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News Headlines   RSS Feeds
 List of key changes in ITR forms 1 and 2 for FY19
By CA Rashmi Sharma
The income tax department has already notified the income tax return (ITR) for the financial year 2019. These are different from the previous year's return forms.
 2 Accounting methods to calculate income tax
By CA Manu T George
The income Tax Act permits two methods of accounting, mercantile system of accounting and cash system of accounting.
 5 lesser known tax saving options that can maximise your earnings
By CA S K Verma
Here is a list of five little-known tax-saving options that employees can avail of in order to save taxes. Salaried individuals and taxes don’t always go hand-in-hand. But, it’s important for employees to understand that if they are feeling the tax burden, there are multiple ways to maximise their earnings by reducing their taxable salary.
 Here's what the changes in Form 16 will mean for you
By CA Rashmi Sharma
Now Form 16 will carry each and every detail and amount of exemption on allowances claimed by an employee. Therefore, this increases disclosures of salaried taxpayers Form 16 is a certificate from your employer that has details of salary paid to you and TDS (tax deducted at source) on it. When it comes to ITR filing, Form 16 is perhaps, the most basic and important document for salaried taxpayers.
 Your guide to filing income tax returns this year
By CA Andrew F Thomas
With the new financial year comes a new income tax return (ITR) form too. The income tax (I-T) department has said that the new ITR-1 and ITR-4 forms for Assessment Year 2019-20 are available for e-filing on the website. Every year, the tax department makes changes in the ITR form. This year is no different.
 Income Tax rules for new financial year
By CA S K Verma
The interim Budget introduced certain key changes in the tax rules for the financial year 2019-20. These changes came into effect from April 1, 2019.
 How to claim income tax refunds in 2019 in India
By CA Atul Gupta
The Income Tax Department issues income tax refunds to the individuals who have filed excess returns over the income tax liability in a particular financial year or an assessment year.
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Continuing Prof. Edu.   RSS Feeds
  Start up Taxation ( Angel Tax) & Registration thereof 2) Notice u/s 148 and how to cope with them and recent judicial pronouncement
By CA Andrew F Thomas
Place: South Delhi CA Study Circle of NIRC Date: 23-04-2019 – To: 23-04-2019 CPE.Hrs.: 4
  Practical Issues in GST Audit, Annual Return and Impact of Latest GST Changes on Real Estate Sector
By CA Nilesh Sahu
Place: Rohini CPE Study Circle of NIRC Date: 26-04-2019 – To: 26-04-2019 CPE.Hrs.: 4
 Start up Taxation ( Angel Tax) & Registration thereof 2) Notice u/s 148 and how to cope with them and recent judicial pronouncement
By CA Atul Gupta
Place: South Delhi CA Study Circle of NIRC Date: 23-04-2019 – To: 23-04-2019 CPE.Hrs.: 4
  Seminar on Practical Aspects of GSTR-9
By CA Mayank Jain
Place: Mayur Vihar CPE Study Circle of NIRC Date: 28-04-2019 – To: 28-04-2019 CPE.Hrs.: 4
  Income Tax & IND AS
By CA Rashmi Sharma
Place: Panipat Branch Of NIRC Date: 20-04-2019 – To: 20-04-2019 CPE.Hrs.: 4
 Income Tax & IND AS
By CA Rashmi Sharma
Place: Panipat Branch Of NIRC Date: 20-04-2019 – To: 20-04-2019 CPE.Hrs.: 4
  GST Audit & Related Updates
By CA Andrew F Thomas
Place: Rajiv Chowk CPE Study Circle of NIRC Date: 20-04-2019 – To: 20-04-2019 CPE.Hrs.: 3
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GST - Goods and Services Tax   RSS Feeds
 GST rate cuts now benefitting consumers more than before
By CA Ojas Aggarwal
Consumers are of the view that they are benefitting from the Goods and Services Tax (GST) rate cuts now more than before as businesses and traders increasingly lower prices to the extent of the reduced tax rates, an online survey of 16,000 people has found.
 Need to make additional GST payment? Here’s how to go about it
By CA Ojas Aggarwal
Payment using DRC 03 can either be voluntarily by the taxpayer when he or she discovers the shortfall, or it can be when the taxman issues a SCN.
 A single-rate GST is neither doable nor desirable in India
By CA Mayank Jain
A progressive goods and services tax (GST) regime, even if slightly more complex, is what an unequal country like India should have
 Ten updates you will find in ITR forms for AY2019-20
By CA Mayank Jain
The income-tax department has notified new income-tax return (ITR) forms for assessment year (AY) 2019-20. Like the previous year, there are seven ITR forms this year too. In fact, ITR-1 and ITR-4 for AY 2019-20 are already available on the income- tax department’s e-filing portal. Other ITR forms are expected to be made available shortly.
 Key aspects to keep in mind when filing your annual GST Return
By CA Manu T George
The last date to file the first ever GST Annual return is fast approaching and there are certain things that every taxpayer needs to keep in mind.
