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Top Headlines   RSS Feeds
 Taxpayers have to disclose all details of share sales in AY21 tax returns
By Orion M.
Taxpayers who have sold shares last fiscal will have to fill up finer details of every share sale in their income tax return for assessment year 2020-21 for computing long-term capital gains tax liability.
 Last date for filing income tax return is September 30 - things you should know ITR filing AY 2019-20
By Moshe Pras
The deadline for filing of income tax returns (ITR) for the assessment year 2019-20 (financial year 2018-19) is on September 30. Amid the coronavirus pandemic, the last date for filing AY 2019-20 income tax return was extended thrice. It was first revised till June 30 and later till July 31.
 What you need to keep in mind Sept 30 is last date for filing AY 2019-20 ITR
By Andrew F Thomas
The 30 September deadline for filing belated or revised income tax returns (ITR) for the assessment year 2019-20 (financial year 2018-19) is fast approaching. The last date for filing tax returns for AY 2019-20 was extended three times in the wake of the covid-19 pandemic. It was first revised till 30 June and later till 31 July.
 How to check validity of Form 16? ITR filing
By Jude Marg
Form 16, a certificate issued by an employer, contains the information that one requires while filing the income tax return (ITR). These certificates provide details of TDS/TCS for various transactions between deductor and deductee.
  Notification No. 74/2020 CENTRAL BOARD OF DIRECT TAXES
  Do you need professional help in filing ITR? Here's how much it will cost you
By Sandy Mash
The deadline for income tax filing has been extended but taxpayers should not wait for the last few days to complete this critical task.
 Extend annual GST annual return filing deadline by 3 months: ICAI
By Thomas T. Rucks
The Institute of Chartered Accountants of India (ICAI) has written to the GST Council seeking deferment of 2018-19 GST annual return filing deadline by 3 months till December 31.
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Continuing Prof. Edu.   RSS Feeds
 VCM-Amnesty Scheme- Co.s & Section 185 and 186 of Companies act 2013
 Clause Wise Analysis of TAX AUDIT u/s 44AB and How to report with the help of Judicial Pronouncements
 VCM Discussion on Section 115BA to 115BAD & Latest developments
 VCM Presumptive Taxation u/s 44AD/ADA/AE, their Applicability and Interplay with Sec 44AA & Sec 44AB Critical Issues Relating to tax Audit u/s 44AB & Clause Wise Analysis and right way of Reporting with the help of Judicial Decisions
 VCM GST Annual return for FY 2018-19 and other developments in GST
 VCM-on New code of ethics and recent pronouncement under Disciplinary mechanism of ICAI
 VCM ON VARIOUS TYPE OF COMLIANCES UNDER CO.ACT/AGM & DPT
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GST - Goods and Services Tax   RSS Feeds
 GST & Indirect Taxes Committee is organising Refresher Course on GST on September 23, 24 and 25, 2020 which is hosted by SIRC of ICAI.
By M. George
The GST & Indirect Taxes Committee is one of the most important non-standing Committees of the ICAI. The main function of the Committee is to examine the indirect taxes laws, rules, regulations, circulars, notifications etc., which may be enacted or issued by the Government from time to time and to send suitable memoranda containing suggestions for improvements in the respective legislation.
 Pre-filled GSTR-3B form soon to ease tax payment says GSTN CEO Prakash Kumar
By Thomas T. Rucks
GST Network(GSTN) Chief Executive Officer Prakash Kumar on Monday said that GST-registered businesses will soon get a pre-filled Return form, GSTR-3B.
  Notional Interest on Security Deposit Property Tax forms part of Rental Income if it influences the Value of Supply rules AAR GST
By Jude Marg
The Karnataka Authority for Advance Ruling (AAR) has adjudged that no deduction towards property taxes is allowed from the value of renting of immovable services (RIS). Further notional amount of interest on security deposit would be included in value, only if it influences the monthly rent.
 States willing to borrow want process to start soon GST shortfall
By Moshe Pras
The average monthly GST collection in the April-August period was down by nearly 30% compared with the same period a year ago.
 IRDAI seeks GST rate cut from 18% to 5% on life and health insurance premiums
By Orion M.
To help the insurance sector provide basic financial protection to the people, Insurance Regulatory and Development Authority of India (IRDAI) has approached the Finance Ministry again with a request to cut GST rates on life and health insurance premiums.
