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Top Headlines   RSS Feeds
 Know 10 High-Value Financial Transactions that can bring you under the Radar of Income Tax Department Income Tax
By Andrew F Thomas
Taxpayers need to keep in mind high-value transactions they made while filing their income tax returns. The income tax department is using analytics to scrutinize data to find out people who have not filed income tax returns (ITR) or under-reported income despite doing a high-value transaction.
 How to get relief if you don t have taxable income TDS on Dividend Income
By Orion M.
The details of dividend income and TDS will now be available on the new format of Form 26AS to make filing of Income Tax Return (ITR) easier and to make suppression of income harder.
 Notification No. 41/2021 Central Board Of Indirect Taxes And Customs
By Raul N Tiem
In exercise of the powers conferred by section 99B read with section 157 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect Taxes and Customs hereby makes the following regulations, namely
 Notification No. 30 /2021 Central Board Of Direct Taxes
 All You Need To Know About Key Changes In ITR Forms For FY 20-21
By Jude Marg
Income tax return (ITR) forms for the assessment year 2021-22 (financial year 2020-21) were recently declared by the Central Board of Direct Taxes (CBDT).
 Changes you should know about ITR forms
By Raul N Tiem
The tax department has notified new income tax return (ITR) forms for assessment year 2021-22 (AY22). It has said in the notification that it has not made any significant changes this year due to the pandemic. However, there are certain tweaks that have been brought in line with the changes in the Finance Act, 2020. Here are some of the significant ones that you should take note of.
 Government issues over 1 lakh tax orders Faceless schemes
By Moshe Pras
The government has issued close to 1.2 lakh orders under the faceless assessment schemes but finds itself in a spot as several taxpayers, whose cases were taken up initially, are not responding to notices issued electronically. This has prompted the Central Board of Direct Taxes to seek cooperation, failing which exparte orders may be issued or the taxman can come calling.
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Continuing Prof. Edu.   RSS Feeds
 Virtual CPE meeting Recent controversies and probable disputes under GST
 Companies Act Compliance and Audit 2021-22
  Complexities in ITC and Recent Amendments under GST Laws
 VCM-Redevelopment-Misconceptions and Facts-Part-1-General Management of Co-op Societies in Connection with Re-Development of Co-op Society Buildings-CA Professions Role in the same
 Complexities in ITC and Recent Amendments under GST Laws
 Virtual Refresher Course on Industrial Subsidies and Start up Ecosystem
 VCM-Practical aspects in filling Form 10A for registration/ re-registration u/s 12AB/80G/10(23C) and Recent Developments on NGO/NPO in Finance Act,2020 & Finance Act,2021
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GST - Goods and Services Tax   RSS Feeds
 Central govt's indirect tax collection up 12% in FY21, GST number falls
 Why HSNs are showing invalid on GST Portal? Read the Troubleshooter for 4-digit or 6-digit HSNs
By Jude Marg
The Goods and Service Tax (GST) helpdesk has received some tickets at helpdesk wherein it was reported that certain 6-digit HSN codes are not available in HSN Master/ not accepted on e-invoice/e-Way bill portals.
 5 online certification courses on GST in India New career path for GST practitioners
By Raul N Tiem
There has been a paradigm shift in the Indirect Tax structure with the GST rollout on July 1, 2017, and with it a new career path has been created for GST practitioners. Here are 5 online certification courses on GST you can use to forge a new career in GST.
 Know 12 New Functionalities made available for Taxpayers on GST Portal Read More: https://www.taxscan.in/article/know-12-new-functionalities-made-available-for-taxpayers-on-gst-portal/
By Henry Richards
The Goods and Service Tax Networks (GSTN) has made available new functionalities pertaining to registration, returns, audit, front office, and Webinars Conducted for Taxpayers on GST Portal.
 Takeaways for Filing GST Annual Return GST Audit for FY 2019-20
By Sandy Mash
Are you a businessman having a turnover of more than 2 crores for FY 2019-20? If yes then here are the takeaways for filing GST Annual Return. Taxpayers who have an annual turnover of more than 2 crores in a year have to fill GSTR 9C form along with reconciliation statements and certification of audit in every financial year.
 GST to be levied on underlying goods/services in gift vouchers, rules AAAR
By Orion M.
Clearing the air over taxability of gift cards or vouchers, the Tamil Nadu bench of the AAAR has ruled that GST would be levied on the underlying goods/ services at the time of redemption such pre-paid instruments.
 CBIC notifies Common Customs Electronic Portal for facilitating various GST services
By Orion M.
The Central Board of Indirect Taxes and Customs (CBIC) notified the Common Customs Electronic Portal for facilitating various GST services.
