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News Headlines   RSS Feeds
 Govt. throws open I-T data; tax base stays narrow
By CA Ojas Aggarwal
Just one per cent of individuals, who declared their income in assessment year 2012-13, accounted for almost 20 per cent of the taxable income, according to government data on income tax released for the first time on Friday.
 In A First, Income Tax Data Released. Maharashtra Gets A+, Delhi Next
By CA Mayank Jain
It's a big step for transparency," said Prime Minister Narendra Modi after the government released a solid amount of data on income tax for 16 years, including the earnings disclosed by different categories of people.
 India needs land, tax reforms to sustain 7-8% growth
By CA Nilesh Sahu
In order to sustain growth at 7-8 per cent levels, the government will need to focus on issues related to land, labour, tax and overall ease of doing business, says a Morgan Stanley report.
 This should been done at the time of announcing new tax rates’
By CA Devender Singh
The BBMP’s proposal to cap property tax for residential properties to 20 per cent has caused confusion among tax payers.
 CBDT publishes direct taxes related data for first time
By CA Ojas Aggarwal
In a first, CBDT has made public a host of hard data on the total number of taxpayers in the country, income disclosed in income tax returns by various category of taxpayers and number of PAN holders in the country for a chosen period of time.
 Clarification with regard to Companies (Accounting Standards) Amendment. Rules 2016
By CA S K Verma
Stakeholders have sought clarifications with regard to the accounting period for which the accounts would need to be prepared using the Accounting Standards
 For effective tax information sharing
By CA Atul Gupta
The income-tax department’s reported move to seek sworn declarations from all those Indians whose names appeared in the Panama papers on whether they held undisclosed offshore accounts is ill-conceived. Not all foreign accounts
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Continuing Prof. Edu.   RSS Feeds
 Workshop on Audit of Internal Financial Controls over Financial Reporting / Statements
By CA Andrew F Thomas
Place: ICAI Bhawan, No.44 & 45, Mettupalayam Road, Thudiyalur, Coimbatore –34. Date: 30th Apr, 2016 09:30 - 16:45 CPE.Hrs.: 6
  Recent Amendments In Service Tax
By CA Nilesh Sahu
Place: ICAI BHAWAN, INDRANI NAGAR, CHUNNAMBUTHARA, PATGHAT Date: 29th Apr, 2016 15:00 - 18:00 CPE.Hrs.: 3
  Seminar On Forensic Accounting & Fraud Prevention
By CA Manu T George
Place: P. Brahmayya Memorial Hall, ICAI Bhawan, Chennai Date: 29th Apr, 2016 10:00 - 17:30 CPE.Hrs.: 6
  Critical Issue under DVAT ACT Disclosure of PAN and Annual Information Return under Income Tax Act . and Service Tax Liability under Reverse charge and latest amendment in Service tax
By CA Rashmi Sharma
Pilce: LORDS BANQUETS Near Maharaja Place.Punjabi Bagh New Delhi – 110087. Date: 28th Apr, 2016 17:00 - 21:15 CPE.Hrs.: 4
  Recent Amendments In Service Tax
By CA Manu T George
Place: ICAI Bhawan, Indrani Nagar, Chunnambuthara, Patghat Date: 29th Apr, 2016 15:00 - 18:00 CPE.Hrs.: 3
 Seminar On Forensic Accounting & Fraud Prevention
By CA Rashmi Sharma
Place: P. Brahmayya Memorial Hall, ICAI Bhawan, Chennai Date: 29th Apr, 2016 10:00 - 17:30 CPE.Hrs.: 6
 Latest Development, Latest Changes With Regard To Filing Of Form 15 Ca And Form 15 Cb & Latest Changes And Critical Issues Under Service Tax Vide Union Budget,2016
By CA Rashmi Sharma
Place: HOTEL OASIS, HD-8 PITAM PURA (NEAR PITAM PURA METRO STATION) DELHI-110088 Date: 29th Apr, 2016 17:15 - 21:30 CPE.Hrs.: 4
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VAT (Value Added Tax)   RSS Feeds
 New Composition Scheme for Restaurants and Halwais
By CA Ojas Aggarwal
A new composition scheme has been recently notified by the Government vide notification dated 18/03/2016 in exercise of powers conferred in section 16 (12),
 Delhi to slash VAT on diesel
By CA S K Verma
The Delhi government has decided to reduce the Value Added Tax (VAT) on diesel from 18 per cent to 16.6 per cent owing to a drop in tax receipts from the sale of the fuel.
 Whether the sale of all kinds of Scrub Pads/Scrubbers used by the household for cleaning the household items is covered by the Entry 84 of Schedule-1 of DVAT Act and exempted from VAT.
By CA Atul Gupta
The applicant dealer has filed a determination application on 02.11.2015 under Section 84 of Delhi Value Added Tax Act, 2004 (hereinafter referred to as the "said 'act") and the question put up for determination under the aforesaid provision of law is as under :-
 Delhi Value Added Tax Amendment Rules 2016
By CA Mayank Jain
Delhi Value Added Tax Amendment Rules 2016
 Award for those who help catch VAT evaders
By CA Devender Singh
An award for informers who help check tax evasion and inclusion of exhibition organisers in the VAT net are some of the strategies devised by the Delhi government to boost its revenue in the current financial year, officials said.
