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Top Headlines   RSS Feeds
  How family members can help you save more tax Explained
By Thomas T. Rucks
Investing in family members can help individuals significantly lower their tax outgo while filing Income Tax Return (ITR). Those interested in this benefit have to file their ITR under the old system, where investors can claim tax deductions can on a wide range of investments under Income Tax Rules.
 All Important Dates Related to Income Tax Returns
By Andrew F Thomas
The usual date for filing ITR for the financial year of 2019-20 would have been July 31, 2020. However, the government has taken note and given some major concessions when it comes to filing your ITR due to the worldwide pandemic.
  How to file income tax return without Form 16
By Orion M.
Form 16 is one of the most essential documents required for filing ITR. It is essentially a certificate employer issue their employees. It validates the fact that TDS has been deducted and deposited
 Income Tax department to validate UDIN given by CAs in tax audit reports
By M. George
The income tax department will validate with the Institute of Chartered Accountants of India (ICAI) the unique document identification number (UDIN) of chartered accountants when they upload tax audit reports, the finance ministry said on Thursday. To curb fake certifications
 CBDT to validate UDIN generated from ICAI portal at the time of upload of Tax Audit Reports
By Andrew F Thomas
The Central Board of Direct Taxes ( CBDT ) to validate Unique Document Identification Number ( UDIN ) generated from ICAI portal at the time of upload of Tax Audit Reports.
  Important Due Dates To Keep In Mind For Filing Your Income Tax Return ITR Filing
By Orion M.
Income Tax Return: Normally, due date for filing ITRs for all assessees whose accounts are not required to be audited is July 31
 Govt opens doors for Indian HNIs to trade on tax-free GIFT platform
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Continuing Prof. Edu.   RSS Feeds
 E-Invoicing, Rule 36(4) & Recent Updates under GST
 Virtual CPE Meeting on Specified Financial Reporting under Income Tax Act
 Auditing Standards Part II-SA 550, 560,570, & SA-300,315, 320 and SA 330
 Auditing Standards appointment and engagement letter planning of Audit Sampling for Income Tax and GST, Reporting w.r.t. Tax Audit, issues with Purchases and Sales
 Seminar on preparation of e filling itr 7 relevant provisions & computation of income critical issues & discussion
 Pertinent issues under gst audit and income tax audit
 Virtual CPE Meeting on IGST customs v/s GST and other refund issues
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GST - Goods and Services Tax   RSS Feeds
 GSTN enables option for opting quarterly filing of GST returns under QRMP Scheme
By M. George
The Goods and Service Tax Network (GSTN) has enabled the option for opting for quarterly filing of GST returns under the quarterly return with the monthly payment (QRMP) scheme.
 New guidelines for UPI payment of GST
By Sandy Mash
By Shailesh YadavNew Delhi [India], November 30 (ANI): The government has conditionally waived the penalty provisions for business-to-consumer (B2C) transactions for a period of four months from December 1, 2020, to March 31, 2021, for issuing invoices without mandatory dynamic QR code by the registered persons with a turnover exceeding Rs 500 crores, said sources in the Department of Revenue (DoR), Ministry of Finance.
  New rules to sign up for GST
By Andrew F Thomas
An overhaul of the goods and services tax (GST) registration process and suspension of the registration of businesses identified as risky are among the proposals of a panel of officials attached to the GST Council.
 GST registration of defaulters under lens
 The Lakshmi Vilas Bank Ltd. branches to operate as DBS Bank India Ltd. branches from November 27, 2020
By Thomas T. Rucks
The Government of India has today sanctioned the Scheme for the amalgamation of the Lakshmi Vilas Bank Ltd. with DBS Bank India Ltd. The amalgamation will come into force on the Appointed date i.e. November 27, 2020. All the branches of the Lakshmi Vilas Bank Ltd. will function as branches of DBS Bank India Ltd. with effect from this date.
 Delhi Govt waives off Late Fee for registered person who failed to furnish the return in FORM GSTR-3B GST
By M. George
The Delhi Government notified the waiver of the late fee for the registered person who failed to furnish the return in FORM GSTR-3B for the months of July 2017 to January 2020.
 The problem with tough plans against GST fraud
By Andrew F Thomas
The adoption of a goods and services tax (GST) was always an ambitious project in a country like India, given our wide variation in the way business is done at various levels. Its many benefits on paper, be it the consolidation of fragmented taxes into a cohesive whole or the comprehensive shift to a levy on value addition alone, however, have been clouded by numerous problems of compliance on the ground ever since the new tax regime was adopted in mid-2017.
