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News Headlines   RSS Feeds
 Income tax returns (ITR) filing guide: 10 excellent tax-saving options other than Section 80C to save money
By CA Devender Singh
While you may have made investments to claim deduction under Section 80C of the Income Tax Act, there are various payments, investments which are available as deduction against an individual’s taxable income.
 TDS Rate Chart for AY 2018-19
By CA Ojas Aggarwal
The Tax Deducted at Source (TDS) is applicable to resident and non-resident Indians as well as domestic and international companies in India.
 Last date to submit third installment of advance tax is December 15
By CA Nilesh Sahu
Advance tax, also known as "Pay as you earn tax" is payable in installments within the due dates set by the IT department. As the name suggests, advance tax is paid in advance, instead of a taxpayer making a lumpsum payment at the end of the financial year.
 5 tax-saving funds that have given stellar returns in the past 5 years
By CA S K Verma
It is that time of the year when there is a rush among tax savers to invest as they have to submit proofs to their employers. Investors can save tax by investing up to Rs 1.5 lakh under Section 80C of the Income Tax act.
 Find out which ITR Form is suitable for you
By CA Andrew F Thomas
The Government has made several changes in the way tax returns are filed. Apart from making Aadhaar mandatory, the government has also modified Income Tax Forms for the Assessment Year 2017-18.
  Pr CIT vs. Baisetty Revathi (Andhra Pradesh High Court)
By CA Ojas Aggarwal
S. 271(1)(c) penalty can be levied only where the charge is unequivocal and unambiguous. The AO must specify whether the charge is of concealment of particulars of income or furnishing of inaccurate particulars thereof and which one of the two is sought to be pressed into service. He is not permitted to club both by interjecting an ‘or’ between the two. The ambiguity in the show-cause notice compounded by the confused finding of the AO that he was satisfied that the assessee was guilty of both renders the proceedings void (K. P. Madhusudhanan 251 ITR 99 (SC) & MAK Data 358 ITR 593 (SC) distinguished
 What is income tax?
By CA Nilesh Sahu
There are two types of income tax - direct tax and the newly launched Goods and Services Tax (GST) which subsumed all other indirect taxes such as VAT, service tax, excise etc.
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Continuing Prof. Edu.   RSS Feeds
 Restoration & Revival of Companies u/s 252, Disqualificaitons of Directors and Remedial Measures u/s 164 & 167 of Companies Act, 2013 AND Issues in Assessment, Re-assessment, Shell Companies, Penny Stocks and Survey Procedures (OTHERS)
By CA Andrew F Thomas
Place: Shastri Nagar CPE Study Circle of NIRC of ICAI Date: 16-12-2017 – To: 16-12-2017 CPE.Hrs.: 6
 Seminar on Impact Analysis of GST on Various Sectors INDIRECT TAXES
By CA Nilesh Sahu
Place: Northern India Regional Council Date: 16-12-2017 – To: 16-12-2017 CPE.Hrs.: 6
 GST Returns, Refund procedure and Anti Profiteering (INDIRECT TAXES)
By CA Mayank Jain
Place: Siri Fort CPE Study Circle for Members in Industry of ICAI Date: 17-12-2017 – To: 17-12-2017 CPE.Hrs.: 4
  GST-Practical Difficulties In Filing And Solution, Code Of Ethics (Indirect Taxes)
By CA Manu T George
Place: Joshi Road CPE Study Circle of NIRC Date: 15-12-2017 – To: 15-12-2017 CPE.Hrs.: 5
 Latest in GST and return filing and Professional Code of Ethics (Indirect Taxes)
By CA Nilesh Sahu
Place: Netaji Subhash Place CPE Study Circle of NIRC Date: 15-12-2017 – To: 15-12-2017 CPE.Hrs.: 6
  Goods & Service Tax (Indirect Taxes)
By CA S K Verma
Place: Jawahar Park CPE Study Circle of NIRC Date: 09-12-2017 – To: 09-12-2017 CPE.Hrs.: 6
 Seminar On GST Refunds (Indirect Taxes)
By CA Ojas Aggarwal
Place: JALANDHAR BRANCH OF NIRC Date: 11-12-2017 – To: 11-12-2017 CPE.Hrs.: 4
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GST - Goods and Services Tax   RSS Feeds
 GST Ordinance To Be Replaced With Bill
By CA Ojas Aggarwal
The Cabinet on Friday approved replacing the Goods and Service Tax (Compensation to States) Ordinance by a bill, sources said.
 Tax dept starts probe into Bitcoin exchanges to ascertain rate they can be taxed under GST
By CA Atul Gupta
The indirect tax department has launched an investigation into Bitcoin exchanges operating in India to ascertain at what rate they can be taxed under the goods and services tax (GST) regime, two people with direct knowledge of the matter said.
 GST Update On Proof Of Export
By CA Nilesh Sahu
Under Central Excise laws, every exporter had to submit proof of export for export of excisable goods done without payment of duty to Range Officer within 6 months from the date of clearance of goods from the factory of production.
