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News Headlines   RSS Feeds
 Are multiple service tax rates in the offing?
By CA Manu T George
For consumers like us, service tax is omnipresent, well quite literally. From eating-out to travelling to entertainment, almost every expense that one makes has an element of service tax in it.
 All you need to know about claiming tax break on HRA
By CA Nilesh Sahu
For most employees, House Rent Allowance (HRA) is a common component of their salary structure. Although it is a part of the salary
 How much income tax you should pay on investments in gold?
By CA Mayank Jain
After my article on how much gold you can keep readers have requested me to write on taxation aspects of profits on sale of gold and its variants. Let us discuss.
  Best ways to save tax in 2017
By CA Mayank Jain
So many options, so little time. If you have still not completed your tax planning for 2016-17, don't panic. ET Wealth has identified the five best taxsaving options for 2017.
 8 unknown stocks that could yield huge returns
By CA Rashmi Sharma
The Sensex has risen only 1.6% in the past two years, but several mutual fund schemes have delivered good returns during the same period. How did they do it?
 Government may set threshold for probe into deposits to prevent harassment of taxpayers
By CA Mayank Jain
In a bid to curb possible harassment of taxpayers during investigations into bank deposits post-demonetisation, the government is looking to lay down norms for tax officers, including a threshold below which scrutiny will not ordinarily be initiated.
 How to calculate capital gains tax
By CA Atul Gupta
The long-term capital gains tax has been under the spotlight of late after Prime Minister Narendra Modi's comments that taxes from stock markets were low revived worries that the government might introduce it in the upcoming Budget. ET explains to you all about long-term capital gains
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Continuing Prof. Edu.   RSS Feeds
 Seminar on Concept of “Opportunities for CA’s in Insolvency Bankruptcy Code & Dispute Resolution Scheme, 2016 & How to resolve Issues while e-filing of Appeals” (OTHERS)
By CA S K Verma
Place: East End CA Study Circle of NIRC Date: 20-01-2017 – To: 20-01-2017 CPE.Hrs.: 4
  Impact of GST and definition of Supply under GST. AND Role of CAs in Benami Transations (Prohibition) Act and taxation laws( 2nd Amendment) Act 2016. (INDIRECT TAXES)
By CA Ojas Aggarwal
Place: West Delhi Study Circle of NIRC Date: 19-01-2017 – To: 19-01-2017 CPE.Hrs.: 4
 Training Programme on GST INDIRECT TAXES
By CA S K Verma
Place: LUDHIANA BRANCH OF NIRC Date: 20-01-2017 – To: 20-01-2017 CPE.Hrs.: 6
 Impact of GST and definition of Supply under GST. AND Role of CAs in Benami Transations (Prohibition) Act and taxation laws( 2nd Amendment) Act 2016. (INDIRECT TAXES)
By CA Ojas Aggarwal
Place: West Delhi Study Circle of NIRC Date: 19-01-2017 – To: 19-01-2017 CPE.Hrs.: 4
 Seminar On Benami Transactions & PMLA and Understanding Supply and its Taxability Under GST (DIRECT TAXES)
By CA Andrew F Thomas
Place: Netaji Subhash Place CPE Study Circle of NIRC Date: 19-01-2017 – To: 19-01-2017 CPE.Hrs.: 5
  Impact of GST and definition of Supply under GST. AND Role of CAs in Benami Transations (Prohibition) Act and taxation laws( 2nd Amendment) Act 2016. (INDIRECT TAXES)
By CA Nilesh Sahu
Place: West Delhi Study Circle of NIRC Date: 19-01-2017 – To: 19-01-2017 CPE.Hrs.: 4
 CPE Events 16th December - 21th December 2016
By CA Ojas Aggarwal
CPE Events 16th December - 21th December 2016
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VAT (Value Added Tax)   RSS Feeds
  Grant of Registration under DVAT and CST
By CA Atul Gupta
In partial modification of this department's Circular No 06 of 2016-17 Dt 17-05-2016 and in keeping with the reforms being undertaken, under 'Ease of Doing Business' in Department of Trade
 Taxpayers Face Big Financing Costs From VAT Bill 2017
By CA Mayank Jain
Amendments to Mexico's VAT Law will significantly increase the costs for business taxpayers. Cesar De la Parra and Ignacio Mosquera of Chevez, Ruiz, Zamarripa y Cia explain the changes.