 VAT relief for salt units, but agariyas want full rollback
By CA Ojas Aggarwal
Besides, exemption has also been given to producers of domestic salt. Agariyas (salt workers), however, say their lives would now be under the thumb of the salt inspector, and they will not be able to prepare accounts, as they are mostly illiterate.
 Delhi Government To Discuss VAT Cut On Diesel
By CA S K Verma
The Delhi government is contemplating to reduce Value Added Tax (VAT) on diesel from 18 per cent to 16.6 per cent due to which the price of diesel may come down by around 60 paisa per litre.
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Markets   RSS Feeds
 Tax-free bonds regain demand in the secondary market
By CA Ojas Aggarwal
Tax-free bonds which have been languishing for more than six months due to lack of investor interest in the secondary market, are in demand again.
 Relevant Market’ Under Competition Act, 2002
By CA S K Verma
The object of the Competition Act, 2002 (‘Act’ for short) is to preserve and promote competition and to prevent anti competitive business practices with minimal Government intervention.
 Indian markets best in terms of earnings momentum, price revision
By CA Andrew F Thomas
Let me just first ask you: the kind of volatile trade setup that the year has started with, the global markets were looking extremely shaky two or three days back because of oil and the Greek fears
 How India will become a common market with GST
By CA Rashmi Sharma
With the Centre and states finally reaching a consensus on the contours of the Goods and Services Tax (GST), India is all set to roll out the largest indirect tax reform since the introduction of the value-added tax in 2005.
 Broader markets outperform; Nifty holds 8,500
By CA Manu T George
Benchmark share indices continued to trade flat after the first hour of trade as investors shifted focus to fundamentally sound stocks in the broader market.
 Have Indian markets run ahead of fundamentals?
By CA Andrew F Thomas
The returns of Indian stock indices so far this year have been seven times the average for emerging markets. These gains have made the Indian market more expensive than most comparable peers, and even developed ones like the US, UK and Germany.
 Sebi mulls allowing foreign VCs in infra investment firms
By CA Mayank Jain
Capital markets regulator Sebi today proposed allowing Foreign Venture Capital Investors (FVCIs) in Core Investment Companies (CICs) for infrastructure sector to help attract overseas funds in this space.
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General   RSS Feeds
 Luxury item like gold jewellery can’t stay out of tax net
By CA Manu T George
The government has ruled out rollback of 1% excise duty on gold jewellery levied in the budget, calling it a tax on a luxury item. Finance minister Arun Jaitley said gold cannot remain out of the tax net when goods used by common people were being taxed.
  Income tax dept to consider information on non-filers from 3rd party sources like banks
By CA Mayank Jain
Income Tax department will consider information received from third party sources like banks, law enforcement agencies and foreign tax authorities for determining non-filers of income tax.
 There is a case for tax havens
By CA Andrew F Thomas
What prompted people to set up offshore companies through Mossack Fonseca was the fact that RBI did not allow individuals to set up companies abroad. Photo: AFP
 Tax demand against Vodafone exceeds its IPO size of Rs 13,000 crore
By CA Manu T George
Vodafone India is likely to categorise the impending tax demand by the Indian government as a contingent liability of its promoter in the Draft Red Herring Prospectus (DRHP) of its initial share sale.
 4 multilateral bodies to coordinate tax-evasion battle
By CA Manu T George
Four major multilateral organisations — IMF, OECD, UN and the World Bank Group — have joined hands to set up a new ‘Platform for Collaboration on Tax’ and help developing countries fight tax evasion.
 Developed countries must tax coal for climate fund’
By CA Manu T George
Ahead of signing the Paris climate agreement in New York later this week, Union Environment Minister Prakash Javadekar, said New Delhi would exhort developed countries to take a cue from India
 Finance ministry unveils draft foreign tax credit guidelines
By CA Devender Singh
In an effort to provide relief and clarity to Indian companies and individual taxpayers with overseas income,
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Corporate Law   RSS Feeds
 Recent Case Laws On Reverse Charge Mechanism
By CA Ojas Aggarwal
The service tax recipient is liable to pay the service tax. Other persons are not liable to pay service tax.
 The Companies (Auditor S Report) Order, 2016
By CA Nilesh Sahu
The Ministry of Corporate Affairs vide Notification No. S.O. 1228(E), dated 29.03.2016 made ‘The Companies (Auditor’s Report) Order, 2016’ (‘Order’ for short) in supersession of the Companies (Auditor’s Report) Order, 2015.
 Decision to amend Income Tax law retrospectively regrettable
By CA Andrew F Thomas
The then Finance Minister Pranab Mukherjee’s decision to amend the Income Tax Act with retrospective effect to negate a Supreme Court verdict was regrettable, former Planning Commission deputy chairman Montek Singh Ahluwalia said today.
 Times guide to corporate tax
By CA Devender Singh
New manufacturing companies incorporated on or after March 1, 2016 have been provided an option either to adopt a reduced corporate tax of 27.55%
 Clearer interpretation of tax laws needed
By CA Devender Singh
The telecom sector, once the poster boy of reforms, has now turned into one of the biggest revenue earners for the Centre.
