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News Headlines   RSS Feeds
 Arun Jaitley to meet Income Tax officials to review revenue collection
By CA Atul Gupta
Finance minister Arun Jaitley will hold a high-level review-cum-strategy meeting of top Income Tax (I-T) commissioners on Thursday to bolster revenue collection work and chart a roadmap to achieve the target.
  Order under section 119 of the Income-tax Act, 1961
By CA Devender Singh
Section 44AB of the Income-tax Act, 1961 (,,the Act) read with rule 6G of the Income-tax Rules, 1962 (,,the Rules) requires certain persons to file tax audit report in Form No.3CA/Form No.3CB along with prescribed particulars in Form No.3CD. Vide Notification No. 33/2014
 Filing of online return for 2nd quarter of 2014-15- extension of period thereof
By CA Rashmi Sharma
In exercise of the powers conferred under Rule 49A of the Delhi Value Added Tax Rules,2005, I, Sanjeev Khirwar, Commissioner, Value Added Tax,
 How to save income tax & grow your money ?
By CA Atul Gupta
We all work hard to earn money but the government takes one third of that money as taxes (highest tax bracket). Most of us wonder, what are some of the legitimate ways of saving taxes?
 You may face penalty for failure to e-file comm tax returns
By CA Andrew F Thomas
The failure to e-file commercial tax returns will now on cost traders dear, with a penalty set to be imposed from November onwards.
 Don't get caught in these tax complications
By CA Ojas Aggarwal
Don't ignore your taxes when you change jobs. Here are a few tax complications you should avoid when you switch.
 Filing Tax Returns Online Sees Slow and Gradual Reception
By CA S K Verma
With no stacking the IT-return acknowledgement forms anymore, no last-minute scramble with auditors or tax consultancies, e-filing has simplified the process of filing tax returns a great deal, feel salaried professionals.
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Continuing Prof. Edu.   RSS Feeds
  Two Days Conference on International Taxation
By CA Manu T George
Place: ICAI Bhawan, Opp. Union Bank of India, MTP Road Thudiyalur, Coimbatore - 34 Date: 1st Nov, 2014 09:30 - 16:45 CPE.Hrs.: 12
 CPESeminar on income tax
By CA Rashmi Sharma
Place: Hotel Akash Inn, Jewel Rock Road, Shimoga Date: 1st Nov, 2014 09:00 - 15:00 CPE.Hrs.: 5
 Latest Amendments in Service Tax and DVAT Act
By CA Mayank Jain
Place: A&M Residency, 30, Nishant Kunj, Near Kohat Enclave Metro Station. Date: 31st Oct, 2014 16:30 - 20:30 CPE.Hrs.: 4
 Basic Concepts under Service Tax (Place of Provision) Rules, 2012. & Input Tax Credit under DVAT Act & Branch Transfers under CST Act. and Peer Review & Documentation.
By CA Manu T George
Place: Lagan Banquet Hall. Nirman Vihar Near Nirman Vihar Main Gate. Date: 31st Oct, 2014 15:30 - 21:45 CPE.Hrs.: 6
 LATEST DEVELOPMENT , CONVERSION OF COMPANIES INTO LLP AND DENIAL OF INPUT TAX CREDIT UNDER DVAT ACT
By CA Nilesh Sahu
Place: HOTEL OASIS, HD-8, PITAMPURA (NEAR PITAMPURA METRO STATION ) DELHI-110088 Date: 3rd Nov, 2014 17:15 - 21:30 CPE.Hrs.: 4
 Seminar on “M-VAT Audit & Practical Issues in M-VAT Audit”
By CA Devender Singh
Place: Hotel Ambience, Survey No: - 208/3, Kalewadi Chowk, Opp., Anmol Residency Wakad Pune 411027. Date:
 CPE STUDY CIRCLE ON SECTION 185 & 186 OF COMPANIES ACT-2013 & AS-18
By CA Andrew F Thomas
Place: ICAI BHAWAN, ALUM VETTU VAZHI, CHIYYARAM, THRISSUR - 680 026. Date: 5th Nov, 2014 17:30 - 19:30 CPE.Hrs.: 2
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VAT (Value Added Tax)   RSS Feeds
 After petrol, VAT on diesel hiked; finance commission set up in HP
By CA Andrew F Thomas
Ten days after raising value added tax on petrol, the Himachal Pradesh cabinet, which met here Tuesday under the chairmanship of Chief Minister Virbhadra Singh,
 Karnataka’s VAT tweaks may force Amazon’s exit from the state
By CA Nilesh Sahu
Karnataka's commercial taxes department has proposed a set of amendments to its VAT Act of 2003, which if cleared by the legislature,
 Assistant Commissioner/AVATO of Zone nominated as nodal officer for restoration of Registration.
By CA Devender Singh
It is hereby informed that henceforth the link of restoration of Registration shall be available with the Assistant Commissioner/AVATO of Zone, who has been nominated as nodal officer for system issues, as per the following details.
 e-transit pass system under tamil nadu value added tax act, 2006
By CA Ojas Aggarwal
e-Transit pass helps the dealers to generate online the Transit pass for movement of goods (where sale is not effected in the home state) out of state or passing through the home state.
 In supersession of all the previous orders with respect to objections related to cancellation of registration, the objections related to cancellation of registration shall be heard by concerned Zonal Incharges in respect of their zones
By CA Manu T George
In supersession of all the previous orders with respectto objections related to cancellation of registration, the objections related to cancellation of registration shall
 Breather for VAT traders in cyclone-hit areas of AP
By CA Rashmi Sharma
There is a good news for those under VAT (value added tax) bracket in the cyclone-affected areas in north coastal districts of Andhra Pradesh as the State Government has extended the deadline for filing returns and paying taxes by a month.
 E-commerce to come under VAT ambit
By CA Andrew F Thomas
The Karnataka government plans to amend the Value Added Tax Act to remove ambiguities surrounding e-commerce and bring its transactions under the tax net.
