Haven't filed tax returns By CA Atul Gupta In an effort to meet the revenue targets, the Income Tax (I-T) Department will be sending out letters to 230,00,00 assessees who have not filed returns. It has already issued letters to 245,00,00 individuals.
FOR ATTENTION OF DELHI VAT DEALERS By CA Atul Gupta You are required to have a principal place of business in Delhi
and intimate any change in its address to the Commissioner
within 30 days of such change.
CENVAT Credit ( Fourth Amendment ) Rules, 2014 By CA Devender Singh In exercise of the powers conferred by section 37 of the Central Excise Act, 1944 (1 of 1944) and section 94 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following rules further to amend the CENVAT Credit Rules, 2004,
CENVAT Credit (Third Amendment) Rules, 2014 By CA Ojas Aggarwal In exercise of the powers conferred by section 37 of the Central Excise Act,1944 (1 of 1944) and section 94 of the Finance Act,1994 (32 of 1994), the Central Government hereby makes the following rules further to amend the CENVAT Credit Rules,2004, namely
Auto sector cheers VAT cut proposal By CA Manu T George The automobile sector in the state is upbeat about the double bonanza - in the form of excise duty cut by the Centre and reduction of VAT on motor parts by the state government - and feels the proposal in the supplementary budget will provide "level playing field" to it with the manufacturing sector.
Sensex gains 161 points on good buying By CA Atul Gupta The BSE Sensex on Monday continued to gain on the back of short covering amid volatility with buying in frontline shares of oil & gas, health care, realty, consumer durable and teck counters in late morning trade.
Markets may not gain sharply despite friendly Budget 2013 By CA Manu T George Ever since returning as the Finance Minister, P Chidambaram has been instrumental in introducing a slew of reform measures to perk up a sluggish economy. A fiscally prudent and balanced budget is what the markets are expecting from the Finance Minister.
Markets end session on a firm note By CA Manu T George The markets trimmed gains but continued to witness positive trades in afternoon deals, buoyed by index heavy-weight RIL, Consumer Durables, Capital Goods and Metal shares. The BSE Sensex is at 17,604, up 126 points and the Nifty at 5,358, up 40 points.
Asian markets rally, small savings rates hiked and more By CA S K Verma Asian markets rose on Tuesday as they reversed a two-day losing streak. The MSCI Asia Pacific index and the Japanese Nikkei index rose 1 per cent each as weak Asian currencies benefit export oriented Asian economies.
Investors lap up tax-free bonds, NCDs in listless market By CA Atul Gupta There is no stopping the NCD ( non-convertible debenture) and tax-free bond juggernaut. With NCDs and bond issues offering high returns, investors have lapped them up with great zeal. Public issue of NCDs and tax-free bonds mobilised 33,842 crore so far (till February) in 2013-14, data with market regulator Sebi showed.
Income Tax law should be lawyers’ prerogative: BCI By CA Atul Gupta The Bar Council of India has urged the Centre to allow only advocates to appear before income-tax authorities at all levels, including the appellate tribunal for arguments on assessment, penalty, etc.
Overlaps confound corporate India By CA Devender Singh India is waking up to the implications of the new company law. As sections get notified in tranches and the rules are put out for public comments, several areas of overlap with other laws and regulations are emerging, which need to be sorted out, say legal experts.
Metro & Metro vs. ACIT (ITAT Agra) By CA Andrew F Thomas Law on taxation of fees for technical services u/s 9(1)(vii) & Article 12 and disallowance u/s 40(a)(i) for failure to deduct TDS explained
Shome against retro amendment of tax laws to raise revenue By CA S K Verma Amid the long-pending dispute between Vodafone and tax authorities, the Finance Minister’s advisor Parthasarathi Shome on Monday said the government should not go in for retrospective amendment of tax laws to raise revenue.
Government faces yet another blow to retrospective tax laws By CA Nilesh Sahu At a time when the government has made little progress over the settlement of its multi-billion dollar tax dispute with British telecom giant Vodafone and uncertainty persists over the taxation of cross-border deals, it has been stung with yet another challenge to its controversial retrospective tax laws announced in Budget 2012.
Campus hiring for CAs gains traction By CA Mayank Jain Campus placements for fresh chartered accountants seem to be gaining a faster traction than many other technical and non-technical education streams, as the domestic hiring market show signs of revival.
Scholarships for CA Students. By CA Manu T George Merit Scholarships under Serial No. 1 are automatically awarded to the eligible students hence they are not required toapply.
Corrigendum: Study Material of Paper 4: Corporate and Allied Laws By CA Rashmi Sharma Final students may note that Chapter 19 i.e. The Competition Act, 2002 and Chapter 20 i.e. overview of Banking and Insurance Laws in the January, 2014 edition of the Study Material (printed copy) have been updated in view of Notification dated 8th January, 2013 and Notification dated 4th January, 2013 respectively.