 Builders facing tough choice in GST rates for ongoing realty projects
By CA Devender Singh
More time must be given to choose the rates and settle issues, say experts Builders and home buyers are trying to understand the best deal for them under the new Goods and Services Tax (GST) rates for ongoing projects and it seems to be turning into a double-edged sword for some.
 CBIC extends Due Date for Forms GSTR-1 and GSTR-7
By CA Mayank Jain
The Central Board of Indirect Taxes and Customs ( CBIC ) has extended due dates for Form GSTR-1 and GSTR-7 to April 13 and April 12, 2019, respectively.
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Markets   RSS Feeds
 FM calms nerves, says no plan to tax market gains
By CA S K Verma
In a bid to calm frayed nerves of stock market players, Finance Minister Arun Jaitley on Sunday clarified the government has no intention to impose a tax on long-term capital gains from trading in shares.
 Why we must tweak the market-led model
By CA Ojas Aggarwal
ACCORDING to the latest report by the New World Wealth, after Russia, India is the second most unequal nation in the world as 54 per cent of its wealth is in the hands of millionaires.
 PE transactions prompt income tax queries over round tripping concerns
By CA Atul Gupta
Domestic companies raising private equity funding in the near term are likely to face increased scrutiny from tax sleuths looking for instances of round tripping.
 Amended India-Mauritius tax treaty only covers investments in shares
By CA Andrew F Thomas
The revamped India-Mauritius tax treaty will apply to only investments in shares and not to other instruments, details of the agreement released by Port Louis showed.
 Government drops cap gains tax on startup shares held for 2 years
By CA Nilesh Sahu
In a fresh boost to startups, the government on Thursday inserted an amendment to the Finance Bill to provide for capital gains tax exemption if shares of an unlisted company were held for more than two years.
 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.
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General   RSS Feeds
 Tax exemption on capital gains: Check all the options
By CA Mayank Jain
The benefit of exemption spans across varied capital gains arising on transfer of any long-term capital asset. Taxpayers can reap the benefit of tax exemption on capital gains if these are invested in various schemes introduced by the government.
 Profit attribution to PE: CBDT invites public comments on report
By CA Devender Singh
The Central Board of Direct Taxes (CBDT) has invited stakeholders’ comments on a draft committee report on attribution of profits in case of a permanent establishment (PE).
 To widen tax base, govt may tweak foreign taxation rules
By CA S K Verma
India is set to revamp its foreign taxation norms in the upcoming direct tax code to widen its corporate tax base and prevent other nations from taking a bigger chunk of profits their multinational companies earn in India.
 Income tax returns (ITR): Staying on rent? You need PAN of your landlord or else you will suffer losses
By CA Manu T George
Under section 10(13A) of Income Tax Act, a deduction is permissible for house rent allowances (HRA). However, not all amounts are tax exempted from this allowance.
 These five mobile apps can help you complete your tax obligation
By CA Mayank Jain
Income Tax Return filing online 2019-20: The new financial year has just started and soon you will be required to file your income tax return.
 Sold listed shares in physical form in FY 2018-19? You might end up paying higher taxes
By CA Manu T George
If you sold listed shares in physical form during FY2018-19 in order to beat the SEBI deadline of March 31 for transfer of physical shares, then you may have to pay higher tax on any capital gains from these shares as compared to what you would have paid if you had dematerialised them and then sold them.
 Get ready to file more details in new ITR forms
By CA Mayank Jain
The disclosure requirement in the income tax return (ITR) forms have been rising in recent years as the income-tax (I-T) department has been using technology extensively to track tax evasion and process returns. But this year, the number of changes made to the ITR forms notified for the assessment year (AY) 2019-20 is probably the highest in the recent time.
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Corporate Law   RSS Feeds
  GST & Companies Act way Forward
By CA Mayank Jain
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 CA Manu T 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 CA Manu T 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.
 Govt panel may recommend dropping dividend distribution tax in new direct tax law
By CA Rashmi Sharma
The tax law panel is considering reverting to the classical method of taxing dividend in the hands of the shareholders Members of the task force set up to draft a new direct tax legislation may favour abolishing dividend distribution tax (DDT), according to a report by The Times of India.
 Law Commission proposes to abolish it Tax saving tool HUF may cease to exist
By CA Atul Gupta
The concept of Hindu Undivided Family (HUF) may cease to exist if the proposals of a recently released consultation paper on Reform of Family Law by the law commission are accepted.
 Residential status rules are different for exchange control, income tax laws NRI taxation
By CA Nilesh Sahu
The rules for determination of residential status under the exchange control law are different from those under the income tax law.