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General   RSS Feeds
 Interest from NRE account is exempt from tax
By Henry Richards
Interest income from an NRE account is exempt from tax in India for NRIs. However, such income may have to be clubbed with your total income reported in the UK, according to local tax laws. It is recommended that you seek assistance from an expert to identify the tax implications of earning an interest income outside of the UK and whether any benefits are available to you under the Double Tax Avoidance Agreement.
 Amid dwindling interest rates, LIC of India launches new plan with guaranteed tax-free return
 VMC to act tough on property tax defaulters
 Tax on PF interest will change the way we invest in it: How the Budget hits your PF
By Raul N Tiem
The proposed tax on Provident Fund interest has come like a bolt from the blue for high-income earners and HNIs who squirrel away huge sums into this taxfree haven. Though the tax will kick in only on contributions above Rs 2.5 lakh a year and will apply only to contributions by the employee, many Provident Fund subscribers are upset.
 How does the Budget affect your money Taxes, housing, and income
By Andrew F Thomas
Expectations from Union Budget 2021 were high. Given the hardships that people have endured over the past year, it was expected that there would be relief in some form or the other for the middle-class. At the same time, given the fact that the government has suffered loss of revenue due to the pandemic, it was also feared that the FM could ill-afford to loosen the purse strings. Read on to know how your money life has changed.
 Haven t got income tax refund as yet? You may need to confirm it to the tax dept
By Jude Marg
Your income tax refund may be held up pending your confirmation about its accuracy if there was a significant difference in incomes or deductions that you claimed while filing your ITR compared to your Form 16 or 16A. In this case, for refund to be credited into your bank account you may have to respond to the email sent by IT department, asking you to confirm your refund claim.
 Income tax impact of switching in mutual funds explained in 5 points
By Raul N Tiem
The mutual fund industry has sought uniformity in the tax treatment for switch transaction in respect ULIPs and mutual fund products
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Corporate Law   RSS Feeds
 Critical Issues of ICDS and Impact Of DHC Judgement and Correcponding Amendments to Income Tax Act by Finance Act, 2018 and Interplay between them and Reporting
 How to do Audit of Proprietorship and Partnership Firm in the light of new amendment in Tax Audit under Section 44AB
 SC relaxes Dress Code for Lawyers
By Sandy Mash
The due date for filing Income Tax Return (ITR) has been extended to November 30, 2020. Every year taxpayers are required to pay taxes on their income and income from other sources. However, paying taxes can be burdensome, which is why the government introducing ITR filing procedure.
 COVID-19 crisis is an opportunity to redefine tax policy and law
By Thomas T. Rucks
The Covid 19 crisis is an opportunity to redefine tax policy and law. A calibrated approach to balance welfare economics with a vision to pioneer economic activity and national growth is needed.
  GST & Companies Act way Forward
By Thomas T. Rucks
Place: East Delhi CPE Study Circle of NIRC Date: 06-04-2019 – To: 06-04-2019 CPE.Hrs.: 5
 Taxmen use rare law to collect dues directly from bank accounts of evaders
By M. George
Revenue officials, chasing huge tax collection deficit, are moving into top gear to maximise collections by year end even if that means deducting money directly from your bank account to fill a gap of thousands of crores.
 Income tax law needs to be a lot simpler
By M. George
Simplifying the Income Tax Act, automating tax collection and return processing and making the process user-friendly are priorities for the National Democratic Alliance (NDA) government, finance minister Piyush Goyal said.
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Students   RSS Feeds
 Certificate Course on Public Finance & Government Accounting 9th Online Batch (Morning)
By Sandy Mash
The Committee on Public & Government Financial Management of ICAI is pleased to announce the 9th online batch of Certificate Course on Public Finance & Government Accounting commencing from 14th March, 2021 (on weekends only-Saturday & Sunday) as per the schedule given herein below.
 1st Online Batch of Certificate Course on Derivatives from 6th February 2021
By Raul N Tiem
Online Certificate Course on Derivatives The Committee on Capital Market and Investors Protection is pleased to announce its 1 stOnline batch of Certificate Course on Derivatives as per below details
 Change of Examination Centre for January / February 2021.
By M. George
It is hereby informed that due to unavoidable circumstances, examination centre at Allahabad (Uttar Pradesh), as per details given below has been changed.
 Notification for Eligibility Test (ET) for Post Qualification Course on Information Systems Audit (ISA) on Saturday the 23rd January, 2021 from 11:00 AM to 01:30 PM
By Orion M.
This time the Eligibility Test will be held in online mode through DLH portal of ICAI (http://learning.icai.org) for which face recognition & SSP portal login is mandatory.
 Students registered under Intermediate IPC Old Syllabus can write their examinations up to May 2021 examination term: ICAI
By M. George
The Institute of Chartered Accountants of India (ICAI) announced that the Students registered under Intermediate IPC Old Syllabus can write their examinations up to May 2021 examination term.
