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News Headlines   RSS Feeds
 Looking for last-minute tax planning with Section 80C investments? Here's help
By CA Atul Gupta
With less than ten days left for the financial year 2016-17 to end, the rush to save tax is nearing its natural epitome.
 Aadhaar mandatory for filing income tax return
By CA Nilesh Sahu
Making Aadhaar number mandatory for filing of Income Tax returns is necessary to curb tax evasion and frauds, the government said today while rejecting the Opposition’s demand for a relook at the move.
 Will Aadhaar linkage solve India's income tax woes?
By CA Manu T George
Disclosures in your income tax return form vary greatly depending upon your income sources and the form applicable.
 GST roll out from July 1 will make goods cheaper: Jaitley
By CA Nilesh Sahu
Hopeful of the the Goods and Services Tax (GST) roll out from July 1, Finance Minister Arun Jaitley on Wednesday said it will create one of the world’s biggest single markets and make commodities cheaper and tax evasion difficult.
 Aadhaar To Be Mandatory For Filing Income Tax Return, PAN Application
By CA Nilesh Sahu
Besides being necessary for filing an income tax return, any application for an income tax PAN will also have to state the applicant's Aadhaar or 12-digit unique ID which is backed by biometrics like finger prints and iris scans.
 7 best tax-saving solutions which can help you save money
By CA Devender Singh
As 31st March nears, it is the last time to save tax for this financial year. Thankfully, there are various tax-saving instruments available in the market and one can invest in these instruments as per one's risk appetite. However, to become a smart tax saver, you need to think beyond tax saving only.
  No proposal to replace Income Tax with Banking Cash Transaction Tax
By CA Atul Gupta
There is no proposal "at present" to replace Income Tax with Banking Transaction Tax or BTT, the government said today.
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Continuing Prof. Edu.   RSS Feeds
 Overall Approach To Bank Branch Audit. And Provisioning For Npas. (Accounting And Auditing)
By CA S K Verma
Place: Laxmi Nagar CPE Study Circle of NIRC Date: 27-03-2017 – To: 27-03-2017 CPE.Hrs.: 5
 Forensic Audit And Prevention Of Frauds Accounting And Auditing
By CA Ojas Aggarwal
Place: L Block Connaught Circus CPE Study Circle Date: 25-03-2017 – To: 25-03-2017 Place: 6
 CENVAT credit on deposits insurance - Banks v/s Departments
By CA Rashmi Sharma
Banks are registered under service tax in the category of ‘Banking and Financial Services’.
  Bank Branch Audit and Insolvency & Bankruptcy Code 2016 (OTHERS)
By CA Andrew F Thomas
Place: Shastri Nagar CPE Study Circle of NIRC of ICAI Date: 27-03-2017 – To: 27-03-2017 CPE.Hrs.: 6
 Bank Branch Audit and Insolvency & Bankruptcy Code 2016 (OTHERS)
By CA S K Verma
Place: Shastri Nagar CPE Study Circle of NIRC of ICAI Date: 27-03-2017 – To: 27-03-2017 CPe.Hrs.: 6
 Bank Branch Audit Accounting And Auditing
By CA Ojas Aggarwal
Place: Joshi Road CPE Study Circle of NIRC Date: 24-03-2017 – To: 24-03-2017 CPE.Hrs.: 5
 Revised Standards of Auditing and Journal Entries Testing (ACCOUNTING AND AUDITING)
By CA S K Verma
Place: L Block Connaught Circus CPE Study Circle Date: 20-03-2017 – To: 20-03-2017 CPE.Hrs.:
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VAT (Value Added Tax)   RSS Feeds
 Shops cannot charge VAT on discounted items: Consumer forum
By CA Mayank Jain
To check fleecing of customers by charging value added tax (VAT) on discounted items, the district consumer disputes forum has ruled that “Charging of VAT on the discounted price by the shops is unfair trade practice and a deficiency in service.”
 Delhiites have to pay lowest taxes as AAP govt announces cuts on VAT on various items
By CA Nilesh Sahu
The Aam Admi Party in Delhi once again has come up with a budget that will give Delhi'ítes a reason to smile.
 Tamil Nadu minister justifies VAT hike on fuel
By CA S K Verma
State commercial taxes department minister K C Veeramani justified the hike in value added tax (VAT) levied on petrol and diesel in Tamil Nadu imposed on Saturday.
