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Top Headlines   RSS Feeds
 7 ways one can save income tax and improve one's overall financial health
By Andrew F Thomas
Here is a look at 7 ways one can save income tax and improve one's overall financial fitness.Liquidate old tax-saving investments and reinvest, Invest in the National Pension Scheme, Buy a health insurance policy,Donate to eligible institutions, Selection of appropriate components in the salary structure offered by an employer, Filing of tax returns within the specified timelines.
 9 income tax saving tips that also help financial fitness
By Raul N Tiem
To encourage saving by citizens, the government has provided certain tax deductions on the amounts invested in specified instruments under section 80C of the Income-tax Act, 1961. Some of the popular specified investment instruments for the purpose of tax planning are
 Income Tax Departments new e-filing portal at https://www.incometax.gov.in/.
 Notification No. 133/2021 ENTRAL BOARD OF DIRECT TAXES
 Guidelines under sub-section (4) of section 194-O, sub-section (3) of section 194Q and sub-section (1-I) of section 206C of the Income-tax Act, 1961
By Orion M.
Finance Act, 2020 in selted a new secti on 194-0 in the Income-tax Act 196 1 (here inafter referred to as " the Act") w hich mandates that w ith elTect from 1st day of October, 2020, an e-com merce operator sha ll ded uct income-tax at th e rate of one per cent of the gross amount of sa le of goods or prov ision of services or both , fac ilitated through its d igita l or e lectronic fac ility or platform. However, exempti on from the sa id deduction has been provided in case of certain indi vidual s or Hindu undivided fam il y subject to fu lfilment of spec ified conditi ons. This deduct ion is required to be made at the time of cred it of the amount of such sa le or se rvice or both to the account of an e-commerce parti c ipant or at the time of payment thereof to such e-COmmerce participant, whicheve r is earlier.
 Avoid these 7 mistakes while making tax saving investments
By Orion M.
When investors make tax-saving investments in haste or at the last moment, they usually commit mistakes. Worth mentioning here is that tax-saving investments should not just be made for the purpose of tax saving; they should also help you achieve your financial goal. the investor achieve his financial goals. Here are a few common mistakes you should avoid while making tax-saving investments
 Income-tax (32nd Amendment), Rules, 2021
By Jude Marg
In exercise of the powers conferred by section 285B 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,
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Continuing Prof. Edu.   RSS Feeds
  Two Days Regional Conference of NIRC of ICAI
  Two Days Regional Conference of NIRC of ICAI
 Two Days Regional Conference of NIRC of ICAI
 One day seminar on Ethical Standards and Auditing standards: SA 200, SA 230 & SA 315
 Handling emerging GST litigation issues under GST. And CARO 2020 Applicability, Changes & Practical Case Studies.
 Tax Audit & Utility of Case Laws in Tax Proceedings
  Taxation of Crypto Currency & All about Annual Information Statement And GST Blocked Credit u/s 17(5)
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GST - Goods and Services Tax   RSS Feeds
 Centre urged to defer GST rate hike on apparels
By Henry Richards
The proposed change in the rate from the existing 5 per cent to 12 per cent is going to significantly increase the prices of apparel now costing below Rs 1,000, officials of the Federation of Hosiery Manufacturers Association of India (FOHMA) said.
 After 5 years of GST Implementation .Is India ready for single GST?
By Moshe Pras
Countries accommodating a single rate GST have all manufactured products and services consumed under a unified GST rate. The tax-rate in such a system is usually on a higher side. India should keep variations in rates on the same types of products at a minimum to ensure that the tax structure does not get any more complicated. For example, all types of footwear or mobile phones could attract the same rate. Single rate for one product group will bring simplicity in the structure and make implementation easier. The final call rests with the GST Council, the apex decision-making body.
 Certification or Declaration under GST Rules not required to be furnished along with Application for Refund of Excess Balance in Electronic Cash Ledger: CBIC
By Raul N Tiem
The board has received various representations from taxpayers and other stakeholders seeking clarification in respect of certain issues relating to refund. The issues have been examined. In order to ensure uniformity in the implementation of the provisions of the law across field formations, the Board, in exercise of its powers conferred by section 168(1) of the Central Goods and Services Tax Act, 2017 (CGST Act), clarified on various issues.