 VAT returns: Relief for traders as UT allows old form
By CA Nilesh Sahu
Giving relief to the traders, the Department of Excise and Taxation has kept in abeyance the operation of the amendment made in the VAT Form 15.
 Gov’t agrees to retain VAT exemptions of seniors, PWDs Read more: https://business.inquirer.net/223121/govt-agrees-retain-vat-exemptions-seniors-pwds#ixzz4W5NV2I48 Follow us: @inquirerdotnet on Twitter | inquirerdotnet on Facebook
By CA Devender Singh
The Department of Finance is expected to submit to Congress another version of the first package of its tax policy reform program,
 Understanding VAT refunds
By CA Atul Gupta
In the first part of this series, we discussed the difference in the procedures for processing refund claims for unutilized input Value-Added Tax (VAT)
  Note ban got Maharashtra govt an extra ?125cr from fuel VAT
By CA S K Verma
The sudden decommissioning of the Rs500 and Rs1,000 notes got the state government an unexpected, additional revenue of Rs125 crore — through the Value Added Tax (VAT) it earns on the sale of diesel and petrol.
 Note ban got Maharashtra govt an extra ?125cr from fuel VAT
By CA Ojas Aggarwal
The sudden decommissioning of the Rs500 and Rs1,000 notes got the state government an unexpected, additional revenue of Rs125 crore — through the Value Added Tax (VAT) it earns on the sale of diesel and petrol.
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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
 Tax breather for foreign investors: All you need to know
By CA Rashmi Sharma
Foreign portfolio investors (FPI) can now breathe easy with the Income Tax (I-T) Department on Tuesday putting in abeyance its controversial circular on taxing India-dedicated funds.
 What the increase in tax collections does not tell us about Indian economy post demonetisation
By CA Rashmi Sharma
One of the most interesting questions in Indian macroeconomics today is: how are we faring since late 2016?
 India’s crazy retrospective tax on foreign funds will tarnish country’s reputation
By CA Andrew F Thomas
How do you celebrate the fifth anniversary of a colossal mistake? For India’s tax department, the answer has to be: Make a new one that’s a thousand times worse, then sit back and enjoy the fun.
 How tax related, PAN grievances can be resolved through E-Nivaran
By CA Atul Gupta
Taxpayers can now get tax related and PAN related grievances redressed online using the “E-Nivaran” facility launched by the Central Board of Direct Taxes (CBDT).
 Tackling income tax exemptions for equities and agriculture
By CA S K Verma
The recent statement by the Prime Minister, at the inauguration of a securities markets training institute, that the securities markets were not contributing their fair share of the taxes, sparked off speculation of withdrawal of the long-term capital gains tax exemption and increase in rates of short-term capital gains taxes on stock market share transactions.
 Amfi wants tax benefits for retirement plans
By CA Andrew F Thomas
The mutual funds sector has sought the introduction of Mutual Fund Linked Retirement Plan (MFLRP), similar to the 401(k) plans in the US, as part of its Budget wish list.
 Top five factors which could chart market direction in the coming week
By CA Rashmi Sharma
The year 2016 was not that bad for equity markets which surged 2-3 per cent compared with 5 per cent fall in the previous calendar year. But, 2017 will be full of surprises as well as challenges for both domestic and global equities.
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Corporate Law   RSS Feeds
 Registration , Amendment and Cancellation under Revised GST Law
By CA Andrew F Thomas
It is important to understand provision of GST law that when the registration is required like at what value of turnover
 GST council meeting: Law Ministry says only Centre can control traders
By CA Atul Gupta
The Law ministry has said only the central government can control traders under the Integrated Goods and Services Tax (IGST) law and State Governments should not be empowered to levy and collect IGST on inter-state sales and purchases.
 Meaning and Scope of ‘Supply’ – Comparative view under Revised Model GST Law vis-à-vis Earlier Model GST Law
By CA Ojas Aggarwal
Whilst the Government is keen to make Goods and Services Tax (“GST”) a reality by envisaged April 1, 2017
 Tax Tribunal issues order against a law firm for forum shopping
By CA Andrew F Thomas
In an unprecedented order, a tax tribunal has barred cases and appeals filed by a law firm from being heard by any bench headed by one of its judicial members.