 State Government urged to withdraw hike in VAT on petrol, diese
By CA Atul Gupta
Following hike in the price of diesel by Rs. 1.76, State Lorry Owners’ Federation – Tamil Nadu said that a decision on hiking the rent for transporting goods in lorries would be taken during the meeting on March 11 in Chennai.
 High VAT may encourage illegal trading
By CA S K Verma
Leading Kerala jewellery chains like Malabar Gold, Bhima Jewellers and Josco Jewellers are worried that the high VAT of 5% imposed by the state can result in gold being sourced through the illegal route to evade taxes.
 Delhi budget unlikely to have any new tax proposals this year
By CA Manu T George
Unlike 2016, when the Aam Aadmi Party government revised value added tax making goods like ready-made garments, sweet and salted snacks, watches, battery-operated rickshaws and marbles cheaper in the open market, the 2017 budget is unlikely to have any new taxes.
 Date for filing quarterly VAT returns extended
By CA Andrew F Thomas
Traders have breathed a sigh of relief with the Excise and Taxation Department extending the last date for filing VAT-15 returns for the third quarter of 2016-17 till February 20.
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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
 Consumer goods distributors, wholesalers to bear the brunt of GST
By CA Mayank Jain
Consumer goods distributors and wholesalers will face the brunt of the Goods and Services Tax (GST) as companies look to shift to direct distribution channels to save money, according to an Edelweiss report.
 GST classification woes to continue
By CA Manu T George
A rose by any other name, smells just as sweet. Unfortunately, this doesn't apply in the sphere of indirect taxation, where the applicable excise tax rate depends on its classification.
 There will be no tax on farm or agriculture income
By CA Andrew F Thomas
Finance Minister Arun Jaitley while taking part in debate over Finance Bill that was tabled in Parliament this week said that there will be no tax on farm or agriculture income.
 RBI, Income Tax Acts to be amended for electoral bonds, Jaitley says
By CA Manu T George
Paving the way for electoral reforms, finance minister Arun Jaitley on Tuesday said the government will amend several laws including the RBI Act and Income Tax Act to allow political parties to raise funds through electoral bonds.
  Clarifications on the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016
By CA Devender Singh
Clarifications on the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016
 I-T zeroes in on Mumbai trader in first crackdown after demonetisation
By CA Ojas Aggarwal
The Income Tax department has concluded its first investigation under Operation Clean Money and launched criminal prosecution against a Mumbai-based high-end electronic goods trader for allegedly depositing over Rs 3.29 crore post demonetisation in his bank account, which was opened using an illegal permanent account number (PAN).
  Tax queries answered by Dilip Lakhani, Senior Chartered Accountant
By CA Atul Gupta
My sister and I have inherited a house from our father. The property is duly registered. What is the tax implication if I reconstruct the same into a 3-storey building through collaboration with a builder, where the builder keeps two floors and we receive one?
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Corporate Law   RSS Feeds
 Income Tax relief on money in single parent’s account may lead to tax evasion: Law panel
By CA Rashmi Sharma
The income tax exemption on the money deposited in a single parent's account as maintenance for a minor child in a divorce settlement case could open flood gates of tax evasion, the Law Commission warned today.
 Law panel against income tax relief for single parents
By CA S K Verma
The Law Commission is learnt to have decided against recommending income tax exemption on the money deposited in a single parent’s account as maintenance for a minor child in a divorce settlement case.
 Maintenance of Accounts and other record in GST Law
By CA Rashmi Sharma
No specific list of accounts or record has been prescribed in Section 53 of GST Law.
 Parliament Votes to Extend Value Added Tax Law
By CA Ojas Aggarwal
Legislators on Sunday extended the enforcement of value added tax for the upcoming fiscal year (starting March 21) and dropped the newly-proposed article narrowing the tax base to the final consumer.
 Taxation Laws (Second Amendment) Act, 2016 ​​​​​​​​​​​​​​​​​​​​​​​​​​​​
By CA Mayank Jain
In the Income-tax Act, 1961 (hereinafter referred to as the Income-tax Act), in Amendment of section 115BBE, for sub-section (1),
 Glimpse of Invoices Revised Model GST Law
By CA Nilesh Sahu
The esteemed vision of Hon’ble Prime Minister to create a digital and paper less economy cannot be crystalize without the digitalization of documentation and removal of hurdle of hard document.
