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 ITR filing deadline for FY 2019-20 extended till November 30 | Amendment of rule 31A, Form 26Q & 27Q
By Moshe Pras
In exercise of the powers conferred by sections 194A, 194J, 194K, 194LBA, 194N, 194-O, 197A and 200 read with section 295 of the Income-tax Act,
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| 5 key tax-related updates you need to know
By Henry Richards
Investments in a new house for claiming deduction under section 54 and 54G can be made up to September 30, 2020. The last date for Vivad se Vishwas has been extended to December 31, 2020
| | New TDS rates on high-value cash withdrawals apply from today. Know the details | I-T department extends deadline for 2019-20 tax saving investments to July 31
By Andrew F Thomas
In a tweet, the Income Tax (I-T) department said that "Tax Saving Investments/Payments for FY 2019-20 can be made upto 31st July, 2020."
| Income-tax (13th Amendment) Rules, 2020
By M. George
In exercise of the powers conferred by sub-section (2) of section 115BAC 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,
| Filing tax return for the 1st time? Here's everything you need to know
By Moshe Pras
If you waited till the last moment to invest in tax-saving instruments, you would need to declare those investments while tax filing to claim deductions.
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Master Circular on Conduct of Government Business by Agency Banks - Payment of Agency Commission
By Thomas T. Rucks
The Reserve Bank of India carries out the general banking business of the Central and State Governments through its own offices and through the offices of the agency banks appointed under Section 45 of the RBI Act, 1934, by mutual agreement. RBI pays agency commission to the agency banks for the government business handled by them. This Master Circular consolidates the instructions contained in the circulars listed in Annex 1.
| | GST regime may undergo 2 major reforms this year | | GST faces challenge to meet higher revenue expectations | Retrospective Amendment of Section 140 of CGST Act: Companies drag Govt. to Court for not able to claim Transitional Credit
By Sandy Mash
Many companies that had not been able to claim transitional credit have dragged the government to court over a retrospective amendment of Section 140 under the Goods and Services Tax (GST) framework.
| As GST enters fourth year, biggest challenge would be to devise ways to compensate the states
By Raul N Tiem
As GST enters its fourth year, Covid has hit collections. It is time to take measures to prevent the states from slipping into a serious financial crisis. These measures will not only define the future of GST but also the course of the unique cooperative federalism that it has ushered in the country.
| Three Years of GST in India: Past, Present and Expectations
By M. George
The Goods and Services Tax (GST) has completed almost three years of operation. Hailed as the single-biggest tax reform, the GST was rolled out with a gong in a special session of Parliament three years ago and subsumed 17 existing indirect taxes including the excise duty and sales tax.
| No GST on Security Service and Supply of Manpower to Government Departments Read more at: https://www.taxscan.in/no-gst-on-security-service-and-supply-of-manpower-to-government-departments-aar/61542/
By Sandy Mash
The Gujarat Authority of Advance ruling (AAR) ruled that the applicant is eligible to claim exemption benefit for the supply of manpower, security service provided to Central Government, State Government, Local Authorities, Governmental Authorities, Government Entities, subject to the condition that the services provided in relation to any function entrusted to a Panchayat under Article 243G of the Constitution of India or in relation to any function entrusted to a Municipality under Article 243W of the Constitution of India.
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How much gold can you keep at home as per income tax rules?
By Jude Marg
The Income Tax Department will not seize jewelry and ornaments to the extent to these limits, even if the same does not seem to be matching with the income record of the assessee.
| New income tax slab: Rules changed, no exemption on meal vouchers & coupons
By Raul N Tiem
For those opting for the new income tax slab which offers a lower tax rate, the income tax department has changed rules for claiming exemption on free meals provided by the employer.
| Pharma shines in advance tax pay
By Henry Richards
When it comes to advance tax payments, pharma has emerged as one of the outliers with the sector showing a higher payout this quarter, while real estate, infrastructure, steel and cement were among segments that crumbled under the weight of the coronavirus-induced lockdown.
| SDMC starts offline facility for depositing property tax
By M. George
The South Delhi Municipal Corporation (SDMC) on Thursday decided to provide both online and offline facilities for filing property tax returns and making payments. Till now, only online filing of property tax was allowed by the civic body.
| Covid-19 crisis threatens to wipe out gains from corporation tax cut
By Andrew F Thomas
The Covid-19 crisis is threatening to wipe out most of the gains in corporate earnings accrued from the September 2019 cut in corporation income tax. The underlying earnings per share (EPS) of the benchmark Nifty 50 index are now down to Rs 428 per unit of the index from the January high of Rs 453 and inching towards the level prior to the tax cut.
| Big tax shortfall raises Centre’s fiscal deficit to 4.6%
By Jude Marg
A big 9.4% shortfall in receipts even against the revised estimate of Rs 19.32 lakh crore announced during the Budget caused the Centre’s fiscal deficit to widen to 4.6% of the GDP in FY20, against 3.8% (RE) budgeted, according to the data released by the Controller General of Accounts on Friday.
| Experience with GST holds valuable lessons for One Nation One Ration Card
By Andrew F Thomas
If done well, One Nation, One Ration Card, could lay the foundation of a truly national and portable benefits system that includes other welfare programmes like LPG subsidy and social pensions.