 Frequently Asked Questions w.r.t May/November 2020 Examination
By Sandy Mash
Whether the student who had applied for May 2020 Exams be required to fill Examination Form For November 2020 afresh.
 3rd Online Batch of Certificate Course on Forex and Treasury Management from 22nd August 2020
By Andrew F Thomas
The Committee on Capital Market and Investors Protection is pleased to announce its 3rd Online batch of Certificate Course on Forex and Treasury Management as per below details
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New Forms   RSS Feeds
 Check the revised instructions to fill ITR Form 3, 5, 6 and 7 Income Tax Return
By Andrew F Thomas
There have been several changes made by the central government in the tax structure in the previous 3 to 4 months to link the country's taxation system with other financial systems and making ITR filing easier.
 TDS mismatch in Form 26AS & Form 16? Ask employer to issue new Form 16 with correct details
By Thomas T. Rucks
One must obtain Form 16 (TDS certificate issued by the employer) and verify the same with the Form 26AS.
 Before you file your tax return, note the key changes in Form 16
By Thomas T. Rucks
Part B of Form 16 has been amended seeking more details about the allowances exempt under section 10 such as HRA, LTA, etc and deductions allowed under Chapter VI-A of the Income Tax Act, 1961.
 5 Things to know about Form 16
By Moshe Pras
Form 16 is a certificate issued by an employer, certifying that the TDS is deducted from the salary of the employee and deposited with the government.
 Form 16 will now have more details of your income and deductions
By Orion M.
In yet another attempt to increase transparency and minimize tax evasion, the Central Board of Direct Taxes (CBDT) has notified various changes in the formats of Form 16 and Form 24Q. The new amendments are in line with the changes in income-tax rules and new income tax return (ITR) forms recently notified by CBDT for assessment year (AY) 2019-20.
 Amendment of Form No. 16 and Form No. 24Q
By M. George
In exercise of powers conferred by sections 200 and 203 read with section 295 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,
 What are Form 15G, Form 15H?
By Thomas T. Rucks
Form 15G is for resident Indians under the age of 60, HUF or trust. While Form 15H is for resident Indians aged 60 years or above.
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Professional Updates   RSS Feeds
 ICAI International Research Awards 2021 organised by Research Committee (Last Date for Nomination: May 31, 2021)
By Orion M.
ICAI The Institute of Chartered Accountants of India (ICAI) is a International statutory body established under the Chartered Accountants Research Act, 1949 for regulating the profession of Chartered Awards 2021 Accountants in India. ICAI is the second largest accounting body in the whole world with a strong tradition of service to About the public interest and to the Indian economy.
 Announcement of Campus Placement Programme for Newly Qualified Chartered Accountants April-May, 2021.
By Orion M.
Secure membership of ICAI immediately after passing CA final examination but before 15th July, 2021. Quote the Membership no. or acknowledgement receipt no. issued, upon submission of Form-2, on the online portal for campus registration. Else, fill the online undertaking which Pop up on the page state by which date you will submit that membership Form-2.
 Exposure Draft of COVID-19 Related Rent Concessions beyond June 30, 2021 (Amendments to Ind AS 116)
By Jude Marg
Indian Accounting Standards (Ind AS) are derived from IFRS Standards issued by the International Accounting Standards Board (IASB). IFRS Standards are globally acceptable high quality financial reporting standards with a dynamic framework that undergoes reforms periodically to keep pace with the evolving business and economic environment.
 Announcement regarding MCA has made amendments in the provision related to Audit Trail and made them effective for FY commencing on or after 01st April, 2022, on request made by the ICAI
By Thomas T. Rucks
In view of applicability of the amendments made vide notification dated 24th March, 2021 related to the accounting software having feature of audit trail and its reporting in audit report being made effective from the FY 2020-21, the Institute of Chartered Accountants of India had requested the Ministry of Corporate Affairs to issue a clarification on the same as it was creating confusion in the minds of auditor regarding applicability of the said provision.
 4th Online Batch of Certificate Course on Forex and Treasury Management from 17th April 2021
 Extension for completion of Orientation Course/IT Training by the eligible Intermediate students on or before 31st May, 2021
By Thomas T. Rucks
Due to the prevailing COVID situation, the Competent Authority has decided to relax the requirement, as a one-time measure, which is as under
 Advanced Integrated Course on Information Technology and Soft Skills (Advanced ICITSS) - Adv. Information Technology Test on 14th April 2021
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From the Courts   RSS Feeds
 Hero Motocorp Ltd. 34, Community Centre, Basant Lok, Vasant Vihar, New Delhi. Vs. ACIT Circle-11(1) New Delhi.
