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Top Headlines   RSS Feeds
 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,
 5 Tax Saving Options for Young Professionals
By Andrew F Thomas
High costs of living, lifestyle choices, unforeseen expenses and high-inflation rates persist in the market, one has to make informed decisions about making their financial corpus grow exponentially to support themselves, and those dependant on them. Investors today seek tax saving options that enable a disciplined flow of funds into a regulated space, and generates assured returns depending on the type of plan.
 CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS
By M. George
The Central Board of Indirect Taxes and Customs hereby determines that the rate of exchange of conversion of each of the foreign currencies specified in column (2) of each of Schedule I and Schedule II annexed hereto, into Indian currency or vice versa, shall, with effect from 19th November, 2021, be the rate mentioned against it in the corresponding entry in column (3) thereof, for the purpose of the said section, relating to imported and export goods.
 Error in Form 26AS? Here's how to fix it before filing your ITR
By Andrew F Thomas
Form 26AS, which is also known as the passbook for your tax deposits, is an important document, and your tax refunds, if any, after filing the income tax return (ITR) depend on the tax deduction figure as shown in Form 26AS. So financial planners advise matching the tax credit figures in your Form 26AS with your Form 16 or Form 16A in order to ensure that the tax actually deducted by your employer or bank on your interest income or by your landlord against your rent match with the amount reflected in the Form 26AS.
 All about the new annual information statement of the income tax department Explained
By Jude Marg
The income-tax department has rolled out the new Annual Information Statement (AIS) in the Compliance section of the Income tax portal, with the aim of bringing transparency and offering detailed information to the taxpayer. This statement is an extensive view of information for a taxpayer, even broader than Form 26AS.
  Now get more information at one place to file ITR Annual Information Statement vs Form 26AS
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Continuing Prof. Edu.   RSS Feeds
 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)
 Seminar on E-filling & Financial Market
 Taxation of Crypto Currency & All about Annual Information Statement And GST Blocked Credit u/s 17(5)
 Seminar on Tax issues in Tax Audit
 VCM ON DIRECT TAXES-Navigating the new income tax portal incl ITR and Tax audit updates on portal
More »
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
 Last Date: 30th November ,Online Weekend Batch of Spanish language (level A1.1) for ICAI Members and Students (60 hours),
By Jude Marg
The Committee for Development of International Trade, Services & WTO of ICAI has made tie up with Instituto Cervantes, Spanish Embassy Cultural Centre, for its Exclusive blended online Spanish Learning Program amongst its members and students in order to overcome language barriers abroad. The next online weekend exclusive batch for ICAI members and students of the Spanish language course (level A1.1) is starting from 15th January, 2022. In case you are interested to pursue the Spanish language course, you are requested to kindly give your details along with preferred time slot for learning Spanish Language Course by clicking here latest by 30th November, 2021.
 ICAI Region-wise List of Members who have exercised option under Rule 5 of the Chartered Accountants (Election to the Council) Rules, 2006 i.e. Change of Polling Booth within the Region.
By Raul N Tiem
In pursuance to Rule 5 of the Chartered Accountants (Election to the Council) Rules, 2006, members were given option to vote from a particular polling booth within their Region.
 FURTHER EXTENSION OF LAST DATE FOR SUBMITTING MEF 2021-22 FROM NOVEMBER 20 TO NOVEMBER 25, 2021
By Moshe Pras
Decided by the Professional Development Committee to extend the last date for submission of online Multipurpose Empanelment Form along with the Declaration for the year 2021-22 by another 5 days.
 Appointment of Authorized Representatives at Polling Booths
By Henry Richards
As per rule 26 of the Chartered Accountants (Election to the Council) Rules, 2006 a candidate is entitled to be present at the polling booths in his constituency including at such polling booths beyond the Constituency, where the members of his region have been permitted to vote in terms of sub-rule (2) of Rule 6. In addition, a candidate is also entitled to appoint two members of the Institute as his authorized representatives for each polling booth. However, only one such representative is entitled to be present at a time on his behalf at that particular polling booth.
 Committee for Members in Industry & Business invites Nominations for 15th ICAI Awards.
