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News Headlines   RSS Feeds
 Arun Jaitley promises friendly income-tax system soon
By CA Rashmi Sharma
Having initiated a series of administrative and legislative reforms, India is on its way to have a modern and friendly tax system, Union finance minister Arun Jaitley said.
 Government will not intervene in foreign tax row for now, says Arun Jaitley
By CA Atul Gupta
Foreign investors should not look to the government for now to provide relief from a ruling requiring them to pay taxes on years of previously untaxed capital gains, Finance Minister Arun Jaitley said on Thursday.
 Income?tax (6th Amendment) Rules, 2015
By CA S K Verma
In exercise of the powers conferred by section 295, read with clause (14) of section 10 of the Incometax Act, 1961 (43 of 1961),the Central Board of Direct Taxes hereby makes the following rules further to amend the Incometax Rules, 1962, namely:
 Conduct’ of party key to determining interest on refund of excess tax
By CA Atul Gupta
THE Interest payable to a taxpayer after excess self-assessment tax has been subject to intense litigation Just when everyone thought the matter had been settled in favour of taxpayers by the Delhi High Court in the Sutlej Industries case and the Bombay High Court in the Stock Holding Corporation case,
 Companies cannot carry forward excess funds spent on CSR works: ICAI
By CA Andrew F Thomas
Excess amount spent by corporates on CSR activities in a particular fiscal under the companies law cannot be carried forward to subsequent financial years.
 Capital gains in respect of units of Mutual Funds under the Fixed maturity Plans on extension of their term !New 9 April 2015
By CA Ojas Aggarwal
As per the provisions of the income-tax Act,1961 (hereinafter referred to as the Act ) prior to the amendment made by the finance (No.2) Act,2014 assets in the nature as long term capital assets if held for a period of more tham twelve months as against the holding period of more than thirty-sixmonthsin case of other assets.
 Internal Audit Standards Board is organising Seminar on Internal Audit and Risk Management on April 13, 2015 at Nanded.
By CA Rashmi Sharma
The prime objective of the Seminar is to share experience and expertise on current issues and bestpractices impacting the internal audit profession. It would help internal auditors in setting priorities,improving communications with audit committees and on equipping internal auditors to meet new expectations from stakeholders.
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Continuing Prof. Edu.   RSS Feeds
 Recent High Court & Supreme Court Judgements Under Mvat And Its Impact On Vat & Income Tax
By CA Andrew F Thomas
Place: 4thFloor,New SNDT,Bhuriben,Cama Lane,Ghatkopar–West Date: 2nd May, 2015 17:30 - 20:30 CPE.Hrs.: 4
 Half day Seminar on “New ICDS under Income Tax Act & Schedule III under New Companies Act”
By CA Nilesh Sahu
Place: ICAI Bhavan, PimpriChinchwad Branch, S. No. 17/8A,Dattanagar, Near Bhakti Date: 25th Apr, 2015 14:00 - 18:30 CPE.Hrs.: 4
 Seminar on Central and State Government Industrial Subsidies and professional opportunities for CA
By CA Atul Gupta
Place: CA. P.C.PARMAR AUDITORIUM,PUNE BRANCH OF WIRC OF ICAI Bibwewadi, PUNE-37 Date: 26th Apr, 2015 10:15 - 17:15 CPE.Hrs.: 6
 Divisional Forest Officer, Bageshwar Forest Division, Bageshwar. Vs. ITO (TDS), Haldwani.
By CA Manu T George
This appeal by the assessee is directed against the order passed by the CIT(A) on 12.08.2013 in relation to the assessment year 2008-09.
 Income Tax Appellate Tribunal : Kolkata Benches : Kolkata Constitution of Kolkata Benches for the Period from 13/04/2015 To 16/04/2015 ( 14th & 15 Gazetted Holigay and 17th M.A. Day )
By CA Rashmi Sharma
Income Tax Appellate Tribunal : Kolkata Benches : Kolkata Constitution of Kolkata Benches for the Period from 13/04/2015 To 16/04/2015 ( 14th & 15 Gazetted Holigay and 17th M.A. Day )
 Critical Issues In Companies Act, 2013 In Respect Of Accounts, Audit, Management And Administration
By CA Andrew F Thomas
Place: HOTEL OASIS, HD-8 PITAM PURA (NEAR PITAM PURA METRO STATION) Date: 17th Apr, 2015 17:15 - 21:30 CPE.Hrs.: 4
 Cash Credit And Notice U/s 148 Of I T Act
By CA Nilesh Sahu
Place: HOTEL SWATI DX, GURUDWARA ROAD KAROL BAGH Date: 15th Apr, 2015 17:00 - 22:15 CPE.Hrs.: 5
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VAT (Value Added Tax)   RSS Feeds
 What should be VAT rate in Delhi for sale of Electric induction motors, Switchgears and Starters, being the components of machineries for various kind of industries.
By CA Manu T George
The above named applicant filed an application on 31/10/2014 under section 84 of Delhi Value Added Tax Act, 2004 (hereinafter referred to as the "said Act") and the question put up for determination under the aforesaid provision of law is as under: -
 Clarifications & Advance Ruling Under Tamil Nadu Value Added Tax Act, 2006
By CA Devender Singh
Section 48A of the Tamil Nadu Value Added Tax Act, 2006 (‘Act’ for short) provides for clarifications and advance ruling. The said section provides that the Government may constitute a State Level Authority for clarification
 Karnataka government to review alleged VAT evasion by e-commerce companies
By CA Andrew F Thomas
The Karnataka government will examine all allegations of tax evasion by e-commerce companies, which reportedly caused the state exchequer an alleged loss of Rs 2,000 crore.
