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News Headlines   RSS Feeds
 Filed Your Income Tax Return (ITR)? 11 Days Left To Avoid Penalty Charges
By CA Andrew F Thomas
Have you filed your ITR or income tax return this year? The last date for filing of income tax return for assessment year 2018-19 (financial year 2017-18) is August 31, 2018.
 Big benefit likely soon for taxpayers Income tax returns (ITR) filing
By CA Devender Singh
Income tax returns (ITR) filing: The finance ministry has proposed amendments in the Income Tax rules for obtaining 'no deduction of tax' certificate electronically, a move aimed at minimising human interface and reducing compliance burden.
 What if you make an error in your tax return?
By CA Nilesh Sahu
What if you have filed your return of income and then you realise that there is an error in the return filed. Such error could be anything from disclosure of incorrect personal information, incorrect bank details, non-disclosure of all income to feeding incorrect income amounts. In this case you may be unsure of how to address this. Do not worry.
 16 LPA-Opening Urgent Opening with BIG 4 Client for Statutory Audit
By CA Ojas Aggarwal
Salary: INR 8,00,000 - 16,00,000 P.A.,Functional Area:Accounts , Finance , Tax , Company Secretary , Audit
  When and how to revise tax returns
By CA Rashmi Sharma
It is not uncommon for taxpayers to commit errors or miss out on important information while filing tax returns. Income-Tax laws provide for a mechanism to correct these mistakes by allowing you to file a revised return. Let us understand how to file a revised return.
 How and why to check income tax return (ITR) status
By CA Nilesh Sahu
If you have filed your ITR and verified it, you should periodically check the status of income tax return. You can know if the ITR has been accepted and processed.
 10 things you need to know about filing your Income Tax Returns
By CA Rashmi Sharma
The taxpayer who could not file their income tax returns for the financial year 2017-18 by July 31, 2018, can feel relaxed as the Central Board of Direct Taxes has extended the last date for filing income tax return from July 31, 2018,
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Continuing Prof. Edu.   RSS Feeds
 Seminar on Goods & Services Tax (GST)
By CA Manu T George
Place: North-Ex C.A. Study Circle of NIRC Date: 23-08-2018 – To: 23-08-2018 CPE.Hrs.: 4
 Critical Aspects in Financial Reporting & Auditing 2) Change’s in Tax Audit Report
By CA Rashmi Sharma
Place: South Delhi CA Study Circle of NIRC Date: 21-08-2018 – To: 21-08-2018 CPE.Hrs.: 4
 CPE Events 20th August - 25th August 2018
By CA Devender Singh
CPE Events 20th August - 25th August 2018
 Seminar on Tax Audit Report and GST
By CA Ojas Aggarwal
Place: Himachal Pradesh Branch Of NIRC Date: 23-08-2018 – To: 23-08-2018 CPE.Hrs.: 6
 Taxation of Charitable Trust & Educational Institutes,Critical issuses in GST
By CA Atul Gupta
Place: Rohtak Branch Of NIRC Date: 19-08-2018 – To: 19-08-2018 CPE.Hrs.: 4
 Tax Audit & Highlight Recent Changes In Form 3 CB
By CA Devender Singh
Place: Faridabad Branch Of NIRC Date: 18-08-2018 – To: 18-08-2018 CPE.Hrs.: 3
 Critical issues in Company Audit & Companies Amendment Act, 2017 and Changes in Tax Audit
By CA Rashmi Sharma
Place: North Campus Study Circle of NIRC Date: 16-08-2018 – To: 16-08-2018 CPE.Hrs.: 5
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GST - Goods and Services Tax   RSS Feeds
 Inter-state office services to attract GST
By CA Nilesh Sahu
Is your human resource department hiring for your offices in other states? Or your finance department preparing payrolls for employees in other centres?
 One year on, GST is succeeding and growing
By CA Nilesh Sahu
As with any structural reform, GST too is evolving and will eventually accommodate excluded items One year is perhaps a short time to evaluate the performance of GST but its still worth an assessment.