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Markets   RSS Feeds
 Government looking at merging FMC with Sebi to better monitor futures market
By CA Manu T George
The government is considering a proposal to merge the Forward Markets Commission (FMC) with capital market regulator Sebi to ensure better monitoring of the commodity futures market.
 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.
 Nifty to hit 10,000 by next Budget, says Raamdeo Agrawal
By CA Ojas Aggarwal
The market opened the week with a bang as the 50-share Nifty hit the much-awaited 8000-mark backed by consumer durables and PSU banks.
 Markets @ record highs; top ten stocks which can give up to 34% return in 1 year
By CA S K Verma
The Indian markets have been on a roll of late, hitting fresh record highs consistently, supported by strong global liquidity and easing of geo-political concerns.
 What will Narendra Modi have for markets on Independence Day? Here's what experts say
By CA Andrew F Thomas
August 15 is here, and there is enough speculation in the market that Prime Minister Narendra Modi will make some big announcements in his maiden Independence Day speech. Is it reasonable to expect something big on Friday? Here's what experts say:
 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.
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General   RSS Feeds
 Government says its hands tied, defers tax treaty signing
By CA Manu T George
On a day when it furnished before the Supreme Court the full list of 627 Indians having accounts in foreign banks, the NDA government put off the signing of a crucial multilateral agreement aimed at facilitating access to financial information on taxpayers abroad.
 SC order may impact other tax treaties
By CA Atul Gupta
The Supreme Court's directive on sharing the names of overseas account holders has raised worries about India's commitment to the confidentiality clause in various tax treaties and may impact remittances from the US.
 Bonus-stripping strategy can help reduce capital gains tax
By CA Ojas Aggarwal
If the change in tax rules for debt funds is worrying you, the 1:1 bonus announced on Infosys shares could help reduce your tax liability.
 Rs 1,381 crore of tax exemption to political parties in two years: RTI
By CA Mayank Jain
The tax-exempted income of 13 major political parties of the country, in last two years, amount to Rs 1,381 crore, according to an RTI query.
 Sugar mills demand abolition of purchase tax
By CA S K Verma
Punjab-based private sugar mills today sought abolition of purchase tax on sugar cane, saying low sugar prices and high input cost hit the industry hard.
 DDA HOUSING SCHEME 2014 - PROCESS OF DRAW (Algorithm)
By CA Devender Singh
The computerized draw of allotment of flats is based on Random Number Indicated Technique. The complete draw process comprises of three stages i.e. Randomization of Applicants & Flats, Picking of Lucky Numbers and finally the mapping of applicants and the flats.
 India, Japan to sign advance-pricing agreement to untie tax hassles
By CA Andrew F Thomas
India and Japan will soon sign an advance-pricing agreement (APA), a move that will provide certainty to investors at a time the country is looking to attract big Japanese investment.
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Corporate Law   RSS Feeds
 Company Law Settlement Scheme, 2014 (CLSS-2014) - Clarification u/s 164(2) of the Companies Act, 2013
By CA Andrew F Thomas
Company Law Settlement Scheme, 2014 (CLSS-2014) - Clarification u/s 164(2) of the Companies Act, 2013
 Clarification with regard to provisions of Corporate Social Responsibility (CSR) under section 135 of the Companies Act, 2013.
By CA Atul Gupta
In continuation of the General Circular No. 21 of 2014 dated 18.06.2014, the following clarifications are hereby issued:
  Notification dated: 19.09.2014 - National Advisory Committee on Accounting Standards New
By CA Andrew F Thomas
In exercise ofthe poweo confened by sub-sction (l) ofseation 2l0A of the Companijs Act, 1956
 Refund of Cenvat Credit for Services taxed under Reverse Charge (Rule 5B) Part 2
By CA Atul Gupta
Refund of unutilized Cenvat credit taken on inputs and / or input services shall be claimed on a half yearly basis. Refund claims are required to be submitted in prescribed ‘Form-A’ to the jurisdictional Assistant / Deputy
 Companies (Meetings of Board and its Powers) Second Amendment Rules, 2014. - F. No. 1 /32/2013-CL-V- Part - Dated 14-8-2014 - Companies Law
By CA Ojas Aggarwal
In exercise of the powers conferred under sections 173, 175, 177, 178, 179, 184, 185, 186, 187, 188, 189 and section 191 read with section 469 of the Companies Act, 2013 (18 of 2013)
 Company Law Settlement Scheme, 2014 - Dated 12-8-2014 - Companies Law
By CA S K Verma
As you are aware, the Companies Act requires companies to file annual documents (Annual return and financial Statements) on the MCA21 electronic registry, within prescribed time limits.Sections 92, 137
 Over 34,000 companies under RBI scanner for illegal NBFC operations: Government
By CA Nilesh Sahu
The Reserve Bank is looking into particulars of more than 34,000 firms allegedly running businesses on lines of Non-Banking Financial Companies (NBFC) without authorisation from the banking sector regulator, the government said today.
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Students   RSS Feeds
 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.
 Non applicability of Sections 407 to 414 of the Companies Act 2013, for the Intermediate (IPC) Examination to be held in November 2014.
By CA S K Verma
It is hereby informed that Sections 407 to 414 of the Companies Act, 2013 relating to NCLT and NCLAT (notified on 12th September, 2013) formed part of the syllabus of the abovementioned paper as applicable for November, 2014 examinations.
 Applicable sections of the Companies Act, 2013- for Group II : Paper 6 Auditing & Assurance Intermediate (IPC) November 2014 Examination.
By CA Ojas Aggarwal
Students may note that given below is the list of sections of the Companies Act, 2013 (notified on 12th Sept, 2013) which are applicable for Group II : Paper 6 Auditing & Assurance subject Intermediate (IPC) Level November 2014 Examination.
 Stipend of articled clerk of CA is not taxable as income. In view of author, stipend is capital receipt and is scholarship for education.
