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News Headlines   RSS Feeds
 Income tax exemption for FY19
By CA Andrew F Thomas
As Union Finance Ministry in Budget 2018 has introduced several changes in regards to income tax filing, we tell you in detail what you should remember to claim deductions during Income Tax Return (ITR) filing.
 How will the new provisions really work?
By CA Mayank Jain
There is a doubt whether the definitions in the normal capital gain computation sections would continue to apply for assets such as bonus shares, right shares, shares received on inheritance or as gift, and others
 How to save income tax? Best tips for young earners
By CA Devender Singh
Tax saving should form a part of financial planning aimed at generating wealth and reducing financial risks.
 Forgot to verify your income tax return? Here's help
By CA Ojas Aggarwal
To complete the income tax returns (ITR) filing process, an individual is required to verify the return filed by him. The return must be verified within 120 days of filing.
 Notification of Government e-Marketplace (GeM) under section 138 of the Income-tax Act
By CA Manu T George
In pursuance of sub-clause (ii) of clause (a) of sub-section (1) of Section 138 of the Income-tax Act , 1961, the Central Government, hereby specifies Chief Executive Officer, Government e Marketplace (GeM) for purposes of the said clause.
 Income tax returns can be filed even if you missed deadline
By CA S K Verma
If you are not able to file your income tax return before the prescribed date by the income tax department, don't worry. Even if you have missed the deadline, you can still file tax returns under the belated return provision.
 What is the difference between a tax return and a tax refund?
By CA Ojas Aggarwal
A tax refund and a tax return are the most commonly used terms of a tax system. While the taxes could be either the ones paid directly by the taxpayers such as Income tax or the indirect ones such as GST (Goods and Services Tax).
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Continuing Prof. Edu.   RSS Feeds
  Discussions on Labour Laws & International Taxation (OTHERS)
By CA Manu T George
Place: Shastri Nagar CPE Study Circle of NIRC of ICAI Date: 24-02-2018 – To: 24-02-2018 CPE.Hrs.: 6
 Detailed Discussion & Critical Analysis of Union Budget 2018 (TAXATION)
By CA Rashmi Sharma
Place: JAMMU & KASHMIR BRANCH OF NIRC Date: 22-02-2018 – To: 22-02-2018 CPE.Hrs.: 6
  Discussions on Labour Laws & International Taxation (OTHERS)
By CA Atul Gupta
Place: Shastri Nagar CPE Study Circle of NIRC of ICAI Date: 24-02-2018 – To: 24-02-2018 CPE.Hrs.: 6
  Programme on E Way Bill under GST (INDIRECT TAXES)
By CA Manu T George
Place: LUDHIANA BRANCH OF NIRC Date: ICAI Bhawan, Near Silver Oak Garden CPE.Hrs.: 3
  Programme on E Way Bill under GST (INDIRECT TAXES)
By CA Manu T George
Place: LUDHIANA BRANCH OF NIRC Date: ICAI Bhawan, Near Silver Oak Garden CPE.Hrs.: 3
 Companies (Amendment) Act, 2017 & its Impact on Corporates (CORPORATE LAWS)
By CA S K Verma
Place: New Udaan Bhawan CPE Study Circle for Members in Industry Date: 05-03-2018 – To: 05-03-2018 CPE.Hrs.: 3
  Goods & Service Tax (OTHERS)
By CA Ojas Aggarwal
Place: Faridabad Branch Of NIRC Date: 17-02-2018 – To: 17-02-2018 CPE.Hrs.: 6
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GST - Goods and Services Tax   RSS Feeds
 Exporters still struggling to get GST refunds
By CA Andrew F Thomas
Exporters are continuing to struggle to get their refunds for the Integrated Goods & Services Tax (IGST) paid on exports, with officials raising various issues over the required documentation in the absence of a checklist.
 GST rules set to be simplified further
By CA Nilesh Sahu
Federal indirect tax body Goods and Services Tax (GST) Council is set to revamp the return filing process and further liberalize rules to make compliance easier for taxpayers and boost government revenues.
 Next GST Council meet may liberlise rules, revamp filing process
By CA Nilesh Sahu
In an attempt to make Goods and Services Tax compliance easier for taxpayers and boost government revenues, federal indirect tax body Goods and Services Tax (GST) Council is likely to revamp the return filing process and liberalise the rules, said a report.