 What the proposed corporate law changes mean for retail investors
By CA Mayank Jain
The proposed corporate law framework is a mixed bag for retail investors. “It is positive for minority shareholders to the extent it didn’t relax any existing safeguards (for investors)
 Gear up for changes in tax laws, treaties
By CA Rashmi Sharma
The international community led by the G20 had initiated the Base Erosion and Profit Shifting (BEPS) project a few years ago with the aim of ensuring that profits are taxed where economic activities are performed and where value is created. Governments,
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Students   RSS Feeds
  Launch of the Certificate Course on Valuation at Gwalior from 14th May, 2016
By CA Ojas Aggarwal
The Corporate Laws & Corporate Governance Committee of ICAI is launching its first batch for the Certificate Course on Valuation at Gwalior from 14th May, 2016.
 CA curriculum to be revised in 2017, says ICAI president
By CA Nilesh Sahu
Devraja Reddy, the president of Institute of Chartered Accountants of India (ICAI), said here on Saturday that the curriculum and exam pattern of CA courses will be revised from the next academic year of 2017.
 Admit Cards for May 2016 Examination
By CA S K Verma
Admit cards in respect of candidates admitted to the Intermediate (IPC) and Final May 2016 examination, with their photographs and signatures on them, are hosted onwww.icai.nic.in.
 Zone-shifting of candidates for May - 2016 CA Exams
By CA Ojas Aggarwal
Due to paucity of accommodation in certain Zones opted by the candidates in the cities of Chennai, Delhi, Hyderabad, and Mumbai,
 Advisory for the Students of CPT level for Section A: Fundamentals of Accounting
By CA Andrew F Thomas
In the Updated Edition-Nov. 2015 of Section A: Fundamentals of Accounting Study Material at CPT level, certain printing errors relating to years (which occurred at the end of Printer)
 Next Batch of the Certificate Course on Valuation in Mumbai starting from 2nd April, 2016.
By CA Mayank Jain
The Corporate Laws & Corporate Governance Committee of ICAI is starting next batch for the Certificate Course on Valuation at Mumbai from 2nd April, 2016.
 ICAI to scrap CPT route for studying CA
By CA Manu T George
Institute of Chartered Accountants of India (ICAI) would abolish common proficiency test (CPT) examination for CA aspirants and reinstate the Foundation course instead from November this year.
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New Forms   RSS Feeds
 Regarding Form CR-II.
By CA Manu T George
In exercise of the powers conferred on me under section 27 of Delhi Value Added Tax Act, 2004 and in partial rnodification to the notification No.F.3(628)/Policy/VAT/2016/ 1424-36 dated 11th February,2016
 Filing of reconciliation return in Form 9 for the year 2014-15
By CA Nilesh Sahu
In partial modification to this department's Circular No. 34 of 2015-16 on the subject cited above and in exercise of the powers conferred under Rule 49A of the Delhi Value Added Tax Rules, 2005
  Form DVAT 01 - Application For Opting For Composition Scheme by a dealer registered
By CA Andrew F Thomas
Form DVAT 01 - Application For Opting For Composition Scheme by a dealer registered
 Interest from Non-SLR securities of Banks
By CA Ojas Aggarwal
It has been brought to the notice of the Board that in the case of Banks, field officers are taking a view that, "expenses relatable to investment in non-SLR
 Regarding the status of the forms downloaded by the dealers.
By CA Manu T George
The department had started issuing central statutory forms online without any manual II intervention since the middle of year 2012.
 Regarding the status of the forms downloaded by the dealers
By CA Nilesh Sahu
The department had started issuing central statutory forms online without any manual intervention since the middle of year 2012.
 CBDT simplifies procedure for filling 15G, 15H forms
By CA Manu T George
The CBDT has simplified the procedure for filing of self declaration by individuals in 15G and 15H forms, allowing them to do it electronically.
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Department of Companies Affairs   RSS Feeds
 Impose tax on windfall profits of pvt oil cos: CPM tells Govt
 Taxes fuel petrol, diesel prices globally
 Department of Economic Affairs seeks hike in spectrum fee
 Rising yen gives companies the jitters
 ROC Forms
 ROC Circulars
 ROC Notifications
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ICAI   RSS Feeds
 Advertisement for Inviting Director (Projects) – Accounting Research Foundation and Research Fellow
By CA S K Verma
The Institute of Chartered Accountants of India (ICAI) is a statutory body established for regulation of the profession of Chartered Accountants in India.
 Applicability of Accounting Standards amended by MCA vide Notification dated March 30, 2016
By CA Rashmi Sharma
The Ministry of Corporate Affairs, Government of India, vide Notification No. G.S.R. 739(E), dated 7th December, 2006, notified Companies (Accounting Standards) Rules 2006,
 CPE Events 25th April - 30th April 2016
By CA Nilesh Sahu
Karol Bagh New Delhi - 110005., 2nd Floor,Room No :2/32, Kolkata -700001, Punjabi Bagh New Delhi, ICAI Bhawan, Chennai, Motors/Punjab Kesri), Delhi
 Guidance Note on the Companies (Auditor's Report) Order, 2016 issued by Auditing and Assurance Standards Board
By CA Atul Gupta
All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form, or by any means, electronic mechanical, photocopying, recording, or otherwise, without prior permission, in writing, from the publisher.