 Tamil Nadu Budget 2015-16 Changes in VAT
By CA Devender Singh
In order to boost the manufacturing sector bogged down by negative sentiments, the State Government has come forward with some relief in electricity tax,
 Aam Aadmi Party govt passes amendment to Value Added Tax Act
By CA Nilesh Sahu
In a major relief to city’s traders, the Aam Aadmi Party government today passed an amendment to the Value Added Tax (VAT) Act which will allow them to carry forward their credit for successive financial years.
 Extended Time For Cenvat Credit
By CA Ojas Aggarwal
Vide Notification No. 21/2014-CE(NT) dated 11.07.2014, after the second proviso in Rule 4(1) of theCenvat Credit Rules, 2004, the following proviso was inserted for the first time to fix time limit to avail Cenvat credit -
 Auhtorized as Spl.OHAs for hearing the objections with respect to 2A-2B mismatch of 2012-13
By CA Manu T George
Sh. Biju Raj E, Assistant Commissioner (Ward-206) is hereby authorised as Spl.OHAs for hearing the objections with respect to 2A-2B mismatch of 2012-13 in respect of Wards 201 & 206 in place of Sh. Srirangam Sai, Assistant Commissioner (Sl.No.57) transferred out of this department.
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Markets   RSS Feeds
 Indian markets best in terms of earnings momentum, price revision
By CA Andrew F Thomas
Let me just first ask you: the kind of volatile trade setup that the year has started with, the global markets were looking extremely shaky two or three days back because of oil and the Greek fears
 How India will become a common market with GST
By CA Rashmi Sharma
With the Centre and states finally reaching a consensus on the contours of the Goods and Services Tax (GST), India is all set to roll out the largest indirect tax reform since the introduction of the value-added tax in 2005.
 Broader markets outperform; Nifty holds 8,500
By CA Manu T George
Benchmark share indices continued to trade flat after the first hour of trade as investors shifted focus to fundamentally sound stocks in the broader market.
 Have Indian markets run ahead of fundamentals?
By CA Andrew F Thomas
The returns of Indian stock indices so far this year have been seven times the average for emerging markets. These gains have made the Indian market more expensive than most comparable peers, and even developed ones like the US, UK and Germany.
 Sebi mulls allowing foreign VCs in infra investment firms
By CA Mayank Jain
Capital markets regulator Sebi today proposed allowing Foreign Venture Capital Investors (FVCIs) in Core Investment Companies (CICs) for infrastructure sector to help attract overseas funds in this space.
 Government looking at merging FMC with Sebi to better monitor futures market
By CA Manu T George
The government is considering a proposal to merge the Forward Markets Commission (FMC) with capital market regulator Sebi to ensure better monitoring of the commodity futures market.
 High customs duty hindering growth of Indian luxury market
By CA S K Verma
Renowned Switzerland-based luxury watchmaker Raymond Weil has plans for four more franchise showrooms in India over the next two years but hopes the Indian government will lower the high customs duty which is a high 49% at present.
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General   RSS Feeds
 Income Tax returns coverage set to broaden
By CA Nilesh Sahu
Taxpayers will have to disclose all bank accounts held by them in the country and instances of foreign travel to the Income Tax department while filing their returns for the assessment year 2015-16.
 New income tax forms to seek details of foreign travel, bank A/Cs
By CA Devender Singh
When you file your tax returns in July, you will have to submit details of any foreign trip that you have undertaken, including the expenses borne by you.
 Income Tax dept publishes list of 31 big tax defaulters with Rs 1500 cr dues
By CA Devender Singh
Moving ahead with its strategy of ‘naming and shaming’ large tax defaulters, the Income Tax department on Wednesday came out with a list of 31 defaulters who owe over Rs 1,500 crore to the government.
 Government to press ahead with Rs 40,000 crore tax demand on FIIs
By CA Andrew F Thomas
Finance minister Arun Jaitley on Tuesday said the government will press ahead with Rs 40,000 crore tax demand on foreign institutional investors (FIIs) as they lost a case against levy of tax on capital gains they made.
 Commercial taxes minister promises reward for info on tax defaulters
By CA Atul Gupta
The Telangana government has decided to give up to Rs 50,000 as incentive to informers, who reveal or alert the government about “zero business”, or commercial tax evasion by commercial establishments. This depends on the value of their information.
 Tax demand notices on FIIs not retrospective
By CA Devender Singh
The government on Tuesday rejected suggestions that tax notices to Foreign Institutional Investors (FIIs), which have created a controversy, amounted to retrospective taxation.
 Depository receipts' liberalisation hits income tax hurdle
By CA Ojas Aggarwal
The liberalised regime for Global Depository Receipts (GDR) and American Depository Receipts (ADR) might not take off as long as the income tax (I-T) department is not willing to recognise any of these, except equity and sponsored ones.
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Corporate Law   RSS Feeds
 Karnataka not to relax tax laws for e-commerce firms
By CA S K Verma
The Karnataka government will not relax the value added tax (VAT) for any e-commerce company or online marketplace.
 Retro tax law not applicable on dividends by foreign firms
By CA Mayank Jain
Dividends declared by a foreign company, having assets in India, to another overseas arm will not be taxable in India. The Central Board of Direct Taxes (CBDT) has issued a direction to income-tax officials to clear the air on threeyear-old controversial retrospective amendment to tax indirect transfers.