 Recent advance rulings under the GST Law
By CA Andrew F Thomas
The Authority for Advance Ruling (AAR) constituted under the Goods and Services Tax (GST) Law has recently pronounced advance rulings clarifying certain positions on the applicability of GST on supply of goods from retail outlets in international airports,
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Students   RSS Feeds
 Next Batch of Educational Course by ICAI Registered Valuers Organsiation (ICAI RVO) at Hyderabad, from 04th May to 26th May, 2019
By CA Andrew F Thomas
The ICAI Registered Valuers Organsiation (ICAI RVO) is conducting batch of Educational Course for taking IBBI Registered Valuers Examination for Securities or Financial assets class at Hyderabad from 04th May to 26th May, 2019 on the following dates:
 Examination of Certificate Course on Forex and Treasury Management-Forthcoming Exam centers at Ahmedabad, Bangalore ,Chennai, Hyderabad, Mumbai & Noida on 18th & 19th May 2019
By CA Rashmi Sharma
Kind attention to the members registered for the Certificate Course on Forex and Treasury Management is invited to the next examination of the Course which will be held on 18th and 19th May 2019 (Saturday and Sunday) as per the detail given below
 Certificate Course on Forex and Treasury Management - Forthcoming Batches at Noida, Mumbai & Bengaluru
By CA Mayank Jain
Sealed tenders in prescribed format are invited for Engagement of Internal Auditors for The Orissa Minerals Development Company Ltd. for the Financial Year 2019-20.
 Registration for Practical Training Assessment Test
By CA Mayank Jain
The next practical training assessment test is being scheduled on April 21, 2019. The students who have completed their 1st/ 2nd year of practical training during April, 2018 - June, 2019 are eligible to appear in this test.
 Next Batch of Educational Course by ICAI Registered Valuers Organisation (ICAI RVO) at Jaipur from 20th April, 2019 to 12th May , 2019.
By CA Manu T George
The ICAI Registered Valuers Organsiation (ICAI RVO) is conducting batch of Educational Course for taking IBBI Registered Valuers Examination for Securities or Financial assets class at Jaipur Branch of CIRC, from 20th April to 12th May, 2019 on the following
 Extension of attempt for Practical Training Assessment for students who have completed their first/ second year of training during April-June, 2018.
By CA Mayank Jain
The students who have completed their 1st/ 2nd year of practical training during the second quarter of 2018, i.e. April-June, 2018 were eligible to appear in the practical training assessment till March, 2019.
 Important Announcement - CA Examinations May, 2019
By CA Ojas Aggarwal
In pursuance of Regulation 22 of the Chartered Accountants Regulations, 1988, the Council of the Institute of Chartered Accountants of India is pleased to announce that the next Chartered Accountants Foundation Course
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New Forms   RSS Feeds
 Amendment of Form No. 16 and Form No. 24Q
By CA Manu T 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 CA Mayank Jain
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 CA Atul Gupta
Candidates are advised to carefully read, understand and follow the instructions while filling in the Form and retain the same for future reference
 Form 60 can help you Don’t have PAN and need to do these important transactions?
By CA Ojas Aggarwal
As per the Income Tax Act, PAN is necessary to be quoted in various documents or transactions. However, in certain cases Form No 60 can also be used. Here's all you need to know.
 Income Tax: No provisions in I-T Act for revision in Form 15H, 15G
By CA Ojas Aggarwal
The different types of ITR forms released are based on various sources of income earned. I submitted Form 15H in the bank in April 2018 by mistake. The bank is saying it is unable to reverse/delete Form 15H from my account. How can I rectify the mistake?
 Penalty on late filing of ITR and other tax changes effective from Apr 1
By CA Nilesh Sahu
Several major income tax changes will come into effect from the start of the new financial year, i.e., April 1, 2018. These include penalty on late filing of income tax returns (ITR),
 How to view, download your Form 26AS and why it is important
By CA Andrew F Thomas
Form 26AS, also known as Annual Statement, is a document that provides details of TDS, refunds associated with a PAN in a particular financial year
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ICAI   RSS Feeds
 Register for Exclusive Fourth Weekend Batch of Spanish Language (60 Hours) for ICAI Members and Students at New Delhi - Organized by Committee for Export of CA Services & WTO w.e.f. 4th May, 2019
By CA Mayank Jain
The Institute of Chartered Accountants of India (ICAI), through its Committee for Export of CA Services & WTO had made a tie up through Instituto Cervantes, Spanish Embassy Cultural Centre, to promote Spanish language amongst its members and students in order to overcome language barriers abroad. The fourth weekend batch of the Spanish language course (level A1.1 for 60 hours) is starting from 4th May, 2019 at New Delhi.
 ANNOUNCEMENT - For Kind Attention of Members, Firms & Students
By CA Nilesh Sahu
The Institute of Chartered Accountants of India has been continuously evolving ways to automate and re-engineer processes in order to make transactions easier and user friendly.
 FAQs on UDIN for GST & Tax Audit
By CA Ojas Aggarwal
Institute of Chartered Accountants of India's 379th Council Meeting held on 17th and 18th December, 2018 made UDIN mandatory for all Tax Audit Reports issued under IT Act, 1961 and GST Audit Reports issued under CGST Act, 2017 with effect from 1st April, 2019.
