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News Headlines   RSS Feeds
 Companies (Appointment and Qualification of Directors) Sixth Amendment Rules, 2018.
By CA Nilesh Sahu
In exercise of the powers conferred under second proviso to sub-section (1), sub-section (4), sub-section (6) of section 149, sub-section (3) and (4) of section 150, section 151, sub-section (5) of section 152, section 153, section 154, section 157, section 160, sub-section (1) of section 168 of and section 170 read with section 469 of the Companies Act, 2013 (18 of 2013),
 Easier tax refund regime for exporters in the works
By CA Manu T George
The government is examining the tax refund mechanism for exporters under goods and services tax (GST) and may announce some measures over the next few days to streamline the process and speed up repayments. “Some measures are being looked at…,” a senior official told ET, adding that these could be unveiled by the weekend.
 Income tax on your gold and real estate investments
By CA Devender Singh
Here is a look at the taxes that apply to short-term and long-term gains from gold and real estate investments
 Extension of time limit for submitting the declaration in FORM GST TRAN-1 under rule 117(1A) of the Central Goods and Service Tax Rules, 2017 in certain cases
By CA Manu T George
In exercise of the powers conferred by sub-rule (1A) of rule 117 of the Central Goods and Services Tax Rules, 2017 read with section 168 of the Central Goods and Services Tax Act, 2017,
 How RBI dealt with the crisis amid tensions with FinMin
By CA S K Verma
They say marriages are made in heaven but the relationship between a finance minister and the country’s central bank governor is usually characterised by fire and brimstone. In India, the periods preceding and following the Lehman Brothers collapse in September 2008 highlighted the tension writ into the association and its infuriatingly fraught nature. At another level, this natural antipathy has also informed India’s banking regulatory framework.
 Pay tax on this PF account withdrawal Income tax return (ITR) filinga
By CA S K Verma
The withdrawal amount of an account consists of the investment/principal portion and the interest earned on it. The taxability of the two differs based on the time of withdrawal.
 Seeks to make amendments (Ninth Amendment, 2018) to the CGST Rules, 2017.
By CA Nilesh Sahu
In exercise of the powers conferred by section 168 of the Central Goods and Services Tax Act, 2017 (12 of 2017) read with sub-rule (5) of rule 61 of the Central Goods and Services Tax Rules, 2017
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Continuing Prof. Edu.   RSS Feeds
 Program on “Awareness on TDS Provisions under Income Tax”
By CA Rashmi Sharma
Place: Gurgaon Branch Of NIRC Date: 19-09-2018 – To: 19-09-2018 CPE.Hrs.: 3
 Partical Issues in ICDS 2) Tax Audit Report
By CA Andrew F Thomas
Place: 18-09-2018 – To: 18-09-2018 Date: Delhi CA Study Circle of NIRC CPE.Hrs.: 4
 Annual Return & Audit under GST
By CA Manu T George
Place: Gurgaon Branch Of NIRC Date: From: 21-09-2018 – To: 21-09-2018 CPE.Hrs.: 4
  Tax Audit Report & GST Audit & Annual GST Return
By CA Manu T George
Place: Jammu & Kashmir Branch Of NIRC Date: 18-09-2018 – To: 18-09-2018 CPE.Hrs.: 6
 Tax Audit Report & GST Audit & Annual GST Return
By CA Ojas Aggarwal
Place: Jammu & Kashmir Branch Of NIRC Date: 18-09-2018 – To: 18-09-2018 CPE.Hrs.: 6
 Seminar on Annual Return in GST and Tax Audit
By CA Atul Gupta
Place: North-Ex C.A. Study Circle of NIRC Date: 13-09-2018 – To: 13-09-2018 CPE.Hrs.: 4
  Partical Issues in ICDS 2) Tax Audit Report
By CA Atul Gupta
Place: South Delhi CA Study Circle of NIRC Date: 18-09-2018 – To: 18-09-2018 CPE.Hrs.: 4
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GST - Goods and Services Tax   RSS Feeds
 Revenue shortfall may limit the scope of GST rate cuts
By CA Devender Singh
GST Council may not give in to MSMEs’ demands for rate cuts at 28-29 Sep meeting The rising gap between goods and services tax (GST) targets and actual revenue collections may limit the scope for large-scale rate cuts, with states favouring stabilization in revenues before any further rate reduction. As a result, the next meeting of the GST Council on 28-29 September is unlikely to feature major rate cuts to accommodate demands from the micro, small and medium enterprises (MSMEs).
 No GST slab cuts if govt revenue doesn't increase
By CA Mayank Jain
While the Finance Ministry is targeting monthly GST collections at Rs 1 lakh crore for this fiscal on the back of anti-tax evasion measures like the e-way bill, the actual mop up has fallen short of the target month after month.
  GST annual return forms to help check tax evasion
By CA Rashmi Sharma
The newly notified annual GST return forms will go a long way in checking tax evasion by providing the entire financial transactions logged by an assessee to the revenue department, said experts.
