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News Headlines   RSS Feeds
 Six ways to get your tax returns verified electronically
By CA Mayank Jain
Several taxpayers who have already e-filed or will do so by the due date of July 31 will heave a sigh of relief. Congratulations on getting your taxes done in time! Now begins the wait for your tax refund.
 Companies (Share Capital and Debentures) Third Amendment Rules, 2016
By CA Andrew F Thomas
In exercise of the powers conferred by sub-sections (1) and(2)ofsection46goftheCompaniesAct,2013(18of2013)
  Central Board of Direct Taxes signs 7 advance pricing agreements to cut tax litigation
By CA S K Verma
In a move designed to reduce tax litigation, the Central Board of Direct Taxes (CBDT) on Monday signed seven more unilateral Advance Pricing Agreements (APAs) with Indian taxpayers.
 Exemptions Restored Retrospectively By Finance Act, 2016
By CA Atul Gupta
Finance Act, 2016 has inserted a new section 101 to provide for special retrospective exemption in certain cases relating to construction of canal, dam etc.
 New tax rule could destroy millions of high-paying jobs
By CA Ojas Aggarwal
For decades, policymakers in Washington have failed to keep our tax system competitive.
  Clarifications on the Income Declaration Scheme, 2016
By CA Andrew F Thomas
The Income Declaration Scheme, 2016 (hereinafter referred to as `the Scheme\') came into effect on 1st June, 2016.
 8 things to keep in mind while filing tax returns this year
By CA Manu T George
Some diligence and caution goes a long way while filing your income tax returns. Keeping in mind a few important things can make your tax filing a breeze. Here is a list of things to help you sail through -
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Continuing Prof. Edu.   RSS Feeds
  Discussions On Practical Aspects Of Section 195, Form 15ca And 15cb (Direct Taxes)
By CA Devender Singh
Place: BASAVANAGUDI CPE STUDY CIRCLE OF BANGALORE BRANCH OF SIRC OF ICAI Date: 22-07-2016 – To: 22-07-2016 CPE.Hrs.: 3
 Half Say Seminar on Indirect Tax (INDIRECT TAXES)
By CA S K Verma
Place: BASAVANAGUDI CPE STUDY CIRCLE OF BANGALORE BRANCH OF SIRC OF ICAI Date: 22-07-2016 – To: 22-07-2016 CPE.Hrs.: 3
  Significant accounting, auditing & tax-audit related updates relevant for financial statements closure (ACCOUNTING AND AUDITING)
By CA S K Verma
Place: Kharadi Magarpatta (Industry) CPE Study Circle for Members in Industry of ICAI Date: 15-07-2016 – To: 15-07-2016 CPE.Hrs.: 2
 Input tax credit and Cenvat -GST and current (INDIRECT TAXES)
By CA Ojas Aggarwal
Place: Prahladnagar CPE Study Circle for Members in Industry of ICAI Date: 15-07-2016 – To: 15-07-2016 CPE.Hrs.: 2
 Discussion on intricacies of upcoming GST Model and its variation from present VAT laws (TAXATION)
By CA Mayank Jain
Place: Bandra Kurla Complex-Oil & Gas CPE Study Circle for Members in Industry of ICAI Date: 14-07-2016 – To: 14-07-2016 CPE.Hrs.: 3
 Seminar on Taxation for Pharma Industries (TAXATION)
By CA Manu T George
Place: Hotel Marigold, Greenlands, Hyderabad Date: 14-07-2016 – To: 14-07-2016 CPE.Hrs.:
 Tax Clinic – Direct Taxes Equalisation levy & Direct Tax Dispute Resolution Scheme -2016 (DIRECT TAXES)
By CA Nilesh Sahu
Place: Bangalore Branch of SIRC of ICAI Date: 08-07-2016 – To: 08-07-2016 CPE.Hrs.: 2
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VAT (Value Added Tax)   RSS Feeds
 Gazette Notification of the Delhi Value Added Tax (Amendment) Act 2016
By CA Rashmi Sharma
BE it enacted by the Legislative Assembly of the National Capital Territory of Delhi in the Sixty- seventh year of the Republic of India as follows:-
 VAT refund in five months if AAP wins, says Kejriwal
By CA Ojas Aggarwal
Promising to clear the value-added-tax (VAT) refund backlog in five months if his Aam Aadmi Party (AAP) was voted to power in the state, Delhi chief minister Arvind Kejriwal has asked industrialists and traders to suggest other issues to include in the manifesto.