 Is GST helping the Indian economy for the better?
By CA Manu T George
The Goods and Services Tax is a reform designed to create an ecosystem where free and fair competition can thrive. The state and centre in unison decided to pool in their resource and sovereignty to create this fiscal consolidation for the common goal of economic prosperity.
 Businesses can approach jurisdictional tax officer to migrate to GST
By CA Andrew F Thomas
Registered taxpayers under the erstwhile indirect tax regime were allotted a 15-digit provisional ID before the introduction of the Goods and Services Tax (GST) on July 1, 2017.
 Bills to simplify GST forms, hike composition limit in Lok Sabha
By CA Devender Singh
The Goods and Services Tax (GST) amendment bills are primarily aimed at helping the MSME sector and small traders, Finance Minister Piyush Goyal said while introducing the bills in the Lok Sabha.
 New GST returns system may not significantly benefit small taxpayers
By CA S K Verma
The GST Council’s decision to allow taxpayers with an annual turnover of less than ?5 crore to file quarterly returns will not benefit the small taxpayers as much as expected, according to tax analysts.
 Here Are Five Things You Need To Know What is E-Way Bill And Who Needs To Carry It?
By CA Atul Gupta
E-Way bill is a document required to be carried by transporter of consignments under certain conditions.
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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
 Appeal - ICAI Kerala Flood Relief Fund
By CA Andrew F Thomas
At this moment, the affected people in Kerala need help to tide over this natural calamity that has fallen upon them, to survive and to rebuild their lives. In this scenario ICAI has decided to stand with our distressed fellow countrymen, and actively participate in the national effort to support them at this difficult time.
 How to reset password on income tax e-filing website
By CA Nilesh Sahu
One of the things many of us do not like about going digital is remembering the passwords of each and every account. Right from social media accounts to the important ones like our Net banking and income tax return (ITR) filing accounts, they all come with passwords to log in. Remembering a password of an account which we don't use regularly is even more difficult.
 Income tax returns (ITR) filing: Taxpayers must include assets while filing tax if earnings overshoot mark
By CA Devender Singh
Income tax returns (ITR) filing: The format of the schedule AL is same for all the ITRs. Except for ITR 3 and ITR 4, where you are required to furnish details of shares, you may have, in partnership firms, etc.
 No penalty on late filing of ITR if your income doesn't cross this limit
By CA Atul Gupta
You have less than a week left to file your income tax return (ITR). This year it becomes all the more important to file your return on time as you will be liable to pay a late fee for filing your ITR after the deadline of July 31, 2018 (unless the government extends it).
 File your income tax return before July 31 to avoid paying penal fees
By CA Mayank Jain
I am not yet ready to file my income tax return. What happens if I file the return after the July 31 deadline? This year if you do not file the return within the due date, you will end up paying penal fees. The amount of fee would depend upon when exactly you file the return.
 How to get income tax benefits from your life insurance cover
By CA Devender Singh
Thanks to Section 80C of the Income Tax Act, you don’t have to pay tax on ?1.5 lakh of your salary—you can deduct this amount from your taxable income. But this deduction is allowed only for certain expenses and investments.
 Seeks to amend BCD rates on certain textile goods.
By CA Manu T George
In exercise of the powers conferred by the sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue),
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Corporate Law   RSS Feeds
 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.
 Will Budget Make Changes In GST Laws
By CA Mayank Jain
Union Budget 2018-19 is just a fortnight away from now and there is one school of thought which say that Budget will not contain GST proposals.
 Government firm on tax law changes, relents on tribunal postings
By CA Ojas Aggarwal
Addressing one of the major concerns of the Opposition on the Finance Bill, the government Wednesday assured Parliament that all judicial appointments in regulatory bodies or tribunals, many of which are being restructured in one go through provisions in the Finance Bill, will continue to be made in consultation with the judiciary.
