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 Clarification for the purposes of clause (c) of Section 269ST of the Income-tax Act, 1961 in respect of dealership/distributorship contract in case of Co-operative Societies 
By Moshe Pras
Every year, among the obligations a citizen needs to fulfil would be also paying income taxes. The income tax rates vary from individual and depending upon their incomes and profits earned from other sources. Also, tax rates are different for individuals, senior citizens, and corporates. Income tax returns (ITR) are one of the most required filings by taxpayers. While a salaried individual does need to pay their taxes and ITR filing on their scheduled period, however, the government also provides benefits in the form of tax deductions on certain investment mechanisms that can be claimed to save on your taxes.
| | How to save income tax under various sections in FY 22-23? | |
| 5 tax-saving techniques for FY23 Here is what experts suggest
By Andrew F Thomas
Want to save tax? Here are some effective tax-saving methods for the financial year 2023.
| Tax moves to make before end of 2022 Your Money
By Orion M.
December 31 is the last day to voluntarily file income tax returns for the previous years
| Income Tax Dept Exempts Non-Resident Taxpayers From Filing Form10F For Now
By Sandy Mash
Providing partial relief to non-resident taxpayers, the Central Board of Direct Taxes (CBDT) has exempted non-resident taxpayers who do not have a PAN from mandatory electronic filing of Form 10F until March 2023. The filing of this form is needed in order to avail of Double Taxation Avoidance Agreements (DTAA) benefits.
| Hedging of Commodity Price Risk and Freight Risk in Overseas Markets (Reserve Bank) Directions
By Andrew F Thomas
Please refer to Paragraph 4 of the Statement on Developmental and Regulatory Policies announced as a part of the Bi-monthly Monetary Policy Statement for 2022-23 dated December 07, 2022 regarding hedging of price risk of gold in overseas markets. Attention is also invited to the Hedging of Commodity Price Risk and Freight Risk in Overseas Markets (Reserve Bank) Directions, 2018 dated March 12, 2018, as amended from time to time.
| Master Direction Foreign Exchange Management (Hedging of Commodity Price Risk and Freight Risk in Overseas Markets) Directions, 2022
By Jude Marg
Attention of Authorised Dealer Category - I (AD Cat-I) banks is invited to Regulation 6 and 6A of the Foreign Exchange Management (Foreign Exchange Derivative Contracts) Regulations, 2000 dated May 3, 2000 (Notification No. FEMA. 25/RB-2000 dated May 3, 2000), as amended from time to time, issued under clause (h) of sub-section (2) of Section 47 of Foreign Exchange Management Act, 1999 (Act 42 of 1999) as amended from time to time.
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Moonlighting for Additional Income? Know Its Tax Implications
By Sandy Mash
Moonlighting has become a well-known term after instances of tech professionals from multiple big companies indulging in the same came to light.
| Have you claimed education cess? Be prepared to pay tax as per the new rules
By Thomas T. Rucks
Education Cess was introduced in Financial Year (FY) 2004-2005 with the aim to finance primary education. Currently, the Health and Education Cess (Cess) stands at 4% of gross tax liability (including surcharge). Taxpayers adopted a position to claim Cess as a deduction from their taxable income, which resulted in a dispute with the Tax Department. As a result, the matter was discussed before the Bombay High Court, which granted a deduction to the taxpayer.
| Reserve Bank - Integrated Ombudsman Scheme, 2021 (RBIOS, 2021)
By Jude Marg
In exercise of the powers conferred by sub section (1) of Section 11 of the Credit Information Companies (Regulation) Act, 2005, and in partial modification of its notification CEPD. PRD. No. S873/13.01.001/2021-22 dated November 12, 2021, the Reserve Bank of India, being satisfied that it is in public interest to do so, and to provide an avenue for cost free alternate grievance redress to customers of regulated entities covered under the RBIOS 2021
| How is tax computed for selling a house?
