax notification: Aadhaar-PAN linking must from July 1
By CA Devender Singh
Finance Minister Arun Jaitley through an amendment to tax proposals in the Finance Bill for 2017-18 had made Aadhaar mandatory for filing income tax returns and provided for linking of PAN with Aadhaar to check tax evasion through use of multiple PAN cards
 Filing ITR just got easier for salaried class with CBDT's one-page form
By CA Rashmi Sharma
The new SAHAJ form also requires reporting of cash deposited in a bank account from November 9 last year to December 30, 2016 if the taxpayers deposited Rs. 2,00,000 or more during the demonetisation period
 Why consumers should welcome GST
By CA Andrew F Thomas
As the July 1 deadline for the rollout of the Goods and Services Tax (GST) draws near, the financial press is filled with tales of woe from businesses large and small.
 Retailers need to file single GST return every month
By CA S K Verma
Days before the rollout of the landmark GST, the government today sought to dispel the notion that the new tax regime will be cumbersome and compliance- heavy, saying taxpayers need to file only one return every month, similar to what they presently do.
 Aadhaar is must for income tax returns if you have one; Here's how you can file it online
By CA Ojas Aggarwal
Only nine days are left for you to file your income tax returns (ITR) for last year and it is mandatory to quote your Aadhaar number if you have one.
 Will it be a tax haven above the law?
By CA Devender Singh
A private nation, beyond the reach of earthly laws and tax men, is what you get when a Russian billionaire and a bunch of scientists put their heads together for a common dream project.
 Your mutual fund investment tax efficient? Here are 3 steps to ensure utmost efficiency for your portfolio
By CA Nilesh Sahu
HomeIndustry Banking financeYour mutual fund investment tax efficient? Here are 3 steps to ensure utmost efficiency for your portfolio
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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
  November-2017 CA Examinations
By CA Ojas Aggarwal
In pursuance of Regulation 22 of the Chartered Accountants Regulations, 1988,
 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
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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
 Exposure Draft of Revised SA 299, “Joint Audits” for Comments
By CA Devender Singh
Your comments on this Exposure Draft should reach us by August 11, 2017.
 CPE Events 26th June - 1st July 2017
By CA Andrew F Thomas
CPE Events 26th June - 1st July 2017
  Summary of MCA Notification dated 13.06.2017 to give further exemptions private companies as per Section 462 of the Companies Act 2013
By CA S K Verma
Summary of Notification dated 13th June, 2017 to exempt private companies as per Section 462 of the Companies Act 2013
 Summary of MCA Notification dated 13.06.2017 to give further exemptions private companies as per Section 462 of the Companies Act 2013
By CA Manu T George
Summary of Notification dated 13th June, 2017 to exempt private companies as per Section 462 of the Companies Act 2013
 Exemption to Private Companies u/s 462 of The Companies Act 2013 as per Ministry of Corporate Affairs Notifications Dated 5th June, 2015 and 13th June, 2017
By CA Rashmi Sharma
Exemption to Private Companies u/s 462 of The Companies Act 2013 as per Ministry of Corporate Affairs Notifications Dated 5th June, 2015 and 13th June, 2017
 Four Weeks Residential Programme to be held from 31st July, 2017 to 27th August, 2017 at Centre of Excellence, Hyderabad for Men Participants only.
By CA Andrew F Thomas
Board of Studies is pleased to announce the next batch of ICAI Four Weeks Residential Programme on Pro-fessional Skills Development from 31st July, 2017
 Next batch of the Certificate Course on Valuation at Bangalore from 15th July, 2017.
By CA Ojas Aggarwal
The Valuation Standards Board of ICAI is starting next batch for the Certificate Course on Valuation at Bangalore from 15thJuly, 2017.
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From the Courts   RSS Feeds
  Avtec Limited Vs. Dy. Commissioner Of Income Tax
By CA S K Verma
These are three writ petitions by Avtec Limited which challenge the notices dated 31st March, 2015
 Avtec Limited Vs. Dy. Commissioner Of Income Tax
By CA Ojas Aggarwal
These are three writ petitions by Avtec Limited which challenge the notices dated 31st March, 2015
  Indus Towers Limited Through: Its Authorised Signatory Mr. Amish Mehta, Chief Financial Officer Vs. Deputy Commissioiner Of Income Tax, Circle- 11(1) & Anr.