  Government notifies new annual return form for GST
By CA Andrew F Thomas
The government has notified a new return form for goods and services tax (GST) that will have to filed for the full year. The normal taxpayers will need to file GSTR-9 return form while composition taxpayers will have GSTR-9A. The last date for filing the annual return form for 2017-18 is December 31.
 Centre extends GSTR-1 filing date till Oct 31, announces late-fee waiver
By CA Devender Singh
The government on Monday extended till October 31 the deadline for filing of the Goods and Services Tax Return (GSTR)-1 form for transactions during July 2017 to September 2018. It also announced a one-time waiver of late fees to enable their filing within the new deadline.
 Foreign ecommerce companies rush to register for GST in all states
By CA Nilesh Sahu
The government has said ecommerce companies need to collect tax at source from October 1. To comply with tax collected at source (TCS) rules, ecommerce players need to register with every state. This provision applies to foreign players as well to cater to Indian consumers.
 GST can do a lot without troubling taxpayers
By CA Ojas Aggarwal
There is a saying in Hindi which, roughly translated, means hit the snake with a stick in such a way that the ‘snake dies but the stick does not break’.
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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
  E commerce companies set to collect tax from sellers
By CA Mayank Jain
Ecommerce platforms such as Amazon, Flipkart, and Myntra will from October 1have to withhold tax from payments made to suppliers. The tax deducted at source (TDS) and tax collected at source (TCS) provisions under the goods and services tax (GST) have been notified to be effective from October 1.
 Income tax return (ITR) filing: EPF gives you tax benefit under section 80C, but there is catch
By CA Ojas Aggarwal
Contrary to popular belief, PF withdrawal becomes taxable in certain situations. The income tax rules with regards to PF withdrawal has changed from June 1, 2015 and there is a 10% tax deduction at source (TDS) on PF withdrawal
 Finance ministry notifies annual tax return forms for businesses registered under GST
By CA Mayank Jain
Finance ministry has notified annual tax return forms for businesses registered under the GST, in which details of sales, purchases and input tax credit (ITC) benefits accrued to them during 2017-18 fiscal have to be provided in a consolidated manner.
 ITR filing: Use this last day checklist and avoid penalty
By CA Mayank Jain
The extended deadline to file income tax return (ITR) is coming to an end today. If you still have not filed your ITR, then it is important you do it as soon as possible otherwise you will be liable to pay a late filing fee. The maximum late filing fees for ITR filing after the deadline is Rs 10,000.
 Income tax return filing 2018: Claiming foreign tax credit – how to deal with practical challenges
By CA S K Verma
If you have worked abroad for a year or have some overseas investments such as bank accounts, shares, 401K, pension or real estate etc then in addition to disclosing these assets in India, you are also required to report the income you would have earned from these foreign investments.
 Are you liable to pay tax on money received as gift?
By CA Ojas Aggarwal
My brother sold a house that he inherited from our father and gave me Rs 10 lakh from the sale proceeds. Am I liable to pay tax on this amount? Under which head should I report this income in my ITR?
 What are the Income Tax benefits to donors of Kerala flood victims?
By CA Rashmi Sharma
In order to facilitate speedy issue of 80(G) Income Tax receipts, donors should provide the transaction details of donations deposited directly in any of the PMNRF collection banks along with the address of the donor through e-mail at pmnrf@gov.in.
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Corporate Law   RSS Feeds
 Law Commission proposes to abolish it Tax saving tool HUF may cease to exist
By CA Atul Gupta
The concept of Hindu Undivided Family (HUF) may cease to exist if the proposals of a recently released consultation paper on Reform of Family Law by the law commission are accepted.
 Residential status rules are different for exchange control, income tax laws NRI taxation
By CA Nilesh Sahu
The rules for determination of residential status under the exchange control law are different from those under the income tax law.
 Recent advance rulings under the GST Law
By CA Andrew F Thomas
The Authority for Advance Ruling (AAR) constituted under the Goods and Services Tax (GST) Law has recently pronounced advance rulings clarifying certain positions on the applicability of GST on supply of goods from retail outlets in international airports,
 Case Laws Relating To E-Way Bill
By CA Manu T George
The implementation of e-way bill has caused more delay because of the improvements to be done in the portal system. The Central Government has announced that the e-way bill system would be applicable for the inter-State transactions with effect from 01.02.2018 and the States would implement the e-way bill system for intra-State transactions by 1st June, 2018.
  Are we maintaining documents and records as required under GST Laws?
By CA S K Verma
By this time every tax professional is aware that GST is mainly following various kinds of compliances like filing of returns, e-way bills, etc.
 Are we maintaining documents and records as required under GST Laws?
By CA Mayank Jain
By this time every tax professional is aware that GST is mainly following various kinds of compliances like filing of returns, e-way bills, etc.
 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.
