GST may subsume all entry taxes By CA Andrew F Thomas In a move that is likely to draw opposition from some states, the Centre is going to propose subsuming in the proposed goods & services tax (GST) all types of entry tax,
Govt looking to plug shortcomings in tax system By CA Nilesh Sahu Maintaining that there was an urgent need to improve the economy of Maharashtra, State Finance Minister Sudhir Mungantiwar said the state government is trying to remove the loopholes in the existing taxation system and bring in evaders into the tax net.
Just two weeks to go for sending tax returns verification By CA Atul Gupta November 30 is the deadline for sending the income-tax returns verification (ITR-V) for 2013-14, as it will be four months or 120 days since July 31, the deadline to file IT returns. And if you don't send your ITR-V till then, your returns will be considered not filed. ITR-V is an acknowledgement of the returns filed.
Delhi VAT Rules as on 5th March 2014 By CA S K Verma PROVIDED that different dates may be appointed for different provisions of these rules and any reference in any such provision to the commencement of these rules shall be construed as a reference to the coming into force of that provision.
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.
Arun Jaitley rules out tax terrorism By CA Manu T George Finance minister Arun Jaitley on Friday said that an unsustainable tax demand would only earn the country a bad name as an investment destination, comments that come in the wake of tax department losing its battle against Shell in Bombay High Court.
How to maximize tax benefits on a joint home loan By CA Rashmi Sharma Some of us think that taking a loan to buy a residential property is not a good idea and so, they start saving some amount from their monthly income into recurring investment or a Systematic Investment Plan (SIP) offered by mutual funds.
Extension of Company Law Settlement Scheme,2014 (CLSS-2014 By CA Nilesh Sahu In continuation to the Ministry's General Circular No.34/2014 dated l2.Oa.2OI4 arrd 4O/2O14 dated 15/1Ol2O14 on t}te subject cited above, tlis Ministry has, on consideration of requests received from various stakeholders,
Award of Financial Assistance to Students from Chartered Accountants Students Benevolent Fund for the year 2014 By CA S K Verma The Board of Trustees of The Chartered Accountants Students Benevolent Fund has decided to grant financial assistance to 300 students, who are currently undergoing articled training in accordance with The Chartered Accountants Regulations, 1988 and are poor, needy but meritorious to pursue the Chartered Accountancy Course, @ Rs. 1000/- p.m. for one year with effect from 1st April, 2014 to 31st March, 2015 to be paid in lump sum, subject to filing of required application.
ICAI to Announce New CA Syllabus from 2016 By CA Devender Singh The premiere education body for the Charted Accountancy in India, Institute of Charted Accountants of India(ICAI) is set to carry changes in its CA course syllabus so that it could become more industry friendly and practical.
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.
An Appeal to ICAI Members for Contribution to CABF. By CA Devender Singh Chartered Accountants Benevolent Fund (CABF) established in 1962 by ICAI, is one of the largest body providing welfare and support to the Chartered Accountants Fraternity. It provides financial assistance for medical treatment, education, maintenance or any other similar purpose to necessitous persons of the CA fraternity.
Tax authorities say Uber liable for service tax By CA Mayank Jain Uber, the taxi app that became popular in India by offering luxury car rides for a little more than the regular fare, could run into trouble with India's service tax authorities in the first such inquiry against a foreign service provider in the ecommerce space.
ICAI takes action against statutory auditors By CA Rashmi Sharma Nearly six years after the Satyam Computer Services fraud rocked the corporate world, the Institue of Chartered Accountants of India has found the statutory auditors including audit incharge(s), the then CFO and head of internal audit department of the company guilty of professional misconduct.
Splitting up of rebate claims to avoid pre-audit-reg. By CA Rashmi Sharma Instances have been brought to the notice of the Board where the assesses have submitted rebate claims by splitting up the amounts of rebate claims so as to keep each individual claim below Rs. 5 lakhs to avoid pre-audit.
Business visa compliance: Auditing matters By CA Mayank Jain With Indian companies spreading their operations across continents and engaging talent from all across the world, immigration compliance has become increasingly important, especially in countries such as the US. In fact, in many countries,
Acquisition/Transfer of Immovable property – Payment of taxes By CA S K Verma Attention of Authorised Dealers in Foreign Exchange is invited to Foreign Exchange Management (Acquisition and Transfer of immovable property in India) Regulations, 2000 notified vide Notification No. FEMA 21 /2000-RB dated 3rd May 2000 as amended from time to time.