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IMPORTANT ANNOUNCEMENT FOR MAY 2020 EXAMINATIONS
By Orion M.
The students are aware that vide Announcement dated 15th June 2020, the Institute, after taking in account the academic interests and health safeguards of students intending to appear in May 2020 Examinations, had enabled them to change their centre for appearance in May/ July 2020
| ICAI reduces Fees for MCS & Adv ITT Courses for students undergoing Virtual
By Orion M.
The Institute of Chartered Accountants of India ( ICAI ) has reduced the fees for MCS & Adv ITT Courses for students undergoing Virtual classes for May 2019, Nov 2019, May 2020 & Nov 2020 Final passed Students.
| Compendium of Auditing Guidance Issued by Auditing and Assurance Standards Board on Various Aspects amid COVID-19.
By Jude Marg
The global pandemic COVID-19 has significantly impacted global trade and economy with consequential impact on global and Indian financial markets. The uncertainty arises primarily from interruptions in production, supply chain disruptions, unavailability of personnel, closure of facilities / offices due to the rapid outbreak of COVID-19, decline in demand, liquidity, business continuity issues, etc.
| Multiple Choice Questions (MCQs) on Engagement and Quality Control Standards issued by Auditing and Assurance Standards Board
By Raul N Tiem
All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form, or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior permission, in writing, from the publisher.
| Virtual Coaching Classes' commencing from 1st July, 2020 for students of Foundation, Intermediate and Final appearing in November 2020 examination.
By Raul N Tiem
The Board of Studies has been proactive to adopt different methodologies to reach out to the students and provide quality learning resources, year after year in an incremental manner.
| Online Certificate Course on Forex and Treasury Management from 27th June, 2020
By Henry Richards
The Committee on Capital Market and Investors Protection is pleased to announce its 2nd batch of Online Certificate Course on Forex and Treasury Management as per below details
| Webinar on Launching of Industrial Training Portal on 14th June 2020
By Moshe Pras
SSEB, BOS(O) of ICAI invites you to join the webinar for “Launch of Industrial Training Portal”, on 14th June ,2020 from 5:00 PM onwards.
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TDS mismatch in Form 26AS & Form 16? Ask employer to issue new Form 16 with correct details
By Thomas T. Rucks
One must obtain Form 16 (TDS certificate issued by the employer) and verify the same with the Form 26AS.
| Before you file your tax return, note the key changes in Form 16
By Thomas T. Rucks
Part B of Form 16 has been amended seeking more details about the allowances exempt under section 10 such as HRA, LTA, etc and deductions allowed under Chapter VI-A of the Income Tax Act, 1961.
| 5 Things to know about Form 16
By Moshe Pras
Form 16 is a certificate issued by an employer, certifying that the TDS is deducted from the salary of the employee and deposited with the government.
| Form 16 will now have more details of your income and deductions
By Orion M.
In yet another attempt to increase transparency and minimize tax evasion, the Central Board of Direct Taxes (CBDT) has notified various changes in the formats of Form 16 and Form 24Q. The new amendments are in line with the changes in income-tax rules and new income tax return (ITR) forms recently notified by CBDT for assessment year (AY) 2019-20.
| Amendment of Form No. 16 and Form No. 24Q
By M. George
In exercise of powers conferred by sections 200 and 203 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962,
| What are Form 15G, Form 15H?
By Thomas T. Rucks
Form 15G is for resident Indians under the age of 60, HUF or trust. While Form 15H is for resident Indians aged 60 years or above.
| Post Qualification Course in International Taxation - Assessment Test (INTT-AT) - May, 2019 Application Form
By Moshe Pras
Candidates are advised to carefully read, understand and follow the instructions while filling in the Form and retain the same for future reference
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Publication- Judicial Pronouncements under Insolvency and Bankruptcy Code, 2016 Series 3.