 Announcement regarding extending the last date of comments on revised Guidance Note on, 'Accounting of Political Parties'
By CA Rashmi Sharma
ICAI had issued an Exposure Draft of revised Guidance Note on, ’Accounting of Political Parties’, for public comments to be received not later than April 6, 2019, which was hosted on the website of the ICAI.
 Launch of Batch of Educational Course by ICAI Registered Valuers Organsiation (ICAI RVO) at Rohtak from 20th April to 12th May, 2019.
By CA Andrew F Thomas
The ICAI Registered Valuers Organsiation (ICAI RVO) is conducting batch of Educational Course for taking IBBI Registered Valuers Examination for Securities or Financial assets class at Rohtak from 20th April to 12th May, 2019 on the following dates:
 Four Weeks Residential Programme to be held from 12th July, 2019 to 7th August, 2019 at Centre of Excellence, Jaipur for Men Participants only.
 Next Batch of Educational Course by ICAI Registered Valuers Organsiation (ICAI RVO) at ICAI Bhawan, Sector- 62, Noida from 27th April to 19th May, 2019
By CA Nilesh Sahu
The ICAI Registered Valuers Organsiation (ICAI RVO) is conducting batch of Educational Course for taking IBBI Registered Valuers Examination for Securities or Financial assets class at ICAI Bhawan, Sector- 62, Noida from 27th April to 19th May, 2019
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From the Courts   RSS Feeds
 PCIT vs. A. A. Estate Pvt. Ltd (Supreme Court)
By CA Manu T George
S. 260A: There is a distinction between questions proposed by the appellant for admission of the appeal (u/s 260­A(2)(c)) and the questions framed by the Court (u/s 260­A(3)). Section 143(3),Section 153A of the Income Tax Act, Section 148 of the Act ,Section 260­A of the Act., Section 260­A(3) of the Act Sub­ section (5)
 Shyamsunder Rao Gone, Manchiryal, ADILABAD Income Tax Officer, Ward-17(3), HYDERABAD
By CA Rashmi Sharma
Brief facts of the case are that the assessee filed his return of income for the AY. 2012-13,Section 2(22)(e) of the Act, Section 2(22)(e) of LT. Act 1961,
 Shri Nikhil Agarwal, 9/49, 2nd Floor, Punjabi Bagh West, New Delhi. vs. The Income Tax Officer, Ward-71(2), New Delhi.
By CA Andrew F Thomas
This appeal by Assessee has been directed against the Order of the Ld. CIT(A)-21, New Delhi, Dated 25.04.2016, for the A.Y. 2012-2013.
 Dharampal Satyapal Ltd, 1711, S. P. Mukherjee Marg, Delhi vs. DCIT, Central Circle-29, New Delhi
By CA Nilesh Sahu
These are four cross appeals filed by assessing Officer i.e. Deputy Commissioner of Income tax, Central Circle ­ 4, New Delhi [Ld AO] and assessee, M/S Dharampal Styapal Limited for two assessment years i.e. AY 2010-11
 Shri Manik Singh, S/o Dr. Meharban Singh, A-47, Sector 31, NOIDA. vs. Dy.C.I.T., Circle-2, Noida.
By CA Devender Singh
This is an appeal filed by the assessee against the order of Learned CIT(A) dated 31/05/2018. In this appeal the assessee has raised the following grounds:
 Sushila Khandelwal B-88, First Floor Sarvodaya Enclave, New Delhi 110017 vs. Income Tax Officer Ward – 32 (3) New Delhi
By CA S K Verma
This appeal by the assessee is preferred against the order of the Commissioner of Income Tax [Appeals]-11, New Delhi, dated 10.09.2018 for Assessment Year 2010-11.
 Shri A.K. Aggarwal, H.No.1711, Sector-9 vs. The ACIT, Circle Karnal. Haryana.
By CA Rashmi Sharma
Office reported that both the appeals are time barred by 07 days which fact is intimated to the assessee. The assessee did not make any application for condonation of delay.
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Auditing   RSS Feeds
 Auditors barred from putting a value on companies they are auditing
By CA S K Verma
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 CA Devender Singh
Standard on Internal Audit (SIA) 18, Related Parties
 Standard on Internal Audit (SIA) 17, Consideration of Laws and Regulations in an Internal Audit
By CA S K Verma
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 CA Ojas Aggarwal
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 CA Atul Gupta
Standard on Internal Audit (SIA) 14, Internal Audit in an Information Technology Environment
 Standard on Internal Audit (SIA) 13, Enterprise Risk Management
By CA Mayank Jain
Standard on Internal Audit (SIA) 13, Enterprise Risk Management
 Standard on Internal Audit (SIA) 12, Internal Control Evaluation
By CA Manu T George
Standard on Internal Audit (SIA) 12, Internal Control Evaluation
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Latest Circulars   RSS Feeds
 Auction of Government of India Dated Securities April 22, 2019
By CA Devender Singh
The auction be yield based (for new securities) and price based (for other securities), using multiple price method for both. The Reserve Bank of India at Mumbai will conduct the auctions.