By Sandy Mash
As per the provisions of the Income-tax (I-T) Act 1961, if the actual sale consideration is lower than the stamp duty value by more than 10%, the stamp duty value would be regarded as the deemed sale consideration, for the purpose of calculating such LTCG/L
| How much tax do you pay on equity investments?
By Andrew F Thomas
Equity as an asset class is an important portion of an investor's portfolio. However, tax rules vary for different types of equity instruments.
| Fuel taxes: Centre s gains striking since FY16
By Orion M.
One of the biggest challenges that a taxpayer faces under the faceless taxation regime is to ensure that he is given a fair hearing during the assessment process as well as during the appeals process. Similarly, with electronic centralized processing of tax returns, taxpayers have to often bear the brunt of mistakes, without having adequate opportunity of putting across their views. The other challenge often faced by taxpayers is that tax laws are framed unilaterally, without considering their views. The counter to this by the government and the Income Tax (I-T) department is that during assessment and appeals, taxpayers are given an opportunity to present their case, and that pre-budget and post-budget consultations are held with various bodies to discuss the tax provisions. Is this really effective in practice?
| Tax rules for NRIs on sale of assets located in India
By Moshe Pras
Do non-resident Indians (NRIs) have to pay income tax in India? Yes, non-residents (both Indians and foreigners) have to pay tax in India if they earn an income through a source located in the country or if the first place of receipt of income is in India. The taxation of income from sale of assets in India will depend on the nature of the asset.
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How to Audit Using Tally Audit Features in TallyPrime?
By M. George
Audit is an important function of any business organization, it denotes that the business has True and Fair transactions during the year. TallyPrime has an inbuilt feature- Tally Audit which enables the auditor to perform an audit or track changes that affect the integrity of a transaction, such as changes made to Date, Ledger Masters and Amounts in the Voucher are reflected in the Tally Audit Listings.
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| Draft Bank Branch Auditors' Panel (MEF) for the year 2022-23 | CA Ved Jain - Past President ICAI, The Indian Story
By Thomas T. Rucks
His journey to the CA profession, life experience and thoughts for CA aspirants
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| Individual Housing loans Revised limits under four-tiered regulatory framework
By Andrew F Thomas
In terms of the circular DOR.CRE.REC.42/09.22.010/2022-23 dated June 8, 2022, ceilings on housing loans to individuals are prescribed as ₹60 lakh for Tier-I UCBs and ₹140 lakh for Tier-II UCBs. Consequent upon classification of UCBs into four tiers under the revised regulatory framework, it has been decided to specify the limits on housing loans sanctioned by UCBs to an individual borrower as ₹60 lakh for Tier-1 UCBs and ₹140 lakh for UCBs categorised in Tier-2 to 4. Other terms and conditions of the circular ibid, remain unchanged.
| Exposure Drafts of Amendments to Ind AS 1 and Ind AS 116 for comments
By Orion M.
As you are kindly aware that the Indian Accounting Standards (Ind AS) are based on the IFRS Standards issued by the International Accounting Standards Board (IASB). In this regard, it may be noted that IFRS Standards are being issued/revised by the IASB from time to time. As a part of convergence with IFRS Standards, the Ind AS may be issued/revised corresponding to the IFRS Standards. Accordingly, whenever any amendments are made or new IFRS Standard/IFRIC is issued by the IASB, the Accounting Standards Board (ASB) of the ICAI considers those amendments and other related aspects for amending the corresponding Ind AS.
| Important Announcement - Post Qualification Course - Diploma on Management and Business Finance (DMBF) January 2023 Examination
By Moshe Pras
In pursuance of Regulation 204 of the Chartered Accountants Regulations, 1988, the Council of the Institute of Chartered Accountants of India is pleased to announce that the next Computer Based Examination for Post Qualification
| Implementation Guide to SA 230, Audit Documentation (Revised 2022 Edition)
By Jude Marg
All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form, or by any means, electronic, mechanical, photocopying, recording, or otherwise, without prior permission, in writing, from the publisher.
| Observations of the candidates on the question papers of CA Foundation examinations- December 2022
By Raul N Tiem
It is hereby informed that candidates can bring to the notice of the Examination Department, their observations, if any, on the question papers relating to Foundation Examinations being held in December 2022 by e-mail at examfeedback@icai.in or by way of a letter, sent by Speed Post, at the following address, so as to reach us latest by 25th December 2022.