 Description of Goods/Items along with their Item codes
By CA Rashmi Sharma
The Government of National Capital Territory of Delhi vide Notification No. F.3(30)/Fin(Rev-I)/2015-16/dsvi/121 dated 12/04/2016 had notified rules for furnishing description of goods/items along with their item code in the formsDVAT-30, Dvat-31 and DVAT return Form 16 and its Annexures.
 Filing of returns through Digital Signatures - F3
By CA Nilesh Sahu
In exercise of the powers conferred on me under the fourth proviso to sub-rule (3) of rule 28 of the Delhi Value Added Tax Rules, 2005
 Sisodia launches helpline no. for aiding traders in VAT-related issues
By CA Mayank Jain
Deputy Chief Minister Manish Sisodia on Wednesday launched a helpline number to guide traders who are starting out new business and also assist other traders in filling up VAT-related forms.
 Appointment of Special Vigilance Commissioner and Addl.Commissioner, Value Added Tax
By CA Mayank Jain
In exercise of the powers conferred by clause (a) of sub- section (2) of section 66 of the Delhi Value Added Tax Act, 2004 (Delhi Act 3 of 2005), read with rule 47 of the Delhi Value Added Tax Rules, 2005,
 Govt may restore 'Lucky VAT' to boost revenue
By CA S K Verma
Taking a cue from the Aam Aadmi Party (AAP) government's initiative in New Delhi to provide incentives to customers who demand bills for purchases and thus pay value-added tax (VAT) promptly, the state government is mooting a lucky draw scheme where customers -who pay VAT for each and every purchase - will be properly rewarded.
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Markets   RSS Feeds
 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.
 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.
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General   RSS Feeds
 I-T department signs contract with L&T infotech to track tax evaders
By CA Rashmi Sharma
The income tax department is planning to launch an integrated platform to further strengthen its technology wherewithal to analyse the databases of IT returns, IT forms, TDS/TCS statements, Annual Information Return,
 Tax paid in black money scheme must be white
By CA Manu T George
tax payment for unaccounted assets declared under the black money scheme cannot be made out of any undisclosed income, making it clear that the money used to pay tax must be white.
 Tax department searches Indiabulls offices
By CA Rashmi Sharma
The income-tax department on Wednesday conducted searches on multiple offices of Indiabulls Group in connection with its probe against the firm on charges of alleged tax evasion.
 Govt may extend tax payment deadline for black money scheme
By CA Andrew F Thomas
The government may extend the deadline for payment of tax on black money disclosed during the one-time compliance window and has accepted the industry request for tax being paid in instalments.
 Government to use info collected under various pacts to identify suspected tax dodgers
By CA Devender Singh
The government is set to use the information collected under various international tax agreements to identify suspected tax dodgers and urge them to come clean through the ongoing black money scheme that expires on September 30.
 Tax department must trust assessees
By CA Mayank Jain
Making a case for increasing the taxpayer base, Finance Minister Arun Jaitley has said the government's intention is to keep taxation rate "moderate" and emphasised that tax department needs to start trusting the assessees.
 Extra tax mop-up will help government achieve its fiscal deficit target
By CA S K Verma
Implementing the Seventh Central Pay Commission's recommendations could make it difficult for the government to achieve its fiscal deficit target if revenue falls short of estimates, although the possibility of granting allowances from a later date gives it some wriggle room.
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Corporate Law   RSS Feeds
 India unveils first-ever comprehensive draft anti-human trafficking law
By CA Manu T George
Maneka Gandhi, Minister for Women and Child Development, unveiled a draft of the country’s first-ever comprehensive anti-human trafficking law, which would treat survivors as victims in need of assistance and protection rather than as criminals.