 Auction for Sale (Issue/re-issue) of Government Stock (GS) April 22, 2019
By CA S K Verma
Subject to the limit of ₹17000 Cr, being total notified amount, GoI will have the option to retain additional subscription up to ₹1000 Cr each against any one or more of the above securities. The sale will be subject to the terms and conditions spelt out in this notification (called ‘Specific Notification’).
  RBI releases draft “Enabling Framework for Regulatory Sandbox”
By CA Manu T George
In view of the growing significance of FinTech innovations and their interface with the financial sector as well as financial sector entities, the Financial Stability and Development Council - Sub Committee had decided to set up a Working Group (WG), to look into and report on the granular aspects of FinTech and its implications, so as to review and reorient appropriately the regulatory framework and respond to the dynamics of the rapidly evolving FinTech scenario.
 RBI-Minutes of the Monetary Policy Committee Meeting April 2-4, 2019
By CA Rashmi Sharma
The sixteenth meeting of the Monetary Policy Committee (MPC), constituted under section 45ZB of the Reserve Bank of India Act, 1934, was held from April 2 to 4, 2019 at the Reserve Bank of India, Mumbai.
 RBI releases draft “Enabling Framework for Regulatory Sandbox”
By CA Manu T George
In view of the growing significance of FinTech innovations and their interface with the financial sector as well as financial sector entities, the Financial Stability and Development Council - Sub Committee had decided to set up a Working Group (WG), to look into and report on the granular aspects of FinTech and its implications, so as to review and reorient appropriately the regulatory framework and respond to the dynamics of the rapidly evolving FinTech scenario.
 Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 (AACS) –The City Co-operative Bank Ltd., Mumbai, Maharashtra-Extension of period
By CA Andrew F Thomas
The City Co-operative Bank Ltd., Mumbai was placed under directions vide directive dated April 17, 2018 from the close of business on April 17, 2018 for a period of six months. The validity of the above directions were extended from time to time last being vide Directive dated October 15, 2018 up to April 17, 2019.
 RBI-Conversion of Government of India (GoI)’s Securities
By CA Nilesh Sahu
The Government of India announces the conversion of its securities through auction for an aggregate amount of ₹2,000 crore (face value). The security-wise details of the conversion are given as under
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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
 ITAT slams Tax Dept for Negligence in Maintaining Records, says Assessee can’t be Penalized for such Mistakes
By CA Ojas Aggarwal
While granting section 12A registration to a Trust, the Pune bench of the Income Tax Appellate Tribunal ( ITAT ) has criticized the income tax department for its negligence in keeping records.
 Monetary limits for filing/withdrawal of Wealth Tax appeals by the Department before ITAT, HCs and SLPs/appeals before SC through extending the scope of Circular 3 of 2018 -Measures for reducing litigation.?
By CA Devender Singh
Reference is invited to Board's Circular No. 3 of 2018 dated 11.07.2018 (hereinafter, referred to as "the Circular") vide which monetary limits for filing of income tax appeals by the Department before Income Tax Appellate Tribunal, High Courts and SLPs/ appeals before Supreme Court were specified.
 Income Tax Appellate Tribunal, Hyderabad Benches, Hyderabad. Cause List Of Cases Posted Before A-Bench ( Db & Smc ) 14.01.2019 To 18.01.2019
By CA Rashmi Sharma
Income Tax Appellate Tribunal, Hyderabad Benches, Hyderabad. Cause List Of Cases Posted Before A-Bench ( Db & Smc ) 14.01.2019 To 18.01.2019
 Income Tax Appellate Tribunal, Mumbai Benches, Mumbai Consolidated Cause List Of Sal Ma/ Pronouncement For Friday 18.01.2019
By CA Andrew F Thomas
Income Tax Appellate Tribunal, Mumbai Benches, Mumbai Consolidated Cause List Of Sal Ma/ Pronouncement For Friday 18.01.2019
 Income Tax Appellate Tribunal : Kolkata Benches : Kolkata. Sub : Cause List For The Cases Fixed On Friday The 11/01/2019
By CA Manu T George
Income Tax Appellate Tribunal : Kolkata Benches : Kolkata. Sub : Cause List For The Cases Fixed On Friday The 11/01/2019
 Income Tax Appellate Tribunamumbai Benchemumbai Consolidated Cause List Of SA/ Maj Pronouncement For Friday 11.01.2019
By CA Rashmi Sharma
Income Tax Appellate Tribunamumbai Benchemumbai Consolidated Cause List Of SA/ Maj Pronouncement For Friday 11.01.2019
 Income Tax Appellate Tribunal: Chandigarh Benches: Chandigarh Revised Constitution Of Chandigarh Benches From: 17'12.2018 To 21.12.2018 & 24.12.2018 To 28.12.2018,
By CA Andrew F Thomas
Income Tax Appellate Tribunal: Chandigarh Benches: Chandigarh Revised Constitution Of Chandigarh Benches From: 17'12.2018 To 21.12.2018 & 24.12.2018 To 28.12.2018,