 Income Tax relief on money in single parent’s account may lead to tax evasion: Law panel
By CA Rashmi Sharma
The income tax exemption on the money deposited in a single parent's account as maintenance for a minor child in a divorce settlement case could open flood gates of tax evasion, the Law Commission warned today.
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Students   RSS Feeds
  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.
  Announcement for the Certificate Course on Cooperatives at Kolkata
By CA Atul Gupta
The Committee for Co-operatives and NPO Sectors of ICAI is starting its next batch for the Certificate Course on Cooperatives at Kolkata. The duration of the Course is 6 full day classes on Friday, Saturday & Sunday from 9.30 am to 5.30 pm.
 Announcement for the Students of Intermediate level for Paper 1: Accounting
By CA Rashmi Sharma
Chapters 1, 2 and 6 of the Intermediate Paper 1 Accounting Study Material have been revised in line with the Companies (Accounting Standards) Amendment Rules, 2016 and uploaded on the BoS Knowledge Portal of the Institute's website.
  Empanelment of Members to act as Observers at The Examination Centres for The Chartered Accountants Examinations November / December 2018.
By CA Devender Singh
The main duty of the observer is to ensure that the Question Paper Packets meant for the day of the exam, with the right code of the day are collected from the bank, (where they are kept under safe custody) opened and distributed to the candidates. Accordingly,
 Open Book Exam in the Elective Subjects of Paper 6 of Final (New) Course
By CA S K Verma
ICAI had introduced elective subjects in Paper 6 in the CA Final (New) course exam from May 2018 exam and onwards, which is being held on open book methodology.
 Opportunity to be a faculty for Certificate Course on Public Finance & Government Accounting
By CA Mayank Jain
We are pleased to apprise you that the Committee on Public Finance and Government Accounting (CPF&GA) of ICAI will be shortly initiating a certificate course on Public Finance & Government Accounting for its members.
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New Forms   RSS Feeds
 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
 Form 64E is enabled in e-Filing to furnish the statement of income distributed by a securitisation trust
By CA Atul Gupta
In exercise of the powers conferred by section 295 read with sub-section (4) of section 115TCA of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-
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ICAI   RSS Feeds
  Important Announcement - Advanced ICITSS - Advanced IT Test
By CA S K Verma
Due to heavy rains / floods and consequent disruption of normal life in the state of Kerala, the Chartered Accountants Advanced ICITSS ­ Advanced IT Test scheduled to be held on 19th August, 2018
 ICAI enters into an arrangement with Taxmann Allied Services Private Limited to provide the contents of its website (Income tax module only) at subsidised price to the members of ICAI
By CA Ojas Aggarwal
As an ongoing attempt to enable the members to keep pace with the latest developments in direct taxes, the Direct Taxes Committee of ICAI has entered into an arrangement with Taxmann, a reputed and a well- known publisher, wherein Taxmann has agreed to provide all the materials that are
 Extension of Last Date of Multipurpose Empanelment Form for the Year 2018-19
By CA Atul Gupta
As our Members are aware that Kerala is facing its worst flood in 100 years, with 80 dams opened and all rivers in spate. A body blow has been dealt to the scenic state, with its infrastructure, standing crops and tourism facilities severely hit. Apart from damage of physical infrastructure, hundreds of human beings are dead as per various reports.
  Educational Material on Indian Accounting Standard (Ind AS) 115, Revenue from Contracts with Customers
By CA Mayank Jain
The objective of Ind AS 115 is to establish the principles that an entity shall apply to report useful information to users of financial statements about the nature, amount, timing and uncertainty of revenue and cash flows arising from a contract with a customer.
 Introduction of Liquidity Adjustment Facility (LAF) and Marginal Standing Facility (MSF) for Scheduled Co-operative Banks
By CA Mayank Jain
In this connection, it has been decided that with effect from August 20, 2018, LAF will also be extended to Scheduled State Co-operative Banks (StCBs) which are CBS enabled and have CRAR of at least 9 percent.