 Companies (Removal Of Difficulties) Order, 2015
By CA Ojas Aggarwal
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;
 Interim Report of The Bankruptcy Law Reform Committee
By CA Andrew F Thomas
The Bankruptcy Law Reform Committee ("BLRC" or the "Committee") was set up by the Department of Economic Affairs, Ministry of Finance, under the Chairmanship of Mr. T.K. Vishwanathan (former Secretary General, Lok Sabha and former Union Law Secretary)
 Tax laws still adversarial; reforms must in tax administration
By CA Nilesh Sahu
While lauding a courageous decision of the government not to press for further litigation in the Vodafone case, the ASSOCHAM has brought to the notice of the Prime Minister Mr Narendra Modi and Finance Minister Mr Arun Jaitley several loop holes in the tax laws which make them quite
 Setting up of high level committee to interact with trade and industry on tax law
By CA Andrew F Thomas
In his Budget Speech 2014-15, Finance Minister had announced the setting up of a High Level Committee to interact with trade and industry and ascertain areas where clarity on tax laws is required.
 Rate of exchange of conversion of each of the foreign currency with effect from 05th December, 2014
By CA Atul Gupta
In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in super session of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.111/2014-CUSTOMS (N.T.), dated the 20thNovember, 2014
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Students   RSS Feeds
 Complete Advanced ITT Course well in time to appear for November, 2015 Final Exam.
By CA S K Verma
As per Regulation 29(c)(iv) of the Chartered Accountants’ Regulations 1988, students who have registered for Practical Training on or after February 1, 2013
 Launch of the Certificate Course on Valuation in Jamshedpur from 26th April, 2015.
By CA Mayank Jain
The Corporate Laws & Corporate Governance Committee of ICAI is launching its first batch for the Certificate Course on Valuation at Jamshedpur from 26th April, 2015.
 Conducting of Mock Tests and Special Counselling Sessions - for Intermediate (IPC) and Final Course students for May, 2015 Examinations
By CA Nilesh Sahu
With a view to further encourage the students to evaluate their preparation for the examination, the Board of Studies has prepared Mock Test Papers for Intermediate (IPC)
 MBFCC Examination Schedule for the term May-June, 2015.
By CA S K Verma
Please find below Schedule for MBF Examination for the Term May-June 2015 will be held at Delhi, Mumbai, Ahmedabad, Kolkata, Hyderabad, Bangalore, Chennai as follows;
  Four Weeks Residential Programme to be held from 30th March, 2015 to 25th April, 2015 at Centre of Excellence, Hyderabad for Men Participants only.
By CA Nilesh Sahu
Board of Studies is pleased to announce the next batch of ICAI Four Weeks Residential Programme on Professional Skills Development from 30th March, 2015 to 25th April, 2015 at Centre of Excellence, Hyderabad.
 Revision Test Papers May 2015
By CA Nilesh Sahu
Apart from various other educational inputs, the Board of Studies also releases Revision Test Papers for the forthcoming Examinations both for Final
 National Conclave for CA Students at Jamshedpur on 31st Jan 2015 and 1st Feb,2015.
By CA Mayank Jain
Students are invited to contribute papers for presentation (1500 to 2000 words) for topics in Technical Sessions and submit for approval a soft copy of the Paper at Jamshedpur@icai.org before 24th Jan 2015
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New Forms   RSS Feeds
 Regarding submission of information online in Form DP-1 - No.F.3(352)Policy/VAT/2013/936-947 Delhi Value Added Tax
By CA Rashmi Sharma
In partial modification of Notification No.F.3(352)/Policy/VAT/2013/585-596 dated 15/12/2014regarding submission of information online in Form DP-1, I, Sanjeev Khirwar, Commissioner, Value Added Tax,
 Regarding submission of information online in Form DP-1 - No.F.3(352)Policy/VAT/2013/936-947
By CA Andrew F Thomas
In partial modification of Notification No.F.3(352)/Policy/VAT/2013/585-596 dated 15/12/2014regarding submission of information online in Form DP-1, I, Sanjeev Khirwar, Commissioner, Value Added Tax,
  Amendment to CESTAT Appeal Forms
By CA Atul Gupta
Reference is invited to Circular No.969/03/2013-CX dated 11th April, 2013 whereby the forms for filing appeal in the CESTAT were amended/revised and new forms for Central Excise
 Application Form for Entry in ICAI Register as an Associate Member under MRA / MoU
By CA Mayank Jain
I hereby apply for permission to be engaged in other occupation as full-time / part-time employment in a business concern in terms of item I of the specific Resolution passed by the Council under Regulation 190A of the Chartered Accountants Regulations 1988, I give below the required particulars:
  Income-tax (11th Amendment) Rules, 2014 - Amendment in Rules 2C, 2CA, 11AA, Form 10A, Form 56 and Form 56D
By CA Atul Gupta
In exercise of the powers conferred by section 295 read with sub-clauses (iv), (v), (vi) and (via) of clause (23C) of section 10, clause (aa) of sub-section (1) of section 12Aand clause
 Income-tax (11th Amendment) Rules, 2014 - Amendment in Rules 2C, 2CA, 11AA, Form 10A, Form 56 and Form 56D
By CA Mayank Jain
In exercise of the powers conferred by section 295 read with sub-clauses (iv), (v), (vi) and (via) of clause (23C) of section 10, clause (aa) of sub-section (1) of section 12Aand clause
 persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D (Please see rule 12 of the Income-tax Rules
By CA Andrew F Thomas
persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D (Please see rule 12 of the Income-tax Rules
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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
 Formation of Group to prepare projected financial statements of ICAI till year 2020.