 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
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Students   RSS Feeds
 Applicability of GST in Nov., 2017 Examinations
By CA Rashmi Sharma
Students appearing in November, 2017 Intermediate (IPC) Examination may note that Goods and Services Tax (GST) will not be examined in Part II: Indirect Taxes of Paper 4: Taxation.
 Applicability of Income Computation and Disclosure Standards (ICDSs) for May 2017 Examination
By CA Manu T George
The Central Government had, vide Notification No.S.O.892(E) dated 31.3.2015, in exercise of the powers conferred by section 145
 Scholarships for CA Students
By CA Mayank Jain
Board of Studies, ICAI invites applications for the award of Scholarships to the selected candidates to be paid from April 1, 2017
 Campus Placements for Articleship and Industrial Training
By CA Rashmi Sharma
It was felt that many students could not approach firms / Industries on account of inadequate information, resources and also due to lack of reference/connection.
 Applicable Material for Intermediate (IPC) and Final Course FINAL
By CA Andrew F Thomas
Applicable Material for Intermediate (IPC) and Final Course FINAL
 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.
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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
 Constitution of Group for formulating the Detailed Action Plan - Ministry of Corporate Affairs
By CA Mayank Jain
Subsequent to a communication from Ministry of Corporate Affairs, a meeting was held on 8th March, 2017 under Chairmanship of Joint Secretary, Ministry of Commerce which Joint Secretary, Ministry of Corporate Affairs also co-chaired; with Stakeholders and Industry Association to develop Short & Long Term Action Plan to provide services in Accounts and Finance Sector to access overseas markets.
 CPE Events 20th March - 25th March 2017
By CA S K Verma
CPE Events 20th March - 25th March 2017
 Invitation for contributions to Question Bank in respect of Information System Audit-(Assessment Test (ISA-AT) (New Syllabus)
By CA Nilesh Sahu
Information Systems Audit is a post qualification course meant for the members of the Institute.
 Reconstitution of Group for Rohini Land at Delhi
By CA Devender Singh
The President, in terms of the authority given to him by the Council at its 363rd meeting held on 12th February, 2017, has reconstituted the Group for Rohini Land (Area 0.526 acre), with the following composition:-
 Group to review the Terms of Reference of Infrastructure Development Committee
By CA Manu T George
The President, in terms of the authority given to him by the Council at its 363rd meeting held on 12th February, 2017, has reconstituted the Group to review the Terms of Reference of Infrastructure Development Committee and finalise the guidelines pertaining to land and buildings of ICAI with the following composition
 Empanelment of Members to act as Observers at the Examination Centres for The Chartered Accountants Examinations May/ June 2017.
By CA Devender Singh
It is proposed to empanel members to act as Observers for the forthcoming MAY / JUNE 2017 Chartered Accountants Examinations scheduled as under
 Canada (Toronto) Chapter of ICAI launched helpline for Members interested for getting CPA Canada membership
By CA Manu T George
In continuation of our efforts to help our members acquire CPA designation, we are pleased to inform you that we have launched a helpline platform in this regard.
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From the Courts   RSS Feeds
 Nishant Construction Pvt. Ltd vs. ACIT (ITAT Ahmedabad)
By CA Manu T George
S. 143(3): Loose papers which do not have full details are "dumb documents" and have no evidentiary value. The fact that the assessee sold goods at a concession does not mean that that the difference between sale value and market value can be assessed as income.
 Flipkart India Private Limited vs. ACIT (Karnataka High Court)
By CA Rashmi Sharma
S. 220(6) stay of demand: CBDT Circular dated 29.2.2016 does not supersede Instruction No.1914 but modifies it. Both have to be read together.
 JSW Steel Ltd vs. ACIT (ITAT Mumbai)
By CA Ojas Aggarwal
S. 41(1)/ 115JB: Entire law explained whether remission of a loan can be assessed as income u/s 41(1) and if not whether the same can be added to "book profit" for purposes of MAT tax u/s 115JB
  CIT vs. Uday M. Ghare (Bombay High Court)
By CA Atul Gupta
S. 145: The average cost method of valuing inventories is an accepted method of valuation approved by the accounting standards issued by the ICAI. The AO is not entitled to disregard the method if the assessee has consistently followed the method
 Ajay Enterprises Pvt. Ltd. Vs. Assistant Commissioner Of Income Tax (Tds) And Ors.
