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 New tax regime and other tax changes that will come into effect from April 1 
By M. George
The new financial year will begin on April 1, 2020, amid a country-wide lockdown. Even though the government has extended various tax-related deadlines (such as filing of income tax return for FY 2018-19, tax-saving for FY 2019-20, linking of PAN with Aadhaar etc.) certain new tax-related rules will come into effect from April 1.
| Here are the key operational aspects COVID-19 tax-saving extension
By Raul N Tiem
COVID-19 is having a massive impact on businesses and individuals alike. All of us are locked down at home. During such a time, finishing compliance on time is likely to be challenging for most of us. To allow taxpayers some leeway towards saving on save taxes for FY 2019-20, the government has extended the time limit for making investments to June 30, 2020. Taxpayers have a lot of queries about how all of this will work. Here is what you must know about the new deadlines.
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| Where’s My Income Tax Refund? How To Track It
By Andrew F Thomas
If you’ve filed and are awaiting a refund, you’re running to the mailbox or checking your online bank account every day (for those choosing direct deposit). Everyone loves the idea of getting money back from the government.
| Here's how it impacts you Tax saving deadline extended for FY2019-20
By Henry Richards
The government has extended the last date for tax saving for FY2019-20 from March 31, 2020 to June 30, 2020.
| Income Tax Dept proposes Amendment in Tax Audit Form
By Sandy Mash
The Central Board of Direct Taxes (CBDT), the apex income tax body has proposed an amendment to the Tax Audit Form in 10B.
| From belated ITR to Section 80C investments – 7 points every taxpayer should know
By Sandy Mash
The COVID-19 pandemic has not only severely disrupted financial markets and global economy, but has also emerged as the biggest threat to human life. The entire world is now coming together to ward off the killer virus as well as defend their economy against it. In India too, both the government and the RBI have announced several relief measures to minimise the impact of coronavirus on financial markets, taxpayers, investors and the common man, among others.
| Find out what changes from today New income tax rules from April 1
By Andrew F Thomas
Here are the new income tax rules which were announced by Finance Minister Nirmala Sitharaman in Budget 2020, which will come into effect from today.
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| | GST - Goods and Services Tax RSS Feeds |
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GST collection in March indicates slowdown
By Henry Richards
Goods and services tax (GST) collection in March fell 8.4% to Rs 97,597 crore, failing to cross the physiologically important Rs 1-lakhcrore level after four months, in what was an indication of a slowdown in the economy.
| GSTN issues Advisory on Tracking GST Refund Application Status on GST Portal and PFMS
By M. George
The Goods and Services Tax Network (GSTN) has issued an advisory on Tracking GST Refund Application Status on GST Portal and PFMS Portal.
| Issuance of Tax Invoice/ Bill can be done with IGST to Customers for Interstate Transactions
By Andrew F Thomas
CST & VAT / GST | HEADLINES | TOP STORIES Issuance of Tax Invoice/ Bill can be done with IGST to Customers for Interstate Transactions: AAR [Read Order] April 2, 2020 1:11 pm| By : Fathima Nihala The Authority on Advance Ruling (AAR) in Karnataka held that the tax invoice can be issued with Integrated Goods and Service Tax( IGST) to customers for the interstate transaction when the goods are directly dispatched from the port of import with invoicing done from the registered place of business.
| Deadline For Filing GST Return For March-May Extended Till June
By Moshe Pras
The Finance Ministry on Tuesday announced the extension of the deadline for filing returns of goods and services tax (GST) for March, April and May 2020 till June 30.
| CBIC notifies Extension of Due Date for filing GST Annual Return for FY 2018-19
By Moshe Pras
The Central Board of Indirect Taxes and Customs ( CBIC ) has notified the extension of due date for filing GSTR-9 (GST Annual Return) for the Financial Year 2018 – 19 till 30th June 2020.
| GST Return filing date extended, relief from late fee, penalties
By Thomas T. Rucks
To provide relief to businesses grappling with the economic impact of Covid 19, the government on Tuesday said it is extending the filing of Return for the month of March, April and May 2020 and composition returns under GST June 30.
| GST Return filing date for March-May extended till June, relief from late fee, penalties
By Sandy Mash
Finance Minister Nirmala Sitharaman on Tuesday extended the deadline for filing GST returns for March-May to June 30. On late filing of GST returns, no late fee, penalty or interest will be charged for companies with turnover of up to Rs 5 crore. For companies with more than Rs 5 crore turnover, no late fee and penalty will be charged on GST return filed by 15 days. A reduced interest rate of 9 per cent will be charged, she said.