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General   RSS Feeds
 ICMAI Postpones Online Intermediate and Final Examinations for December 2020 Term
By M. George
The Institute of Cost Accountants of India (ICMAI) on Sunday announced the postponement of Online Intermediate and Final Examinations for the December 2020 Term. Due to unavoidable circumstances, the ICMAI decided to postpone the examinations for the December, 2020 term which were earlier scheduled to be held from 10th to 17th December, 2020.
 Haven't received income tax refund yet? Here's how you can raise a re-issue request
By Orion M.
The general timeline for processing the tax refunds is 2-4 months but may vary based on the complexity of the tax returns. The taxpayers with smaller refunds (i.e. below 5- lakhs) get processed faster
 DCB and IndusInd Banks offer the best interest rates on tax-saving fixed deposits
By Thomas T. Rucks
DCB Bank and IndusInd Bank offer 6.95 percent and 6.75 percent interest, respectively, while SBI offers 5.40 interest on tax-saving deposits
 Income tax return filing deadline for FY20 extended till December 31
By Thomas T. Rucks
Income Tax Return (ITR) Filing Last Date: For those taxpayers whose accounts need to be audited, the Income-Tax Return filing deadline has been extended by two months till January 31, 2021.
 Finance panel retains states tax share
 Delhi will not tax remittances sent home by Indian expats
By Jude Marg
Since October 1, a tax of 5% is being imposed on money remitted overseas from India, and non-resident Indians (NRIs) were worried about having to possibly pay taxes for money sent to the country.
 Govt s interest relief may add to your tax liability
By Orion M.
The government recently announced a relief scheme for all borrowers of certain types of loans up to ₹2 crore, which were not non-performing assets as of 29 February 2020. The government will pay the borrowers the difference between the compound and simple interest for the period of six months from March to August 2020, as an ex-gratia amount.
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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
 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
 Cut-off date for conversion from Earlier Scheme to Revised Scheme to appear in November, 2020 Intermediate Examinations - 1st August, 2020
By Henry Richards
Students who are wishing to convert themselves from Earlier Scheme to Revised Scheme of Education and Training implemented w.e.f. 1st July, 2017 to appear in Intermediate examinations being held under Revised Scheme in November, 2020 are required to convert themselves by 1st August, 2020
 Cut-off date for conversion from Earlier Scheme to Revised Scheme to appear in November, 2020 Final Examinations - 1st August, 2020
By Moshe Pras
Students who are wishing to convert themselves from Earlier Scheme to Revised Scheme of Education and Training implemented w.e.f. 1st July, 2017 to appear in Final examinations being held under Revised Scheme in November, 2020 are required to convert themselves latest by 1st August, 2020.
 Advanced Integrated Course on Information Technology and Soft Skills (Advanced ICITSS) -Adv. Information Technology Test - Home Based Mode
 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
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New Forms   RSS Feeds
 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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Professional Updates   RSS Feeds
 ICAI notifies Dress Code for CA students
By Henry Richards
The Institute of Chartered Accountants of India (ICAI) notified the dress code for CA students.
 Important Announcement regarding the Last Date of Payment of Membership/ COP Fees
By Moshe Pras
The members are aware that in order to mitigate the hardships faced by some of the Members due to various reasons, the Institute had extended the last date of payment of Membership/ COP Fees for Financial year 2020-2021 to 15th December, 2020.
 Observance of Code of Conduct by CA Students
By Thomas T. Rucks
The Code of Conduct for CA students is hosted on Institute website and is available at the following
 Last date extended till 15th December,2020 to apply for 14th ICAI Awards being organised by Committee for Members in Industry & Business (CMI&B)
By Orion M.
The Institute of Chartered Accountants of India (ICAI), established, by an Act of the Indian Parliament, continues its operation as the Single Largest Statutory Accounting body of the world. ICAI stands on Four Pillars - Regulator, Standard Setter, Educator and Partner in Nation Building and has been functioning under the administrative control of the Ministry of Corporate Affairs (MCA) of the Government of India, as an extended arm.
 IMPORTANT ANNOUNCEMENT Last Date for Payment of Membership/COP Fee is further Extended to 15th December 2020
By Jude Marg
Considering hardship caused to the Members due to various reasons, last date for payment of membership/COP fee is further extended to 15th December 2020. Members are requested to pay their membership/COP fee online immediately.
