Income-tax (14th Amendment) Rules, 2014 By CA Mayank Jain In exercise of the powers conferred by sub-chiuse (xiii) of dause (c) of sub-section (8) of section 35AD read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following mles further to amend the Income-tax Rules, 1962, namely
Income-tax (13th Amendment) Rules, 2014 By CA Andrew F Thomas In exercise of the powers conferred by section 295 read with sub-clauses (iiiab) and (iiiac) of clause (23C) of section 10of 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, namely:-
Advance tax payments indicate good quarter for banks By CA S K Verma Early indications emerging from advance tax payments for the December quarter suggest banks may have seen a strong quarter, possibly helped by treasury gains made on account of an increase in the value of their government bond holdings.
Practical Issues in VAT Audit By CA Devender Singh Place: Gandhi Nagar Club, #73,4th Main Road, Gandhi Nagar, Adyar, Chennai - 600 020 Tamil Nadu, India. ( Near Fortis Malar Hospital)
Date: 16th Dec, 2014 17:30 - 21:45
VAT on Market Price to Push LPG Cylinder Cost up by Rs 30 By CA Andrew F Thomas LPG consumers may have to shell out more money to buy cooking gas under the modified Direct Benefit Transfer for LPG (DBTL) as the state government now levies VAT on the market price of LPG cylinders as against the earlier practice of levying the tax on the subsidised price.
Odisha traders stop import of food items By CA Manu T George Protesting against high VAT rates, over 2,200 wholesale traders in Odisha have stopped importing pulses and wheat products from other states beginning Tuesday for an indefinite period.
GST still not in place, states dismantle VAT By CA Atul Gupta Even before a debate began on how exclusion of petroleum products and a high revenue neutral rate (RNR) among other regressive proposals could sully the image of the proposed Goods and Services Tax (GST),
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.
High customs duty hindering growth of Indian luxury market By CA S K Verma Renowned Switzerland-based luxury watchmaker Raymond Weil has plans for four more franchise showrooms in India over the next two years but hopes the Indian government will lower the high customs duty which is a high 49% at present.
Not the right time to bring back FBT, BCTT, say experts By CA Mayank Jain Reintroducing the fringe benefits tax (FBT) and banking cash transaction tax (BCTT), as recommended by the Parthasarathi Shome committee, could prove a good source of additional revenue for the government but might not go down well with individuals and companies, especially at a time when the economy is facing a slowdown.
Editorial: Widen the tax base By CA Manu T George While the nation’s attention is riveted on how state governments are causing the GST rate to spiral by not increasing the tax base sufficiently, the Tax Administration Reforms Commission (TARC) has said the same problem of the low base applies to direct taxes as well.
Why tax the notional rental income on rent deposit By CA Atul Gupta Indian tax laws have various provisions whereby certain notional items are deemed to be income for the purpose of taxation, though, in the normal sense, one may not regard these as incomes.
Extension of Company Law Settlement Scheme,2014 (CLSS-2014 By CA Nilesh Sahu In continuation to the Ministry's General Circular No.34/2014 dated l2.Oa.2OI4 arrd 4O/2O14 dated 15/1Ol2O14 on t}te subject cited above, tlis Ministry has, on consideration of requests received from various stakeholders,
Award of Financial Assistance to Students from Chartered Accountants Students Benevolent Fund for the year 2014 By CA S K Verma The Board of Trustees of The Chartered Accountants Students Benevolent Fund has decided to grant financial assistance to 300 students, who are currently undergoing articled training in accordance with The Chartered Accountants Regulations, 1988 and are poor, needy but meritorious to pursue the Chartered Accountancy Course, @ Rs. 1000/- p.m. for one year with effect from 1st April, 2014 to 31st March, 2015 to be paid in lump sum, subject to filing of required application.
The reconciliation return in CST Form 9 By CA Mayank Jain The reconciliation return in CST Form 9 relating to receipt of declarations/
certificates for a year has been notified vide Notification No.F.3(27)/Fin(Rev-I)/2013- 14/dsVI/292 dated 05/03/2014.
India has potential to export services of internal auditing By CA Mayank Jain India has the potential to become the international back office of internal audit services by meeting the demands of multinational companies, said Hal Garyn, vice-president, professional practices at the Institute of Internal Auditors (IIA), a global professional grouping.
Tax authorities say Uber liable for service tax By CA Mayank Jain Uber, the taxi app that became popular in India by offering luxury car rides for a little more than the regular fare, could run into trouble with India's service tax authorities in the first such inquiry against a foreign service provider in the ecommerce space.
ICAI takes action against statutory auditors By CA Rashmi Sharma Nearly six years after the Satyam Computer Services fraud rocked the corporate world, the Institue of Chartered Accountants of India has found the statutory auditors including audit incharge(s), the then CFO and head of internal audit department of the company guilty of professional misconduct.
Splitting up of rebate claims to avoid pre-audit-reg. By CA Rashmi Sharma Instances have been brought to the notice of the Board where the assesses have submitted rebate claims by splitting up the amounts of rebate claims so as to keep each individual claim below Rs. 5 lakhs to avoid pre-audit.
Fund managers to wait tilll next Budget for tax clarity By CA Nilesh Sahu The wait for foreign fund managers' with permanent establishment in India to get tax relief on their global income may get longer as the Income Tax department will make the necessary amendments only in the next Budget.