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Finance Ministry extends due date for Renewal of Health, Motor Insurance Policies due to COVID-19 outbreak April 2, 2020
By Orion M.
The Government has provided relief for third party Motor Insurance & Health policyholders in the light of COVID-19 lockdown. The Ministry of Finance has issued notifications on April 1, 2020, stating that the renewal dates of Health and Motor insurance policies which fall in the period from March 25, 2020, to April 14, 2020, are extended till April 21, 2020, due to coronavirus lockdown.
| AIIMS doctor tests positive for COVID-19 Coronavirus News India LIVE Updates
By Orion M.
The novel coronavirus, or COVID-19, pandemic has spread across 180 countries. Today is the ninth day of India's 21-day lockdown. The total number of confirmed COVID-19 cases in India stands at 1,965. The Union Health Ministry has said that 50 people have died due to the virus.
| Tax deadlines, penalties you needn’t worry about
By Thomas T. Rucks
You heard finance minister Nirmala Sitharaman’s announcement on 24 March that tax-related deadlines have been extended from 31 March to 30 June. So even as the new financial year (FY) 2020-21 begins, you need not worry about some of the paperwork you may have left for the last minute. But as you wait out the covid-19 lockdown at home, it’s a good opportunity to take care of unfinished tasks, instead of leaving them for later in these uncertain times, when a new day can bring new challenges of various kinds.
| Tax saving deadline extended for FY2019-20
By Moshe Pras
Sonu Iyer, Tax Partner and National Leader - People Advisory Services, EY India and Siddharth Deb, Senior Manager - People Advisory Services, EY India answer some common questions regarding the extension of the tax saving deadline for FY2019-20.
| Tax relief for PM CARE, PM National Relief funds must be at par
By Sandy Mash
The Hon’ble PM has taken a very good initiative of setting up the PM CARE Fund as a public charitable trust to motivate people to contribute to a cause that has threatened humanity across the globe and to raise resources required for fighting the coronavirus pandemic.
| RBI to announce steps to boost economy at 10 am today
By Henry Richards
RBI’s Monetary Policy Committee meeting, conducted over video conference, ended on Wednesday and helped finalise a series of measures.
| Covid-driven tax reliefs to cost government 2-3% of GDP
By Jude Marg
Taxation experts have welcomed the measures announced by the government, saying these steps will add up to 2-3 per cent of GDP but will go a long way in addressing the issue of liquidity and deferment of payment obligations. The government on Tuesday came out with a slew of relaxation in tax and payment compliances by reducing the quantum of penalties, extending the deadline to make clear the dues among others to help the public and corporates.
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Lets' Stop COVID-19, Check out Today's Online Resources for you
By Thomas T. Rucks
In the wake of COVID-19 outbreak in the country, The Institute of Chartered Accountants of India takes proactive steps to safeguard its Members & Students. We have made efforts in providing valuable resources to help protect your health and guide you through the professional challenges and also meet your CPE requirements and advance your knowledge.
| Announcement for Students
By M. George
We are currently witnessing the impact of COVID 19 Pandemic in India; the exact nature and outreach of which is yet un-folding and this has resulted in public distancing and situation of mass lockdown in some of the States. We at ICAI do understand that the overall environment with regard to safety and hygiene is of utmost importance and the Institute is keeping a close tab on the developments taking place arising out of the current COVID 19 influence on day-to-day basis. Meanwhile, for the benefit of the students many steps like e-learning, video lectures and certain relaxation in GMCS/ITT for those, whose May 2020 attempts were getting affected; have already been given the option to change the Centre of Examination which Window closes on 23rd March, 2020.
| Postponement of Practical Training Assessment scheduled to be held on March 22, 2020
By Sandy Mash
As a precautionary measure to prevent any spread of COVID-19 and in the interest of the well-being of members and students and other stakeholders, the Council has decided to completely restrict conduction of any events requiring gathering of members or students as a proactive measure.
| Registration for Practical Training Assessment on March 22, 2020
By Henry Richards
The next practical training assessment is scheduled on March 22, 2020. The students who have completed their 1st/ 2nd year of practical training during April 1 – December 31, 2019 are eligible to appear in this test.
| Notification No. 2 /2020-Ministry Of Finance
By Henry Richards
Whereas, in the matter of "Digital Offset Printing Plates" (hereinafter
referred to as the ,,subject goods), falling under sub-headings 8442 50 and tariff items
| Registration for Practical Training Assessment on March 22, 2020
By Moshe Pras
The next practical training assessment is scheduled on March 22, 2020. The students who have completed their 1st/ 2nd year of practical training during April 1 – December 31, 2019 are eligible to appear in this test.
| ICAI invites suggestions/comments from members on Consultation paper to examine the existing provisions of law and make suitable amendments therein to enhance audit independence and accountability by 12.00 Noon on 21st February, 2020.
