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News Headlines   RSS Feeds
 How to make your salary tax efficient
By CA Manu T George
Often the most seemingly fat salaries get reduced significantly only to the disappointment of the earner due to lack of tax management.
 I-T Department may go into overdrive this quarter
By CA Ojas Aggarwal
The income-tax department will in all likelihood go into overdrive in the next three months with the Central Board of Direct Taxes — the apex body — alerting all senior tax officials that their performance is being "monitored at the highest level.
 Ways to reduce the TDS deduction from your salary
By CA Rashmi Sharma
As per the income tax laws of India, an employer always deducts Tax Deducted at Source (TDS) from the employees' salary, if the salary income crosses the threshold limit.
 4 Tips for choosing who prepares your 2017 Tax Returns
By CA Nilesh Sahu
A new year means more than new diets, gym memberships and other fresh beginnings. It also signals another tax-filing season has arrived.
 Processing of income-tax returns under section 143(1) of the Income-tax Act which were filed in Forms ITR-1 to 6 & applicability of section 143(1)(a)(vi)
By CA S K Verma
Processing of income-tax returns under section 143(1) of the Income-tax Act which were filed in Forms ITR-l to 6 & applicability of section 143(1)(a)(vi)
 Price Waterhouse gets 2-year ban in Satyam case
By CA Ojas Aggarwal
India's capital market regulator has banned global auditing firm Price Waterhouse (PW) from auditing listed companies in India for two years for its alleged role of collusion with the directors
 How to save income tax under section 80C
By CA Devender Singh
Every year most of us struggle to save taxes. While most of us have an idea about commonly known options but tax saving can be challenging for a young newly recruited employee.
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Continuing Prof. Edu.   RSS Feeds
 E-Way Bill, Recent Amendments in GST and Companies Amendment Act, 2017, Scheme 2018 (INDIRECT TAXES)
By CA S K Verma
Place: Pusa Road CPE Study Circle of NIRC Date: 22-01-2018 – To: 22-01-2018 CPE.Hrs.: 5
 Latest updations under GST including E-Way bill and blocked credits under GST and Benami Law (INDIRECT TAXES)
By CA Ojas Aggarwal
Place: Yamuna Nagar Branch Of NIRC Date: 17-01-2018 – To: 17-01-2018 CPE.Hrs.: 3
 Seminar on Cash Transaction & New Penalty Provisions, Survey, Search & Seizure AND Discussion on Labour Law (DIRECT TAXES)
By CA Rashmi Sharma
Place: North-Ex C.A. Study Circle of NIRC Date: 18-01-2018 – To: 18-01-2018 CPE.Hrs.: 5
 The Companies (Amendment) Act, 2017 and RERA (CORPORATE LAWS)
By CA Andrew F Thomas
Place: Vikas Marg C.A. Study Circle of NIRC Date: 16-01-2018 – To: 16-01-2018 CPE.Hrs.: 4
  Preparation a& Presentation of Appeals before CIT (Appeal) & ITAT (DIRECT TAXES)
By CA Manu T George
Place: Karol Bagh Westend CPE Study Circle of NIRC Date: 15-01-2018 – To: 15-01-2018 CPE.Hrs.: 6
 Digital Accounting and Assurance Roundtable 2018 – Demystifying Digital Era for Chartered Accountancy Profession ACCOUNTING AND AUDITING
By CA Rashmi Sharma
Place: Digital Accounting and Assurance Board Date: 11-01-2018 – To: 11-01-2018 CPE.Hrs.: 2
  Preparation a& Presentation of Appeals before CIT (Appeal) & ITAT (DIRECT TAXES)
By CA Mayank Jain
Place: Karol Bagh Westend CPE Study Circle of NIRC Date: 15-01-2018 – To: 15-01-2018 CPE.Hrs.: 6
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GST - Goods and Services Tax   RSS Feeds
 GST e-way Bill System rolled out on trial basis
By CA Ojas Aggarwal
The Finance Ministry has rolled out the nationwide e-way Bill System for inter-state movement of goods on trial basis from Tuesday.
 Six more states start trial for e-way bills under GST
By CA Atul Gupta
Under the GST, e-way bills will be implemented across the country for all inter-state movement of goods from 1 February and for all intra-state movement from 1 June
 Section 51 Tax Deduction At Source Under GST
By CA Manu T George
Section 51 of the CGST Act is relevant in respect of tax deduction at source provisions under GST.
