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Top Headlines   RSS Feeds
 Notification No. 48/2021 Central Board Of Direct Taxes
By Moshe Pras
The Central Board of Direct Taxes, in exercise of its powers under section 35CCC of the Income-tax Act,1961 (43 of 1961) read with Rules 6AAD and 6AAE of the Income-tax Rules,1962 and in partial modification of the Notification No. 15/2015 dated 16.02.2015, issued vide F.No. 203/30/2014-ITA.II, hereby specifies that Sl.No.7 and Sl.No.8 of said Notification shall be read as below
 CBDT enables ITR offline utility for AY 2021-22. Know the steps
By Raul N Tiem
The facility to upload ITR at the e-filing portal is not enabled. You can fill and save it either within utility or export output json file. Once filing is enabled, you can upload the same on e-filing portal
 Here are 5 cash transactions that can attract income tax notice
By Orion M.
One needs to remain alert while doing any kind of high value cash transaction because the Income Tax Department has become highly vigilant about the cash transactions.
 Income tax (15th Amendment) Rules, 2021
By Henry Richards
In exercise of the powers conferred by clause (5) of section 10 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,
 All you need to know How to file ITR-1 Sahaj form online for AY 2021-22
By M. George
ITR-1 is also known as Sahaj Form, it is for people with an income up to Rs. 50 lakhs. Check here the step-by-step guide to file the ITR-1 Sahaj form online.
 Now is the best time to start your tax-saving investments
By Sandy Mash
Starting tax planning process at the beginning of the financial year not only helps you align your investments with your financial goals but also allows you to comfortably utilise all the deductions and save maximum tax possible.
 Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Mutual Fund Transactions by Registrar and Share Transfer Agent
By Orion M.
Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Mutual Fund Transactions by Registrar and Share Transfer Agent
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Continuing Prof. Edu.   RSS Feeds
 VCM on Admissiblity of ITC with reference to Section 2a 2b & Rule 36(4)
 VCM-RELEVANT AMENDMENT & ITR CHANGES FOR AY 2021-22
 Demand Issues Under Gst (Section 73 To Section 76)
 Virtual CPE Meeting on Taxation of Charitable Trusts and re- registration procedure and amendments in TDS/TCS provisions
 A Half Day Virtual Meeting on GST Fake Invoice and Reassessment under Income Tax
 Development of Litigation Skills in GST
 New Registration and Compliance Requirements of NPOs under the Income Tax Act
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GST - Goods and Services Tax   RSS Feeds
 Compliances under GST for NRIs
By Thomas T. Rucks
The goods and services tax (GST) is one of the biggest fiscal reforms in India. We had covered details relating to the applicability of GST registration and procedure registration in our earlier article titled GST registration requirements for NRIs. The present article covers the aspects subsequent to registration for the non-resident taxable person (NRTP).
 GST applicable on Reverse Charge basis on Amount Paid for Reimbursement of Stamp Tax as Pure Agent: AAR
By Andrew F Thomas
The Gujarat Authority of Advance Ruling (AAR) ruled that the GST is applicable on a reverse charge basis on the amount paid for reimbursement of Stamp tax as a pure agent.
 GSTN added New features in GST Search Taxpayer tab at GST Portal
By Thomas T. Rucks
The Goods and Service Tax Network (GSTN) added new features in the GST Search Taxpayer tab at GST Portal.
 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.
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General   RSS Feeds
 Tax payment through cheques? No more!
By Andrew F Thomas
After several cheques were dishonored, the Municipal Corporation has decided not to accept payment of property tax through cheques.
 Things to know when selling your house Capital gains tax
 Thinking of withdrawing EPF funds due to Covid? Know about tax implications
By Sandy Mash
If you are thinking of withdrawing funds from your EPF account then it is important to know the tax implications of same
 Withdrawing PF money due to covid? Know these tax rules
By Orion M.
The government had last year allowed employees to withdraw from their provident fund account in case they needed emergency funds due to financial stress caused by the covid-19 pandemic.