By Raul N Tiem
The Ministry of Corporate Affairs, Government of India has issued a Consultation paper to examine the existing provisions of law and make suitable amendments therein to enhance audit independence and accountability wherein the comments have been invited by 28th February, 2020.
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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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Invitation for expression of interest from software development companies for providing software relevant to the Practitioners & CA Firms of ICAI by 31.05.2020
By Orion M.
The Committee for Members in Practice (CMP) of the Institute of Chartered Accountants of India (ICAI) is meant to encourage and enhance close links between the Institute and the Chartered Accountants, so as to provide for them, a base of reference in terms of knowledge, expertise, skills and assistance in their professional growth, simultaneously pursuing the goal of providing newer opportunities to the practitioners & CA Firms. One of the major responsibilities of CMP is to arrange software relevant for the Members of the Institute of Chartered Accountants of India (ICAI).
| Appeal to contribute in ICAI Covid 19 Relief Fund
By M. George
The COVID-19 pandemic marks an unprecedented time in modern history that will require the best of humanity to overcome. Little would have we realised the unfolding of epidemic like this, which situation is yet unfolding, and have brought the economic momentum to a much lower trajectory. Situation like this would need support to collaborate with the government initiatives to scale up governmental efforts to help those in distress.
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| Invitation to participate in the activities of the Internal Audit Standards Board, ICAI
By Orion M.
The Internal Audit Standards Board (IASB or the Board) is one of the Non-Standing Committee of the Institute of Chartered Accountant of India (ICAI) and was constituted on February 5, 2004. The main objective of the Board is to issue Standards on Internal Audit, strengthen technical resources in the field of Internal Audit, such as Certificate Programs and Courses; disseminate best practices in the field through Seminars and events; and generally, promote the role of internal auditors in governance, risk and compliance to various stakeholders.
| ICAI Advisory on Accounting and Assurance related issues for F.Y – 2019-20
By Jude Marg
The Institute of Chartered Accountants of India ( ICAI ) has issued an advisory on Accounting and Assurance related issues for Financial Year 2019-20.
| Research Committee of ICAI invites Members in Academics, Teaching, Research, MDP to update their details in order to get associated in activities of Research Committee
By Andrew F Thomas
Research Committee of ICAI invites Members in Academics, Teaching, Research, MDP to update their details in order to get associated in activities of Research Committee
| Survey for Seeking Preference for Learning Foreign Language Course
By Orion M.
Committee for Export of CA Services & WTO of ICAI is working on the Action Plan for Champion Sector in which promoting foreign language amongst members and students is one of the mandates by Government of India. With an aim to overcome language barrier and thereby have enhanced professional opportunities overseas, ICAI,
| Invitation to Members to Empanel as a Resource Person for Conducting Investor Awareness Programmes
By Jude Marg
As you are kindly aware, the Institute of Chartered Accountants of India (ICAI) is the appointed Nodal Agency for creating awareness through Investor Awareness Programmes (IAPs) across the country by the Investor Education & Protection Fund Authority (IEPFA) of the Ministry of Corporate Affairs.
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Paradigm Geophysical Pty Ltd vs. CIT (Delhi High Court)
By Sandy Mash
S. 44DA prevails over s. 44BB after the amendment w.e.f. 01.04.2011. Income from provision of services through high end customized software does not constitute "Fees For Technical Services" u/s 9(1)(vii) as the definition excludes income from "mining or like project". The Q whether income from composite software and maintenance services constitutes "royalty" for purposes of s. 44DA would have to be decided from the nature of services. The assessee is eligible to take benefit of the definition of 'royalty' as per the DTAA for the purpose of applicability of s. 44DA
| In Re: Extention of Interim Orders (Bombay High Court)
By Andrew F Thomas
Corona Virus Lockdown Crisis: All interim orders operating till today and are not already continued by some other courts / authority including this court shall remain in force till 30.04.2020 subject to liberty to parties to move for vacation of interim orders only in extreme urgent cases. Thus, all interim orders passed by this High Court at Mumbai, Aurangabad, Nagpur and Panaji as also all courts/ Tribunal and authorities subordinate over which it has power of superintendence expiring before 30.04.2020, shall continue to operate till then. It is clarifed that such interim orders which are not granted for limited duration and therefore, are to operate till further orders, shall remain unaffected by this order (Similar orders are passed by the Delhi & Karnataka High Courts)
| In Re Cognizance For Extension Of Limitation (Supreme Court)
By Orion M.