 Input Tax Credit under the GST Law
By CA Mayank Jain
Before understanding the Input tax credit under GST Law it is essential to understand the changes made in earlier Law i.e. CENVAT under Rule , 2004 to the new law.
 Tax Return Preparer Under Model ‘gst’ Law
By CA Andrew F Thomas
Section 34(1) of the model Goods and Services Tax Act, 2016 (‘Act’ for short) provides that the appropriate Government may prescribe the manner of approval of Tax Return preparers,
 India unveils first-ever comprehensive draft anti-human trafficking law
By CA Manu T George
Maneka Gandhi, Minister for Women and Child Development, unveiled a draft of the countrys first-ever comprehensive anti-human trafficking law, which would treat survivors as victims in need of assistance and protection rather than as criminals.
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Students   RSS Feeds
 Requirement to Complete Orientation Course (15 Days) in Lieu of GMCS-I for Select Category Of Students
By CA Ojas Aggarwal
The Council of the Institute of Chartered Accountants of India at its 361st Meeting held in December 2016 has decided that the students registered for Practical Training (Articleship) on or after 1st May, 2012
 ICAI opens first cost accounting lab
By CA Rashmi Sharma
The Institute of Cost Accountants of India (ICAI) has commenced a capacity building exercise.
 Next batch of the Certificate Course on Valuation at Mumbai from 7th January, 2017
By CA Devender Singh
The Corporate Laws & Corporate Governance Committee of ICAI is starting next batch for the Certificate Course on Valuation at Mumbai from 07th January, 2017.
 ICAI to conduct commerce test on January 8
By CA Devender Singh
The Institute of Chartered Accountants of India (ICAI) will conduct a talent search examination in Commerce, ‘ICAI Commerce Wizard 2016’ for students of Classes 9 to 12 on January 8, 2017.
  The Chartered Accountants’ Students Benevolent Fund (CASBF)
By CA Andrew F Thomas
The Board of Trustees has decided to provide financial assistance of Rs. 1500/- p.m, for articled assistants who are registered for Intermediate (IPC)/IPCC course and Rs. 2000/- P.M.
 Admit Cards for Intermediate (IPC) and Final November 2016 Examination
By CA Manu T George
Admit cards in respect of candidates admitted to the Intermediate (IPC) and Final November 2016 examination, with their photographs and signatures on them, are hosted on icaiexam.icai.org
  Examination dates of Certificate course on Forex and Treasury Management conducted by Committee on Financial Markets and Investors Protection on 19th and 20th November ,2016
By CA S K Verma
All Candidates are mandatorily required to fill the examination form for confirming their presence on the scheduled examination dates by visiting:
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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
 May 2017 CA Examinations
By CA S K Verma
In pursuance of Regulation 22 of the Chartered Accountants Regulations, 1988, the Council of the Institute of Chartered Accountants of India is pleased to announce that the Intermediate (IPC)
 Exposure Draft of Recognition of Deferred Tax Assets for Unrealised Losses (Amendments in Ind AS 12, Income taxes) (January 2017).
By CA Rashmi Sharma
The Board invites comments on any aspect of this Exposure Draft. Comments are most helpful if they indicate the specific paragraph or group of paragraphs to which they relate, contain a clear rationale and, where applicable, provide a suggestion for alternative wording.
 Formatin of Group to suggest norms for making Cooptions in non-standing Committees
By CA Andrew F Thomas
The President, in terms of the authority given to him by the Council at its 351st meeting held on 12th February, 2016, has constituted a Group to suggest norms for making Cooptions in non-standing Committees with the following members
 Constiuttion of a Group for creation of Ombudsman and formulating Whistle Blower Policy
By CA Nilesh Sahu
The President, in terms of the authority given to him by the Council at its 351st meeting held on 12th February, 2016,
 Result Notification Final - Nov 2016
By CA Manu T George
Result Notification Final - Nov 2016
 Result of the Information Systems Audit [ISA] Assessment Test held on 24th December 2016 declared.
By CA Rashmi Sharma
Result of the Information Systems Audit [ISA] Assessment Test held on 24th December 2016 declared.