 Single GST form likely for service providers
By CA Andrew F Thomas
Service providers such as telcos, banks, insurers and airlines may need to file just one centralised form in respect of the goods and services tax (GST), which will substantially ease the compliance burden on service providers with a multi-state footprint.
 Insurance sector urges Finance Minister to reconsider GST rates in Budget 2018
By CA Andrew F Thomas
With the incidence of GST, the tax bracket for financial services has been hiked to 18% from the initial 15%. This has resulted in an increase in the price of life insurance products, especially the pure protection and endowment plans.
 Panel against including all services in GST composition scheme
By CA Nilesh Sahu
A government-appointed committee has recommended against inclusion of all services, barring restaurants, under the ambit of composition scheme in the Goods and Services Tax (GST) regime.
 GST may be recast next week to make compliance easier
By CA Andrew F Thomas
India is set to unveil another revamp of the goods and services tax (GST) regime next week aimed at making compliance simpler. The GST Council meeting on January 18 is expected to take up changes in the definitions of terms such as supply
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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
 Finance Ministry likely to tweak Minimum Alternate Tax norms to boost industry
By CA Nilesh Sahu
The purpose behind the introduction of MAT in the Income Tax Act was to bring all zero tax companies and to neutralise the impact of certain benefits/incentives.
 Income tax department warns people to keep away from benami transactions
By CA Ojas Aggarwal
The Income Tax Department today warned people to "keep away" from benami transactions, cautioning that violations under the newly enacted law invites criminal prosecution and rigorous imprisonment up to seven years.
 New helpline for income tax e-filing
By CA Manu T George
The Income Tax Department on Monday notified a new helpline number for taxpayers who e-file their returns and conduct other tax-related businesses online.
 The Central Government notifies the Companies (Amendment) Act, 2017
By CA Rashmi Sharma
The Central Government notified the Companies (Amendment) Act, 2017 (Amendment Act) on 3rd January, 2018. The provisions of this Amendment Act shall come into force on the date or dates as the Central Government may appoint by notification(s) in the Official Gazette.
 GST Returns: Government Relaxes Rectification Norms
By CA Nilesh Sahu
The Finance Ministry has permitted businesses to rectify mistakes in their monthly returns - GSTR-3B - and adjust tax liability, a move that will help them file correct returns without fear of penalty.
 Will govt bring change in income tax slab? here's the present structure
By CA Devender Singh
Now that the Union Budget 2018 is just around the corner, let's have a look at the current income tax slabs, wherein, individual incomes are categorised to pay tax to the government.
 No income tax exemption to cooperative banks
By CA Manu T George
The government on Friday ruled out giving income tax exemption to profit-making cooperative banks saying they functioned like commercial banks and should be treated on par.
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Corporate Law   RSS Feeds
 Will Budget Make Changes In GST Laws
By CA Mayank Jain
Union Budget 2018-19 is just a fortnight away from now and there is one school of thought which say that Budget will not contain GST proposals.
 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),
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Students   RSS Feeds
 ICAI wants CA course to be accorded PG status
By CA Devender Singh
The Institute of Chartered Accountants of India (ICAI) will approach the University Grants Commission to accord postgraduate degree status for Chartered Accountant (CA) qualification.
 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.
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New Forms   RSS Feeds
 E-Way Bill Mandatory From 01.02.2018
By CA Rashmi Sharma
Rule 138 of the Central Goods and Service Tax Rules, 2017 deals with the e-way bill which came into effect from 01.07.2017. But no rule has been framed at that time.
 FORM GSTR-3B v/s FORM GSTR-1
By CA Nilesh Sahu
The common errors while submitting FORM GSTR-3B and the steps needed to be taken to rectify the same in FORM GSTR-1 are provided in the table annexed herewith. The corresponding column in the table provides the steps to be followed by taxpayer to rectify such error:
 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
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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
 Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 13
By CA Devender Singh
Ind AS Transition Facilitation Group' (ITFG) of Ind AS Implementation Committee has been constituted for providing clarifications on timely basis on various issues related to the applicability and /or implementation of Ind AS under the Companies
 CPE Events 15 January - 20 January 2018
By CA Andrew F Thomas
CPE Events 15 January - 20 January 2018
 Result of the Information Systems Audit [ISA] Assessment Test held on 23rd December 2017 is likely to be declared on 17th January, 2018.