By CA Ojas Aggarwal
To purse studies and training for course of Chartered accountancy one need to have minimum entry qualification. For joining CA course one has to undergo educational course and qualify in examinations conducted by ICAI and also compulsory training as an articled clerk or audit clerk under a CA in practice.
  Common Proficiency Test (CPT), Intermediate (IPC) Course, Final Course and Accounting Standards
By CA Ojas Aggarwal
The Board of Studies organizes Live Webcasts as a part of ICAI Cloud Campus with to objective to take learning and development to the doorsteps of students through a uniform platform across the country. The live interactive Webcasts aim to mentor Students on the success strategies to succeed in their forthcoming examinations.
 Report on National Conclave for CA Students held on 18th & 19th July at Visakhapatnam.
By CA Manu T George
Board of Studies organized a National Conclave on 18th&19th July, 2014 at Visakhapatnam which was hosted by Visakhapatnam branch of SIRC of ICAI and Visakhapatnam branch of SICASA. The theme of the Conclave was "Varadhi--Bridge to Knowledge".
 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
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New Forms   RSS Feeds
 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.
 Form for filing application or documents with Central Government
By CA Mayank Jain
To the best of my knowledge and belief, the information given in this application or form and its attachments is correct and complete
 Application Form for Registration to Common Proficiency Test Course
By CA Ojas Aggarwal
Application Form for Registration to Common Proficiency Test Course
 Filing of Return in Form 1 under Central Sales Tax Act, 1956.
By CA Devender Singh
ForrriI have been, omitted through amendment inter-alia carried out "iQ Central Sales Tax (Delhi) Rules, 2005 vide Notification No. F.3(27)
 Application Form For Obtaining Scholarship From S.Vaidyanath Aiyar Memorial Fund - 2014
By CA S K Verma
I request that I may be provided scholarship from S.Vaidyanath Aiyar Memorial Fund for pursuing the Chartered Accountancy course. I give below my particulars as:
 leftmnublet User Manual for filing T-2 from 15-03-2014 by all dealers with Turnover greater than equal to Rs 1 Crore
By CA Mayank Jain
For Vehicle No ­DL1P3845, invoice no -PR/258/13-14, Delhi VAT Rate is 12.5% and Vat rate wise actual invoice amount (Excluding CST and Freight value) is 858925, then we just type it as per mentioned SMS format and send it to 9211728082.
 Notification on Revised format of T-2
By CA Nilesh Sahu
Notification on Revised format of T-2
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Department of Companies Affairs   RSS Feeds
 Impose tax on windfall profits of pvt oil cos: CPM tells Govt
 Taxes fuel petrol, diesel prices globally
 Department of Economic Affairs seeks hike in spectrum fee
 Rising yen gives companies the jitters
 ROC Forms
 ROC Circulars
 ROC Notifications
More »
ICAI   RSS Feeds
 Certificate Course on Forensic Accounting and Fraud Detection from November 06 to 12, 2014 at Chandigarh (Non Residential), 20 CPE Hours.
By CA Ojas Aggarwal
The Committee on Information Technology has been established by the Institute to identify Information Technology challenges facing the profession and convert them into gainful professional opportunities for members by conducting Conferences, Seminars, and Practical Workshops,
 National Conference on Direct Taxes" on 1st & 2nd November, 2014 at Ludhiana organized by Direct Taxes Committee and hosted by Ludhiana Branch of NIRC of ICAI.
By CA S K Verma
National Conference on Direct Taxes" on 1st & 2nd November, 2014 at Ludhiana organized by Direct Taxes Committee and hosted by Ludhiana Branch of NIRC of ICAI.
 Exposure Draft of the Indian Accounting Standard (Ind AS) 101, First-Time Adoption of Indian Accounting Standards (Comments to be received by November 17, 2014)
By CA Nilesh Sahu
Indian Accounting Standard (Ind AS) 101 First-time Adoption of Indian Accounting Standards Following is the Exposure Draft of revised Indian Accounting Standard (Ind AS) 101, First-time Adoption of Indian Accounting Standards issued by the Accounting Standards Board of The Institute of Chartered Accountants of India, for comments.
 Invitation to Contribute Articles for The Chartered Accountant Journal of the ICAI
By CA Devender Singh
The Editorial Board invites articles on Sustainability and Social Audit for January, 2014 issue of The Chartered Accountant Journal. Authors are invited to send the articles on the aforementioned subject for consideration of the Board, latest by December 10, 2014.
 ICAI invites suggestions on Income-tax Returns (ITRs) and other forms notified under Income-tax Rules, 1962.
By CA S K Verma
The Direct Taxes Committee of the ICAI is in the process of compiling suggestions on Income tax Return forms (ITRs) and other forms to be made applicable for Assessment year 2015-16. With regard to the same,
 New curriculum for ICAI by 2016
By CA Devender Singh
The Institute of Chartered Accountants of India (ICAI) today said it plans to launch its new curriculum by 2016, which would be a global one in future.
 CBI arrests Deputy Commissioner Income Tax for accepting bribe in Hyderabad
By CA Andrew F Thomas
CBI on Monday night arrested a Deputy Commissioner Income Tax in Hyderabad on the charge of accepting a bribe of Rs.23 lakh through a middleman.
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From the Courts   RSS Feeds
 Shri Ramchandra Krishna Patil, 11, Jivdani Kripa, Chimgar Ali, Achole Village, Nallasopara (E), Dist.Thane.Vs. Income Tax Officer 4(3), Thane
By CA Atul Gupta
The appeal filed by the assessee is directed against the order dated 14.12.2011 passed by ld. CIT(A)-II, Thane and it relates to assessment year 2006-07.