 Result Notification - CPT December 2016
By CA Andrew F Thomas
Result Notification - CPT December 2016
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From the Courts   RSS Feeds
 Delhi High Court interprets applicability of amendments to Arbitration Act
By CA Andrew F Thomas
The changes made in 2015 to the Arbitration Act, under which there is no automatic stay on an award being challenged, would not apply if they affect enforceability of an award in proceedings which commenced before the amendment came into effect on October 23, 2015, the Delhi High Court has said.
  M/s Skin Institute And Public Services Charitable Trust Vs. Commissioner Of Income Tax (Exemption)
By CA S K Verma
At the outset, it is stated by the learned counsel for both parties that another appeal i.e. ITA No. 417/2005,
 M/s Skin Institute And Public Services Charitable Trust Vs. Commissioner Of Income Tax (Exemption)
By CA Ojas Aggarwal
At the outset, it is stated by the learned counsel for both parties that another appeal i.e. ITA No. 417/2005, also concerns the same question of law. With their consent the said appeal was also taken up for hearing.
 ITO vs. Emami Paper Mills Ltd (ITAT Kolkata)
By CA Mayank Jain
S. 9(1)(vii)/ Article 12: There is a difference between a 'contract of work' and a ‘contract of service’. In a 'contract of work', the activity is predominantly physical while in a 'contract of service', the dominant feature of the activity is intellectual. Fees paid with respect to a ‘contract of work’ does not constitute "fees for technical services" and consequently the assessee is not liable to deduct TDS u/s 195
 Surya Prakash Toshniwal HUF vs. ITO (ITAT Kolkata)
By CA Manu T George
Bogus capital gains from penny stocks: Long-term capital gains claimed exempt u/s 10(38) cannot be treated as bogus unexplained income if the paper work is in order. The fact that the Company whose shares were sold has violated SEBI norms and is not traceable does not mean that the assessee is at fault
 CIT vs. Subhash Vinayak Supnekar (Bombay High Court)
By CA S K Verma
S. 54EC: Investment in specified bonds from the amounts received as an advance is eligible for s. 54EC deduction. The fact that the investment is made prior to the transfer of the asset is irrelevant
 Apollo Tyres Ltd vs. ACIT (ITAT Cochin)
By CA Ojas Aggarwal
S. 37(1): The loss on sale of shares of a wholly-owned subsidiary is allowable as a business loss if the investment in the subsidiary was made for commercial purposes
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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-Enhancement of withdrawal limits from ATMs and Current Accounts
By CA Atul Gupta
On a review of limits placed on withdrawals from ATMs and current accounts, it has been decided to enhance the same, with immediate effect as under:
 Auction of Government of India Dated Securities January 16, 2017
By CA Mayank Jain
The auction for securities will be price based using multiple price method. The Reserve Bank of India at Mumbai will conduct the auctions.
  Withdrawal of Legal Tender Character of the Old Bank Notes in the denominations of ₹ 500 and ₹ 1000 and The Specified Bank Notes (Cessation of Liabilities) Ordinance 2016
By CA Ojas Aggarwal
Why was the Scheme of Withdrawal of Legal Tender Character of the old Bank Notes in the denominations of ₹ 500 and ₹ 1000 introduced?
 RBI-Career Opportunities at Reserve Bank Information Technology Pvt Ltd
By CA Atul Gupta
Reserve Bank Information Technology Private Limited (ReBIT), a wholly-owned subsidiary of the Reserve Bank of India (RBI), invites applications for various roles in Cyber Security,
 RBI-Appointment of Director, National Institute of Bank Management (NIBM), Pune (Revised)
By CA Manu T George
The Search Committee for selection of a Director for National Institute of Bank Management (NIBM), Pune invites applications from seasoned bankers
 RBI-Enhancement of withdrawal limits from ATMs and Current Accounts
By CA Rashmi Sharma
Please refer to our circulars DCM (Plg) No. 1274, 1317, 1437 and 2142/10.27.00/2016-17 dated November 14, 21 and 28 and December 30, 2016, respectively, on the above subject.
  Evidence of Import under Import Data Processing and Monitoring System (IDPMS)
By CA Andrew F Thomas
Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to A.P. (DIR Series) Circular No. 05 dated October 06, 2016 read with Section 5 and Section 10 of the Foreign Exchange Management Act 1999
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Budget Extravaganza   RSS Feeds
 Are you expecting good tax breaks in Budget 2017? Think again
By CA Devender Singh
Having gone through the demonetisation experience with a smiling face, one of the expectations which has got built up in the mind of the common man is the expectation of good tax breaks in the coming Budget 2017.
