Income tax department orders special audit of MCX-SX, NSEL By CA Rashmi Sharma In a bid to curb potential revenue leakages in the Rs 5600 crore NSEL payment crisis, the income tax department has ordered a special audit of MCX-SX and NSEL, three sources familiar with the development told ET NOW. ET NOW was the first to report the development.
Cancel tax benefits of defaulting pol parties: EC to CBDT By CA Mayank Jain Election Commission has written to the CBDT seeking cancellation of income tax exemption given to certain political parties as they failed to submit their mandatory expenditure contribution reports on time to the poll body.
10 taxes you should know about By CA Andrew F Thomas Taxes, along with taxation rules are one of the most complex and confusing topics of any financial system. This complexity arises because of different types of taxes with different tax rates and continuous amendments in the taxation rules which are retrospective and prospective at times.
CENVAT Credit (Fifth Amendment) Rules, 2014 By CA Mayank Jain Power to impose restrictions in certain types of cases.— Notwithstanding anything contained in these rules, where the Central Government, having regard to the extent of misuse of CENVAT credit, nature and type of such misuse and such other factors as may be relevant,
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.
Markets end session on a firm note By CA Manu T George The markets trimmed gains but continued to witness positive trades in afternoon deals, buoyed by index heavy-weight RIL, Consumer Durables, Capital Goods and Metal shares. The BSE Sensex is at 17,604, up 126 points and the Nifty at 5,358, up 40 points.
No TDS on deposits doesn't mean these are tax-free By CA Ojas Aggarwal Are you receiving emails or telephone calls from banks advising you to invest in recurring deposits because there is no tax deducted at source (TDS) in this case? Remember, such investments aren’t tax-free.
No tax on foreign currency bank deposit interest for NRIs By CA Atul Gupta Interest earned on deposits held in foreign currency with a scheduled bank, by a non-resident or by a person who is not ordinarily resident (RNOR) is exempt from income tax according to the provisions of section 10 (15) of the Income-tax Act, 1961 (the Act).
Income Tax law should be lawyers’ prerogative: BCI By CA Atul Gupta The Bar Council of India has urged the Centre to allow only advocates to appear before income-tax authorities at all levels, including the appellate tribunal for arguments on assessment, penalty, etc.
Overlaps confound corporate India By CA Devender Singh India is waking up to the implications of the new company law. As sections get notified in tranches and the rules are put out for public comments, several areas of overlap with other laws and regulations are emerging, which need to be sorted out, say legal experts.
Metro & Metro vs. ACIT (ITAT Agra) By CA Andrew F Thomas Law on taxation of fees for technical services u/s 9(1)(vii) & Article 12 and disallowance u/s 40(a)(i) for failure to deduct TDS explained
Shome against retro amendment of tax laws to raise revenue By CA S K Verma Amid the long-pending dispute between Vodafone and tax authorities, the Finance Minister’s advisor Parthasarathi Shome on Monday said the government should not go in for retrospective amendment of tax laws to raise revenue.
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.
E-sampark centres not taking downloaded property tax forms By CA Mayank Jain Residents who went to e-sampark centre in some sectors for submitting property tax on residential property had to face problems with forms downloaded from the internet not being accepted. Instead the residents were asked to take forms from the sampark centres and fill these up
NTPC ltd. Vs.. commissioner of income tax-v By CA Devender Singh This is an assessee's appeal against the decision of the Income Tax Appellate Tribunal (ITAT) dated 30.4.2012 in ITA 1438/Del/2009 for the assessment year 2005-06.
Apex court allows CAG audit of private telcos By CA Manu T George The Supreme Court on Thursday held that the Comptroller and Auditor General (CAG) could audit the account books of private telecom companies, which share their revenues with the government for using spectrum.
BANK AUDIT- A Practical Approach By CA S K Verma Banking is a dynamic activity. Therefore banks are different from most other commercial enterprises. Now a days banking has constantly been undergoing a change. Chartered Accountants are expected to carry out the bank branch audit in the shortest possible time.