 How income tax is levied on your stock market transactions
By Orion M.
While filing one's Income Tax Return (ITR) one needs to mention all its sources of income including stock market investments. According to tax and investment experts, there are two set of income tax forms for stock market investors. If a taxpayer has investments in cash segment, then he or she will have to file ITR-2 Form while for a derivative segment investor or aggressive intraday traders, ITR-3 Form will be the ideal one.
 How tax revenues increased in a pandemic year Analysis
 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.
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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
 FAQ on Accounting for amounts to be incurred towards Corporate Social Responsibility (CSR) pursuant to the Companies (CSR Policy) Amendment Rules, 2021
By Moshe Pras
This FAQ has been issued by the Accounting Standards Board of the Institute of Chartered Accountants of India.
 Live Coaching Classes (LCC) Batch-3 commencing from 10th May 2021 respectively for Students of Intermediate course appearing in Nov 2021 examination and Final course for Nov 2021 and May 2022 examination.
By Jude Marg
The Board of Studies has been proactive to adopt different methodologies to reach out to the students and provide quality learning resources, year after year in an incremental manner.
 Questionnaire for Members on the Accounting Process Outsourcing Services from abroad
By Orion M.
As you are aware that the Government of India had declared Accounting and Finance services sector as one of the 12 Champion sectors. The Institute of Chartered Accountants of India (ICAI) through the Committee for Development of International Trade, Services & WTO (CDITSWTO) has been working towards formulating & implementing an Action Plan for this Champion Sector under the guidance of Nodal Ministries of Government of India.
 Announcement regarding clarification issued by MCA on spending of CSR funds for creating health infrastructure for covid care and establishment of medical oxygen generation & storage plants etc by CL&CGC ICAI
By Jude Marg
In view of the rapidly rising cases and the worrisome situation of COVID-19 in India, the Ministry of Corporate Affairs (MCA) vide its general circular no 09/2021 dated 05th May 2021 has clarified that spending of CSR funds for the following activities will be considered as eligible CSR activities under item nos.
 Relaxation on levy of additional fees in filing of certain Forms under the Companies Act, 2013 and LLP Act, 2008
By Thomas T. Rucks
In view of the difficulties being faced by stakeholders in filing various forms under the Companies Act, 2013 and LLP Act, 2008, the Ministry of Corporate Affairs vide its circular dated 03rd May 2021 has provided additional time up to 31st July 2021 for Companies/LLPs to file such forms (other than CHG-1, CHG-4 and CHG-9) which were/ would be due for filing during 01st April 2021 to 31st May 2021, without payment of additional fees.
 Clarification regarding gap between two board meetings under section 173 of the Companies Act, 2013
By M. George
The Ministry of Corporate Affairs vide its circular dated 03rd May 2021 has relaxed the requirement of Section 173(1) of the Companies Act, 2013, in view of the difficulties arising due to resurgence of COVID-19 pandemic.
 Extension of validity of Peer Review Certificate in the wake of COVID -19 spurt across the country
By Sandy Mash
It has been noted that Practice Units are facing operational break-down due to lockdown imposed by several State Governments across various parts of the country owing to pandemic.
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From the Courts   RSS Feeds
 Shri Dinesh Kumar Mathur, F-10/4, Vasant Vihar, New Delhi Vs. The Income Tax Officer, Old Ward-24(4), New Delhi.
By Jude Marg
This appeal by Assessee has been directed against the Order of the Ld. CIT(A)-34, New Delhi, Dated 04.01.2016, for the A.Y. 2009-2010.
 M/s. Ancon Chemplast P. Ltd., Khasra No.66-7, Village-Alipur, Main G.T. Road, Near Retreat, New Delhi Vs. The Income Tax Officer, Ward 2 (4), C.R. Building, New Delhi.