 Budget 2017: Home insurance premium should get income tax exemption
By CA Rashmi Sharma
The year 2016 experienced innovations and developments in the insurance industry that brought changes in the sector aimed towards benefiting the customers.
 Demonetisation may be the trigger for any increase in service tax rate this budget
By CA S K Verma
Demonetisation may be one of the reasons for the government to consider an increase in the service tax rate. Reports suggest that till the Goods and Services Tax (GST)
 10 things Arun Jaitley can do to make it a Budget for the middle class
By CA Atul Gupta
The middle class in both metro and semi-urban areas have big expectations from Budget 2017, especially after it had to bear a lot of difficulties due to demonetisation.
 How budget 2017 can ease pain of demonetisation via income tax sops
By CA Manu T George
WHILE the administrative machinery of the government is in full force and working overtime to bring tax evaders to book, an important side effect of demonetisation which cannot be overlooked is some hardship caused to honest taxpayers.
 Budget 2017: Do we expect an overhaul of personal income tax rates and slabs?
By CA Devender Singh
Akin to every year, there are many expectations from Budget 2017, especially on the personal income tax rate aspect. This has become a much-discussed subject for this year’s Budget - the other one is demonetisation.
 All eyes on Budget 2017 proposals on capital gains tax
By CA Atul Gupta
In the weeks leading up to the Union Budget, every conjecture and speculation makes headlines. Fortunately, the Budget proposals are guarded with utmost secrecy,
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Sales Tax   RSS Feeds
 Tax on high seas sales becomes dispute area
By CA Ojas Aggarwal
The dispute between Centre and the states over jurisdiction is not confined to service outfits with turnover of less than Rs 1.5 crore.
  State extends GST enrolment deadline
By CA Atul Gupta
The sales tax department of the Jharkhand government has given the state's businessmen, whose gross turnover is less than Rs 20 lakh, an extended time for registering an exemptions certificate under the goods and services tax (GST).
 State extends GST enrolment deadline
By CA Mayank Jain
The sales tax department of the Jharkhand government has given the state's businessmen, whose gross turnover is less than Rs 20 lakh, an extended time for registering an exemptions certificate under the goods and services tax (GST).
 To protect its status, state forms panel to draft legislation on GST
By CA Mayank Jain
Days after the Centre downplayed the differences with Jammu and Kashmir over contentious issues in the proposed Goods and Services Tax (GST) Bill,
 India Fails to Break Deadlock on New Sales Tax
By CA Atul Gupta
The Goods and Services Tax is supposed to simplify India’s financial landscape.
 Sales tax staff protest against goods service tax council
By CA S K Verma
The sales tax employees in Aurangabad joined the state-wide pen-down strike to register their protest against alleged unfair policies of the Goods Service Tax (GST) Council.
 Income tax survey on city jeweller
By CA Atul Gupta
The investigation wing of the Income Tax Department, Ludhiana, conducted an income tax (I-T) survey on Nikka Mal Jewellers in Lajpat Nagar market here today.