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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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Placements & Empanelment   RSS Feeds
 30 LPA-Opening Sr. Manager Finance And Accounts - FMCG / Consumer Durable Industry
By CA S K Verma
Salary: INR 25,00,000 - 30,00,000 P.A., Functional Area: Accounts, Finance, Tax, Company Secretary, Audit,PG - CA
 30 LPA-OPening Chartered Accountant, Finance
By CA Ojas Aggarwal
Salary: INR 22,50,000 - 30,00,000 P.A. Food + Accomodation, Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:CA, MBA/PGDM
 55 LPA-Opening Group Internal Auditor
By CA Devender Singh
Salary: INR 45,00,000 - 55,00,000 P.A., Functional Area:Accounts , Finance , Tax , Company Secretary , Audit,
 19 LPA-Opening Chartered Accountant
By CA S K Verma
Salary: INR 12,00,000 - 19,00,000 P.A., Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:CA
 20 LPA-Opening Chartered Accountant- Factory Accounting- Textile Group
By CA Ojas Aggarwal
Salary: INR 12,00,000 - 20,00,000 P.A., Functional Area:Accounts , Finance , Tax , Company Secretary , Audit
 70 LPA-Opening Head - Finance & Accounts
By CA Atul Gupta
Salary: INR 50,00,000 - 70,00,000 P.A., Functional Area:Accounts , Finance , Tax , Company Secretary , Audit
 25 LPA-Opening Manager Internal Audit
By CA Andrew F Thomas
Salary: INR 20,00,000 - 25,00,000 P.A., Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:CA
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Direct Tax   RSS Feeds
 No need to file income tax return if buying property or selling without capital gains
By CA Atul Gupta
Should I file income tax return (ITR) if I purchase of property for above Rs 30 lakh; sell a property without any capital gain and give gifts to relatives?
 Key changes in ITR-1 and ITR-2 forms for FY 2018-19 that you need to know
By CA Andrew F Thomas
The income tax return (ITR) forms for FY 2018-19 notified by the government are different from those used to file the previous year's returns. Some of the changes in the forms have been done in keeping with the changes in income tax laws made in Budget 2018 for FY 2018-19 and onwards.
 Circular trading & GST evasion charges: Taxman may have to review arrest strategy
By CA Nilesh Sahu
The indirect tax department that had arrested many promoters for circular trading and escaping goods and services tax may have to rethink its strategy after the Mumbai High Court granted bail to many of them.
 CBDT's taxation proposal to hit loss-making foreign companies: Experts
By CA Devender Singh
According to proposals for companies with global losses or global profit margin of less than 2 per cent, the Indian profits would be deemed to be 2 per cent of the revenue or turnover
 CBDT notifies changes in Form 16
By CA Nilesh Sahu
The Central Board of Direct Taxes (CBDT) has notified changes in Form 16, the certificate issued by employers for tax deducted at source (TDS) for salaried employees, seeking disclosure of more details, especially about exempt allowances.
 Investors panic as Income Tax seeks details from unlisted companies
By CA Ojas Aggarwal
A Mumbai-based investor who has stakes in a few startups and unlisted companies is seeking to exit the investments in the next few months. Another person, who had invested in a Kolkata-based company a few years ago and is on its board, is in an advanced stage of selling his shares.
 All India ITR launches guidelines to assist companies in Filing e-Form Active
By CA Manu T George
The new financial year has already started and if you are looking to change your company's address, it is important to know about e-Form Active. Tax consultancy firm, All India ITR has launched guidelines to assist companies in filing e-Form Active. All India ITR helps clients to fill e-Form Active. The e-Form Active must be filed by every company registered on or before 31st December 2017.
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Tenders   RSS Feeds
 Housing And Urban Development Corporation Limited, Jammu And Kashmir
By CA Mayank Jain
Housing and Urban Development Corporation Ltd. (HUDCO), a premier techno financing institution under the Ministry of Housing and Urban Affairs, Govt. of India is engaged in providing long term loans for financing of Housing and Urban Infrastructure Projects.
 Bharat Sanchar Nigam Limited, Haryana
By CA Andrew F Thomas
For participating in e-Tendering process bidder shall access e-Bid document uploaded on the e tender portal and pay requisite tender processing fee as defined for the tender by e-tender service provider. The Price of bid document along with GST
 Bharat Dynamics Limited (BDL),Hyderabad
By CA Nilesh Sahu
Applicants are requested to submit their proposals in a sealed cover with EOI reference and should reach DGM(CC), Bharat Dynamics Limited, Corporate Office, TSFC Building, Gachibowli, Financial District, Hyderabad-500032 on or before the due date & time.