By Thomas T. Rucks
This appeal by Assessee has been directed against the Order of the Ld. CIT(A)-1, New Delhi, Dated 18.03.2019, for the A.Y. 2010-2011, challenging the
 M/s. Building Design Partnership Ltd., 201, South Ex Plaza, 1/389, Masjid Moth, South Ext. Part-II, New Delhi Vs. DCIT, CPC, Bengaluru
 DCIT, Exemption Circle, Ghaziabad Vs. Aligarh Development Authority (ADA), Ramghat Road, Aligarh UP
 Dunnhumby IT Services India Pvt. Ltd. 4th Floor, Paras Twin Tower, Tower-B Golf Course Road, Sector-54 Gurgaon vs. DCIT Circle-10(1) New Delhi
By Orion M.
In view of the facts of the case and relevant legal provisions under the Income-tax Act, 1961 ('the Act'), the taxpayer-appellant believes that the impugned order of the Commissioner of Income-tax (Appeals) - 44, New Delhi ['Ld. CIT(A)'] dated November 17, 2016 is not sustainable in the eyes of law since:
 DCIT vs. Ozone India Ltd (ITAT Ahmedabad)
By Moshe Pras
The object of s. 56(2)(viib) is to tax excessive share premium received unjustifiably by private companies on issue of shares without carrying underlying value. However, shares issued to shareholders of an amalgamating company in terms of a scheme of amalgamation does not fall within the sweep of the deeming provisions of s. 56(2) (viib). The so-called excess value of assets vested on amalgamation cannot be notionally termed as premium over the face value for the purposes of the deeming provision (AS-14 issued by the ICAI & CBDT Circular No 3/2012 dated 12-6-2012 referred)
 Teleperformance Global Services Private Limited vs. ACIT (Bombay High Court)
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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
 Government Agency Business Arrangement Appointment of Scheduled Private Sector Banks as Agency Banks of Reserve Bank of India (RBI)
By Sandy Mash
In this regard it is informed that the embargo put in place from September 2012 by Department of Financial Services (DFS), Ministry of Finance (MoF) on further allocation of Government business to private sector banks has since been lifted by them vide their communication dated February 24, 2021.
 RBI appoints Shri Jose J. Kattoor as new Executive Director
By Andrew F Thomas
The Reserve Bank of India has appointed Shri Jose J. Kattoor as Executive Director (ED) with effect from May 04, 2021.
 Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)
By Thomas T. Rucks
Small finance banks (SFBs) have been playing a prominent role by acting as a conduit for last mile supply of credit to individuals and small businesses. As announced on May 05, 2021, in the Statement by Shri Shaktikanta Das, Governor, Reserve Bank of India (RBI),
 Group of Advisors to Regulations Review Authority invites feedback and suggestions
By M. George
The Reserve Bank of India has set up a Regulations Review Authority (RRA 2.0), initially for a period of one year from May 01, 2021, vide press release dated April 15, 2021. The RRA will review the regulatory prescriptions internally as well as by seeking suggestions from the RBI regulated entities and other stakeholders on their simplification and ease of implementation.
 Exim Bank's Government of India supported Line of Credit (LoC) of USD 7.35 million to the Government of the Republic of Nicaragua
By Henry Richards
Export-Import Bank of India (Exim Bank) has entered into an agreement dated February 18, 2021 with the Government of the Republic of Nicaragua, for making available to the latter, Government of India supported Line of Credit (LoC) of USD 7.35 million (USD Seven million and three hundred fifty thousand only) for the purpose of replacement and equipment of the High Technology Centre of Hospital Antonio Lenin Fonseca at Managua in the Republic of Nicaragua.
  Resolution Framework 2.0 Resolution of Covid-19 related stress of Micro, Small and Medium Enterprises (MSMEs)
By Moshe Pras
In view of the uncertainties created by the resurgence of the Covid-19 pandemic in India in the recent weeks, it has been decided to extend the above facility for restructuring existing loans without a downgrade in the asset classification subject to the following conditions
 Utilisation of Floating Provisions/Counter Cyclical Provisioning Buffer
By Raul N Tiem
Please refer to our circular DBOD.No.BP.BC.89/21.04.048/2005-06 dated June 22, 2006 and DBOD.No.BP.BC.68/21.04.048/2006-07 dated March 13, 2007 on creation, accounting, disclosures
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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
 Delay in filing of Income Tax Return due to Financial Difficulties: ITAT quashes Penalty
By Orion M.