 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)
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Students   RSS Feeds
  Applicability of Standards/Guidance Notes/Legislative Amendments etc. for November, 2016 – Intermediate (IPC) Examination
By CA Andrew F Thomas
Applicability of the Companies Act, 2013 and other Legislative Amendments for Paper 1 and Paper 5 : The relevant notified Sections of the Companies Act, 2013
 CA Students participation in Institute Programmes for 5 hours
By CA Rashmi Sharma
The Council of the Institute has decided to implement a minimum of 5 hours (1 day) participation, in a year, w.e.f. 1st July, 2016 on recommendatory basis in various Institute’s programmes organized
 Applicability of Standards/Guidance Notes/Legislative Amendments etc. for November, 2016 – Intermediate (IPC) Examination
By CA Andrew F Thomas
The Negotiable Instruments (Amendment) Act, 2015:The Negotiable Instruments (Amendment) Act, 2015 received the assent of the president on 26th December, 2015
 Next batch of the Certificate Course on Valuation at Ahmedabad from 16th July, 2016
By CA Devender Singh
The Corporate Laws & Corporate Governance Committee of ICAI is starting next batch of the Certificate Course on Valuation at Ahmedabad from 16th July, 2016.
  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.
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New Forms   RSS Feeds
 Requirement of item wise details in Forms Annexure - 2A, Annexure - 2B, DVAT- 30 and DVAT 31
By CA Manu T George
Requirement of item wise details in Forms Annexure - 2A, Annexure - 2B, DVAT- 30 and DVAT 31
 Amendment of ANF 3C – Application for on line filing of Grant of Status Certificate
By CA S K Verma
In exercise of powers conferred under paragraph 2.04 of the Foreign Trade Policy 2015-20,
 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.
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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
 CONVOCATION - 2016
By CA Manu T George
In order to promote a sense of comradeship among members and for bringing them closer to the Institute, the Institute of Chartered Accountants of India (ICAI)
 Empanelment of Resource Persons for vetting the Background Material of Certificate courses of Committee on Financial Markets and Investors’ Protection
By CA Rashmi Sharma
Committee on Financial Markets and Investors’ Protection of ICAI has developed the comprehensive Background Material on Certificate courses i.e. Certificate course on Forex and Treasury Management ,
  Result of the Chartered Accountants Final Examination held in May 2016 and Common Proficiency Test (CPT) held in June 2016 declared.
By CA Nilesh Sahu
Result of the Chartered Accountants Final Examination held in May 2016 and Common Proficiency Test (CPT) held in June 2016 declared.
 Result of the Information Systems Audit [ISA] Assessment Test held on 25th June 2016 declared.
By CA Devender Singh
Result of the Information Systems Audit [ISA] Assessment Test held on 25th June 2016 declared.
 CPE Events 11th July - 16th July 2016
By CA Ojas Aggarwal
CPE Events 11th July - 16th July 2016
 Result of the Information Systems Audit [ISA] Assessment Test held on 25th June 2016 is likely to be declared on 18th July, 2016
By CA Manu T George
The result of the Information Systems Audit [ISA] Assessment Test held on 25th June 2016 is likely to be declared on 18th July, 2016 around 2.00 PM at the Institute’s office at New Delhi.
 Applicability of Income Computation and Disclosure Standards notified under section 145(2) of the Income-tax Act, 1961 from Assessment Year 2017-18.
