Cairn's retro tax case unlikely to be referred to CBDT panel By CA Devender Singh Cairn Energy, which has withdrawn its petition challenging the validity of the 2012 retrospective amendment to the Income Tax Act, might not be able to approach the high-level committee of the Central Board of Direct Taxes (CBDT) to be set up for scrutinising all “fresh cases” arising out of change in the law.
A S Durga Prasad elected new ICAI Presiden By CA Ojas Aggarwal A S Durga Prasad has been elected as the new President of the Institute of Cost Accountants of India (ICAI). The members elected P V Bhattad as Vice President of the apex body of cost accountants. Both have been elected for 2014-15 year.
CRET Questionnaire By CA Mayank Jain ICAI conducts periodic review of the system of Education and Training so that it is responsive to changing environment both at national and international levels.
BUDGET ANALYSIS-DIRECT AND INDIRECT TAX By CA Manu T George Place: AUDITORIUM, LUCKNOW BRANCH OF CIRC OF ICAI, ICAI BHAWAN, JAGRITI, INSTITUTIONAL AREA, VIKAS KHAND 1 GOMTI NAGAR
Date: 26th Jul, 2014 11:00 - 17:30
Govt to hold VAT panchayat next month By CA Ojas Aggarwal With a view to addressing problems facing the entrepreneurs and traders in the state, a VAT panchayat under the leadership of CM Jitan Ram Manjhi will be organized here next month, according to a press note issued by Bihar Chamber of Commerce and Industries (Bon Saturday.
Traders unhappy with VAT on raw spices By CA Manu T George By imposing 5% VAT on raw spices, state government has worried spice traders, who will hold a meeting on Thursday to discuss their strategy to protest against VAT on raw spices. They claimed that the government's decision will push prices further up.
VAT certificates of 43 traders cancelled By CA Andrew F Thomas The Delhi government's value added tax (VAT) department has cancelled registration certificates of 43 traders who had evaded paying VAT amounting to crores of rupees in the past one year.
VAT collection drive against hospitals unfair' By CA Ojas Aggarwal The Association of Healthcare Providers in India (AHPI) has sought the state government's intervention to stop the recent drive launched by the commercial tax department to collect VAT for medicines and implants provided to patients admitted in hospitals.
Demand for tax-free bonds rises in the money market By CA Andrew F Thomas Tax-free bonds are the latest fad in the money markets, especially after the government did away with fresh issues in the current financial year that started on April 1, limiting supplies of such securities.
Reconcile tax anomalies to boost the debt market By CA S K Verma The Narendra Modi-led Government should come up with a detailed medium-to-long term policy to remove “tax anomalies” that hinder the growth of the Indian debt markets, said SEBI Chairman, U K Sinha.
Market may open higher on firm Asian stocks By CA Ojas Aggarwal The market may open higher on firm Asian stocks. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could gain 10 points at the opening bell.
Sensex gains 161 points on good buying By CA Atul Gupta The BSE Sensex on Monday continued to gain on the back of short covering amid volatility with buying in frontline shares of oil & gas, health care, realty, consumer durable and teck counters in late morning trade.
Markets may not gain sharply despite friendly Budget 2013 By CA Manu T George Ever since returning as the Finance Minister, P Chidambaram has been instrumental in introducing a slew of reform measures to perk up a sluggish economy. A fiscally prudent and balanced budget is what the markets are expecting from the Finance Minister.
Industry against mandatory deposit clause in tax disputes By CA S K Verma The Budget has proposed to make it mandatory for an indirect tax assessee will have to deposit a sum while he files an appeal before the commissioner (appeals) or the appellate tribunal, infuriating a section of business.
Retro tax panel to set norms to filter out ‘untenable’ demands By CA Devender Singh The high-level panel to be set up to review fresh retrospective tax cases will give instructions to the assessing officers (AOs) to avoid far-fetched and unsustainable tax demands even if it amounts to restricting the statutory authority of these quasi-judicial officers in taking up such cases.
Finance minister asks tax officials to collect more By CA Ojas Aggarwal Finance Minister Arun Jaitley on Monday asked the income tax department to beat the Budget Estimate of Rs 7,36,221 crore for direct tax collections and focus on unearthing black money not just abroad but also within the country.
Changes in mutual funds' tax laws show poor understanding By CA Nilesh Sahu The finance minister has clarified in the Parliament that the new tax measures on non-equity funds will not apply to capital gains arising out of redemptions made before July 10, the day he presented the Budget in the Parliament.