The Income Tax Appellate Tribunal (ITAT), Bangalore bench, upheld an order of the first appellate authority where the CIT(A) deleted a penalty order imposing Rs. 5000 on a Company for non-furnishing of income tax returns within the prescribed time. The authority found that the reason for delay was financial difficulties which constitute a reasonable cause to avoid penalty under section 271B of the Income Tax Act, 1961.
 ITAT deletes penalty on Undisclosed Income u/s 271AAA
By Moshe Pras
The Income Tax Appellate Tribunal (ITAT), Delhi Bench deleted the penalty on Undisclosed Income under section 271AAA of the Income Tax Act.
 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.
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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.
More »
Placements & Empanelment   RSS Feeds
 45 LPA Opening Manager Revenue Accounting CA/MBA/CPA
By Raul N Tiem
Experience: 6 - 11 years, Salary: 30,00,000 - 45,00,000 P.A, Functional Area: Financial Services, Banking, Investments, Insurance
 30 LPA Opening Senior Treasury Manager
By Henry Richards
Experience: 14 to 20 year, Salary: 15,00,000 - 30,00,000 P.A., Functional Area: Accounts, Finance, Tax, Company Secretary, Audit
 16 LPA Opening ACCOUNTS & FINANCE MANAGER
By Moshe Pras
Experience: 6 to 10 year, Salary: ₹ 13,00,000 - 16,00,000 P.A., Functional Area:Accounts, Finance, Tax, Company Secretary, Audit
 20 LPA Opening Urgent requirement For Manager-Finance
By Raul N Tiem
Experince: 5 - 8 years, Salary: 12,00,000 - 20,00,000 P.A., Functional Area: Accounts, Finance, Tax, Company Secretary, Audit
 16 LPA Opening Deputy/ Assistant Manager Attest+ CFO- Reputed audit firm
By Henry Richards
Experince: 4 - 6 years, Salary: 12,00,000 - 16,00,000 P.A., Functional Area: Accounts, Finance, Tax, Company Secretary, Audit
 27.5 LPA Opening General Manager Finance & Accounts - A Leading Manufacturing group
By Henry Richards
Experince: 12 - 18 years, Salary: 22,50,000 - 27,50,000 P.A., Functional Area: Accounts, Finance, Tax, Company Secretary, Audit
 22.5 LPA Opening Revenue Accountant Manager- Us Gaap, CA, IT industry
By Moshe Pras
Experince: 7 - 12 years, Salary: 15,00,000 - 22,50,000 P.A., Functional Area: Accounts, Finance, Tax, Company Secretary, Audit
More »
Markets   RSS Feeds
 Market Top Gainers 10/05/2021
By Sandy Mash
Market Top Gainers 10/05/2021
 Top Ranked Mutual Funds 10/05/2021
By Andrew F Thomas
Top Ranked Mutual Funds 10/05/2021
 Market Top Losers 07/05/2021
By Thomas T. Rucks
Market Top Losers 07/05/2021
 Market Top Gainers 07/05/2021
By M. George
Market Top Gainers 07/05/2021
 Top Ranked Mutual Funds 07/05/2021
By Sandy Mash
Top Ranked Mutual Funds 07/05/2021
 Market Top Losers 05/05/2021
By M. George
Market Top Losers 05/05/2021
 Market Top Gainers 05/05/2021
By Sandy Mash
Market Top Gainers 05/05/2021
More »
Direct Tax   RSS Feeds
 CBDT Made Available Offline Utility Of ITR 1 & 4, Check Steps To File
By Orion M.
For the Assessment Year 2021-22, the Income Tax Department has launched the Income Tax Return (ITR) Offline utility for taxpayers.