By Henry Richards
Nominations for 15th ICAI Awards are open for members in industry including part time COP holders. Last date - 30th November, 2021. Click following link to apply
 CSR Committee of ICAI proudly announces 9th batch of Certificate Course on CSR through online mode, for members of ICAI.
By Sandy Mash
Interested members can register themselves by making an online payment of Rs. 6,490/- (Inclusive of GST). Registration will start from 9:00 a.m. on 13th November, 2021 and close at 6:00 p.m. on 18th November, 2021.Kindly note that seats are limited. So registrations will be on First Come First Served Basis
 Advanced Integrated Course on Information Technology and Soft Skills (Advanced ICITSS) - Adv. Information Technology Test on 25th November 2021
By Thomas T. Rucks
The computer-based test will be held at the following cities provided sufficient number of candidates offer themselves to appear in the test, from the said cities. ICAI reserves the right to cancel the centre and allot the candidates to any centre / city other than the one he / she has opted for, in case the number of candidates who opt for appearing in that city / centre is not adequate or the centre cannot be opened due to lockdown restrictions.
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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
  How to correct mistakes made at the time of paying income tax
By Moshe Pras
As per chartered accountants, taxpayers often make the mistake of selecting the wrong assessment year for which tax payment has to be made. Assessment year is the year following the financial year for which ITR has to be filed.
 This notification shall come into force on the 1st day of January, 2022, unless otherwise stated.
By Thomas T. Rucks
In exercise of the powers conferred by sub-section (1) of section 9 and sub-section (5) of section 15 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government, on the recommendations of the Council, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No.1/2017-Central Tax (Rate), dated the 28th June, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 673(E), dated the 28th june 2017.
 Banking Regulation (Amendment) Act, 2020 (Act 39 of 2020)
 Caution against various Co-operative societies using the word Bank in their names
  RBI releases the Report of the Working Group on digital lending including lending through online platforms and mobile apps
By Andrew F Thomas
The Reserve Bank of India (RBl) has imposed, by an order dated November 17, 2021, a monetary penalty of ₹10.50 lakh (Rupees Ten lakh Fifty Thousand only) on Shri Kanyaka Nagari Sahakari Bank Limited, Chandrapur (the bank) for contravention of/ non-compliance with Supervisory Action Framework issued by RBI under section 36 (1) read with section 56 of the Banking Regulation Act, 1949 (the Act), directions issued
 RBI releases the Report of the Working Group on digital lending including lending through online platforms and mobile apps
By Orion M.
The Reserve Bank of India had constituted a Working Group (WG) on digital lending including lending through online platforms and mobile apps on January 13, 2021, with Shri Jayant Kumar Dash, Executive Director, RBI as the Chairman.
 Reserve Bank of India imposes monetary penalty on Shri Kanyaka Nagari Sahakari Bank Limited, Chandrapur, Maharashtra
By Jude Marg
The Reserve Bank of India (RBl) has imposed, by an order dated November 17, 2021, a monetary penalty of ₹10.50 lakh (Rupees Ten lakh Fifty Thousand only) on Shri Kanyaka Nagari Sahakari Bank Limited, Chandrapur (the bank) for contravention of/ non-compliance with Supervisory Action Framework issued by RBI under section 36 (1) read with section 56 of the Banking Regulation Act, 1949 (the Act), directions issued
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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
 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.
 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.
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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
 70 LPA Opening Urgent opening For CFO/Chief Financial Officer
By Jude Marg
Experince: 20 - 25 years, Salary: 50,00,000 - 70,00,000 P.A., Functional Area: Finance & Accounting
  60 LPA Opening Manager Accounts & Taxation
By Raul N Tiem
Experince: 8 - 12 years, Salary: 40,00,000 - 60,00,000 P.A., Functional Area: Finance & Accounting
 22.5 LPA To be a Qualified Chartered Accountant with 5-7 year of relevant experience .
By Moshe Pras
Experince: 5-7 years, Salary: 17,00,000 - 22,50,000 P.A, Functional Area: Finance & Accounting
 15LPA Senior Manager Finance & Accounts
By Thomas T. Rucks
Must be a Chartered Accountant with Hands on Experience in SAP- FICO Managing Accounts and finance team by approving the day to day accounting vouchers and monitoring book keeping with ledger verification.