By CA Nilesh Sahu
The result of the Information Systems Audit [ISA] Assessment Test held on 23rd DECEMBER 2017 is likely to be declared on 17th January, 2018 around 2.00 PM at the Institute’s office at New Delhi.
 Result of the Chartered Accountants Final Examination held in November 2017 and Common Proficiency Test (CPT) held in December 2017 are likely to be declared on Wednesday, the 17th January 2018.
By CA Devender Singh
The result of the Chartered Accountants Final Examination held in November 2017 and Common Proficiency Test (CPT) held in December 2017
 Clarifications on the requirement for completion of Advanced ICITSS course and the Advanced IT Test thereunder, with reference to eligibility to appear in CA Final examination, under Final( Old) and Final (New) Syllabus.
By CA Devender Singh
Clarifications on the requirement for completion of Advanced ICITSS course and the Advanced IT Test thereunder, with reference to eligibility to appear in CA Final examination, under Final( Old) and Final (New) Syllabus.
 Exemption(s) from appearing in a paper(s) or Group of CA Exams, under the New Scheme of Education and Training w.e.f. May 2018 examinations.
By CA Ojas Aggarwal
Exemption(s) from appearing in a paper(s) or Group of CA Exams, under the New Scheme of Education and Training w.e.f. May 2018 examinations.
 Important Announcement - May 2018 Examinations
By CA Atul Gupta
In pursuance of Regulation 22 of the Chartered Accountants Regulations, 1988, the Council of the Institute of Chartered Accountants of India is pleased to announce that the Foundation Course
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From the Courts   RSS Feeds
 Commissioner Of Income Tax, Delhi Vs. M/s. Maruti Udyog Ltd
By CA Atul Gupta
This is an appeal by the Revenue against the impugned order dated 28th March 2005 passed by the Income Tax Appellate Tribunal (`ITAT') in ITA No.678/Del/2004 for the AY 2000-01.
 Pr. Commissioner Of Income Tax - 6 Vs. M/s. Mohan Export India Private Limited
By CA Atul Gupta
In this appeal, the revenue challenges findings rendered by the Income tax appellate tribunal (ITAT) as unreasonable and contrary to fact.
 Principal Commissioner Of Income Tax-7 Vs. Oriental International Co. Pvt. Ltd.
By CA Mayank Jain
The Revenue is aggrieved by an order of the Income Tax Appellate Tribunal (ITAT).
 Pr. Commissioner Of Income Tax-2 Vs. British Motor Car Co.(1934) Ltd
By CA Manu T George
The question of law urged by the Revenue in the appeal is whether the interpretation of Section 32(2) of the Income Tax Act,
  Vidyadayani Shiksha Samiti vs. CIT (ITAT Delhi)
By CA S K Verma
S. 12A: CIT is not justified in rejecting registration on the ground that the non-production of books and vouchers means that the genuineness of the charitable activities cannot be verified. The CIT is entitled only to examine the objects of the trust at the stage of registration and not the books of account
 Halcrow Consulting India Pvt. Ltd vs. DCIT (ITAT Delhi)
By CA Mayank Jain
S. 271(1)(c) Penalty: Under Explanation 7 to s. 271(1)(c), the onus on the assessee is only to show that the ALP is computed in accordance with the scheme of s. 92 C in good faith and due diligence.
 ACIT vs. TRN Energy Pvt. Ltd (ITAT Delhi)
By CA Manu T George
S. 68 Bogus share capital: Share application money cannot be treated as unexplained credit if the AO does not make any investigation on the documentary evidences filed
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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
 RBI-Auction of Government of India Dated Securities January 15, 2018
By CA Atul Gupta
Subject to the limit of ₹ 15000 Cr, being total notified amount, GoI will have the option to retain additional subscription up to ₹ 1000 Cr each against any one or more of the above security.
 Understanding and Managing Interest Rate Risk at Banks (Viral V Acharya, Deputy Governor – January 15, 2018 – at the FIMMDA Annual Dinner, 2018
By CA Mayank Jain
Thank you to Fixed Income Money Markets and Derivatives Association (FIIMDA) and its organizing team for inviting me to deliver this keynote address at its Annual Meet.
 Auction of State Government Securities
By CA Manu T George
The following State Governments have offered to sell following security by way of auction for an aggregate amount of ₹ 8,700 crore (Face Value).