 GST impact on economy - Part 2
By CA S K Verma
This leads to an increase in the cost of goods, ultimately affecting the competitiveness of Indian manufactured goods vis-à-vis imports.All of the above issues are addressed under GST, which permits tax set offs across the production value-chain, both for goods and services.
 Banks, insurance companies under lens for inflated tax credits
By CA Mayank Jain
The government is keeping a watch on some banks, insurance companies and technology and telecom firms after it announced that errors in tax credit claims should be rectified, according to two people aware of the matter.
 GST-Practical Difficulties In Filing And Solution, Code Of Ethics (Indirect Taxes)
By CA Andrew F Thomas
Benefits of goods and services tax (GST) are still unclear, experts from various sectors said on Monday.
 How the dynamics between GST and inflation will play out
By CA Ojas Aggarwal
A complainant will have to mention product price and the applicable tax rates both in the pre- and post-GST era in the anti-profiteering form
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Markets   RSS Feeds
 FM calms nerves, says no plan to tax market gains
By CA S K Verma
In a bid to calm frayed nerves of stock market players, Finance Minister Arun Jaitley on Sunday clarified the government has no intention to impose a tax on long-term capital gains from trading in shares.
 Why we must tweak the market-led model
By CA Ojas Aggarwal
ACCORDING to the latest report by the New World Wealth, after Russia, India is the second most unequal nation in the world as 54 per cent of its wealth is in the hands of millionaires.
 PE transactions prompt income tax queries over round tripping concerns
By CA Atul Gupta
Domestic companies raising private equity funding in the near term are likely to face increased scrutiny from tax sleuths looking for instances of round tripping.
 Amended India-Mauritius tax treaty only covers investments in shares
By CA Andrew F Thomas
The revamped India-Mauritius tax treaty will apply to only investments in shares and not to other instruments, details of the agreement released by Port Louis showed.
 Government drops cap gains tax on startup shares held for 2 years
By CA Nilesh Sahu
In a fresh boost to startups, the government on Thursday inserted an amendment to the Finance Bill to provide for capital gains tax exemption if shares of an unlisted company were held for more than two years.
 Tax-free bonds regain demand in the secondary market
By CA Ojas Aggarwal
Tax-free bonds which have been languishing for more than six months due to lack of investor interest in the secondary market, are in demand again.
 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.
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General   RSS Feeds
 Government sets aside Rs 10,000-cr tax demand on tech companies
By CA Nilesh Sahu
The government said it has given relief to the information technology and IT-enabled services (ITeS) sector by setting aside a tax demand totalling ?
 Income tax department surveys bitcoin exchanges
By CA S K Verma
The income tax department’s survey on bitcoin exchanges was undertaken to secure information about transactions, parties involved and bank accounts used
 Income tax department to target senior executives who have US bank accounts
By CA Mayank Jain
Tax authorities have begun acting on information that the US is sharing with India under that country’s Foreign Account Tax Compliance Act (Fatca), sending enquiry notices to individuals with bank accounts in the US and potentially opening them up to prosecution on charges of concealing black money overseas.
 Exporters file over 10,000 applications for GST refunds
By CA Mayank Jain
With over 10,000 applications for refunds filed by exporters till November, the GST Network today asked exporters to ensure that the claims do not exceed the GST paid in that month.
 Government wants RBI rate cut before March: Finance ministry sources
By CA Manu T George
At its last meeting in October, the Monetary Policy Committee (MPC) left the repo rate at 6.0 percent, near a seven-year low, and a Reuters poll found that economists expected the rate to stay there through to the second quarter of next year.
 Govt begins review of tax, other norms for startups
By CA Mayank Jain
The government is reviewing the regime for startups in a bid to make it more attractive for entrepreneurs, especially on the tax front.
 Fall in tax collection compounds crisis
By CA Rashmi Sharma
Alleged bureaucratic laxity coupled with the chinks in the tax collection mechanism of the State government are understood to have further deepened the current resource crunch in the State.
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Corporate Law   RSS Feeds
 Government firm on tax law changes, relents on tribunal postings
By CA Ojas Aggarwal
Addressing one of the major concerns of the Opposition on the Finance Bill, the government Wednesday assured Parliament that all judicial appointments in regulatory bodies or tribunals, many of which are being restructured in one go through provisions in the Finance Bill, will continue to be made in consultation with the judiciary.
 Income Tax relief on money in single parent’s account may lead to tax evasion: Law panel
By CA Rashmi Sharma
The income tax exemption on the money deposited in a single parent's account as maintenance for a minor child in a divorce settlement case could open flood gates of tax evasion, the Law Commission warned today.
 Law panel against income tax relief for single parents
By CA S K Verma
The Law Commission is learnt to have decided against recommending income tax exemption on the money deposited in a single parent’s account as maintenance for a minor child in a divorce settlement case.
 Maintenance of Accounts and other record in GST Law
By CA Rashmi Sharma
No specific list of accounts or record has been prescribed in Section 53 of GST Law.
 Parliament Votes to Extend Value Added Tax Law
By CA Ojas Aggarwal
Legislators on Sunday extended the enforcement of value added tax for the upcoming fiscal year (starting March 21) and dropped the newly-proposed article narrowing the tax base to the final consumer.