 What the Centre and state govts disagree on GST compensation row
 Govt looking at GST rate cut for automobile sector Covid-19 impact
By Thomas T. Rucks
The Centre on Friday assured support to leaders of the auto industry which has been severely hit by the pandemic. At the 60th annual conclave of the Society of Indian Automobile Manufacturers (Siam), Union Cabinet ministers including Nitin Gadkari, Piyush Goyal and Prakash Javadekar listed out a series of possible measures such as a scrappage incentive scheme and reduction in the goods and services tax (GST) rate to revive the auto sector.
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General   RSS Feeds
 Want to claim tax benefits on medical expenditures? Know the provisions Income Tax Return
By Sandy Mash
In absence of a comprehensive health insurance cover, medical expenditure may become one of the biggest expenditures if any member of your family falls ill. Even if a protection cover is in place, one may have to incur sizable expenses on medical tests and medicines as all the expenses may not fulfill the conditions for cashless procedures or reimbursements.
 States object to plan to create defence fund out of divisible central taxes
 5% tax on foreign fund transfers that may go up to 10% for some
By Henry Richards
Tax collected at source (TCS) at the rate of five per cent will be imposed on the money remitted outside India. However, if the remittance is made out of a loan taken for higher education, the TCS rate will be 0.5 per cent of the money remitted. The Finance Act, 2020 has inserted a new sub-section (1G) in Section 206C in this regard.
 After hike, tax collection of Delhi government falls in August
 I-T Deptt launches functionality for banks to check ITR filing status of entities
By Henry Richards
Banks can find whether a person, withdrawing large amount of money, has filed Income Tax Return of not. If not, then banks can apply TDS (Tax Deducted at Source) in case withdrawal beyond a certain threshold.
 How nudges can improve tax compliance
By Sandy Mash
Tax authorities are always looking for ways to get citizens to pay up in time. One useful strategy could lie in writing clever payment reminders, an experiment from Dominican Republic shows.
 What does entertainment tax mean?
By Jude Marg
Entertainment tax was launched during the rule of the British Government in India. This was introduced in order to restrain public gatherings. And the entertainment tax still continues to be imposed in all states of India.
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Corporate Law   RSS Feeds
 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.
 Govt panel may recommend dropping dividend distribution tax in new direct tax law
By Sandy Mash
The tax law panel is considering reverting to the classical method of taxing dividend in the hands of the shareholders Members of the task force set up to draft a new direct tax legislation may favour abolishing dividend distribution tax (DDT), according to a report by The Times of India.
 Law Commission proposes to abolish it Tax saving tool HUF may cease to exist
By Moshe Pras
The concept of Hindu Undivided Family (HUF) may cease to exist if the proposals of a recently released consultation paper on Reform of Family Law by the law commission are accepted.
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Students   RSS Feeds
 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
 Cut-off date for conversion from Earlier Scheme to Revised Scheme to appear in November, 2020 Intermediate Examinations - 1st August, 2020
By Henry Richards
Students who are wishing to convert themselves from Earlier Scheme to Revised Scheme of Education and Training implemented w.e.f. 1st July, 2017 to appear in Intermediate examinations being held under Revised Scheme in November, 2020 are required to convert themselves by 1st August, 2020
 Cut-off date for conversion from Earlier Scheme to Revised Scheme to appear in November, 2020 Final Examinations - 1st August, 2020
By Moshe Pras
Students who are wishing to convert themselves from Earlier Scheme to Revised Scheme of Education and Training implemented w.e.f. 1st July, 2017 to appear in Final examinations being held under Revised Scheme in November, 2020 are required to convert themselves latest by 1st August, 2020.
 Advanced Integrated Course on Information Technology and Soft Skills (Advanced ICITSS) -Adv. Information Technology Test - Home Based Mode
 IMPORTANT ANNOUNCEMENT FOR MAY 2020 EXAMINATIONS
By Orion M.
The students are aware that vide Announcement dated 15th June 2020, the Institute, after taking in account the academic interests and health safeguards of students intending to appear in May 2020 Examinations, had enabled them to change their centre for appearance in May/ July 2020
 ICAI reduces Fees for MCS & Adv ITT Courses for students undergoing Virtual
By Orion M.
The Institute of Chartered Accountants of India ( ICAI ) has reduced the fees for MCS & Adv ITT Courses for students undergoing Virtual classes for May 2019, Nov 2019, May 2020 & Nov 2020 Final passed Students.