  CBIC reminds deadline for filing GST return. Details here
By Moshe Pras
Central Board of Indirect Taxes and Customs (CBIC) has asked to furnish 'Form ITC-04' for July to September 2021 quarter by 25th October 2021
 Form GSTR-2B available in GST Portal till Afternoon of 14th of every month: GSTN
By Jude Marg
The Goods and Service Tax Networks (GSTN) has issued the Advisory for taxpayers on Form GSTR-2B wherein it was stated that availability of ITC made available to the taxpayers in the Afternoon of 14th of every month.
 Delhi HC allows DGGI to file a status report on alleged GST Evasion by Director of Company
By Raul N Tiem
The applicant, Tarun Jain is one of the directors of M/s Jetibai Grandsons Pvt. Ltd. and has sought the anticipatory bail for offence punishable under section 132 of CGST Act, 2017.
 1 held by Delhi CGST officials for input tax fraud of Rs 134 crore
By Sandy Mash
The officers of Central Goods and Services Tax (CGST) Commissionerate, Delhi East, carried out the detailed analysis and unearthed a network of fictitious exporters who were availing and utilizing fake Input Tax Credit (ITC) of Rs 134 crore under the Goods and Services Tax (GST) with an intent to claim IGST refund fraudulently.
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General   RSS Feeds
 You must file income tax return if you hold any foreign assets
 Securities transaction tax collection in Sept to exceed full year's target
 How to Clear Gmail, Google Data Without Paying for Extra Storage Google Drive Full
By Andrew F Thomas
While filing ITR there are too many things that one needs to get in order - investment proofs, Form 16, TDS certificates etc. However, in this rush taxpayers often forget to look into minor details, which if ignored can hamper the entire process.
 No taxable income? Why you may still need to file ITR for these reasons
By Thomas T. Rucks
Income tax return (ITR) filing is mandatory for those whose taxable income is more than the exempted threshold limit. However, there are situations when an individual would need to file ITR even if his/her total income is below the exempted limit.
 Include cryptocurrency gains in income-tax returns, say analysts
By M. George
Around 15 million investors have invested in cryptocurrencies worth Rs 15,000 crore, according to estimates provided by the Indian crypto industry.
 Issues with new income tax portal to be resolved soon, says FM
By Thomas T. Rucks
Sitharaman said Infosys had done trial runs before the June 7 launch but users faced technical issues in accessing the portal.
 ITR Filing! You can file income tax returns OFFLINE, ONLINE. Step-by-step guide here
By Raul N Tiem
The last date to file income tax returns for the financial year 2020-21 has been extended till September 30, 2021.
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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
 Form 26AS tweaks make paying taxes easier and evasion harder. Here s how
 Here s how you can download Form 26AS New income tax website
 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.
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Professional Updates   RSS Feeds
 70 LPA Opening Associate CFO
By Henry Richards
Experince: 20 - 25 years, Salae: 50,00,000 - 70,00,000 P.A., PG : CA in CA
 ICAI : Observations of the candidates on the question papers of CA examinations- December - 2021
By Moshe Pras
It is hereby informed that candidates can bring to the notice of the Examination Department, their observations, if any, on the question papers relating to CA Examinations being held in December 2021 by e-mail at examfeedback@icai.in or by way of a letter, sent by Speed Post, at the following address, so as to reach us latest by 25th December 2021.
 ICAI : Last Date for Updation of UDINs at e-filing Portal
By Sandy Mash
The CBDT has extended the last date for updating UDINs for all the IT forms at the e-filing portal to 31st January, 2022.
 Supplier Finance Arrangements - Proposed amendments to IAS 7 and IFRS 7
By Andrew F Thomas
Indian Accounting Standards (Ind AS) are based on the IFRS Standards issued by the International Accounting Standards Board (IASB) of IFRS Foundation. The IASB, before issuing the new/amendments to IFRS Standards, issues consultative documents [such as Discussion Paper (DP), Exposure Draft (ED) etc] seeking public comments from across the globe.