 RBI-Investments in Non-SLR Securities by Primary (Urban) Co-operative Banks – Approved counterparties for secondary market transactions
By CA Manu T George
As a step towards harmonization of regulations for Urban and Rural Co-operative Banks, it has been decided to permit UCBs to undertake eligible transactions for acquisition / sale of non-SLR investment in secondary market with mutual funds, pension / provident funds and insurance companies,
 Exposure draft of ASLB 23, 'Revenue from Non-Exchange Transactions (Taxes and Transfers)'
By CA Rashmi Sharma
The Committee on Accounting Standards for Local Bodies (CASLB) has been formulating Accounting Standards for Local Bodies (ASLBs) since March, 2005.
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From the Courts   RSS Feeds
 Prabhat Agarwal Vs. Deputy Commissioner Of Income Tax
By CA Rashmi Sharma
M/s Terra Network SA, USA. The sale of shares of Terra Nova SA resulted in long term capital gain,Section 147/148 of the Income Tax Act, Section 148 Section 143(l)(a) of the Act, Section 94(7) of the Act. Section 148(2) of the Act. Section 154 of the Income Tax Act., Section 154 of the Act
 PCIT vs. Ballarpur Industries Limited (Bombay High Court)
By CA Atul Gupta
S. 14A Rule 8D: The expression “does not form part of the total income” in s. 14A envisages that there should be an actual receipt of the income, which is not includible in the total income. If no exempt income is received or receivable during the relevant previous year, no disallowance u/s 14A can be made
 M/s. Guajarat Guardian Ltd, 4-7/C, DDA Shopping Centre, New Friends Colony, New Delhi vs DCIT, Circle-12(1), (Now Circle-10(2), CR Building, IP Estate, New Delhi
By CA Manu T George
Dispute resolution panel and therefore he has filed an appeal before us. Section 144C Of The Income Tax Act, Section 14A of the Act, Sub-section (2) Section 80IA of the Act, Section 80IA(7) of the Act, Section 92CA, Section 14 A of the income tax act.,Section 80 IA(4) (IV), Section 14A(2), Section 14A(1), Section 37(1) of the Act, Section 80IB of the Act
 ACIT, Circle 1 Noida 201 301 vs M/s Jubilant Enpro P Ltd. Plot No.1-A Sector 16 A Noida 201 301
By CA Rashmi Sharma
subsidiary’s which were made to acquire controlling interest to serve business interest of assessee.,Section 28 of the I.T. Act., Section 14A of the Income-tax Act, Section 33 of the Income-tax Act, Section 14A
 Priyatam Plaschem Pvt. Ltd vs. ITO (ITAT Delhi)
By CA Andrew F Thomas
S. 68/ 56(2)(viib)/ Rule 11 UA(2)(a): Law on whether share capital/ share premium received by a Company from investors can be assessed as 'unexplained cash credit' explained in the light of judgements of the Courts and Tribunal (All imp judgements referred)
 Income Tax Appellate Tribunal, Mumbai Benches, Mumbai Consolidated Cause List Of Saj Ma/ Pronouncement For Friday 17.08.20 18
By CA Nilesh Sahu
Income Tax Appellate Tribunal, Mumbai Benches, Mumbai Consolidated Cause List Of Saj Ma/ Pronouncement For Friday 17.08.20 18
  PCIT vs. Associated Cables Pvt. Ltd (Bombay High Court)
By CA Devender Singh
S. 32(2): There is no conflict between CIT vs. Hindustan Unilever Ltd 394 ITR 73 (Bom) & Miltons/ Confidence Petroleum because while the former is at the stage of final hearing, the latter is at the stage of admission. Accordingly, the request for reference to a Larger Bench is not acceptable. Merely filing of an SLP would not make the order of this Court bad in law or give a license to the Revenue to proceed on the basis that the order is stayed and/or in abeyance
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Auditing   RSS Feeds
 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.
 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).
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Latest Circulars   RSS Feeds
 Auction of Government of India Dated Securities August 20, 2018
By CA S K Verma
The auction for securities will be price based using multiple price method. The Reserve Bank of India at Mumbai will conduct the auctions.