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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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Sovereign Gold Bond (SGB) Scheme 2022-23
By M. George
Government of India, vide its Notification No F.No4.(6)-B (W&M)/2022 dated December 15, 2022, has announced Series III and IV of Sovereign Gold Bond Scheme 2022-23. Under the Scheme, there will be a distinct series (Series III and IV) for every tranche. The terms and conditions of the issuance of the Bonds shall be as per the above notification.
| Hedging of Commodity Price Risk and Freight Risk in Overseas Markets (Reserve Bank) Directions
By Andrew F Thomas
Resident entities in India are currently not permitted to hedge their exposure to price risk of gold in overseas markets. On a review, it has been decided to permit eligible entities to hedge their exposure to price risk of gold on exchanges in the International Financial Services Centre (IFSC) recognised by the International Financial Services Centres Authority (IFSCA).
| RBI Governor interacts with FinTechs and Industry Associations
By Orion M.
Shri Shaktikanta Das, Governor, Reserve Bank of India, held a meeting with select FinTech entities (including AgriTechs) and some of their Associations on December 14, 2022. The meeting was also attended by Shri M. K. Jain, Deputy Governor, along with a few senior officials of the RBI.
| | Reserve Bank of India (Financial Statements Presentation and Disclosures) Directions, 2021 Disclosure of material items | Income tax deduction from salaries during the Financial Year 2022-23 under section 192 of the Income tax Act,1961
By Raul N Tiem
As per section 192(1) of the Act, any person responsible for paying any income chargeable under the head "Salaries" shall, at the time of payment, deduct income-tax on the amount payable at the average rate of income-tax computed on the basis of the rates in force for the financial year in which the payment is made, on the estimated income of the assessee under the head of Salary income for that financial year.
| Auction of State Government Securities Dec 09, 2022
By Henry Richards
The auction will be conducted on the Reserve Bank of India Core Banking Solution (E-Kuber) system on December 13, 2022 (Tuesday). The Government Stock up to Ten per cent of the notified amount of the sale of each stock will be allotted to eligible individuals and institutions subject to a maximum limit of One per cent of its notified amount for a single bid per stock as per the Scheme for Non-competitive Bidding Facility.
| Operations of subsidiaries and branches of Indian banks and All India Financial Institutions (AIFIs) in foreign jurisdictions and in International Financial Services Centers (IFSCs) - Compliance with statutory/regulatory norms
By M. George
As you are aware, Reserve Bank had vide circular DBOD.No.BP.BC.89/21.04.141/2008-09 dated December 1, 2008 and circular DBOD.No.BP.BC.111/21.04.157/2013-14 dated May 12, 2014
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20 LPA Opening Hiring Qualified CA For Assurance Manager Profile
By M. George
Experince: 3 - 8 years, Salary: 10,00,000 - 20,00,000 P.A., Functional Area: Finance & Accounting
| Non-Filing of Income Tax Return amounts to Escapement of Income: ITAT upholds Reassessment u/s 147
By Sandy Mash
The Income Tax Appellate Tribunal (ITAT), Mumbai Bench, has recently, in an appeal filed before it, while upholding the reassessment under section 147 of the Income Tax Act, 1961, held that non filing of income tax return amounts to escapement of income.
| Non Appreciation of facts in true perspective: ITAT sets aside Revision Order
By Sandy Mash
The Income Tax Appellate Tribunal (ITAT), Kolkata bench consisting of Rajpal Yadav, Vice-President and Rajesh Kumar, Accountant Member held that there was no appreciation of facts in true perspective and thereby set aside the revision order.