 Taxation Laws (Second Amendment) Act, 2016 ​​​​​​​​​​​​​​​​​​​​​​​​​​​​
By CA Mayank Jain
In the Income-tax Act, 1961 (hereinafter referred to as the Income-tax Act), in Amendment of section 115BBE, for sub-section (1),
 Glimpse of Invoices Revised Model GST Law
By CA Nilesh Sahu
The esteemed vision of Hon’ble Prime Minister to create a digital and paper less economy cannot be crystalize without the digitalization of documentation and removal of hurdle of hard document.
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Students   RSS Feeds
 Announcement - Reservations in CA course
By CA Mayank Jain
The Institute has come across certain messages that are being aired in social media that some persons have approached to the Court of Law seeking direction to the Institute for making provisions for reservation in the Chartered Accountancy course.
 Refresher Course on GST and Ind AS organized for CA Students and gain knowledge on GST and Ind AS
By CA Rashmi Sharma
Online Registration for Refresher Course on GST and Ins AS for the CA Students Board of Studies is organizing Six Days Course on GST and Ind AS through a combination of Webcasts from Head Office and physical classes at Regional Councils and Branch(es)for the CA student.
 Discontinuation of Students Learning Management System (LMS)
By CA Andrew F Thomas
The Board of Studies in its continuous endeavour to facilitate students in learning anytime and anywhere by leveraging technology, has been offering video lectures for all the three levels of CA Course since 2014.
 Observations of the candidates on the question papers of CA examinations November, 2017
By CA Andrew F Thomas
It is hereby informed that candidates can bring to the notice of the Examination Department, their observations, if any, on the question papers relating to CA Examinations being held in November 2017,
 Mock test paper for the students of CPT for December’17 Examination
By CA Atul Gupta
Board of Studies has proposed to organize Mock Test Paper (Series-1 & 2) for the students of CPT appearing their CPT Examination in December, 2017 as per following schedule.
 Join the Refresher Course on GST and Ind AS organized for CA Students and gain knowledge on GST and Ind AS
By CA Devender Singh
Board of Studies is organizing Six Days Course on GST and Ind AS through a combination of Webcasts from Head Office and physical classes at Regional Councils and Branch(es)for the CA student.
 Further Relaxation in the eligibility criteria for Direct Entry Students registering from 1st July, 2017 to 31st July, 2017 for appearing in May, 2018 Intermediate Examination under Revised Scheme of Education and Training
By CA Rashmi Sharma
Under the New Scheme of Education and Training, the eligibility criteria for Direct Entry Students is to complete Nine Months of Practical Training after undergoing Four Weeks Integrated Course on Information Technology and Soft Skills (ICITSS) Course.
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New Forms   RSS Feeds
 Form GSTR-3B of GST - Boon or Curse
By CA Atul Gupta
Form GSTR--3B is summary return inserted by Government vide Rule 61 of the CGST Rules,2017 in lieu of Form –GSTR-3 . It is a summary return in place of GSTR-3.
  Extension of time limit for submitting the declaration in FORM GST TRAN-1 under rule 117 of the Central Goods and Services Tax Rules, 2017
By CA Ojas Aggarwal
In exercise of the powers conferred by rule 117 of the Central Goods and Services Tax Rules, 2017 read with section 168 of the Central Goods and Services Tax Act, 2017
 Form 64E is enabled in e-Filing to furnish the statement of income distributed by a securitisation trust
By CA Atul Gupta
In exercise of the powers conferred by section 295 read with sub-section (4) of section 115TCA of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-
  Form DVAT 01 - Application For Opting For Composition Scheme by a dealer registered
By CA Devender Singh
Instructions for dealers opting for composition scheme (For details refer section 16 of the Act and Rule 5 of these rules)
 Requirement of item wise details in Forms Annexure - 2A, Annexure - 2B, DVAT- 30 and DVAT 31
By CA Manu T George
Requirement of item wise details in Forms Annexure - 2A, Annexure - 2B, DVAT- 30 and DVAT 31
 Amendment of ANF 3C Application for on line filing of Grant of Status Certificate
By CA S K Verma
In exercise of powers conferred under paragraph 2.04 of the Foreign Trade Policy 2015-20,
 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
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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
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ICAI   RSS Feeds
 Announcement for next examination of Certificate course on Forex & Treasury Management on 27th and 28th Jan, 2018
By CA Mayank Jain
Kind attention of the members registered for the Certificate Course on Forex and Treasury Management is invited towards next examination of the Course which will be held on 27th and 28th January 2018
 Exposure Draft of the Guidance Note on Audit of Banks 2018 edition issued by the Auditing and Assurance Standards Board
By CA Manu T George
The banking industry is the backbone of any economy as it is essential for sustainable socio-economic growth and financial statements in the economy.