 Invitation to Associate in Development of the Study/Background Material
By CA Mayank Jain
The Institute of Chartered Accountants of India (ICAI) is a statutory body established by an Act of Indian Parliament namely,
 Notification - Inviting public comments on the draft amendments in the Chartered Accountants Regulations, 1988 arising out of Revised Scheme of Education and Training.
By CA Andrew F Thomas
The Central Government has accorded its in-principle approval to the draft amendments in the Chartered Accountants Regulations, 1988 arising out of the Revised Scheme of Education
 Hosting of provisional panel of Chartered Accountant Firms/LLPs with the O/o C&AG for the year 2016-2017
By CA Nilesh Sahu
This is to inform that O/o C&AG is hosting the Provisional Panel of Chartered Accountant firms/LLPs for the year 2016-17 for indicating the position (detailed point score) of the firms.
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From the Courts   RSS Feeds
 Amaya Infrastructure Pvt. Ltd vs. ITO (Bombay High Court)
By CA Ojas Aggarwal
S. 147: If the assessee responds to the S. 142(1)/ 143(2) notices, it means that he has submitted to the AO's jurisdiction and is estopped for filing a Writ Petition to challenge the same. The fact that the jurisdiction is challenged while participating in the proceedings is irrelevant
  Uttam vs. Saubhag Singh (Supreme Court)
By CA Atul Gupta
Important law on concept of \"ancestral property\" under the Hindu Succession Act, 1956 and the formation of a HUF by the surviving members of the deceased explained
 Visvesvaraya Technological University vs. ACIT (Supreme Court)
By CA Mayank Jain
S. 10(23C): Meaning of expression "existing solely for the purpose of education and without any profit motive" explained.
  M/s Continental Carriers Vs. Commissioner Of Income Tax, New Delhi
By CA Andrew F Thomas
The present appeals have been preferred by M/s Continental Carriers (hereafter `the Assessee\') under Section 260A of the Income Tax Act, 1961 (hereafter `the Act\') impugning orders dated 24 th April, 2002
  M/s Continental Carriers Vs. Commissioner Of Income Tax, New Delhi
By CA Nilesh Sahu
The present appeals have been preferred by M/s Continental Carriers (hereafter `the Assessee') under Section 260A of the Income Tax Act, 1961 (hereafter `the Act') impugning orders dated 24 th April, 2002
 M/s Continental Carriers Vs. Commissioner Of Income Tax, New Delhi
By CA Devender Singh
The present appeals have been preferred by M/s Continental Carriers (hereafter `the Assessee') under Section 260A of the Income Tax Act, 1961 (hereafter `the Act') impugning orders dated 24 th April, 2002
 CIT vs. Air Cargo Agents Association Of India (Bombay High Court)
By CA S K Verma
Concept of mutuality in the light of Bangalore Club 350 ITR 509 (SC) explained
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Auditing   RSS Feeds
 Time Limit For Completion Of Assessment From The Date Of Special Auditor’s Report Under Income Tax Act, 1961
By CA Rashmi Sharma
Section 142(2A) of the Income Tax Act, 1961 (‘Act’ for short) provides for the conduct of special audit that may directed by the Assessing Officer.
 Provisioning pertaining to Fraud Accounts
By CA Rashmi Sharma
Please refer to circular DBR.No.BP.BC.83/21.04.048/2014-15 dated April 1, 2015 on the captioned subject. On a review, it has been decided to amend the provisioning norms in respect of all cases of fraud, as under:
 Tax Audit Report (TAR) Certain exceptions and increased limits according to number of partners and considering nature of activity are desirable
By CA Devender Singh
Provisions relating to maintenance of accounts and obtaining of TAR are old provisions and we find that very low limits fixed long ago have remain in force for long time.
 Cost Auditing Standards [ Cost Audit Documentation (102)] – Part-II
By CA Ojas Aggarwal
In continuation of our effort to make notified Cost Auditing Standards readable, next in line is theCost Auditing Standard on Cost Audit Documentation (102).
 Conference on Companies Act gets under way
By CA Manu T George
The two-day seminar on “Companies Act, 2013 – New Standards for Corporate Governance” being organised by Kakatiya University College of Commerce , Business Management and Institute of Chartered Accounts of India (ICAI), got under way here on Monday.
 New bureau to dissolve state-run banks' power to choose auditors
By CA Ojas Aggarwal
The government is likely to empower the proposed Bank Board Bureau to select audit firms for public sector banks as part of its larger initiative to strengthen their corporate governance practices.