By CA Ojas Aggarwal
The President, in terms of the authority given to him by the Council at its 340th meeting held in February, 2015, has constituted a Group comprising the following members, to prepare projected financial statements of the ICAI till the year 2020
 Next batch of Certificate course on Forex and Treasury Management starting in Kanpur on 2nd May, 2015, Chennai on 9th May, 2015, Kolkata on 16th May, 2015, Mumbai on 23rd May, 2015 and in Delhi on 30th May, 2015
By CA Atul Gupta
The Committee on Financial Markets and Investor's Protection (CFM&IP) of ICAI conducts Certificate Course on Forex and Treasury Management (FXTM) for the professional updation of the members
  Hosting of exemption(s) in a paper(s) granted in Intermediate (IPC) and Final examinations, valid for May, 2015.
By CA Mayank Jain
Exemption(s) in a paper(s) are granted to candidates of Intermediate and Final examinations, in terms of Regulation 37C (8) and Regulation 38C (6), respectively, of the Chartered Accountants Regulations 1988.
 List of candidates admitted to DIRM Technical Examination - May, 2015.
By CA Manu T George
List of candidates admitted to DIRM Technical Examination - May, 2015.
 Important Announcement For CPT June, 2015 Examination.
By CA Ojas Aggarwal
The Examination Application Form for admission to CPT June, 2015 examination is available from 7th April, 2015 and 28th April, 2015
  Invitation for Research Proposals.
By CA Manu T George
Research Committee is one of the technical committees of the Institute. Its primary activities include formulating Guidance Notes on accounting aspects to be issued under the authority of the Council of the Institute as well as publishing Technical Guides, Studies, Monographs, etc.,
  Invitation for Research Proposals.
By CA Manu T George
Research Committee is one of the technical committees of the Institute. Its primary activities include formulating Guidance Notes on accounting aspects to be issued under the authority of the Council of the Institute as well as publishing Technical Guides, Studies, Monographs, etc.,
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From the Courts   RSS Feeds
 Income-tax (Fifth Amendment) Rules, 2015
By CA Nilesh Sahu
In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962,
 ACIT-16(3) Matru Mandir, 2nd Floor, R. No. 206, Tardeo Road, Mumbai 400 007 Vs. Shri Darshansingh Chadha C/o. M/s. B. Asasingh & Sons, 409, V.P. Road Mumbai 400 004
By CA Devender Singh
This appeal has been preferred by the Revenue against order dated 29.11.2012, passed
 DCIT-8(3) R. No.217 Aayakar Bhavan M.K. Marg Mumbai 400 020 Vs. Rohm & Haas (India) Pvt. Ltd. 121/122 Solitaire Corporate Park Andheri (E) Mumbai 400 096
By CA S K Verma
This appeal has been preferred by the Revenue against order dated 02.02.2011, passed by the Ld.
 DCIT-14(2) 3 rd Floor Earnest House Nariman Point Mumbai Vs. M/s. Rishabh Impex Gulabdas & Co. Ramdas Building, 4th Floor, 456, Mumbai 400 002
By CA Ojas Aggarwal
This appeal has been preferred by the Revenue against order dated 28.10.2010, passed
 O.P. Bhalla Foundation, C/o M/s RRA Taxindia, D-28, South Extension Part-I, New Delhi. Vs. CIT(E), Chandigarh.
By CA Atul Gupta
This appeal by the assessee is directed against the order passed by the CIT(Exemption) on 28.11.2014 denying the grant of registration
 Honda Motorcycle & Scooters India Pvt. Ltd., Plot No.01, Sector-03, IMT Manesar, Gurgaon. Vs. ACIT, Circle-1(1), Gurgaon.
By CA Mayank Jain
This appeal by the assessee is directed against the final order passed by the Assessing Officer u/s 143(3) read with section 144C of the Income-
 Mrs. Lata S. Pinge Prasad, 4th Road, Santacruz (East), Mumbai – 400 055 Vs. ACIT Circle 19(2), Piramal Chambers, Lalbaug, Mumbai – 400 012
By CA Manu T George
The present appeal has been preferred by the assessee against the order of the Commissioner of Income Tax (Appeals) [hereinafter referred to as the CIT(A)] dated 04.04.2012 relevant to assessment year 2008-09.
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Auditing   RSS Feeds
 Digital India, smart cities projects catch the eye of IT companies
By CA Nilesh Sahu
Otherwise wary of government contracts, software firms in the country are looking up to Prime Minister Narendra Modi's pet IT projects, Digital India and Smart Cities,
 General Circular 02/2015: Extension of time for filing of Notice of appointment of the Cost Auditor in Form CRA-2
By CA S K Verma
In continuation to the General Circular No. 42/201,4, the last date of filingof Form CM-2 withoutany penalty/late fee is hereby extended upto 31$ March.2015.
 Government introduces new new cost audit rules for business entities
By CA S K Verma
The Corporate Affairs Ministry has introduced new cost audit rules that include a new minimum threshold limit for cost auditing for certain class of entities and also add several new businesses to the list.