 Committee for Capacity Building Members in Practice (CCBMP), ICAI initiative for prescribing the Revised Minimum Recommended Scale of Fees for the Professional Assignments done by the Chartered Accountants
By CA Manu T George
The Committee for Capacity Building of Members in Practice (CCBMP) has taken a major initiative for further revising the prescribed Minimum Recommended Scale of Fees for the professional assignments done by the members of ICAI.
 Pre-Budget Memorandum - 2018 Direct Taxes And International Tax
By CA Ojas Aggarwal
The Council of the Institute of Chartered Accountants of India considers it a privilege to submit this Pre-Budget Memorandum - 2018
 ICAI submits Pre-Budget Memoranda-2018
By CA Atul Gupta
ICAI submits Pre-Budget Memoranda-2018
 Four Weeks Residential Programme to be held from 29th January, 2018 to 25th February, 2018 at Centre of Excellence, Hyderabad for Women Participants only.
By CA Rashmi Sharma
Board of Studies is pleased to announce the next batch of ICAI Four Weeks Residential Programme on Pro-fessional Skills Development from 29th January, 2018 to 25th February, 2018 at Centre of Excellence, Hy- derabad.
 Group for Refurbishing of ICAI Main & Annexe Buildings
By CA S K Verma
The President, in terms of the authority given to him by the Council at its 363rd meeting held on 12th February, 2017, has constituted a Group for Refurbishing of ICAI Main & Annexe Buildings.
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From the Courts   RSS Feeds
 Bhushan Steel vs. CIT (Supreme Court)
By CA Mayank Jain
Taxability of subsidies: Supreme Court stays judgement of the Delhi High Court in CIT vs. Bhushan Steels And Strips which held that if the recipient has the flexibility of using it for any purpose and is not confined to using it for capital purposes, the subsidy is revenue in nature and is taxable as profits
 CIT vs. Chaphalkar Brothers Pune (Supreme Court)
By CA Manu T George
Taxability of subsidies: A subsidy granted by the Govt to achieve the objects of acceleration of industrial development and generation of employment is capital in nature and not revenue.
 Income Tax Appellate Tribunal : Kolkata Benches : Kolkata. Sub : Cause List For The Cases Fixed On Friday The 15/12/2017
By CA Mayank Jain
Income Tax Appellate Tribunal : Kolkata Benches : Kolkata. Sub : Cause List For The Cases Fixed On Friday The 15/12/2017
 Commissioner Of Income Tax, Delhi Vs. Maruti Suzuki India Ltd.
By CA Manu T George
These are appeals by the Revenue against the impugned order dated 29th October 2010 passed by the ITAT in ITA Nos. 4444/Del/2007 and 662/Del/2008 for the Assessment Years (AYs) 1995-96 and 1996-97.
 Sunbeam Auto Private Limited Vs. Pr. Commissioner Of Income Tax
By CA Rashmi Sharma
These four writ petitions are by Sunbeam Auto Private Limited seeking inter alia the quashing of an order dated 30th March 2015 passed by the Principal Commissioner of Income Tax-8
 Sc Johnson Products Private Limited Vs. Additional Commissioner Of Income Tax, Special Range-8, New Delhi
By CA Andrew F Thomas
The writ petitions are dismissed. For detailed judgment, the decision in W.P.(C) No.2697/2015 dated 08.12.2017 may be referred to.
  Amira Pure Foods Pvt. Ltd vs. Pr CIT (ITAT Delhi)
By CA Ojas Aggarwal
S. 263 Revision: Explanation 2 to s. 263 inserted w.e.f. 01.06.2015 does not override the law as interpreted by the various High Courts whereby it is held that the CIT cannot treat the AO's order as being erroneous and prejudicial to the interest of revenue without conducting an enquiry and recording a finding. If the Explanation is interpreted otherwise, the CIT will be empowered to find fault with each and every assessment order and also to force the AO to conduct enquiries in the manner preferred by the CIT, thus prejudicing the mind of the AO, This will lead to unending litigation and no finality in the legal proceedings which cannot be the intention of the legislature in inserting the Explanation
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Auditing   RSS Feeds
 Auditing to be less of a burden as accountants embrace AI
By CA Nilesh Sahu
Among the more thankless tasks undertaken by junior accountants is meticulously checking off inventory at clients’ warehouses, which can involve scaling ladders with paper and pen in hand.
 CAG's report on GST will be totally paperless
By CA Devender Singh
The Comptroller and Auditor General (CAG) will come out with its first digital audit report, a complete paperless exercise, with its performance appraisal of the Goods and Services Tax, expected to come out sometime towards the end of this calendar year.
 Time Limit For Completion Of Assessment From The Date Of Special Auditors Report Under Income Tax Act, 1961
By CA Rashmi Sharma
Section 142(2A) of the Income Tax Act, 1961 (Act for short) provides for the conduct of special audit that may directed by the Assessing Officer.
 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:
 Tax Audit Report (TAR) Certain exceptions and increased limits according to number of partners and considering nature of activity are desirable
By CA Devender Singh
Provisions relating to maintenance of accounts and obtaining of TAR are old provisions and we find that very low limits fixed long ago have remain in force for long time.