 Foreign Exchange Management (Permissible Capital Account Transactions) (Fourth Amendment) Regulations, 2015
By CA Devender Singh
In exercise of the powers conferred by sub-section (2) of Section 6, sub-section (2) of Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999),
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Latest Circulars   RSS Feeds
 Minutes of the March 30, 2016 Meeting of the Technical Advisory Committee on Monetary Policy
 RBI Working Paper Series No. 6: Measurement of Central Bank Output – Methodological Issues for India
By CA S K Verma
The Reserve Bank of India (RBI) today placed on its website a Working Paper titled “Measurement of Central Bank Output – Methodological Issues for India”
 Guidelines on Investment Advisory Services offered by Banks
By CA Andrew F Thomas
Please refer to paragraphs 86, 87 and 88 of the Monetary Policy Statement 2013-14 and the subsequent draft guidelines on Wealth Management/Marketing/Distribution Services offered by Banks issued on June 28, 2013, seeking comments of stakeholders.
 RBI-Scholarship Scheme for Faculty Members from Academic Institutions
By CA Nilesh Sahu
The Reserve Bank of India invites application as per prescribed format from full-time faculty members, teaching economics or finance in any UGC-recognized Universities
 Consolidation among Public Sector Banks (Shri R. Gandhi, Deputy Governor - April 22, 2016 - at the MINT South Banking Enclave, Bangalore)
By CA Andrew F Thomas
At present banking system in India is evolving with a mixture of bank types serving different segments of the economy.
 17th Meeting of the FSDC Sub-Committee – Mumbai
By CA Nilesh Sahu
A meeting of the Sub-Committee of the Financial Stability and Development Council (FSDC) was held today in Mumbai. Dr. Raghuram G. Rajan, Governor, Reserve Bank of India, chaired the meeting.
 Comprehensive Master Directions on Issue and Pricing of shares by Private Sector Banks
By CA S K Verma
The Reserve Bank of India today issued the Master Directions on Issue and Pricing of shares by Private Sector Banks.
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Budget Extravaganza   RSS Feeds
 Home Budget 2016Budget News Income Tax Return Forms For 2016-17 To Be Notified Early April
By CA Ojas Aggarwal
The Finance Ministry is likely to notify by the first week of April new income tax return (ITR) forms for assessment year 2016-17 which will more or less be similar to the one that was filed by assessees last year.
  Delhi govt presents ‘zero tax’ budget: Watches, clothes may get cheaper
By CA Atul Gupta
Deputy Chief Minister Manish Sisodia presented a ‘zero tax budget’ Monday aimed at rationalising Delhi’s Value Added Tax (VAT) structure.
 Delhi budget today, Major boost for health, transport likely
By CA Devender Singh
Education, health, and transport sectors are likely get a major allocation of funds in the Delhi Budget, which will be tabled in the assembly Monday by Deputy Chief Minister Manish Sisodia.
 Budget moves to reduce tax litigation
By CA S K Verma
The tremendous backlog of pending direct tax litigation has been a bane for the government and taxpayers alike—the locking-up of precious tax revenue for the government and unrelenting uncertainty on the tax front for the taxpayers.
 This Budget is not business as usual
By CA Atul Gupta
Is it possible to be popular without being populist? This Budget, which has sought to combine the virtues of macroeconomic stability with growth, is a good example.
 Expectations high on size of TS Budget expenditure
By CA Manu T George
With the Chief Minister K Chandrasekhar Rao’s firm directive that the Budget for 2016-17 should be realistic and to be tuned to the resources and requirements of the State, there is high anticipation about the size of the total expenditure.
 Budget 2016 brings lawyers under service tax net
By CA Ojas Aggarwal
The Budget has withdrawn tax exemptions given to lawyers and proposed a 14% tax on the services of a senior advocate to an advocate or partnership firm, and a person represented on an arbitral tribunal to an arbitral tribunal.
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Sales Tax   RSS Feeds
 GST will smooth the way for e-commerce companies
By CA Manu T George
Implementation of GST will help resolve various issues concerning taxation and logistics with regard to e-commerce business, which has been recording rapid growth in the country, says a study.
 Taxation of income from sale of listed shares: CBDT circular to reduce disputes
By CA Devender Singh
A recent circular from the CBDT allowing tax payers to decide whether their gains/losses from sale of listed shares/securities should be treated as business income or as capital gains for tax purposes, is expected to help reduce tax disputes significantly.
 Last-hour rush to save tax making customers invest online
By CA Rashmi Sharma
The last-hour rush to save on taxes is pushing traffic towards online startups, including Wealthy.in, FundsIndia.com, MakemyReturns.com and TaxSmile.com.
 Income-tax (8th Amendment) Rules, 2016
By CA Andrew F Thomas
In Exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-
 8 held for hacking into Sales Tax dept system to commit fraud
By CA Nilesh Sahu
Ahmedabad, Mar 28 (PTI) Police have arrested eight men including four government employees for allegedly hacking into the Sales Tax departments computer system to activate Taxpayer Identification Numbers of 14 defunct companies so as to fraudulently withdraw Rs 11 crore in tax credit.
 Why is the pickup in growth not reflected in central government tax collections?
By CA Nilesh Sahu
Four reports on central government taxes brought out by the Comptroller and Auditor General of India in recent months bring out some interesting insights on how the pickup in the economy has impacted on tax collections.