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New Forms   RSS Feeds
 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.
  Post Qualification Course in International Taxation - Assessment Test (INTT-AT) - May, 2019 Application Form
By Moshe Pras
Candidates are advised to carefully read, understand and follow the instructions while filling in the Form and retain the same for future reference
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Professional Updates   RSS Feeds
 Invitation of Comments on Exposure Drafts of Forensic Accounting and Investigation Standards(FAIS) - 110, 120, 130, 140, 220 and 230
By Raul N Tiem
The Digital Accounting Assurance Board of The Institute of Chartered Accountants of India (ICAI) invites comments on the following exposure drafts of Forensic Accounting and Investigation Standards(FAIS):
 Automation a key tool for biz to maximise efficiency in finance functions: Report - ET CIO
By Raul N Tiem
Automation is a key tool for businesses that are expecting finance functions to maximise the operational efficiency and minimise the time spent on non-value activities, according to a report. PTI, September 17, 2020, 11:28 IST
 Exposure Draft Guidance Note on Accrual Basis of Accounting (Last date of comments: October 18, 2020) hosted by Research Committee
 Reopening of Empanelment of Members to act as Observers for November, 2020 Examinations.
By Thomas T. Rucks
In continuation to the Announcement dated 20th August 2020, it is informed that the window for empanelment of members to act as observers at the examination centres for the Chartered Accountants examinations, November, 2020 is reopened from 16th September to 20th September 2020.
 Explanatory Note to the draft amendments in Regulations 4 and 19 of the Chartered Accountants Regulations, 1988 – Published vide Notification No.1-CA(7)/195/2020 in the Gazette of India dated 14th September, 2020, seeking objections/suggestions from public.
By M. George
The following is the explanatory note on the proposed draft amendments in Regulations 4 and 19 - seeking regulatory powers with the Council for deciding the manner of assessment in which the current level of knowledge of a person seeking membership of the Institute or applying for restoration of his name after three years from the date of his being eligible for membership of Institute will be assessed
 Gazette Notification No. 1-CA(7)/195/2020 dated 14th September, 2020
By Sandy Mash
The following draft of certain regulations further to amend the Chartered Accountants Regulations, 1988, which the Council of the Institute of Chartered Accountants of India proposes to make, is hereby published, as required by sub-section (3) of section 30 of the Chartered Accountants Act, 1949 (38 of 1949) for the information of all persons likely to be affected thereby; and notice is hereby given that the said draft regulation shall be taken into consideration after the expiry of a period of forty-five days from the date on which the copies of the Gazette of India,
 Registrar of Companies of various regions have extended the time for holding of Annual General Meeting (AGM) for the financial year ended on 2019-20 by three months from the due date
By Thomas T. Rucks
During the challenging time for everyone, companies are no exception. Preparation of the financials and submission for audit is challenging. Derailment in the schedule has been taking place, particularly for small and medium unlisted companies.
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From the Courts   RSS Feeds
 Delhi HC dismisses RSSB chief Gurinder Singh Dhillon's application seeking not to put ITR on record
By Thomas T. Rucks
The Delhi High court has dismissed an application filed by the head of Radha Soami Satsang Beas (RSSB) Gurinder Singh Dhillon seeking exemption on filing income tax returns and other financial documents.
 The Dy. CIT, Circle 11(1), Room No.405, C.R. Building, New Delhi. Vs. M/s. Ebony Retail Holdings Ltd., F-2/1, Khanpur Extension, New Delhi
By M. George
This appeal by Revenue has been directed against the Order of the Ld. CIT(A)-XXIII, Delhi, Dated 24.02.2014, for the A.Y. 2008-2009.
 M/s PAD COM LLP C/o. R.B.Arora & Co., DSM- 127, DLF Towers, ShivajiMarg, Moti Nagar, New Delhi Vs. ACIT Circle-36(1) New Delhi
By Sandy Mash
This appeal by the assessee is preferred against the order of the Ld. CIT(A)-25, New Delhi dated 20.09.2017 pertaining to Assessment Year 2014-15.
 M/s. Jupiter Healthcare Co. F-11, Naveen Shahadra, New Delhi Vs. The ACIT, Circle 56(1), New Delhi.
By Andrew F Thomas
This appeal by Assessee has been directed against the Order of the Ld. CIT(A)-19, New Delhi, Dated 11.03.2019, for the A.Y. 2012-2013.