 ICAI : Non-current Liabilities with Covenants - Proposed amendments to IAS 1
By Orion M.
Indian Accounting Standards (Ind AS) are based on the IFRS Standards issued by the International Accounting Standards Board (IASB) of IFRS Foundation. The IASB, before issuing the new/amendments to IFRS Standards, issues consultative documents [such as Discussion Paper (DP), Exposure Draft (ED) etc] seeking public comments from across the globe. The Accounting Standards Board (ASB) of ICAI with the aim to provide an opportunity to the various stakeholders in India to raise their concerns at the initial International Standard-setting stage itself, invites comments on the consultative documents issued by the IASB. It also helps the Indian stakeholders to be aware of the preparations required for implementation of Ind AS in line with adhering to global timelines. Recently, the IASB has issued the following Exposure Draft for public comments:
 Last date for filing nomination for 15th ICAI Awards has been extended till 10th December, 2021
By Jude Marg
Last date for filing nomination for 15th ICAI Awards has been extended till 10th December, 2021
 ICAI Announcement of Online Examination of the Certificate Course on Ind AS to be held on 30th January 2022
By Andrew F Thomas
Kindly note that this examination is only for those Members who have completed at least 80% of course attendance either in the physical or the online session of this course. If a member is unsure of his/her eligibility status, then the same be confirmed by sending email to indascourse@icai.in. Examination registration of a Member shall get invalidated if he/she has registered for the examination and are then found to be ineligible by the Ind AS Implementation Committee.
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From the Courts   RSS Feeds
 Delhi High Court allows Income Tax Exemption to Charitable Society running Printing Press and uses Profit so generated for Charitable Purposes
 ITAT accepts Lease Income as Business Income as Business Investments were mostly in nature of Properties
 M/s. InterGlobe Aviation Ltd., Ground Floor, Central Wing, Thapar House, 124 Janpath, New Delhi Vs. JCIT, Special Range : 4, New Delhi.
 Chatru Mal Garg Plot No.98, Sector 25, Faridabad, Haryana Vs. ACIT Circle 1 Faridabad
By Andrew F Thomas
This appeal filed by the assessee is directed against the order dated 18.05.2021 of the Commissioner of Income Tax (Appeals)-NFAC, Delhi relating to Assessment Year 2018-19.
 Baxter India Pvt.Ltd., 5th Floor, Tower-A, Bldg.9, DLF Cyber City, DLF Phase-II, Gurgaon, Haryana Vs. ITO, Ward-4(1), New Delhi.
By Orion M.
On the last date of hearing, it was contended that a rectification application is pending before the Revenue authorities. Today, it is informed that the requisite rectification has been carried out by the Revenue and the demand is reduced to Rs.50.5 crores.
 Sh. Ankit Kapoor, B-102, R.G. City Centre, Plot No. 4, Motia Khan, Paharganj, New Delhi Vs. Income Tax Officer, Ward-63(4), New Delhi
 Ashish Dham, C-1/2, Safdarjung Development Area, New Delhi Vs. Pr. Commissioner of Income Tax Room No.315, B Block, Civic Centre, Shyama Prasad Mukherjee Marg, New Delhi
By Andrew F Thomas
That on the facts and circumstances of the case and provisions of the law, the Ld. AO as well as Ld. CIT(A) erred in making/confirming the disallowance of Rs. 97,84,459/- u/s 14A read with Rule 8D of IT Act against the exempted income of dividend and tax free income of
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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
 Application for initiation of Corporate Insolvency Resolution Process (CIRP) against Reliance Capital Ltd. filed under the Insolvency and Bankruptcy Code, 2016
 Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 Rupee Co-operative Bank Ltd., Pune, Maharashtra Extension of Period
By Jude Marg
Reserve Bank of India vide directive UBD.CO.BSD-I/D-28/12.22.2018/2012-13 dated February 21, 2013 had placed the Rupee Co-operative Bank Ltd., Pune, Maharashtra under Directions from the close of business on February 22, 2013. The validity of the directions was extended from time-to-time, the last being up to November 30, 2021.