 Income-tax department eases norms governing foreign fund managers
By CA Manu T George
The income-tax department on Wednesday notified rules relaxing certain earlier conditions governing foreign fund managers in a bid to encourage them to move to India. Presently, most of them manage foreign capital to India out of Singapore, Dubai and London.
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Forex   RSS Feeds
 Perils of an ad hoc forex policy
By CA Nilesh Sahu
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 CA 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 CA Devender Singh
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 CA Nilesh Sahu
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 CA Manu T 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 CA Nilesh Sahu
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 CA Rashmi Sharma
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
 Returns in Form CR-II for the financial year 2015-16 are required to be filed by 16-May-2016
By CA Mayank Jain
In exercise of the powers conferred on me under section 27 of Delhi Value Added Tax Act, 2004
 Income Tax Appellate Tribunal, Mumbai Benches, Mumbaiil Consolidated Cause List Of Sa/ma/pronouncement For Friday 29.04.16
By CA Manu T George
Income Tax Appellate Tribunal, Mumbai Benches, Mumbaiil Consolidated Cause List Of Sa/ma/pronouncement For Friday 29.04.16
 Income Tax Appellate Tribunal, Mumbai Consolidated list of orders ready for Pronouncement on 27.04.16
By CA Rashmi Sharma
Income Tax Appellate Tribunal, Mumbai Consolidated list of orders ready for Pronouncement on 27.04.16
 Income Tax Appellate Tribunal : Kolkata Benches : Kolkata Consilidated list of orders ready for Pronouncement on 27/04/2016
By CA Atul Gupta
Income Tax Appellate Tribunal : Kolkata Benches : Kolkata Consilidated list of orders ready for Pronouncement on 27/04/2016
 Income Tax Appellate Tribunal : New Delhi Benches : New DelhiFresh stay list 28/04/2016
By CA Mayank Jain
Income Tax Appellate Tribunal : New Delhi Benches : New DelhiFresh stay list 28/04/2016
 Income Tax Appellate Tribunal : Kolkata Benches : KolkataCauselist for bench 'A' from 25/04/2016 To 29/04/2016
By CA Nilesh Sahu
Income Tax Appellate Tribunal : Kolkata Benches : KolkataCauselist for bench 'A' from 25/04/2016 To 29/04/2016
 Income Tax Appellate Tribunal : Bangalore Benches : Bangalore"A"Benches DB Cases Causelist for The week from 25/04/2016 To 28/04/2016
By CA Devender Singh
Income Tax Appellate Tribunal : Bangalore Benches : Bangalore"A"Benches DB Cases Causelist for The week from 25/04/2016 To 28/04/2016
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Placements & Empanelment   RSS Feeds
 New Opening Chartered Accountant/ Finance Executive/ Accounts Executivea
By CA Devender Singh
Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:Any Postgraduate - Any Specialization, Post Graduation Not Required
 CA Fresher Job-compliance Analyst-investment Bank-bangalore
By CA Rashmi Sharma
Salary:INR 8,00,000 - 11,00,000 P.A, Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:CA
  New Opening Fresher CA Interviews in Indore- Big 4 Chennai Stat Audit
By CA Andrew F Thomas
Salary:INR 6,00,000 - 9,00,000 P.A, Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:CA
 10 Urgent Opening/ Business Development Officer/ 0-5 Years
By CA Rashmi Sharma
Salary:INR 50,000 - 2,50,000 P.A, PG:Any Postgraduate - Any Specialization, MBA/PGDM - Any Specialization, Marketing
 New Opening Senior Assurance/assistant Manager(assurance)
By CA Andrew F Thomas
Experience 0 - 5 Years, Functional Area Accounts, Finance, Tax, Company Secretary, Audit, PG - Any Postgraduate - Any Specialization, Post Graduation Not Required, CA
  New Opening Direct Taxation / Indirect Taxation
By CA Nilesh Sahu
Salary:INR 2,25,000 - 5,00,000 P.A. Best In The Industry, Functional Area:Accounts , Finance , Tax , Company Secretary , Audit
 New Opportunity for Chartered Accountants in Xchanging Technology
By CA Devender Singh
Functional Area: Accounts, Finance, Tax, Company Secretary, Audit, PG - CA,
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Direct Tax   RSS Feeds
 Income Tax Data Disclosed For First Time: Your 10-Point Cheat-Sheet
By CA S K Verma
For the first time, the tax department has made public a solid amount of data on income tax for 16 years, including the earnings disclosed
 Direct Tax share in economy at decade low
By CA Atul Gupta
Corporate tax collections have risen nearly 12-fold in last 15 years and personal income tax 9 fold but share of direct taxes in the economy has fallen to almost a decade low of 5.47 per cent, according to direct tax data published by the government today.
 IT department publishes direct taxes related data for first time
By CA Manu T George
In a first, CBDT has made public a host of hard data on the total number of taxpayers in the country, income disclosed in IT returns by various category of taxpayers and number of PAN holders in the country for a chosen period of time.
 Tax-free bonds score in secondary market
By CA Mayank Jain
As interest rates are expected to move south, many savvy investors are buying tax-free bonds in the secondary market.