By CA Atul Gupta
This writ petition by Indus Towers Limited (`ITL') challenges a notice dated 22nd February, 2013
 ITO vs. Gravity Systems Pvt. Ltd (ITAT Delhi)
By CA Mayank Jain
S. 143(2) notice: If the Department fails to produce evidence relating to the issue and service of the s. 143(2) notice, an adverse inference has to be drawn as per s. 114 of the Evidence Act. The s. 143(3) assessment order has to be held invalid and void ab initio
 Mehsana District Central Co-op Bank Ltd vs. ACIT (Gujarat High Court)
By CA Manu T George
S. 147/148: Law on validity of reopening of assessment when the AO is acting on the dictates of the audit party and is not applying his own mind explained
 ACIT vs. Vireet Investment Pvt Ltd (ITAT Delhi) (Special Bench)
By CA Ojas Aggarwal
S. 14A/ Rule 8D: (i) The computation under clause (f) of Explanation 1 to section 115JB(2) is to be made without resorting to the computation as contemplated u/s 14A read with Rule 8D of the Income tax Rules 1962,
  B.A.Mohota Textiles Traders Pvt. Ltd vs. DCIT (Bombay High Court)
By CA Atul Gupta
While a family arrangement/settlement does not amount to a "transfer" u/s 2(47) as it only recognizes "pre-existing rights" between the parties, the same applies only to members of the families and not to transfers made by corporate entities.
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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
  RBI-Auction for Sale (Re-issue) of Government of India Floating Rate Bonds 2024
By CA Manu T George
Government of India hereby notifies sale (re-issue) of Floating Rate Bonds 2024 (hereinafter called 'the Bonds') for an aggregate amount of ₹ 3,000 crore (nominal).
  RBI releases Handbook of Statistics on Indian States 2016-17
By CA S K Verma
Today, the Reserve Bank of India released the second edition of its statistical publication titled “Handbook of Statistics on Indian States 2016-17”.
  RBI amends Banking Ombudsman Scheme: Includes Complaints relating to Misselling and Mobile/ Electronic Banking
By CA Nilesh Sahu
The Reserve Bank of India has widened the scope of its Banking Ombudsman Scheme 2006, to include, inter alia, deficiencies arising out of sale of insurance/ mutual fund/ other third party investment products by banks.
 RBI releases Handbook of Statistics on Indian States 2016-17
By CA Devender Singh
Today, the Reserve Bank of India released the second edition of its statistical publication titled “Handbook of Statistics on Indian States 2016-17”.
 RBI amends Banking Ombudsman Scheme: Includes Complaints relating to Misselling and Mobile/ Electronic Banking
By CA Manu T George
The Reserve Bank of India has widened the scope of its Banking Ombudsman Scheme 2006, to include, inter alia, deficiencies arising out of sale of insurance/ mutual fund/ other third party investment products by banks.
 Recording of Details of Transactions in Passbook/ Statement of Account
By CA Manu T George
Please refer to instructions contained in Paragraphs 6 and 7 of our circular DBOD.No.Leg.BC.74/09.07.005/2003-04 dated April 10, 2004 on "Committee on Procedures
 Exclusion of “The Royal Bank of Scotland N.V.” from the Second Schedule to the Reserve Bank of India Act, 1934
By CA Rashmi Sharma
We advise that the “The Royal Bank of Scotland N.V.” has been excluded from the Second Schedule to the Reserve Bank of India Act, 1934 vide Notification DBR.IBD.No.9999/23.13.020/2016-17 dated February 28, 2017,
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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, Kolkata Benches Kolkata Consolidated list of orders ready for Pronouncement on 23/06/2017
By CA Rashmi Sharma
Income Tax Appellate Tribunal, Kolkata Benches Kolkata Consolidated list of orders ready for Pronouncement on 23/06/2017
 Income Tax Appellate Tribunal, Mumbai Benches Mumbai Consolidated list of orders ready for Pronouncement on 28/06/2017
By CA Nilesh Sahu
Income Tax Appellate Tribunal, Mumbai Benches Mumbai Consolidated list of orders ready for Pronouncement on 28/06/2017
  RBI releases Handbook of Statistics on Indian States 2016-17
By CA Devender Singh
Today, the Reserve Bank of India released the second edition of its statistical publication titled “Handbook of Statistics on Indian States 2016-17”.