 Sadruddin Tejani vs. ITO (Bombay High Court)
By Henry Richards
The DTVSV Act, 2020 is an Act to provide for resolution of disputed tax and matters connected therewith or incidental thereto. The emphasis is on disputed tax and not on disputed income. From a plain reading of the provisions of the DTVSV Act, 2020 and the Rules set out above, it emerges that the Designated Authority would have to issue Form 3 as referred to in section 5(1) specifying the amount payable in accordance with section 3 of the DTVSV Act. In the case of the declarant who is an eligible appellant not falling under section 4(6) nor within the exceptions in section 9 of the DTVSV Act, 2020, which fact appears to be undisputed
 GE India Industrial Private Limited, Building No.7A, 4th Floor, DLF Cyber City, DLF Phase-III, Sector-25A, Gurgaon, Haryana Vs. Deputy Commissioner of Income Tax, Circle-12(1), New Delhi
By M. George
This appeal filed by the assessee for the assessment year 2009-10 is directed against the order of learned Deputy Commissioner of Income Tax, Circle-12(1), New Delhi, dated 31.01.2014.
 DCIT vs. Pepsi Foods Ltd (Supreme Court)
 DCIT Circle-7(1), Room No. 403, C. R. Building, I. P. Estate New Delhi VS Dee Development Engineers Ltd. 1255, Sector-14, Faridabad
By Moshe Pras
The assessee company is engaged in the business of manufacturing and fabrication of piping system and pipe fitting, generation of power through BIO Mass Technology. The assessee company filed return of income declaring a loss of Rs. 6,66,42,802/- and book profit declared at Rs. 3,82,77,391/- on 24.09.2011. The Company revised its return of income on 25.02.2013
 Balbir Singh Kohli 74, Scindia House Connaught Place, New Delhi V/s ITO Ward-14(4) New Delhi
By Thomas T. Rucks
This appeal is filed by the assessee against order dated 30/04/2019 passed by CIT(A)-5, New Delhi for assessment year 2011-12.
 SYSKA LED Lights Pvt. Ltd vs. UOI (Bombay High Court)
By Sandy Mash
Customs Act: It is a settled proposition that when a law requires a thing to be done in a particular manner, it has to be done in the prescribed manner and proceeding in any other manner is necessarily forbidden. An order is vitiated if it is passed in violation of the principles of natural justice. Where there is a breach of principles of natural justice, existence of an alternate remedy of appeal would be no bar to exercise of jurisdiction under Article 226 of the Constitution of India
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Auditing   RSS Feeds
 NFRA issues Draft Procedure for Submission of Audit Files
By Andrew F Thomas
The National Financial Reporting Authority (NFRA) on Tuesday issued a notice of draft Procedure for Submission of Audit Files to NFRA.
 Auditors barred from putting a value on companies they are auditing
By Raul N Tiem
An income tax tribunal has barred auditors from issuing valuation certificates to the companies they are auditing. This is set to impact several tax disputes around valuations in companies including angel tax disputes involving start-ups.
 Standard on Internal Audit (SIA) 18, Related Parties
By Jude Marg
Standard on Internal Audit (SIA) 18, Related Parties
 Standard on Internal Audit (SIA) 17, Consideration of Laws and Regulations in an Internal Audit
By Raul N Tiem
Standard on Internal Audit (SIA) 17, Consideration of Laws and Regulations in an Internal Audit
 Standard on Internal Audit (SIA) 16, Using the Work of an Expert
By Henry Richards
Standard on Internal Audit (SIA) 16, Using the Work of an Expert
 Standard on Internal Audit (SIA) 14, Internal Audit in an Information Technology Environment
By Moshe Pras
Standard on Internal Audit (SIA) 14, Internal Audit in an Information Technology Environment
 Standard on Internal Audit (SIA) 13, Enterprise Risk Management
By Thomas T. Rucks
Standard on Internal Audit (SIA) 13, Enterprise Risk Management
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Latest Circulars   RSS Feeds
 RBI Governor meets MD & CEOs of Public and Private Sector Banks over Video Conference
By Sandy Mash
The Governor, Reserve Bank of India (RBI) held meetings with the MD/CEOs of Public Sector Banks and select Private Sector Banks on April 12, 2021 through video conference. The meetings were attended by Deputy Governors Shri M. K. Jain, Shri M. Rajeswar Rao and a few other senior officials of RBI.
 RTGS System Upgrade Non-Availability of Service 00.00 Hrs to 14.00 Hrs. on Sunday, April 18, 2021
By Andrew F Thomas
A technical upgrade of RTGS, targeted to enhance the resilience and to further improve the Disaster Recovery Time of the RTGS system, is scheduled after the close of business of April 17, 2021. Accordingly, RTGS service will not be available from 00:00 hrs to 14.00 hrs on Sunday, April 18, 2021.
 Implementation of Section 51A of UAPA 1967 and Security Council Resolution Updates to UNSC s 1267/ 1989 ISIL (Da esh) Al-Qaida Sanctions List Democratic People s Republic of Korea (DPRK)Order, 2017
 Enhancement of limit of maximum balance per customer at end of the day from ₹1 lakh to ₹2 lakh Payments Banks (PBs)
 Asset Classification and Income Recognition following the expiry of Covid-19 regulatory package
 Reporting and Accounting of Central Government transactions of March 2021 Change of date of closure
By Orion M.