  Payment of interest on refund under section 244A of excess TDS deposited under section 195 of the Income tax Act, 1961
By CA Nilesh Sahu
The procedure for refund of tax deducted at source under section 195 of the Income tax Act, 1961, to the person deducting the tax is delineated in CBDT Circular No. 7/2007 dated 23.10.2007.
 Financial planning for FY17: PPF, insurance and early tax-saving moves a must
By CA Mayank Jain
Financial planning: It is advised to resolve setting aside a quarter of your income for investment from your monthly salary to generate wealth.
 Income Tax department likely to summon all Indians named in Panama Papers
By CA S K Verma
The income-tax department is likely to summon all those Indians whose names appeared in the Panama Papers and seek sworn declarations on whether they held any undisclosed offshore accounts, and the purpose if that is the case, said people dealing with the matter.
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Service Tax   RSS Feeds
 Frequently Asked Questions On Gst (Part-4)
By CA Ojas Aggarwal
Frequently Asked Questions (FAQs) on GST and their answers which would help the readers to know and understand about the concept and nuances of proposed Goods and Services Tax (GST) and its models.
 One held for service tax evasion
By CA Devender Singh
The Managing Director of a firm providing clearing and forwarding services, steamer agency services and custom house agency services has been arrested for service tax evasion of over ?1.38 crore,
 Payment of interest on refund under section 244A of excess TDS deposited under section 195 of the Income tax Act, 1961
By CA Manu T George
The procedure for refund of tax deducted at source under section 195 of the Income tax Act, 1961, to the person deducting the tax is delineated in CBDT Circular No. 7/2007 dated 23.10.2007.
 Service tax returns filing date extended to April 29
By CA Atul Gupta
The Centre has extended the due date for filing of service tax returns to April 29 from April 25 specified earlier.
 Frequently Asked Questions On GST (Part-3)
By CA Rashmi Sharma
Frequently Asked Questions (FAQs) on GST and their answers which would help the readers to know and understand about the concept and nuances of proposed Goods and Services Tax (GST) and its models.
 Is higher service tax leading to more cash with the public?
By CA Rashmi Sharma
One criticism of bankers and money market dealers of the Reserve Bank’s monetary policy conduct in the past year has been the rising liquidity deficit in the interbank market.
 New rule applies on service tax
By CA Andrew F Thomas
From the beginning of this month, services provided by a government or local authority to a business entity became liable to service tax, with some exemptions.
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Transfer Pricing   RSS Feeds
 Leveraging technology for transfer pricing
By CA S K Verma
The Indian Transfer Pricing (TP) scenario is ever evolving. The most recent being the proposal to introduce Country-by-Country (CbC) and Master File reporting requirements in the Union Budget, presented on February 29, 2016.
 Vodafone transfer pricing case: It has nothing to do with retrospective tax, says FM Jaitley
By CA Atul Gupta
Defending move to appeal against the Bombay High Court verdict in the Rs 8,500-crore Vodafone transfer pricing case, Finance Minister Arun Jaitley on Wednesday said the case had nothing to do with retrospective tax issue and no company is immune from paying taxes.
 Income Tax Department to challenge Bombay High Court verdict in Vodafone transfer pricing case
By CA Mayank Jain
In October 2015, the Bombay High Court had set aside an order of the Income Tax Appellate Tribunal (ITAT), which had ruled that the I-T Department had powers to raise tax demand on the company in the transfer pricing (TP) case.
  I-T Department to challenge Bombay HC verdict in Vodafone transfer pricing case
By CA Manu T George
Days after Vodafone approached the International Court of Justice seeking intervention in its Rs 20,000-crore retrospective tax case, the government has decided to appeal against the decision of the Bombay High Court in a separate case that went in favour of the company.
  I-T Department to challenge Bombay HC verdict in Vodafone transfer pricing case
By CA Devender Singh
Days after Vodafone approached the International Court of Justice seeking intervention in its Rs 20,000-crore retrospective tax case, the government has decided to appeal against the decision of the Bombay High Court in a separate case that went in favour of the company.
 Commission to extend state aid investigation into more transfer pricing agreements
By CA S K Verma
The European Commission is looking into advance pricing agreements (APAs) given to financing companies and other businesses to see if they constitute illegal state aid, the MNE Tax news site has reported. 07 Apr 2016
 I-T Department to challenge Bombay HC verdict in Vodafone transfer pricing case
By CA Ojas Aggarwal
Days after Vodafone approached the International Court of Justice seeking intervention in its Rs 20,000-crore retrospective tax case,
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Customs and Excise   RSS Feeds
  Foreign Exchange Management (Remittance of Assets) Regulations, 2016
By CA Atul Gupta
Attention of Authorised Dealers (ADs) is invited to (a) A.D. (M.A. Series) Circular No. 11 dated May 16, 2000
  Indian Revenue Service (Customs and Central Excise ) Group A Rules, 2016
By CA Manu T George
-In exercise of the powers conferred by the proviso to article 309 of the Constitution and in suppression of the Indian Revenue Service (Customs and Central Excise)
 Indian Revenue Service (Customs and Central Excise ) Group A Rules, 2016
By CA Atul Gupta
In exercise of the powers conferred by the proviso to article 309 of the Constitution and in suppression of the Indian Revenue Service (Customs and Central Excise)
 Imposition of Central Excise duty on jewellery Constitution of sub-committee of the High Level Committee
By CA Mayank Jain
In this regard, the time limit for taking central excise registration of an establishment by a jeweller is being extended up to 01.07.2016.