 Rabo India Finance Limited, Forbes Building, 2nd floor, Charanjit Rai Marg, Fort, Mumbai-400001 Vs. Asstt. Commissioner of Income Tax, Range 1(3), Aayakar Bhavan, M K Road, Mumbai-400020
By CA Mayank Jain
These cross-appeals are directed against the order dated 1.2.2011 passed by the ld.CIT(A)-2, Mumbai and they relate to the assessment year 2002-03.
 Radial Tele Solutions P Ltd. A/1, Gr. Floor, Ramdev Park, Chandavarkar Road, Borivali, Mumbai- 400 013 Vs. The ACIT (OSD) 2(3), Mumbai
By CA Manu T George
This appeal filed by the assessee is directed against the order of the CIT(A)-6, Mumbai, dated 16.11.2010, for the assessment year 2007-08.
 RL Travels, 118, Ansal Bhawan, Kasturba Gandhi Marg, New Delhi. Vs. ACIT, Central Circle-12, New Delhi.
By CA Rashmi Sharma
The assessee has filed the present appeal against the impugned order dated 03.09.2012 passed by the Commissioner of Income Tax (Appeals)-XXXI, New Delhi for A.Y. 2002-03.
 Sunil Dutt C/o. O.P. Sapra & Associates, C-763, New Friends Colony New Delhi 110 025. Vs. DCIT, Panipat Circle Panipat
By CA Andrew F Thomas
This appeal at the instance of the assessee is directed against CIT(A)order dated 29.6.2011. The relevant assessment year is 2007-08.
 M/s. SGSIL Geophysical Services Pvt. Ltd., Pvt. Ltd.), CSC, C / 9, Vasant Kunj, New Delhi. Vs. ACIT, Range 10, New Delhi.
By CA Nilesh Sahu
This appeal filed by the assessee emanates from the order of the CIT (Appeals)-X, New Delhi dated 16.01.2013 for the Assessment Year 2007-08.
 ITO vs. Onkarmal Kajaria Family Trust (ITAT Kolkata)
By CA Atul Gupta
Second proviso to s. 40(a)(ia) inserted w.e.f. 1.4.2013 should be treated as retrospectively applicable from 1.4.2005 and no disallowance for want of TDS can be made if payee has paid tax thereon. Assessee must be given opportunity to file Form 26A
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Auditing   RSS Feeds
 Income-tax Authorities - Jurisdiction of - Additional Commissioner & Joint Commissioner of Income-tax in office of principal Chief Commissioner of Income-tax, New Delhi ?
By CA Ojas Aggarwal
In exercise of the powers conferred by sub-section (1) of Section 120 of the Income- tax Act, the Central Board of Direct Taxes hereby directs that Sri Bhaskar Goswami,
 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,
 Guidelines regarding Structure, Administrative set up and Functions of Audit Commissionerates
By CA Devender Singh
On implementation of cadre review there would be 23 Central Excise Zones and 4 Service Tax Zones with each zone having one or more Audit Commissionerates.
 Sree Padmanabhaswamy temple audit to cost Rs 60 lakh in first year
By CA Mayank Jain
The state government and Sree Padmanabhaswamy temple administration will have to cough up Rs 60 lakh in the first year for the ongoing audit led by former comptroller and auditor general Vinod Rai.
 Auditing Special Purpose Frameworks: Auditing Investments
By CA Manu T George
Auditing investments requires understanding applicable standards in the reporting framework selected by management of an entity, just as it is with auditing procedures in other major financial statement classifications.
 Delhi HC stays CIC's order asking CAG to give information about auditing of Department of Space
By CA S K Verma
The Delhi High Court on Tuesday stayed an order of the Central Information Commission order asking the Comptroller and Auditor General (CAG)
 AUDIT UNDER SECTION 142(2A) OF INCOME TAX ACT, 1961
By CA Rashmi Sharma
Of late there has been demand for increased public scrutiny of accounts in spite of statutory audit. Enron and other cases abroad and Satyam’s case in India have highlighted the need and necessity to have controls
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Latest Circulars   RSS Feeds
 Names as Appearing in the Certificate of Registration and the Licence - Use of - Primary (Urban) Co-operative Banks (UCBs)
By CA Devender Singh
Pursuant to the deliberations in the Standing Advisory Committee meeting held in February 2006, Reserve Bank of India (RBI) decided to allow UCBs to use abbreviations/abridged names/logo etc.
 Implementation of Section 51-A of UAPA, 1967 - Updates of the UNSCR 1988(2011) Taliban Sanctions List- Primary (Urban ) Co-operative Banks(UCBs)
By CA S K Verma
Please refer to our circular UBD.BPD.(PCB).CIR.No.3/14.01.062/2013-14 dated August 1, 2013 on the captioned subject, releasing 7th update of 2013
 RBI seeks comment on draft criteria to use Depositor Edu Fund
By CA Andrew F Thomas
The Reserve Bank has sought comments from public on draft criteria for institutions seeking financial assistance from the Depositor Education Fund.
 RBI-StCBs/CCBs - Risk weights for calculation of CRAR
By CA Rashmi Sharma
In the light of the circular RPCD.RCB.BC.73 /07.51.012 /2013-14 dated January 7, 2014 on 'Application of Minimum Capital Adequacy Norms', the risk weights on various assets have since been reviewed and revised instructions on risk weights are annexed.
 Fourth Bi-monthly Monetary Policy for 2014-15 Introduction of Liquidity Adjustment Facility (LAF) for Scheduled Urban Cooperative Banks
By CA Andrew F Thomas
In order to provide an additional avenue for liquidity management to Scheduled Urban Co-operative Banks (UCBs), it has been decided that, with effect from November 28, 2014,
 Regarding determination of place of removal
By CA S K Verma
Attention is invited to Notification No. 21/2014 - CE (NT) dated 11.07.2014 vide which the definition of “place of removal” has been inserted in the CENVAT Credit Rules, 2004
 RBI-Underwriting Auctions for Government Securities
By CA S K Verma
The Government of India have announced the sale (re-issue) of the Government Stock through auctions to be held on October 31, 2014.