 20 LPA Assistant Vice President/VP Operation(Broking)
By Moshe Pras
Experince: 10 - 17 years, salary: 15,00,000 - 20,00,000 P.A., Industry Type: Financial Services
 40 LPA Chief Financial Officer - Mid Sized Bulk Drug Company
By Thomas T. Rucks
Experince: 15 - 20 years, Salary: 30,00,000 - 40,00,000 P.A., Functional Area: Finance & Accounting
 Associate Vice President For Finance 60 LPA
By Jude Marg
8 - 12 years, ₹ 45,00,000 - 60,00,000 P.A., Industry TypeAccounting / Auditing
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Markets   RSS Feeds
 Market Top Losers 22/11/2021
By Andrew F Thomas
Market Top Losers 22/11/2021
 Market Top Gainers 22/11/2021
By Orion M.
Market Top Gainers 22/11/2021
 Top Ranked Mutual Funds 22/11/2021
By Jude Marg
Top Ranked Mutual Funds 22/11/2021
 Market Top Losers 18/11/2021
By Moshe Pras
Market Top Losers 18/11/2021
 Market Top Gainers 18/11/2021
By Thomas T. Rucks
Market Top Gainers 18/11/2021
 Top Ranked Mutual Funds 18/11/2021
By M. George
Top Ranked Mutual Funds 18/11/2021
 Market Top Losers 16/11/2021
By Raul N Tiem
Market Top Losers 16/11/2021
More »
Direct Tax   RSS Feeds
 Know your taxes and tax-filing processes if you are trading in securities
By M. George
In a very short span of time with the rollout of various new discount broker apps (also known as Zerodha, Upstox, Grow, 5paisa, etc.), trading in stocks, mutual funds and Futures and Options has become extremely accessible for the common man. The aggressive advertising and coinciding imposition of lockdowns in the aftermath of COVID-19 has also resulted in a boom in trading and encouraged ordinary men to earn additional income through investing and trading. This is evident from the fact that three-fold new DEMAT accounts have been opened during the lockdown period as compared to the previous period.
 Here are four tax deductions you may forget to claim if you are using pre-filled ITR forms.
By Sandy Mash
Exemption on house rent without HRA, Deduction on savings account interest, Deduction on medical bills of uninsured parents, Deduction on donations. If you are filing your income tax return (ITR) this year by using the pre-filled forms, you may miss out on claiming these tax deductions that do not reflect on your Form 26AS or Annual Information Statement and thereby, not get auto-populated on the ITR forms.
 Notification No. 133/2021 CENTRAL BOARD OF DIRECT TAXES
 How to get errors in Annual Information Statement corrected for ITR filing
By Henry Richards
The newly launched Annual Information Statement (AIS) is a comprehensive statement containing details of financial transactions done by you and reported by various entities (mostly financial institutions) to the tax department during an FY. Click here to read about what information the AIS will contain.
 VERIFY YOUR ITR NOW OR IT WILL BE CONSIDERED INVALID
By Sandy Mash
Tax filing does not end with the filing and submission of income tax returns (ITR). The final step to successfully complete the process is verifying the ITR within 120 days of submitting it, failing which the ITR is considered invalid.
 File ITR by accessing the e-filing portal incometax.gov.in.
By Thomas T. Rucks
More than 1.76Cr+ Taxpayers have got their ITRs processed for AY 2021-22. We urge you to file your ITR by accessing the e-filing portal incometax.gov.in. Quicker filing, Quicker processing!"
 ITR Filing: Landlord's PAN not available? Here is how you can still claim HRA
By Sandy Mash
While filing ITR, among the several essential claims, you also need to claim House Rent Allowance (HRA) in form 16.
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Tenders   RSS Feeds
 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.
 Indian Strategic Petroleum Reserves Limited, Noida, Uttar Pradesh
 Janaseva Sahakari Bank Ltd., Hadapsar, Pune
By M. George
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.
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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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 ROC Notifications
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