By CA Ojas Aggarwal
This common judgment will dispose of a batch of writ petitions. They were heard together as they involve identical questions of fact and law as to the correct interpretation of Section 194-I of the Income Tax Act
 Rakesh Raj And Associates Vs. Commissioner Of Income Tax, Central-Ii & Anr.
By CA Atul Gupta
This petition under Article 226 of the Constitution of India seeks quashing/modification of an order dated 07.11.2014
 Venu Charitable Society And Anr. Vs. Director General Of Income Tax
By CA Mayank Jain
The petitioner is registered under the Societies Registration Act, 1860 and formed with the objective of rendering comprehensive eye care services, inclusive of all forms of ophthalmic services.
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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 signs Memorandum of Understanding(MoU) on “Supervisory Cooperation and Exchange of Supervisory Information” with the Bank of Thailand
By CA Atul Gupta
The Reserve Bank of India signed a Memorandum of Understanding (MoU) on “Supervisory Cooperation and Exchange of Supervisory Information” with Bank of Thailand.
 RBI-Meeting Schedule of the Monetary Policy Committee for 2017-18
By CA Mayank Jain
As per Section 45ZI (1) and (2) of Reserve Bank of India Act, 1934, the Reserve Bank shall organize at least four meetings of the Monetary Policy Committee in a year and the meeting schedule of the Monetary Policy Committee for a year shall be published at least one week before the first meeting in that year.
 RBI to conduct Overnight, 7 day and 14 day Variable rate Reverse Repo auctions under LAF on March 22, 2017
By CA Nilesh Sahu
The Reserve Bank of India will conduct the following Variable rate Reverse Repo auctions on March 22, 2017, Wednesday, as per the revised guidelines on Term Repo Auctions issued on February 13, 2014.
 Risk Management and Inter-bank Dealings: Operational flexibility for Indian subsidiaries of Non-resident Companies
By CA Devender Singh
Attention of Authorised Dealers Category – I (AD Category – I) banks is invited to the Foreign Exchange Management
 Master Directions on Issuance and Operation of Prepaid Payment Instruments in India
By CA Manu T George
As you are aware, the Reserve Bank of India has, from time to time, issued a number of circulars containing policy guidelines on Issuance and Operation of Prepaid Payment Instruments (PPIs) in India.
 RBI seeks comments on draft circular on Master Directions on Issuance and Operation of Pre-paid Payment Instruments (PPIs) in India
By CA Rashmi Sharma
The Reserve Bank of India has today placed on its website for public comments the Draft Circular on “Master Directions on Issuance and Operation of Pre-paid Payment Instruments (PPIs) in India”.
  Annual Closing of Government Accounts – Transactions of Central / State Governments – Special Measures for the Current Financial Year (2016-17)
By CA Nilesh Sahu
Annual Closing of Government Accounts – Transactions of Central / State Governments – Special Measures for the Current Financial Year (2016-17)
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Budget Extravaganza   RSS Feeds
 GST all set for July 1 rollout but casts shadow on state budgets
By CA Ojas Aggarwal
With GST all set to be rolled out from July 1, states have not made too many changes in the indirect tax structure in their budgets for 2017-18.
 Income-Tax collection revised in Rajasthan budget
By CA Manu T George
Expecting a major increase in salaries after implementing the 7th Pay Commission for state government employees this year, the state has upwardly revised its budget estimate from income tax (I-T) collection for 2017-18.
 No new taxes likely in Maharashtra Budget
By CA Rashmi Sharma
Maharashtra finance minister Sudhir Mungantiwar on Thursday indicated that there will not be any new tax burden on the common man.
 H.P. budget devoid of any financial prudence
By CA Manu T George
Initiating a discussion on the State budget for the year 2017-18, the leader of the opposition in Vidhan Sabha, Prem Kumar Dhumal, on Tuesday blamed the Virbhadra government for not identifying even a single factor for resource mobilisation and depending exclusively on borrowings and central allocations.