Extension of limitation period: To obviate difficulties caused by CoronaVirus in filing petitions/ applications/ suits/ appeals/ all other proceedings within the period of limitation prescribed under the general law of limitation or under Special Laws (both Central and/or State) , it is ordered that the period of limitation in all such proceedings, irrespective of the limitation prescribed under the general law or Special Laws, whether condonable or not, shall stand extended w.e.f. 15th March 2020 till further order/s to be passed by this Court in present proceedings
| Rajasthan State Electricity Board vs. DCIT (Supreme Court)
By Jude Marg
S. 143(1-A): The object of s. 143(1- A) is the prevention of evasion of tax. As it has the deterrent effect of preventing tax evasion, it should be made to apply only to tax evaders. It can only be invoked where it is found on facts that the lesser amount stated in the return filed by the assessee is a result of an attempt to evade tax lawfully payable by the assessee. The burden of proving that the assessee has so attempted to evade tax is on the Revenue which may be discharged by establishing facts and circumstances from which a reasonable inference can be drawn that the assessee has, in fact, attempted to evade tax lawfully payable by it
| Jayaprakash Nagar Vill. Roja Jajalpur, Dadri, Gr. Noida, Noida Uttar Pradesh Vs. ITO Ward-1(5) Noida, Uttar Pradesh
By Sandy Mash
On the facts and in the circumstances of the case the Ld CIT(A) has erred in dismissing the appeal of the appellant as non-maintainable u/s 249 (4) (b) of the Act for non-payment of the advance tax payable
| Flaktgroup India Pvt. Ltd. A-1, FF, FIEE Complex, Near C Lal Chowk, Okhla Industrial Area, New Delhi Vs. ACIT Circle-9(1) C. R. Building, I.P. Estate New Delhi
By Andrew F Thomas
This appeal is filed by the assessee against the order dated 15/03/2019 passed by CIT(A)- 34 for Assessment Year 2014-15.
| Kaybee Pvt Ltd vs. ITO (ITAT Mumbai)
By Orion M.
S. 92A(2): The law in Diageo India Pvt Ltd 47 SOT 252 that the definition of "Associated Enterprises" in section 92A(1)(a) & (b) is the basic rule which is unaffected by the specific instances referred to in s. 92A(2) is not good law in view of the amendment by the FA 2002 and CBDT Circular No. 8 dated 27.08.2008.
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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
| Standard on Internal Audit (SIA) 12, Internal Control Evaluation
By M. George
Standard on Internal Audit (SIA) 12, Internal Control Evaluation
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| | Latest Circulars RSS Feeds |
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Short Term Crop Loans eligible for Interest Subvention Scheme (ISS) and Prompt Repayment Incentive (PRI) through KCC
By Moshe Pras
Please refer to the circular FIDD.CO.FSD.BC.No.1785/05.02.001/2019-20, dated February 26, 2020 advising banks to ensure that all Short Term Crop Loans eligible for Interest Subvention (IS) and Prompt Repayment Incentive (PRI) benefit are extended only through KCC w.e.f. April 1, 2020 and the existing Short Term Crop Loans which are not extended through KCC shall be converted to KCC loans by March 31, 2020
| Exim Bank's Government of India supported Line of Credit (LoC) of USD 161.36 million to the Government of the Republic of Burundi
By Thomas T. Rucks
Export-Import Bank of India (Exim Bank) has entered into an agreement dated July 02, 2019 with the Government of the Republic of Burundi, for making available to the latter, Government of India supported Line of Credit (LoC) of USD 161.36 million (USD One Hundred Sixty-One Million Three Hundred Sixty Thousand only)
| Export of Goods and Services- Realisation and Repatriation of Export Proceeds-Relaxation
By Jude Marg
The Government of India as well as the Reserve Bank has been receiving representations from Exporters Trade bodies to extend the period of realisation of export proceeds in view of the outbreak of pandemic COVID- 19. It has, therefore, been decided, in consultation with Government of India, to increase the present period of realization and repatriation to India of the amount representing the full export value of goods or software or services exported, from nine months to fifteen months from the date of export, for the exports made up to or on July 31, 2020.