 A Guide to GST Registration
By CA Andrew F Thomas
As per the vehicle scrappage policy, the Centre intends to phase out commercial vehicles that are at least a decade old and do not comply with current Bharat Stage emission norms
 GST e-way bill software set to be overhauled
By CA Mayank Jain
The government is looking at complete overhaul of the electronic-way-bill (e-way-bill) system under the goods and services tax (GST) regime instead of tinkering with its structure or scrapping it altogether, sources in the know told DNA Money.
 GST matching with income-tax, plus eye on gold trail to power collections
By CA Andrew F Thomas
Revenues from the Goods & Services Tax could cross Rs 1 lakh crore a month by end-March 2019, way above the budgeted figure, as the government begins matching tax data, tracking gold imports and implementing e-waybills, finance ministry officials said on Tuesday.
 GST return simplification to end traders’ woes likely before March 31
By CA Manu T George
The GST Council will most likely come up with simplified Goods and Services (GST) return system before March 31 as it has decided the return filing under the old system of GSTR- 1, 2, 3 and 3B only until March 31.
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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
 Startups that raised funds from angel investors face tax scrutiny
By CA Devender Singh
The so-called angel tax may not be quite dead yet. Although the income tax department has been instructed not to harass startups unduly, those that raised funds from angel investors through rights offers rather than via private placements in the past few years are coming under scrutiny along with their investors, said people aware of the matter.
 Tax collection assumptions in India's budget ambitious
By CA S K Verma
The IMF today said the tax collection assumptions in India's budget is ambitious but there is a need to look into the fiscal implications of some of the initiatives that are presently unfunded.
 All scrutiny cases, sans search, to be e-assessed
By CA Devender Singh
While asking officers to conduct e-assessment in all scrutiny cases other than those where searches have been conducted, the income tax department has instructed that assessments be put on hold where the assessees are not in favour of electronic proceedings.
 Key tax changes that will come into effect from April 1
By CA S K Verma
Arun Jaitley did not tinker with the income tax slabs nor did he raise the exemption limit in Budget 2018, but there were a few proposals that will have an impact on how much taxes you will end up paying.
 Eight lakh companies on Income Tax department radar for not filing tax returns
By CA Ojas Aggarwal
Director of 8 lakh companies may be prosecuted if their companies fail to file income tax returns from April 2018.
 4 things a taxpayer shouldn’t miss
By CA Rashmi Sharma
Here are four things that you should keep in mind before filing your I-T returns this year:
 Impact on LTCG will be more than 10 per cent
By CA Devender Singh
From a personal savings and investment perspective, the restoration of long-term capital gains tax on equity income is a huge change.
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Corporate Law   RSS Feeds
 Businesses tipped on new income tax law
By CA S K Verma
The business community has been urged to study and understand the new income tax law to be able to fully-benefit from it when it is implemented.
 Will Budget Make Changes In GST Laws
By CA Mayank Jain
Union Budget 2018-19 is just a fortnight away from now and there is one school of thought which say that Budget will not contain GST proposals.
 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.
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Students   RSS Feeds
 President's Message - February 2018
By CA Rashmi Sharma
Moreover, India’s recently-liberalised FDI policy, especially regarding the participation of non-resident Indians (NRIs) as domestic investors, has made India a prime destination, among the NRIs.
  Examination Timings - CA May - 2018 Examinations
By CA Andrew F Thomas
An announcement dated 9th January 2018 informing the schedule and timings of the CA Examinations-May 2018
 ICAI wants CA course to be accorded PG status
By CA Devender Singh
The Institute of Chartered Accountants of India (ICAI) will approach the University Grants Commission to accord postgraduate degree status for Chartered Accountant (CA) qualification.
 Announcement - Reservations in CA course
By CA Mayank Jain
The Institute has come across certain messages that are being aired in social media that some persons have approached to the Court of Law seeking direction to the Institute for making provisions for reservation in the Chartered Accountancy course.
 Refresher Course on GST and Ind AS organized for CA Students and gain knowledge on GST and Ind AS
By CA Rashmi Sharma
Online Registration for Refresher Course on GST and Ins AS for the CA Students Board of Studies is organizing Six Days Course on GST and Ind AS through a combination of Webcasts from Head Office and physical classes at Regional Councils and Branch(es)for the CA student.