 Indian Institute Of Management, Ranchi, Jharkhand
By CA Mayank Jain
The Director, Indian Institute of Management Ranchi (IIM Ranchi) invites tender (quotes) through electronic form (e-tender) for engagement of C&AG approved Chartered Accountant firm to be engaged in Tax Consultancy service for Indian Taxation matters (Direct and Indirect Tax), as per the details, terms and conditions of this tender document.
  Indian Institute of Petrolium, Uttaranchal
By CA Devender Singh
Director CSIR IIP Dehradun desires to hire the services of Dehradun based qualified Chartered Accountant/firms to assist in disposing of its liabilities relating to Income Tax/Goods and services Tax for two years starting May 2019.
  Indian Institute Of Management, Kolkata, West Bengal
By CA S K Verma
Sealed tenders are invited under two bid system (i.e. Technical & Financial) by the Indian Institute of Management, Calcutta (IIMC) for engagement of Internal Auditor initially for the Financial Year 2019-20
 Rashtriya Ispat Nigam Limited, Kolkata, West Bengal
By CA Manu T George
Tender Document for engagement of Internal Auditors for The Orissa Minerals Development Company Ltd. for the Financial Year 2019-20
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Transfer Pricing   RSS Feeds
 MNCs now won't have to file CbC report in Indiaa
By CA Ojas Aggarwal
Indian arms of US MNCs will not have to file country by country or CbC report here. India has finalized bilateral competent authority arrangement for exchange of CbC reports with US.
 Citing Supreme Court’s Vodafone order, Bombay HC rejects transfer pricing adjustment
By CA Ojas Aggarwal
Relying on the Supreme Court’s verdict in the Vodafone case related to transfer pricing adjustment (TPA), the Bombay High Court upheld the Income Tax Appellate Tribunal (ITAT) ruling that had struck down the adjustments made by the taxman on an Indian company for buying shares in a fully-owned Dubai-based subsidiary on its capital account.
 General Insurance Corporation Of India, Mumbai, Maharashtra
By CA Ojas Aggarwal
This E-Tender document is not an agreement or offer by General Insurance Corporation of India (hereinafter to be referred as GIC Re) to the prospective Bidders or any other party. The purpose of this E-Tender document is to provide interested parties with information to assist the formulation of their Bid.
 Air India Limited, Multi Location, Multi State
By CA Atul Gupta
The information contained in this TENDER or subsequently provided to bidder(s) whether verbally or in documentary or in any other form or on behalf of Air India, is provided to the bidder(s) on the terms and conditions set out in this TENDER and such other terms and conditions subject to which such information is provided.
  Edcil India Limited, New Delhi
By CA Manu T George
Appointment of Chartered Accountant Firm / Practicing Chartered Accountant to undertake work of Internal Audit for its Corporate Office at Noida and its Branch offices at Barakhamba Rd. New Delhi.
 Edcil India Limited, New Delhi
By CA Rashmi Sharma
Appointment of Chartered Accountant Firm / Practicing Chartered Accountant to undertake work of Internal Audit for its Corporate Office at Noida and its Branch offices at Barakhamba Rd. New Delhi.
 Indian tax authority sets new CbC reporting deadline for US subsidiaries
By CA Andrew F Thomas
In India, the 2016 Finance Act introduced a three-tiered transfer pricing documentation regime with a view to aligning the Indian transfer pricing documentation rules with Action 13 of the OECD’s base erosion and profit shifting (BEPS) project.
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Customs and Excise   RSS Feeds
 Notification No.05/2019 - Customs (N.T.) Central Board Of Indirect Taxes And Customs
By CA Manu T George
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.02/2019
 Notification No. 03/2019-Customs (ADD) Ministry of Finance
By CA Nilesh Sahu
Whereas, in the matter of import of ,,Jute Products namely, Jute Yarn/Twine (multiple folded/cabled and single), Hessian fabric, and Jute sacking bags (hereinafter referred to as the subject goods) falling under Tariff Headings 5307, 5310, 5607 or 6305 of the First Schedule to the Customs Tariff Act, 1975
 Notification No.3/2019 - Customs Central Board Of Indirect Taxes And Customs
By CA Manu T George
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 amendments in the Notification of the Central Board of Indirect Taxes and Customs No.2/2019-CUSTOMS (N.T.), dated 3rd January, 2019
 Notification No. 79/2018 – Central Board of Indirect Taxes and Customs
By CA Ojas Aggarwal
In exercise of the powers conferred by sub-section (1) of section 5 of the Central Goods and Services Tax Act, 2017 (12 of 2017)
 Clarification with respect to amendments to Customs and Central Excise notifications
By CA Andrew F Thomas
EOU/EHTP/STP/BTP schemes are governed by Chapter 6 of Foreign Trade Policy (FTP), duly supported by the relevant Customs and Central Excise otifications. These notifications have now been amended in order to align them with the present Foreign Trade Policy (FTP), 2015-2020,
 Procedure for disposal of un-claimed/un-cleared cargo under section 48 of the Customs Act, 1962, lying with the custodians
By CA Nilesh Sahu
Despite the issuance of many circulars, the feedback relating to disposal of unclaimed/uncleared cargo at all Customs locations has not been fully satisfactory.