By CA Andrew F Thomas
The Central Board of Direct Taxes has vide Press Release dated 6.07.2016 (For copy click here) clarified that the Income Computation & Disclosure Standards shall be applicable from 1.4.2016 i.e. previous year 2016-17
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From the Courts   RSS Feeds
 CIT vs. CitiBank N.A. (Supreme Court)
By CA S K Verma
Interest paid for broken period should not be considered as part of the purchase price, but should be allowed as revenue expenditure in the year of purchase of securities. American Express vs. CIT 258 ITR 601 (Bom) affirmed, Vijaya Bank 187 ITR 541 (SC) distinguished
 CIT vs. Shree Balaji Alloys (Supreme Court)
By CA Ojas Aggarwal
Subsidy by way of refund of excise duty and interest for setting up a new industrial undertaking is a capital receipt & not taxable as income. Alternatively, such receipts are "derived" from the industrial undertaking and are deductible u/s 80-IB
 R K P Company vs. ITO (ITAT Raipur)
By CA Atul Gupta
S. 40(a)(ia): When there are conflicting judgements of non-jurisdiction High Courts, the Tribunal is not permitted to choose based on its perception of what the correct law is because it will amount to sitting in judgement over the High Courts’ views.
 ACIT vs. Jindal Power Limited (ITAT Raipur)
By CA Mayank Jain
S. 37(1): Expenditure on Corporate Social Responsibility (CSR), though voluntary, is allowable as business expenditure. Explanation 2 to s. 37(1) inserted w.e.f. 01.04.2015 is not retrospective. It applies only to CSR expenditure referred to in s. 135 of the Companies Act and not to voluntary CSR expenditure
 Ls Cable & System Limited, Korea Vs. The Commissioner Of Income Tax – Ii & Anr.
By CA Manu T George
The challenge in these four petitions by L.S. Cable & System Ltd., Korea is to the common order dated 3rd August 2015 passed by the Authority for Advance Ruling (Income Tax), New Delhi (,,AAR) in AAR No. 1513 to 1516 of 2013 filed by the Petitioner.
 Jitendra Chandralal Navlani vs. UOI (Bombay High Court)
By CA Nilesh Sahu
S. 148 notice issued to, and reassessment order passed on, a non-existing entity is without jurisdiction. A writ petition can be entertained despite the presence of alternate remedy
 Technip Singapore Pte Ltd. Vs. Director Of Income Tax & Anr.
By CA Ojas Aggarwal
An order dated 15th February 2012 passed by the Authority for Advance Rulings
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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
  Basel III Framework on Liquidity Standards – Liquidity Coverage Ratio (LCR), Liquidity Risk Monitoring Tools and LCR Disclosure Standards
By CA Ojas Aggarwal
Please refer to our circulars DBOD.BP.BC.No.120/21.04.098/2013-14 dated June 9, 2014, DBR.BP.BC.No.52/21.04.098/2014-15 dated November 28, 2014
 Master Direction - Lending to Micro, Small & Medium Enterprises (MSME) Sector
By CA Atul Gupta
As you are aware, the Reserve Bank of India has, from time to time, issued a number of guidelines / instructions / circulars / directives to banks in the matters relating to lending to Micro, Small & Medium Enterprises Sector.
  Master Circular – Policy Guidelines on Issuance and Operation of Pre-paid Payment Instruments in India
By CA Atul Gupta
As you are aware, the Reserve Bank of India has, from time to time, issued a number of circulars containing policy guidelines on Issuance and Operation of Pre-paid Payment Instruments in India.
 Master Circular – Mobile Banking transactions in India – Operative Guidelines for Banks
By CA Mayank Jain
As you are aware, the Reserve Bank of India has, from time to time, issued a number of circulars containing guidelines on Mobile Banking.
 Master Circular - Credit facilities to Scheduled Castes (SCs) & Scheduled Tribes (STs)
By CA Nilesh Sahu
Please refer to the Master Circular FIDD.CO.GSSD.BC.No 06/09.09.01/2015-16 dated July 01, 2015 consolidating guidelines / Instructions / directions issued to banks with regard to providing credit facilities to Scheduled Castes
 Master Circular - Deendayal Antyodaya Yojana- National Urban Livelihoods Mission (DAY-NULM)
By CA Devender Singh
The Government of India, Ministry of Housing and Urban Poverty Alleviation (MoHUPA), restructured the existing Swarna Jayanti Shahari Rozgar Yojana (SJSRY)
 Amendment to Master Direction on KYC – Operationalisation of Central KYC Registry (CKYCR) and KYC norms for Foreign Portfolio Investors (FPIs)
By CA Devender Singh
In exercise of the powers conferred under Section 35A of the Banking Regulation Act, 1949, the Reserve Bank of India hereby directs that the Reserve Bank of India
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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
 Income tax dept charts plan to broaden national taxpayer base
By CA Ojas Aggarwal
India has drawn up a plan to widen its taxpayer base as the government aims to spend more to keep the economy buoyant.