On account of holidays on April 10 and 11, 2021 (second Saturday and Sunday respectively), Government of India has now decided that the date of closure of residual transactions for the month of March 2021 be fixed as April 12, 2021. All agency banks may take note of the change of date of closure and ensure that arrangements are put in place to report all the March 2021 residual transactions by 1400 hours of April 12, 2021.
  Master Direction on Levy of Penal Interest for Delayed Reporting / Wrong Reporting / Non-Reporting of Currency Chest Transactions and Inclusion of Ineligible Amounts in Currency Chest Balances
By Raul N Tiem
In terms of the Preamble, under Section 45 of the RBI Act, 1934 and 35 A of the Banking Regulation Act, 1949, the Bank issues guidelines / instructions for realising the objectives of our Clean Note Policy. With a view to sustain these efforts and to ensure discipline among the banks on timely and accurate reporting of currency chest transactions, we have issued instructions on the subject.
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Forex   RSS Feeds
 Perils of an ad hoc forex policy
By Orion M.
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 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 Jude Marg
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 Orion M.
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 M. 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 Orion M.
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 Sandy Mash
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
 M/s Singh Consultancy Pvt. Ltd. 1106 Indra Prakash Building, 21 Barakhamba Road, New Delhi Vs. Income Tax Officer, Ward-8(4), New Delhi
By Sandy Mash
This appeal filed by the assessee is directed against the order dated 23.12.2016 of the learned CIT(A)-22, New Delhi, relating to Assessment Year 2009-10.
 Penalty proceedings u/s 271(1)(c) not sustainable if reason not specified: ITAT
By Andrew F Thomas
The Income Tax Appellate Tribunal (ITAT), Delhi Bench held that the penalty proceedings under section 271(1)(c) are not sustainable if the reason is not specified.
 Notice issued u/s 143(2) to be served upon the assessee within six months: ITAT
By Henry Richards
The Income Tax Appellate Tribunal (ITAT), Delhi Bench ruled that the notice issued under section 143(2) of the Income tax Act to be served upon the assessee within six months.
 Addition for Unexplained Cash Credit justified in respect of Unexplained Creditors shown as Bogus: ITAT
By Henry Richards
The Income Tax Appellate Tribunal (ITAT), Allahabad Bench ruled that the addition for unexplained cash credit is justified in respect of unexplained creditors shown as bogus.
 Input Service Tax Credit is deductible u/s.37(1) when such Input Tax Credit is written off in Books of Accounts: ITAT
By Jude Marg
The Income Tax Appellate Tribunal (ITAT) Chennai this week held that input tax credit is deductible under section 37(1) of the Act Income Tax Act, 1961, when such input tax credit is reversed or written off in the books of account.
 ITAT allows Deduction u/s 35(1)(ii) on Account of Donation
By Moshe Pras
The Income Tax Appellate Tribunal (ITAT), Pune Bench allowed the deduction under Section 35(1)(ii) of the Income Tax Act on account of donation.
 ITAT can t dismiss application merely on the basis of seeking frequent adjournments: Delhi High Court
By Henry Richards
The Delhi High Court held that the ITAT can not dismiss an application merely on the basis of seeking frequent adjournments.
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Finance Bills   RSS Feeds
 The Companies (Removal Of Difficulties) Seventh Order - dated 4th Sept 2014 New
By M. 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 Orion M.
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 Orion M.
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 Thomas T. Rucks
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 Jude Marg
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 M. 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 Moshe Pras
Ahead of tomorrow's monetary policy review, the Finance Ministry has expressed the hope that Reserve Bank will focus on promoting growth.