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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 Jaipur Benches Jaipur Constitution of Benches for the Period from 16/01/2017
By CA Rashmi Sharma
Income Tax appellate Tribunal Jaipur Benches Jaipur Constitution of Benches for the Period from 16/01/2017
 Income Tax appellate Tribunal Constitution of Benches for the Period from 16/01/2017 To 09/02/2017
By CA Andrew F Thomas
Income Tax appellate Tribunal Constitution of Benches for the Period from 16/01/2017 To 09/02/2017
 Income Tax Appellate Tribunal, Mumbai Benches Mumbai Consolidated Cause List of SA/MA/Pronouncement for Friday 13.01.2017
By CA Manu T George
Income Tax Appellate Tribunal, Mumbai Benches Mumbai Consolidated Cause List of SA/MA/Pronouncement for Friday 13.01.2017
 Income Tax Appellate Tribunal, Mumbai Benches Mumbai Consolidated Cause List of SA/MA/Pronouncement for Friday 13.01.2017
By CA Manu T George
Income Tax Appellate Tribunal, Mumbai Benches Mumbai Consolidated Cause List of SA/MA/Pronouncement for Friday 13.01.2017
  Income Tax Appellate Tribunal, Kolkata Benches Kolkata Constitution of kolkata Benches for One Week From 16.01.2017 To 19/01/2017
By CA Rashmi Sharma
Income Tax Appellate Tribunal, Kolkata Benches Kolkata Constitution of kolkata Benches for One Week From 16.01.2017 To 19/01/2017
 Income Tax Appellate Tribunal Kolkata Benches, Kolkata Consolidated list of Orders for Pronouncement on06/01/2017
By CA Nilesh Sahu
Income Tax Appellate Tribunal Kolkata Benches, Kolkata Consolidated list of Orders for Pronouncement on06/01/2017
 Income Tax Appellate Tribunal Chenni Benches, Chenni Constitution for The week 09/01/2017 To 12/01/2017
By CA Manu T George
Income Tax Appellate Tribunal Chenni Benches, Chenni Constitution for The week 09/01/2017 To 12/01/2017
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Placements & Empanelment   RSS Feeds
  10 Opening Chartered Accountant, Icwa/cma, CA Inter
By CA Andrew F Thomas
Salary:INR 2,75,000 - 4,25,000 P.A. As per industry standards, Functional Area:Accounts , Finance , Tax , Company Secretary , Audit
 Urgent Opening Qualified Chartered Accountant (CA)
By CA Nilesh Sahu
Salary:INR 2,00,000 - 4,75,000 P.A. as per company norms, Functional Area:Accounts , Finance , Tax , Company Secretary , Audit
 New Opening Urgent Hiring Fresh Chartered Accountant ( BIG Four)
By CA Mayank Jain
Salary:INR 5,00,000 - 9,00,000 P.A, Functional Area:Accounts , Finance , Tax , Company Secretary , Audit
 New Opening CA Freshers / Chartered Accountant Freshers with SS&C Globeop
By CA Manu T George
Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:CA
  100 Opening Financial Analysts at XL Dynamics India Pvt. Ltd.
By CA Devender Singh
Functional Area:Financial Services , Banking , Investments , Insurance, UG: B.Com, B.A,
 New Opening Assistant Manager/manager
By CA S K Verma
Salary:INR 5,00,000 - 7,00,000 P.A, Functional Area:Accounts , Finance , Tax , Company Secretary , Audit
 Opening for Fresher Qaulified Charted Accountant in Gurgaon Location
By CA Atul Gupta
Salary:INR 3,00,000 - 5,00,000 P.A. Bonus, Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:CA
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Direct Tax   RSS Feeds
 CBDT holds circular on indirect tax provisions
By CA Manu T George
In a significant relief to foreign investors, the Central Board of Direct Taxes has put in abeyance a recent circular clarifying the indirect transfer provisions, which had led to retrospective tax cases like that of Vodafone.
 CBDT puts on hold circular on taxation of indirect transfer of shares
By CA Manu T George
In a move that will provide a respite to foreign portfolio investors (FPIs), venture capital and private equity investors, the central board of direct taxes (CBDT) has decided to put on hold its recent circular on taxation of indirect transfers.
 CBDT prods officials to meet tax collection targets
By CA Mayank Jain
As income tax arrears pile up, Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra has asked top officials to ensure that the collection target of the net current demand, amounting to Rs 19,407 crore till November, is realised.
 Budget 2017: Direct tax reforms to be gradual than radical, says KPMG
By CA Nilesh Sahu
Taxes’ have been making the headlines very often in the recent past both in India and internationally mainly on account of the conflicting objectives of the tax payer and the tax collector, with the former wanting to minimize his tax cost and the latter wanting to maximize his tax revenues.
  FM Arun Jaitley may drop tough tax accounting rules
By CA S K Verma
India Inc could get a breather as the finance ministry may take a benevolent view of its pleas to abolish the Income Computation and Disclosure Standards (ICDS), which came into effect from the financial year commencing April 1, 2016 (FY2016-17).
 FM Arun Jaitley may drop tough tax accounting rules
By CA Ojas Aggarwal
India Inc could get a breather as the finance ministry may take a benevolent view of its pleas to abolish the Income Computation and Disclosure Standards (ICDS), which came into effect from the financial year commencing April 1, 2016 (FY2016-17).
 How to view your TDS through form 26AS?