3 Under Ministry’s Scanner for Audit 'Jugglery' By CA Manu T George Three auditing firms that audited the books of now infamous and crisis hit National Stock Exchange (NSE) and its promoter group, Financial Technologies Limited have come under the scanner of the Ministry of Corporate Affairs for alleged lapses in auditing the books of NSE.
Power discoms not cooperating with auditing body, says CAG By CA Devender Singh The Comptroller and Auditor General ( CAG) and the Delhi government on Monday told the Delhi High Court that the three private discoms in the Capital are violating its order by not cooperating with the auditing body.
Amends Notification No. 36/2001-Customs (N.T.), dated the 3rd August, 2001 By CA Andrew F Thomas 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 in the Ministry of Finance
Budget focuses on construction, renovation By CA Atul Gupta The Shivaji University, Kolhapur (SUK) declared its budget for the upcoming academic year 2014-15 on Thursday in its annual senate meeting. The budget estimates expenditure worth Rs 278.68 crore compared to deposits worth Rs 274.34 crore.
Budget 2014: FM cuts excise duty, woos youngsters, taxes unchanged By CA Devender Singh In an election year, Finance Minister P Chidambaram presented an Interim Budget shorn of rhetoric and stuck to highlighting the Congress-led UPA Government's achievements of the last 10 years. Faced with a massive economic slowdown and staring at prospects of a Congress rout in the Lok Sabha elections, the Finance Minister tinkered with excise duty to make cars, two-wheelers and mobiles cheaper,
Highlights of P Chidambaram's interim budget 2014 By CA Mayank Jain Under the system, the Centre and states will tax goods and services in identical rates. For instance, if 20% is the agreed rate on a certain good, the Centre and states will collect 10% each on the good.
Auto sales in 2013-14 dip despite excise cut By CA Ojas Aggarwal Domestic passenger vehicle sales declined for the second consecutive year in 2013-14 as a sluggish economy, high inflation and fuel costs slammed the brakes on what was the fastest growing market in the world.
Govt rejects move to raise tax slabs By CA Manu T George The finance ministry has rejected several recommendations made by the Parliamentary Standing Committee on Finance, including a change in income tax slabs and removal of some of the cess, arguing that the move will result in a revenue loss of Rs 60,000 crore.
Record Rs 745 crore tax collection in Hyderabad By CA Devender Singh Despite being busy with poll duty, employees of the Greater Hyderabad Municipal Corporation (GHMC) have already crossed last year’s property tax collection figures of Rs 747-crore.
Tax target logic under scanner By CA Devender Singh The government may consider reviewing the process of setting a tax target during the annual budget every year.
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
75 Opening Accounts & Finance Executives Freshers jobs By CA S K Verma Salary:INR 2,25,000 - 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,
88 Opening Executive - Finance & Accounts By CA Ojas Aggarwal Salary:INR 1,75,000 - 6,75,000 P.A Farea: Accounts, Finance, Tax, Company Secretary, Audit Education: UG - Any Graduate - Any Specialization, Graduation Not Required PG - Any Postgraduate - Any Specialization
45 Opening Accounting Processor By CA Rashmi Sharma Farea: Accounts, Finance, Tax, Company Secretary, Audit Education: UG - B.Com - Commerce PG - Post Graduation Not Required Doctorate - Doctorate Not Required
20 Opening Urgent Opening FOR F& A (finance & Accounts) By CA Manu T George Salary:INR 50,000 - 2,75,000 P.A. Depends ON YOUR Current Salary Farea: Accounts, Finance, Tax, Company Secretary, Audit Education: UG - Any Graduate - Any Specialization PG - Any Postgraduate - Any Specialization
Election Commission tightens tax screw on parties By CA Andrew F Thomas The Election Commission of India (EC) has asked the Central Board of Direct Taxes (CBDT) to cancel the income tax (I-T) exemption given to political parties that have failed to meet the deadline for submitting their expenditure contribution reports.