 Discontinuation of Students Learning Management System (LMS)
By CA Andrew F Thomas
The Board of Studies in its continuous endeavour to facilitate students in learning anytime and anywhere by leveraging technology, has been offering video lectures for all the three levels of CA Course since 2014.
 Observations of the candidates on the question papers of CA examinations November, 2017
By CA Andrew F Thomas
It is hereby informed that candidates can bring to the notice of the Examination Department, their observations, if any, on the question papers relating to CA Examinations being held in November 2017,
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New Forms   RSS Feeds
 E-Way Bill Mandatory From 01.02.2018
By CA Rashmi Sharma
Rule 138 of the Central Goods and Service Tax Rules, 2017 deals with the e-way bill which came into effect from 01.07.2017. But no rule has been framed at that time.
 FORM GSTR-3B v/s FORM GSTR-1
By CA Nilesh Sahu
The common errors while submitting FORM GSTR-3B and the steps needed to be taken to rectify the same in FORM GSTR-1 are provided in the table annexed herewith. The corresponding column in the table provides the steps to be followed by taxpayer to rectify such error:
 Form GSTR-3B of GST - Boon or Curse
By CA Atul Gupta
Form GSTR--3B is summary return inserted by Government vide Rule 61 of the CGST Rules,2017 in lieu of Form –GSTR-3 . It is a summary return in place of GSTR-3.
  Extension of time limit for submitting the declaration in FORM GST TRAN-1 under rule 117 of the Central Goods and Services Tax Rules, 2017
By CA Ojas Aggarwal
In exercise of the powers conferred by rule 117 of the Central Goods and Services Tax Rules, 2017 read with section 168 of the Central Goods and Services Tax Act, 2017
 Form 64E is enabled in e-Filing to furnish the statement of income distributed by a securitisation trust
By CA Atul Gupta
In exercise of the powers conferred by section 295 read with sub-section (4) of section 115TCA of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-
  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
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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
  Implementation Guide to SA 701, "Communicating Key Audit Matters in the Independent Auditor’s Report" issued by the Auditing and Assurance Standards Board
By CA Manu T George
All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted,
 Extension of the Last date for submission of Online Application for Empanelment of Chartered Accountants Firms/LLPs with O/o C&AG for the year 2018-19.
By CA Rashmi Sharma
Considering the difficulties faced by Chartered Accountant firms/LLPs in submitting the online empanelment for audit of PSUs for the year 2018-19,
 Exposure Draft of Ind AS 117, Insurance Contracts
By CA Nilesh Sahu
Following is the Exposure Draft of Ind AS 117, Insurance Contracts, issued by the Accounting Standards Board of the Institute of Chartered Accountants of India, for comments.
 Discontinuation of Post Qualification Course (PQC) on Tax Management
By CA Devender Singh
This announcement is in furtherance to the announcement hosted by Examination department regarding discontinuation of some of the Post Qualification Courses for members available
 CPE Events 12 Februaary - 17 Februaary 2018
By CA S K Verma
CPE Events 12 Februaary - 17 Februaary 2018
 Empanelment of Members to act as Observers at The Examination Centres for The Chartered Accountants Examinations May / June 2018.
By CA S K Verma
It is proposed to empanel members to act as Observers for the forthcoming MAY/ JUNE 2018 Chartered Accountants Examinations scheduled as under:
 Compendium of ITFG Clarification Bulletins
By CA Ojas Aggarwal
All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form, or by any means, electronic mechanical, photocopying, recording, or otherwise, without prior permission, in writing, from the publisher.
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From the Courts   RSS Feeds
 M/S Abhipra Capital Ltd. Vs. Deputy Commissioner Of Income Tax (Investigation)
By CA Devender Singh
The present appeal by M/s Abhipra Capital Ltd. under Section 260A of the Income Tax Act, 1961
 Rashtriya Chemicals & Fertilizers Limited vs. CIT (ITAT Mumbai)
By CA S K Verma
S. 263: Even if there is lack of inquiry by the AO and the assessment order is "erroneous" under Explanation 2 to s. 263, the order is not "prejudicial to the interests of the Revenue" because Fringe Benefit Tax is not "tax" as defined in s. 2(43) and cannot be disallowed u/s 40(a)(v) or added back to "Book Profits" u/s 115JB
  Abicor and Binzel Technoweld Pvt. Ltd vs. UOI (Bombay High Court)
By CA Ojas Aggarwal
GST Network: The regime is not tax friendly. GST was highly publicised and termed as popular but there has been great hue and cry because assessees are unable to obtain access to the GST website.