 Change of Examination Centre in Hyderabad / Secunderabad / Lucknow
By Jude Marg
It is hereby informed that due to Election scheduled on 1st December 2020 at thecentre(s) in Hyderabad / Secunderabad / Lucknow, all the students from their existing examination centre(s) are being shifted to new examination venue(s), as per details given below.
 IMPORTANT ANNOUNCEMENT : OPT OUT DUE TO COVID 19
By Raul N Tiem
In continuation to the Announcement dated 7th November, 2020 made regarding Opt Out Scheme wherein the students were allowed to opt out for the various reasons due to COVID 19 and such opt out was permitted without production of any supporting documents.
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From the Courts   RSS Feeds
 Rajesh Kumar Prop, N. W. Overseas, 42,Devi Murti Coloy, Panipat Vs. ACIT, Panipat Circle, Haryana
By Jude Marg
This appeal is filed by the assessee against the order of the ld CIT(A),Karnal [ the ld CIT (A) ] dated 17.01.2017 for the Assessment Year 2012-13
 Shri Madhukar Arenja, 702, Odyssey-II, Hiranandini Garden, Powai, Mumbai Vs. The ACIT, Circle 47(1), Room No.107, Drumshape Building, New Delhi.
By Raul N Tiem
Learned Counsel for the Assessee filed an application on record stating therein that assessee has gone in reconciliation under the VIVAD SE VISHWAS SCHEME, 2020. Form Nos.1 and 2 are attached herewith.
 M/s Creative Ideas, B 304, New Friends Colony, New Delhi Vs. ITO, Ward 28(4), New Delhi
By Henry Richards
This appeal is filed by M/s Creative Ideas, New Delhi (the Appellant) for Assessment Year 2013-14 against the order of the CIT (Appeals)-10, New Delhi dated 15.05.2017 in appeal filed by the assessee against the assessment order passed under Section 143(3) of the Income Tax Act, 1961
 Khazan Singh Anand, Kothi No. 2, GF Kailash Enclave, Pitampura, New Delhi Vs. ITO, Ward 40(5), New Delhi
By Moshe Pras
This appeal is filed by the assessee against the order of the ld CIT(A)-14, New Delhi dated 22.05.2019 for the Assessment Year 2016-17, wherein, the appeal filed by the assessee against the order passed u/s 143(3) of the Act,
 M/s GAIL (INDIA) LTD 16, BHIKAJI CAMA PLACE NEW DELHI Vs. ADDL. CIT, RANGE 12 C.R. BUILDING, NEW DELHI
By Thomas T. Rucks
ITA Nos. 301/Del/2006; 858/Del/2006 & 859/Del/2006 are 03 separate appeals filed by the Assessee against the 03 separate orders of the Ld. CIT(A), New Delhi for the assessment years 2000- 01, 2001-02 & 2002-03 respectively. Since common grounds are involved in all these appeals which were heard together and are
 Total Integrated Design (India) Pvt. Ltd. LG F7A, Mandakini NRI Complex, Greater Kailash IV, New Dlehi. Vs. ITO Ward 25(3) C.R. Building, New Delhi.
 Sayar Devi Baid, 1/1942A, Moti Ram Road, Shahdra, New Delhi Vs. ITO Ward 56 (3) New Delhi.
By Sandy Mash
This appeal by the assessee is preferred against the order of the CIT(A)-37, New Delhi dated 30.10.2019 pertaining to assessment year 2011-12. The grievance of assessee read as under :
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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
 Reserve Bank of India imposes monetary penalty on The Karad Urban Co-operative Bank Ltd.
By Jude Marg
The Reserve Bank of India (RBI) has imposed, by an order dated December 1, 2020, a monetary penalty of ₹10 lakh (Rupees Ten lakh only) on The Karad Urban Co-operative Bank Ltd. (the bank) for contravention of certain directions issued by RBI under the Supervisory Action Framework.
 Directions under Section 35 A read with Section 56 of the Banking Regulation Act, 1949 The Madgaum Urban Co-operative Bank Ltd., Margao, Goa Extension of Period
By Raul N Tiem
The Madgaum Urban Co-operative Bank Ltd., Margao, Goa was placed under Directions vide Directive dated April 26, 2019 from the close of business on May 02, 2019 for a period of six months. The validity of the above Directions was extended from time to time, the last being vide Directive dated July 27, 2020 up to December 02, 2020.
  RBI Auction of Government of India Dated Securities
By Raul N Tiem
Government of India (GOI) has announced the sale (re-issue) of four dated securities for a notified amount of ₹22,000 crore as per the following details
 Auction of State Government Securities - Revised
By Henry Richards
The following State Governments have offered to sell securities by way of an auction, for an aggregate amount of ₹12,930 Cr. (Face Value). The revision is due to the addition of Andhra Pradesh.