By Sandy Mash
All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form, or by any means, electronic, mechanical, photocopying, recording, or otherwise, without prior permission, in writing, from the publisher.
| ICAI signs MoU with Service Export Promotion Council (SPEC)
By M. George
The Government of India had declared Accounting and Finance services sector as one of the 12 Champion sectors.The Institute of Chartered Accountants of India (ICAI) has been working towards formulating & implementing an Action Plan for this Champion Sector under the guidance of Ministry of Corporate Affairs.
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| Reduction of fees for MCS & Adv ITT Courses for students undergoing Virtual classes for May 2019, Nov 2019, May 2020 & Nov 2020 Final Students
By Sandy Mash
In view of the ongoing spurt of COVID-19 virus pandemic and subsequent suspension of IT and Soft Skills Classes all across the country, the competent authority has decided that the students of Final course exam (May 2019, November 2019, July, 2020 & November,2020) as one time measure, can undergo MCS and Advanced IT Course through Virtual Mode and has further decided to implement the following:
| Guidance Note on the Companies (Auditor's Report) Order, 2020 issued by Auditing and Assurance Standards Board
By Henry Richards
All rights reserved. No part of this publication may be reproduced,
stored in a retrieval system, or transmitted, in any form, or by any
means, electronic, mechanical, photocopying, recording, or
otherwise, without prior permission, in writing, from the publisher.
| Announcement regarding Further extension of time by Securities and Exchange Board of India (SEBI) to July, 31, 2020 for submission of financial results for the quarter / half year financial year ending 31st March 2020 due to the continuing impact of the COVID-19 pandemic by CL&CGC ICAI
By Sandy Mash
Further extension of time by Securities and Exchange Board of India (SEBI) to July, 31, 2020 for submission of financial results for the quarter / half year financial year ending 31st March 2020 due to the continuing impact of the COVID-19 pandemic.
| | ICAI is celebrating 72nd Chartered Accountants Day on 1st July 2020. Live Webcast on "Virtual National CA Summit 2020" on 29th June, 30th June & 1st July, 2020. | Digital Accounting and Assurance Board, ICAI is organizing Live Webinar on Overview of SAP ERP on 03rd July, 2020 (Friday) from 4.00 to 6.00 PM
By Raul N Tiem
Digital Accounting and Assurance Board, ICAI is organizing Live Webinar on Overview of SAP ERP on 03rd July, 2020 (Friday)
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Rajeev Verma 2/5, Gupta Market, Lajpat Nagar-4, New Delhi Vs. ACIT Circle-54(1), 15th Floor, Civic Centre, J.L. Nehru Marg, New Delhi
By Andrew F Thomas
This appeal has been preferred by the assessee against order dated 21.09.2016 passed by the Ld. Commissioner of Income Tax 18, New Delhi {CIT (A)} for assessment year 2012-13.
| ACIT, Circle-12(1), O/o. Pr. CIT(4), New Delhi Vs. Indiabulls Ventures Ltd, (formerly known as M/s. Indiabulls Securities Ltd), M-62 & 63, First Floor, Connaught Place, New Delhi
By Orion M.
This appeal is filed by the revenue against the order of the ld CIT (A)-18, New Delhi dated 20.12.2016 for the Assessment Year 2012-13.
| Tata Education and Development Trust vs. ACIT (ITAT Mumbai)
By Thomas T. Rucks
S. 254(2A): ITAT President to consider whether a Special Bench should be constituted to decide two very significant aspects relating to the powers of the ITAT to grant unconditional stay of demand after the amendment in first proviso to s. 254(2A) by the Finance Act 2020, namely, (i) The legal impact, if any, of the amendment on the powers of the Tribunal u/s 254(1) to grant stay; and, (ii) if the amendment is held to have any impact on the powers of the Tribunal u/s 254(1),- (a) whether the amendment is directory in nature or is mandatory in nature;
| Exotica Housing & Infrastructure Company Pvt. Ltd vs. ITO (ITAT Delhi)
By M. George
S. 2(22)(e) is a deeming provision & should be construed strictly. The section uses the expression "by way of advances or loans" which shows that all payments received from the sister company cannot be treated as deemed dividend but only payments which bear the characteristics of loans and advances. Under the law, all loans and advances are debts, but all debts are not loans and advances. The term 'loans and advances' is not defined & has to be understood in the commercial sense. Advances given for purely temporary financial accommodation for business purposes does not attract the deeming fiction (All imp judgements referred)
| CBIC issues Internal Instruction on TRAN-1 writ petition filed in various High Courts
By Orion M.