 GST-Implementation And Critical Issues (Indirect Taxes)
By CA Atul Gupta
Place: Nehru Place Study Circle of NIRC Date: 30-06-2017 – To: 30-06-2017 CPE.Hrs.: 4
 Income Tax Appellate Tribunal, Mumbai Benches, Mumbaiof benches For The Period From 27-06-2017 To 30-06-2017
By CA Andrew F Thomas
Income Tax Appellate Tribunal, Mumbai Benches, Mumbaiof benches For The Period From 27-06-2017 To 30-06-2017
 Income Tax Appellate Tribunal, Ahmedabad Benches, Ahmedabad Constitution For The Period From 27-06-2017 To 30-06-2017 & 03-07-2017 To 06-07-2017
By CA Nilesh Sahu
Income Tax Appellate Tribunal, Ahmedabad Benches, Ahmedabad Constitution For The Period From 27-06-2017 To 30-06-2017 & 03-07-2017 To 06-07-2017
 Income Tax Appellate Tribunal Bangalore Benches BangaloreCauselist for The week from 26/06/2017 To 22/06/2017
By CA Mayank Jain
Income Tax Appellate Tribunal Bangalore Benches BangaloreCauselist for The week from 26/06/2017 To 22/06/2017
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Placements & Empanelment   RSS Feeds
 New Opening AGM / DGM Accounts (CA Only) - Manufacturing Company
By CA Andrew F Thomas
Salary:INR 15,00,000 - 20,00,000 P.A., Functional Area:Accounts , Finance , Tax , Company Secretary , Audit
 New Opening Head Finance & Accounts for a Leading Firm at Mumbai 30 LPA
By CA Nilesh Sahu
Salary:INR 15,00,000 - 30,00,000 P.A., Functional Area:Financial Services , Banking , Investments , Insurance
 New Opening for Chartered Accountant (indirect Tax) 22.5 LPA
By CA Nilesh Sahu
Salary:INR 17,00,000 - 22,50,000 P.A., Functional Area:Accounts , Finance , Tax , Company Secretary , Audit
 New Opening Finance & Accounts - Chartered Accountant
By CA Devender Singh
Salary:INR 15,00,000 - 20,00,000 P.A.,Functional Area:Accounts , Finance , Tax , Company Secretary , Audit
 New Opening Senior Audit Managers for one of the Top 10 CA Firms
By CA Mayank Jain
Salary:INR 10,00,000 - 20,00,000 P.A., Functional Area:Accounts , Finance , Tax , Company Secretary , Audit
 New Opening Sr. Executive / Asst. Manager - Finance (Chartered Accountant)
By CA Nilesh Sahu
Salary:INR 3,00,000 - 5,00,000 P.A. Best, Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:CA
 New Openinmg Assistant Manager - Assurance ( STAT Audit)for BIG 4a
By CA Mayank Jain
Salary:INR 12,00,000 - 17,00,000 P.A., Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:CA
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Direct Tax   RSS Feeds
 GST: Renaming Central Board of Excise and Customs to CBIC may take a while
By CA Rashmi Sharma
Renaming the Central Board of Excise and Customs (CBEC) to Central Board of Indirect Taxes and Customs (CBIC) may take a while as the revenue department considers introducing amendments to at least five Acts only in the upcoming monsoon session next month.
 CBDT notifies new scrutiny notices with e-facility for taxpayers
By CA Ojas Aggarwal
The CBDT has notified revised income tax scrutiny notices that will allow taxpayers to conduct their business with the taxman over the Internet without needing to visit the I-T office, hence reducing physical interface between them.
 GST is a transformational business process reform. All companies will have to change
By CA Nilesh Sahu
A week from today, India will have a revolutionary new indirect tax regime that will integrate the country’s $ 2 trillion economy and 1.3 billion consumers into a vast,
 GST Council relaxes return filing rules for July-Aug
By CA Rashmi Sharma
The GST Council today relaxed return filing rules for businesses for the first two months of the rollout of the new indirect tax regime even as it stuck to the July 1 launch date.