 Accelerating Financial Market Reforms in India Address by Shri Shaktikanta Das Governor Reserve Bank of India November 26 2020 at the 4th Annual Day of Foreign Exchange Dealers Association of India (FEDAI)
By Sandy Mash
I wish to thank FEDAI for inviting me on the occasion of their 4th Annual Day. This is an opportune moment to look back and reflect on the developments of the last one year in financial markets and, in particular, the foreign exchange markets. The year 2020 has been one like never before. Faced with an unknown crisis which brought the global economy to a sudden stop,
 Accelerating Financial Market Reforms in India (Address by Shri Shaktikanta Das, Governor, Reserve Bank of India November 26, 2020 at the 4th Annual Day of Foreign Exchange Dealers Association of India (FEDAI))
By Henry Richards
I wish to thank FEDAI for inviting me on the occasion of their 4th Annual Day. This is an opportune moment to look back and reflect on the developments of the last one year in financial markets and, in particular, the foreign exchange markets. The year 2020 has been one like never before.
 Establishment of Branch Office (BO) Liaison Office (LO) Project Office (PO) or any other place of business in India by foreign law firms
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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
 ITAT grants relief to Atos India Assessment framed for Non-Existent Authority is null & Void
By Thomas T. Rucks
The Income Tax Appellate Tribunal (ITAT), Mumbai Bench held that the assessment framed for Non-Existent Authority is Void ab initio.The assessee, Atos India Pvt. Ltd. had raised various grounds on merits of various additions/disallowances made by the AO pursuant to DRP directions the counsel for the assessee emphasizes that the assessee had raised an additional ground to vide petition stating that the assessment has been framed on a non-existing entity and accordingly is void ab initio.
 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.
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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
 25 LPA Opening Head Commercial & Business Finance
By M. George
Experince: 14 - 20 years, Salary: 20,00,000 - 25,00,000 P.A., Functional Area: Accounts, Finance, Tax, Company Secretary, Audit
  30 LPA Opening Real Estate Financial Data Analyst
By Sandy Mash
Experince: 6 - 10 years, Salary 15,00,000 - 30,00,000 P.A., Functional Area: Analytics & Business Intelligence
 1 Cr Walk in Interview - Chief Investment Officer (CIO)
By Henry Richards
Exprience: 10 - 20 years, Salary: 60,00,000 - 1 Cr and above P.A.,Industry Type: Banking, Financial Services, Broking
 32.5 LPA Opening Manager Fund Admin
By Moshe Pras
Exprience: 8 - 12 years, salary: 27,50,000 - 32,50,000 P.A., Functional Area: Accounts, Finance, Tax, Company Secretary, Audit
 30 LPA Opening Finance Controller-Only CA Professionals
By Henry Richards
Experince: 15 - 20 years, Salary: 20,00,000 - 30,00,000 P.A., Functional Area: Accounts, Finance, Tax, Company Secretary, Audit, PG : CA in Any Specialization
 22.5 LPA Opening Finance ( Manager/ Sr Manager - CA) - CL Educate Ltd, Delhi
By Moshe Pras
Experince: 12 - 20 years, Salary: 15,00,000 - 22,50,000 P.A., Functional Area: Accounts, Finance, Tax, Company Secretary, Audit, PG : CA in CA
  60 LPA Opening Practicing Chartered Accountant
By Andrew F Thomas
Experirnce: 10 - 20 years, Salary 35,00,000 - 60,00,000 P.A., Functional Area: Financial Services, Banking, Investments, Insurance
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Markets   RSS Feeds
 Market Top Losers 03/12/2020
By Sandy Mash
Market Top Losers 03/12/2020
 Market Top Gainers 03/12/2020
By Andrew F Thomas
Market Top Gainers 03/12/2020
 Top Ranked Mutual Funds 03/12/2020
By Orion M.
Top Ranked Mutual Funds 03/12/2020
 Market Top Losers 30/11/2020
By Orion M.
Market Top Losers 30/11/2020
 Market Top Gainers 30/11/2020
By Jude Marg
Market Top Gainers 30/11/2020
 Top Ranked Mutual Funds 30/11/2020
By Raul N Tiem
Top Ranked Mutual Funds 30/11/2020
 Market Top Losers 25/11/2020
By Thomas T. Rucks
Market Top Losers 25/11/2020
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Direct Tax   RSS Feeds
  Here is All You Should Know About Income Tax Returns ITR Filing for 2019-2020
By Thomas T. Rucks
The Direct Tax is paid by every earning entity, including individuals, firms, businesses, companies, Hindu Undivided Family (HUFs), Body of Individuals (BOI) and Association of Persons (AOP).