The Central Board of Indirect Taxes and Customs (CBIC) issued the internal instruction on the TRAN-1 writ petition filed in various High Courts.
| M/s. Divya Creations, Plot No.97, NSEZ, Noida. Uttar Pradesh. Vs. The ACIT, Circle-1, Noida. Uttar Pradesh.
By Moshe Pras
This appeal by Assessee has been directed against the Order of the Ld. CIT(A)-1, Noida, Dated 30.06.2017, for the A.Y. 2014-2015, challenging the addition of Rs.13,67,739/-.
| M/s. J. S. & M. F. Builders vs. A. K. Chauhan (Bombay High Court)
By Thomas T. Rucks
S. 45/ 147: Capital gains are chargeable to tax when individual flats are sold and not when the land is transferred to the co-operative society formed by the flat purchasers. The flat purchasers, by purchasing the flats, had certainly acquired a right or interest in the proportionate share of the land but its realisation is deferred till formation of the co-operative society by the owners of the flats and eventual transfer of the entire property to the co-operative society
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NFRA issues Draft Procedure for Submission of Audit Files
By Andrew F Thomas
The National Financial Reporting Authority (NFRA) on Tuesday issued a notice of draft Procedure for Submission of Audit Files to NFRA.
| Auditors barred from putting a value on companies they are auditing
By Raul N Tiem
An income tax tribunal has barred auditors from issuing valuation certificates to the companies they are auditing. This is set to impact several tax disputes around valuations in companies including angel tax disputes involving start-ups.
| Standard on Internal Audit (SIA) 18, Related Parties
By Jude Marg
Standard on Internal Audit (SIA) 18, Related Parties
| Standard on Internal Audit (SIA) 17, Consideration of Laws and Regulations in an Internal Audit
By Raul N Tiem
Standard on Internal Audit (SIA) 17, Consideration of Laws and Regulations in an Internal Audit
| Standard on Internal Audit (SIA) 16, Using the Work of an Expert
By Henry Richards
Standard on Internal Audit (SIA) 16, Using the Work of an Expert
| Standard on Internal Audit (SIA) 14, Internal Audit in an Information Technology Environment
By Moshe Pras
Standard on Internal Audit (SIA) 14, Internal Audit in an Information Technology Environment
| Standard on Internal Audit (SIA) 13, Enterprise Risk Management
By Thomas T. Rucks
Standard on Internal Audit (SIA) 13, Enterprise Risk Management
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| | Latest Circulars RSS Feeds |
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Master Circular on Conduct of Government Business by Agency Banks - Payment of Agency Commission
By Moshe Pras
The Reserve Bank of India carries out the general banking business of the Central and State Governments through its own offices and through the offices of the agency banks appointed under Section 45 of the RBI Act, 1934, by mutual agreement. RBI pays agency commission to the agency banks for the government business handled by them. This Master Circular consolidates the instructions contained in the circulars listed in Annex 1.
| Master Circular - Disbursement of Government Pension by Agency Banks
By Thomas T. Rucks
Payment of pension to retired government employees, including payment of basic pension, increased Dearness Relief (DR), and other benefits as and when announced by the governments, is governed by the relevant schemes prepared by concerned Ministries/Departments of the Government of India
| Master Circular on SHG-Bank Linkage Programme
By Henry Richards
The Reserve Bank of India has, from time to time, issued a number of guidelines/instructions to banks on SHG-Bank Linkage Programme. In order to enable banks to have instructions at one place, the Master Circular incorporating the existing guidelines/instructions on the subject has been updated and enclosed.
| Exempt allowances for salaried taxpayers in New Tax Regime
By Jude Marg
The Concessional Tax Rate regime permits the CBDT to notify the allowances which shall continue to be exempt in the hands of the salaried taxpayers opting for CTR.
| Floating Rate Savings Bonds, 2020 (Taxable)- FRSB 2020 (T) - Operational Guidelines
By Jude Marg
ease refer to the Government of India Notification No.F.No.4(10)-B(W&M)/2020 dated June 26, 2020 read with RBI circular IDMD.CDD.No.3145/13.01.299/ 2019-20 dated June 26, 2020 on FRSB 2020 (T). As you are aware, the bonds issued under this Scheme are held to the credit of the holder in an account called Bonds Ledger Account (BLA), opened with the Receiving Office (RO) and they are entrusted with the responsibility of issue and servicing of these bonds.
| RBI-Floating Rate Savings Bonds 2020 (Taxable)
By Henry Richards
Government of India has decided to launch Floating Rate Savings Bonds 2020 (Taxable) scheme, with effect from July 01, 2020 in terms of GoI Notification F.No.4(10)-B(W&M)/2020 dated June 26, 2020. The terms and conditions of the issuance of the Bonds shall be as per the above GOI Notification.
| Section 42(1) of the Reserve Bank of India Act, 1934 - Change in Minimum Daily Maintenance of the Cash Reserve Requirement
By Moshe Pras
As announced in the Statement of Developmental and Regulatory Policies of March 27, 2020, the minimum daily maintenance of the Cash Reserve Ratio (CRR) was reduced from 90 per cent of the prescribed CRR to 80 per cent effective the fortnight beginning March 28, 2020 till June 26, 2020.