 Sale of shares on which STT is payable is exempt from tax
By CA S K Verma
We understand that during FY16 you had only earned the LTCG of Rs.3.4 lakh from the sale of equity shares listed on a recognised stock exchange in India.
  Sale of Government of India Treasury Bills by Auction
By CA Manu T George
In supersession of Government notifications No. F.4(14)-W&M/86 dated 18th November, 1986; No. F.2(17)
 New tax treatment of sale of unlisted shares brings more certainty, less litigation
By CA Andrew F Thomas
As per Income Tax Law, Income earned from Sale of shares could be held as either Business Income or capital gains depending upon the facts of the case which had led to a lot of litigation over the years.
 Simpler tax laws, low rate can help get more people to pay up
By CA Rashmi Sharma
Much about taxes tend to be dismal. Data recently released by the Indian government shows hardly 1% of our population actually pays income tax.
 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.
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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
 Income Tax Appellate Tribunal KConstitution of Benches For the period from 18/07/2016 To 22/07/2016
By CA Nilesh Sahu
Income Tax Appellate Tribunal KConstitution of Benches For the period from 18/07/2016 To 22/07/2016
 Income Tax Appellate Tribunal, Mumbai Benches Mumbai Consolidated Cause list of SA /MA PRONOUNCEMENT For Friday 15/07/2016
By CA Nilesh Sahu
Income Tax Appellate Tribunal, Mumbai Benches Mumbai Consolidated Cause list of SA /MA PRONOUNCEMENT For Friday 15/07/2016
 Income Tax Appellate Tribunal, Kolkata Benches : Kolkata Consolidated list of orders ready for pronouncement on 14/07/2016
By CA Devender Singh
Income Tax Appellate Tribunal, Kolkata Benches : Kolkata Consolidated list of orders ready for pronouncement on 14/07/2016
 income Tax Appellate Tribunal, Pune Constitution of Benches From 11/07/2016 To 14/07/2016
By CA Rashmi Sharma
income Tax Appellate Tribunal, Pune Constitution of Benches From 11/07/2016 To 14/07/2016
 income Tax Appellate Tribunal, New Delhi Constitution of Benches From 18/07/2016 To 21/07/2016
By CA Andrew F Thomas
income Tax Appellate Tribunal, New Delhi Constitution of Benches From 18/07/2016 To 21/07/2016
 Income Tax Appellate Tribunal Pune Benches Pune Constitution for bench "A" For week ending 15/07/2016
By CA Andrew F Thomas
Income Tax Appellate Tribunal Pune Benches Pune Constitution for bench "A" For week ending 15/07/2016
 Income Tax Appellate Tribunal Chennai Benches Chennai Constitution for The Week From 11/07/2016 To 14/07/2016
By CA Nilesh Sahu
Income Tax Appellate Tribunal Chennai Benches Chennai Constitution for The Week From 11/07/2016 To 14/07/2016
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Placements & Empanelment   RSS Feeds
 New Opening Manager/sr Manager - Finance Business Process Expert
By CA Nilesh Sahu
Salary:INR 20,00,000 - 25,00,000 P.A, Functional Area:Accounts , Finance , Tax , Company Secretary , Audit,PG:CA
 New Opening Chartered Accountant - Team Lead/ Asst. Manager
By CA Atul Gupta
Salary:INR 5,00,000 - 10,00,000 P.A, Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:CA