 The Companies (Cost Records and Audit) Amendment Rules,2014
By CA Ojas Aggarwal
In exercise of the powers conferred by sub-section (1)and (2) of section 469 and section 148 of the companies Act, 2013 (18 of 2013 ) the central government hereby makes the following rules to amend the companies (cost Records and Audit ) Rules,2014 namely:-
 Audit of the Service Tax assessees by the officers of Service Tax and Central Excise Commissionerates
By CA S K Verma
Section 94 of the Finance Act, 1994 deals with rule making powers of the Central Government in relation to service tax. Sub-section (2) of section 94, dealing with specific purposes for which rules can be made,
 CAG pulls up chartered accountants for incorrect income tax information
By CA Nilesh Sahu
Coming down heavily on chartered accountants hired by the income tax department, a CAG report on Friday said their failure to submit correct tax information resulted in levying of lower taxes by as much as Rs 2,813.11 crore in 367 cases surveyed.
 MEF60001-onwards (2014-15)
By CA Mayank Jain
Revised Bank Branch Auditors Panel for the year 2014-15 From MEF60001-onwards
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Latest Circulars   RSS Feeds
 Implementation of Section 51-A of UAPA, 1967 – Updates of the UNSCR 1267(1999) / 1989 (2011) Committee’s Al Qaida Sanctions List
By CA Devender Singh
Please refer to our circulars/instructions issued from time to time on the captioned subject. In this regard, we enclose copies of the circulars issued by Department of Banking Regulation, Central Office, on the above subject.
 Section 23 of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) - Guidelines on Off-site/Mobile Automated Teller Machines (ATMs)
By CA S K Verma
Please refer to our circular RPCD.No.BC.114/07.06.00-94/95 dated February 1, 1995, in terms of which State Cooperative Banks (StCBs) are permitted to install on-site ATMs without obtaining prior permission from RBI.
 Scheme for Non-competitive Bidding Facility in the Auctions of Government Securities
By CA Mayank Jain
With a view to encouraging wider participation and retail holding of Government securities it is proposed to allow participation on “non-competitive” basis in select auctions of dated Government of India
  RBI - Auction of Government of India Dated Securities
By CA Manu T George
Government of India has offered to sell (re-issue) four dated securities for notified amount of Rs 16,000 crore as per the following details:
 Regarding usage of Digital Signature Certificate in Remote EDI filing (RES) of Customs Documents
By CA Devender Singh
The Government has prioritized trade facilitation and creating an environment for ease of doing business. In this direction several initiatives have been taken in the recent past to simplify Customs procedures
 Seeks to levy anti-dumping duty on import of Flexible Slabstock Polyol of molecular weight 3000-4000, originating in or exported from Australia, EU and Singapore.
By CA S K Verma
Whereas, in the matter of ‘‘Flexible Slabstock Polyol of molecular weight 3000- 4000” (hereinafter referred to as the subject goods), falling under Sub-heading 3907 20 of the First Schedule to the Customs Tariff Act, 1975
 Regarding implementation of Merchandise Export from India Scheme (MEIS) under FTP 2015-2020
By CA Rashmi Sharma
In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do,
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Budget Extravaganza   RSS Feeds
 Government may extend budget session till mid April
By CA Andrew F Thomas
After stabilising the Legislative Council by joining hands with NCP, the biggest party in the Upper House, the Devendra Fadnavis-led government is all set to extend the budget session by either a week or a fortnight.
 What impact will the service tax hike have on your Budget?
By CA Rashmi Sharma
The Budget has hiked the service tax rate from 12% plus cess to 14%. We calculated the impact of the hike on an average urban middle-class family spending roughly Rs 1.5 lakh on various services in a year.
 How the last five Union Budgets impacted income tax
By CA Manu T George
With no major surprises in the Railway Budget presented by Suresh Prabhu on Thursday, all eyes will be on Finance Minister Arun Jaitely as he prepares to present the government's first full Union Budget on Saturday.
 ICAI invites suggestions on tax proposals of Union Budget 2015-16.
By CA Devender Singh
The Direct Taxes Committee, Indirect Taxes Committee and Committee on International Taxation invite suggestions on the tax proposals of the Finance Bill, 2015 for consideration and inclusion of the same in the Post Budget Memoranda to be submitted to the Ministry of Finance. Please submit your valuable suggestions latest by 7th March, 2015.
 How last 5 Union Budgets impacted income tax
By CA Andrew F Thomas
With no major surprises in the Railway Budget presented by Suresh Prabhu on Thursday, all eyes will be on Finance Minister Arun Jaitely as he prepares to present the government's first full Union Budget on Saturday.
 Budget 2015 should introduce a progressive tax structure for corporate sector
By CA S K Verma
I would recommend that the finance minister Arun Jaitley, for the first time in India, introduce the concept of “progressive” tax structure for the corporate sector during Budget ‘16.
 Budget 2015 may propose significant changes in income tax and corporate tax structures, boost savings
By CA Mayank Jain
Direct tax rates may be in for a major overhaul in the budget. Among the most significant measures that finance minister Arun Jaitley is likely to announce in his much-anticipated budget on February 28 could be a recast of the direct tax structure,
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Sales Tax   RSS Feeds
 Aurangabad division collects highest ever sales tax despite drought
By CA Rashmi Sharma
The Aurangabad division of the sales tax department has recovered Rs 2,711 crore in taxes, the highest so far in the history of the division.