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Students   RSS Feeds
 Applicable Study Material for May, 2019 Exams - New Scheme Foundation, Intermediate and Final Course
By CA Atul Gupta
Applicable Study Material for May, 2019 Exams - New Scheme Foundation, Intermediate and Final Course
 Revised Programme Structure of B.Com. (Accountancy and Finance) of IGNOU
By CA Rashmi Sharma
As approved by the Academic Council's Standing Committee meeting held on 20th December, 2010 of Indira Gandhi Open University (IGNOU), it is decided to exclude
 Structure of Practical Training Assessment
By CA Andrew F Thomas
The students after completing their 1st/ 2nd year of practical training in a particular quarter of a year would be eligible to register for the practical training assessment test in the subsequent quarter. The first test for both the category of students will be on September 23, 2018.
 CA Students Conference at Udaipur on 8th and 9th September, 2018
By CA Manu T George
Students Eligible to attend the Students Conference: Students who have registered as IPCC/Intermediate Students/ Students who are pursuing their Article ship Training/
 Clarification regarding Date of Completion of First/ Second year of Practical Training for Practical Training Assessment Test
By CA Rashmi Sharma
Students may note that for the purpose of appearing in Practical Training Assessment test, the first/ second year completion date would be calculated as one year/ two years after the date of commencement of practical training irrespective of excess leaves.
  Critical issues in Company Audit & Companies Amendment Act, 2017 and Changes in Tax Audit
By CA S K Verma
Place: North Campus Study Circle of NIRC Date: 16-08-2018 – To: 16-08-2018 CPE.Hrs.: 5
 Last date extended to apply for SME Awards being organised by Committee for Members in Industry & Business (CMI&B) to 7th October, 2018
By CA Ojas Aggarwal
The Institute of Chartered Accountants of India (ICAI), established 70 years ago, by an Act of the Indian Parliament, continues its operation as the Single Largest Statutory Accounting body of the world.
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New Forms   RSS Feeds
 Income Tax: No provisions in I-T Act for revision in Form 15H, 15G
By CA Ojas Aggarwal
The different types of ITR forms released are based on various sources of income earned. I submitted Form 15H in the bank in April 2018 by mistake. The bank is saying it is unable to reverse/delete Form 15H from my account. How can I rectify the mistake?
 Penalty on late filing of ITR and other tax changes effective from Apr 1
By CA Nilesh Sahu
Several major income tax changes will come into effect from the start of the new financial year, i.e., April 1, 2018. These include penalty on late filing of income tax returns (ITR),
 How to view, download your Form 26AS and why it is important
By CA Andrew F Thomas
Form 26AS, also known as Annual Statement, is a document that provides details of TDS, refunds associated with a PAN in a particular financial year
 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
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ICAI   RSS Feeds
  CMI &B of ICAI and PHD Chamber are organising GST Conclave on "How to prepare and file Annual Return-GSTR 9 and Divergent Issues & Resolution for Manufacturing, Service & Trading Sector"
By CA Atul Gupta
We are deeply gratified to announce that Committee for Members in Industry & Business (CMI & B) of The Institute of Chartered Accountants of India (ICAI) in collaboration with Indirect Taxes Committee of PHD Chamber is organizing GST Conclave on "How to Prepare and File Annual Return- GSTR 9 and Divergent Issues & Resolution for Manufacturing, Service & Trading Sector "on 26th September, 2018 at PHD House, New Delhi.
 Half-Day Seminar on GST Annual Return, RERA Certificates & Reports and Private Trusts - 22nd September 2018
By CA Mayank Jain
Half-Day Seminar on GST Annual Return, RERA Certificates & Reports, and Private Trusts Organized by: Committee on Economic, Commercial Laws & Economic
 Chartered Accountants Firms to get Registration Number in 24 Hours: ICAI
By CA Nilesh Sahu
Sale and purchase of property vide registered deed of conveyance: You can claim tax benefits. A taxpayer sold his flat vide registered deed of conveyance dated December 27, 2011. The sale deed had been executed in pursuance of an agreement to sale, which has been executed on September 16, 2011.
 Board of Studies, ICAI launches Live Virtual Classes for CA Intermediate and Final Students
By CA Rashmi Sharma
The Board of Studies of the Institute of Chartered Accountants of India has decided to augment its education delivery mechanism in a big way and conduct Live Virtual Classes for the benefit of the students who are spread across the nation.
 Apply for 12th ICAI Leaders & Business Excellence Awards being organised by Committee for Members in Industry & Business (CMI&B) before 15th December, 2018
By CA Manu T George
These lines appropriately describe the importance and the necessity of recognizing and honoring the hard work, success and milestones achieved by professionals in their area of work.
 R.T. Industries & Ors Vs. Income Tax Settlement Commission & Anr.
By CA Rashmi Sharma
Petitioner No.1, M/s. R.T. Industries is a partnership firm based in the Tonk district in the State of Rajasthan and primarily engaged in production and trading of mustard oil, mustard seeds, oil cake etc.
 Taxation of Non-Residents - Revised (2018)
By CA Atul Gupta
All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form,
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From the Courts   RSS Feeds
 Mr. Trilok Chand Chaudhary, 39, Gadai Pur, Mehrauli, vs. ACIT Central Circle 26, New Delhi.