 Abicor and Binzel Technoweld Pvt. Ltd vs. UOI (Bombay High Court)
By CA Mayank Jain
GST Network: The regime is not tax friendly. GST was highly publicised and termed as popular but there has been great hue and cry because assessees are unable to obtain access to the GST website.
 CST vs. Shri Krishna Chaitanya Enterprises (Bombay High Court)
By CA Manu T George
Service-tax on maintenance of property: Under the MOFA, the builder/ developer is under a statutory obligation to look after the day-to-day upkeep, maintenance and repair of the property till conveyance to the co-op society. Such maintenance of the structure is not rendering a taxable service as per s. 65 (64) of the Finance Act, 1994
 Industrial Infrastructure Development Corporation (Gwalior) M.P. Ltd vs. CIT (Supreme Court)
By CA Rashmi Sharma
S. 12A: The CIT has no power to cancel/withdraw/recall the registration certificate granted u/s 12A until express power to do so was granted by s. 12AA(3). Though the grant of certificate is a quasi judicial function, s. 21 of the General Clauses Act cannot be applied to support the order of cancellation of the registration certificate
 Principal Commissioner Of Income Tax-7 Vs. Pavitra Commercial Ltd.
By CA Atul Gupta
Whether the decision of the ITAT affirming the Appellate Commissioner's view with respect to the assessee's claim of capital gain ­ rather than business income as held by the Assessing Officer is justified?
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Auditing   RSS Feeds
 Auditing to be less of a burden as accountants embrace AI
By CA Nilesh Sahu
Among the more thankless tasks undertaken by junior accountants is meticulously checking off inventory at clients’ warehouses, which can involve scaling ladders with paper and pen in hand.
 CAG's report on GST will be totally paperless
By CA Devender Singh
The Comptroller and Auditor General (CAG) will come out with its first digital audit report, a complete paperless exercise, with its performance appraisal of the Goods and Services Tax, expected to come out sometime towards the end of this calendar year.
 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.
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Latest Circulars   RSS Feeds
 RBI’s statement on fraud in Punjab National Bank
By CA Ojas Aggarwal
There have been reports in the media that in the wake of fraud involving a sum of USD 1.77 billion that has surfaced in Punjab National Bank (PNB), the Reserve Bank of India (RBI)
 RBI-Auction of State Government Securities Feb 15, 2018
By CA Rashmi Sharma
The auction will be conducted on the Reserve Bank of India Core banking Solution (E-Kuber) system on February 20, 2018 (Tuesday).
 RBI new bad loan rules may improve prospects of loan recovery
By CA Atul Gupta
The Reserve Bank of India’s (RBI) decision to tighten norms for resolution of stressed loans, currently estimated at over Rs10 trillion, will improve recovery prospects from bad loans but keep banks’ provisioning requirement at an elevated level, analysts said.
 RBI-Resolution of Stressed Assets – Revised Framework
By CA Mayank Jain
The Reserve Bank of India has issued various instructions aimed at resolution of stressed assets in the economy, including introduction of certain specific schemes at different points of time.
 RBI-Monthly Bulletin for February 2018
By CA Rashmi Sharma
The Reserve Bank of India today released the February 2018 issue of its monthly Bulletin. It includes two Speeches, one Article and Current Statistics. The article is on ‘Statistical Discrepancies in GDP Data : Evidence from India’.
 Addendum to the Report of the Internal Study Group to Review the Working of the Marginal Cost of Funds Based Lending Rate System: Some Reflections on the Feedback Received
By CA Andrew F Thomas
The Reserve Bank of India (RBI) released the Report of the Internal Study Group to Review the Working of the Marginal Cost of Funds Based Lending Rate System
 Levy of Penal Interest – Delayed Reporting (Corrected)
By CA Nilesh Sahu
Presently, penal interest is levied for all cases where the bank has enjoyed “ineligible” credit in its current account with the RBI on account of wrong / delayed / non-reporting of transactions i.e. the currency chest had reported a net deposit.
