No escape from tax on insurance income By CA Nilesh Sahu If you assumed that maturity, surrender or bonus proceeds from all insurance policies are tax-exempt, think again: not all policies enjoy this advantage.
President's Message - September 2014 By CA Devender Singh Effectively playing our part as a partner in nation building, we have been continuously taking a lead role in all the initiatives of the new government.
New Update Central Board of Direct Taxes August 2014 By CA Ojas Aggarwal The CBDT is a part of Department of Revenue in the Ministry of Finance. On one hand, CBDT provides essential inputs for policy and planning of direct taxes in India,at the same time it is also responsible for administration of direct tax laws through the Income Tax Department.
Tax collection from non-VAT products up 16% in April-July By CA Devender Singh The state government has informed the empowered committee of state finance ministers that it has posted 15.87 per cent growth in tax collection from non-VAT (value added tax) items in the April-July period of this fiscal.
Property tax, VAT discussed in SAD-BJP coordination comm meet By CA Manu T George Issue of property tax and Value Added Tax (VAT), which has been the bone of contention between alliance partners SAD and BJP in Punjab, were discussed threadbare at the first state coordination committee meeting of two political parties today.
Raids against dealers evading VAT By CA Mayank Jain The Delhi Government's Trade and Tax Department has been conducting a lot of raids across the city due to an increase in the number of tax evaders.
CENVAT Credit - 6 Months Restriction Extendable?? By CA S K Verma Excise duty collections are expected to be about ₹ 2 Lakhs crores and Service Tax collections about 2.2 Lakhs crores for the year 2014-15.The cenvat credit accounts for about 50-60% of the total duty payment to be made by the manufacturing sector. For service providers credit may average about 20% of the duty payable.
VAT has imposed brakes on e-vehicles in Gujarat: CII GKAFC study By CA Mayank Jain The imposition of a "whopping" 14.5 percent Value Added Tax or VAT on electric vehicles in Gujarat has broken the back of this non-polluting automobile segment in the state, states a consumer perspective study for electric vehicles that was released here on Wednesday.
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.
Indian tax laws aims to ease your sunset years By CA Atul Gupta Senior citizens have always had a special place in Indian society. This aspect has been acknowledged and respected even by the Indian tax laws, which attempt to cushion our elders
Treat taxpayers as customers By CA Devender Singh Modernization of the country's tax administration by harnessing information technology, treating taxpayers as ?customers' and empowering the tax administration machinery
Govt decision to deny tax holiday to new IT SEZs up for review By CA Mayank Jain The government’s recent decision to deny tax holiday to new IT SEZ units, if more than 20% of the technical manpower was transferred from a pre-existing unit, has come in for a review, indicating that some relaxations in the norm is likely.
ICAI launches ‘cloud campus’ for students By CA Andrew F Thomas The Institute of Chartered Accountants of India (ICAI) has launched ‘cloud campus’ — the next generation interactive online learning programmes — to enable students from anywhere across the world to pursue CA
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 firstname.lastname@example.org with a copy to email@example.com by 30th June, 14 and a hard copy of the same along with student's photograph
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.
Certificate Course on Indirect Taxes at Ernakulam from First week of October, 2014. By CA S K Verma Indirect Taxes Committee of the Institute of Chartered Accountants of India is pleased to offer a Certificate Course on Indirect Taxes. The objective of the course is to facilitate members in industry as well as in practice by providing specialized and updated knowledge of indirect taxes in a systematic manner to enable them to take up various
professional opportunities offered by this area.
Online Updation of details of the Peer Reviewers. By CA Nilesh Sahu The Peer Review Board (PRB) with an aim to improving the quality of review has designed a web - format to simplify the system of uploading and updating the details of reviewers online and the same has already been uploaded on the Institute’s website.
CIT vs. Jyoti Prakash Dutta (Bombay High Court) By CA Devender Singh S. 80-IB: An “industrial undertaking” can be formed by taking P&M on hire. Not necessary for the assessee to “own” the P&M. Dept’s tendency to try to unsettle matters strongly disapproved
CAs attend seminar revised tax audit report By CA Andrew F Thomas The Chandigarh branch of The Institute of Chartered Accountants (ICAI) organised a seminar on Revised Tax Audit Report and Wealth Tax Act, 1957, on Sunday. The seminar was attended by many CAs.