By CA Atul Gupta
AKN Group, documents and data storage devices,Section 153C of the Act Section 2(22)(e) of the Act, Section 153C of the Act., Section 292C/132(4) Section 153C, Section 292C and 132(4A) of the I.T. Act, Section 153C/143(3) of the I.T. Act
 Mr. Trilok Chand Chaudhary, 39, Gadai Pur, Mehrauli, vs. ACIT Central Circle 26, New Delhi.
By CA Atul Gupta
AKN Group, documents and data storage devices,Section 153C of the Act Section 2(22)(e) of the Act, Section 153C of the Act., Section 292C/132(4) Section 153C, Section 292C and 132(4A) of the I.T. Act, Section 153C/143(3) of the I.T. Act
 Jagmal Singh Village Khoh, VPO Manesar, Gurgaon Haryana vs. ITO Ward-2(2) Gurgaon
By CA Mayank Jain
This appeal is filed by the assessee against the order dated 4/9/2017 passed by CIT (A)-2, Gurgaon, for Assessment Year 2013-14. The Ld.CIT(A) has erred in deciding the issue whether interest received u/s 28 of the L.A Act in case of compulsory acquisition of agricultural land is in the nature of interest income or it is a part of enhanced compensation
 Mrs. Shumana Sen, B-602, Plot No.F-2, The Crescent, Sector-50, Noida, Uttar Pradesh. vs. DCIT, Circle-64(1), New Delhi.
By CA Rashmi Sharma
Whether the Tribunal was correct in law in holding that the amount of Rs.42 crore was taken by the assessee as security and the same cannot be termed as undisclosed income and as such outside the purview of block assessment under Chapter
 Commissioner Of Income Tax Vs. M/S. Ansal Properties And Industries
By CA Andrew F Thomas
Dr. Raghunath, tenants/other parties and the assessee under which property was assigned for consideration to the assessee for construction of a commercial complex., Section158B(b) of the Income Tax Act, Section 142(1), Section 158B(b) Section 158BC Section 133A. Section 132 Section 158B(b), Section 132AA Section 132(4A) Section 40A(2). Section 260A of the Income Tax Act,
 Binod Kumar Agarwala vs. CIT (Calcutta High Court)
By CA Nilesh Sahu
Strictures against CA for certifying bogus accounts with a view to mislead bankers. The matter is typical of how business is conducted in this country and why loans obtained from banks remain unpaid. The ITAT may only be faulted for not reporting the CA to the ICAI for having apparently abetted in the commission of a colossal act of misrepresentation. ICAI directed to look into the matter and take necessary action
 L&T Finance Limited vs. DCIT (Bombay High Court)
By CA Devender Singh
Gain arising to the assessee on account of securitization of lease receivables and credited to the Profit & Loss Account is a taxable receipt in the year of securitisation as per T. V. Sunderam Iyengar 222 ITR 344 (SC). Argument that the entry represents hypothetical income and not real income and that the amount is assessable in subsequent years on receivable basis is not correct. Question of whether income can also be deferred to subsequent years under the "Matching concept" as per Taparia Tools 260 ITR 102 (Bom)/ 372 ITR 605 (SC) left open
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Auditing   RSS Feeds
 Smart things to know about tax audits
By CA Mayank Jain
Tax audit is a review of accounts of taxpayers with business or profession from an income tax point of view such as incomes, deduction, compliance with tax laws etc.
 Supreme Court puts the spotlight on audit firms
By CA Atul Gupta
The Supreme Court on Friday put the spotlight on the Big Four multinational accounting firms, directing that a committee be set up to tighten regulatory oversight over them.
 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.
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Latest Circulars   RSS Feeds
 Government appoints four members to local boards of RBI
By CA Ojas Aggarwal
Iyer and Chaturvedi have also been nominated as Director on the central board of the RBI. The RBI's affairs are governed by the central board of directors.
 Mint Street Memo No. 14: Finance-Neutral Output Gap: Empirical Estimates for India
By CA Atul Gupta
The Reserve Bank of India today placed on its website the fourteenth release under the series ‘Mint Street Memos (MSM)’ titled “Finance-Neutral Output Gap: Empirical Estimates for India”.
 RBI-External Commercial Borrowings (ECB) Policy - Liberalisation
By CA Andrew F Thomas
Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to paragraphs 2.4.1 and 3.3.3 of Master Direction No.5 dated January 1, 2016 on “External Commercial Borrowings, Trade Credit, Borrowing and Lending in Foreign Currency by Authorised Dealers and Persons other than Authorised Dealers”, as amended from time to time.