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Budget Extravaganza   RSS Feeds
 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.
 Budget below market expectations, but good for economy from long-term perspective
By CA Rashmi Sharma
The Budget for 2014-15 took a practical approach to the issues plaguing the country, with a focus on fiscal consolidation, social sector, and boosting the infrastructure sector, among other things.
 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.
 Project forgotten after budget sanctioned for revival of ponds
By CA Atul Gupta
After two year since a huge budget was sanctioned for the conservation, revival and beautification of five ponds of the city the officials seem to have forgot the project.
 Statement on Quarterly Review of the trends in receipts and expenditure in relation to the budget at the end of the third quarter of financial year 2013-2014
By CA Mayank Jain
The adverse external environment, domestic structural constraints and inflationary factors led to a slowdown in growth of Gross Domestic Product (GDP) in India in 2012-13 and 2013-14. The growth in GDP at factor cost (at constant 2004-05 prices) for the year 2013-14
 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.
 Assam Budget ups professional tax exemption limit by Rs 80,000
By CA Ojas Aggarwal
Giving a relief to small salaried persons, Assam Chief Minister Tarun Gogoi today raised the minimum exemption limit of professional tax by Rs 80,000 besides freeing chimney and kerosene lamp parts from VAT.
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Sales Tax   RSS Feeds
  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,
 Applicability of old circulars - Even in respect of services which were taxable before 2002, the earlier circulars became redundant in view of the change in law. - Tri
 Circumstances leading to the enactment of the central sales tax act, 1956
By CA Nilesh Sahu
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,
 Two held for locking up sales tax officials
By CA Nilesh Sahu
Tension prevailed at Alamcode near Attingal on Wednesday after police arrested two people, one a member of the Vyapari Vyavasayi Ekopana Samithi,
 VAT Problems In E-Commerce Transactions Amazon s Karnataka Case Study
By CA Devender Singh
E-commerce transactions in India are gaining popularity at the very fast pace majorly due to its attributes of ease of shopping, good discounts, social media integration, cash on delivery mode of payment etc.
 Banks request clarity on tax treatment over bonds under Basel norms
By CA S K Verma
Bankers have sought clarity from the Finance Ministry regarding taxation of additional tier-I bonds through which they are expected to raise capital to meet Basel III norms.
 Imposition of penalty u/s 271A(2)(c) delay in furnishing return for Tax Collection at Source (TCS) - The liability cannot be shifted on the Chartered Accountant or Headquarters - HC - Income Tax
By CA Rashmi Sharma
Turn in all the cases. The returns were furnished on 12.06.1996. It is not a procedural or technical mistake. The D.D.O. is responsible for furnishing the return
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Forex   RSS Feeds
 Perils of an ad hoc forex policy
By CA Nilesh Sahu
In a speech that he gave last month at the International Monetary Fund, the Reserve Bank of India (RBI) Governor,
 Rupee depreciated by 17 paise to Rs 45.62 a dollar in early trade
By CA Andrew F Thomas
The rupee depreciated by 17 paise to Rs 45.62 a dollar in early trade today following weak domestic equity markets
 Rupee strengthened by 7 paise against dollar
By CA Devender Singh
The rupee strengthened by 7 paise to Rs 45.35 a dollar in early trade today on weakness in the US currency against major world currencies
 Rupee up by 4 paise against dollar in early trade
By CA Nilesh Sahu
The rupee strengthened by 4 paise to Rs 45.48 against the US dollar in early trade at the Interbank Foreign Exchange today
 Rupee falls by 18 paise at 4-week low against dollar
By CA Manu T George
The rupee today fell by 18 paise to trade at a four-week low of Rs 45.54 against the US currency in early trade, weighed down by dollar's gains against the major world currencies
 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
 Rupee raises 6 paise against dollar in early trade
By CA Rashmi Sharma
The Rupee appreciated by 6 paise to Rs 45.07 a dollar at the Interbank Foreign Exchange market today, boosted by the greenback's weakness against euro and other major currencies
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ITAT-Constitution of Benches   RSS Feeds
 Income tax appellate tribunal, Ahmedabad constitution of benches from 03.11.2014 To 07.11.2014
By CA S K Verma
Income tax appellate tribunal, Ahmedabad constitution of benches from 03.11.2014 To 07.11.2014
 Income tax appellate tribunal, Mumbai constitution of benches from 03.11.2014 To 07.11.2014
By CA Ojas Aggarwal
Income tax appellate tribunal, Mumbai constitution of benches from 03.11.2014 To 07.11.2014
 Income Tax Appellate Tribunal : Lucknow Benches : Lucknow Revised Constitution of Lucknow Benches for the Period From 27/10/2014 31/10/2014 and 03/11/2014 To 07/11/2014
By CA Rashmi Sharma
Income Tax Appellate Tribunal : Lucknow Benches : Lucknow Revised Constitution of Lucknow Benches for the Period From 27/10/2014 31/10/2014 and 03/11/2014 To 07/11/2014
 Income Tax Appellate Tribunal : New Delhi Benches : New Delhi Revised Constitution of New Delhi Benches for the Period From 03/11/2014 To 05/11/2014
By CA Andrew F Thomas
Income Tax Appellate Tribunal : New Delhi Benches : New Delhi Revised Constitution of New Delhi Benches for the Period From 03/11/2014 To 05/11/2014
 Income Tax Appellate Tribunal : Chandigarh Benches : Chandigarh Revised Constitution of Chandigarh Benches for the Period From 20/10/2014 To 24/10/2014 and 31/10/2014 To 31/10/2014
By CA S K Verma
Income Tax Appellate Tribunal : Chandigarh Benches : Chandigarh Revised Constitution of Chandigarh Benches for the Period From 20/10/2014 To 24/10/2014 and 31/10/2014 To 31/10/2014
 Income Tax Appellate Tribunal : Kolkata Benches : Kolkata Revised Constitution of Kolkata Benches for the Period From 27/10/2014 To 31/10/2014
By CA Ojas Aggarwal
Income Tax Appellate Tribunal : Kolkata Benches : Kolkata Revised Constitution of Kolkata Benches for the Period From 27/10/2014 To 31/10/2014
 Income tax apelate tribunal, Bangalore benches, Bangalore. constitution for the week commencing from 20.10.2014 to 23.10.2014
By CA Manu T George
Income tax apelate tribunal, Bangalore benches, Bangalore. constitution for the week commencing from 20.10.2014 to 23.10.2014
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Placements & Empanelment   RSS Feeds
 CBDT asks I-T to tap over 5L taxpayers who didn't file returns
By CA Devender Singh
As part of efforts to boost revenue collection, CBDT has asked the Income Tax Department to monitor cases of over five lakh taxpayers who have not filed their latest tax returns.