 Gayatri Seva Sansthan, 155, G.T. Road, Panchwati, Ghaziabad. Vs. Addl. CIT, Range 1, Ghaziabad.
By Andrew F Thomas
This is an appeal filed by the assessee against the order dated 9th March, 2015 passed by the CIT(A), Muzaffarnagar relating to the A.Y. 2010-11.
 The ITO, Ward-4(1), New Delhi vs. Jindal Reality Pvt.Ltd. Flat No.1104, 11th Floor, Hemkunt Chamber, 89th Nehru Place, New Delhi
By Orion M.
The present three appeals filed by assessee and the Revenue are against separate orders of CIT(A)-VII, New Delhi dated 16.08.2010; CIT(A)-17, New Delhi dated 22.01.2016
 SUN SOFTLINK PVT. LTD., C/O S.K. BANSAL, CA 101, KOCHAR MARKET, FIRST FLOOR, JHAJJAR ROAD, ROHTAK (HARYANA) Vs. ITO, WARD 24(3), NEW DELHI
By Jude Marg
This appeal filed by the Assessee is directed against the impugned order dated 20.12.2016 passed by the Ld. CIT(A)- 17, New Delhi in relation to assessment year 2012-13 on the following grounds
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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 Auction of State Government Securities - Revised
By Henry Richards
The auction will be conducted on the Reserve Bank of India Core Banking Solution (E-Kuber) system on September 22, 2020 (Tuesday). The Government Stock up to 10% of the notified amount of the sale of each stock will be allotted to eligible individuals and institutions subject to a maximum limit of 1% of its notified amount for a single bid per stock as per the Scheme for Non-competitive Bidding Facility.
 RBI-Automation of Income Recognition, Asset Classification and Provisioning processes in banks
 Notification No. 74/2020 Central Board of Direct Taxes
 RBI releases Handbook of Statistics on the Indian Economy 2019-20
 Master Circular Deendayal Antyodaya Yojana National Rural Livelihoods Mission (DAY-NRLM)
By Orion M.
The Ministry of Rural Development (MoRD), Government of India launched the National Rural Livelihood Mission (NRLM) by restructuring Swarnajayanti Gram Swarojgar Yojana (SGSY)
 RBI Announces Special Open Market Operations (OMO) Simultaneous Purchase and Sale of Government of India Securities
By Moshe Pras
The Reserve Bank had announced vide its press release dated August 31, 2020 special simultaneous purchase and sale of government securities under Open Market Operations (OMOs) for an aggregate amount of ₹20,000 crores in two tranches of ₹10,000 crores each. The first auction was conducted on September 10, 2020. The second auction is scheduled for September 17, 2020.
 RBI Automation of Income Recognition, Asset Classification and Provisioning processes in banks
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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
 ITAT grants relief to Atos India Assessment framed for Non-Existent Authority is null & Void
By Thomas T. Rucks
The Income Tax Appellate Tribunal (ITAT), Mumbai Bench held that the assessment framed for Non-Existent Authority is Void ab initio.The assessee, Atos India Pvt. Ltd. had raised various grounds on merits of various additions/disallowances made by the AO pursuant to DRP directions the counsel for the assessee emphasizes that the assessee had raised an additional ground to vide petition stating that the assessment has been framed on a non-existing entity and accordingly is void ab initio.
 Capital Gain Deduction claim can be invoked during Re-Assessment if Assessee failed to file Returns: ITAT
By Henry Richards
In an assessee-friendly ruling, the Income Tax Appellate Tribunal (ITAT), Jaipur bench has held that the assessee can claim the benefit of capital gain deduction under section 54F of the Income Tax Act, 1961 during the re-assessment proceedings under section 147 and 148 of the Income Tax Act in case of non-filing of income tax returns.
 Vodafone Idea Limited is not required to Deduct Tax u/s 194H on Prepaid SIM Cards: ITAT
By Moshe Pras
The Calcutta Bench of Income Tax Appellate Tribunal (ITAT) held that Vodafone Idea Limited the assessee shall not be treated as an assessee in default under Section 201(1) of the Income Tax Act, 1961 Act as the assessee is not required to deduct tax under Section 194J of the Act. Once, the assessee is treated as the assessee, not in default under Section 201(1), the interest under Section 201(1A) is not required to be charged.