  Implementation of Section 51A of UAPA, 1967: Updates to UNSC s 1267/ 1989 ISIL (Da esh) & Al-Qaida Sanctions List: Addition of one entry
 RBI appoints an Advisory Committee to advise the Administrator of M/s Reliance Capital Ltd
By Thomas T. Rucks
The Reserve Bank of India, on November 29, 2021 has superseded the board of directors of Reliance Capital Ltd. and appointed Shri Nageswara Rao Y, ex-Executive Director, Bank of Maharashtra, as the Administrator. In exercise of powers conferred under section 45-IE (5) (a) of the RBI Act 1934, the Reserve Bank has constituted a three-member Advisory Committee to assist the Administrator in discharge of his duties.
 State Finances: A Study of Budgets of 2021-22
 Supersession of the Board of Directors and Appointment of Administrator M/s Reliance Capital Ltd
By Orion M.
In exercise of the powers conferred under Section 45-IE (1) of the Reserve Bank of India Act, 1934, the Reserve Bank has today superseded the Board of Directors of M/s Reliance Capital Ltd (RCL) in view of the defaults by RCL in meeting the various payment obligations to its creditors and serious governance concerns which the Board has not been able to address effectively.
 Recommendations of the Internal Working Group to Review Extant Ownership Guidelines and Corporate Structure for Indian Private Sector Banks
By Raul N Tiem
An Internal Working Group (IWG) was constituted by Reserve Bank on June 12, 2020 to review the extant guidelines on ownership and corporate structure for Indian private sector banks. The report submitted by the IWG was placed on the RBI website on November 20, 2020 inviting comments of stakeholders and members of the public by January 15, 2021.
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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
 No Service Tax Leviable on Goods component of Composite Works Contract as VAT has been paid: CESTAT
By Orion M.
The Chennai Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) held that no Service Tax is leviable on goods component of composite works contract as VAT has been paid.
 ITAT deletes Addition on Account of Investment made from Undisclosed Sources as all Transactions were made through Banking Channels
By Jude Marg
The Chandigarh Bench of Income Tax Appellate Tribunal (ITAT) deleted the addition on account of investment made from undisclosed sources as all transactions were made through banking channels.
 Relief to Honda: ITAT directs AO to delete Addition on account of Capitalisation of Royalty Expenses by Holding it to be Revenue in Nature
By Raul N Tiem
In a major relief to Honda Motorcycle and Scooter India Pvt. Ltd, the Delhi Bench of Income Tax Appellate Tribunal (ITAT) directed the AO to delete Addition on account of capitalisation of royalty expenses by holding it to be revenue in nature.
 Minimising tax liabilities by lawful means not illegal, says ITAT
 Interest paid on Late Payment of Service Tax is a Deductible Business Expenditure: ITAT
By Andrew F Thomas
Income Tax Appellate Tribunal (ITAT), Delhi bench has held that the amount of interest paid for the delayed payment of services tax shall be treated as a permissible deduction from the Business Income for the purpose of section 37 of the Income Tax Act, 1961.
 ITAT upholds Addition on Account of Unaccounted Cash as no mention of Agricultural Land on Translated Document
By Raul N Tiem
The Income Tax Appellate Tribunal (ITAT), Hyderabad Bench upheld addition on account of unaccounted cash towards sale of land as no mention of agricultural land on translated document.
 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.