 M/s Sennheiser Electronics India Ltd 102-A, First Floor, Time Tower M.G. Road, Gurgaon, Haryana vs. The A.C.I.T Circle – 4(1) Gurgaon
By CA Atul Gupta
Sony Mobile Communication (India) Pvt Ltd. has rejected the contention of revenue on the applicability of bright line test,
 Seeks to exempt payment of tax under section 9(4) of the CGST Act, 2017
By CA Mayank Jain
In exercise of the powers conferred by sub-section (1) of section 11 of the Central Goods and Services Tax Act, 2017
  Master Circular - Disbursement of Government Pension by Agency Banks
By CA Devender Singh
Payment of pension to retired government employees, including payment of basic pension, increased Dearness Relief (DR), and other benefits as and when announced by the governments, is governed by the relevant schemes prepared by concerned
 Auction for Sale (Re-issue) of Government Stock (GS) September 17, 2018
By CA Nilesh Sahu
Subject to the limit of ₹12000 Cr, being total notified amount, GoI will have the option to retain additional subscription up to ₹1000 Cr each against any one or more of the above securities. The sale will be subject to the terms and conditions spelt out in this notification (called ‘Specific Notification’).
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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, Chennai Benches, Chennai. Cause List for Bench Date : 17.09.2018
By CA Atul Gupta
Income Tax Appellate Tribunal, Chennai Benches, Chennai. Cause List for Bench Date : 17.09.2018
 Income Tax Appellate Tribunal, Hyderabad Benches, Hyderabad. Cause List Of Cases Posted Before A-Bench (DB & SMC ) 17.09.2018 To 21.09.2018
By CA Mayank Jain
Income Tax Appellate Tribunal, Hyderabad Benches, Hyderabad. Cause List Of Cases Posted Before A-Bench (DB & SMC ) 17.09.2018 To 21.09.2018
 Income Tax Appellate Tribunal, Hyderabad Benches, Hyderabad. Cause List Of Cases Posted Before B-Bench (Db & Smc ) - 10.09.18 To 14.09.18
By CA Atul Gupta
Income Tax Appellate Tribunal, Hyderabad Benches, Hyderabad. Cause List Of Cases Posted Before B-Bench (Db & Smc ) - 10.09.18 To 14.09.18
 Income Tax Appellate Tribunal, Cochin Benches Cause List Of DB For 10/09/2018
By CA Mayank Jain
Income Tax Appellate Tribunal, Cochin Benches Cause List Of DB For 10/09/2018
 Income Tax Appellate Tribunal, Mumbai Benches, Mumbai Consolidated Cause List Of SA/ MA/ Pronouncement For Friday 142018
By CA Devender Singh
Income Tax Appellate Tribunal, Mumbai Benches, Mumbai Consolidated Cause List Of Sa/ Ma/ Pronouncement For Friday 142018
 Income Tax Appellate Tribunal. Lucknow Benches" Lucknow Constitution For The Period From 17109/2018 To 20/09/2018 And From 24.09.201 8 To 28.09.201 8.
By CA S K Verma
Income Tax Appellate Tribunal. Lucknow Benches" Lucknow Constitution For The Period From 17109/2018 To 20/09/2018 And From 24.09.201 8 To 28.09.201 8.
 Income Tax Appellate Tribunal : Kolkata Benches : Kolkata Consolidated List Of Orders Ready For Pronouncement On 12/09/2018.
By CA S K Verma
Income Tax Appellate Tribunal : Kolkata Benches : Kolkata Consolidated List Of Orders Ready For Pronouncement On 12/09/2018.
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Finance Bills   RSS Feeds
 The Companies (Removal Of Difficulties) Seventh Order - dated 4th Sept 2014 New
By CA Manu T George
Whereas the Companies Act, 2013 (18 of 2013) (hereinafter referred to as the said Act) received the assent of the President on the 29th August, 2013 and section 143 of the Act,
 Finance & Commerce Ministry to discuss draft BIPA model tomorrow
By CA Nilesh Sahu
Officials of the finance and the commerce and industry ministries are scheduled to discuss the issues related to the draft text of the Bilateral Investment Promotion and Protection Agreement (BIPA) tomorrow.
 Union Finance Minister Shri Arun Jaitley said that the revenue targets fixed for Direct Taxes for the current Financial Year 2014-15 would not only be achieved but would also be surpassed
By CA Nilesh Sahu
The Union Finance Minister Shri Arun Jaitley hoped that the revenue targets fixed for Direct Taxes for the current Financial Year 2014-15 would not only be achieved but would also be surpassed.
 Finance ministry may pitch for higher tax exemption on health insurance
By CA Mayank Jain
The finance ministry is likely to pitch for a substantial increase in the income-tax exemption limit for health insurance as part of its plan to deepen insurance coverage. The ministry is examining a proposal that seeks to double the limit to 30,000 from 15,000.
 Finance minister reviews annual performance of public sector banks and financial institutions for 2013-14; calls for tougher action against wilful defaulters; highest ever more than 10,000 new branches opened during 2013-14
By CA Devender Singh
The Union Finance Minister Shri P. Chidambaram said that the last Financial Year 2013-14 was a difficult year even though there was positive movement towards greater stability.