Master Circular - Priority Sector Lending-Targets and Classification By CA Andrew F Thomas The Reserve Bank of India has, from time to time, issued a number of guidelines/instructions/directives to banks on Priority Sector Lending. In order to enable the banks to have current instructions at one place, a Master Circular incorporating the existing guidelines/instructions/directives on the subject has been prepared and enclosed.
Budget session 2014: Few disruptions, more debate By CA Rashmi Sharma The Budget session of Parliament, the first of the Narendra Modi government, ended on Thursday reflecting the changed political reality with fewer disruptions and adjournments, and more debates and discussions unlike in the recent past.
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.
Sales tax raid at Kochi wholesale garment shops By CA Manu T George Officials of Sales Tax Intelligence raided a few wholesale readymade garment shops on Broadway in the city and their outlets in Paravoor and Tripunithura on Wednesday on suspicion that there were attempts to evade tax.
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
New Opening Executive and Manager Accounts By CA Mayank Jain Salary:INR 9,00,000 - 18,00,000 P.A Farea: Accounts, Finance, Tax, Company Secretary, Audit Education: UG - Any Graduate - Any Specialization, Graduation Not Required
CBDT sets up panel to decide retro tax cases By CA S K Verma The Central Board of Direct Taxes (CBDT) on Thursday set up a high-level committee to scrutinise all Income-Tax (I-T) cases arising of the retrospective tax amendment.
GST in India: Challenges and prospects By CA Atul Gupta There is considerable expectation in India that the new government at the centre would activate the reform process to introduce the goods and services tax (GST). GST is a value added tax (VAT) on both goods and services, as against the prevailing VAT on only goods.
Seeks to amend the Service Tax Rules, 1994 (Second Amendment) By CA Mayank Jain In exercise of the powers conferred by sub-section (1) read with sub-section (2) of section 94 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following rules further to amend the Service Tax Rules, 1994,
Heated debate over transfer pricing By CA Mayank Jain A key challenge facing companies in India is the litigation over transfer pricing. India's government and foreign companies doing business in the country are debating whether business conducted between two companies belonging to the same parent is artificially mispriced for the purpose of lowering their tax bills.
Ghanaian Government Asked To Tighten Up On Transfer Pricing By CA Atul Gupta Enhancing tax incentives and training of the Ghana Revenue Authority (GRA) are key to the prevention tax evasion and abuse of transfer pricing law, Omane-Antwi, Professor at Ghanaian Pentecost University, told a seminar in Accra last week.
Customs relief for hospital equipment By CA Atul Gupta The Supreme Court has clarified that a diagnostic centre, clinic or maternity home functioning in the premises of a hospital is also eligible for claiming exemption in customs duty for import of medical equipment provided it fulfils all the conditions envisaged in a 1988 notification.
Amends Notification No. 36/2001-Customs (N.T.), dated the 3rd August, 2001 By CA Manu T George In exercise of the powers conferred by sub-section (2) of section 14 of the
Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the notification of the Government of India
Powers of settlement commission under customs act, 1962 By CA Manu T George Section 32 of the Central Excise Act, 1944 empowers the Central Government to constitute a Settlement Commission to be called the ‘Customs and Central Excise Settlement Commission’ for the settlement of the Central Excise and Customs cases.
Indian mergers & acquisitions market grew by 12 pc: Report By CA Ojas Aggarwal The Indian mergers and acquisitions market registered an increase of 12 percent with disclosed deal value worth USD 22.6 billion in FY14 from USD 20.1 billion seen last year, said global advisory services firm Ernst & Young (EY).
More room for bank mergers and acquisitions By CA Nilesh Sahu There is still room for mergers and acquisitions (M&A) as well as bank consolidations in the country, driven by a further liberalisation of the sector by Bank Negara Malaysia, says AllianceDBS Research.
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
Income tax dues can be paid at RBI offices, 29 banks By CA Manu T George Reserve Bank has asked the public to pay their income tax dues well in advance so as to avoid standing in long queues and stated that 29 agency banks are also authorized to accept such payments.
Advance ruling facility to resident tax payers By CA Mayank Jain The income tax department will extend the advance ruling facility to resident tax payers from the current year, KV Chowdary, chairman of the Central Board of Direct Taxes (CBDT), said here on Friday.
Order Under Section 119 of the Income-tax Act, 1961 By CA Atul Gupta In exercise of power conferred by section 119 of the Income-tax Act (`the Act'), the Central Board of Direct Taxes (CBDT) hereby extends the due date for obtaining and furnishing of the report of audit under section 44AB of the Act for Assessment Year 2014-15