 Activities performed in ‘Virtual Classrooms’ also comes under the Definition of ‘Education’: ITAT grants relief to NIIT Foundation
By Orion M.
Activities performed in ‘Virtual Classrooms’ also comes under the Definition of ‘Education’: ITAT grants relief to NIIT Foundation
 Scrutiny Assessment without Notice is Defective in Law: ITAT
By Jude Marg
While upholding an order passed by the Commissioner of Income Tax (Appeals), the Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that scrutiny assessment under section 143(2) cannot be passed without serving notice to the assessee.
 No Exempt Income Received or Receivable, No Disallowance under Section 14A: ITAT
By M. George
The Income Tax Appellate Tribunal (ITAT), Mumbai held that Section 14A of the Income Tax Act, 1961 will not apply if no exempt income is received or receivable during the relevant previous year.
 Bonus allocated to Policyholders is not Taxable as Income from Insurance Company: ITAT
By Henry Richards
The Income Tax Appellate Tribunal (ITAT), while granting relief to Max New York Life Insurance Company Ltd, held that the addition made by the income tax department treating bonus allocated to the policyholders as taxable income under section 44 of the Income Tax Act, 1961 is liable to be quashed.
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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
 35 LPA Opening Chartered Accountant- Finance & Accounts
By Sandy Mash
Exprince: 15 - 24 years, Salary: 25,00,000 - 35,00,000 P.A., Functional Area: Accounts, Finance, Tax, Company Secretary, Audit, PG : CA in CA
 15 LPA Opening Sr. Manager Accounts Hotel HO ( Chartered Accountant ).
By Andrew F Thomas
Exprince: 5 - 10 years, Salary: 10,00,000 - 15,00,000 P.A., Functional Area: Accounts, Finance, Tax, Company Secretary, Audit
  60 LPA Opening Practicing Chartered Accountant
By Henry Richards
Exprince: 10 - 20 years, Salary: 35,00,000 - 60,00,000 P.A.,Functional Area: Financial Services, Banking, Investments, Insurance
 16 LPA Opening Chartered Accountant, Finance
By Henry Richards
Exprince: 7 - 12 years, Salary: 9,50,000 - 16,00,000 P.A., Functional Area: Accounts, Finance, Tax, Company Secretary, Audit
 12 LPA Opening Chartered Accountant( Manager Taxation and Legal), CA with LLB or CS
By Moshe Pras
Exprince: 4 - 9 years, Salary: 7,00,000 - 12,00,000 P.A., Functional Area: Accounts, Finance, Tax, Company Secretary, Audit
 90 LPA Opening Chartered Accountants Required
By Orion M.
Exprince: 2 - 4 years, Salary: 40,00,000 - 90,00,000 P.A., Functional Area: Accounts, Finance, Tax, Company Secretary, Audit
 18 LPA Opening Chartered Accountant
By Jude Marg
Exprince: 10 - 15 years, Salary: 10,00,000 - 18,00,000 P.A, Functional Area: Accounts, Finance, Tax, Company Secretary, Audit, PG : CA in CA
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Markets   RSS Feeds
 Market Top Losers 21/09/2020
By Orion M.
Market Top Losers 21/09/2020
 Market Top Gainers 21/09/2020
By Jude Marg
Market Top Gainers 21/09/2020
 Top Ranked Mutual Funds 21/09/2020
By Raul N Tiem
Top Ranked Mutual Funds 21/09/2020
 Market Top Losers 14/09/2020
By Orion M.
Market Top Losers 14/09/2020
 Market Top Gainers 14/09/2020
By Jude Marg
Market Top Gainers 14/09/2020
 Top Ranked Mutual Funds 14/09/2020
By Raul N Tiem
Top Ranked Mutual Funds 14/09/2020
 Market Top Losers 09/09/2020
By Raul N Tiem
Market Top Losers 09/09/2020
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Direct Tax   RSS Feeds
 Received a tax notice from CBDT on high-value transactions in FY19? Here's what you should do
By Jude Marg
You may receive these notices in cases where you haven't filed ITR, and the data with the tax department shows potential tax liability due to some high-value transactions.
 TDS refund to be claimed only on filing ITR for final tax liability
By Orion M.
If the house is sold in November 2020, capital gains arising on sale would arise in FY 2020-21, in respect of which you shall be required to file an ITR on or before July 31, 2021.