 499 Opening Computer Operator/data Entry Operator
By CA Rashmi Sharma
Salary: weekly /monthly payment Functional Area:ITES , BPO , KPO , LPO , Customer Service , Operations UG: Any Graduate - Any Specialization
 10 Opening Chartered Accountants in Bangalore on 2nd November.
By CA Atul Gupta
Salary: 2,00,000 - 6,00,000 P.A Functional Area:Accounts , Finance , Tax , Company Secretary , Audit UG: Any Graduate - Any Specialization, Graduation Not Required
 14 Opening Chartered Accountant CA / ICWA / CMA Required for General Accounting
By CA Mayank Jain
Salary: 4,50,000 - 8,50,000 P.A. Negotiable Functional Area:ITES , BPO , KPO , LPO , Customer Service , Operations UG: Any Graduate - Any Specialization, Graduation Not Required
 26 Chartered Accountant ( CA ) - Finance Fresher
By CA Manu T George
Salary: 2,75,000 - 6,50,000 P.A Functional Area:Accounts , Finance , Tax , Company Secretary , Audit UG: Any Graduate - Any Specialization, Graduation Not Required
 50 Opening Associate Financial Analyst (freshers) at Bangalore
By CA Andrew F Thomas
Salary:INR 1,00,000 - 2,00,000 P.A Farea: Accounts, Finance, Tax, Company Secretary, Audit Education: UG - B.Com - Commerce, B.B.A - Management PG - MBA/PGDM - Finance
  26 Opening Chartered Accountant ( CA ) Finance Fresher
By CA Manu T George
Salary:INR 2,75,000 - 6,50,000 P.A Farea: Accounts, Finance, Tax, Company Secretary, Audit Education: UG - Any Graduate - Any Specialization, Graduation Not Required PG - Any Postgraduate - Any Specialization,
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Direct Tax   RSS Feeds
 Income Tax department should not lose sight of domestic black money: Arun Jaitley
By CA Mayank Jain
As government steps up efforts to bring illicit funds stashed abroad, Finance Minister Arun Jaitley today asked Income Tax department not to lose sight of domestic black money and "chase" sectors where it is most prevalent.
 Retiring CBDT chief may be SIT adviser
By CA Mayank Jain
After his retirement as the chairperson of Central Board of Direct Taxes (CBDT) on Friday, K V Chowdary is tipped to take over as adviser of the Special Investigation Team (SIT) on black-money.
 Approval of long term bonds and rate of interest for the purpose of Section 194LC of the Income-tax Act, 1961-regarding.
By CA Nilesh Sahu
Section 194LC of the Income-tax Act, 1961, introduced by the Finance Act 2012, provided for lower withholding tax at the rate of 5% on the interest payments by Indian companies on borrowings made in foreign currency by such companies from a source outside India.
 Arun Jaitley to meet IT officials to review revenue collection
By CA Mayank Jain
Finance Minister Arun Jaitley will hold a high-level review-cum-strategy meeting of top Income Tax commissioners on Thursday to bolster revenue collection work and chart a roadmap to achieve the target.
 Govt sets deadline of six months for rolling out Direct Tax Code and GST
By CA Rashmi Sharma
The government has set itself a deadline of six months to implement Direct Tax Code (DTC) and Goods and Services Tax (GST) as part of its action plan to ease the doing business in India.
  Don't harass taxpayers on pretext of scrutiny: CBDT to I-T
By CA Ojas Aggarwal
Taking a stern view of the undue "harassment" of taxpayers during scrutiny of their cases, the CBDT has issued orders asking the I-T department to complete these enquiries in quick time and not drag them "unnecessarily".
 CBEC press release regarding indirect Tax revenue (provisional) collections during April-September 2014
By CA Ojas Aggarwal
Please find enclosed a press release issued by Central Board of Excise and Customs giving details of indirect tax revenue (provisional) collections during April-September 2014, along with growth rate over previous year.
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Service Tax   RSS Feeds
 Relevance of location in service tax
By CA Ojas Aggarwal
Finance Act, 2012 w.e.f. 1-7-2012 has inserted section 66C w.e.f. 1-7-2012 which provides for determination of place of provision of service having regard to the nature and description of various services.
 India Considers Raising Import Taxes on Vegetable Oils
By CA Nilesh Sahu
India is considering raising import taxes on crude and refined vegetable oils to protect local farmers and the refining industry, two government sources said, as purchases by the world's top importer are expected to hit a record this year.
 GST must to boost manufacturing, growth in India, says World Bank
By CA Manu T George
Implementation of the goods and service tax (GST) is the most critical reform needed for Indian manufacturing, the World Bank has said weeks after Prime Minister Narendra Modi invited global firms to 'Make in India'
 Infrastructure consulting firms demand exemption from service tax
By CA Ojas Aggarwal
Infrastructure consulting firms have requested the government to exempt them from service tax at par with contractors and concessionaires.