By CA Mayank Jain
A taxpayer can view the tax credit or the tax that has been deducted on his behalf in the form of TDS. This information is available in Form 26AS and can be downloaded from the Income Tax website. It provides information about the tax deducted by various entities on behalf of the taxpayer.
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Service Tax   RSS Feeds
 9th GST Council inks breakthrough on dual control over tax payers, rollout deferred to July 1, 2017
By CA Devender Singh
In an attempt to try and bridge differences on the contentious issues such as administrative control over taxpayers under the Goods and Services Tax (“GST”),
 GST rollout uncertainty hits Budget 2017 calculations
By CA Andrew F Thomas
Uncertainty over the date of the goods and sevices tax (GST) rollout is posing a dilemma for finance mandarins as they finalise this year’s budget.
 GST now set for July 1 roll-out, dual control hurdle finally over
By CA Ojas Aggarwal
The Goods and Services Tax (GST) Council on Monday broke a deadlock over issues of administrative control over assessees and broadly agreed to roll out the GST from July 1,
 Grant of Registration under DVAT and CST
By CA Atul Gupta
In partial modification of this department's Circular No 06 of 2016-17 Dt 17-05-2016 and in keeping with the reforms being undertaken, under 'Ease of Doing Business' in Department of Trade
 Do not raise service tax, says Chamber
By CA S K Verma
The Tamil Nadu Chamber of Commerce and Industry has opposed a Centre’s proposal to increase service tax from 15 to 18 per cent before rollout of GST (Goods and Services Tax).
 Excise, service taxpayers to migrate to GST portal by Jan 31
By CA Devender Singh
As it targets April 1 rollout of Goods and Services Tax (GST), the CBEC on Monday asked assessees to migrate to the new tax payment portal by January 31.
 Centre, state governments work on formula for 'GST on high seas'
By CA S K Verma
The Centre and states are looking at a formula to sort out the row over levying goods and services tax on the high seas by letting the government collect the tax and pass it on to the states.
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Transfer Pricing   RSS Feeds
 ergers and acquisitions: No need to regulate the non-compete fee
By CA Devender Singh
Microsoft New Zealand is bracing for possible action from the taxman.
 World Bank issues guidance on transfer pricing
By CA S K Verma
Transfer pricing is a technical accounting practice used when two arms of the same company, often in different jurisdictions, trade goods or services with one another. It establishes the cost of such transactions based on a similar trade between two unrelated entities in the market.
 Updated Singapore transfer pricing guidance allows simplified method for related party loans
By CA Manu T George
Singapore’s Inland Revenue Authority (IRAS) on January 12 published the fourth edition of its e-Tax Guide on transfer pricing.
 Tax department, Japanese company sign advance pricing pact
By CA Rashmi Sharma
The tax department today signed a Bilateral Advance Pricing Agreement (BAPA) with Indian subsidiary of a Japanese trading company as the department looks to reduce litigations by providing certainty in transfer pricing. Recently, the CBDT has also modified an existing BAPA with another Indian subsidiary of a Japanese company to include rollback provisions, an official statement said.
 CBDT signs three more Advance Pricing Agreements
By CA Rashmi Sharma
The Central Board of Direct Taxes (CBDT) has signed three more unilateral Advance Pricing Agreements (APAs), which takes the total count to 120.
 Transfer pricing: 3-tiered documentation will provide tax authorities with greater ammunition
By CA Nilesh Sahu
With the financial crisis of 2008, the phrase ‘new normal’ gained widespread acceptance. The new normal necessitates new approaches to address it.
 Top tech mergers and acquisitions of 2016
By CA Devender Singh
2016 has been the year which generated tectonic shifts in the technology world. There were major changes in the tech industry with several merger and acquisition (M&A) deals taking place.
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Customs and Excise   RSS Feeds
 Higher petro excise props up govt tax kitty
By CA S K Verma
Finance minister Arun Jaitley has said that indirect tax receipts are up 25% in the April-December period.
 Seeks to further amend notification No. 02/2011-Central Excise dated 1st March, 2011.
By CA Andrew F Thomas
In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944),
  Rate of exchange of conversion of the foreign currency with effect from 21st October, 2016
By CA Nilesh Sahu
In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Central Board of Excise and Customs No.124/2016-CUSTOMS (N.T.)
 Rate of exchange of conversion of the foreign currency with effect from 21st October, 2016
By CA Devender Singh
In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Central Board of Excise and Customs No.124/2016-CUSTOMS (N.T.)