 TDS not levied on PF withdrawal if you work for five continuous years
By Moshe Pras
I worked in Company A for 12 years and then moved to Company B and worked for 2.5 years. There was a gap of one month between the two. Thereafter, I stopped working.
 CBDT deploys two-third of its workforce for faceless assessment scheme
By M. George
The Central Board of Direct Taxes (CBDT) has deployed two-third of its workforce to deal with the faceless assessment scheme.
 Do you need professional help in filing ITR? Here's how much it will cost you
By Sandy Mash
The deadline for tax filing has been extended but taxpayers should not wait for the last few days to complete this critical task.
 What is the TCS on foreign remittances?
By Jude Marg
Indian residents can remit up to USD 250,000 under the LRS every year for various purposes such as medical treatment, gifts, maintenance of relatives abroad, foreign education and investment in real estate, stocks and bonds. Budget 2020 introduced a tax collected at source (TCS) at the rate of 5% on all remittances under the Liberalised Remittance Scheme (LRS) of the RBI above ₹7 lakh. Payments for foreign tour packages are also subject to the 5% TCS, without any exemption threshold. The tax goes into effect from 1st October 2020.
 CBDT notifies rules on tax exemption for District Mineral Foundation Trusts
By Raul N Tiem
The Central Board of Direct Taxes has exempted from tax the income of District Mineral Foundation Trusts arising from contribution by leaseholder to the foundation, interest on late payment, penalties, interest on the funds, saving bank accounts and that received from excess funds invested in term deposit.
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Tenders   RSS Feeds
 Jammu And Kashmir State Power Development Corporation Limited Srinagar Jammu and Kashmir
By Moshe Pras
Online bids (e-tender) under two cover system Cover-l Technical bid and Cover-ll Financial bid are invited on behalf of Managing Director JKPDC Ltd (A public sector enterprise of the Government of lndia), under secure e-procurement procedure form eligible Domestic Chartered Accountancy registered
 Coal India Limited, Rajarhat, Kolkata
 The National Institute of Mental Health and Neuro-Science, Bengaluru, Karnataka
By Raul N Tiem
The National Institute of Mental Health and Neuro-Science (NIMHANS) is an Institute of National Importance. It is an Autonomous Institute substantially financed by the Central Government.
 Rajasthan Urbank Drinking Water Sewerage and Infrastructure Corporation Ltd, Jaipur, Rajasthan
By Henry Richards
Sealed quotation are invited from the reputed Chartered Accountancy Firms on behalf of the chairman, Airports Authority of India, New Delhi by the Airport Director, Swami Vivekananda Airport, Raipur for below mentioned scope of work.
 Municipal Corporation, Bhopal, Madhya Pradesh
 Institute of Urban Transport, Anand Vihar, Delhi
By M. George
As per new provisions of the Finance Act, 2020, Charitable Trusts and Exempt Institutions will have to re-apply for Income Tax Registration. All the existing charitable and religious institutions (including NGOs) which are registered or approved under the section 12 A are compulsorily required to switch to section 12 AB for fresh registration.
 Nuclear Power Corporation of India Limited, Kakrapar, Gujarat
By Sandy Mash
Notice for Inviting Expression of Interest (EOI) for appointment of Tax Auditors of NPCIL, Kakrapar Unit for a period of 3 years commencing from FY 2019-20
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Transfer Pricing   RSS Feeds
 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.
 Deals of the day-Mergers and acquisitions September 3, 2019
By Andrew F Thomas
Industrial vehicle maker CNH Industrial, said it planned to split its operations in two to create two more focused businesses.
 Transfer pricing documentation due by year-end
By Orion M.
Transfer pricing documentation, required by the State Administration of Taxation (SAT), is due to be submitted by companies that are part of an international group by the end of December.
 Transfer pricing amendments – a step towards certainty
By M. George
The Finance Minister has proposed to provide an option to the taxpayers to make one-time payment of tax including surcharge on the amount of transfer pricing adjustment or part thereof, instead of tax on deemed interest every year in case the taxpayer does not repatriate money from its AE in India.
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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
 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.
 Deals of the day-Mergers and acquisitions February 28, 2020
By M. George
World No. 1 lock maker Assa Abloy on Thursday gained EU antitrust approval to increase its stake in Swiss door maker agta record after agreeing to sell assets and supply spare parts on fair terms for at least 10 years.
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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
 ROC Forms
 ROC Circulars
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