 GST, demonetisation todecide budget priorities
By CA Nilesh Sahu
Demonetisation, Goods and Service Tax (GST), and Kerala Infrastructure Investment Fund Board (KIIFB) are likely to be the three key markers of his speech as Finance Minister
 Railways to come up with mini-budget tomorrow
By CA Mayank Jain
With the railway budget becoming a history, the roadmap for Indian railways for a financial year, which used to get released with the Budget, has also become thing from the past now.
 Budget today, but GST kills the tax suspense
By CA Nilesh Sahu
Four months before the implementation of the proposed Goods and Services Tax (GST), which is supposed to bring uniformity in indirect tax rates and structures across the country, the Shivraj Singh Chouhan government is not likely to levy new taxes in the state Budget to be presented on Wednesday.
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Sales Tax   RSS Feeds
 India finalises bills to launch new sales tax in July
By CA Mayank Jain
India moved a step closer on Saturday towards launching a new national sales tax from July after a panel of federal and state finance officials finalised two key bills to be put before parliament.
 NMC to implement new tax system from Apr 1a
By CA Manu T George
Two years after it was planned, the Nagpur Municipal Corporation (NMC) is set to enforce the new tax system from April 1.
 13 per cent sales tax boost post demonetisationa
By CA S K Verma
The finance department, which was earlier apprehensive of meeting its target of Rs 90,985 crore, is now confident of reaching its goal.
 Arun Jaitley May Lower Corporate And Income Tax Rates But Hike The Service Tax Rate
By CA Ojas Aggarwal
The surprise 22 percent increase in tax revenue in the April to December 2016 period suggests the government may exceed its tax collection target for financial year 2016-17. That in turn suggests the government may have some room to increase expenditure without ditching fiscal discipline. Unfortunately, that may not be the case.
 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).
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Forex   RSS Feeds
 Perils of an ad hoc forex policy
By CA Nilesh Sahu
In a speech that he gave last month at the International Monetary Fund, the Reserve Bank of India (RBI) Governor,
 Rupee depreciated by 17 paise to Rs 45.62 a dollar in early trade
By CA Andrew F Thomas
The rupee depreciated by 17 paise to Rs 45.62 a dollar in early trade today following weak domestic equity markets
 Rupee strengthened by 7 paise against dollar
By CA Devender Singh
The rupee strengthened by 7 paise to Rs 45.35 a dollar in early trade today on weakness in the US currency against major world currencies
 Rupee up by 4 paise against dollar in early trade
By CA Nilesh Sahu
The rupee strengthened by 4 paise to Rs 45.48 against the US dollar in early trade at the Interbank Foreign Exchange today
 Rupee falls by 18 paise at 4-week low against dollar
By CA Manu T George
The rupee today fell by 18 paise to trade at a four-week low of Rs 45.54 against the US currency in early trade, weighed down by dollar's gains against the major world currencies
 Rupee drops on weak shares; inflation eyed
By CA Nilesh Sahu
The Indian rupee fell on Friday tracking losses in local shares, which raised worries of foreign investors continuing to pull out funds from Asia's third-largest economy
 Rupee raises 6 paise against dollar in early trade
By CA Rashmi Sharma
The Rupee appreciated by 6 paise to Rs 45.07 a dollar at the Interbank Foreign Exchange market today, boosted by the greenback's weakness against euro and other major currencies
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ITAT-Constitution of Benches   RSS Feeds
 Income Tax Appellate Tribunal, Bangalore Benches, Bangalore. Constitution For The week 20.03.2017 To 23.03.2017.
By CA Ojas Aggarwal
Income Tax Appellate Tribunal, Bangalore Benches, Bangalore. Constitution For The week 20.03.2017 To 23.03.2017.
 Income Tax Appellate Tribunal, Hyderabad Benches, Hyderabad. Constitution For The Period From 20.03.2017 To 30.03.2017.
By CA Atul Gupta
Income Tax Appellate Tribunal, Hyderabad Benches, Hyderabad. Constitution For The Period From 20.03.2017 To 30.03.2017.