 RBI releases draft directions on hedging of commodity price risk and freight risk in overseas markets
By CA Rashmi Sharma
As per the Statement on Developmental and Regulatory Policies dated December 6 , 2017, the report of the Working Group on Hedging of Commodity Price Risk by Residents
 Directions under Section 35A of the Banking Regulation Act, 1949 (AACS) – Gomati Nagariya Sahakari Bank Ltd., Jaunpur (Uttar Pradesh)
By CA Andrew F Thomas
The Reserve Bank of India has notified that in partial modification of its directive it has, vide directive dated July 03, 2017, relaxed the directions imposed on Gomati Nagariya Sahakari Bank Ltd.
 RBI-Monthly Bulletin for January 2018
By CA Nilesh Sahu
The Reserve Bank of India today released the January 2018 issue of its monthly Bulletin. It includes two Speeches by the Top Management, one Article and Current Statistics.
 RBI to conduct 7-day Variable Rate Reverse Repo auction under LAF on January 10, 2018
By CA Rashmi Sharma
The Reserve Bank of India will conduct the following Variable Rate Reverse Repo auction on January 10, 2018, Wednesday, as per the revised guidelines on Term Repo Auctions issued on February 13, 2014.
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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
 High time to prioritise non-tax revenue in the Budget
By CA Rashmi Sharma
Budget-making is difficult at the best of times. So many demands, so few sources of income. For GoI, the need to raise revenues with a tightening fiscal policy — increasing taxes — is counterproductive, while cutting expenditure will slow down growth and investments.
 Govt may abolish dividend distribution tax in budget
By CA Devender Singh
The Finance Ministry may consider taxing dividend in the hands of shareholders and do away with the dividend distribution tax (DDT) in the Budget to be unveiled on February 1, EY India said today.
 Budget making in the GST era: paradigm shift
By CA Devender Singh
The Union Budget is a tool which government has long used to make a statement of fiscal policy. Taxation has been one instrument of fiscal policy
 Budget 2018: Section 80C limit may be increased
By CA S K Verma
Advance tax is calculated by estimating the current year income and then applying the tax rates in force. TDS is also deducted to arrive at advance tax liability.
 Middle Class Can Hope For A Big Tax Relief In Budget 2018-19, Says Report
By CA Andrew F Thomas
The reason for abolishing long term capital gains in 2004-05 was to ostensibly remove the disadvantage that domestic investors suffered vis-a-via investors coming from Mauritius.
 Startup investors seek abolition of angel tax in Budget 2018-19
By CA Atul Gupta
The angel tax rate in India currently stands at a whopping 30 percent, which according to Nasscom has resulted in a 53 percent drop in angel funding during the first half of 2017.
 Budget 2018 must avoid the temptation to bolster government revenues myopically
By CA Rashmi Sharma
A common thread running through the high economic growth phases of different countries is that the regulatory regime has been relatively stable.
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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 Pune Benches Cause List for Bench "B"for the week ending 19/01/2018
By CA Devender Singh
Income Tax Appellate Tribunal Pune Benches Cause List for Bench "B"for the week ending 19/01/2018
 Income Tax Appellate Tribunal Mumbai Benches Mumbai Constitution of Benches for the Period from 22/01/2018 To 25/01/2018
By CA S K Verma
Income Tax Appellate Tribunal Mumbai Benches Mumbai Constitution of Benches for the Period from 22/01/2018 To 25/01/2018
 Income Tax Appellate Tribunal, Visakhapatnam Bench During The Period From 15.01.2018 To 26.01.2018
By CA Nilesh Sahu
Income Tax Appellate Tribunal, Visakhapatnam Bench During The Period From 15.01.2018 To 26.01.2018
 Income Tax Appellate Tribunal, Hyderabad Benches, Hyderabad. Cause List Of Cases Posted Before B-Bench (DB) - 15.01.18 To 19.01.18
By CA Devender Singh
Income Tax Appellate Tribunal, Hyderabad Benches, Hyderabad. Cause List Of Cases Posted Before B-Bench (DB) - 15.01.18 To 19.01.18
 Income Tax Appellate Tribunal, Pune Benches, Pune. Cause List Bench "B" for the week ending 19.01.2018
By CA Atul Gupta
Income Tax Appellate Tribunal, Pune Benches, Pune. Cause List Bench "B" for the week ending 19.01.2018
 Income Tax Appellate Tribunal, Hyderabad Benches, Hyderabad. Cause List Of Cases Posted Before A-Bench (DB ) - 15.01.2018 To 19.01.2018
By CA Mayank Jain
Income Tax Appellate Tribunal, Hyderabad Benches, Hyderabad. Cause List Of Cases Posted Before A-Bench (DB ) - 15.01.2018 To 19.01.2018
 Income Tax Appellate Tribunal : Kolkata Benches : Kolkata Consolidated List Of Orders Ready For Pronouncement On 12/01/2018.
