Govt. throws open I-T data; tax base stays narrow By CA Ojas Aggarwal Just one per cent of individuals, who declared their income in assessment year 2012-13, accounted for almost 20 per cent of the taxable income, according to government data on income tax released for the first time on Friday.
CBDT publishes direct taxes related data for first time By CA Ojas Aggarwal In a first, CBDT has made public a host of hard data on the total number of taxpayers in the country, income disclosed in income tax returns by various category of taxpayers and number of PAN holders in the country for a chosen period of time.
For effective tax information sharing By CA Atul Gupta The income-tax department’s reported move to seek sworn declarations from all those Indians whose names appeared in the Panama papers on whether they held undisclosed offshore accounts is ill-conceived. Not all foreign accounts
Delhi to slash VAT on diesel By CA S K Verma The Delhi government has decided to reduce the Value Added Tax (VAT) on diesel from 18 per cent to 16.6 per cent owing to a drop in tax receipts from the sale of the fuel.
Award for those who help catch VAT evaders By CA Devender Singh An award for informers who help check tax evasion and inclusion of exhibition organisers in the VAT net are some of the strategies devised by the Delhi government to boost its revenue in the current financial year, officials said.
VAT relief for salt units, but agariyas want full rollback By CA Ojas Aggarwal Besides, exemption has also been given to producers of domestic salt. Agariyas (salt workers), however, say their lives would now be under the thumb of the salt inspector, and they will not be able to prepare accounts, as they are mostly illiterate.
Delhi Government To Discuss VAT Cut On Diesel By CA S K Verma The Delhi government is contemplating to reduce Value Added Tax (VAT) on diesel from 18 per cent to 16.6 per cent due to which the price of diesel may come down by around 60 paisa per litre.
Relevant Market’ Under Competition Act, 2002 By CA S K Verma The object of the Competition Act, 2002 (‘Act’ for short) is to preserve and promote competition and to prevent anti competitive business practices with minimal Government intervention.
How India will become a common market with GST By CA Rashmi Sharma With the Centre and states finally reaching a consensus on the contours of the Goods and Services Tax (GST), India is all set to roll out the largest indirect tax reform since the introduction of the value-added tax in 2005.
Have Indian markets run ahead of fundamentals? By CA Andrew F Thomas The returns of Indian stock indices so far this year have been seven times the average for emerging markets. These gains have made the Indian market more expensive than most comparable peers, and even developed ones like the US, UK and Germany.
Luxury item like gold jewellery can’t stay out of tax net By CA Manu T George The government has ruled out rollback of 1% excise duty on gold jewellery levied in the budget, calling it a tax on a luxury item. Finance minister Arun Jaitley said gold cannot remain out of the tax net when goods used by common people were being taxed.
There is a case for tax havens By CA Andrew F Thomas What prompted people to set up offshore companies through Mossack Fonseca was the fact that RBI did not allow individuals to set up companies abroad. Photo: AFP
Developed countries must tax coal for climate fund’ By CA Manu T George Ahead of signing the Paris climate agreement in New York later this week, Union Environment Minister Prakash Javadekar, said New Delhi would exhort developed countries to take a cue from India
The Companies (Auditor S Report) Order, 2016 By CA Nilesh Sahu The Ministry of Corporate Affairs vide Notification No. S.O. 1228(E), dated 29.03.2016 made ‘The Companies (Auditor’s Report) Order, 2016’ (‘Order’ for short) in supersession of the Companies (Auditor’s Report) Order, 2015.
Decision to amend Income Tax law retrospectively regrettable By CA Andrew F Thomas The then Finance Minister Pranab Mukherjee’s decision to amend the Income Tax Act with retrospective effect to negate a Supreme Court verdict was regrettable, former Planning Commission deputy chairman Montek Singh Ahluwalia said today.
Times guide to corporate tax By CA Devender Singh New manufacturing companies incorporated on or after March 1, 2016 have been provided an option either to adopt a reduced corporate tax of 27.55%
Gear up for changes in tax laws, treaties By CA Rashmi Sharma The international community led by the G20 had initiated the Base Erosion and Profit Shifting (BEPS) project a few years ago with the aim of ensuring that profits are taxed where economic activities are performed and where value is created. Governments,
Admit Cards for May 2016 Examination By CA S K Verma Admit cards in respect of candidates admitted to the Intermediate (IPC) and Final May 2016 examination, with their photographs and signatures on them, are hosted onwww.icai.nic.in.
ICAI to scrap CPT route for studying CA By CA Manu T George Institute of Chartered Accountants of India (ICAI) would abolish common proficiency test (CPT) examination for CA aspirants and reinstate the Foundation course instead from November this year.
Regarding Form CR-II. By CA Manu T George In exercise of the powers conferred on me under section 27 of Delhi Value Added Tax Act, 2004 and in partial rnodification to the notification No.F.3(628)/Policy/VAT/2016/ 1424-36 dated 11th February,2016
Interest from Non-SLR securities of Banks By CA Ojas Aggarwal It has been brought to the notice of the Board that in the case of Banks, field officers are taking a view that, "expenses relatable to investment in non-SLR
CPE Events 25th April - 30th April 2016 By CA Nilesh Sahu Karol Bagh New Delhi - 110005., 2nd Floor,Room No :2/32, Kolkata -700001, Punjabi Bagh New Delhi, ICAI Bhawan, Chennai, Motors/Punjab Kesri), Delhi
Amaya Infrastructure Pvt. Ltd vs. ITO (Bombay High Court) By CA Ojas Aggarwal S. 147: If the assessee responds to the S. 142(1)/ 143(2) notices, it means that he has submitted to the AO's jurisdiction and is estopped for filing a Writ Petition to challenge the same. The fact that the jurisdiction is challenged while participating in the proceedings is irrelevant
Uttam vs. Saubhag Singh (Supreme Court) By CA Atul Gupta Important law on concept of \"ancestral property\" under the Hindu Succession Act, 1956 and the formation of a HUF by the surviving members of the deceased explained
Provisioning pertaining to Fraud Accounts By CA Rashmi Sharma Please refer to circular DBR.No.BP.BC.83/21.04.048/2014-15 dated April 1, 2015 on the captioned subject. On a review, it has been decided to amend the provisioning norms in respect of all cases of fraud, as under:
Conference on Companies Act gets under way By CA Manu T George The two-day seminar on “Companies Act, 2013 – New Standards for Corporate Governance” being organised by Kakatiya University College of Commerce , Business Management and Institute of Chartered Accounts of India (ICAI), got under way here on Monday.