 Income Tax Appellate Trtbunal Kolkata Benches Kolkata Causelist For Bench 'A' Sub Case list for the period from 20/03/2017 To 23/03/2017 (24/03/2017 is M.A.Day)
By CA Andrew F Thomas
Income Tax Appellate Trtbunal Kolkata Benches Kolkata Causelist For Bench 'A' Sub Case list for the period from 20/03/2017 To 23/03/2017 (24/03/2017 is M.A.Day)
 Income Tax Appellate Trtbunal Chennai Benches Chennai Constitution For The Week From 2010312017 To 2310312017
By CA Nilesh Sahu
Income Tax Appellate Trtbunal Chennai Benches Chennai Constitution For The Week From 2010312017 To 2310312017
 Income Tax Appellate Tribunal Ahmedabad Benches , Ahmedabad S/shri Rajpal Yadav, Jm & N.K. Billaiya, Am Causelist For Bench 'A' Date : 20/03/2017
By CA Rashmi Sharma
Income Tax Appellate Tribunal Ahmedabad Benches , Ahmedabad S/shri Rajpal Yadav, Jm & N.K. Billaiya, Am Causelist For Bench 'A' Date : 20/03/2017
 Income Tax Appellate Tribunal: Panaji Bench: Panaji Cause List For The Week From 20.03.2017 To 31.03.2017 Before Shri P. K. Bansal-Am And Shri George Mathan – Jm
By CA Andrew F Thomas
Income Tax Appellate Tribunal: Panaji Bench: Panaji Cause List For The Week From 20.03.2017 To 31.03.2017 Before Shri P. K. Bansal-Am And Shri George Mathan – Jm
 Income Tax Appellate Tribunal New Delhi Bench New Delhi Constitution of Benches from 20.03.2017
By CA Mayank Jain
Income Tax Appellate Tribunal New Delhi Bench New Delhi Constitution of Benches from 20.03.2017
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Placements & Empanelment   RSS Feeds
 20 Opening Accounts & Finance Process Executives
By CA S K Verma
Salary:INR 2,00,000 - 3,00,000 P.A. Other Allowances, Functional Area:Accounts , Finance , Tax , Company Secretary , Audit
 7 Opening Executive - Finance & Accounts
By CA Ojas Aggarwal
Functional Area:Accounts , Finance , Tax , Company Secretary , Audit
  New Opening Chartered Accountant, CA Inter, MBA Finance
By CA Mayank Jain
Salary:INR 2,00,000 - 3,00,000 P.A.
  New Opening Chartered Accountant - 2- 3 Years exp - Finance & Accounting
By CA Manu T George
Salary:INR 4,00,000 - 6,00,000 P.A., Functional Area:Financial Services , Banking , Investments , Insurance
 10 New Opening Chartered Accountant and Semi Qualified CA
By CA Ojas Aggarwal
Salary:INR 2,50,000 - 7,00,000 P.A. Best in the industry, Functional Area:Accounts , Finance , Tax , Company Secretary , Audit
 New Opening Chartered Accountant, CA Inter, MBA Finance
By CA Atul Gupta
Salary:INR 2,00,000 - 3,00,000 P.A., Functional Area:Accounts , Finance , Tax , Company Secretary , Audit
 10 Opening Chartered Accountant and Semi Qualified CA
By CA S K Verma
Salary:INR 2,50,000 - 7,00,000 P.A. Best in the industry, Functional Area:Accounts , Finance , Tax , Company Secretary , Audit
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Direct Tax   RSS Feeds
 Central Board of Direct Taxes asks taxman to make all out efforts to recover arrears
By CA Devender Singh
Worried over “unsatisfactory” performance in collection of arrear and current tax demands, the CBDT has pulled up the Income Tax department asking it to take urgent steps to achieve the set targets without fail.
 CBDT to honour honest taxpayers
By CA Mayank Jain
In a novel initiative revived after decades, the CBDT will soon honour lakhs of "honest and compliant" taxpayers from across the country who have paid their Income Tax dues diligently over the years.
 Startups in the docks over marked down valuation tax as March 31 nears
By CA Rashmi Sharma
As the March end nears, many startups may face a difficult choice, whether to go ahead and pay the tax demanded due to falling valuations or challenge the government over such a demand.
 CBDT asks taxman to make all out efforts to recover arrears
By CA Nilesh Sahu
Worried over "unsatisfactory" performance in collection of arrear and current tax demands, the CBDT has pulled up the Income Tax department asking it to take urgent steps to achieve the set targets without fail.
 CBDT chief prods taxmen to buck up, meet recovery target
By CA Manu T George
The Central Board of Direct Taxes (CBDT) has asked its field formations to concentrate on recoveries of arrears and pending tax demands in the remaining two weeks of the fiscal.