 Cost Auditing Standards [ Cost Audit Documentation (102)] Part-II
By CA Ojas Aggarwal
In continuation of our effort to make notified Cost Auditing Standards readable, next in line is theCost Auditing Standard on Cost Audit Documentation (102).
 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.
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Latest Circulars   RSS Feeds
 CAFRAL Conference on “Financial System and the Macroeconomy” (Opening remarks by Dr. Urjit R. Patel, Governor- December 7, 2017 – Mumbai)
By CA Devender Singh
It gives me great pleasure to be here this morning to share some observations and thoughts.
 RBI to conduct overnight Variable Rate Repo auction under LAF on December 18, 2017
By CA S K Verma
The Reserve Bank of India will conduct the following Variable Rate Repo auction on December 18, 2017, Monday, as per the revised guidelines on Term Repo Auctions issued on February 13, 2014.
 Customer Protection - Limiting Liability of Customers of Co-operative Banks in Unauthorised Electronic Banking Transactions
By CA Rashmi Sharma
With the increased thrust on IT enabled financial inclusion and related customer protection issues, and considering the recent surge in customer grievances relating to unauthorised transactions resulting in debits to their accounts/cards, the criteria for determining the customer liability in these circumstances have been reviewed.
  GST-Practical Difficulties In Filing And Solution, Code Of Ethics (Indirect Taxes)
By CA Nilesh Sahu
Place: Netaji Subhash Place CPE Study Circle of NIRC Date: 15-12-2017 – To: 15-12-2017 CPE.Hrs.: 6
 Sources of Variation in Foreign Exchange Reserves in India during April-September 2017
By CA Devender Singh
Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to Schedule 5 to the Foreign Exchange Management (Transfer or Issue of Security
 Developments in India’s Balance of Payments during the Second Quarter (July-September) of 2017-18
By CA S K Verma
Preliminary data on India’s balance of payments (BoP) for the second quarter (Q2), i.e., July-September 2017-18 are presented in Statements I (BPM6 format) and II (old format).
 Professor Vijay Joshi, Emeritus Fellow, Merton College, Oxford, delivers the Fifteenth L. K. Jha Memorial Lecture titled ‘India’s Economic Reforms: Reflections on the Unfinished Agenda’
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VAT (Value Added Tax)   RSS Feeds
  Filing of reconciliation return in form 9 for the year 2016-17
By CA Andrew F Thomas
In exercise of the powers conferred under Rule 49A of the Delhi Value Added Tax Rules, 2005 read with section 9(2) of Central Sales Tax Act, 1956,
 Govt may send notice to 162 companies; ask for VAT returns
By CA Ojas Aggarwal
With Goods and Service Tax (GST) collections going for a toss, the government may soon be sending notices to several firms on transitional tax credit being claimed back.
 Cenvat Credit Is Not Income Liable To Be Taxed
By CA S K Verma
Rule 3 of CENVAT Credit Rules, 2004 allows the manufacturer or producer of final products or provider of output service to take credit on certain taxes paid
 Cos wanting to claim VAT refund on employees' foreign stay can get professional help
By CA Manu T George
When a company takes its employees for an offsite visit abroad, the VAT paid on the local travel and the hotel accommodation is refundable.
 Regarding disposal of pending form DVAT 04 & 07 Form Applications
By CA Manu T George
Regarding disposal of pending form DVAT 04 & 07 Form Applications
 Disposal of pending Form DVAT 04 & Form DVAT 07 applications: regarding
By CA Nilesh Sahu
As you are aware, we have ushered into a new Tax regime with the roll out of GST which has taken effect from 1st July, 2017.
 Cenvat Credit Rules, 2017 III Part
By CA Andrew F Thomas
Rule 11(5) provides that the manufacturer of final products shall submit a monthly return in the form specified by the notification, by the Board.
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Budget Extravaganza   RSS Feeds
 Seeks to amend certain customs notifications in pursuance to change made in Budget 2017-18.
By CA S K Verma
In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962),
 New look finance ministry team to frame contours of Budget 2018
By CA Ojas Aggarwal
Finance Minister Arun Jaitley's fifth Union Budget will sport a different look, starting with a lighter `Part B’ with fewer indirect tax changes because of GST
 How presenting the Budget early seems to be paying off already
By CA Ojas Aggarwal
Breaking with a long-standing tradition, Finance Minister Arun Jaitley presented the Union Budget a full four weeks early this year and the results already seem to be showing in terms of expenditure.
 Budget advancement helps Centre, states start spending early
By CA Rashmi Sharma
Advancing the Budget and notifying the Finance Act, 2017, have enabled the Centre and state governments to start spending from the first month of the financial year from the central funds.
 Five things that you can expect from the Mumbai civic budget today
By CA Andrew F Thomas
Mumbai civic chief Ajoy Mehta will present the Brihanmumbai Municipal Corporation’s (BMC) budget for the financial year 2017-18
 GST all set for July 1 rollout but casts shadow on state budgets
By CA Ojas Aggarwal
With GST all set to be rolled out from July 1, states have not made too many changes in the indirect tax structure in their budgets for 2017-18.