Fund managers to wait tilll next Budget for tax clarity By CA Nilesh Sahu The wait for foreign fund managers' with permanent establishment in India to get tax relief on their global income may get longer as the Income Tax department will make the necessary amendments only in the next Budget.
At realty fair, luxury shares space with budget housing By CA Ojas Aggarwal The 10th edition of Gujarat Institute of Housing and Estate Developers (GIHED) property festival began on Friday with 600 residential and commercial properties on display at Gujarat University convention centre.
Five reasons why FIIs are low on Budget, high on D-Street By CA Andrew F Thomas The Government of India presented its first Union Budget 2014 last week under the administration of Prime Minister Narendra Modi, which left most of foreign institutional investors (FIIs) longing for more from Arun Jaitley.
CBDT to create non-adversarial tax regime By CA S K Verma The Central Board of Direct Taxes (CBDT) has directed supervisory officers to play a more proactive role in ensuring that high-pitched assessments without proper basis are not made by the income tax department.
CIRCUMSTANCES LEADING TO THE ENACTMENT OF THE CENTRAL SALES TAX ACT, 1956 By CA S K Verma The Central Sales Tax Act, 1956 (Act No. LXXIV of 1956) was enacted to formulate principles for determining when a sale or purchase of goods takes place in the course of inter-state trade or commerce or outside a State or in the course of import into or export from India, to provide for the levy,
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
Absence of treaties with tax havens blocking black money fight By CA Manu T George Absence of criminal legal treaties between India and tax haven nations have been cited by probe agencies working in the SIT on black money as one of the major impediments in initiating steps to bring back illegal funds stashed abroad by Indians.
Observe timeliness in dealing with assessees: CBDT to officers By CA Ojas Aggarwal In a clear signal to both taxmen and taxpayers that the new government was serious about providing a non-adversarial tax regime promised in the budget, the CBDT on Friday asked officials to show restraint while making "high-pitched assessments,"
CBDT issues directions for avoidance of baseless assessment By CA Ojas Aggarwal To ensure a friendly environment for taxpayers during their interaction with the I-T department, CBDT has issued a set of instructions for avoidance of baseless assessment and disposal of grievances within a stipulated time period.
Panel suggests 16 slabs for goods and services tax By CA Andrew F Thomas A National Institute of Public Finance and Policy (NIPFP) team tasked with recommending a revenue neutral level for the goods and services tax (GST) has suggested as many as 16 rates, corresponding to different scenarios.
Tax man mulls new transfer pricing law By CA Ojas Aggarwal THE South African Revenue Service (SARS) is investigating possible changes to the law to make it easier for it to audit transfer pricing by multinational companies to ensure that they pay their rightful tax dues to the government.
Firms Expect Transfer Pricing Policy Impact From BEPS Project By CA Mayank Jain Firms Expect Transfer Pricing PolicyA vast majority of companies headquartered in the United States expect increased scrutiny of their transfer pricing practices in the short-term as a result of the Organisation for Economic Cooperation
Seeks to amend notification no 12/2012 - Central Excise dated 17/03/2012 By CA Devender Singh In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance
What Merger And Acquisition Firms Do By CA Andrew F Thomas All businesses strive to grow and expand. There are broadly two ways a business can get bigger, either through internal growth or external expansion.
Mining mergers and acquisitions fall to decade-low By CA Atul Gupta The value of mining sector transactions so far this year has fallen to about $5 billion, the lowest level in a decade, prompting mixed views on prospects for the next 12 months from bankers and lawyers.
New Mergers and Acquisitions Driven by Upcoming Federal Action By CA Ojas Aggarwal With corporate mergers and acquisition in the doldrums of the post “great financial recession” aftermath, the increasing possibility of U.S. Government action against the “tax inversion” dodge seems to have quickened a new wave of mergers and acquisitions.
Have a real estate gift? Factor in tax rules By CA Andrew F Thomas Real estate occupies a substantial share of an individual’s asset base and it is not uncommon for ownership of real estate (referred to as property) to pass on to family members by way of a gift or under a will.
Bengal set to top tax target By CA Rashmi Sharma The income tax department is looking to surpass its collection target this year from Bengal, Andaman and Sikkim.C. L Denzongpa, chief commissioner of income tax, Calcutta, today said the finance ministry had set a collection target of Rs 32,361 crore for 2014-15.
Indirect tax revenue keeps slowdown fears alive By CA Devender Singh Indirect tax revenue rose 7.5 per cent to Rs 44,384 crore in October from Rs 41,290 crore in the corresponding month a year ago, indicating woes of economic slowdown might not be over yet.