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Capital Gain Deduction claim can be invoked during Re-Assessment if Assessee failed to file Returns: ITAT
By Henry Richards
In an assessee-friendly ruling, the Income Tax Appellate Tribunal (ITAT), Jaipur bench has held that the assessee can claim the benefit of capital gain deduction under section 54F of the Income Tax Act, 1961 during the re-assessment proceedings under section 147 and 148 of the Income Tax Act in case of non-filing of income tax returns.
| Vodafone Idea Limited is not required to Deduct Tax u/s 194H on Prepaid SIM Cards: ITAT
By Moshe Pras
The Calcutta Bench of Income Tax Appellate Tribunal (ITAT) held that Vodafone Idea Limited the assessee shall not be treated as an assessee in default under Section 201(1) of the Income Tax Act, 1961 Act as the assessee is not required to deduct tax under Section 194J of the Act. Once, the assessee is treated as the assessee, not in default under Section 201(1), the interest under Section 201(1A) is not required to be charged.
| Activities performed in ‘Virtual Classrooms’ also comes under the Definition of ‘Education’: ITAT grants relief to NIIT Foundation
By Orion M.
Activities performed in ‘Virtual Classrooms’ also comes under the Definition of ‘Education’: ITAT grants relief to NIIT Foundation
| Scrutiny Assessment without Notice is Defective in Law: ITAT
By Jude Marg
While upholding an order passed by the Commissioner of Income Tax (Appeals), the Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that scrutiny assessment under section 143(2) cannot be passed without serving notice to the assessee.
| No Exempt Income Received or Receivable, No Disallowance under Section 14A: ITAT
By M. George
The Income Tax Appellate Tribunal (ITAT), Mumbai held that Section 14A of the Income Tax Act, 1961 will not apply if no exempt income is received or receivable during the relevant previous year.
| Bonus allocated to Policyholders is not Taxable as Income from Insurance Company: ITAT
By Henry Richards
The Income Tax Appellate Tribunal (ITAT), while granting relief to Max New York Life Insurance Company Ltd, held that the addition made by the income tax department treating bonus allocated to the policyholders as taxable income under section 44 of the Income Tax Act, 1961 is liable to be quashed.
| Yahoo gets Income Tax Relief from ITAT
By Orion M.
The Bangalore bench of the Income Tax Appellate Tribunal ( ITAT ) has recently allowed a deduction under section 10A of the Income Tax Act, 1961 towards the claim of Yahoo Software Development Pvt. Ltd.
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The Companies (Removal Of Difficulties) Seventh Order - dated 4th Sept 2014 New
By M. George
Whereas the Companies Act, 2013 (18 of 2013) (hereinafter referred to as the said Act) received the assent of the President on the 29th August, 2013 and section 143 of the Act,
| Finance & Commerce Ministry to discuss draft BIPA model tomorrow
By Orion M.
Officials of the finance and the commerce and industry ministries are scheduled to discuss the issues related to the draft text of the Bilateral Investment Promotion and Protection Agreement (BIPA) tomorrow.
| Union Finance Minister Shri Arun Jaitley said that the revenue targets fixed for Direct Taxes for the current Financial Year 2014-15 would not only be achieved but would also be surpassed
By Orion M.
The Union Finance Minister Shri Arun Jaitley hoped that the revenue targets fixed
for Direct Taxes for the current Financial Year 2014-15 would not only be achieved but would also be surpassed.
| Finance ministry may pitch for higher tax exemption on health insurance
By Thomas T. Rucks
The finance ministry is likely to pitch for a substantial increase in the income-tax exemption limit for health insurance as part of its plan to deepen insurance coverage. The ministry is examining a proposal that seeks to double the limit to 30,000 from 15,000.
| Finance minister reviews annual performance of public sector banks and financial institutions for 2013-14; calls for tougher action against wilful defaulters; highest ever more than 10,000 new branches opened during 2013-14
By Jude Marg
The Union Finance Minister Shri P. Chidambaram said that the last Financial Year 2013-14 was a difficult year even though there was positive movement towards greater stability.
| India Infrastructure Finance Company to raise Rs 7,000 crore through tax-free bonds
By M. George
State-owned India Infrastructure Finance Company (IIFCL) plans to raise Rs 7,000 crore via a public issue of tax-free bonds in October, according to a senior company official
| Finance Ministry hopes RBI focusses on promoting growth in policy tomorrow
By Moshe Pras
Ahead of tomorrow's monetary policy review, the Finance Ministry has expressed the hope that Reserve Bank will focus on promoting growth.