 Auction for Sale (Re-issue) of Government Stock (GS) August 20, 2018
By CA Ojas Aggarwal
Subject to the limit of Rs 12000 Cr, being total notified amount, GoI will have the option to retain additional subscription up to Rs 1000 Cr each against any one or more of the above securities.
 Clarification in respect of CBDT Notification No. 33 of 2018 amending Form No. 3CD
By CA Mayank Jain
Section 44AB of the Income-tax Act, 1961 (`the Act') read with rule 6G of the Income-tax Rules, 1962 (`the Rules') requires prescribed persons to furnish the Tax Audit Report along with the prescribed particulars in Form No. 3CD.
 Auction for Sale (Issue/Re-issue) of Government Stock (GS) Aug 10, 2018
By CA Mayank Jain
The Government Stock up to 5% of the notified amount of the sale will be allotted to eligible individuals and institutions as per the enclosed Scheme for Non-competitive Bidding Facility in the Auctions of Government Securities (Annex).
 Auction of Government of India Dated Securities August 10, 2018
By CA Manu T George
The auction for securities will be price based using multiple price method. The Reserve Bank of India at Mumbai will conduct the auctions.
 Have accepted RBI directorship in public interest: Swaminathan Gurumurthy
By CA Mayank Jain
The government has appointed Chartered Accountant Swaminathan Gurumurthy, also considered as an RSS idealogue, on the board of the Reserve Bank of India (RBI).
 RBI-Auction of Government of India Dated Securities August 6, 2018
By CA Devender Singh
The auction for securities will be price based using multiple price method. The Reserve Bank of India at Mumbai will conduct the auctions.
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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, Hyderabad Benches, Hyderabad. Cause List Of Cases Posted Before B-Bench (Db ) - 20.08.18 To 24.08.18
By CA Atul Gupta
Income Tax Appellate Tribunal, Hyderabad Benches, Hyderabad. Cause List Of Cases Posted Before B-Bench (Db ) - 20.08.18 To 24.08.18
 Income Tax Appellate Tribunal: Bangalore Benches: Bangalore Revised Constitution for the week from 20/08/2018 To 24/08/2018
By CA Mayank Jain
Income Tax Appellate Tribunal: Bangalore Benches: Bangalore Revised Constitution for the week from 20/08/2018 To 24/08/2018
 Income Tax Appellate Tribunal, Hyderabad Benches, Hyderabad. Cause List Of Cases Posted Before A-Bench (DB & SMC ) 20.08.2018 To 24.08.2018
By CA Rashmi Sharma
Income Tax Appellate Tribunal, Hyderabad Benches, Hyderabad. Cause List Of Cases Posted Before A-Bench (DB & SMC ) 20.08.2018 To 24.08.2018
 Income Tax Appellate Tribunal, New Delhi Constitution Of Benches From 20.08.2018 To 24.08.2018
By CA Andrew F Thomas
Income Tax Appellate Tribunal, New Delhi Constitution Of Benches From 20.08.2018 To 24.08.2018
 Income Tax Appellate Tribunal, Bangalore Benches, Bangalore List Of Orders to be Pronounced on 17/08/2018 (Friday)
By CA Rashmi Sharma
Income Tax Appellate Tribunal, Bangalore Benches, Bangalore List Of Orders to be Pronounced on 17/08/2018 (Friday)
 Income Tax Appellate Tribunal: Lucknow Benches: Lucknow Constitution for the period from 20/8/2018 To 21/8/2018, 2308/2018 To 2408/2018 and from 27/08/2018 To 31/08/2018
By CA Atul Gupta
Income Tax Appellate Tribunal: Lucknow Benches: Lucknow Constitution for the period from 20/8/2018 To 21/8/2018, 2308/2018 To 2408/2018 and from 27/08/2018 To 31/08/2018
 Income Tax Appellate Tribunal: Bangalore Benches: Bangalore Revised Constitution for the week from 16/8/2018 To 17/8/2018
By CA Mayank Jain
Income Tax Appellate Tribunal: Bangalore Benches: Bangalore Revised Constitution for the week from 16/8/2018 To 17/8/2018