 Seeks to amend Notification No. 27/2014-Central Excise
By CA Rashmi Sharma
In exercise of the powers conferred by rule 3 of the Central Excise Rules, 2002, the Central Board of Excise and Customs
 Government doubles limit of excise duty evasion for arrest and prosecution
By CA Devender Singh
The government has doubled the limit of excise duty evasion for arrest and prosecution of accused to Rs 2 crore and also asked officials not to resort to penal provision in cases of technical nature.
 Excise duty evasion limit to warrant arrest revised to Rs 2 crore
By CA S K Verma
The Central Board of Excise and Customs (CBEC) has asked officials not to resort to a penal provision in cases where the additional demand of duty/tax is based on a difference of opinion regarding interpretation of law, in cases of excise duty evasion.
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Mergers and Acquisitions   RSS Feeds
 M&As to be favoured route for FDI in 2017
By CA Atul Gupta
Mergers & acquisitions (M&A) are likely to be the favoured route for foreign direct investment flows into India in the year 2017
 M&As seen driving India dollar offerings as bond costs tumble
By CA Mayank Jain
Indian dollar-denominated bond sales are set to accelerate in 2017 as mergers and acquisitions and the cheapest borrowing costs in more than two years drive issuance.
 ECRI Institute Jumpstarts Savings for Hospitals During Mergers and Acquisitions
By CA S K Verma
The No. 1 reason hospital mergers or acquisitions don't make it? Failure to integrate. A precursor to any successful integration is a systematic review of contract portfolios and equipment inventories.
 Swiss mergers and acquisitions thrived in 2016
By CA Ojas Aggarwal
Last year, Switzerland saw its highest volume of mergers and acquisitions since 2007, with investments by Chinese companies playing a leading role.
 Mergers and acquisitions: No need to regulate the non-compete fee
By CA Ojas Aggarwal
It is usual to find non-compete provision in mergers and acquisitions deals. This provision imposes restriction on parties to carry on similar business.
 Sebi tightens rules for mergers & acquisitions among unlisted firms
By CA Nilesh Sahu
Capital market regulator Securities and Exchange Board of India (Sebi) has introduced more checks and balances for mergers and acquisitions (M&A) involving unlisted companies to curb manipulation.
 The 4 Biggest Trends In Mergers And Acquisitions For 2017
By CA Devender Singh
What does the future hold for mergers and acquisitions activity? That's the question many business owners are asking themselves after the uncertainties of 2016.
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Indirect Tax   RSS Feeds
 Tax department circular on indirect transfer put on hold
By CA Devender Singh
The government put on hold a controversial circular on the taxation of indirect transfers of Indian assets and may amend the income tax law to provide stability and clarity to foreign portfolio investors
 Rising share of indirect taxes a step back to regressive era
By CA Mayank Jain
Indirect taxes as a proportion of total taxes have begun to increase since 2009-10, after falling in the years before that, especially post-liberalization.
 Double-digit Increase in Direct, Indirect Tax Collection, Says Arun Jaitley
By CA Ojas Aggarwal
The currency squeeze in November and December has failed to hit revenue mop up, with direct and indirect tax collection from April to December showing a double-digit increase, Finance Minister Arun Jaitley said on Monday.
 What is Direct tax?
By CA Rashmi Sharma
Direct tax is a type of tax where the incidence and impact of taxation fall on the same entity. In case of direct tax, the burden can't be shifted by the taxpayer to someone else.
 Indirect tax mop-up rate slows after note ban, Jaitley dismisses slowdown
By CA Atul Gupta
Demonetisation slightly hit tax mop-up in December, with indirect tax collections growing 14.2%, down from 23.1% in November and 30.5% in October, showed data released by the finance ministry on Monday. October figures may be higher due to festival season as well.
 Tax buoyancy improves, thanks to indirect levy
By CA Andrew F Thomas
The growth in tax collection in relation to GDP growth has improved over the past couple of years under the Modi regime.
 FM may unveil GST timeline, state compensation corpus on Feb 1
By CA S K Verma
The finance minister Arun Jaitley is likely to announce the timeline for the much awaited tax reform— Goods and Services Tax (GST)—in the upcoming Budget 2017-18, which would be presented on February 1.
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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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