 Income-Tax collection revised in Rajasthan budget
By CA Manu T George
Expecting a major increase in salaries after implementing the 7th Pay Commission for state government employees this year, the state has upwardly revised its budget estimate from income tax (I-T) collection for 2017-18.
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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, Hyderabad Benches, Hyderabad. Cause List Of Cases Posted Before A-Bench (Db & Smc) - 18.12.2017 To 22.12.2017 And 18.12.2017 (Monday)
By CA Rashmi Sharma
Income Tax Appellate Tribunal, Hyderabad Benches, Hyderabad. Cause List Of Cases Posted Before A-Bench (Db & Smc) - 18.12.2017 To 22.12.2017 And 18.12.2017 (Monday)
 Income Tax Appellate Tribunal Kolkata Benches Kolkata Constitution of Kolkata Benches from 18/12/2017 To 21/12/2017 To 21/12/2017 (22nd December,2017-M.A.Day)
By CA Ojas Aggarwal
Income Tax Appellate Tribunal Kolkata Benches Kolkata Constitution of Kolkata Benches from 18/12/2017 To 21/12/2017 To 21/12/2017 (22nd December,2017-M.A.Day)
 Income Tax Appellate Tribunal Mumbai Benches Mumbai Consolidated Cause list of SA/MA/Pronouncement for friday 15/12/2017
By CA Atul Gupta
Income Tax Appellate Tribunal Mumbai Benches Mumbai Consolidated Cause list of SA/MA/Pronouncement for friday 15/12/2017
  Income Tax Appellate Tribunal : Kolkata Benches : Kolkata List Of Orders Ready For Pronouncement On 06.12.2017.
By CA Manu T George
Income Tax Appellate Tribunal : Kolkata Benches : Kolkata List Of Orders Ready For Pronouncement On 06.12.2017.
 Income Tax Appellate Tribunal Mumbai Benches, Mumbai Consolidated Cause List of SA/MA/Pronouncement for Friday 08/12/2017
By CA Rashmi Sharma
Income Tax Appellate Tribunal Mumbai Benches, Mumbai Consolidated Cause List of SA/MA/Pronouncement for Friday 08/12/2017
 Income Tax Appellate Tribunal : Kolkata Benches : Kolkata List Of Orders Ready For Pronouncement On 06.12.2017.
By CA Mayank Jain
Income Tax Appellate Tribunal : Kolkata Benches : Kolkata List Of Orders Ready For Pronouncement On 06.12.2017.
 Income Tax Appellate Tribunal : Bangalore Benches : bangalore Constitution for the week from 11/12/2017 To 15/12/2017
By CA Manu T George
Income Tax Appellate Tribunal : Bangalore Benches : bangalore Constitution for the week from 11/12/2017 To 15/12/2017
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Placements & Empanelment   RSS Feeds
 40 LPA-Opening for a General Manager Finance for an MNC
By CA Rashmi Sharma
Salary:INR 25,00,000 - 40,00,000 P.A.,Functional Area:Accounts , Finance , Tax , Company Secretary , Audit,
 New Opening Chartered Accountant / Assistant General Manager
By CA Andrew F Thomas
Salary:INR 15,00,000 - 20,00,000 P.A. LTA,Functional Area:Accounts , Finance , Tax , Company Secretary , Audit,PG:MBA/PGDM - Any Specialization, Finance, CA, M.Com - Commerce
 30 LPA-Opening for Chartered Accountant as Sr Manager Taxation with Infra
By CA Ojas Aggarwal
Salary:INR 25,00,000 - 30,00,000 P.A.,Functional Area:Accounts , Finance , Tax , Company Secretary , Audit,PG:CA
 New Opening Hiring for Big 4-transaction Services
By CA Atul Gupta
Compensation: 13,00,000 - 20,00,000 P.A.Industry Type Banking / Financial Services / Broking, Education UG - Any Graduate , PG - CA
 18 LPA Urgent Opening For Chartered Accountant ( CA )
By CA Devender Singh
Salary:INR 13,00,000 - 18,00,000 P.A.,Functional Area:Accounts , Finance , Tax , Company Secretary , Audit,PG:CA, ICWA (CMA), M.Com - Commerce
 New Opening Assistant Chartered Accountant /assistant Manager/manager Account (CA)
By CA S K Verma
INR 4,75,000 - 5,50,000 P.A., Functional Area:Accounts , Finance , Tax , Company Secretary , Audit,PG:CA
 New Opening Sr Executive / Assistant Manager Fund Admin
By CA Nilesh Sahu
Functional Area:Accounts , Finance , Tax , Company Secretary , Audit,Role:Chartered Accountant,PG:CA
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Direct Tax   RSS Feeds
 Tax liability on taxable income: Clarification from CBDT is a must
By CA Andrew F Thomas
Indian companies need to pay minimum alternate tax (MAT) on book profits in case their tax liability on taxable income is lower than MAT.
 Income Tax Returns (ITR) filing for salaried staff, others: Advance tax payment deadline nearing, pay or face penalty
By CA Devender Singh
The Income Tax Department, as required by the law, is asking all the eligible taxpayers to pay the 3rd instalmemt of their advance tax by 15th December, 2017.