 Introduction of definition of e-commerce in foreign Trade Policy (2015-2020)
By CA S K Verma
In exercise of powers conferred by Section 5 of FT (D&R) Act 1992 read with paragraph 1.02 of the Foreign Trade Policy 2015-2020 as amended from time to time the Central Government here
 Rate of exchange of conversion of the foreign currency with effect from 8th April, 2016
By CA S K Verma
In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962),
 Classification of Micronutrients, Multi-micro nutrients, Plant Growth Regulators and Fertilizers
By CA Ojas Aggarwal
The issue of classification of micronutrients, multi-micro nutrients, plant growth regulators and fertilizers has remained a disputed area in Central Excise.
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Mergers and Acquisitions   RSS Feeds
 Accounts Receivable Mergers and Acquisitions Start Strong in 2016
By CA Andrew F Thomas
Mergers and acquisitions are going strong in the accounts receivable management industry after solid activity in the first quarter this year, according to ACA affiliate member company Corporate Advisory Solutions.
  India Inc is on a roll; registers eightfold rise in mergers and acquisitions in March
By CA Mayank Jain
The month of March saw a significant rise in the number and values of mergers and acquisitions done, with Corporate India striking deals worth $5.4 billion in one month alone.
 Japan Post Holdings chief says mergers and acquisitions a ‘powerful tool’
By CA Manu T George
Japan Post Holdings Co. President Masatsugu Nagato has said that mergers and acquisitions are “a very powerful management tool” for the postal service group.
 Protiviti to diversify into M&A advisory in India
By CA Mayank Jain
Global risk consulting firm Protiviti will diversify into mergers & acquisitions (M&A) advisory space in the Indian market, Subrata Bagchi, Senior Managing Director at its Indian unit, has said.
 India Inc is on a roll; registers eightfold rise in mergers and acquisitions in March
By CA Manu T George
The month of March saw a significant rise in the number and values of mergers and acquisitions done, with Corporate India striking deals worth $5.4 billion in one month alone.
  Mergers and Acquisitions Put Orgs at Greater Risk of Attack
By CA Atul Gupta
A company’s security infrastructure is more vulnerable during the Mergers and Acquisition (M&A) process, according to new research from Digital Shadows.
 Mergers and Acquisitions Put Orgs at Greater Risk of Attack
By CA Mayank Jain
A company’s security infrastructure is more vulnerable during the Mergers and Acquisition (M&A) process, according to new research from Digital Shadows.
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Indirect Tax   RSS Feeds
 Commencement of limitation for penalty proceedings under sections 271D and 271E of the Income-tax Act, 1961
By CA S K Verma
Commencement of limitation for penalty proceedings under sections 271D and 271E of the Income-tax Act, 1961
 Limitation for penalty proceedings under sections 271D and 271E of the Income tax Act, 1961
By CA Devender Singh
The issue whether the limitation for imposition of penalty under sections 271D and 271E of the Income tax Act, 1961,
 New tax on dividend triggers buyback offers
By CA Ojas Aggarwal
Buybacks are going to be in vogue in 2016 after the Centre slapped a 10 per cent tax on investors earning dividends above ?10 lakh.
  FinMin raises monetary limit for challenging tax cases
By CA Devender Singh
To reduce litigation, the Finance Ministry today raised the monetary limit for filing appeals in indirect tax cases to Rs 10 lakh in appellate tribunal, and Rs 15 lakh in High Courts.
 Choose the correct income tax return form
By CA Atul Gupta
Every year the government notifies the tax return forms applicable for the current assessment year.
 CBEC raises monetary limits for filing appeals in indirect tax cases
By CA Nilesh Sahu
The Central Board of Excise and Customs (CBEC) on Monday raised the monetary ceiling for filing appeals in indirect tax cases to `10 lakh in appellate tribunals and to `15 lakh in high courts, as it tries to manage litigation better and reduce disputes with businesses.
 There is need to provide FIIs with tax certainty
By CA S K Verma
Since early days of economic liberalisation, foreign institutional investors (FIIs) have always been an important class of investors in the Indian capital markets. Over the years, India has seen heightened investment activity
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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 CA Atul Gupta
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 CA Atul Gupta
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 CA Mayank Jain
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 CA Ojas Aggarwal
Toys, games and sports requisites; parts and accessories thereof
 Customs Tariff 2009-10 - PART-II - Chapter 94 - Furniture; bedding, mattresses, mattress supports
By CA Atul Gupta
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 CA Nilesh Sahu
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 CA Devender Singh
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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Finance Bills   RSS Feeds
 The Companies (Removal Of Difficulties) Seventh Order - dated 4th Sept 2014 New
By CA Manu T 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 CA Nilesh Sahu
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 CA Nilesh Sahu
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 CA Mayank Jain
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 CA Devender Singh
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 CA Manu T 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 CA Atul Gupta
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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