| No Evidence of Tax Evasion by showing Fictitious or False Transactions: ITAT deletes Addition of Expenditure u/s 40A(3)
By Thomas T. Rucks
The Income Tax Appellate Tribunal (ITAT), Patna Bench has held that no evidence of tax evasion by showing fictitious or false transactions and deleted the addition of expenditure under section 40A(3).
| Earning Interest Income from Inter-Corporate Deposit is Business Income: ITAT
By M. George
The Income Tax Appellate Tribunal (ITAT), Kolkata bench held that earning interest income from Inter-corporate Deposit is business income.
| Income Tax Penalty u/s 271E cannot be levied in the absence of Regular Assessment: ITAT
By Andrew F Thomas
The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) has held that the income tax penalty under section 271E of the Income Tax Act, 1961 cannot be levied in the absence of a regular assessment against the assessee.
| ITAT deletes Addition u/s 68 of Income Tax Act Firm not Taxable for Capital introduced by Partner
By Jude Marg
The Income Tax Appellate Tribunal (ITAT), Chennai bench has held that the Firm cannot made taxable for the capital introduced by the Partner as section 68 of the Income Tax Act, 1961 cannot be applicable.
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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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60 LPA Opening Chief Financial Officer
By Henry Richards
Experience: 12 - 15 years, Salary: 60,00,000 - 80,00,000 P.A., Functional Area: Finance & Accounting
| 32.5 LPA Opening Finance manager
By Andrew F Thomas
Experince: 4 - 8 years, Salary: 27,50,000 - 32,50,000 P.A., Functional Area: Finance & Accounting
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| 30 LPA Opening CFO / VP Finance & Accounts
By Orion M.
Experince: 15 - 20 years, Salary: 25,00,000 - 30,00,000 P.A., Functional Area: Finance & Accounting
| 20 LPA Opening Business Analyst Real Estate Investments
By Raul N Tiem
Experince: 4 - 9 years, Salary: 15,00,000 - 20,00,000 P.A., Industry Type: IT Services & Consulting
| 35 LPA Opening Manager Accounts Finance Manufacturing MNC
By Henry Richards
Experince: 10 - 15 years, Salary: 25,00,000 - 37,50,000 P.A., Functional Area: Finance & Accounting
| 35 LPA Opening Credit Appraisal Senior Management
By Raul N Tiem
Experince: 15 - 24 years, Salary: 20,00,000 - 35,00,000 P.A.,Industry Type: Financial Services
| 20 LPA Opening Assistant General Manager Accounts and Finance
By Henry Richards
Experince: 5 - 9 years, Salary: 15,00,000 - 20,00,000 P.A., Functional Area: Finance & Accounting
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Missed filing ITR? Deadline to file belated income tax return to end on December 31
By Raul N Tiem
Have you missed filing your income tax return (ITR) for the financial year 2021-22? Hurry, only 4 days left now as the deadline to file the belated and revised ITR will end on 31 December 2022. An individual who has missed the last date to file an original income tax return can file a belated ITR.
| Income Tax Return: Regular filers getting intimation with pending status for not filing ITR yet
By Sandy Mash
Filing of ITR is necessary for a person having an annual income of over Rs 2.5 lakh (the exemption limit is Rs 3 lakh for senior citizens and Rs 5 lakh for super senior citizens).
| Partial relaxation with respect to electronic submission of Form 10F by select category of taxpayers in accordance with the DGIT (Systems) Notification No. 3 Of 2022
By Sandy Mash
Reference is invited to Notification No. 03/2022 dated 16th July 2022 issued by Directorate of Income Tax (Systems) New Delhi in exercise of powers conferred under Rule 131(1)/(2) of the Income-tax Rules mandating, inter alia, furnishing of Form 10F electronically.
| | Income Tax Return: Why is ITR verification time limit reduced? Is the reduction going to stay? | Will CBDT proposal simplify taxpayers' job? Common Income tax return form
By M. George
Income tax return: In a bid to make taxpayers' job easier, the Central Board of Direct Taxes (DBDT) has proposed common income tax return (ITR) form for all taxpayers. The CBDT has proposed to merge all ITR forms except Form-7. At present, taxpayers are required to furnish their income tax returns in ITR-1 to ITR-7 depending upon the type of person and nature of income.
| What is Rule 132 of Income Tax and how it is important for taxpayers?