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VAT (Value Added Tax)   RSS Feeds
 No Cenvat credit admissible on outward transportation services from factory to buyer’s premises
By CA Mayank Jain
We are sharing with you an important judgement of the Hon’ble Supreme Court of India in the case of Commissioner of Central Excise & Service Tax
  Filing of reconciliation return in form 9 for the year 2016-17
By CA Andrew F Thomas
In exercise of the powers conferred under Rule 49A of the Delhi Value Added Tax Rules, 2005 read with section 9(2) of Central Sales Tax Act, 1956,
 Govt may send notice to 162 companies; ask for VAT returns
By CA Ojas Aggarwal
With Goods and Service Tax (GST) collections going for a toss, the government may soon be sending notices to several firms on transitional tax credit being claimed back.
 Cenvat Credit Is Not Income Liable To Be Taxed
By CA S K Verma
Rule 3 of CENVAT Credit Rules, 2004 allows the manufacturer or producer of final products or provider of output service to take credit on certain taxes paid
 Cos wanting to claim VAT refund on employees' foreign stay can get professional help
By CA Manu T George
When a company takes its employees for an offsite visit abroad, the VAT paid on the local travel and the hotel accommodation is refundable.
 Regarding disposal of pending form DVAT 04 & 07 Form Applications
By CA Manu T George
Regarding disposal of pending form DVAT 04 & 07 Form Applications
 Disposal of pending Form DVAT 04 & Form DVAT 07 applications: regarding
By CA Nilesh Sahu
As you are aware, we have ushered into a new Tax regime with the roll out of GST which has taken effect from 1st July, 2017.
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Budget Extravaganza   RSS Feeds
 This is how Budget 2018 announcements may help you save tax
By CA Nilesh Sahu
If you go by budget announcements, your parents could give you ample reasons to save tax.
 Here's why the government advanced the Budget date
By CA Mayank Jain
Last year, the government decided to table the Budget on February 1, doing away with the tradition of presenting it on the last working day of February.
 Will Budget 2018 Reduce Your Income Tax? 10 Expectations
By CA Andrew F Thomas
In Budget 2018, the government may tweak income tax slabs and rates to bring down the burden on individuals, according to a survey by tax and advisory firm EY.
 How Budget 2018 will be different due to GST
By CA Rashmi Sharma
Eight days to go before Finance Minister Arun Jaitley takes to the podium to present the Union Budget, which will be different from the 88 Budgets that came before it in Independent India.
 Will Budget 2018 cut tax on switch from dividend to growth option in mutual funds?
By CA Manu T George
Many investors don't think much about growth and dividend options in mutual funds. However, when they become aware of the critical distinction (we will tell you a little later) between these options, they also become painfully aware of loads and taxes they need to pay to rectify their mistake.
 Startup eco-system looks forward to the budget for addressing tax dilemma
By CA S K Verma
The Indian startup eco-system is looking forward to the union budget eagerly for addressing the tax dilemma.
 High time to prioritise non-tax revenue in the Budget
By CA Rashmi Sharma
Budget-making is difficult at the best of times. So many demands, so few sources of income. For GoI, the need to raise revenues with a tightening fiscal policy — increasing taxes — is counterproductive, while cutting expenditure will slow down growth and investments.
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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 : Bangalore Benches : Bangalore Constitution for the week from 19/02/2018 To 23/02/2018
By CA Atul Gupta
Income Tax Appellate Tribunal : Bangalore Benches : Bangalore Constitution for the week from 19/02/2018 To 23/02/2018
 Income Tax Appellate Tribunal Chennai Benches Chennai Revised Constitution For The Week From 19/02/2018 To 23/02/2018
By CA Mayank Jain
Income Tax Appellate Tribunal Chennai Benches Chennai Revised Constitution For The Week From 19/02/2018 To 23/02/2018
 Income Tax Appeliate Tribuunal Pune Benches Pune Causelist for Bench 'A' For The week Ending 23/02/2018
By CA Devender Singh
Income Tax Appeliate Tribuunal Pune Benches Pune Causelist for Bench 'A' For The week Ending 23/02/2018