 To avoid extra TDS, give tax-saving proofs
By CA Atul Gupta
If you don’t submit proof of tax-saving investments and expenses, your employer will deduct tax as per the applicable slab rate, without considering tax deductions
 TDS on Rent under section 194I of Income Tax Act
By CA Rashmi Sharma
Section 194I of Income Tax Act applicable for those who are having rental income from land, building, plant & machinery, furniture & fittings etc.
 New direct taxes code aims for lower rates, wider base
By CA Manu T George
Lower income tax rates, and more taxpayers—that’s the overall aim of the new direct taxes code being put in place by a panel appointed by the Narendra Modi government, according to an official familiar with the matter.
 Towards a new direct tax system
By CA Devender Singh
Higher direct tax collections could lower the tax burden on the poor by creating fiscal space for a reduction in GST rates
 Central Board of Direct Taxes (CBDT) signs two Indian Advance Pricing Agreements (APAs) in November, 2017
By CA Atul Gupta
The Central Board of Direct Taxes (CBDT) has entered into 2 Bilateral Advance Pricing Agreements (APAs) during the month of November, 2017.
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Service Tax   RSS Feeds
 Payment made in revenue sharing deal exempt from service tax
By CA Atul Gupta
The indirect tax appellate tribunal has ruled that there is no service tax liability on payments based on revenue sharing arrangements.
 India seen posting stronger growth as businesses adjust to new tax
By CA Nilesh Sahu
India's economic growth pace likely picked up in the three months ending in September, halting a five-quarter slide as businesses started to overcome teething troubles after the bumpy launch of a national sales tax.
 GST High Powered Committee On Return Filing - Representation by GST Research Foundation
By CA Devender Singh
GST Research Foundation (GRF) consisting of professionals practicing in the field of GST made a detailed representation to Sh. Dheeraj Rastogi, Hon’ble Commissioner GST Council & Member of High Powered Committee on Return filing.
  Changes In Central Goods And Services Tax Rules, 2017
By CA Andrew F Thomas
Notification dated 15.11.2017 the Central Government made the ‘Central Goods and Services Tax (Twelfth Amendment) Rules, 2017
 GST return filing to be a breeze for small businesses
By CA Rashmi Sharma
The Goods and Services Tax Network (GSTN) will hold fresh consultation with tax experts and trade bodies to make the process GST filing convenient, especially for businesses that have minimal transactions.
 Changes In Central Goods And Services Tax Rules, 2017
By CA Devender Singh
Notification dated 15.11.2017 the Central Government made the ‘Central Goods and Services Tax (Twelfth Amendment) Rules, 2017
 Simple tax made complex
By CA Devender Singh
THE recent spate of rate cuts in the Goods and Services Tax (GST) are a welcome development but should not be greeted with too many hosannas.
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Transfer Pricing   RSS Feeds
 India signs Advance Pricing Agreements with the Netherlands
By CA Rashmi Sharma
India has entered into its first bilateral Advance Pricing Agreements (APAs) with the Netherlands during November, an official statement said on Friday.
 India eases bilateral transfer pricing norms
By CA Andrew F Thomas
In a move that could further improve India’s ease of doing business rankings, the Income Tax Department on Monday issued a clarification saying that it would allow mutual agreement procedures
 India to accept transfer pricing APA, MAP applications even if corresponding adjustment treaty provision absent
By CA Devender Singh
The Indian government today clarified that it will accept transfer pricing mutual agreement procedure (MAP) cases and bilateral advance pricing agreement applications in situations where the applicable tax treaty does not include a provision comparable to Article 9(2) of OECD Model Tax Commentary, providing for corresponding adjustments.
 India Finalizes Pricing Reporting Rules Under OECD Plan
By CA Rashmi Sharma
India’s tax authority on Wednesday announced rules covering how multinational companies are expected to disclose transfer pricing information for each country where they operate, measures that are part of government’s alignment with the Organization for Economic Cooperation and Development’s efforts to curb corporate tax avoidance.
 Final Transfer Pricing Rules For Multi-Nationals Notified
By CA Andrew F Thomas
The tax department today notified the final framework for transfer pricing documentation that multi-national entities, with operations in India, will have to maintain.
 Govt eases transfer pricing norms for offshore funds
By CA Devender Singh
The alternative investments fund market in India has got a shot in the arm with the government relaxing transfer pricing norms to avoid multiple taxations for offshore fund set-up as multi-tier investment structures.
 India’s final transfer pricing master file rules retain unique flavor
By CA Atul Gupta
India’s Central Board of Direct Taxes (CBDT), on October 31, issued final rules for multinational taxpayers on the implementation of the transfer pricing master file and country-by-country report.
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Customs and Excise   RSS Feeds
 Refund of IGST paid on export of goods under rule 96 of CGST Rules,2017
By CA Devender Singh
The GST Council in its 22nd Meeting had approved a major relief package for exporters.