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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
 40 LPA-Opening Commercial Finance (DGM Level)
By CA S K Verma
Salary: INR 35,00,000 - 40,00,000 P.A.,Functional Area:Accounts , Finance , Tax , Company Secretary , Audit
 27.5 LPA-Opening Head Accounts - For A Well Known Infrastructure
By CA Ojas Aggarwal
Salary: INR 25,00,000 - 27,50,000 P.A.,Functional Area: Accounts, Finance, Tax, Company Secretary, Audit
 35 LPA-Opening Sr Consultant (direct and International Tax) with MNC
By CA Mayank Jain
Salary: INR 25,00,000 - 35,00,000 P.A. Best in the Industry,Functional Area:Accounts , Finance , Tax , Company Secretary , Audit
 33 LPA-Opening Manager Statutory Audit with Big4
By CA Manu T George
Salary: INR 18,00,000 - 33,00,000 P.A.,Functional Area:Accounts , Finance , Tax , Company Secretary , Audit
 65 LPA-Opening Cfo(must Be Ca)garment Factory Dhaka Salary USD
By CA Ojas Aggarwal
Salary: INR 45,00,000 - 65,00,000 P.A. Acco+ CAR& Driver,Functional Area:Accounts , Finance , Tax , Company Secretary , Audit
 25 LPA-Opening Quality Assurance - Aml+ Fcu - Bank
By CA Atul Gupta
Salary: INR 15,00,000 - 25,00,000 P.A., Industry:Banking / Financial Services / Broking
 22.5 LPA-Opening Senior Accounts Consolidation - For A Manufacturing Company
By CA S K Verma
Salary: INR 20,00,000 - 22,50,000 P.A.,Functional Area: Accounts, Finance, Tax, Company Secretary, Audit, PG - CA - First Attempt, Second Attempt
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Direct Tax   RSS Feeds
 Finance Ministry proposes to ease process of getting no tax deduction certificate
By CA Mayank Jain
The finance ministry has proposed amendments in the Income Tax rules for obtaining 'no deduction of tax' certificate electronically, a move aimed at minimising human interface and reducing compliance burden.
 Finance Ministry proposes to ease process of getting no tax deduction certificate
By CA Mayank Jain
The finance ministry has proposed amendments in the Income Tax rules for obtaining 'no deduction of tax' certificate electronically, a move aimed at minimising human interface and reducing compliance burden.
 Received income tax notice? Here is what it means and what you need to do
By CA Manu T George
Now even a slight inaccuracy in the filing of tax returns can get you a notice from the Income Tax Department.
 TDS different while buying NRI property Income tax return (ITR) filing
By CA Manu T George
In an earlier column I had written about the rule of 1% Tax Deduction at Source (TDS) while buying a property worth more than Rs 50 lakh. But that applies to a resident seller. If you are buying property from a Non-resident Indian (NRI) then it is governed under Section 195 of the Income Tax Act. Let us understand in detail.
 CBDT plan to incentivise ‘quality orders’ worries trade
By CA Andrew F Thomas
Trade and industry is increasingly concerned about the recent plans of the Income Tax Department to incentivise taxmen who pass “quality orders” by imposing a penalty or increasing the amount to be paid.
 How to save tax using the demat account?
By CA Ojas Aggarwal
Having a demat account means that you don’t have to store share certificates in the physical form. The demat account holder can also use it to save tax on their investments.
 Income tax returns (ITR) filing: These are evasion cases picked up by Income-Tax department for scrutiny
By CA Mayank Jain
Central Board of Direct Taxes (CBDT) chairman Sushil Chandra said that the department has faith on the income tax payers, but will not allow evaders to scot free.