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| | Placements & Empanelment RSS Feeds |
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80 LPA-Opening Chartered Accountant, Finance
By M. George
5 - 10 years, Salary: 40,00,000 - 80,00,000 P.A., Functional AreaAccounts, Finance, Tax, Company Secretary, Audit
| 13 LPA-Opening Chartered Accountant - AM - Finance
By Sandy Mash
2 - 3 years, Salary: 9,00,000 - 13,00,000 P.A., Functional Area: Accounts, Finance, Tax, Company Secretary, Audit, PG : CA in CA
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| 17 LPA-Opening US Statutory Audit ONLY Chartered Accountants( Bangalore) 3-10 yrs exp
By Andrew F Thomas
3 - 8 years, Salary: 9,50,000 - 17,00,000 P.A., Functional Area: Accounts, Finance, Tax, Company Secretary, Audit
| 15 LPA-Opening Chartered Accountant ( Real Estate )
By Orion M.
6 - 10 years, Salary: 10,00,000 - 15,00,000 P.A, Functional Area: Accounts, Finance, Tax, Company Secretary, Audit
| | EY offering Internship to CA / ACCA freshers | 20 LPA-Opening Senior Chartered Accountant - Durgapur - Reputed Steel Plant
By Thomas T. Rucks
10 - 20 years, Salary: 10,00,000 - 20,00,000 P.A., Functional Area: Accounts, Finance, Tax, Company Secretary, Audit
| 16 LPA-Opening Chartered Accountant, Finance
By M. George
2 - 7 years, Salary: 6,00,000 - 16,00,000 P.A.,Functional Area: Accounts, Finance, Tax, Company Secretary, Audit
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| | Direct Tax RSS Feeds |
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E-Way Bill portal will not be available July 5th during 1AM to 5AM: CBIC
By Andrew F Thomas
The Central Board of Indirect Taxes and Customs ( CBIC ) has informed that the E-Way Bill portal will not be available for Taxpayers and Officers on Sunday, 05/07/2020 from 1 AM to 5 AM on account of urgent maintenance. The CBIC directed Taxpayers to plan their E-Way Bill activity accordingly.
| | Can you file your ITR now? Income Tax Return Forms are available | | Notification No. 36/2020 CENTRAL BOARD OF DIRECT TAXES | Aadhaar-PAN linking to ITR filing, 8 financial deadlines extended recently amid COVID-19 outbreak
By Thomas T. Rucks
In view of the lockdown and restrictions due to the COVID 19 pandemic, the Government of India has recently announced certain relaxations on the timelines relating to statutory compliance matters.
| Conveyance for official tours, transfers, daily travel to be tax-free in new tax regime
By Thomas T. Rucks
The new rules will come into effect from April 1, 2021, and shall accordingly apply in relation to the assessment year 2021-22 and subsequent assessment years, said the CBDT.
| Notification No. 33 Central Board of Direct Taxes
By M. George
In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause,
| How to pre-validate your bank account ITR filing
By Moshe Pras
It is important to pre-validate the desired bank account of the taxpayer on the income tax portal to ensure a smooth refund process. The other advantage is that the income tax returns can be e-verified (EVC) using the prevalidated bank account.
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| | Tenders RSS Feeds |
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Corrigendum Directorate of Urban Local Bodies, Hisar, Haryana
By Jude Marg
Request for proposal for Selection of Comptroller and Auditor General (CAG) empanelled Chartered Accountant Firms for Implementation of Accrual Based Double Entry Accounting System (ABDEAS) in all the Municipal Corporations / Councils / Committees of Hissar Cluster of HARYANA
| Directorate of Health Services, Agartala, Tripura
By Raul N Tiem
Name of work:- e-Tender(EOI) of for engagement of CAG empanelled Chartered Accountant firms (C. A. firm) for Quarterly Internal Audit of Peripheral Units and NGOs under Tripura SACS for the financial year 2020-21 and for a period of 2 years.