EC asks CBDT to cancel poll parties tax benefits By CA S K Verma Election Commission has written to the CBDT seeking cancellation of income tax exemption given to certain political parties as they failed to submit their mandatory expenditure contribution reports on time to the poll body.
CBDT Press Release Regarding Signing of 5 APAs. By CA Rashmi Sharma The CBDT has signed the first batch of 5 unilateral Advance Pricing Agreements (APA) on 31st March 2014. The agreements cover a period of 5 years from AY 2014-15 to AY 2018-19
Service tax defaulters will be prosecuted' By CA Nilesh Sahu Strict measures, including prosecution, will be pursued to enforce service tax compliance, said Deepa B Dasgupta, chief commissioner of central excise, customs and service tax, Visakhapatnam zone. "The service tax voluntary compliance encouragement scheme had given an opportunity
BJP promises GST, silent on direct taxes code By CA Rashmi Sharma Committing to push Goods and Service Tax (GST) regime, BJP on Monday said it will try to bring on board all states for implementing the indirect tax reform, but remained silent on the proposed Direct Taxes Code (DTC).
Things you should know about e-payment of service tax By CA Manu T George From 1 January 2014, all those who paid a service tax of more than Rs 1 lakh in the previous financial year will be required to pay the tax using Net banking. It can be availed of only if the assessee has a bank account with Net banking facility, and the bank is among those registered for providing this facility.
Mumbai Customs revenue crosses Rs 1,000-crore for first time By CA Manu T George Crossing the Rs 1,000-crore mark for the first time, the Mumbai Commissionerate of Customs (Airport) has grossed Rs 1,183.58 crore revenue during the 2013-14 financial year, a jump of 63 per cent from the corresponding period last year.
Central Excise (Second Amendment) Rules, 2014 By CA Ojas Aggarwal In exercise of the powers conferred by section 37 of the Central Excise Act, 1944 (1 of 1944), the Central Government hereby makes the following rules further to amend the Central Excise Rules, 2002, namely
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).
No tax impact on shareholders after Sun-Ranbaxy merger By CA Andrew F Thomas Shareholders of Ranbaxy are bound to be concerned about the tax implications, if any, arising on the share-swap in the Ranbaxy-Sun Pharma deal. Under the arrangement, Ranbaxy shareholders will receive 0.8 shares of Sun Pharma for each share of Ranbaxy.
Hungarian central bank says big bank mergers unhealthy By CA Devender Singh The National Bank of Hungary does not want the biggest banks in the country merging, even if there is a push for greater domestic ownership, as it would distort competition, the central bank's director said in a newspaper interview on Friday.
Singhi Advisors buys 15% in UK’s Mergers-Alliance By CA S K Verma Investment banking firm Singhi Advisors has acquired 15% stake in the UK-based global investment banking network Mergers-Alliance as it tries to explore cross-border acquisition opportunities and expand its global footprint.
Order Under Section 119 (1) of the Income Tax Act, 1961. By CA Atul Gupta In order to facilitate the taxpayers to file their income tax returns before the close of the financial year 2013-14, the field Income Tax offices throughout India shall remain open on Saturday and Sunday on 29th March and 30th March, 2014.
Parliament heads for gridlock as consent on financial reform bills unlikely By CA Rashmi Sharma The government is entering a distinctly familiar situation: a paralysing parliamentary stand-off with the opposition over a new set of issues that include a leaked JPC report that absolves Prime Minister Manmohan Singh and Finance Minister P Chidambaram of any wrongdoing in controversial
NBA players take high-stakes fight to court By CA Ojas Aggarwal The NBA lockout now shifts to the American courts after the players union decided on Monday it was time to "push back" and reject the latest offer from the owners.