 India Infrastructure Finance Company to raise Rs 7,000 crore through tax-free bonds
By CA Manu T George
State-owned India Infrastructure Finance Company (IIFCL) plans to raise Rs 7,000 crore via a public issue of tax-free bonds in October, according to a senior company official
 Finance Ministry hopes RBI focusses on promoting growth in policy tomorrow
By CA Atul Gupta
Ahead of tomorrow's monetary policy review, the Finance Ministry has expressed the hope that Reserve Bank will focus on promoting growth.
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Placements & Empanelment   RSS Feeds
 30 LPA-Opening GM / Sr GM - Commercial - Reputed Textile in Rajasthan with CA Degree
By CA Manu T George
Salary: INR 20,00,000 - 30,00,000 P.A.,Functional Area:Accounts , Finance , Tax , Company Secretary , Audit,PG:CA
  25 LPA-Opening Finance Head - Chartered Accountant
By CA Rashmi Sharma
Salary: INR 20,00,000 - 25,00,000 P.A.,Functional Area:Accounts , Finance , Tax , Company Secretary , Audit,PG:CA
 30 LPA-Opening General Manager Accounts & Finance
By CA S K Verma
Salary: INR 20,00,000 - 30,00,000 P.A., Functional Area:Accounts , Finance , Tax , Company Secretary , Audit,PG:CA
 27.5 LPA-Opening Senior Manager - Assurance Services / Statutory Audit for Big4
By CA Ojas Aggarwal
Salary: INR 20,00,000 - 27,50,000 P.A. Plus Variable Pay, Industry:Accounting / Finance, PG:CA
 35 LPA-Opening Accounts Head / Head of Finance
By CA Manu T George
Salary: INR 20,00,000 - 35,00,000 P.A.,Functional Area:Accounts , Finance , Tax , Company Secretary , Audit,PG:CA, ICWA (CMA)
 20 LPA-Opening Hiring Qualified CA for Ecommerce
By CA Rashmi Sharma
Salary: INR 10,00,000 - 20,00,000 P.A., Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:CA
 12 LPA-Opening Hiring for Senior Financial Analyst Position - Chartered Accountant
By CA S K Verma
Salary: INR 6,00,000 - 12,00,000 P.A., Role:Associate/Senior Associate -(NonTechnical)
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Direct Tax   RSS Feeds
 Notification No. 52 /2018 Central Board of Direct Taxes
By CA Andrew F Thomas
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, `Tamil Nadu Water Supply and Drainage Board', a board constituted under the Tamil Nadu Water Supply
 Tax relief! You don't have to pay income tax on this money gift
By CA S K Verma
Gift received from a relative (including brother) is not liable to tax. Hence, you can receive the gift money in your bank account and you would not be required to pay tax thereon.
 No Due Date Extension..?? CBDT asks to file IT Returns and Tax Audit Reports before 30th September
By CA S K Verma
The Central Board of Direct Taxes ( CBDT ) today directed the companies and other persons whose accounts are required to be audited to submit their income tax returns and Tax Audit Reports within 30th September 2018.
 Here's how to get them Latest ITR forms ask for more income details:
By CA Nilesh Sahu
After revising the e-ITR forms on August 1 post extending the deadline for of filing income tax return (ITR) from July 31 to August 31, 2018, the tax department has once again revised these ITR form utilties. According to the e-filing website of the tax department, electronic ITR forms in Excel and Java have been once again updated on August 9.
 Notification Central Board Of Direct Taxes
By CA Manu T George
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
 Life insurers seek separate investment window in income-tax deduction
By CA S K Verma
Life insurance companies have urged the regulator to work out a special investment window for their products. The issue was raised at a recent meeting of the Life Insurance Council with Subhash Chandra Khuntia, Chairman, Insurance Regulatory and Development Authority of India.
 Taxpayers may lose this benefit Income tax returns (ITR) filing
By CA S K Verma
Income tax returns (ITR) filing: The Law Commission of India issued a consultative paper “Reform of family law” on August 31, 2018.
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Tenders   RSS Feeds
 M/s. RL Travels Pvt. Ltd., 118, Ansal Bhawan, Kasturba Gandhi Marg, New Delhi - 110 001. vs. The DCIT, Central Circle-12 New Delhi.
By CA Ojas Aggarwal
We have heard the Learned Representatives of both the parties and perused the material available on record. Both the Appeals are decided as under.
 Ministry Of Labour And Employment, New Delhi
By CA Atul Gupta
Tender for invitation of Bids for Writing of an Internal Audit Manual Description for Ministry of Labour and Employment Pre Qualification Please refer Tender documents.
 Gwalior Smart City Development Corporation Limited, Gwalior, Madhya Pradesh
By CA Mayank Jain
India Post Payments Bank Limited invites sealed tender offers to empanel Bidders for Concurrent Audit in accordance with the scope set out in the tender document.
 Indian Institute Of Technology, Patna - Bihar
By CA Mayank Jain
NTC wishes to appoint Chartered Accountants /Cost Accountants for GST Audit for the year 2017-18.
 National Textile Corporation Limited, New Delhi
By CA Manu T George
NTC wishes to appoint Chartered Accountants /Cost Accountants for GST Audit for the year 2017-18.