 CBDT to hold review meeting on PMGKY, tax collection on Mar 17
By CA Manu T George
Officials said the Central Board of Direct Taxes (CBDT), the policy-making body of the Income Tax Department, will hold the meeting with all the regional heads of the department on March 17.
 Monitor tax collection to meet target by Mar 31: CBDT to taxman
By CA Rashmi Sharma
The CBDT has directed the Income Tax department to "scrupulously" monitor tax collection, which it said is slightly less than the target even as the current financial year is nearing an end.
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Service Tax   RSS Feeds
 Government may table 4 GST bills in Parliament today
By CA Rashmi Sharma
The government may table four GST supplementary legislations in Parliament today, a union minister said.
 Applicability Of Gst Law On Educational Institutions
By CA Andrew F Thomas
As per the present Service-tax law, all educational institutions are exempt from service-tax.
 Cabinet clears 4 Bills, GST likely to roll out by July 1
By CA Atul Gupta
THE UNION Cabinet chaired by Prime Minister Narendra Modi on Monday approved four bills related to Goods and Services Tax (GST),
 GST may also impact income tax collections: Experts
By CA Andrew F Thomas
Even as the government pushes ahead with implementing goods and services tax (GST) there could be an unintended implication: increase in the income tax collections, say industry experts.
 Companies, consultants grope in the dark to meet GST deadline
By CA Andrew F Thomas
While the government wants to rollout GST from July 1, lack of clarity on tax rates has made it difficult for companies to set aside funds for future tax liabilities.
 Cabinet approves GST, e-commerce cos to pay up to 1% tax
By CA Mayank Jain
The Union Cabinet has cleared four supporting GST legislations that will soon be introduced in Parliament paving the way to implement the landmark tax reform.
 Cabinet approves supporting GST legislations ahead of 1 July roll-out
By CA Atul Gupta
The cabinet approved the Central GST bill, the integrated GST bill, the Union territory GST bill and the bill to compensate states for revenue losses arising from a transition to the uniform tax reform
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Transfer Pricing   RSS Feeds
 India-Russia spar over pricing and transfer of tech in Kamov copters
By CA Andrew F Thomas
India and Russia are having a disagreement over the joint production of the Kamov-226T light utility helicopter which was announced as the first major ‘Make in India’ project some five months ago.
 Highlights Of Recent Amendments In The Communiqué Concerning The Mergers And Acquisitions
By CA Nilesh Sahu
Communiqué Concerning the Mergers and Acquisitions Calling for the Authorization of the Competition Board1 was amended on 24.02.20172.
 New transfer pricing decree: a step closer to international standards
By CA Rashmi Sharma
Decree 20 replaces the existing TP regulations (Circular No.66/2010/TT-BTC) and provides new compliance requirements in Vietnam.
 Indiana Combined Reporting and Transfer Pricing Studies
By CA Rashmi Sharma
On October 1, 2016, the Indiana Office of Fiscal and Management Analysis of the Indiana Legislative Services Agency released a Combined-Reporting Study and a Transfer Pricing Study. These studies, which address corporate income tax issues, were required by legislation passed in 2016.
 Secondary Adjustments to Indian Transfer Pricing Regulations
By CA Andrew F Thomas
Proposed Union Budget 2017 Introduces Secondary Adjustments to Indian Transfer Pricing Regulations
 Stock transfers in GST and how this impacts SMEs
By CA S K Verma
Our nation is on the brink of GST, a single unified indirect tax system. This is the largest taxation reform in the indirect taxation regime and it subsumes a host of indirect taxes.
 Government hopes to resolve 100 transfer pricing issues by year end
By CA S K Verma
For the first time the government may end up resolving about 100 transfer pricing issues by signing advance pricing agreements (APAs) with multinationals this fiscal, people in the know said.
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Customs and Excise   RSS Feeds
 Ensure transparency in excise department working: Bizmen to government
By CA Mayank Jain
The city industrialists want the new government in the state to ensure transparency in the working of the excise and taxation department.
 It is time to review the customs duty on essential food imports
By CA Manu T George
With Rabi crop prospects looking bright and harvest kicking off, it is time for the Centre to review the tariff or customs duty on commodities such as wheat, pulses, edible oil and sugar.