 Claim tax benefits without actually making any investments
By CA Devender Singh
As the year end is approaching, investments to be made and advance tax liability must have upset your cash flow adversely.
 Tax is not payable on services that are provided in non-taxable areas'
By CA Andrew F Thomas
We are manufacturers of textiles and status holders. We buy Status Holder Incentive Scrips (SHIS) exclusively of 'Textile/Jute Sector', for import/domestic procurement of capital goods (CG)
 Rate And Cess On Service Tax: Budget Impact
By CA Rashmi Sharma
The charge of Service Tax under the Finance Act, 1994 as amended so far is at the rate of 12 percent on the value of taxable services. This rate of Service Tax is specified in section 66B of theFinance Act.
 RBI-Trade Credits for Imports into India — Review of all-in-cost ceiling
By CA Andrew F Thomas
Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to A.P. (DIR Series) Circular No. 16 dated July 28, 2014 relating to the all-in-cost ceiling of Trade Credits for imports into India.
 Government mulls abolishing minimum alternate tax after corporate tax breaks are phased out
By CA Nilesh Sahu
India could abolish minimum alternate tax (MAT) once corporate tax exemptions are eliminated as part of the government's plan to reduce the corporate tax rate to 25% from 30% and provide an uncluttered and non-adversarial tax regime that will help draw investments.
 Office Memorandum dt. 12-Feb-2015 regarding Indirect Tax (provisional) collections during April-January, 2015
By CA Ojas Aggarwal
Please find enclosed a press release issued by Central Board of Excise and Customs giving details of indirect tax revenue (provisional) collections during April-January 2015, along with growth rate over previous year in Annx.
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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,New Delhi Constitution of Benches for 13.4.2015 To 15.04.2015 and 16.14.2015
By CA Devender Singh
Income Tax Appellate Tribunal,New Delhi Constitution of Benches for 13.4.2015 To 15.04.2015 and 16.14.2015
 Income Tax Appellate Tribunal, Mumbai Benches, Mumbai. Constitution from 13.04.2015 To 16.04.2015
By CA Atul Gupta
Income Tax Appellate Tribunal, Mumbai Benches, Mumbai. Constitution from 13.04.2015 To 16.04.2015
 Income Tax Appellate Tribunal, Lucknow Benches, Lucknow. Constitution from 13.04.2015 To 17.04.2015 and 20.04.2015 To 24.04.2015
By CA Mayank Jain
Income Tax Appellate Tribunal, Lucknow Benches, Lucknow. Constitution from 13.04.2015 To 17.04.2015 and 20.04.2015 To 24.04.2015
 Income Tax Appellate Tribunal, Hyderabad Benches, Hyderabad. Constitution For The Period From 06.04.2015 To 16.04.2015
By CA Devender Singh
Income Tax Appellate Tribunal, Hyderabad Benches, Hyderabad. Constitution For The Period From 06.04.2015 To 16.04.2015
 Income Tax Appellate Tribunal Ahmedabad Benches Ahmedabad Constitution For The Week From 06/04/2015 To 10/04/2015
By CA Rashmi Sharma
Income Tax Appellate Tribunal Ahmedabad Benches Ahmedabad Constitution For The Week From 06/04/2015 To 10/04/2015
 Income Tax Appellate Tribunal Chennai Benches Chennai Chennai Constitution For The Week From 06/04/2015 To 09/04/2015
By CA Andrew F Thomas
Income Tax Appellate Tribunal Chennai Benches Chennai Chennai Constitution For The Week From 06/04/2015 To 09/04/2015
 Income Tax Appellate tribunal Kolkata benches Kolkata revised constitution for the week from 30/03/2015 To 01/04/2015 and
By CA Atul Gupta
Income Tax Appellate tribunal Kolkata benches Kolkata revised constitution for the week from 30/03/2015 To 01/04/2015 and
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Help   RSS Feeds
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Placements & Empanelment   RSS Feeds
 New Opening Urgently Required CA - Direct and Indirect Taxation
By CA Mayank Jain
Salary: 4,00,000 - 4,50,000 P.A Functional Area:Accounts , Finance , Tax , Company Secretary , Audit UG: B.Com - Commerce PG:CA
  10 Opening Finance & Accounts - Chartered Accountants
By CA Andrew F Thomas
Salary: 4,00,000 - 9,00,000 P.A Functional Area:Accounts , Finance , Tax , Company Secretary , Audit PG:Any Postgraduate - Any Specialization, Post Graduation Not Required, CA
  10 Opening Finance & Accounts - Chartered Accountants
By CA Andrew F Thomas
Salary: 4,00,000 - 9,00,000 P.A Functional Area:Accounts , Finance , Tax , Company Secretary , Audit PG:Any Postgraduate - Any Specialization, Post Graduation Not Required, CA
 New Opening Chartered Accountant-bangalore
By CA Nilesh Sahu
Salary: 5,00,000 - 7,00,000 P.A Functional Area:Accounts , Finance , Tax , Company Secretary , Audit
 New Opening Chartered Accountant- Liquor Company - Mumbai
By CA Nilesh Sahu
Salary: 4,00,000 - 7,00,000 P.A Functional Area:Accounts , Finance , Tax , Company Secretary , Audit UG: Any Graduate - Any Specialization
  10 Opening Finance & Accounts - Chartered Accountants
By CA Ojas Aggarwal
Salary: 4,00,000 - 9,00,000 P.A Functional Area:Accounts , Finance , Tax , Company Secretary , Audit
 New Opening Chartered Accountant & Office Administrator
By CA Manu T George
Salary: 90,000 - 1,25,000 P.A. This job is for competent CA's Functional Area:Sales , Retail , Business Development
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Direct Tax   RSS Feeds
 End of paper trail in e-filng of Income Tax returns; Aadhaar added
By CA Andrew F Thomas
In a major step aimed at easing taxpayer grievances, CBDT on Friday announced that assessees filing I-T returns online will no longer have to send the paper acknowledgement
  CBI arrests Deputy Commissioner Income Tax
By CA Ojas Aggarwal
CBI today arrested a Deputy Commissioner of Income Tax at his Central Revenue Building office here for allegedly receiving a bribe of Rs 1.5 lakh from an industrialist for settling tax issue.