  Airports Authority Of India, New Delhi
By CA S K Verma
It is further informed that during the empanelment of CA/CMA firms the technical bids were received through AAI E-tender portal, which has now become obsolete and the new portal is in vogue. The unconditional acceptance letter along with scope of work etc.
  Uttar Pradesh Electronics Corporation Limited, Lucknow, Uttar Pradesh
By CA Ojas Aggarwal
Any proposal received by UPLC after the deadline for submission of proposals mentioned in the Key Events & Dates as per section 1.4 will be summarily rejected. UPLC shall not be responsible for any delay, Technical fault or non-receipt of the documents. No further correspondence on the subject will be entertained.
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Transfer Pricing   RSS Feeds
  Doing business in India: ‘Substance’ over ‘form’ in transfer pricing regime
By CA Nilesh Sahu
Although ‘substance over form’ has always been the guiding principle for any transfer pricing analysis in India, the new BEPS regime has further brought it into limelight
 Tax authorities focus on transfer pricing adjustments
By CA Devender Singh
According to the latest statistics, Romanian tax authorities rank transfer pricing ("TP") high on their agenda. Companies are increasingly aware of the risks they face unless they have the TP documentation ready when asked by the tax inspectors, yet many fail to take action in due time.
 Transfer Pricing: The AMP Issue Keep Oscillating
By CA Nilesh Sahu
Multinational Enterprises ("MNEs") set up subsidiaries in India to cater to the Indian market and capitalize on their brands. Such subsidiaries/Indian entities are entrusted with various functions ranging from license manufacturing to selling and distributing the products.
 Transfer pricing-A reputational risk?-Moore Stephens
By CA Devender Singh
Multinational corporations. Exotic offshore locations. A complex industry sector. Shipping has all the ingredients to excite those looking for tax avoidance headlines, yet it has largely escaped the negative publicity that has damaged other sectors. However, this may not always be the case.
 Department Of Consumer Affairs, Ahmedabad, Gujarat
By CA S K Verma
As you may be aware Bureau of Indian Standards (BIS) is working under Ministry of Consumer Affairs, Food & Public Distribution, Department of Consumer Affairs, Govt. of India and is engaged in Standardization, Certification (ISI Mark)
 Polish transfer pricing guidance would alter low-value transactions, loans, documentation
By CA Ojas Aggarwal
The Polish Ministry of Finance, on 16 July, presented for public consultations new draft tax regulations that would introduce sweeping changes to Poland’s transfer pricing rules.
 Aligning transfer pricing and customs valuations
By CA Atul Gupta
If two branches of a nation's revenue authorities apply different rules for the same transaction, it can lead to double taxation, and has the potential to hurt the investment climate
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Customs and Excise   RSS Feeds
 Central Board Of Indirect Taxes And Customs Notification No. 62/2018-Customs
By CA Andrew F Thomas
In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 196 (52 of 1962), the Central Board of Indirect Taxes & Customs, being satisfied that it is necessary
 Central Board Of Indirect Taxes And Customs Notification No.63/2018 - Customs (N.T.)
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 Indirect Taxes and Customs No.60/2018-CUSTOMS
 Ministry Of Finance Notification No. 50/2018–customs
By CA Manu T George
In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962)
 Delhi Customs launches special drive to help exporters get quick tax refunds
By CA Andrew F Thomas
The Delhi Customs has launched a special drive to help exporters get quick refunds on taxes paid by them for exporting goods, Chief Commissioner of Delhi Customs Sunil K Sawhney said here today.
  Customs Audit Regulations, 2018
By CA S K Verma
The CBEC, In exercise of the powers conferred by clause (d) of section 157, read with clause (ii) of sub-section (2) of section 158, of the Customs Act, 1962
 Customs Audit Regulations, 2018
By CA Mayank Jain
The CBEC, In exercise of the powers conferred by clause (d) of section 157, read with clause (ii) of sub-section (2) of section 158,
 Central Board of Excise and Customs to be renamed CBIC by April
By CA S K Verma
Rechristening of the apex indirect tax policy making body CBEC to Central Board of Indirect Taxes and Customs (CBIC) is likely to happen by April after the budgetary exercise gets Parliament nod.
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Mergers and Acquisitions   RSS Feeds
 Changes proposed by CCI to combination regulation reflect M&A trends, say experts
By CA Ojas Aggarwal
The Competition Commission of India’s (CCI) proposed move to amend combination regulations has found favour with Competition Law experts, who felt that the changes are in tune with the present day landscape of high value mergers and acquisitions in the country.
 Kumar Mangalam Birla scouts for acquisition targets in US, Europe and India
By CA Atul Gupta
Birla did not go into specifics of the deals but looking at his track record he will probably be an active participant in the sale of assets expected in the near future
 Deals Of The Day-Mergers And Acquisitions September 18, 2018
By CA Andrew F Thomas
The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Tuesday Coca-Cola Co said it bought Australia-based Organic & Raw Trading Co, known for its Mojo brand of kombucha tea, extending its push into healthier drinks.