Draft Regulatory Bill may be taken up in winter session By CA Mayank Jain The government is set to revive an initiative of its predecessor to make regulators of key sectors such as power, telecommunications and railways accountable to Parliament, a move that is expected to boost private investment in infrastructure.
Big telcos won’t benefit much from spectrum sharing rules By CA S K Verma The spectrum crunch faced by mega operators like Bharti Airtel, Vodafone and Idea Cellular, especially with regard to 3G services, won’t be resolved by the spectrum sharing guidelines released by the Telecom Regulatory Authority of India (Trai) on Monday, although these are liberal and more helpful than those proposed by the department of telecommunications.
National Convention for CA Students at Jaipur on June 26-27, 2014. By CA Manu T George Students are invited to contribute papers for presentation (1500 to 2000 words) for topics in Technical -Sessions and submit for approval a soft copy of the Paper at Jaipur@icai.in by 7th June 2014 and a hard copy of the same along with tudent's Photograph
National Convention for CA Students at Indore on July 12-13, 2014. By CA Nilesh Sahu Students are invited to contribute papers for presentation (1500-2000 words) for topics in technical session and submit for approval a soft copy of the paper at email@example.com with a copy to firstname.lastname@example.org by 30th June, 14 and a hard copy of the same along with student's photograph
National Convention for CA Students at Kolkata on July 26-27, 2014. By CA Devender Singh Outstation students shall confirm their participation by 26th June, 14 for making accommodation arrangements accordingly. They should send their payment in Demand Draft along with duly filled-in delegate registration form. Delegate fee can be paid in cash
ICAI Exams 2014 clash with Mumbai University M.Com exam dates By CA S K Verma Around four papers of Mumbai University's M.Com semester examinations are clashing with the Chartered Accountants (CA) exam. The CA exams that start next week are clashing with the CA finals (Group I) on May 26 and 28, the day on which students need to appear for their Semester II papers.
ICAI S. Vaidyanath Aiyar Memorial Fund Scholarships 2014 By CA Rashmi Sharma The Institute of Chartered Accountants of India (ICAI), New Delhi has invited applications for scholarships to students who are undergoing articled training in accordance with The Chartered Accountants Regulations, 1988
Extension of time-limit for filing of ITR-V Forms. By CA Nilesh Sahu The Central Board of Direct Taxes has extended the time-limit for filing ITR-V Forms for Assessment Years 2009-10, 2010-11 and 2011-12 till 31.03.2014 for returns e-filed with refund claims within the time allowed under section 139 of the Act.
Discoms not cooperating with CAG in auditing" By CA Manu T George Contrary to the claims of three private discoms, the Delhi government today told the high court that these firms have not been cooperating with the Comptroller and Auditor General in auditing of their accounts.
Need to bring tech innovations for safer auditing: Experts By CA Rashmi Sharma With online technology gaining momentum and companies getting exposed to the risk of financial frauds, the internal auditors expressed need to bring new innovations in auditing technology that will arm the auditors at keeping fraudsters at bay.
Budget 2014 raises income tax exemption limit By CA Mayank Jain The National Democratic Alliance government on Thursday readied the ground for the last and final leg of tax reforms by committing to speed up the implementation of the goods and services tax and promising a fresh look of the direct taxes code, although it stopped short of giving a deadline for this.
Tax dept may grandfather debt MF transactions carried out before Budget By CA Nilesh Sahu The finance ministry might look at grandfathering debt mutual fund transactions carried out before the Budget so that taxpayers don't have to pay tax retrospectively. The Central Board of Direct Taxes (CBDT) may issue clarifications in this regard, said a senior finance ministry.
Odisha seeks Centre's nod to re-introduce Central Sales Tax By CA S K Verma Odisha government today said it had sought permission from the Centre to re-introduce Central Sales Tax at the rate of 4 per cent as the state was denied the adequate compensation for reducing the CST to 2 per cent since 2008.
Extension of excise duty cut drives auto sales By CA Mayank Jain Improved sentiments, aided by an excise duty cut extension, fuelled sales of passenger cars in June, according to industry body Society of Indian Automobile Manufacturers (SIAM).