 25 Opening Hiring Chartered Accountant / Company Secretary in Top MNC Firms.
By CA Mayank Jain
Salary:INR 5,00,000 - 13,00,000 P.A., Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:Any Postgraduate - Any Specialization, Post Graduation Not Required
 100 Opening Recruitment Drive Patahanam for Financial Analyst on 20th July 2016.
By CA Ojas Aggarwal
Salary:INR 3,50,000 - 8,00,000 P.A, Functional Area:Financial Services , Banking , Investments , Insurance, PG:M.A - Any Specialization, Any Specialization, M.Com - Commerce, Commerce,
 25 Opening Hiring Qualified Chartered Accountant (CA) / Company Secretary (cs).
By CA Atul Gupta
Salary:INR 5,00,000 - 13,00,000 P.A., Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:Any Postgraduate - Any Specialization, Post Graduation Not Required
  New Opening Hiring Chartered Accountant/ca-assistant Manager/sr Analyst.
By CA Nilesh Sahu
Salary:INR 4,25,000 - 9,25,000 P.A. Shift Allowance, Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:Any Postgraduate - Any Specialization, Post Graduation Not Required
 15 Opening Hiring Fully Qualified Chartered Accountant ( CA ) in Top MNC Firms.
By CA Devender Singh
Salary:INR 5,00,000 - 10,00,000 P.A., Functional Area:Accounts , Finance , Tax , Company Secretary , Audit,PG:CA,
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Direct Tax   RSS Feeds
 Reforming the Direct Tax Reforms in India
By CA Devender Singh
On April 29, 2016, India’s Income Tax Department released tax statistics after a gap of almost 16 years. Till 2000, the Tax Department used to publish All India Income Tax Statistics but the publication was discontinued for some unknown reason.
 CBDT signs 'Advance Pricing Agreements'
By CA Mayank Jain
The Central Board of Direct Taxes (CBDT) entered into seven Unilateral Advance Pricing Agreements (APAs) today with Indian taxpayers including a few agreements with a rollback provision.
 Companies (cost records and audit) Amendment Rules, 2016
By CA Manu T George
In exercise ofthe powers conferred by sub-sections (1) and(2) ofsection 469 and section 148 of the Companies Act, 2013
 Clarifications needed in Income tax Dispute Resolution Scheme, 2016
By CA Ojas Aggarwal
Pending tax disputes have been one of the major concerns of the government in recent times. The pendency of cases before various benches of Income Tax Appellate Tribunals ('ITAT') across India had crossed one lakh by the end of 2014.
 Are you reeling under tax burden? Here is what all you pay to govt
By CA Atul Gupta
Taxes are payments you make to the government. Or, as Benjamin Franklin said, taxes are the only certain thing in the world apart from death.
  CBDT to issue notification to ensure secrecy
By CA Manu T George
CBDT is likely to issue a fresh notification making it clear that information about those who declare their black money under the compliance window which ends on September 30 will be kept secret, a senior official said today.
 CBDT works hard to make income declaration scheme a big success
By CA Rashmi Sharma
The Central Board of Direct Taxes (CBDT) is taking the required steps to make the income declaration scheme (IDS) a huge success.
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Service Tax   RSS Feeds
  Finance Minister slipped on Service Tax
By CA Andrew F Thomas
Former Finance Minister and senior Congress leader P. Chidambaram has said that his successor Mr. Arun Jaitley “slipped” when he told Parliament on Tuesday that the Centre does not share Service Tax revenues with States.
 GST Bill: Congress retreats, tax reform comes closer to reality
By CA S K Verma
The Congress party on Friday indicated that it could support the crucial constitutional Bill for the goods and services tax (GST)
 When can service tax and VAT be levied on purchase of property
By CA Rashmi Sharma
Service tax and VAT are applicable, only on properties that are booked at under-construction stages. So, both these taxes cannot be levied on properties that are purchased, after the builder has obtained its completion certificate. Similarly, there is no service tax or VAT for completed properties that are purchased under resale.
 GST - Tax invoice, Debit Note and credit Note
By CA S K Verma
Invoice is a document which provides evidence as to existence of transaction of sale or purchase of goods or the agreement of supply.