 Income Tax Appeliate Tribuunal New Delhi Constitution of Benches from 19/02/2018 To 23/02/2018
By CA S K Verma
Income Tax Appeliate Tribuunal New Delhi Constitution of Benches from 19/02/2018 To 23/02/2018
 Income Tax Appellate Tribunal Mumbai Benches Mumbai Consolidated Cause list of SA/MA Pronouncement for friday 16/02/2018
By CA S K Verma
Income Tax Appellate Tribunal Mumbai Benches Mumbai Consolidated Cause list of SA/MA Pronouncement for friday 16/02/2018
 Income Tax Appellate Tribunal Chnnai Benches Chennai Constitution for the week from 19/2/2018 To 23/02/2018
By CA Ojas Aggarwal
Income Tax Appellate Tribunal Chnnai Benches Chennai Constitution for the week from 19/2/2018 To 23/02/2018
 Income Tax Appellate Tribunal, Hyderabad Benches, Hyderabad. Cause List Of Cases Posted Before A-Bench (DB & SMC ) - 12.02.2018 To 16.02.2018
By CA Rashmi Sharma
Income Tax Appellate Tribunal, Hyderabad Benches, Hyderabad. Cause List Of Cases Posted Before A-Bench (DB & SMC ) - 12.02.2018 To 16.02.2018
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Placements & Empanelment   RSS Feeds
 40 LPA-Opening Chartered Accountant ( VP / AVP Finance)
By CA Rashmi Sharma
Salary:INR 30,00,000 - 40,00,000 P.A.,Functional Area:Accounts , Finance , Tax , Company Secretary , Audit
 New Openin Manager Tax & Payroll For A Oil & Gas Company
By CA S K Verma
Salary: INR 22,50,000 - 25,00,000 P.A.,Functional Area: Accounts, Finance, Tax, Company Secretary, Audit
 40 LPA-Opening General Manager - Finance & Accounts
By CA Ojas Aggarwal
Salary:INR 35,00,000 - 40,00,000 P.A.,Functional Area:Accounts , Finance , Tax , Company Secretary , Audit,PG:CA - First Attempt
 Exchange Rates Notification No.13/2018-Custom(NT)
By CA Atul Gupta
Salary: INR 22,50,000 - 25,00,000 P.A.,Functional Area: Accounts, Finance, Tax, Company Secretary, Audit,PG - Any Postgraduate, CA
  30 LPA-Opening Sr. Level - Finance & Accounts ( Qualified CA )
By CA Andrew F Thomas
Salary:INR 25,00,000 - 30,00,000 P.A. Or As Per Candidature,Functional Area:Accounts , Finance , Tax , Company Secretary , Audit
 New Opening Senior Regional Manager-Commercial
By CA Nilesh Sahu
Salary:INR 15,00,000 - 25,00,000 P.A.,Functional Area:Accounts , Finance , Tax , Company Secretary , Audit
 20 LPA-Opening Manager- Group Finance
By CA Devender Singh
Salary:INR 11,00,000 - 20,00,000 P.A.,Functional Area:Accounts , Finance , Tax , Company Secretary , Audit
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Direct Tax   RSS Feeds
 Explanatory Notes to the Provisions of the Finance Act, 2017
By CA Nilesh Sahu
The present appeal by M/s Abhipra Capital Ltd. under Section 260A of the Income Tax Act, 1961 (Act, for short) relates to assessment year 1996-97
 Here’s how you should approach tax planning
By CA Atul Gupta
You probably don’t want to be bothered about planning money when you are in your 20s.You’re young and want to try out different things, food and places without worrying about money, savings and investments. However, contrary to your belief and wishes, a good time to start is in your early 20’s. This is because this is the time when you are most independent and have to take control of your finances.
 Long Term Capital Gain under Finance Bill 2018
By CA Devender Singh
Under the existing regime, long term capital gains arising from transfer of long term capital assets, being equity shares of a company or a unit of equity oriented fund or a unit of business trust, is exempt from income-tax under clause (38) of section 10 of the Act.
 Awareness drive on income tax returns filing
By CA Nilesh Sahu
The income tax department of Visakhapatnam conducted an awareness programme on the provisions of income tax for filing returns by individuals in Rashtriya Ispat Nigam Limited (RINL) on the Visakhapatnam Steel Plant premises on Thursday.
  Income Tax raid cases not to be processed under e-assessment: CBDT
By CA Atul Gupta
The soon-to-be rolled out pan India e-assessment system for scrutiny cases of taxpayers will not be applicable to instances where a raid has been conducted against an assessee by the Income Tax (IT) department, the CBDT has said.
 Income Tax raid cases not to be processed under e-assessment: CBDT
By CA Manu T George
The soon-to-be rolled out pan India e-assessment system for scrutiny cases of taxpayers will not be applicable to instances where a raid has been conducted against an assessee by the Income Tax department, the CBDT has said.