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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
 40 LPA Opening Head Shared Services (Finance & Accounts)
By Thomas T. Rucks
Experince: 10 - 15 years, Salary: 25,00,000 - 40,00,000 P.A., Functional Area: Finance & Accounting
  70 LPA Opening General Manager Finance. Pref. from Ecommerce
By M. George
Experince: 14 - 18 years, Salary: 55,00,000 - 70,00,000 P.A., Functional Area: Strategic & Top Management
  65 LPA Opening Accounts Manager
By Thomas T. Rucks
Experince: 8 - 12 years, Salary 45,00,000 - 65,00,000 P.A., Functional Area: Finance & Accounting
 55 LPA Opening Financial Controller - Asst Vice President Finance
By M. George
Experince: 10 - 18 years, Salary: 40,00,000 - 55,00,000 P.A., Functional Area: Finance & Accounting
 60 LPA Opening Chief Financial Officer || Financial Controller || Jaipur Location
By Henry Richards
Experince: 11 - 21 years, Salary: 35,00,000 - 60,00,000 P.A., Functional Area: Finance & Accounting
 New income tax portal errors resulting in reduced tax refund amounts for many
By Moshe Pras
Have you received lower amount of tax refund than what you had claimed while filing your income tax return (ITR) for FY 2020-21? If yes, then you are not alone; several tax return filers this year have had their bank accounts credited with lower tax refund amounts. This is because the new income tax portal has not considered/taken into account the full tax credit available in the Form 26AS for these tax return filers.
 30 LPA Opening Hiring| Regional Finance Head | Mumbai
By Sandy Mash
Experince: 8 - 13 years, Salary: 20,00,000 - 30,00,000 P.A,Functional Area: Finance & Accounting
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Markets   RSS Feeds
 Market Top Losers 06/12/2021
By Moshe Pras
Market Top Losers 06/12/2021
 Market Top Gainers 06/12/2021
By Thomas T. Rucks
Market Top Gainers 06/12/2021
 Top Ranked Mutual Funds 06/12/2021
By M. George
Top Ranked Mutual Funds 06/12/2021
 Market Top Losers 01/12/2021
By Henry Richards
Market Top Losers 01/12/2021
 Market Top Gainers 01/12/2021
By Moshe Pras
Market Top Gainers 01/12/2021
 Top Ranked Mutual Funds 01/12/2021
By Thomas T. Rucks
Top Ranked Mutual Funds 01/12/2021
 How much tax do sale of unlisted shares attract?
By Sandy Mash
The bull run in the listed stock markets has also led to a bull run in the unlisted markets wherein investors buy and sell shares of private companies (like Reliance Retail, HDFC Securities), which are currently not listed on the NSE (National Stock Exchange) or on the BSE.
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Direct Tax   RSS Feeds
 CBDT reduces Time Limit to re-open Income Tax Assessments
By Raul N Tiem
The Central Board of Direct Taxes (CBDT) has reduced the Time limit to re-open Income Tax assessment from 6 years to 3 years.
 It is necessary to quote your Aadhar number, under section 139AA(1)(ii),while filling ITR.
By Raul N Tiem
People are also required to link their PAN card with the Aadhar card. If the two cards are not linked, you will probably not be able to file the ITR. While filing ITR, it is necessary to quote your Aadhar number, under section 139AA(1)(ii), unless specially exempted from doing so. According to the rules, the return cannot be filed electronically or manually without the Aadhar number
  Filing Income Tax Return (ITR)? These mistakes may cause avoid double taxation, missed rebates
 Filing Income Tax Return (ITR)? These mistakes may cause avoid double taxation, missed rebates
 Income Tax Return (ITR) filing: These mistakes often made by taxpayers
By Sandy Mash
Have you filed your Income Tax Returns (ITR)? If not, then do it at the earliest as the deadline is approaching. Most taxpayers would have already got all the documents needed for filing their ITR. Under Section 87A, anybody with an annual income of up to ₹5 lakh a year is eligible for a rebate that reduces the tax to zero.
 File Income Tax Return via tax e-filing portal - Step-by-step guide here ITR deadline
By Andrew F Thomas
The last date of filing an Income Tax Return is December 31, 2021. This means the taxpayers do not have even a month's time to do the ITR filings for Financial Year 2021-22. If any taxpayer is not able to file his income tax returns by the said period can land into a lot of trouble. You may have to pay more taxes if you are not filing ITR within the deadline.
 Check reasons that could make your ITR filing invalid
By Jude Marg
Those who have already filed the ITR, must also note a very essential factor to complete the return filing process. In order to complete the process of filing of the ITR, you must also verify your Income Tax Returns. Without verification within the stipulated time, an ITR is treated as invalid. Or, in other words, an ITR filing not verified, will not be treated as a valid return by the income tax department.