Extension of time-limit for filing of ITR-V Forms. By CA Nilesh Sahu The Central Board of Direct Taxes has extended the time-limit for filing ITR-V Forms for Assessment Years 2009-10, 2010-11 and 2011-12 till 31.03.2014 for returns e-filed with refund claims within the time allowed under section 139 of the Act.
E-sampark centres not taking downloaded property tax forms By CA Mayank Jain Residents who went to e-sampark centre in some sectors for submitting property tax on residential property had to face problems with forms downloaded from the internet not being accepted. Instead the residents were asked to take forms from the sampark centres and fill these up
ICAI to hold campus placements in Mumbai By CA S K Verma The Institute of Chartered Accountants of India (ICAI) will hold its campus placement programme from March 10 to 15, 2014. In Mumbai, 910 candidates who have recently qualified as chartered accountants are likely to participate.
Power discoms not cooperating with auditing body, says CAG By CA Devender Singh The Comptroller and Auditor General ( CAG) and the Delhi government on Monday told the Delhi High Court that the three private discoms in the Capital are violating its order by not cooperating with the auditing body.
Govt to explore strict 'water auditing' mechanism for industries By CA Andrew F Thomas Amid growing decline of per capita annual availability of water in India, different central ministries have resolved to chalk out a joint strategy to ensure efficient use of water and work for devising a mechanism of "water auditing" for various users including industries and municipal bodies across the country.
India can consider Shared Auditing System By CA Andrew F Thomas As government is contemplating to more accountability on auditors, shared auditing can be the answer to many problems as the audit firms will be compelled to keep check on books which will lead to greater transparency.
Budget 2014: FM cuts excise duty, woos youngsters, taxes unchanged By CA Devender Singh In an election year, Finance Minister P Chidambaram presented an Interim Budget shorn of rhetoric and stuck to highlighting the Congress-led UPA Government's achievements of the last 10 years. Faced with a massive economic slowdown and staring at prospects of a Congress rout in the Lok Sabha elections, the Finance Minister tinkered with excise duty to make cars, two-wheelers and mobiles cheaper,
Highlights of P Chidambaram's interim budget 2014 By CA Mayank Jain Under the system, the Centre and states will tax goods and services in identical rates. For instance, if 20% is the agreed rate on a certain good, the Centre and states will collect 10% each on the good.
Rail fare rise will only help achieve budget targets By CA Andrew F Thomas The rise in rates across passenger and freight segments will not give any major boost to railway finances. With losses from the passenger segment expected to be around Rs 26,000 crore a year, the introduction of a fuel adjustment component in fares here will merely add Rs 450 crore.
Excise, sales tax revenue up By CA Nilesh Sahu The Bangalore zone of Central Excise and Service Tax commissionerates comprising of nine revenue districts in Karnataka have contributed Central Excise revenues of ?5,650 crore and Service Tax revenues of ?7,916 crore.
Got more than one house? Tax saving tips By CA Mayank Jain Having multiple houses is not very uncommon these days. If you are planning to rejoice the rental income from these properties, hold on. Something is ready to pinch you hard. It is called Income Tax. We often focus on paying tax on our salary, deductions under section 80C, etc. and thereby simply neglect the house property income.
We have not received official tax claim of Rs 21,153 crore: Nokia By CA Manu T George Nokia today said that it has not been served with "any official claim" of the Income Tax (I-T) department that has told the Delhi High Court that the mobile company owes it Rs 21,153 crore as tax liability (existing and nticipated), including penalty.
New Cos Act to bring clarity on tax-free salary By CA Rashmi Sharma Tax equalisation and payment of tax-free remuneration is a common feature in secondment of expatriates globally. In India, it is almost settled that employee’s obligation to pay tax when discharged by the employer constitutes a perquisite for the employee.
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
45 Opening Accounts / Finance Executive and Managers By CA Devender Singh Salary:INR 1,25,000 - 3,00,000 P.A Farea: Accounts, Finance, Tax, Company Secretary, Audit Education: UG - Any Graduate - Any Specialization, Graduation Not Required PG - Any Postgraduate - Any Specialization, Post Graduation Not Required
89 Urgent Opening for Agm/dgm - Accounts & Finance By CA S K Verma Salary:INR 1,00,000 - 3,25,000 P.A Farea: Accounts, Finance, Tax, Company Secretary, Audit Education: UG - Any Graduate - Any Specialization, Graduation Not Required PG - Any Postgraduate - Any Specialization, Post Graduation Not Required
20 Opening Finance, Charted Accountant By CA Andrew F Thomas Salary:INR 2,25,000 - 4,50,000 P.A Farea: Accounts, Finance, Tax, Company Secretary, Audit Education: UG - Any Graduate - Any Specialization, Graduation Not Required PG - Any Postgraduate - Any Specialization, Post Graduation Not Required
10 Opening Accounts & Admin Executive By CA Nilesh Sahu Farea: Accounts, Finance, Tax, Company Secretary, Audit Education: UG - B.Com - Commerce, B.Sc - Any Specialization PG - Post Graduation Not Required
Cipla under income tax authorities' scanner By CA Atul Gupta Mumbai based pharmaceutical giant Cipla came under the scanner of the income tax authorities on Thursday for alleged tax evasion. ET NOW was the first to report the development.
