Income tax dept publishes list of asset valuers By CA Devender Singh The Income Tax department today published a country-wide list of registered asset valuers for those who wish to declare their untaxed funds and properties under the one-time domestic black money compliance window that opened this month.
Income-tax (16th Amendment) Rules, 2016 By CA S K Verma In exercise of the powers conferred by section 101, read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend theIncome-tax Rules, 1962, namely:-
CBDT provides fillip to digital payments By CA S K Verma Payment system companies have cause for cheer as the Central Board of Direct Taxes (CBDT) has helped improve cash flows for them by exempting seven types of transactions from TDS obligations.
Govt may restore 'Lucky VAT' to boost revenue By CA S K Verma Taking a cue from the Aam Aadmi Party (AAP) government's initiative in New Delhi to provide incentives to customers who demand bills for purchases and thus pay value-added tax (VAT) promptly, the state government is mooting a lucky draw scheme where customers -who pay VAT for each and every purchase - will be properly rewarded.
Govt. assures traders VAT cut from 5 to 1% By CA Manu T George The Naveen Patnaik government on Monday assured the Odisha Byabasayee Mahasangha (OBM) that it would reduce value added tax from 5 per cent on pulses to 1 per cent on experimental basis.
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.
Know your taxes and exemptions By CA Nilesh Sahu The hardest thing in the world to understand is the income tax, is what Albert Einstein had famously said. Amid the long list of taxation categories, to assimilate what is taxable and what is exempted is hard.
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%
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
ITO vs. Indravadan Jain (HUF) (ITAT Mumbai) By CA Rashmi Sharma S. 68: Long-term capital gains arising from transfer of penny stocks cannot be treated as bogus merely because SEBI has initiating an inquiry with regard to the Company
CIT vs. Mukesh Ratilal Marolia (Bombay High Court) By CA Andrew F Thomas S. 10(38)/ 69: Fact that a small amount invested in "penny" stocks gave rise to huge capital gains in a short period does not mean that the transaction is "bogus" if the documentation and evidences cannot be faulted
DIT (Exemptions) vs. Khar Gymkhana (Bombay High Court) By CA Nilesh Sahu S. 158BC: A stay on the conduct of a "special audit" u/s 142(2A) amounts to a "stay of the assessment proceedings" and extends limitation u/s 158BE. One warrant of authorisation can be used for multiple visits and searches and limitation commences only after the panchnama records the conclusion of the search
Technip Singapore Pte Ltd vs. DIT (Delhi High Court) By CA Devender Singh Law on whether "installation or construction activity" constitutes a PE under Article 5 and whether "mobilisation/ demobilisation charges" can be treated as "royalty" u/s 9 (1) (vi) & Article 12 (3) (b) of the DTAA and whether "installation charges" could be treated as "Fees for Technical Services" under Explanation 2 below s. 9 (1) (vii) read with Article 12 (4) (a) of the India-Singapore DTAA 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.
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.
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
PM set no target on income tax assessees By CA Andrew F Thomas The finance ministry on Saturday clarified after a series of flip-flops that Prime Minister Narendra Modi had not set a target for widening the income tax base to 100 million assessees at the Rajasva Gyan Sangam, a two-day retreat for revenue officials.
Scope for expansion of tax base By CA Nilesh Sahu A day after Prime Minister Narendra Modi spoke about near-doubling of taxpayer base to 10 crore, Revenue Secretary Hasmukh Adhia today sought to contextualise the statement saying he was talking about "scope for expansion" and getting to that mark is "impossible".
Traders not for service tax audit By CA Atul Gupta Local traders have urged the commissioner of the Central Board of Excise and Customs (CBEC) to stop the ongoing audit of service tax in Ranchi zone following a Delhi high court order of June 6. The court had declared central excise and service tax audit manual as illegal.
Amendment to Notification No. 61/94-Customs By CA Atul Gupta In exercise of the powers conferred by clause (a) of sub-section (1) of section 7 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs,
Customs Cadet Corps set to spread wings By CA Nilesh Sahu Thousands of schoolchildren across the country will soon have a role to play in safeguarding the country’s economic frontiers, thanks to a novel initiative by the Cochin Customs House (CCH).
Manner of payment of interest on warehoused goods By CA Manu T George Section 61 of the Customs Act, 1962 had been amended vide the Finance Act, 1994 whereby the interest payable with respect to warehoused goods was to be calculated with reference to the duty payable at the time of clearance of the goods from the warehouse.
Security under section 59 (3) of the Customs Act By CA Andrew F Thomas Section 59 of the Customs Act, 1962 (as amended by Finance Act 2016) requires an importer of goods filing a bill of entry for warehousing to submit a Bond in a sum equal to thrice the amount of duty assessed on the goods to be warehoused.
Plastics industry ripe for mergers and acquisitions By CA Ojas Aggarwal Custom injection molder and mold and automation manufacturer MGS Mfg. Group Inc. (Germantown, WI) is just the latest plastics company to be acquired by investment firms looking for strong manufacturers in this industry
How India's startups founders find work-life balance By CA Atul Gupta The Commerce and Industry Ministry has commissioned a study to assess the impact of foreign direct investment in pharmaceutical companies amid concerns over mergers and acquisitions of domestic drug manufacturers.
Govt banks on new PSU norms for higher non-tax revenue By CA Mayank Jain The Centre has released a new set of guidelines on capital restructuring of state-owned companies, which will make them more accountable on matters of dividends, buybacks and bonuses, and will help the government meet its non-tax revenue and capital receipts target for the year.
Choosing a fund purely to save tax is not a good idea By CA Atul Gupta You can look at liquid or ultra short-term category mutual funds. These can help you to get about double the returns than the normal savings bank account though please keep in mind the taxes. For the purpose you mentioned, equity mutual funds are not recommended since they fluctuate in the short term
Indirect tax row needs resolution By CA Andrew F Thomas In his Budget speech, the finance minister had said, "Litigation is a scourge for a tax-friendly regime and creates an environment of distrust, in addition to increasing the compliance cost on taxpayers and administrative cost for the government.