 Here's how self-employed individual can file tax return with ITR4
By CA Nilesh Sahu
Income Tax Return (ITR) filing deadline is coming close with each passing week. Though many of the taxpayers are still waiting for the end moment, it is always advisable to start filing early.
 CBDT mulling new system of jurisdiction-free I-T assessment to curb corruption
By CA S K Verma
The Income Tax Department is working on a new system of jurisdiction-free assessment, where a taxpayer would be assessed
 CBDT draft notice on computing tax liability of foreign firms
By CA Nilesh Sahu
The Central Board of Direct Taxes (CBDT) has issued a draft notification detailing the computation process for various parameters involved in arriving at the tax liability of a foreign company,
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Service Tax   RSS Feeds
 Government allays fears on implementation of Goods and Service Tax
By CA Mayank Jain
Union Minister Nirmala Sitharaman today allayed fears over whether the prices of essential commodities would rise post implementation of Goods and Services Tax, saying no fresh rates would be imposed on those goods which already come under tax ambit.
 GST pangs for 3 months only, people will adjust to new way of life soon
By CA S K Verma
Revenue Secretary Hasmukh Adhia today said that the initial pangs of Goods and Services Tax (GST) might be felt for the first three months but after that things will settle down.
 GST, an old new tax
By CA Manu T George
Sixteen years in the making, India is finally set to roll out the Goods and Services Tax (GST) from July 1. Prime Minister Narendra Modi will inaugurate the new indirect tax at the stroke of midnight in Parliament, taking a leaf out of Jawaharlal Nehru’s book.
 Pay tax once on the input, deduct it from the output
By CA Mayank Jain
Input tax credit is among the features of the upcoming GST regime. Input Tax Credit prevents the cascading of taxes as it will be in effect across goods and services at every stage of supply.
 GST Network to begin accepting fresh registrations from June 25
By CA Nilesh Sahu
The Goods and Services Tax Network (GSTN) portal which has so far only been accepting requests for migration from the current indirect tax regime to the GST system will now start accepting fresh registrations starting June 25.
 Indian GST is significantly unique, but is it better?
By CA Ojas Aggarwal
With the deadline of July 1 approaching, the GST regulation in India has started to take shape by finalisation of law and rules. This has been a long journey of over 17 years which began with the intent of unification of indirect tax regime in the country.
 GST example of national integration
By CA Atul Gupta
The Union Cabinet, chaired by Prime Minister Narendra Modi, on Thursday passed a resolution thanking chief ministers and finance ministers from all the states as well as political parties for extending cooperation for the introduction of GST.
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Transfer Pricing   RSS Feeds
 Transfer pricing toolkit for developing nations’ tax systems
By CA Ojas Aggarwal
Developing countries looking to better protect their tax bases can access support through a toolkit backed by the International Monetary Fund, OECD, UN and World Bank.
 Transfer Pricing adjustment for excessive marketing expenses taking a twist in India
By CA Atul Gupta
The Delhi bench of the Income Tax Appellate Tribunal in a recent ruling in the case of Luxottica India Eyewear Pvt Ltd (ITA No. 344/Del/2017)
 Indian secondary adjustments for transfer pricing: what you need to know about the new rules
By CA Mayank Jain
India’s Central Board of Direct Taxes on 15 June published new rules providing for transfer pricing secondary adjustments.
 Interpretation Of Central Goods And Services Tax (CGST) Act (Part-10)
By CA S K Verma
This part of the series contains meanings of certain terms covered in Section 2 of the CGST Act, 2017.
 CBDT notifies secondary adjustment rule in transfer pricing
By CA Ojas Aggarwal
The Income Tax Department has come out with rules for operationalising the provisions of secondary adjustment in books of accounts to reflect actual allocation of profits between a company and its arm.
  Revised Transfer Pricing Safe Harbour Rules Bring Cheer
By CA Atul Gupta
India has, for long, been always regarded as the one of the most aggressive transfer pricing jurisdictions.
