Finance Budget Circular 2015 -16 By CA Atul Gupta Guidelines for the Ministries/Departments for framing the Revised Estimates for 2014-2015 and Budget Estimates for 2015-2016 and submitting the same to the Budget Division are as under:-
Relax take help of tax return preparer By CA Manu T George To assist small and medium taxpayers in preparation of their return of income and other income tax related issues, the Government of India has designed the Tax Return Preparer Scheme (TRP Scheme).
Tax demands on MNCs tamer in 2014-15 audit By CA Ojas Aggarwal The income tax department has scaled down its estimate of income suppression by multinational corporations in India in the 2014-15 audit of intra-group cross-border transactions to Rs 47,000 crore, a steep 22% decline from the extra taxable income the department had attributed to the firms in the previous audit.
Income Tax Exemption Must Be Hiked to 5 Lakh By CA Mayank Jain Come Budget time - the individual tax payer expects increased exemption limit and permissible deductions. While the slab rates applicable to individuals have undergone minor changes during the past few years,
The Companies (Declaration and Payment of Dividend) Amendment Rules, 2015 By CA Manu T George In exercise of the powers conferred under sub-section (l) of section 123 read with section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Declaration and Payment of Dividend) Rules, 2014, namely
GST Could Untangle Tax Issues for E-Commerce By CA Devender Singh The debate on Goods and Services Tax or GST is gaining momentum, and hopefully, in the Budget session of Parliament, the Constitutional Amendment Bill will be passed by both Houses.
VAT hike on petrol anti-farmer, inflationary By CA Atul Gupta Haryana Congress Legislature Party (CLP) leader Kiran Choudhry today criticised the BJP-led state government for raising Value Added Tax (VAT) on the petrol by five per cent.
Modification of Circular No.18 of 2014-15 dated 24/11/2014 VAT - Delhi By CA Devender Singh In partial modification of this department’s Circular No.18 of 2014-15, the following Assistant Commissioner (mentioned at Col.No.4) is hereby authorised as Spl. OHAs for hearing the objections with respect to 2A-2B mismatch of 2012-13 instead of the Assistant Commissioner mentioned at Col.No.2 till further orders :
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.
Have Indian markets run ahead of fundamentals? By CA Andrew F Thomas The returns of Indian stock indices so far this year have been seven times the average for emerging markets. These gains have made the Indian market more expensive than most comparable peers, and even developed ones like the US, UK and Germany.
High customs duty hindering growth of Indian luxury market By CA S K Verma Renowned Switzerland-based luxury watchmaker Raymond Weil has plans for four more franchise showrooms in India over the next two years but hopes the Indian government will lower the high customs duty which is a high 49% at present.
Tax forgone helps new industries to come up By CA S K Verma There may be an element of overstatement in the finance ministry’s claim of revenue forgone on account of tax breaks to businesses and such unrealised revenue actually serves a conscious purpose of encouraging certain industries that would never have come up without these incentives, points out the Economic Survey 2014-15.
How to trim the tax bill on your house By CA Andrew F Thomas In this day and age of tax consultants and e-tax filing, one seldom examines the details in the tax return. Income earned from your house property is one such detail,
No respite to investors from tax tangles: Companies find some demands irrational By CA Devender Singh New Delhi's well-publicised claim to usher in a non-adversarial tax regime is yet to trickle down to tax offices across the country. Even if salaried individuals are spared of scrutiny notices, many companies are grappling with demands they find strange and irrational. And, it's more than holding back tax refunds.
HSBC India at centre of fresh tax evasion claims By CA Atul Gupta HSBC's Indian banking unit is at the heart of fresh revelations around tax evasion, days after a global expose showed tax dodging through accounts in the British major's Swiss banking unit, a media report said today.
Interim Report of The Bankruptcy Law Reform Committee By CA Andrew F Thomas The Bankruptcy Law Reform Committee ("BLRC" or the "Committee") was set up by the Department of Economic Affairs, Ministry of Finance, under the Chairmanship of Mr. T.K. Vishwanathan (former Secretary General, Lok Sabha and former Union Law Secretary)
Tax laws still adversarial; reforms must in tax administration By CA Nilesh Sahu While lauding a courageous decision of the government not to press for further litigation in the Vodafone case, the ASSOCHAM has brought to the notice of the Prime Minister Mr Narendra Modi and Finance Minister Mr Arun Jaitley several loop holes in the tax laws which make them quite
CA curriculum will change in 2016: ICAI president By CA Devender Singh The Institute of Chartered Accountants of India (ICAI) will introduce the revised curriculum for the chartered accountancy course from 2016 and this change will be in accordance with the developments in the global economy, said K Raghu, president, ICAI.
Amendment to CESTAT Appeal Forms By CA Atul Gupta Reference is invited to Circular No.969/03/2013-CX dated 11th April, 2013 whereby the forms for filing appeal in the CESTAT were amended/revised and new forms for Central Excise
The reconciliation return in CST Form 9 By CA Mayank Jain The reconciliation return in CST Form 9 relating to receipt of declarations/
certificates for a year has been notified vide Notification No.F.3(27)/Fin(Rev-I)/2013- 14/dsVI/292 dated 05/03/2014.
Income Tax Expectations From Arun Jaitley By CA Ojas Aggarwal Finance Minister Arun Jaitley has often said that he is not in favour of burdening the salaried and middle class with more taxes, raising hopes of tax breaks in Saturday's Budget.
President's Message - March 2015 By CA Atul Gupta I also wish to thank my predecessor-in-office CA. K. Raghu, who has guided and supported me during my tenure as Vice-President of the Institute.