| Amendment to Master Direction (MD) on KYC
By Raul N Tiem
Government of India, vide Gazette Notification G.S.R. 228(E) dated March 31, 2020 has notified amendment to the Prevention of Money-laundering (Maintenance of Records) Rules, 2005.
| Appointment of Managing Director and Chief Executive Officer (MD & CEO) / CEO / part-time Chairperson (PTC) in Banks – ‘Declaration and Undertaking’ and allied matters
By Sandy Mash
All Private Sector Banks (including Local Area Banks, Small Finance Banks, Payments Banks) and Foreign Banks operating in India
| Doorstep Banking Services for Senior Citizens and Differently Abled Persons
By Andrew F Thomas
Banks were advised to make concerted efforts to offer certain basic banking services to senior citizens of more than 70 years of age and differently abled persons at the doorstep of such customers. Although banks were advised to implement the instructions by December 31, 2017, it has been observed that such services are yet to be offered by banks or were restricted to select branches.
| Amalgamation of Public Sector Banks - Assignment of SLBC/ UTLBC Convenorship and Lead Bank responsibilities
By Raul N Tiem
Amalgamation of Public Sector Banks - Assignment of SLBC/ UTLBC Convenorship and Lead Bank responsibilities The amalgamations of Oriental Bank of Commerce and United Bank of India with Punjab National Bank; Andhra Bank and Corporation Bank with Union Bank of India; Syndicate Bank with Canara Bank and Allahabad Bank with Indian Bank have been notified vide the Gazette of India Notifications G.S.R. 153(E), G.S.R. 154(E),
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Companies can’t evade tax on profit from overseas office after ITAT ruling
By Andrew F Thomas
Practice of companies interpreting treaties in a certain way to avoid tax on foreign offices’ profits to end. The practice continued even after 2008 when the tax law was amended to clarify that India may tax earnings of overseas branches. Several companies still avoided tax by citing earlier court decisions that seemed to favour their interpretation.
| CBDT Circular or Instructions can’t be inconsistent with SC Decisions: ITAT
By M. George
In a recent case, the Income Tax Appellate Tribunal ( ITAT) Delhi held that No CBDT circular or instruction can be contrary to the decision of the Hon’ble Supreme Court, even subsequent to the decision of the Hon’ble Supreme Court. Disallowances of foreign travel expenses incurred in respect of the family members of the directors are sustainable.
| ACIT vs. Reliance Jio Infocomm Ltd (ITAT Mumbai)
By Moshe Pras
Static vs. Ambulatory interpretation of DTAAs: Entire law on whether the retrospective amendments to the definition of "royalty" in s. 9(1)(vi) of the Act can have bearing on the interpretation of the same term in the DTAAs explained with reference to the doctrine of "treaty override" and the Vienna Convention (Siemens AG 310 ITR 320 (Bom) explained)
| Six Tata trusts to challenge tax department order in tribunal
By Jude Marg
Six Tata trusts had their registrations cancelled & will now challenge the order before ITAT. The six Tata trusts that had their registrations cancelled by the income tax department in October will challenge the order before the Income Tax Appellate Tribunal (ITAT), arguing that they collectively hold less than 10% of Tata Sons, the conglomerate’s holding company. Top trust officials close to the development said the six entities did not breach the objectives listed in the trust deeds as claimed by the department.
| Income Tax Dept withdraws 969 Appeals from High Courts, ITAT in Andhra Pradesh and Telangana Read more at: https://www.taxscan.in/income-tax-dept-withdraws-969-appeals-high-courts-itat-andhra-pradesh-telangana/39302/
By Moshe Pras
The Income Tax Department of Andhra Pradesh and Telangana has withdrawn 969 appeals from Telangana, Andhra Pradesh High Courts and Income Tax Appellate Tribunals (ITAT).
| ITAT slams Tax Dept for Negligence in Maintaining Records, says Assessee can’t be Penalized for such Mistakes
By Henry Richards
While granting section 12A registration to a Trust, the Pune bench of the Income Tax Appellate Tribunal ( ITAT ) has criticized the income tax department for its negligence in keeping records.
| Monetary limits for filing/withdrawal of Wealth Tax appeals by the Department before ITAT, HCs and SLPs/appeals before SC through extending the scope of Circular 3 of 2018 -Measures for reducing litigation.?