At realty fair, luxury shares space with budget housing By CA Ojas Aggarwal The 10th edition of Gujarat Institute of Housing and Estate Developers (GIHED) property festival began on Friday with 600 residential and commercial properties on display at Gujarat University convention centre.
Five reasons why FIIs are low on Budget, high on D-Street By CA Andrew F Thomas The Government of India presented its first Union Budget 2014 last week under the administration of Prime Minister Narendra Modi, which left most of foreign institutional investors (FIIs) longing for more from Arun Jaitley.
India moves closer to a nationwide sales tax By CA Rashmi Sharma India's plans to rationalise state and central indirect taxes into a harmonised goods and service tax (GST) took a step closer to reality after New Delhi struck a deal with recalcitrant states, two government sources told Reuters.
India moves closer to nationwide sales tax By CA Manu T George India's plans to rationalise state and federal indirect taxes into a harmonised goods and service tax (GST) took a step closer to reality after New Delhi struck a deal with recalcitrant states, two government sources told Reuters.
States set to reveal their mind on petroleum GST By CA Atul Gupta Finance minister Arun Jaitley will meet state finance ministers on Thursday to discuss a draft Constitution Amendment Bill for the proposed goods and service tax (GST) that seeks to redefine the taxation rights of the union and state governments.
Part of CST compensation likely before Budget By CA Mayank Jain The Centre is planning to give “a portion” of the central sales tax (CST) compensation to states before the upcoming Budget, even as it gears up to introduce the Constitution (Amendment) Bill, 2014, for implementing the proposed goods and services tax (GST) in the ongoing Winter session.
Traders urged to pay sales tax By CA Andrew F Thomas K. Sridhar, Deputy Commissioner of Commercial Taxes Department on Tuesday urged traders to promptly pay sales tax to the Government.
Tax efficient investment tools for retirees By CA Nilesh Sahu An elderly person who has just retired from active work has lived a life fulfilling various obligations. From his tax obligations to obligations towards his or her family, co-workers and life in general, retirement is the time to live a peaceful and content life.
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
Handy tips to minimise your tax liabilities By CA Devender Singh It is often observed in case of salaried tax payers that there is a tax liability that one needs to pay and this is known only while filing the IT return. In case of salaried individuals, the most common reasons are as below:
CBDT chief to keep exclusive charge of Income Tax investigations By CA Atul Gupta A major reshuffle has been effected in the CBDT, with the board's Chairperson Anita Kapur deciding to assume exclusive charge of Income-Tax department investigations in order to personally spearhead ongoing probes into cases of tax evasion and blackmoney.
Two-day seminar on direct taxes held By CA S K Verma The Siliguri Branch of The Institute of Chartered Accountants of India organized a two-day seminar on Direct Taxes for Chartered Accountants on December 13 and 14
Women break the glass ceiling in CBDT By CA Ojas Aggarwal With the Appointments Committee approving the appointment of four new members in the Central Board of Direct Taxes (CBDT)—including two lady officers—women have a fair representation in the six-membered apex body mandated to guide and decide on direct tax collection matters.
Govt appoints four new Members in CBDT By CA Andrew F Thomas Government today appointed four senior IRS officers, including two women officials, as the new Members of the Central Board of Direct Taxes (CBDT) -- the apex authority of the Income Tax department.
Vijay Mallya seeks exemption from court appearance in service tax dues case By CA Atul Gupta Kingfisher Airlines chairperson and managing director Vijay Mallya has sought exemption from appearance before a magistrate in Mumbai in connection with a cheating case filed by the service tax commissioner against the airline for failing to pay Rs 33 crore, due since 2011, to the central government.
Good Serviceable Tax By CA Mayank Jain The Central government must address five challenges if its April 1, 2016, deadline for rolling out the GST is to be met.
Vodafone transfer pricing case: Final order likely tomorrow By CA Devender Singh The heated debate between Vodafone India and the Income Tax Department on the Rs 8500 crore transfer pricing case will be put to rest as The Income Tax Appellate Tribunal or ITAT’s is expected to pronounce its final order on the case tomorrow.
Mergers and acquisitions: Creating the perfect formula for business success By CA Andrew F Thomas Once confirmed, a merger or acquisition (M&A) is one of the most complicated situations a business can find itself facing. Everyone within the two companies is affected: processes change, corporate structures are analysed, people transfer departments or choose to leave all together, commercial objectives shift, and company cultures suddenly collide.
Make in India needs a tax boost By CA Nilesh Sahu With an agenda to boost the manufacturing sector, the Prime Minister has appealed to companies around the world to “come and make in India.” Various reforms are being looked at by the government in order to make this vision come true—reforms in labour laws,
Tax shortfall may dash grand budget hopes By CA Manu T George Fiscal deficit target challenging as only half the indirect tax collection aim met in April-November; govt banks on divestment and cut in food and oil expenditure to bridge the gap
Income Tax notice to state MPs on tax evasion By CA Devender Singh The Income Tax department has started sending out notices to the MPs from Kerala directing them to pay the tax for the donations they had collected in their personal capacity and deposited in their accounts.
Centre Approves Tax Centre Contract Extension to Infosys By CA Atul Gupta The Government on Wednesday approved the revised project cost and extension of contract for the Centralized Processing Centre of the Income Tax Department at Bengaluru to Infosys by two years up to September 2017.