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Placements & Empanelment   RSS Feeds
 30 LPA Opening Commercial Manager - Hospitality Property Management Company
By Henry Richards
Experince: 7 - 12 years Salary: 20,00,000 - 30,00,000 P.A.,Functional Area: Accounts, Finance, Tax, Company Secretary, Audit,PG : CA in Any Specialization
 22.5 LPA Opening CA Manager , Financial Reporting Advisory Services ( FRAS ) BIG FIVE
By Moshe Pras
Experince: 4 - 7 years, Salary: 14,00,000 - 22,50,000 P.A.,Functional Area: Accounts, Finance, Tax, Company Secretary, Audit, PG : CA in CA
 22.5 LPA Opening Manager Statutory Audit ( Big 4) - CA MUST - Across India
By Jude Marg
Experince: 7 - 12 years, Ssalary: 16,00,000 - 22,50,000 P.A., Functional Area: Accounts, Finance, Tax, Company Secretary, Audit
 27.5 LPA Opening Salesforce Lead
By Raul N Tiem
Experince: 7 - 12 years Salary: 16,00,000 - 27,50,000 P.A., Functional Area: IT Software - Application Programming, Maintenance
 17 LPA Opening CA Finance Head - Leading Automotive Company
By Jude Marg
Experince: 7 - 12 years, Salary: 7,00,000 - 17,00,000 P.A., Functional Area: Accounts, Finance, Tax, Company Secretary, Audit
 30 LPA Opening Senior Manager(qual CA's Only) SOX Compliance
By Raul N Tiem
Experince: 7 - 12 years Salary: 20,00,000 - 30,00,000 P.A. (Including Variable: 17%), Functional Area: Accounts, Finance, Tax, Company Secretary, Audit
 20 LPA Opening Manager Finance & Accounts
By Andrew F Thomas
Experince: 10 - 12 years, Salary: 15,00,000 - 20,00,000 P.A., Functional Area: Accounts, Finance, Tax, Company Secretary, Audit
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Markets   RSS Feeds
 Top Ranked Mutual Funds 12/04/2021
By Henry Richards
Top Ranked Mutual Funds 12/04/2021
 Market Top Losers 12/04/2021
By Moshe Pras
Market Top Losers 12/04/2021
 Market Top Gainers 12/04/2021
By Thomas T. Rucks
Market Top Gainers 12/04/2021
 Market Top Losers 09/04/2021
By Andrew F Thomas
Market Top Losers 09/04/2021
 Market Top Gainers 09/04/2021
By Orion M.
Market Top Gainers 09/04/2021
 Top Ranked Mutual Funds 09/04/2021
By Jude Marg
Top Ranked Mutual Funds 09/04/2021
 Top Ranked Mutual Funds 05/04/2021
By Jude Marg
Top Ranked Mutual Funds 05/04/2021
More »
Direct Tax   RSS Feeds
 Notification No. 27/2021- Central Board of Indirect Taxes and Customs
By Orion M.
In pursuance of notification No. 60/2015-Customs (N.T.), published vide number G.S.R. 453(E), dated 4thJune 2015 in Gazette of India, Extra-ordinary, Part-II, section 3, sub- section (i), and as amended by notification No. 133/2015-Customs (N.T.), published vide number G.S.R. 916(E) dated 30thNovember 2015
 Notification No. 29/2021 MINISTRY OF FINANCE
 CBDT notifies Income Tax Return forms for 2020-21
By Jude Marg
The Income Tax department has notified forms for filing I-T returns for 2020-21 fiscal, the Central Board of Direct Taxes said on Thursday.
 Notification No. 31/2021 Central Board Of Indirect Taxes And Customs
By Raul N Tiem
In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the Notification No.26/2021-Customs(N.T.), dated 4th March, 2021 except as respects things done or omitted to be done before such supersession, the Central Board of Indirect Taxes and Customs here
 Income Tax Rules Are Changing from April 1, Here's a Look at New Norms
By M. George
April 1 will mark the beginning of a new financial year and will bring a slew of income tax changes. Some of the changes were announced by the Union Finance Minister Nirmala Sitharaman while presenting the Union Budget 2021 in February. Here is a list of changes which will be introduced from the coming financial year.
 From April 1, You Need To Make All Such Disclosures In ITR
By Orion M.
Beginning April 1, if you have been trading in shares or have substantial dividend income then you no longer can hide this information from the tax department.
 Here are the consequences that you may face on missing March 31 deadline Not filed ITR yet
By Henry Richards
The Income tax authority has the power to carry out best judgement assessment u/s 144 of the IT Act, where the taxpayer has failed to furnish his return of income.
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Tenders   RSS Feeds
 Indian Drugs And Pharmaceuticals Limited, Gurgaon, Haryana
By Moshe Pras
Indian Drugs & Pharmaceuticals Limited is looking for a dynamic CA Firm who can take up the assignment of preparations & finalizations of Annual Accounts of Corporate Office and consolidation with Regions & Plants Balance Sheet for the Financial Year 2019-20 and 2020-21 (ongoing basis) immediately for the purpose of review by our Statutory Auditors u/s 619 (2) of the Companies Act.
  State Medicinal Plants Board, Bhubaneswar, Odisha
By Thomas T. Rucks
Sealed quotations in plain paper are invited from the reputed Chartered Accountants to take up audit of the accounts of SMPB and its all the field implementing agencies and preparation of all financial statements/ utilization certificates with reporting thereof for 3 (three) years i.e. from year of 2018-19 to 2020-21
 National Environmental Engineering Research Institute, Nagpur, Maharashtra
By Henry Richards
The MSEs are provided tender document free of cost and are exempted from the payment of Bid Security provided the goods are produced and the services are rendered by them and not for any trading activities undertaken by them.