By Jude Marg
Reference is invited to Board's Circular No. 3 of 2018 dated 11.07.2018
(hereinafter, referred to as "the Circular") vide which monetary limits for filing of income tax appeals by the Department before Income Tax Appellate Tribunal, High Courts and SLPs/ appeals before Supreme Court were specified.
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| | Finance Bills RSS Feeds |
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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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20 LPA-Opening Chartered Accountant , Finance
By Raul N Tiem
6 - 11 years, Salery 10,00,000 - 20,00,000 P.A., Functional Area: Accounts, Finance, Tax, Company Secretary, Audit
| 10 LPA-Opening Senior Financial Analyst (Chartered Accountants Only)
By Henry Richards
3 - 6 years, Salery: 7,00,000 - 10,00,000 P.A., Functional Area: Accounts, Finance, Tax, Company Secretary, Audit
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| 15 LPA-Opening Chartered Accountant - Mumbai
By Raul N Tiem
4 - 9 years Salery 12,00,000 - 15,00,000 P.A., Functional Area: Accounts, Finance, Tax, Company Secretary, Audit
| 12 LPA-Opening Chartered Accountant For Audit Profile
By Henry Richards
3 - 8 years Salery: 5,00,000 - 12,00,000 P.A., Functional Area: Accounts, Finance, Tax, Company Secretary, Audit
| Income Tax Alert! Filing ITR online? Ensure e-verification before logging out; step by step guide
By Orion M.
The last date for income tax return filing has been extended by three months to 30th June 2020. The Finance Minister made this announcement saying the step was necessary due to the recent spread of the COVID-19 virus in India and the implementation of lockdown. So, income taxpayers are advised to file their ITR by 30th June 2020. However, it's advisable for the income taxpayers to e-file their I-T return. If one e-files ITR and commits any mistake, he or she can correct the mistakes online logging in at incometaxindiaefiling.gov.in.
| 20 LPA-Opening Chartered Accountant, Finance
By Jude Marg
6 - 11 years, Salery: 10,00,000 - 20,00,000 P.A., Functional Area: Accounts, Finance, Tax, Company Secretary, Audit
| 15 LPA-Opening Hiring For Chartered Accountant
By Raul N Tiem
4 - 6 years, Salery: 8,00,000 - 15,00,000 P.A., Functional Area: IT Software - Application Programming, Maintenance
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| | Direct Tax RSS Feeds |
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Why you still might want to file by April 15 Coronavirus tax extension
By Sandy Mash
If dealing with the effects of coronavirus has put you behind schedule for preparing and paying your taxes this year, the US Treasury will give you three more months to pay your federal taxes without a penalty. Although you'll now have until July 15 to file your tax returns, there are still some benefits to meeting the typical April 15 deadline.
| Gujarat HC allows Bail in wrongful availment of ITC Case Read more
By Jude Marg
In the case of Amit Chandrakant Shah vs. State of Gujarat, the high could be allowed the application for bail in the case of the wrongful availment of Input Tax Credit (ITC) on the condition that the applicant shall not misuse his liberty, surrender the passport, do not hamper the interest of the prosecution, mark presence on every Monday, do not leave India before the prior permission, furnish the residential address, etc.
| Direct tax mop-up falls short by record Rs 1.45 trn of revised estimates
By Moshe Pras
The central government collected Rs 10.27 trillion as direct taxes during 2019-20, a record shortfall of Rs 1.45 trillion, or 12.2 per cent, compared with the revised estimates (RE). This may prompt the revenue department, under the finance ministry, to reset its Budget math for 2020-21, official sources said.
| 14% shortfall likely in direct tax mop-up
By Jude Marg
Collection of direct tax for the just-concluded fiscal 2020 is expected at Rs 10.1 lakh crore, well short of the government’s most recent estimate of Rs 11.7 lakh crore, officials in the know said. The near-14% shortfall, or about Rs 1.6 lakh crore, from revised target set in the budget presented on February 1 is partly because of the ongoing lockdown, which is going to weigh on collections for the final fiscal quarter. The government had collected Rs 10.34 lakh crore in direct taxes in fiscal 2019.