 Migration to GST of existing Central Excise / Service Tax Assessees
By CA Rashmi Sharma
Please refer to my DO letter IV(33) 16/2016-Systems dt. 27th Jan, 2017 on the above subject regarding setting up GST Migration Seva Kendras for smooth transition of existing taxpayers to GST.
 Rate of exchange of conversion of the foreign currency with effect from 3rd February, 2017
By CA S K Verma
In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962),
 Budgetary Changes In Customs
By CA Mayank Jain
Changes are more in Customs Act by Finance Bill, 2017 than in Central Excise and Service Tax. The changes meant for customs are discussed in this article.
 Customs and excise officials upset with GST administration deal with states
By CA Devender Singh
Upset at the centre ceding most of taxpayers under the goods and services (GST) to states, the association of Indian Revenue Service Officers from customs and central excise on Monday passed a resolution at its general body that in its present form the proposed tax would not be good for the country.
 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.
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Mergers and Acquisitions   RSS Feeds
 Preparing for International Mergers and Acquisitions
By CA Devender Singh
International mergers and acquisitions can be the perfect solution for any company looking to expand their brand overseas.
 Merger control regime: CCI sharing concerns at early stages would reduce trust deficit
By CA Devender Singh
The Competition Commission of India (CCI) has reviewed more than 450 mergers/acquisitions so far under the merger control regime provided in the Competition Act, 2002.
  Deals of the day-Mergers and acquisitions
By CA S K Verma
The following bids, mergers, acquisitions and disposals were reported by 1030 GMT on Wednesday:
 Oil companies’ mergers: Indian Oil Corporation chairman B Ashok says ‘Worthwhile to look at the possibilities
By CA S K Verma
Supporting the government’s decision to create integrated domestic oil companies, Indian Oil Corporation (IOC) chairman B Ashok on Monday said the company would look at all possibilities of mergers and acquisitions.
 It's complicated: Regulatory hurdles that Vodafone-Idea merger could face
By CA Andrew F Thomas
Vodafone India and Idea Cellular today announced their long-anticipated merger. While the merger will create the country’s largest telecom player, the combine could come up against a number of regulatory hurdles.
 China FX head Pan Gongsheng says overseas mergers and acquisitions like ‘a rose with thorns’
By CA Nilesh Sahu
Chinese companies investing overseas need to be careful and invest rationally, the head of China’s foreign exchange regulator was quoted as saying by the official Shanghai Securities News on Monday.
 Technology drove Michigan's mergers and acquisitions in 2016
By CA Nilesh Sahu
Michigan merger and acquisition activity is dominated by technology and market share grabs.
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Indirect Tax   RSS Feeds
 Cabinet Approves 4 GST Supplementary Bills
By CA Devender Singh
The Union Cabinet approved bills to supplement the Goods and Services Tax (GST) legislation on Monday.
 GST Council approves all five draft bills ahead of new indirect tax regime
By CA Andrew F Thomas
With the Goods and Service Tax (GST) Council on Thursday approving the remaining two draft bills — UTGST (Union Territory GST) and SGST (state GST), all the five enabling draft bills stand approved to enable a likely rollout of the new indirect tax regime by 1 July.
 CAG questions income tax deparment’s ability to probe shell companies
By CA Nilesh Sahu
Although the government has repeatedly vowed to prosecute shell companies for their role in money laundering, especially during the demonetisation period, the audit report prepared by the comptroller and auditor general (CAG) for FY 16 paints a bleak picture of the income tax department’s (ITD)
 Income from MF investments must be shown in income tax returns
By CA Nilesh Sahu
One of the concerns of investors in various instruments including mutual funds is the tax impact of their process of investing and how this needs to be disclosed.
 Indirect tax higher than direct tax revenues in April-Feb
By CA Nilesh Sahu
Indirect tax revenues of the government during April-February gained 22.2% as compared 10.7% of that of direct tax revenues.
 Many foreign investors reach out to tax experts about indirect transfer of shares provisions
By CA Atul Gupta
Fearing that they could attract tax in India due to their current structures, several foreign portfolio investors (FPIs) and some private equity funds have reached out to their tax advisors as to whether there could be a way around indirect transfer of shares.
 How changes in capital gains norms impact your portfolio
By CA Nilesh Sahu
One of the biggest changes for investors in the times ahead will come in the area of capital gains.
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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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