The Companies (Cost Records and Audit) Amendment Rules,2014 By CA Ojas Aggarwal In exercise of the powers conferred by sub-section (1)and (2) of section 469 and section 148 of the companies Act, 2013 (18 of 2013 ) the central government hereby makes the following rules to amend the companies (cost Records and Audit ) Rules,2014 namely:-
How last 5 Union Budgets impacted income tax By CA Andrew F Thomas With no major surprises in the Railway Budget presented by Suresh Prabhu on Thursday, all eyes will be on Finance Minister Arun Jaitely as he prepares to present the government's first full Union Budget on Saturday.
Union Budget: Fix realistic tax targets By CA Andrew F Thomas In the last few years, the finance ministry has been projecting higher tax revenue increases in the Budget to keep the fiscal deficit target low.
Tax Exemption Limit Can Be Raised in Budget: EY By CA Rashmi Sharma Global consultancy EY believes there is room for Finance Minister Arun Jaitley to raise the basic income tax exemption limit in his first full-year Budget presentation on February 28.
Official Liquidator is a dealer, liable to pay Sales tax: Supreme Court By CA Andrew F Thomas Premier Cable Company Ltd. ("the Company") registered under the Companies Act, 1956("the Companies Act") was wound up by an order passed by the Hon’ble High Court and an Official Liquidator (“the OL”) attached to the High Court was appointed to take charge of the assets
India moves closer to a nationwide sales tax By CA Rashmi Sharma India's plans to rationalise state and central indirect taxes into a harmonised goods and service tax (GST) took a step closer to reality after New Delhi struck a deal with recalcitrant states, two government sources told Reuters.
India moves closer to nationwide sales tax By CA Manu T George India's plans to rationalise state and federal indirect taxes into a harmonised goods and service tax (GST) took a step closer to reality after New Delhi struck a deal with recalcitrant states, two government sources told Reuters.
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
CBDT clarifies on scope of ‘disallowance’ By CA Ojas Aggarwal The Central Board of Direct Taxes (CBDT) has clarified on the scope of disallowance on payments made to non-residents on which tax ought to have been withheld.
CBDT sets up committee to simplify tax procedures By CA Manu T George In yet another step to simplify tax procedures, CBDT has constituted a committee to redraft existing guidelines for undertaking write-off procedures in irrecoverable tax demand cases.
Stock market rally boosts direct tax mop-up By CA S K Verma Direct tax collections during the first 10 months of the current financial year rose 11 per cent to Rs 5.78 lakh crore, compared to the April-January period of FY14 when collections stood at Rs 5.19 lakh crore, the Income Tax department said on Friday.
Corporate Tax Should Have Slabs Like Income Tax By CA Rashmi Sharma Adopting an aggressive approach against cases of tax evasion the Income Tax today stated that it would be launching criminal proceedings against groups and individuals that have been found to evade taxes.
Railways, 18 companies face probe for service tax evasion By CA Manu T George The Indian Railways, Container Corporation of India (Concor), a navratna PSU, and 17 private companies, including the Adani group, are facing investigations for evasion of service tax to the tune of Rs 1,000 crore.
Telecom spectrum set to fall in service tax net as mop-up growth slows By CA Rashmi Sharma An unexpected fall in service tax collection growth this fiscal coupled with the philosophy of broadening the tax base will result in the inclusion of more services into the tax net in the coming Budget, and a notable addition could be the sale of telecom spectrum.
Service tax racing ahead of customs and excise duties By CA Ojas Aggarwal Tax collections from service tax, first introduced in 1994, will cross customs and excise duties for the first time in financial year 2014-15, an indication of the growing importance of services to India's economy.
Clear the confusion on transfer-pricing norms By CA Mayank Jain The government has been able to instil a positive sentiment in the country. Various policy initiatives like Make-in-India, aimed to make India a manufacturing hub, and the Clean India campaign;
India, US set to map out way to end transfer pricing cases in court By CA Devender Singh More than 100 tax disputes involving Indian associates of US companies such as IBM and Microsoft are set to be settled out of court by April this year with the income tax department and the US Internal Revenue Service identifying disputes in the contract research, IT and software sectors for resolution under a bilateral tax treaty.
Transfer pricing: CBDT issues order to field officers By CA Devender Singh Close on the heels of the Union Cabinet accepting the Bombay High Court order in the Vodafone transfer pricing case, the Central Board of Direct Taxes (CBDT) has moved forward on other similar transfer pricing cases.
Energy sector mergers and acquisitions in focus By CA Mayank Jain It is a question that faces the oil industry whenever there is a big shift in oil prices: what will be the effect on deals — on mergers and acquisitions, and on the buying and selling of assets?
Mergers and Acquisitions Deals Gravitate To Internet Of Things By CA Manu T George If you are running a company that sells solutions for the Internet of Things, you may be very attractive to larger suitors. In fact, it’s been a great time to be associated with anything related to cloud or digitization. The past year was the busiest run of mergers and acquisitions in 15 years.
Deals of the day- Mergers and acquisitions By CA Devender Singh French travel group Club Med\\\'s board has recommended that shareholders accept the latest takeover offer from Chinese conglomerate Fosun, it said in a statement.
Tax implications of buying second property on loan By CA Andrew F Thomas Before fundING a second house purchase through a loan, it’s important to be aware of its tax implications. Even though such a borrowing would entail long-term repayment obligations, the benefits are dual — creation of an asset and tax benefits on the interest paid on the home loan.