 Customs And Central Excise Drawback – Part II
By CA Atul Gupta
If the goods are to be exported by post under a claim for drawback the outer packing, carrying the address of the consignee shall also carry in bold letters the words DRAWBACK EXPORT.
 Customs Valuation (Determination of Value of Imported Goods) Rules 2007
By CA S K Verma
In exercise of the powers conferred by section 156 read with section 14 of the Customs Act, 1962 (52 of 1962), the Central Government, hereby makes the following rules to amend the Customs Valuation (Determination of Value of Imported Goods) Rules 2007, namely:-
 Amendment to Customs Valuation Rules – Notification No. 91/2017 (NT)
By CA Ojas Aggarwal
The valuation of imported and export goods is governed by the provisions of Section 14 of the Customs Act, 1962 and the rules made thereunder.
 GST on Custom House Agents
By CA S K Verma
Customs House Agent means a person licensed, temporarily or otherwise, under the regulations made under sub-section (2) of section 146 of the Customs Act,1962 (52 of 1962);
 The Customs and Central Excise Duties Drawback Rules, 2017 and All Industry Rates (AIRs) of Drawback related changes
By CA Andrew F Thomas
The Central Government has notified the Customs and Central Excise Duties Drawback Rules, 2017 (hereinafter referred to as Drawback Rules 2017)
 The Customs and Central Excise Duties Drawback Rules, 2017
By CA Atul Gupta
In exercise of the powers conferred by section 75 of the Customs Act, 1962 (52 of 1962) and section 37 of the Central Excise Act, 1944 (1 of 1944), the Central Government hereby makes the following rules,
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Mergers and Acquisitions   RSS Feeds
 Salil Parekh, a turnaround manager with expertise in mergers & acquisitions
By CA Mayank Jain
Salil S Parekh, the new CEO of Infosys, is described as a soft-spoken yet determined man by those who know him.
 Samsung to chase big mergers and acquisitions deals on three fronts, says strategy chief
By CA Manu T George
Young Sohn, the South Korean company's Silicon Valley-based president and chief strategy officer, said he was keen for world’s top maker of memory chips, smartphones and televisions to expand in automotive markets, digital health and industrial automation.
 Indian Steel Tycoon Hires StanChart Banker to Lead M&A
By CA Ojas Aggarwal
Steel tycoon Sajjan Jindal’s JSW Group hired Standard Chartered Plc banker Kaustubh Kulkarni to head dealmaking, people with knowledge of the matter said, as the Indian conglomerate eyes stressed asset investments.
 Deals of the day-Mergers and acquisitions Nov 14, 2017
By CA Rashmi Sharma
The following bids, mergers, acquisitions and disposals were reported by 1100 GMT on Tuesday
 Largest cybersecurity M&A deals in 2017
By CA Andrew F Thomas
The cybersecurity market — estimated to be worth more than $1 trillion over the next five years — is simultaneously expanding and consolidating.
 State Bank of India eyes profitable expansion outside home
By CA Devender Singh
State Bank of IndiaBSE 1.29 % (SBIBSE 1.29 %) will open more branches in Nepal and consider options to re-enter Vietnam under a three-year goal to grow its international operations to as much as 15 percent of total business, a senior executive said.
 Deals of the day-Mergers and acquisitions Nov 6, 2017
By CA Mayank Jain
Marvell Technology Group Ltd is in advanced talks to buy Cavium Inc - a deal that would create a chipmaker worth about $14 billion, the Wall Street Journal reported on Friday.
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Indirect Tax   RSS Feeds
 Indirect taxes collection could fall short of target due to GST
By CA Andrew F Thomas
Indirect taxes collection by the government may fall short of the target during the current financial year due to disruption caused by the GST rollout,
 Indirect Tax Collection Under Gst Goes Down By 30 Percent
By CA Rashmi Sharma
The indirect tax collection in Uttar Pradesh under the new tax regime goods and services tax (GST) has fallen by 30 per cent in the July-September period in the current financial year 2017-18,
 What is a belated income tax return and what are its consequences
By CA Ojas Aggarwal
If you think you will miss the extended income tax return filing deadline also, there's still a chance for you to file your return.
 Why rejig of financial year could upset your tax planning
By CA Atul Gupta
On July 1st 2017 the most awaited and historic change to the Indian Taxation system was made with the introduction of the Goods and Services Tax (GST).
 The threat of harsh penalty should not impede tax compliance
By CA Nilesh Sahu
The Employees Provident Fund Organisation added over 10 million new subscribers after employers got an opportunity to file declarations for their unregistered employees with a nominal fee of Rs 1 per annum. The amnesty proved a pragmatic way to improve compliance.
 What are the tax exemption limits for allowances, reimbursements paid to employees? Find out
By CA Nilesh Sahu
Many of the allowances, reimbursements paid to us as a part of salary are tax-exempt up to a certain limit but the tax exemption is subject to certain conditions.
 High-income taxpayers to get priority treatment and extra facilities
By CA S K Verma
Welcome priority taxpayer, how may I help you? That could be the greeting you may get from the taxman, an encounter that's traditionally been far from friendly.
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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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