  Know the Cons of Pre-Filled Income Tax Return
By Jude Marg
The Central Board of Direct Taxes (CBDT) has notified specified persons (reporting persons) that will furnish such information on behalf of individual taxpayers in the pre-filled ITR forms. This would help in easier filing of returns as taxpayers would just have to verify records of income accruing to them from such investments without having to source it individually before filling up the ITR form.
 Notification No. 49/2021 Central Board Of Direct Taxes
By Moshe Pras
The Central Board of Direct Taxes, in exercise of its powers under section 35CCC of the Income-tax Act,1961 (43 of 1961) read with Rules 6AAD and 6AAE of the Income-tax Rules,1962 and in partial modification of the Notification No. 16/2015 dated 16.02.2015, issued vide F.No. 203/29/2014-ITA.II, hereby specifies that Sl.No.7 and Sl.No.8 of said Notification shall be read as below:
 Know the Cons of Pre-Filled Income Tax Return
By Andrew F Thomas
The Central Board of Direct Taxes (CBDT) has notified specified persons (reporting persons) that will furnish such information on behalf of individual taxpayers in the pre-filled ITR forms. This would help in easier filing of returns as taxpayers would just have to verify records of income accruing to them from such investments without having to source it individually before filling up the ITR form.
 5 cash transactions that can attract I-T notice Income tax
By Raul N Tiem
In the last few years, Income Tax Department and various investment platforms like bank, mutual fund houses, broker platforms, etc. have been discouraging cash transaction by tightening their rules for public in general. Now a day, these institutions allow cash transaction to a certain limit and in case of slight violation, the Income Tax Department may send notice to the violator.
 Direct Taxes Committee of ICAI enters into an arrangement with Taxmann Allied Services Private Limited w.r.t Virtual Books- Income-tax Act as amended by Finance Act, 2021
By Orion M.
As an ongoing attempt to enable the members to keep pace with the latest developments in direct taxes, the Direct Taxes Committee of ICAI has entered into an arrangement with Taxmann to provide its Virtual Books- Income-tax Act as amended by Finance Act, 2021
 Income Tax Return or ITR for FY20 Can Be Filed Till May 31. Know Details
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Tenders   RSS Feeds
 Gujarat Metro Rail Corporation Limited, Gandhinagar, Gujarat
By Orion M.
GMRC invites participation from reputed and experienced firm of Chartered Accountants for Tax Consultancy work for a period of 1 year commencing from July 2021 further extendible for 1 to 2 years on annual basis subject to satisfactory performance.
 Reserve Bank of India, Mumbai, Maharashtra
By Jude Marg
The Department of Supervision, Reserve Bank of India, Central Office, Mumbai invites Expression of Interest (EOI) from eligible firms of repute for engagement as consultant for
 Bureau Of Indian Standards, Bhubaneswar, Odissa
By Andrew F Thomas
The interested agencies (only CA firms& Cost Accountant Firms located at Bhubaneswar are eligible to apply)are required to submit the technical and financial bid separately.
 Jammu & Kashmir Project Construction Corporation Limited, Srinagar, J&K
By Orion M.
For and on behalf of the Managing Director JKPCC Ltd., e-tenders in double cover system are invited from the interested eligible Chartered Accountant / Cost Accountant firm (s) having their head or branch office in the UT of Jammu & Kashmir for the Internal Audit and Financial Compliance in Jammu & Kashmir Project Construction Corporation Limited (JKPCC Ltd) for a period of two (2) years i.e F.Y 2019-20 & 2020-21.
 Housing & Urban Development Corporation Limited, Bangalore, Karnataka
By Moshe Pras
Housing & Urban Development Corporation Limited (HUDCO) is a Government of India Enterprise under the administrative control of Ministry of Urban Employment & Poverty Alleviation.
 Uranium Corporation of India Limited, East Singhbhum, Jharkhand
 Municipal Corporation, Abohar, Punjab
By Thomas T. Rucks
Though adequate care has been taken while issuing this RFP, the applicant Chartered Accountant/ Cost Accountant Firm should satisfy himself that the document is complete in all respects. Intimation of any discrepancy shall be given to this office (as mentioned below) immediately.
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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
 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
 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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