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Tenders   RSS Feeds
 Central Cottage Industries Corporation Of India Limited, New Delhi
By CA Manu T George
e-Tender for engagement of Chartered Accountant / Cost Accountant Firms for conducting GST Audit for the financial year 2017-18 under CGST Act and to submit AUDIT REPORT / STATEMENT as per the requirements of the CGST Act for Delhi Head Office and separately for each branch at Mumbai, Kolkata, Bangalore, Chennai, Hyderabad, Varanasi and Patna.
 Bihar Urban Infrastructure Development Corporation Limited, Patna, Bihar
By CA S K Verma
BUIDCO hereby invites Proposal from reputed firm/company to provide half yearly Internal Audit for the financial year 2018-19 and 2019-20. BUIDCo has decided minimum fees Rs 2,00,000 excluding GST for two years
 Hutti Gold Mines Company Limited, Raichur, Karnataka
By CA Devender Singh
This Tender Document is not an agreement and is not an offer or invitation by The Hutti Gold Mines Co Ltd (HGML) to any party other than the one that qualifies to submit the Bid. The purpose of this Tender Document is to provide information to the potential bidders to assist them in responding to this Tender Document.
 Bureau Of Indian Standards, Ahmedabad, Gujarat
By CA Rashmi Sharma
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) and Quality Control and Management System Certification(ISO)
 Security Printing And Minting Corporation Of India Limited, Nashik, Maharashtra
By CA Andrew F Thomas
Interested tenderers may obtain further information about this requirement from the above office. They may also visit our website mentioned above for further details.
 Quotation for outsourcing of accounting job to Chartered Accountant Agency for the period of 12 months in BIS, Ahmedabad Branch office (AHBO).
By CA Rashmi Sharma
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
 West Bengal Electronics Industry Development Corporation, Kolkata - West Bengal
By CA Andrew F Thomas
For technical queries regarding this tender and for other terms and conditions relating thereto, please contact Mr.Ashis Kumar Sasmal, General Manager(Finance)
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Transfer Pricing   RSS Feeds
 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
 Indian High Court refuses to review dispute over transfer pricing comparables selection
By CA Ojas Aggarwal
An Indian High Court on June 29 ruled in a transfer pricing dispute that Indian tribunals are the final fact-finding authority; therefore, questions such as the appropriateness of comparables cannot be reviewed by the High Court.
 Move court only on question of law in transfer pricing cases: High Court
By CA Andrew F Thomas
In what could impact several ongoing disputes over transfer pricing, the Karnataka High Court ruled that courts should be approached in such cases only if there is a substantial question of law.
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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
 Deals of the day-Mergers and acquisitions August 20, 2018
By CA S K Verma
The following bids, mergers, acquisitions and disposals were reported by 1000 GMT on Monday:
 Mergers and acquisitions: Five ways tech can smooth the way
By CA Ojas Aggarwal
Mergers and acquisitions (M&A) are an important tactic for many fast-growing businesses, and these deals will often have a big impact on the work of the CIO.
 Employee Rights In Mergers And Acquisitions
By CA Devender Singh
An entity to entity merger/acquisition has manifold considerations, movement of employees and their rights being one of the most important aspects. A change in the ownership or management of a company may result in a significant change in the working conditions of employees
 Mergers, acquisitions, consolidation not best options for survival
By CA S K Verma
Etihad’s minority stake in Jet Airways is possibly the worst that could have happened to the airline as the network values of most Middle East carriers is to drive traffic and revenue into its hubs and redistribute that traffic thereon.
 Vodafone-Idea merger: Behind the scenes report on corporate & legal intricacies
By CA Mayank Jain
The swift way in which the Idea-Vodafone merger is progressing under a year shows the improvement in ease of doing business in India.”
 NCLT allows merger of LLP and private companies, opening way for M&As: Report
By CA Manu T George
The move may pave way for new mergers and acquisitions (M&A), opening new frontiers in the resolution space
 M&A of Indian companies reach USD 77 billion in 2018
By CA Atul Gupta
The value of announced mergers & acquisitions (M&A) deals involving Indian companies reached USD 77.0 billion in the first half of 2018, a 128.7 percent increase in value, surpassing the annual record set in 2007
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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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