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
56 Opening Chartered Accountant ( CA ) - Finance By CA Ojas Aggarwal Salary:INR 1,75,000 - 4,00,000 P.A Farea: Accounts, Finance, Tax, Company Secretary, Audit Education: UG - Any Graduate - Any Specialization, Graduation Not Required PG - Any Postgraduate - Any Specialization,
43 Urgent Opening for Banking Operations By CA Mayank Jain Salary:INR 2,00,000 - 4,25,000 P.A Farea: Accounts, Finance, Tax, Company Secretary, Audit Education: UG - Any Graduate - Any Specialization, Graduation Not Required PG - Any Postgraduate - Any Specialization,
10 Opening Finance & Accounting By CA S K Verma Salary:INR 90,000 - 1,75,000 P.A. Farea: Accounts, Finance, Tax, Company Secretary, Audit Education: UG - B.Com - Commerce, B.B.A - Management, B.Sc - Maths, BCA - Computers
Chowdary tipped to be new CBDT chief By CA Rashmi Sharma Senior IRS officer K V Chowdary is tipped to be the new Chairman of the Central Board of Direct Taxes (CBDT), the apex authority of the Income Tax Department.
Direct tax revenue may exceed target, says FM By CA Ojas Aggarwal Finance minister Arun Jaitley on Monday said direct tax revenue collections would not only meet the R7.36 lakh crore target set for this fiscal, but also be exceeded.
It is difficult to meet indirect tax target' By CA Andrew F Thomas The government on Tuesday acknowledged that achieving the budgetary target for indirect taxes would be challenging this year but hoped a number of measures announced to perk up manufacturing and infrastructure sectors would help economic growth and tax buoyancy.
Service tax removal on MRO activity sought By CA Mayank Jain The ministry of civil aviation has requested the ministry of finance to remove service tax on aircraft MRO (maintenance, repair and overhaul) activities in an effort to facilitate the growth of the industry.
GST to be major milestone for tax reform, govt revenue By CA S K Verma Implementation of the long-pending Goods and Services Tax (GST) will be a a key milestone for the economic reform process as it would improve tax administration and increase the resource raising potentials of the state governments, the survey said.
Tax Pros Have High Hopes for IRS Transfer Pricing Audit Tool By CA Atul Gupta Many senior US tax professionals believe that a streamlined audit process will be the top benefit resulting from the IRS Transfer Pricing Audit Roadmap, a new toolkit organized around a notional 24-month audit timeline, according to the results of a new survey from Big Four firm KPMG LLP.
New panel will review all transfer pricing cases By CA Ojas Aggarwal At a post-Budget press conference, Finance Secretary Arvind Mayaram, Revenue Secretary Shaktikanta Das, Expenditure Secretary Ratan Watal, Disinvestment Secretary Ravi Mathur and Financial Services Secretary G S Sandhu speak on a variety of issues: Edited excerpts:
Service tax to outstrip excise, customs kitty By CA Nilesh Sahu In a first, service tax collection is projected to exceed customs and excise duties. The projected service tax collection for 2014-15 is Rs 2,15,973 crore compared to customs duty collection of Rs 2,01,819 crore and central excise of Rs 2,06,356 crore.
Sanjeev Lal vs. CIT (Supreme Court) By CA Ojas Aggarwal S. 2(47)/ 54: If an agreement to sell is entered into within the prescribed period, there is a transfer of some rights in favour of the vendee. Fact that sale deed could not be executed within the time limit owing to supervening problem is not a bar for s. 54 exemption
Tax implication of mergers and acquisitions By CA Devender Singh Merger is defined as ‘‘any amalgamation of the undertakings or any part of the undertakings or interest of two or more companies or the undertakings or part of the undertakings of one or more companies
Mergers & Acquisitions At 7-Year High By CA S K Verma Investor support for large acquisitions and a desire to trump rivals in consolidating markets have led chief executives to strike big transactions so far in 2014, raising year-to-date global deal volumes to their highest level in seven years.
How beneficial are mergers for shareholders By CA Atul Gupta If there's a quick way to expand a company's scale of operations, widen its product portfolio, expand into new geographies and add to its technological capabilities, it's through mergers and acquisitions (M&As).
Income Tax Expectations From Budget 2014 By CA Andrew F Thomas Finance Minister Arun Jaitley's first Budget will be watched closely by millions of tax payers, who expect the government to cut taxes and raise exemptions.
Expectations from the Budget on Indirect Tax By CA Mayank Jain GST introduction would require following key steps - Constitution amendment, agreement between Central and State Governments on compensation (CST, loss of revenue etc)