 State Medicinal Plants Board, Bhubaneswar, Odisha
By Moshe Pras
Sealed quotations in plain paper are invited from the reputed Chartered Accountants to take up audit of the accounts of SMPB and its all the field implementing agencies and preparation of all financial statements/ utilization certificates with reporting thereof for 3 (three) years i.e.
 Madhya Pradesh Pashchim Kshetra Vidyut Vitran Co. Ltd., Indore, Madhya Pradesh
By Sandy Mash
M.P. Paschim Kshetra Vidyut Vitaran Company, Indore CMPPKVVCL'), the power distribution company with its headquarters located at Indore, Madhya Pradesh intends to outsource its TDS/withholding Tax (Under Income Tax Act 195I)
 District Health & Family Welfare Society, Faridabad, Haryana
By M. George
E-tenders are invited on behalf of the Civil Surgeon Faridabad for Appointment of Concurrent Auditor for District Health & Family Welfare Society (DH&FWS) of Faridabad for Audit of all programs under NHM & Non NHM
 Directorate of Urban Local Bodies, Multi District, Haryana
By Sandy Mash
Request for proposal for Selection of CAG empanelled Chartered Accountant Firms for Implementation of Accrual Based Double Entry Accounting System (ABDEAS) in all the Municipal Corporations/Councils /Committees of Hisar Cluster of HARYANA
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Transfer Pricing   RSS Feeds
 I T department keeps tolerance range for transfer pricing unchanged
By Moshe Pras
In a disappointment to businesses reeling from the Covid impact, the income tax department has kept the tolerance range for transfer pricing unchanged for 2019 20.
 India retains transfer pricing tolerance range for 2019 20
 PCIT rightly directed the Bank of India s case to Transfer Pricing Officer for determining ALP ITAT
 Key Highlights Of The 2nd Edition Of KSA Transfer Pricing Guidelines
By Henry Richards
General Authority of Zakat and Tax (GAZT) in the Kingdom of Saudi Arabia (KSA) released final Transfer Pricing Bylaws (TP Bylaws) in February 2019. Subsequently, in March 2019, GAZT issued the First Edition of Transfer Pricing Guidelines that provide insights and guidance and represents GAZT's views on the application of Transfer Pricing Bylaws.
 ITAT deletes Penalty since Assessee applied Transfer Pricing Provisions with Good faith and Due Diligence
By Raul N Tiem
In a major relief to Tianjin Tianshi India Pvt. Ltd, the Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that the penalty under section 271(1)(c) of the Income Tax Act, 1961 cannot be levied if the transfer pricing provisions under section 92C was handled by the assessee in due diligence without any mala fide intentions.
 Change in transfer pricing regulations to help MNCs
By Jude Marg
The Union budget 2020-21 has proposed to amend the Section 92CB of the Income Tax Act that empowers the Central Board of Direct Taxes to frame safe harbour rules for determination of the arm’s length price. The government has also sought to widen the ambit of Dispute Resolution Panel (DRP).
 National High Speed Rail Corporation Limited, New Delhi, Delhi
By Orion M.
Completed tender documents sealed in an envelope super-scribing the name of work; name and address of the Bidder, shall be submitted at NHSRCL's office at address in Para 1 above before 15.00 hrs. on 10.09.2019.
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Customs and Excise   RSS Feeds
 Delhi Customs issues Covid-19 Facilitation Measures: Relaxation in Procedure for Inbonding of Cargo Import under Warehouse Bill of Entry
By Moshe Pras
The Delhi Customs, on Wednesday, issued relaxation in the procedure for Inbonding of Cargo import under Warehouse Bill of Entry as one of the COVID-19 facilitation measures.
 Notification No. 32/2020 CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS
By Raul N Tiem
In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect Taxes and Customs hereby makes the following amendment in the Notification of the Central Board of Indirect Taxes and Customs No.27/2020-CUSTOMS (N.T.), dated 19thMarch, 2020 with effect from 27th March, 2020, namely: -
  Notification No. 07/2020 Central Board of Indirect Taxes and Customs
By Moshe Pras
­In exercise of the powers conferred by section 168 of the Central Goods and Services Tax Act, 2017 (12 of 2017), read with sub-rule (5) of rule 61 of the Central Goods and Services Tax Rules, 2017 (hereafter in this notification referred to as the said rules), the Commissioner, on the recommendations of the Council,
 Notification No. 07/2020 Central Board of Indirect Taxes and Customs
By Sandy Mash
­In exercise of the powers conferred by section 168 of the Central Goods and Services Tax Act, 2017 (12 of 2017), read with sub-rule (5) of rule 61 of the Central Goods and Services Tax Rules, 2017 (hereafter in this notification referred to as the said rules), the Commissioner, on the recommendations of the Council,
 Notification No. 01/2020 Central Board of Indirect Taxes and Customs
By Raul N Tiem
In exercise of the powers conferred by sub-section (2) of section 1 of the Finance (No. 2) Act, 2019 (23 of 2019), the Central Government hereby appoints the 1st day of January, 2020, as the date on which the provisions of section 114 of the Finance (No. 2) Act, 2019 (23 of 2019) shall come into force.