By M. George
The Central Board of Direct Taxes (CBDT) has amended the Income Tax Act to include Rule 132. The re-computation of income under sub-Section 18 of Section 155 of the Income Tax Act, 1961, is addressed in Rule 132 of the Income Tax Rules, 1962, which was implemented on October 1, 2022.
| How to file ITRs when it s belated, revised, updated
By Sandy Mash
Income Tax Return (ITR) filing has three different due dates u/s 139(1) of Income Tax Act. The tax filing due date for all non-audit ITRs is 31 July of the relevant assessment year (AY).
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| Odisha Power Generation Corporation Limited, Bhubaneswar, Odisha | Corrigendum Syama Prasad Mookerjee Port, Kolkata, West Bengal
By Thomas T. Rucks
Chartered Accountants / Cost Accountants for Internal Audit as per scope of work for a period of 3 years. In accordance with the General Conditions of Contract, Special Conditions of contract, General Instructions to Bidder etc.
| Jharkhand Bijli Vitran Nigam Limited, Ranchi, Jharkhand
By M. George
Jharkhand Bijli Vitran Nigam Limited (JBVNL), a wholly owned subsidiary of Jharkhand Urja Vikas Nigam Limited (JUVNL), hereinafter referred to as Company is engaged in Distribution of power in the state of Jharkhand. JBVNL has its Head Office (HO) at Ranchi (Jharkhand)
| Assam Health Infrastructure Development and Management Society, Guwahati, Assam
By Henry Richards
Internal audit is an important tool of management to keep watch and exercise control over activities of the Organization. With the specialized knowledge of professional firms of Chartered Accountants, AHIDM Society endeavors to significantly improve not only finance & accounting related performance but also exercise management control over non- financial activities with the
help of efficient Internal Audit mechanism.
| | Uttar Pradesh Real Estate Regulatory Authority, Lucknow, Uttar Pradesh | 25 LPA Opening Auditor Fund Management
By Moshe Pras
Experince: 2 - 6 years, Salary: 15,00,000 - 25,00,000 P.A., Functional Area: Finance & Accounting
| | Punjab National Bank, Gurugram, Haryana | | More » |
| | Customs and Excise RSS Feeds |
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Notification No. 26/2021 Customs Ministry Of Finance
By Orion M.
In exercise of the powers conferred by sub-section (1) of section 25 of
the Customs Act, 1962 (52 of 1962) read with section 124 of the Finance Act, 2021 (13 of 2021), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby amends the following notifications of the Government of India in the Ministry
of Finance (Department of Revenue) specified in column (2) of the Table below, to the extent
specified in the corresponding entries in column (3) of the said Table
| 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
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| | Mergers and Acquisitions RSS Feeds |
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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 |
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How to reduce tax on rent from vacant houses
By Sandy Mash
Rent earned from real estate property, both residential and commercial, is added to the total income and taxed at applicable tax slab. As per Income Tax (I-T) laws, a taxpayer is required to pay tax on the rent actually earned on a let out property and also on notional rent applicable to properties that are not let out but cannot be classified as self-occupied.
| Make sure to claim these tax deductions
By M. George
Here are four tax deductions that a taxpayer may forget while filing returns using pre-filled ITR forms: Exemption on house rent without HRA, Deduction on savings account interest, Deduction on medical bills of uninsured parents, Deduction on donations.
| 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.
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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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