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Tenders   RSS Feeds
 National Insurance Company Limited, Kolkata, West Bengal
 Delhi Milk Scheme, West Patel Nagar, New Delhi
By Andrew F Thomas
Delhi Transport Development Corporation Ltd. is an Enterprises of Govt. of N.C.T. of Delhi are invited online quality cum rate tender on behalf of the Managing Director (DTIDC) for financial Book Keeping in Delhi Transport Development Corporation Ltd.
 FOR REGISTRATION AND COMPLIANCES OF FPO
By Raul N Tiem
NOTICE INVITING TENDER Federation of Indian FPOs and Aggregators (FIFA), fully owned subsidiary of National Agricultural Cooperative Marketing Federation of India Ltd. (NAFED) invites EXPRESSION OF INTEREST (EOI) in sealed cover from all eligible agencies for empanelment of Chartered Accountants for Registration and Compliances of FPO. The empanelment will be valid for three years subject to renewal of empanelment annually. Interested firms may apply on prescribed form within 15 days .
 Request for Proposal (RFP) For Selection of Statutory Auditor
By Henry Richards
HIRING SERVICES OF CHARTERED ACCOUNTANTS FIRM FOR STATUTORY AUDIT OF ALL SCHEMES UNDER MAHARASHTRA DOMESTIC WORKERS WELFARE BOARD, OFFICE OF THE DEVELOPMENT COMMISSIONER (UNORGANISED LABOUR) FOR THE F.Y.2015?16 to 2020?21
 Tender No: HSCC/e Tender/Bank Reconciliation/2021
By Henry Richards
HSCC India Ltd., a Miniratna PSU intends to invite online bids through e-tendering from eligible CA/CMA firm based at Delhi/NCR, having working experiance in Public sector undertaking.
  Janaseva Sahakari Bank Ltd., Hadapsar, Pune
By Moshe Pras
For Assignment of Concurrent / Internal Audit- Janaseva Sahakari Bank Ltd., Hadapsar Pune has hosted online form for Assignment of Concurrent / Internal Audit to CA Firms.
 PEC Limited, Jhandewalan, New Delhi
By Thomas T. Rucks
PEC Limited, a premier public sector enterprise functioning under the aegis of the Ministry of Commerce, Government of India is engaged in the field of international trading of minerals, agro products, gold & bullion, Industrial Raw Material, fertilizers etc.
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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
 Make sure to claim these tax deductions
By M. George
Here are four tax deductions that a taxpayer may forget while filing returns using pre-filled ITR forms: Exemption on house rent without HRA, Deduction on savings account interest, Deduction on medical bills of uninsured parents, Deduction on donations.
 Investment tips for those opting for new tax regime
By Henry Richards
The nationwide lockdown over the COVID-19 pandemic shouldn’t ideally distract you from the fact that we are in April that also marks the beginning of the new Financial Year2020-21. In fact, you should utilise this time to plan your tax-saving measures for the current financial year.
 Indirect tax dept issues notices to companies over late input credit claim under GST frame
By M. George
The indirect tax department has issued notices to thousands of companies that had claimed late input tax credit under GST framework and thereby asked them to reverse the transaction. These companies had claimed the input tax credit for fiscal 2018 and 2019 after missing the September deadline.
 E-generated document required for indirect tax notices
By Jude Marg
In a Frequently Asked Questions (FAQs) issued by Institute of Chartered Accountants of India ( ICAI ) Unique Document Identification Number (UDIN) said that, Chartered Accountants ( CA ) are not authorised to certify Income Tax Return (ITR) as True copy.
 FinMin seeks industry inputs on direct, indirect tax changes
By M. George
The finance ministry for the first time has sought suggestions on changes in direct and indirect tax rates from the industry. This comes at a time when a revenue shortfall and consumption slowdown are threatening to upset the government’s finances.
 Govt gives businesses four months to settle indirect tax disputes
By Sandy Mash
Businesses can now settle their pending disputes relating to central excise duty and service tax within four months starting 1 September under the terms notified by the government on Thursday.
 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.
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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
 ROC Notifications
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