  Notification No.91/2019 Central Board Of Indirect Taxes And Customs
By Sandy Mash
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.88/2019-CUSTOMS (N.T.), dated 5th December, 2019
 Notification No. 90/2019 Central Board of Indirect Taxes and Customs
By Henry Richards
In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect Taxes & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendments in the notification of the Government of India
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Mergers and Acquisitions   RSS Feeds
 Govt may further sweeten Air India offer
By Jude Marg
The government may ease some of the conditions for potential bidders of Air India in a renewed effort to privatize the loss-making national carrier, which is crucial to achieving its ambitious divestment goal for this fiscal.
 How India is becoming an unlikely Asian hotspot for mergers & acquisitions
By Moshe Pras
Thanks largely to $15 billion of investments in Jio, India accounts for more than 12% of announced deals in the Asia Pacific region so far this year.
 Notification No. 05/2020-Customs (ADD) Ministry Of Finance
By Andrew F Thomas
Whereas, in the matter of import of `Chlorinated Polyvinyl Chloride Resin (CPVC)-whether or not further processed into compound' (hereinafter referred to as the subject goods), falling under heading 3904 of the First Schedule to the Customs Tariff Act, 1975
 Deals of the day-Mergers and acquisitions March 6, 2020
By Orion M.
India laid out a rescue plan for Yes Bank under which State Bank of India will take a 49% stake in the troubled lender, which is struggling with bad loans.
 Deals of the day-Mergers and acquisitions March 2, 2020
By Moshe Pras
The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Monday
 Mint Investment Summit - M&A in India: Challenges and opportunities
By Thomas T. Rucks
Top business minds will from different companies will come together to discuss the challenges and the opportunities for mergers and acquisitions in India. The panelists, to discuss and debate the subject of M&A in India: Challenges and opportunities,
 Record Year 2019: Fintech Deals, Mergers and Acquisitions Study
By Thomas T. Rucks
019 was the most active year for fintech financing, mergers and acquisitions (M&A), and initial public offerings (IPOs), according to a new report by Financial Technology (FT) Partners.
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Indirect Tax   RSS Feeds
 Investment tips for those opting for new tax regime
By Henry Richards
The nationwide lockdown over the COVID-19 pandemic shouldn’t ideally distract you from the fact that we are in April that also marks the beginning of the new Financial Year2020-21. In fact, you should utilise this time to plan your tax-saving measures for the current financial year.
 Indirect tax dept issues notices to companies over late input credit claim under GST frame
By M. George
The indirect tax department has issued notices to thousands of companies that had claimed late input tax credit under GST framework and thereby asked them to reverse the transaction. These companies had claimed the input tax credit for fiscal 2018 and 2019 after missing the September deadline.
 E-generated document required for indirect tax notices
By Jude Marg
In a Frequently Asked Questions (FAQs) issued by Institute of Chartered Accountants of India ( ICAI ) Unique Document Identification Number (UDIN) said that, Chartered Accountants ( CA ) are not authorised to certify Income Tax Return (ITR) as True copy.
 FinMin seeks industry inputs on direct, indirect tax changes
By M. George
The finance ministry for the first time has sought suggestions on changes in direct and indirect tax rates from the industry. This comes at a time when a revenue shortfall and consumption slowdown are threatening to upset the government’s finances.
 Govt gives businesses four months to settle indirect tax disputes
By Sandy Mash
Businesses can now settle their pending disputes relating to central excise duty and service tax within four months starting 1 September under the terms notified by the government on Thursday.
 ITR filing becomes easy via new 'e-Filing Lite' portal - 5 things to know Income Tax Return
By Raul N Tiem
Income Tax Return: Income Tax department has made lives easier for the taxpayers by launching 'e-Filing Lite' portal. The portal is meant for the tax payers who find filing of income tax returns (ITR) on their own a complicated and time-taking process.
 No income tax on interest from accident compensation: High Court
By M. George
Forty years after an eight-year-old city boy was left maimed for life in a car accident, the Bombay High Court on Thursday held that income tax should not have been deducted from the interest on the compensation awarded by the court. The ruling was given by a bench of justices Akil Kureshi and S J Kathawalla on a plea by accident victim Rupesh Shah, now 48.
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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 Moshe Pras
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 Moshe Pras
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 Thomas T. Rucks
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 Henry Richards
Toys, games and sports requisites; parts and accessories thereof
 Customs Tariff 2009-10 - PART-II - Chapter 94 - Furniture; bedding, mattresses, mattress supports
By Moshe Pras
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 Orion M.
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 Jude Marg
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
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