 CBDT chief to discuss revenue mobilisation with officers
By CA Rashmi Sharma
The Economic Survey for 2017-18 had highlighted the fact that tax departments have gone in for contesting against several tax disputes but also with a low success rate which is below 30 per cent for both direct and indirect taxes.
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Service Tax   RSS Feeds
 Why is the successful roll-out of the e-way bill necessary?
By CA Andrew F Thomas
Since the Goods and Services Tax has been implemented in India, it has been undergoing various changes and maintenance as per the needs and requirements of the taxpayers of the nation.
 How service tax became revenue lifeline for the Govt
By CA S K Verma
When Manmohan Singh introduced service tax at a meagre 5 per cent while presenting the 1994-95 Budget, little did he know that it would become one of the biggest sources of revenue for the government in the years to come.
 Three simple tricks to save income tax without investing fresh funds
By CA Atul Gupta
Income tax saving is a task, especially when one is running short of funds. Planning tax investments well in advance helps avoid troubles at the eleventh hour.
 Goods and Services Tax (Compensation to States) Amendment Act, 2017.
By CA S K Verma
The following Act of Parliament received the assent of the President on the 19th January, 2018, and is hereby published for general information:-
 Services sector need to brought under Section 72A of the Income-Tax Act
By CA Devender Singh
With the surge in M&A activities, it is imperative to have a befitting tax regime which gives an added fillip to these activities. There are various provisions under the Income Tax Act which confer tax neutrality to mergers and acquisitions upon fulfilment of specified conditions.
 Simplifying GST: Creating a Grand Simple Tax
By CA Devender Singh
The technology hiccups that the GST portal faced, leading to multiple return filing extensions, made it very difficult for businesses that were already grappling with new rules and rates.
 The way ahead for goods and services tax
By CA Andrew F Thomas
The six-month goods and services tax (GST) journey so far has seen technology, procedural compliance and policy withdrawals as speed breakers, but no serious roadblocks are in sight. The rate reductions, and alignments that were done by the GST Council have aided acceptance by various stakeholders.
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Transfer Pricing   RSS Feeds
 Here is what Modi government can do for transfer pricing
By CA S K Verma
Finance Minister Arun Jaitley will present Union Budget on Thursday. Modi government’s union budget is crucial since it is the last one before the 2019 Lok Sabha elections.
 Transfer Pricing In International Transactions – An Overview
By CA Ojas Aggarwal
Transfer pricing refers to the pricing strategy in play when there is transfer of goods/ services between associated enterprises. Transfer pricing law aims to ensure that transactions between associated enterprises1 does not happen at an unreasonably favorable and controlled price.
  Transfer pricing 2017 year-in-review
By CA Manu T George
Certainly, 2017 was a very active year for Mexico transfer pricing, specifically in connection with transfer pricing adjustments and transfer pricing documentation guidance.
 New Transfer Pricing Regime to Regulate Documentation
By CA Ojas Aggarwal
On December 29, 2017, the Inland Revenue (Amendment) (No. 6) Bill 2017 (BEPS bill) was gazetted in Hong Kong.
  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.
  A web of requirements in transfer pricing regime
By CA Rashmi Sharma
With a fast changing tax environment and India tightening its transfer pricing/BEPS belt, investors in India would do well to identify any such challenges and adopt measures to mitigate the same
 Hong Kong bill would revise multinational firm tax and transfer pricing rules
By CA Devender Singh
The Hong Kong government on December 29 published a tax bill in its official gazette, proposing to introduce a transfer pricing regime based on international standards and establish an advance pricing arrangement program.
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Customs and Excise   RSS Feeds
 Central Board Of Excise & Customs New Delhi GST Flyers
By CA Andrew F Thomas
The Flyers compiled by NACIN and vetted by the GST Policy Wing, CBEC are based on the CGST/SGST/UTGST/IGST Act(s), the CGST Rules, 2017
 Hike in customs duty on electronics likely to boost revenue collection
By CA Ojas Aggarwal
The recent hike in customs duty on electronic goods is expected to not only discourage imports and boost domestic manufacturing, but could also benefit the Exchequer in a year of muted revenue growth.