| | Panchayati Raj Institutions and Gram Kuttchery, Araria, Bihar | Urban Development & Housing Department, Ranchi, Jharkhand
By Raul N Tiem
Though adequate care has been taken while issuing this RFP, the applicant Chartered Accountant/ Cost Accountant Firm should satisfy himself that the document is complete in all respects. Intimation of any discrepancy shall be given to this office (as mentioned below) immediately.
| | Dewas Municipal Corporation, Dewas, Madhya Pradesh | The Cotton Corporation of India Ltd., Kalamboli, Navi Mumbai
By Jude Marg
A Tender notice dated 06.03.2020 was floated by the Corporation for engagement of Chartered Accountant firm as an Internal Auditor for the B.O. Kalamboli and the same was to be opened on 27.03.2020. However, due to outbreak of Covid-19 pandemic and declaration of lockdown by Government of India the same could not be opened on due dates. Hence, the same has been cancelled.
| Gramin Bank Of Aryavart, Lucknow, Uttar Pradesh
By Andrew F Thomas
Applications are invited from Firms of Charted Accountants for empanelment as Concurrent auditor of Branches of our Bank for the period of 1st July 2020 to 30th June 2021.
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| | Transfer Pricing RSS Feeds |
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ITAT deletes Penalty since Assessee applied Transfer Pricing Provisions with Good faith and Due Diligence
By Raul N Tiem
In a major relief to Tianjin Tianshi India Pvt. Ltd, the Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that the penalty under section 271(1)(c) of the Income Tax Act, 1961 cannot be levied if the transfer pricing provisions under section 92C was handled by the assessee in due diligence without any mala fide intentions.
| Change in transfer pricing regulations to help MNCs
By Jude Marg
The Union budget 2020-21 has proposed to amend the Section 92CB of the Income Tax Act that empowers the Central Board of Direct Taxes to frame safe harbour rules for determination of the arm’s length price. The government has also sought to widen the ambit of Dispute Resolution Panel (DRP).
| National High Speed Rail Corporation Limited, New Delhi, Delhi
By Orion M.
Completed tender documents sealed in an envelope super-scribing the name of work;
name and address of the Bidder, shall be submitted at NHSRCL's office at address in Para 1 above before 15.00 hrs. on 10.09.2019.
| Deals of the day-Mergers and acquisitions September 3, 2019
By Andrew F Thomas
Industrial vehicle maker CNH Industrial, said it planned to split its operations in two to create two more focused businesses.
| Transfer pricing documentation due by year-end
By Orion M.
Transfer pricing documentation, required by the State Administration of Taxation (SAT), is due to be submitted by companies that are part of an international group by the end of December.
| Transfer pricing amendments – a step towards certainty
By M. George
The Finance Minister has proposed to provide an option to the taxpayers to make one-time payment of tax including surcharge on the amount of transfer pricing adjustment or part thereof, instead of tax on deemed interest every year in case the taxpayer does not repatriate money from its AE in India.
| key international tax and transfer pricing developments
By Sandy Mash
Following the re-election of the Modi government, this year’s budget was presented by India’s first full-time female Finance Minister, Mrs. Nirmala Sitharaman. The finance minister maintained the theme that it is well within India’s capacity to reach a $5 trillion economy by 2025.
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| | Customs and Excise RSS Feeds |
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Delhi Customs issues Covid-19 Facilitation Measures: Relaxation in Procedure for Inbonding of Cargo Import under Warehouse Bill of Entry
By Moshe Pras
The Delhi Customs, on Wednesday, issued relaxation in the procedure for Inbonding of Cargo import under Warehouse Bill of Entry as one of the COVID-19 facilitation measures.
| Notification No. 32/2020 CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS
By Raul N Tiem
In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect Taxes and Customs hereby makes the following amendment in the Notification of the Central Board of Indirect Taxes and Customs No.27/2020-CUSTOMS (N.T.), dated 19thMarch, 2020 with effect from 27th March, 2020, namely: -
| Notification No. 07/2020 Central Board of Indirect Taxes and Customs
By Moshe Pras
In exercise of the powers conferred by section 168 of the Central Goods and
Services Tax Act, 2017 (12 of 2017), read with sub-rule (5) of rule 61 of the Central Goods and Services Tax Rules, 2017 (hereafter in this notification referred to as the said rules), the Commissioner, on the recommendations of the Council,
| Notification No. 07/2020 Central Board of Indirect Taxes and Customs
By Sandy Mash
In exercise of the powers conferred by section 168 of the Central Goods and
Services Tax Act, 2017 (12 of 2017), read with sub-rule (5) of rule 61 of the Central Goods and Services Tax Rules, 2017 (hereafter in this notification referred to as the said rules), the Commissioner, on the recommendations of the Council,
| Notification No. 01/2020 Central Board of Indirect Taxes and Customs
By Raul N Tiem
In exercise of the powers conferred by sub-section (2) of section 1 of the
Finance (No. 2) Act, 2019 (23 of 2019), the Central Government hereby appoints the 1st day of January, 2020, as the date on which the provisions of section 114 of the Finance (No. 2) Act, 2019 (23 of 2019) shall come into force.