By CA Mayank Jain
Income Tax Appellate Tribunal : Kolkata Benches : Kolkata Consolidated List Of Orders Ready For Pronouncement On 12/01/2018.
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Placements & Empanelment   RSS Feeds
  News Opening Company Secretary & Chartered Accountant
By CA Mayank Jain
Salary:INR 15,00,000 - 25,00,000 P.A. Salary not a constraint for the right candidate,Functional Area:Accounts , Finance , Tax , Company Secretary , Audit PG:CS, CA
 News Opening Company Secretary & Chartered Accountant
By CA Manu T George
Salary:INR 15,00,000 - 25,00,000 P.A. Salary not a constraint for the right candidate,Functional Area:Accounts , Finance , Tax , Company Secretary , Audit PG:CS, CA
 31 LPA-Opening Opportunities for Chartered Accountant in Australia ACH
By CA Rashmi Sharma
Salary:INR 16,00,000 - 31,00,000 P.A.,Functional Area:Accounts , Finance , Tax , Company Secretary , Audit,PG:CA
 30 LPA-Opening GM Taxation (First Attempt) For A Media Company
By CA Devender Singh
Salary: INR 27,50,000 - 30,00,000 P.A.,Functional Area: Accounts, Finance, Tax, Company Secretary, Audit,PG - Any Postgraduate, CA
 22.5 LPA-Opening Manager-accounts Payable in MNC (need CA / MBA / ICWA
By CA S K Verma
Salary:INR 17,00,000 - 22,50,000 P.A.,Functional Area:Accounts , Finance , Tax , Company Secretary , Audit,PG:CA
 18 Opening Accounts & Finance Executive
By CA S K Verma
Functional Area:Accounts , Finance , Tax , Company Secretary , Audit,PG:Post Graduation Not Required, MBA/PGDM - Any Specialization,
 25 LPA-Opening Head Accounts and Finance, Chartered Accountant
By CA Ojas Aggarwal
Salary:INR 20,00,000 - 25,00,000 P.A.,Functional Area:Accounts , Finance , Tax , Company Secretary , Audit
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Direct Tax   RSS Feeds
 RBI releases draft directions on hedging of commodity price
By CA Andrew F Thomas
The Reserve Bank of India (RBI) has invited comments on the draft directions from banks, market participants and other interested parties by January 31.
 Unexplained deposits in focus, taxmen ordered to go all out in the next three months
By CA Nilesh Sahu
The income-tax department will in all likelihood go into overdrive in the next three months with the Central Board of Direct Taxes — the apex body — alerting all senior tax officials that their performance is being "monitored at the highest level.
 Why India’s corporate tax rate should be cut
By CA Mayank Jain
Many of India’s sectors have projected appreciable growth over the last financial year. This brings into further focus the key expectations corporate India has from Union budget 2018-19.
 Best ways to save tax under section 80C
By CA Atul Gupta
A colleague has advised Rohan Vinayak to invest in ELSS funds to save tax. His bank manager says an insurance policy is a better idea.
 Govt may exceed direct tax collection target of FY18 Budget estimates
By CA S K Verma
Taxmen have been asked to stress on cash collection out of tax arrears and current tax demand raised by the tax department
 CBDT relaxes MAT provisions for companies under corporate insolvency
By CA Atul Gupta
In significant relief to firms undergoing insolvency resolution, the Finance Ministry has now eased provisions of minimum alternate tax (MAT) for them.
 CBDT relaxes norms for MAT on firms facing insolvency
By CA Ojas Aggarwal
As per Section 115JB of the Income Tax Act, MAT is levied on book profit after deducting the amount of loss brought forward or unabsorbed depreciation, whichever is less.
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Service Tax   RSS Feeds
 The way ahead for goods and services tax
By CA Andrew F Thomas
The six-month goods and services tax (GST) journey so far has seen technology, procedural compliance and policy withdrawals as speed breakers, but no serious roadblocks are in sight. The rate reductions, and alignments that were done by the GST Council have aided acceptance by various stakeholders.