 Private firm MD held for not depositing service tax of clients
By CA Atul Gupta
A city-based industrialist has been arrested for failing to deposit service tax collected from his clients to the government.
 Filing income tax returns: How to save yourself from from taxman
By CA Nilesh Sahu
A little diligence at the time of return filing goes a long way. Some extra caution while preparing your tax return can reduce your odds of receiving a tax notice significantly. Here are common errors people make in their tax returns:
 How will the GST impact your startup business
By CA Atul Gupta
The Good and Services Tax (GST) bill, introduced in the Lok Sabha in December, 2014, is expected to be finally passed in the upcoming monsoon session, to be held from July 18.
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Transfer Pricing   RSS Feeds
 New transfer pricing rules have implications for intellectual property valuation
By CA Andrew F Thomas
The Organization for Economic Co-operation and Development (OECD) and the G20 recently adopted a formal plan related to transfer pricing that has implications for valuations of intangible and intellectual property (IP).
 Cairn Energy retro tax case: Sad reality of doing business in India
By CA Nilesh Sahu
Enough has been written about the $5.6 billion tax-demand on Cairn Energy Plc to know how unfair it was. Not only because it was based on the retrospective tax brought in by the UPA,
  Companies face country-wise rules for transfer pricing
By CA S K Verma
Professionals obtaining any sum of money under a non-compete agreement will now be subject to tax with the government having plugged a loophole in the Budget.
 Transfer Pricing Documentation Requirements Introduced
By CA Mayank Jain
Belgium has introduced transfer pricing documentation requirements through a Program Law of 1 July 2016 which was published on Monday in the Belgian State Gazette.
 MNCs will have to disclose more about transfer pricing: KPMG's Sean Foley
By CA Atul Gupta
Nations that rely on income tax from multinational corporations (MNCs) have long been plagued by base erosion and profit shifting (BEPS).
 Japanese firms are worried over transfer pricing issues
By CA Atul Gupta
Kenji Hiramatsu, Ambassador of Japan to India, said Japanese firms are concerned with the Indian taxation regime as far as transfer pricing issues are concerned.
 MNCs will have to disclose more about transfer pricing
By CA Mayank Jain
Nations that rely on income tax from multinational corporations (MNCs) have long been plagued by base erosion and profit shifting (BEPS).
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Customs and Excise   RSS Feeds
 Rate of exchange of conversion of the foreign currency with effect from 7th July, 2016
By CA S K Verma
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 Excise and Customs No.87/2016-CUSTOMS (N.T.), dated 16th June, 2016,
 Common registration and return for First Stage Dealer and Importer
By CA Atul Gupta
Attention is invited to Notifications No. 30/2016-C.E.NT dated 28th June, 2016 by which it has been provided that an assessee who is registered as a First Stage Dealer shall be exempted from taking registration as an importer and vice-versa.
 Amendment to Notification No. 61/94-Customs
By CA Atul Gupta
In exercise of the powers conferred by clause (a) of sub-section (1) of section 7 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs,
 Mumbai airport Customs better than global counterparts
By CA Andrew F Thomas
A Finance Ministry-sponsored survey has revealed that 69 per cent respondents at the Mumbai airport Customs rated their experience as "better or somewhat better" than other international airports .
 Customs Cadet Corps set to spread wings
By CA Nilesh Sahu
Thousands of schoolchildren across the country will soon have a role to play in safeguarding the country’s economic frontiers, thanks to a novel initiative by the Cochin Customs House (CCH).
 Manner of payment of interest on warehoused goods
By CA Manu T George
Section 61 of the Customs Act, 1962 had been amended vide the Finance Act, 1994 whereby the interest payable with respect to warehoused goods was to be calculated with reference to the duty payable at the time of clearance of the goods from the warehouse.
 Security under section 59 (3) of the Customs Act
By CA Andrew F Thomas
Section 59 of the Customs Act, 1962 (as amended by Finance Act 2016) requires an importer of goods filing a bill of entry for warehousing to submit a Bond in a sum equal to thrice the amount of duty assessed on the goods to be warehoused.