 CBDT names and shames tax defaulters, again
By CA Andrew F Thomas
As part of its policy of 'naming and shaming' tax defaulters, the Income Tax (I-T) department on Wednesday publishing a list of 31 such assessees, who collectively owe the exchequer Rs 1,500 crore.
 Direct tax collection falls short by Rs 19,028 cr in FY15
By CA Rashmi Sharma
Initial numbers suggest that direct tax collection is short of the revised target by over Rs 19,028 crore, but the Income Tax Department is hopeful of meeting the target once figures from across the country come.
  Clarification under sub-section (7) of section 186 of the Companies Act,2013
By CA Atul Gupta
Attention of this Ministry has been drawn to General Circular No 06/2013 dated 14.03.2013 vide which it was clarified that in cases where the effective yield (effective rate of return) on tax free bonds is greater than the yield on prevailing bank rate, there was no violation of Section 372A(3) of Companies Act, 1956. Stakeholders have requested for similar cLarification w.r.t. corresponding section 186(7) of the Companies Act\' 2013\'
 What is due must be paid, India no tax haven
By CA Atul Gupta
In a strongly worded message, finance minister Arun Jaitley has said India is not a tax haven and levy of any legitimate taxes should be not be perceived as tax terrorism,
 ICAI seek more changes to Companies Act 2013 for ease in doing business
By CA Manu T George
To make doing business easier, chartered accountants' grouping ICAI has sought more changes in norms governing companies, including those pertaining to related party transactions.
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Service Tax   RSS Feeds
 Investors face service tax hit in mutual fund-distributor standoff
By CA Nilesh Sahu
Returns from mutual fund schemes will dip if investors find themselves at the wrong end of the raging feud between mutual funds and the distributors.
 Regarding clarification on rate of service tax
By CA Manu T George
Doubts have been expressed in various forums regarding the proposed increase in the rate of service tax from 12.36% (including education cesses) to 14% on the value of taxable service.
 Regarding implementation of Service Export from India Scheme (SEIS) under FTP 2015-2020
By CA Rashmi Sharma
In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994) (hereinafter referred to as the said Act), the Central Government,
 Broad consensus on GST; to bring Constitutional Amendment Bill
By CA Ojas Aggarwal
There is a broad consensus on GST and a Constitutional Amendment Bill for the proposed indirect tax regime would be taken up in Parliament for consideration and passage in the next few weeks, Finance Minister Arun Jaitley said today.
 Service tax collections fall short of target in Gujarat
By CA Ojas Aggarwal
For the second year in a row, Ahmedabad zone of central excise and service tax department collected lower service tax than expected. Against the target of Rs 5,413 crore for fiscal 2014-15,
 Government to review tax incentives scheme on services exports
By CA Manu T George
The government has decided to review the tax incentives scheme extended to services exports after six months, worried as it is over a possibly large revenue outgo due to the widened scope of the sops under the new five-year foreign trade policy.
 Commercial tax department simplifies procedures
By CA S K Verma
The Commercial Tax Department announced certain measures for simplification of tax administration.
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Transfer Pricing   RSS Feeds
 Cleaning up the transfer pricing mess
By CA Atul Gupta
Two important developments last week in the transfer pricing domain have the potential of completely transforming the way this critical and controversial tax area has been handled by the income-tax department.
 Clearing the air on AMP expenses for transfer pricing
By CA Mayank Jain
The Delhi High Court has adjudicated on a host of transfer pricing adjustment cases, where the adjustment had been made by the taxman for ‘excessive’ spends on advertising, marketing and promotional expenses (AMP).
  Ad expenses of Indian arm of MNCs fall under transfer pricing
By CA Andrew F Thomas
The Delhi High Court has held that money spent by Indian subsidiaries of foreign companies on advertising, marketing and promotion (AMP) of their global brand here are international transactions and fall under the purview of transfer pricing rules, reports PTI.
 Delhi HC rules marketing intangibles come under transfer pricing regulations
By CA Nilesh Sahu
The Delhi high court on Monday brought clarity on application of transfer-pricing rules on marketing intangibles in a long-awaited judgement that will reduce disputes over advertisement,
 Transfer pricing twists for the Budget
By CA Devender Singh
The Bombay High Court, in its landmark judgments in the cases of Vodafone India and Shell India, held that issue of shares, being a capital transaction, does not attract transfer pricing (TP)
 Ad expenses of Indian arm of MNCs fall under transfer pricing: Delhi High Court
By CA S K Verma
The Delhi High Court has held that money spent by Indian subsidiaries of foreign companies on advertising, marketing and promotion (AMP) of their global brand here are international transactions and fall under the purview of transfer pricing rules.