 CBDT notifies secondary adjustment transfer pricing rules
By CA Manu T George
The Central Board of Direct Taxes (CBDT) has notified the rules for operationalising the provisions of secondary adjustment in the arena of transfer pricing.
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Customs and Excise   RSS Feeds
 Central Board of Excise and Customs to soon notify new procedural framework
By CA Manu T George
It’s a green light from Indian customs for the pre-run of the GST on June 23. Central Board of Excise and Customs will soon notify the new procedural framework for the country’s over $650-billion trade sector, which will be among the first to face tax regime change from July 1.
 CBEC set to be Central Board of Indirect Taxes and Customs
By CA Mayank Jain
Reiterating that preparations are in full swing for rolling out GST on July 1, the Central Board of Excise and Customs (CBEC) said on Tuesday that, along with the states, the department has increased its outreach programmes on the forthcoming indirect tax regime so as to reach the "last trader".
 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.
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Mergers and Acquisitions   RSS Feeds
 Why is Avendus Capital behind most large e-commerce deals in India?
By CA Atul Gupta
Moneycontrol charts the growth story of Avendus Capital and how it cracked the formula of most large digital investments in India, which includes a USD 80 million round in food tech firm Swiggy, this week.
 India one of most attractive merger and acquisitions destinations in Asia.
By CA S K Verma
India is among the top Merger and Acquisition (M&A) markets in emerging Asia, largely driven by favourable economic and demographic conditions and an encouraging regulatory regime, says a report.
 Deals of the day-Mergers and acquisitions june 20, 2017
By CA Atul Gupta
The following bids, mergers, acquisitions and disposals were reported by 1000 GMT on Monday:
 How new funding avenues, M&As are powering India’s renewable energy sector
By CA Mayank Jain
Over the last few years, India has significantly transformed its energy policy, with renewable energy emerging as the dominant source of capacity addition.
 Finance Ministry asks PSBs to explore acquisition of smaller banks
By CA Manu T George
The finance ministry has asked four large PSU lenders to explore opportunities for acquisition of small and mid-sized banks with a goal to create global sized lenders, sources said.
 Bank of Baroda, Canara Bank may lead next round of mergers
By CA Andrew F Thomas
Following the merger of State Bank of India and associate banks, Bank of Baroda and Canara Bank may acquire smaller banks like Vijaya Bank, United Bank of India, Union Bank of India, Dena Bank and UCO Bank, officials told the Business Standard.
  Deals of the day-Mergers and acquisitions June 13, 2017
By CA Atul Gupta
The following bids, mergers, acquisitions and disposals were reported by 1330 GMT on Tuesday:
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Indirect Tax   RSS Feeds
 Income-tax (16th Amendment) Rules, 2017
By CA Mayank Jain
In exercise of the powers conferred by section 295 read with sub-section (9) of section 92CC of the Income-tax Act, 1961 (43 of 1961),
 TDS, TCS deferred for smooth GST rollout
By CA Manu T George
Within less than a week for the GST to go live, Centre has deferred implementation of TDS and TCS provisions,
 GST may lead to better operating profit margin for multiplex operators
By CA Devender Singh
Multiplex companies—PVR Ltd and Inox Leisure Ltd—are expected to benefit from the implementation of the goods and services tax (GST).
 Indirect taxes must equal direct taxes
By CA Manu T George
Out of the total taxes collected in the country, 65% is collected as indirect taxes and only 35% are direct taxes. This ratio is completely opposite to the taxation in developed world .
  Income Tax dept issues notices to ‘farmers’ claiming suspect agricultural income
By CA Mayank Jain
The Income-Tax department has issued notices to tax assessees who have shown unusually high income from agricultural activities, sources told Moneycontrol.
 GST would match or be lower than the multiple indirect taxes on real estate
By CA Manu T George
Goods and Services Tax (GST) is set to get implemented from 1 July 2017. There are different GST rates prescribed for various goods and services, which may impact their cost.
 Tax incidence under GST lower than current indirect taxes
By CA Andrew F Thomas
The incidence of tax on majority of goods is lower under the Goods and Services Tax (GST) regime as compared to the current indirect taxes on account of levy of central excise, service tax,
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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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