| Notification No. 34/2020 CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS
By Henry Richards
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 make the following amendments in the Notification of the Central Board of Indirect Taxes and Customs No. 27/2020-CUSTOMS (N.T.),
| Pressure piling on CBDT from within to extend March 31 deadline
By Andrew F Thomas
The pressure seems to be piling up on the Central Board of Direct Taxes internally to extend the March 31 deadline for various proceedings and returns with the country under lockdown due to the rapid spread of coronavirus.
| ITR filing deadline for FY19 extended till 30 June
By Moshe Pras
Giving respite to tax payers, various statutory deadlines related to income tax which were ending on 31 March, have now been extended till 30 June. Considering the hardship people are facing due to coronavirus (COVID-19) and measures taken to curb it, finance minister Nirmala Sitharaman announced the extension of the deadlines. Most experts welcome the relief measures announced by finance minister.
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| | Tenders RSS Feeds |
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Corrigendum Food Corporation Of India, JDA complex, Jammu
By Moshe Pras
In reference to the NIT of even number dated 13.03.2020, alongwith MTF, it is to inform that due to Countrywide Lockdown competent authority has decided to extend the “Document Download End Date/ time” , “Bid Submission End Date/ time”and “Bid Opening Date/ time” for the said E tender for appointment of CA firms to carry out Internal Audit and Physical Verification work of Jammu & Kashmir region by 3 weeks. Consequently the revised dates will be as follows:
| Corrigendum Indian Institute of Forest Management, Bhopal, Madhya Pradesh
By Thomas T. Rucks
The following 3 (three) additional points are inserted in the Notice Inviting Expression of
Interest from Chartered Accountant firms for Internal Audit of the Indian Institute of
Forest Management, Bhopal and Statutory Auditof the Indian Institute of Forest
Management Society, Bhopal (Advertisement No. IIFM Bhopal/Internal & Statutory
Auditors/2019-20/01 dated 12.03.2020).
| Assam Petro-Chemicals Limited, Guwahati, Assam
By Thomas T. Rucks
Assam Petro-chemicals Limited (APL) was conceived for productive utilization of natural gas, whichwas being flared up in the Upper Assam oil fields. Only a small quantum of natural gas was then usedin fertilizer industry and power generation. To prevent this colossal wastage, the company was set upby Government of Assam with joint participation of Assam Industrial Development Corporation Ltd
(AIDC) and the public. Incorporated in 1971, the company was a pioneer in the field as it was the firstto manufacture petrochemicals in India using natural gas as feedstock. It started with a smallMethanol plant with Formalin and a few Urea Formaldehyde resins as downstream projects withtechnology supplied by Mitsubishi Gas Chemicals Co. Inc, Japan. Commercial production began in1976. Toaugment its capacities to meet increasing demand for its products, a bigger Methanol plantwith 100TPD capacity was commissioned in 1989 with technology supplied by ICI, UK and a 100 TPDFormaldehyde Plant in 1998 with technology from Derivados Forestales of Nederland which has thenbeen revamped to 125 TPD in the year 2012.
| Corrigendum Gujarat Urban Development Company Limited, Gandhinagar, Gujarat
By M. George
Considering the Novel Corona virus effect in the Gujarat State, GUDC Ltd. has decided to extend the dates of submission and opening bids for an appointment of internal Auditor for the Financial Year 2020-21 in larger public interest. The details of the same are as under:
| Corrigendum 3 Housing and Urban Development Corporation Limited, Lodhi Road, New Delhi
By Andrew F Thomas
At point no. 3 of Annexure-1, the number clients served by the bidder organization may be read as “Major clients served by the bidder organization in Listed PSU’s/ NBFC’s/HFC’s (at least 2) in the past along with the present assignments enlisting the nature of work is
required to be given.
| Corrigendum Central Registry of Securitisation Asset Reconstruction(CERSAI), New Delhi
By Orion M.
All concerned are hereby again advised to complete their Registration before 27th January 2020 for ARPIT 2019 Course Examination Scheduled on 16.02.2020 across the country.
| Corrigendum Airports Authority of India, SAP, New Delhi
By Raul N Tiem
EOI invited from C.A firms towards empanelment for appointment of Statutory
Auditor by Concessionaire at Mangalore International airport.
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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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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
| Notification No. 89/2019 Central Bord Of Indirect Taxes And Customs
By M. George
In exercise of the powers conferred by clause (b) of section 88 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 the said clause shall come into force.
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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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| | 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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