 Draft Order of amalgamation of National Spot Exchange Limited with Financial Technologies (India) Limited under Section 396 of the Companies Act, 1956 issued by the Ministry of Corporate Affairs on 21-10-2014
By CA Atul Gupta
Draft Order of amalgamation of National Spot Exchange Limited with Financial Technologies (India) Limited under Section 396 of the Companies Act, 1956 issued by the Ministry of Corporate Affairs on 21-10-2014
 Constitution of Review Committee of Commissioners of Central Excise and Service Tax
By CA Mayank Jain
In exercise of the powers conferred by sub-section (1A) of section 86 of the Finance Act, 1994(32 of 1994), the Central Board of Excise and Customs constituted under the Central Board of Revenue Act,1963
  Infra consulting firms demand exemption from service tax
By CA S K Verma
Infrastructure consulting firms have requested the government to exempt them from service tax at par with contractors and concessionaires.
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Transfer Pricing   RSS Feeds
 Proposed changes to secondary transfer pricing adjustment – further developments
By CA Devender Singh
We have previously reported on the draft Taxation Laws Amendment Bill 2014 (Bill) that was released by the National Treasury and the South African Revenue Service (SARS) earlier this year, and speci?cally in respect of the proposed changes to the secondary transfer pricing adjustment mechanism.
 Singapore increases transfer pricing documentation standards in line with BEPS developments
By CA Ojas Aggarwal
The Inland Revenue Authority of Singapore (“IRAS”) looks set to bolster its transfer pricing guidelines following a consultation paper released on the 1st September 2014.
 Vodafone victorious in multi million transfer pricing battle, yet again!
By CA Ojas Aggarwal
Bombay High Court holds that shares issued at a premium by a resident entity to a non-resident entity is a capital account transaction and does not give rise to any income
 Increasing focus on transfer pricing, says Deloitte
By CA Atul Gupta
Accounting firm Deloitte Malaysia stressed on the government increasing focus on transfer pricing whereby there is a new requirement for taxpayers to declare if one has prepared all the necessary transfer pricing documentations.
 Top 10 Indian Mergers and Acquisitions of 2014
By CA Ojas Aggarwal
Mergers and acquisitions (M & A) is the area of corporate finances, management and strategy dealing which deals with purchasing and/or joining with other companies.
  Transfer pricing: arms length alternatives needed
By CA Atul Gupta
Amazon, Fiat, Vodafone, Starbucks, Apple… The list of companies facing scrutiny for their failure to properly implement the arms length principle into their transfer pricing policies this year goes on,
 Transfer pricing: arms length alternatives needed
By CA Mayank Jain
Amazon, Fiat, Vodafone, Starbucks, Apple… The list of companies facing scrutiny for their failure to properly implement the arms length principle into their transfer pricing policies this year goes on,
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Customs and Excise   RSS Feeds
 Appointment of Officers of Central excise working in Audit Formations and investing them with powers of Central Excise Officers
By CA S K Verma
In exercise of the powers conferred by clause (b) of section 2 of the Central Excise Act, 1944 (1 of 1944), read with sub-rule (1) of rule 3 of the Central Excise Rules, 2002
  Constitution of Review Committee of Commissioners of Central Excise
By CA Atul Gupta
In exercise of the powers conferred by sub-section (1B) of section 129A of the Customs Act, 1962 (52 of 1962), the Board constitutes the following Committees consisting of two Commissioners mentioned in column
 CBEC implemented the cadre restructuring of the Indirect Taxes formations
By CA Atul Gupta
The Central Board of Excise and Customs has implemented the cadre restructuring of the Indirect Taxes formations, with effect from 15th October 2014.
 Constitution of Review Committee of Chief Commissioners of Central Excise
By CA S K Verma
In exercise of the powers conferred by sub-section (1B) of section 35B of the Central Excise Act, 1944 (1 of 1944),the Central Board of Excise and Customs, constituted under the Central Board of Revenues Act, 1963
 Amendment of Notification No. 27/2014 - Central Excise (NT) dated 16.09.2014
By CA Manu T George
In exercise of the powers conferred by rule 3 of the Central Excise Rules, 2002, the Central Board of Excise and Customs hereby makes the following amendments in the notification of the Government of India in the Ministry of Finance
  Seeks to amend Notification No. 67/1995-CE, dated the 16th March, 1995 so as to exempt intermediate goods manufactured and consumed captively for further manufacture of matches.
By CA Ojas Aggarwal
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,
 India plans committee to ease customs norms for boosting international trade
By CA Mayank Jain
Two months after it blocked an international agreement on easing trade regulations, India has initiated measures to reform customs procedures and cut red tape to speed up international trade.
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Mergers and Acquisitions   RSS Feeds
 Mergers and acquisitions to pick up as economy improves: report
By CA S K Verma
A new survey suggests corporate takeover activity will increase markedly as big businesses start to feel more confident about the Australian economy.
 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.
 Organisational culture – a key miscarriage in mergers & acquisitions.
By CA Manu T George
Acquisition is where an organisation develops its resources and competences by taking over another organisation while mergers are more typically the result of organisations coming
 Telenor open to mergers and acquisitions, finds Indian laws discouraging
By CA Rashmi Sharma
A top executive of Norwegian telecom firm Telenor has said the company is open to merger and acquisitions in India but the country's rules don't encourage it. Telenor's chief executive Jon Fredrik Baksaas,
 Mergers & acquisitions continuing a hot streak in closures business
By CA Atul Gupta
Mergers and acquisitions in the plastics industry continue at a torrid pace, extending a years-long run that’s been fueled to a large degree by private equity money and strong credit markets.
 Merger and acquisition activity gathers momentum in insurance
By CA Mayank Jain
The Indian insurance sector has, of late, been witnessing a spate of mergers and acquisitions (M&As) with many joint venture partners expressing their intent to look for new partners.
 Mergers and acquisitions increase
By CA Manu T George
Ireland has accounted for 14.6% of all European merger, acquisition and equity investment activity in value terms to date, this year, nearly 10% more than for the whole of 2013.