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Mergers and Acquisitions   RSS Feeds
 Singapore snaps up 17 merger and acquisition deals in India
By CA Devender Singh
The big deals includes Government Investment Corporation’s (GIC) acquisition of stakes in Viviana Mall and Greenko Energy and Bandhan Bank.
 Significant rise in mergers and acquisitions in startup space with 48 deals in past three months
By CA S K Verma
Mergers and acquisitions have picked up significantly in the startup space with 48 deals in the past three months, according to Xeler8, a platform that tracks startup activity in the country.
 Why these global mergers and acquisitions fell apart
By CA Ojas Aggarwal
It has been four weeks since Microsoft announced its acquisition of LinkedIn for $26.2 billion.
 MTN Group has appointed a new deputy head of mergers and acquisitions, Kholekile Ndamase. Effective 10 September 2016, Ndamase joins MTN from Rand Merchant Bank – where he led the equity-based financing business. {ad} “In this role, he led a team of professionals who focussed on providing financing solutions for mergers and acquisitions-related transactions,” said MTN. “Kholekile brings extensive experience to the role, particularly in transaction origination, structuring, and execution. His knowledge and skills are essential to the attainment of MTN’s broader growth strategy, as we continue to focus our efforts on developing our participation in adjacent sectors,” said Executive Chairman Phuthuma Nhleko. {ad}
By CA Atul Gupta
MTN Group has appointed a new deputy head of mergers and acquisitions, Kholekile Ndamase.
 Innovative insurance solutions for today's mergers and acquisitions
By CA Manu T George
The year 2015 set a record for mergers and acquisitions (M&A) activity with more than $2.1 trillion in deals reported in the United States.
 Mergers and acquisition: Banking clean-up would throw up several opportunities
By CA Rashmi Sharma
The government recently completed two years in office and amid much fanfare, laid out its achievements on socio-economic indicators such as GDP growth,
 Plastics industry ripe for mergers and acquisitions
By CA Ojas Aggarwal
Custom injection molder and mold and automation manufacturer MGS Mfg. Group Inc. (Germantown, WI) is just the latest plastics company to be acquired by investment firms looking for strong manufacturers in this industry
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Indirect Tax   RSS Feeds
 Compulsory Manual Selection of Cases for Scrutiny During Financial Year 2016-17
By CA Ojas Aggarwal
In supersession of earlier Instructions on the above subject, the Board hereby lays down the following procedure and criteria for manual selection of returns/cases for compulsory scrutiny during the financial year 2016-2017
 CBDT signs 7 advance pricing agreements to cut tax litigation
By CA Manu T George
In a move designed to reduce tax litigation, the Central Board of Direct Taxes (CBDT) on Monday signed seven more unilateral Advance Pricing Agreements (APAs) with Indian taxpayers.
 Tax-friendly govt wants to help you settle disputes
By CA Mayank Jain
The income tax department will start settling pending tax disputes starting September.
 No tax waiver for revealing illegal assets
By CA Atul Gupta
Union finance minister Arun Jaitley has said that the central government's ambitious 'Income Declaration Scheme' (IDS) is for disclosure of unaccounted wealth and does not provide for waiver of tax or penalty amount.
 Raids on entry operators reveal new list of possible tax evaders
By CA Rashmi Sharma
The income tax department has prepared an integrated databank of suspected black money holders across the country who have taken the help of 'entry operators' to launder large amounts of unaccounted cash through banking channels over the past few years.
 Do you how to calculate tax on your interest income
By CA Nilesh Sahu
Interest earned above a certain limit attracts tax deduction on interest income, but many individuals are not sure how tax is treated or how their interest income is getting charged under tax.
 No indirect tax recovery during pendency of stay
By CA Manu T George
The Central Board of Excise & Customs (CBEC) has directed its field officials not to proceed with the recovery of a "confirmed" demand in relation to indirect taxes if the matter has been stayed, providing significant relief to industry.
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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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