  How to prepare for filing of your ITR Income Tax Return for AY 2020-21
By Moshe Pras
Before you actually sit down to upload your income tax return (ITR) or visit your Chartered Accountant for filing your ITR, it is better you do some ground work to save the time as well to ensure that full particulars are submitted without any omission. Let us discuss what preparatory ground work you should do for filing of your ITR.
  Here s Your Definitive Guide to Various ITR Forms Income tax return forms
By Thomas T. Rucks
The Government has extended the deadline to 31st December, 2020 and 31st January, 2021 for taxpayers. Mr. Rahul Jain, Head of Edelweiss Wealth Management guides taxpayers through the last minute hassle of filing various ITR forms. With proper classification, he has mentioned the 7 forms which needs to be filled as per the purpose. The extension of income tax return filing for FY 2019-20, was one among the several relief measures announced by the Government, given the COVID-19 pandemic. The date was extended to November 30, for all taxpayers versus the usual deadline of July 31.
 How to find your taxable income? Income Tax calculator
By Sandy Mash
Income Tax calculator: The last date to file income tax returns is not so far and most salaried people would have started making calls to their financial advisors for the same. Whether you are working for a company or run a business, you have file income return and pay tax.
 Here's how to compute your taxable income ITR Filing
By Andrew F Thomas
The income tax that is paid is dependent on several parameters - this includes income & its sources, age, exemptions & investments that are eligible for a tax deduction, tax slab.
  Delhi High Court upholds Power to conduct Service Tax Audit
By Andrew F Thomas
The Delhi High Court held that Section 174(2)(e) of the CGST Act, 2017 specifically empowers the authorities to institute any investigation, inquiry, verification, assessment proceedings, adjudication, etc. under Rule 5A of the Service Tax Rules.
 CBDT issues revised instructions for filing of ITR-2, 3, 5, 6 & 7 for better clarity
By Henry Richards
The Income Tax Department issued revised instructions for filing of Income Tax Return (ITR) 2, 3, 5, 6 & 7 for better clarity.
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Tenders   RSS Feeds
 Indian Institute Of Science Education And Research, Kolkata, West Bengal
By M. George
IISER KOLKATA invites tender from Kolkata in and around based Chartered Accountant/Cost Accountant Firms for conducting Internal Audit of the Institute for the financial year 2020-21, which can further be extended on satisfactory services.
 Chandigarh Housing Board, Sector 9, Chandigarh
By Sandy Mash
E-bids are invited from the CAG Empanelled Chartered Accountants/firmsfor preparation of Balance Sheet of 3 financial years and filing of returns etc.
 Corrigendum Bharat Electronics Limited, Bangalore, Karnataka
By Andrew F Thomas
Bharat Electronics Limited (BEL), a Navratna Company, is a Govt. of India Undertaking under the Ministry of Defence. It was set up in 1954 at Bangalore to make the country Selfreliant in Defence Electronics. It has 9 units spread across the Country. BEL is a Listed Company. BEL recorded a turnover of Rs 12,608 Crores during 2019-20.
 Uttar Haryana Bijli Vitran Nigam Limited, Panchkula, Haryana
 National Buildings Construction Corporation Ltd, Lodhi Road, New Delhi
By Henry Richards
NBCC (India) Ltd., a Navaratna CPSE, having its Corporate Office at NBCC Bhawan, Lodhi Road, New Delhi-i 10003 invites Expression of Interest from reputed Indian Chartered /Cost Accountant Firms (Partnership/ Limited Liability Partnership) for empanelment as Internal auditors for the financial years 2020- 21, 202 i-22 and 2022-23.
 North Central Railway, Allahabad, Uttar Pradesh
By Orion M.
Principal Finance Advisor/NCR acting for and on behalf of The President of India invites E-Tenders against Tender No 10A2020 Closing Date/Time 09/11/2020 15:00 Hrs. Bidders will be able to submit their original/revised bids upto closing date and time only. Manual offers are not allowed against this tender, and any such manual offer received shall be ignored.
 Wildlife Institute of India, Dehradun, Uttarakhand
By Jude Marg
Online e-tender in two bid systems (Technical and Financial) for Engagement of Chartered Accountant for a period of one year are invited on behalf of Director, Wildlife Institute of India, Dehradun.
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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
 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
 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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