 MNCs' India arms get transfer-pricing relief
By CA Ojas Aggarwal
In a reprieve to multinational companies (MNCs) and their subsidiaries operating out of India, the Delhi High Court has laid out broad principles and a computational mechanism to resolve disputes relating to transfer pricing for marketing intangibles.
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Customs and Excise   RSS Feeds
 Seeks to levy anti-dumping duty on import of Poly Vinyl Chloride Resin, originating in or exported from Norway and Mexico.
By CA Manu T George
Whereas, in the matter of “Poly Vinyl Chloride Paste Resin” also known as “Emulsion Poly Vinyl Chloride Resin” (hereinafter referred to as the subject goods),
 Rate of exchange of conversion of each of the foreign currency with effect from 17th April, 2015
By CA Rashmi Sharma
In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962),
 Seeks to further amend Notification No 39/96- Customs, dated the 23rd July, 1996
By CA Ojas Aggarwal
In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do
 Amends Notification no. 33/2012-Central Excise dated 09.07.2012
By CA Mayank Jain
In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), read with sub-section (3) of section 3 of the Additional Duties of Excise (Goods of Special Importance) Act, 1957
 Seeks to extend the validity of notification No 12/2012- Customs (ADD) dated 08.02.2012 for a further period of one year.
By CA Manu T George
Whereas, the designated authority vide notification No.15/26/2014-DGAD, dated the 16th March, 2015, published in the Gazette of India, Extraordinary, Part I, Section 1, dated the 16th March, 2015,
 Amends Notification no. 104/2009-Customs dated 14.09.2009
By CA Manu T George
In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do,
 Excise Dept move on service tax may make rail-based traffic costlier
By CA Andrew F Thomas
At a time when the Centre is trying to increase the share of rail-based traffic, an excise department move may end up shifting container traffic away from rail to roads.
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Mergers and Acquisitions   RSS Feeds
 Arris brings in house mergers and acquisitions attorney Macken
By CA S K Verma
With Arris expecting its financials to endure a roller-coaster 2015 thanks to big ongoing mergers among its top clients, U.S. pay-TV operators, the technology company is thinking about a big deal of its own.
 Companies Act 2014 – Reorganisations, Acquisitions, Mergers And Divisions
By CA Devender Singh
The Companies Act 2014 (the "Act") which is expected to become operative in June 2015 consolidates Irish company law and is expected to make it easier for companies to do business in and through Ireland.
 3 Tips For Companies Evaluating Insurance Coverage In Mergers And Acquisitions
By CA Mayank Jain
Insurance policies are a significant asset that must be considered in any merger or acquisition. As companies are acquiring or merging with another company in 2015, there are three insurance-related tips for companies to keep in mind.
 Insurance watchdog pushes for mergers and acquisitions
By CA Manu T George
The Insurance Authority, which regulates the business, is encouraging mergers and acquisitions in the country, informed its director general.
 Mergers and acquisitions activities in India pick up pace across industries
By CA Ojas Aggarwal
India Inc's quest for growth in what is now the world's fastest-growing major economy is starting to show some results. Its entrepreneurs are becoming richer as cash-hungry private equity firms chase ambitious start-ups
 7 Deals of the Day- Mergers and Acquisitions
By CA Nilesh Sahu
The following bids, mergers, acquisitions and disposals were reported by 1100 GMT on Friday:
 Energy sector mergers and acquisitions in focus
By CA Mayank Jain
It is a question that faces the oil industry whenever there is a big shift in oil prices: what will be the effect on deals — on mergers and acquisitions, and on the buying and selling of assets?
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Indirect Tax   RSS Feeds
 Income tax collection in Gujarat falls short of target by Rs 3,200 crore
By CA Mayank Jain
For the second year in a row, the income tax department in Gujarat collected much lower taxes than expected. With a shortfall of around Rs 2,000 crore in TDS (tax deducted at source) collections, overall I-T collections fell short by Rs 3,200 crore.
 Companies roping in tax professionals to avoid black money trap
By CA S K Verma
Indian companies that have foreign operations or web of subsidiaries in tax havens are rushing to tax practitioners to ensure that they are not caught on the wrong side of the black money law that prescribes up to ten years'
 Tax treaties to help expats from getting taxed under black money law
By CA Ojas Aggarwal
The expatriates working in India have reasons to worry. The new Undisclosed Foreign Income and Assets Bill, 2015 has made it mandatory for the foreign workers in India to report their overseas assets and income but tax experts say they can take cover under the tax treaties for not paying tax in India.
 Indirect taxation should be under state governments’
By CA Devender Singh
Tamil Nadu Chief Minister O. Panneerselvam on Wednesday said the time has come for the central government to leave all indirect taxation to the states.
 Revenue Department releases list of 18 tax defaulters
By CA Manu T George
The Revenue Department on Wednesday released a list of 18 entities, including Gujarat-based Somani Cement, that have allegedly defaulted on tax payments and asked them to clear the arrears immediately.
 Agreement for Avoidance of double taxation and prevention of fiscal evasion with foreign countries - Republic of Croatia
By CA Ojas Aggarwal
Whereas, an Agreement and Protocol (hereinafter referred to as the said Agreement and the Protocol) as set out in the Annexure to this notification,
 Tax on capital gain depends on time period they are held
By CA Devender Singh
There is often an element of doubt about the calculation of the time period for the holding of shares in a company. The time period of the holding is significant because the moment the period crosses a time period of 12 months
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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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