 Deals Of The Day-Mergers And Acquisitions September 14, 2018
By CA Nilesh Sahu
While taxes have been refined and draconian ones have been majorly removed, some of the taxes that were once applicable will surprise you. Having said that, here are 6 weird taxes that existed or exist around.
 India rakes in the deals as 2018 witnesses a boom in mergers and acquisitions
By CA Devender Singh
India might be looking at its biggest boom in mergers and acquisitions deals, after transactions involving Indian companies witnessed a massive surge. Investment bankers are already preparing for more dealmaking in the future.
 Once-in-a-life deals fuel $100-billion mergers-and-acquisitions boom
By CA Andrew F Thomas
The biggest mergers-and-acquisitions (M&As) boom in Indian history has investment bankers preparing for even more deal-making to come.
 Mergers and Acquisitions in India Have Reached Record Levels in 2018
By CA Nilesh Sahu
In the last one decade, merger and acquisition activities in India have boomed, with as many as 600-750 Indian companies getting acquired annually with an average ticket size of Rs 200 crore, according to a new report.
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Indirect Tax   RSS Feeds
 Income tax return revision: How many times can a return be revised? Find out
By CA Nilesh Sahu
Income Tax Return: When it comes to revising your tax returns, you may have many questions related to it.
 CBDT notifies new I-T return forms
By CA Nilesh Sahu
The Central Board of Direct Taxes (CBDT) on Thursday notified income tax return (ITR) forms for assessment year 2018-19 (financial year 2017-18).
 Here are the key changes in tax rules to come into effect from today
By CA Andrew F Thomas
Finance Minister Arun Jaitley while presenting the Union Budget 2018 introduced some major changes in the tax structure which will become effective from today.
 GST revenue growth in 2018-19 to match last 10 years’ indirect tax growth, says SBI report
By CA Devender Singh
The goods and services tax collection would grow at a rate of 14 percent to 16 percent for FY18-19, SBI report said.
 Things You Should Know Before Filing Your Income Tax Returns (ITR)
By CA Devender Singh
The last day to file income tax returns for assessment years 2016-17 and 2017-18 is March 31. The Income Tax (IT) department has been issuing some warnings which tax payers should be wary of before filing their income tax returns by March 31, the last to file belated income tax returns.
 All education loans do not get income tax benefits
By CA Manu T George
While education loans from all banks can provide you the section 80E benefit, loans from NBFCs may or may not
 FM Arun Jaitley to focus on direct and indirect taxes
By CA S K Verma
The last full Union Budget to be presented by Finance Minister Arun Jaitley in the forthcoming session of Parliament beginning on Monday will be unlike his previous four such exercises because of the complete overhaul of the indirect tax regime effected by implementing the Goods and Services Tax (GST) last year.
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Various Acts & Rules   RSS Feeds
 Customs Tariff 2009-10 - PART-II - Chapter 98 - Project imports, Laboratory chemicals, passenger's baggage
By CA Atul Gupta
This Chapter is to be taken to apply to all goods which satisfy the conditions prescribed therein, even though they may be covered by a more specific heading elsewhere in this Schedule.
 Customs Tariff 2009-10 - PART-II - Chapter 97 - Works of art, collectors' pieces and antiques
By CA Atul Gupta
Unused postage or revenue stamps, postal stationery (stamped paper) or the like of heading 4907
 Customs Tariff 2009-10 - PART-II - Chapter 96 - Miscellaneous manufactured articles
By CA Mayank Jain
Articles of Chapter 66 (for example, parts of umbrellas or walking-sticks);
 Customs Tariff 2009-10 - PART-II - Chapter 95 - Toys, games and sports requisites; parts and accessories thereof
By CA Ojas Aggarwal
Toys, games and sports requisites; parts and accessories thereof
 Customs Tariff 2009-10 - PART-II - Chapter 94 - Furniture; bedding, mattresses, mattress supports
By CA Atul Gupta
Furniture; bedding, mattresses, mattress supports, cushions and similar stuffed furnishings; lamps and lighting fittings, not elsewhere specified or included; illuminated signs, illuminated name-plates and the like; prefabricated buildings.
 Customs Tariff 2009-10 - PART-II - Chapter 93 - Arms and ammunition; parts and accessories thereof
By CA Nilesh Sahu
telescopic sights or other optical devices suitable for use with arms, unless mounted on a firearm or presented with the firearm on which they are designed to be mounted (Chapter 90);
 Customs Tariff 2009-10 - PART-II - Chapter 92 - Musical instruments; parts and accessories of such articles
By CA Devender Singh
parts of general use, as defined in Note 2 to Section XV, of base metal (Section XV), or similar goods of plastics (Chapter 39);
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Department of Companies Affairs   RSS Feeds
 Impose tax on windfall profits of pvt oil cos: CPM tells Govt
 Taxes fuel petrol, diesel prices globally
 Department of Economic Affairs seeks hike in spectrum fee
 Rising yen gives companies the jitters
 ROC Forms
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