Guidelines on Investment Advisory Services offered by Banks By CA Andrew F Thomas Please refer to paragraphs 86, 87 and 88 of the Monetary Policy Statement 2013-14 and the subsequent draft guidelines on Wealth Management/Marketing/Distribution Services offered by Banks issued on June 28, 2013, seeking comments of stakeholders.
17th Meeting of the FSDC Sub-Committee – Mumbai By CA Nilesh Sahu A meeting of the Sub-Committee of the Financial Stability and Development Council (FSDC) was held today in Mumbai. Dr. Raghuram G. Rajan, Governor, Reserve Bank of India, chaired the meeting.
Budget moves to reduce tax litigation By CA S K Verma The tremendous backlog of pending direct tax litigation has been a bane for the government and taxpayers alike—the locking-up of precious tax revenue for the government and unrelenting uncertainty on the tax front for the taxpayers.
This Budget is not business as usual By CA Atul Gupta Is it possible to be popular without being populist? This Budget, which has sought to combine the virtues of macroeconomic stability with growth, is a good example.
Expectations high on size of TS Budget expenditure By CA Manu T George With the Chief Minister K Chandrasekhar Rao’s firm directive that the Budget for 2016-17 should be realistic and to be tuned to the resources and requirements of the State, there is high anticipation about the size of the total expenditure.
Budget 2016 brings lawyers under service tax net By CA Ojas Aggarwal The Budget has withdrawn tax exemptions given to lawyers and proposed a 14% tax on the services of a senior advocate to an advocate or partnership firm, and a person represented on an arbitral tribunal to an arbitral tribunal.
GST will smooth the way for e-commerce companies By CA Manu T George Implementation of GST will help resolve various issues concerning taxation and logistics with regard to e-commerce business, which has been recording rapid growth in the country, says a study.
Income-tax (8th Amendment) Rules, 2016 By CA Andrew F Thomas In Exercise of the powers conferred by section 295 of the Income-tax Act,
1961 (43 of 1961), the Central Government hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-
8 held for hacking into Sales Tax dept system to commit fraud By CA Nilesh Sahu Ahmedabad, Mar 28 (PTI) Police have arrested eight men including four government employees for allegedly hacking into the Sales Tax departments computer system to activate Taxpayer Identification Numbers of 14 defunct companies so as to fraudulently withdraw Rs 11 crore in tax credit.
Income-tax department eases norms governing foreign fund managers By CA Manu T George The income-tax department on Wednesday notified rules relaxing certain earlier conditions governing foreign fund managers in a bid to encourage them to move to India. Presently, most of them manage foreign capital to India out of Singapore, Dubai and London.
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
Direct Tax share in economy at decade low By CA Atul Gupta Corporate tax collections have risen nearly 12-fold in last 15 years and personal income tax 9 fold but share of direct taxes in the economy has fallen to almost a decade low of 5.47 per cent, according to direct tax data published by the government today.
Frequently Asked Questions On Gst (Part-4) By CA Ojas Aggarwal Frequently Asked Questions (FAQs) on GST and their answers which would help the readers to know and understand about the concept and nuances of proposed Goods and Services Tax (GST) and its models.
One held for service tax evasion By CA Devender Singh The Managing Director of a firm providing clearing and forwarding services, steamer agency services and custom house agency services has been arrested for service tax evasion of over ?1.38 crore,
Frequently Asked Questions On GST (Part-3) By CA Rashmi Sharma Frequently Asked Questions (FAQs) on GST and their answers which would help the readers to know and understand about the concept and nuances of proposed Goods and Services Tax (GST) and its models.
New rule applies on service tax By CA Andrew F Thomas From the beginning of this month, services provided by a government or local authority to a business entity became liable to service tax, with some exemptions.
Leveraging technology for transfer pricing By CA S K Verma The Indian Transfer Pricing (TP) scenario is ever evolving. The most recent being the proposal to introduce Country-by-Country (CbC) and Master File reporting requirements in the Union Budget, presented on February 29, 2016.
Protiviti to diversify into M&A advisory in India By CA Mayank Jain Global risk consulting firm Protiviti will diversify into mergers & acquisitions (M&A) advisory space in the Indian market, Subrata Bagchi, Senior Managing Director at its Indian unit, has said.
CBEC raises monetary limits for filing appeals in indirect tax cases By CA Nilesh Sahu The Central Board of Excise and Customs (CBEC) on Monday raised the monetary ceiling for filing appeals in indirect tax cases to `10 lakh in appellate tribunals and to `15 lakh in high courts, as it tries to manage litigation better and reduce disputes with businesses.
There is need to provide FIIs with tax certainty By CA S K Verma Since early days of economic liberalisation, foreign institutional investors (FIIs) have always been an important class of investors in the Indian capital markets. Over the years, India has seen heightened investment activity