 Customs duty raised on electronic goods
By CA Atul Gupta
The increase in customs duty will boost government’s tax collection at a time when GST collections have fallen below expectations
 Ministry Of Finance (Central Board Of Direct Taxes) Notification
By CA Mayank Jain
In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause,
 Refund of IGST paid on export of goods under rule 96 of CGST Rules,2017
By CA Devender Singh
The GST Council in its 22nd Meeting had approved a major relief package for exporters.
 Customs And Central Excise Drawback – Part II
By CA Atul Gupta
If the goods are to be exported by post under a claim for drawback the outer packing, carrying the address of the consignee shall also carry in bold letters the words DRAWBACK EXPORT.
 Customs Valuation (Determination of Value of Imported Goods) Rules 2007
By CA S K Verma
In exercise of the powers conferred by section 156 read with section 14 of the Customs Act, 1962 (52 of 1962), the Central Government, hereby makes the following rules to amend the Customs Valuation (Determination of Value of Imported Goods) Rules 2007, namely:-
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Mergers and Acquisitions   RSS Feeds
 Global Microdissection Market - Mergers and Acquisitions Becomes a Key Strategy
By CA Atul Gupta
Technavio’s report on the global microdissection market analyses the business dimensions and presents a comprehensive breakdown in terms of market segmentation
 How India's Bankruptcy Law Redo May Spur M&A Heyday
By CA Devender Singh
Flexing newfound muscle they gained in a 2016 bankruptcy law, lenders in India are about to embark on a huge selloff of assets owned by companies that can’t repay their debts.
 Top 3 Procurement Mergers and Acquisitions of 2017 (and 2018, So Far)
By CA S K Verma
No matter the year, activity in procurement mergers and acquisitions (M&A) always tops the list of highly read Spend Matters coverage.
 What is in store for mergers and acquisitions?
By CA Rashmi Sharma
With the recent enactment of the Companies Amendment Act, 2017, the legislature’s attempt to clean up the provisions of the existing company law and to facilitate easy business for companies will get mixed reactions.
 Mergers and acquisitions a key factor in increasing the number of B.C. employees at top security firms
By CA Atul Gupta
Over the last year, two of the province’s largest security companies, Paladin Security and Commissionaires, grew even larger through mergers and acquisitions (M&A).
 Merger & Acquisition deals up 10 pct in 2017, but value declines
By CA Manu T George
The value of announced merger & acquisition (M&A) deals involving Indian companies amounted to $62.1 billion in 2017, down 3.5% compared to 2016.
 OMA Emirates scouting for acquisitions in India’s fintech space
By CA Rashmi Sharma
OMA Emirates had in August announced OMA Emirates fintech fund worth $23 million for investments in fintech start-ups in India
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Indirect Tax   RSS Feeds
 Income Tax For Individuals – Assessment Year 2019–20
By CA Atul Gupta
The individuals, especially the salaried people expected much from the Finance Minister in his budget for this year 2018. But the Finance Minister did not bring the income exemption limit and also the rate structure.
 States set separate dates to implement e-way bill
By CA Atul Gupta
In what will further increase confusion for companies and transporters after the central e-way bill portal crashed, state governments are now giving separate dates for its implementation for cargo transportation.
 What are direct and indirect taxes?
By CA Ojas Aggarwal
While there are different types of taxes, they are broadly classified into two categories, i.e. direct taxes and indirect taxes.
 Indirect transfer conundrum continues
By CA Devender Singh
It’s been almost six years since the provisions regarding indirect transfers have been introduced to plug the taxation rights on transactions where the situs of assets are out of India but primarily derives value from India. As the provisions were new, they led to some practical issues in compliance and interpretations. In order to obviate those concerns, the Central Board of Direct Taxes (CBDT) has issued a circular in December 2016.
 We expect significant changes in income tax slabs, say taxpayers
By CA Devender Singh
The common man has high hopes from Budget 2018. From containing inflation to changes in income tax slabs, here’s what people of India are expecting from Finance Minister Arun Jaitley
 Indirect taxes collection could fall short of target due to GST
By CA Andrew F Thomas
Indirect taxes collection by the government may fall short of the target during the current financial year due to disruption caused by the GST rollout,
 Indirect Tax Collection Under Gst Goes Down By 30 Percent
By CA Rashmi Sharma
The indirect tax collection in Uttar Pradesh under the new tax regime goods and services tax (GST) has fallen by 30 per cent in the July-September period in the current financial year 2017-18,
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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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