 Notification No. 95/2018-CUSTOMS (N.T.)
By CA Ojas Aggarwal
In exercise of the powers conferred by sub-section (2) of section 75 of the Customs Act, 1962 (52 of 1962) and sub-section (2) of section 37 of the Central Excise Act, 1944 (1 of 1944), read with rules 3 and 4 of the Customs and Central Excise Duties Drawback Rules, 2017
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Mergers and Acquisitions   RSS Feeds
 Deals of the day-Mergers and acquisitions April 18, 2019
By CA Rashmi Sharma
Kenya’s biggest lender by assets KCB Group has offered to buy 100 percent of National Bank of Kenya through a share swap consisting of one KCB share for every 10 of National, KCB said in a letter to National Bank on Thursday.
 Deals of the day-Mergers and acquisitions April 17, 2019
By CA Manu T George
Reliance Industries Ltd is in talks to buy British toy store chain Hamleys, business news website Moneycontrol reported citing multiple sources, as the Indian conglomerate seeks to expand its footprint in the consumer space.
 What landscaping companies need to know about mergers and acquisitions
By CA Andrew F Thomas
Mergers and acquisitions may sound like a practice that only occurs among mega-corporations buying other well-known brands, but it is something that landscape company owners should consider as a viable option when developing their exit strategies.
 When it comes to mergers, IIM-B study finds corporate India prefers caste over profit
By CA Nilesh Sahu
Considering a sample of twelve hundred M&A deals during 2000-2017, the paper titled Firms of a Feather Merge Together: Cultural Proximity and Firms Outcome, found that caste plays a significant role in sealing business deals, at the cost of a profitable outcome.
 M&A deals in India decline 16.9% to $25.8 billion in Q1, says report
By CA Nilesh Sahu
Mergers & acquisitions (M&A) touched $25.8 billion in the first quarter of 2019, a 16.9 per cent fall compared to a strong start in the first quarter of 2018, ­­­but still elevated compared to historical levels.
 Banking consolidation kicks in, more mergers & acquisitions in FY20
By CA Devender Singh
After years of hand-wringing, the great Indian banking consolidation kicked off in FY19 and experts predict there would be more action during the current financial year.
 How Dena Bank, Vijaya Bank customers will benefit from their banks' merger with Bank of Baroda
By CA Devender Singh
Combined entity has a network of close to 9500 branches, approximately 13000 ATMs across India. (Vijaya Bank - ATMs approx 2000 & Branches approx 2050 , Dena Bank - ATMs approx 1500 & branches approx 1850) .
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Indirect Tax   RSS Feeds
 How much tax do you need to pay for your equity investments?
By CA Atul Gupta
Among different types of assets, be they financial or physical, equity investments have given the highest returns over the long term. This is the reason why equity assets form a large part of most investors’ portfolios.
 Income Tax Department proposes new norms for taxing MNCs in India
By CA Atul Gupta
The income tax department on Thursday proposed change in the methodology for taxing multinational companies (MNCs), including digital firms, having permanent establishment in India by giving weightage to factors like domestic sales, employee strength, assets and user base.
 Can you claim tax benefit for tax paid on insurance premium? a
By CA Manu T George
Section 80C and 80D of Income-tax Act entitles specified taxpayers to claim deductions for the entire amount paid to the insurance company for specified insurance schemes.
 Top 30 Income Tax Judgments in 2018
By CA Andrew F Thomas
The year 2018 has been a very significant one to the taxation regime due to some important reforms in the laws and procedures. The contribution of the judiciary including the Supreme Court and various High Courts and Tribunals cannot be ignored. Some of the significant tax judgments delivered by the Indian judiciary in this year have been enlisted below.
 Urban Development and Housing Department, Chakradharpur, Jharkhand
By CA Devender Singh
Though adequate care has been taken while issuing this RFP, the applicant Chartered Accountant/ Cost Accountant Firm should satisfy himself that the document is complete in all respects. Intimation of any discrepancy shall be given to this office (as mentioned below) immediately.
 National Rural Health Mission, Faridabad - Haryana
By CA S K Verma
The Civil Surgeon Gurugram shall have the authority to cancel the tender process if does not find a suitable tender.
  Govt fails to release exporters’ pending sales tax refund claims
By CA Ojas Aggarwal
Billions of rupees of exporters in DDT and DLTL has been stuck up with the government causing great sufferings to the already burdened exporters who are now at a loss to understand how to make both ends meet and such an alarming situation will ruin the export business of the Value Added Textile Exporters.
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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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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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