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Indirect Tax   RSS Feeds
 Income Tax department to submit report on conversations between Moin Qureshi and ex-CBI chief AP Singh
By CA Atul Gupta
The Income Tax department, which has kept the controversial meat exporter Moin Qureshi under its scanner, is likely to submit a report to the Government about the purported conversations between him and former CBI Director AP Singh, currently a UPSC member.
 Finance Ministry restructures indirect taxes formations
By CA Mayank Jain
The Finance Ministry today restructure indirect taxes formations with a view to provide better tax payer services and deepen the tax base.
 Service Tax on Transfer of Development Rights of Land A Detailed Legal Analysis
By CA Mayank Jain
Service tax legislation has seen a lot many changes from the days it was introduced and has always been evolving to ensure effective revenue collection.
 Treatment of expenditure on corporate social responsibility under income tax act, 1961
By CA Devender Singh
Vide Section 135 of the Companies Act, 2013 spending amount on Corporate Social Responsibility is made mandatory. In this regard the Ministry of Corporate Affairs framed ‘The Companies (Corporate Social Responsibility) Rules, 2014.
 Tax-free bonds are still the best bet for investors
By CA S K Verma
Stock investors may be celebrating, but even those who invested in tax free bonds have got reasons to cheer. Tax-free bonds issued in 2013 and earlier this year have churned out terrific returns of up to 25%.
 Your insurance payout will now come after a tax cut!
By CA Ojas Aggarwal
In a quiet move, the impact of which is being felt only now, the statute books have been amended to deduct tax at source on some insurance payouts, which could particularly affect people above 45 and those with single-premium policies.
 Govt plans to revamp SME, SEZ tax regime
By CA Atul Gupta
The government is getting down to business to boost local manufacturing and create jobs and is working on a series of measures, including revamp of the tax system for the small-scale sector, ship-building
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Various Acts & Rules   RSS Feeds
 Customs Tariff 2009-10 - PART-II - Chapter 98 - Project imports, Laboratory chemicals, passenger's baggage
By CA Atul Gupta
This Chapter is to be taken to apply to all goods which satisfy the conditions prescribed therein, even though they may be covered by a more specific heading elsewhere in this Schedule.
 Customs Tariff 2009-10 - PART-II - Chapter 97 - Works of art, collectors' pieces and antiques
By CA Atul Gupta
Unused postage or revenue stamps, postal stationery (stamped paper) or the like of heading 4907
 Customs Tariff 2009-10 - PART-II - Chapter 96 - Miscellaneous manufactured articles
By CA Mayank Jain
Articles of Chapter 66 (for example, parts of umbrellas or walking-sticks);
 Customs Tariff 2009-10 - PART-II - Chapter 95 - Toys, games and sports requisites; parts and accessories thereof
By CA Ojas Aggarwal
Toys, games and sports requisites; parts and accessories thereof
 Customs Tariff 2009-10 - PART-II - Chapter 94 - Furniture; bedding, mattresses, mattress supports
By CA Atul Gupta
Furniture; bedding, mattresses, mattress supports, cushions and similar stuffed furnishings; lamps and lighting fittings, not elsewhere specified or included; illuminated signs, illuminated name-plates and the like; prefabricated buildings.
 Customs Tariff 2009-10 - PART-II - Chapter 93 - Arms and ammunition; parts and accessories thereof
By CA Nilesh Sahu
telescopic sights or other optical devices suitable for use with arms, unless mounted on a firearm or presented with the firearm on which they are designed to be mounted (Chapter 90);
 Customs Tariff 2009-10 - PART-II - Chapter 92 - Musical instruments; parts and accessories of such articles
By CA Devender Singh
parts of general use, as defined in Note 2 to Section XV, of base metal (Section XV), or similar goods of plastics (Chapter 39);
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Finance Bills   RSS Feeds
 The Companies (Removal Of Difficulties) Seventh Order - dated 4th Sept 2014 New
By CA Manu T George
Whereas the Companies Act, 2013 (18 of 2013) (hereinafter referred to as the said Act) received the assent of the President on the 29th August, 2013 and section 143 of the Act,
 Finance & Commerce Ministry to discuss draft BIPA model tomorrow
By CA Nilesh Sahu
Officials of the finance and the commerce and industry ministries are scheduled to discuss the issues related to the draft text of the Bilateral Investment Promotion and Protection Agreement (BIPA) tomorrow.
 Union Finance Minister Shri Arun Jaitley said that the revenue targets fixed for Direct Taxes for the current Financial Year 2014-15 would not only be achieved but would also be surpassed
By CA Nilesh Sahu
The Union Finance Minister Shri Arun Jaitley hoped that the revenue targets fixed for Direct Taxes for the current Financial Year 2014-15 would not only be achieved but would also be surpassed.
 Finance ministry may pitch for higher tax exemption on health insurance
By CA Mayank Jain
The finance ministry is likely to pitch for a substantial increase in the income-tax exemption limit for health insurance as part of its plan to deepen insurance coverage. The ministry is examining a proposal that seeks to double the limit to 30,000 from 15,000.
 Finance minister reviews annual performance of public sector banks and financial institutions for 2013-14; calls for tougher action against wilful defaulters; highest ever more than 10,000 new branches opened during 2013-14
By CA Devender Singh
The Union Finance Minister Shri P. Chidambaram said that the last Financial Year 2013-14 was a difficult year even though there was positive movement towards greater stability.
 India Infrastructure Finance Company to raise Rs 7,000 crore through tax-free bonds
By CA Manu T George
State-owned India Infrastructure Finance Company (IIFCL) plans to raise Rs 7,000 crore via a public issue of tax-free bonds in October, according to a senior company official
 Finance Ministry hopes RBI focusses on promoting growth in policy tomorrow
By CA Atul Gupta
Ahead of tomorrow's monetary policy review, the Finance Ministry has expressed the hope that Reserve Bank will focus on promoting growth.
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