| Notification No.91/2019 Central Board Of Indirect Taxes And Customs
By Sandy Mash
In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52
of 1962), and in supersession of the notification of the Central Board of Indirect Taxes and Customs No.88/2019-CUSTOMS (N.T.), dated 5th December, 2019
| Notification No. 90/2019 Central Board of Indirect Taxes and Customs
By Henry Richards
In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect Taxes & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendments in the notification of the Government of India
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| | Mergers and Acquisitions RSS Feeds |
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Notification No. 05/2020-Customs (ADD) Ministry Of Finance
By Andrew F Thomas
Whereas, in the matter of import of `Chlorinated Polyvinyl Chloride Resin
(CPVC)-whether or not further processed into compound' (hereinafter referred to as the subject goods), falling under heading 3904 of the First Schedule to the Customs Tariff Act, 1975
| Deals of the day-Mergers and acquisitions March 6, 2020
By Orion M.
India laid out a rescue plan for Yes Bank under which State Bank of India will take a 49% stake in the troubled lender, which is struggling with bad loans.
| Deals of the day-Mergers and acquisitions March 2, 2020
By Moshe Pras
The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Monday
| Mint Investment Summit - M&A in India: Challenges and opportunities
By Thomas T. Rucks
Top business minds will from different companies will come together to discuss the challenges and the opportunities for mergers and acquisitions in India. The panelists, to discuss and debate the subject of M&A in India: Challenges and opportunities,
| Record Year 2019: Fintech Deals, Mergers and Acquisitions Study
By Thomas T. Rucks
019 was the most active year for fintech financing, mergers and acquisitions (M&A), and initial public offerings (IPOs), according to a new report by Financial Technology (FT) Partners.
| Deals of the day-Mergers and acquisitions February 28, 2020
By M. George
World No. 1 lock maker Assa Abloy on Thursday gained EU antitrust approval to increase its stake in Swiss door maker agta record after agreeing to sell assets and supply spare parts on fair terms for at least 10 years.
| Deals of the day-Mergers and acquisitions February 4, 2020
By Thomas T. Rucks
Intercontinental Exchange Inc, owner of the New York Stock Exchange, has made an offer to buy eBay Inc in a deal that could value the ecommerce company at more than $30 billion, the Wall Street Journal reported.
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| | Indirect Tax RSS Feeds |
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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 |
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Customs Tariff 2009-10 - PART-II - Chapter 98 - Project imports, Laboratory chemicals, passenger's baggage
By Moshe Pras
This Chapter is to be taken to apply to all goods which satisfy the conditions prescribed therein, even though they may be covered by a more specific heading elsewhere in this Schedule.
| Customs Tariff 2009-10 - PART-II - Chapter 97 - Works of art, collectors' pieces and antiques
By Moshe Pras
Unused postage or revenue stamps, postal stationery (stamped paper) or the like of heading 4907
| Customs Tariff 2009-10 - PART-II - Chapter 96 - Miscellaneous manufactured articles
By Thomas T. Rucks
Articles of Chapter 66 (for example, parts of umbrellas or walking-sticks);
| Customs Tariff 2009-10 - PART-II - Chapter 95 - Toys, games and sports requisites; parts and accessories thereof
By Henry Richards
Toys, games and sports requisites; parts and accessories thereof
| Customs Tariff 2009-10 - PART-II - Chapter 94 - Furniture; bedding, mattresses, mattress supports
By Moshe Pras
Furniture; bedding, mattresses, mattress supports, cushions and similar stuffed furnishings; lamps and lighting fittings, not elsewhere specified or included; illuminated signs, illuminated name-plates and the like; prefabricated buildings.
| Customs Tariff 2009-10 - PART-II - Chapter 93 - Arms and ammunition; parts and accessories thereof
By Orion M.
telescopic sights or other optical devices suitable for use with arms, unless mounted on a firearm or presented with the firearm on which they are designed to be mounted (Chapter 90);
| Customs Tariff 2009-10 - PART-II - Chapter 92 - Musical instruments; parts and accessories of such articles
By Jude Marg
parts of general use, as defined in Note 2 to Section XV, of base metal (Section XV), or similar goods of plastics (Chapter 39);
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