 Goods & Service Tax (GST): Recent Clarifications
By CA Atul Gupta
This piece captures some of the latest developments on GST front ranging from e-way bills, manual application for seeking advance ruling, steps in anti-profiteering, refund claims to issues like supply by artist etc.
 Tax payers can see status of returns filed on GSTN portal
By CA Nilesh Sahu
Tax payers can now view the status of the returns filed by them on the GST Network portal, the company handling the technology backbone of the new indirect tax system said today.
 Export And Import Of Goods Under GST
By CA Manu T George
Taxation of exports and imports has always been a topic of great interest and it is no different under the GST regime.
 The Finance Resolution And Deposit Insurance Bill, 2017
By CA Nilesh Sahu
In his 2016-17 budget speech, Union finance minister Arun Jaitley said, “A systemic vacuum exists with regard to bankruptcy situations in financial firms. A comprehensive Code on Resolution of Financial Firms will be introduced as a Bill in the Parliament during 2016-17.”
 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.
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Transfer Pricing   RSS Feeds
  CBDT notifies secondary adjustment transfer pricing rules
By CA Manu T George
The Central Board of Direct Taxes (CBDT) has notified the rules for operationalising the provisions of secondary adjustment in the arena of transfer pricing.
  A web of requirements in transfer pricing regime
By CA Rashmi Sharma
With a fast changing tax environment and India tightening its transfer pricing/BEPS belt, investors in India would do well to identify any such challenges and adopt measures to mitigate the same
 Hong Kong bill would revise multinational firm tax and transfer pricing rules
By CA Devender Singh
The Hong Kong government on December 29 published a tax bill in its official gazette, proposing to introduce a transfer pricing regime based on international standards and establish an advance pricing arrangement program.
 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.
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Customs and Excise   RSS Feeds
 Central Board Of Excise & Customs New Delhi GST Flyers
By CA Andrew F Thomas
The Flyers compiled by NACIN and vetted by the GST Policy Wing, CBEC are based on the CGST/SGST/UTGST/IGST Act(s), the CGST Rules, 2017
 Hike in customs duty on electronics likely to boost revenue collection
By CA Ojas Aggarwal
The recent hike in customs duty on electronic goods is expected to not only discourage imports and boost domestic manufacturing, but could also benefit the Exchequer in a year of muted revenue growth.
 Customs duty raised on electronic goods
By CA Atul Gupta
The increase in customs duty will boost government’s tax collection at a time when GST collections have fallen below expectations
 Ministry Of Finance (Central Board Of Direct Taxes) Notification
By CA Mayank Jain
In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause,
 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:-
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Mergers and Acquisitions   RSS Feeds
 Digital payments gateway PayU eyes acquisitions to enter lending segment
By CA S K Verma
Digital payments gateway PayU India is looking to take an M&A (mergers and acquisitions) route to enter the ever-growing lending segment in the country.
 Top 5 mergers and acquisitions of 2017 in India
By CA Ojas Aggarwal
The year 2017 witnessed some big-ticket mergers in the Indian market. Acquisitions and mergers are considered to be the strategic moves by the companies for expanding their business and reach.
 Deals of the day-Mergers and acquisitions Jan 16, 2018
By CA Andrew F Thomas
The following bids, mergers, acquisitions and disposals were reported by 1100 GMT on Tuesday:
 Mergers & Acquisitions is accepting nominations for our 10th annual M&A Mid-Market Awards
By CA Nilesh Sahu
Mergers & Acquisitions is accepting nominations for our 9th annual M&A Mid-Market Awards. Nominations are due by Feb. 9.
 Why 2018 could be the year of Mergers & Acquisitions
By CA Atul Gupta
India leapfrogged 30 places in the recently-published Ease of Doing Business index brought out by the World Bank. This is a singular feat any country can aspire for.
 15 of the Best Mergers & Acquisitions of 2017
By CA Manu T George
As 2018 fast approaches, we can't help but look back on the past 12 months, a year that was a whirlwind politically, socially, culturally, and economically.
 How recent valuations have affected M&A deals
By CA Devender Singh
The Indian markets have been on a high, with both the Nifty and the Sensex reaching records in November 2017 and a slew of initial public offerings (IPOs) in the market.
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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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