ICAI Nagpur Felicitates R K Tiwari, CBDT Chairman By CA Mayank Jain Nagpur Branch of The Institute of Chartered Accountants of India felicitated R K Tiwari, Chairman of Central Board of Direct Taxes, at National Academy of Direct Taxes recently on his maiden visit to Nagpur after assuming the charge.
6 important aspects to help you during tax planning for FY14 By CA Ojas Aggarwal By now, you must be busy with tax planning for the year FY 2013-14. It’s that time of the year when you hear nothing but ‘saving tax’. You will also be flooded by calls from agents as well as advertisements in media stating various tax saving investments you should consider for the year to save tax.
73 per cent of direct tax target collected till February By CA Atul Gupta With over 73 per cent of its revenue target collected by February, the Income Tax department is hopeful of achieving a full kitty of direct tax collection of Rs 6.36 lakh crore by the end of this financial year on March 31.
No tax on redemption of MF By CA Manu T George In a big relief to mutual fund investors, the Central Board of Direct Taxes (CBDT) has clarified that no additional tax will be levied on redemptions or repurchase of units and issue of bonus units.
Odisha's commercial tax revenue up 12% By CA S K Verma Commercial tax collection in Odisha rose 12 per cent in the April-February period of 2013-14, driven by growth in segments like entry tax, value added tax (VAT) and entertainment tax.
JOINT WORKING GROUP ON GOODS AND SERVICES TAX By CA Ojas Aggarwal The Working Group would study the various models of GST existing globally and any other relevant material available on the subject. It would also identify the possible alternative models for introduction of GST in India
Company's top boss arrested for service tax default By CA Ojas Aggarwal Customs officials have arrested C Vijay Shekhar Reddy, chairman and MD of Vijay Mining & Infracorp Pvt Ltd, on the charge of collecting service tax to the tune of Rs 20 crore and not remitting the same to the department.
Seeks to amend notification No. 06/2013- Service Tax 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), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance
Excise, service tax earnings also decline By CA Ojas Aggarwal Due to economic slowdown, central excise and service tax department has fallen short almost Rs 2,000 crore from its targets in duty and tax collection in the current year in the Ahmedabad zone.
Central Excise ( Amendment ) Rules, 2014 By CA S K Verma In exercise of the powers conferred by section 37 of the Central Excise Act, 1944 (1 of 1944), the Central Government hereby makes the following rules further to amend the Central Excise Rules, 2002,
Mergers & acquisitions decline 11.5% in 2013 By CA Mayank Jain Reflecting the general weakness in the economy, mergers & acquisitions (M&As) involving domestic companies were down by 11.5% to $31.5 billion in the year just gone-by, the lowest since 2009 when it had stood at $21.5 billion.
Deals of the day- Mergers and acquisitions By CA Rashmi Sharma French cement maker Lafarge SA said it would sell its remaining 20 percent stake in its former European and South American gypsum operations to Belgian building materials group Etex for 145 million euros
Competition act to cover forced bank mergers: MCA By CA Ojas Aggarwal The corporate affairs ministry has turned down the Reserve Bank of India's request for a blanket exemption from the Competition Act for forced mergers of distressed banks initiated by RBI.
Little-known tax benefits you must be aware about By CA S K Verma It's that time of the year when employees are scrambling to submit proofs for their tax declarations so as to minimise tax deductions. From proofs of investments in Public Provident Fund to life insurance policies and home loans, all these documents find their way to the human resources department of offices.
How to plan you tax? 5 things to know By CA Ojas Aggarwal Most employee rush to do tax saving investments on the 11th hour, however to extract maximum benefit one must plan their taxes at the beginning of the year. There are many allowances that can help in lowering tax outgo,
Which perquisites are exempted from income tax? By CA Mayank Jain There are two categories of perquisites, some are taxable and some are tax free. In the category of tax free perquisites are contribution by the employer to the superannuation account up to Rs 1 lakh, plus any expenditure incurred for medical treatment of the assessee and his family member in any recognised hospital or even any treatment provided in the hospital maintained by the employer are tax free.
Tax-free bonds of three state companies get a poor response By CA Andrew F Thomas Tax-free bonds of three state-owned companies have received a tepid response , with the issues seeing subscriptions for only a fraction of their target amounts on their opening day on Friday. This last tranche of tax-free bonds comes at a time when the market is already crowded with issues, leading to over-supply ahead of the fiscal year-end .
Parliament heads for gridlock as consent on financial reform bills unlikely By CA Rashmi Sharma The government is entering a distinctly familiar situation: a paralysing parliamentary stand-off with the opposition over a new set of issues that include a leaked JPC report that absolves Prime Minister Manmohan Singh and Finance Minister P Chidambaram of any wrongdoing in controversial
NBA players take high-stakes fight to court By CA Ojas Aggarwal The NBA lockout now shifts to the American courts after the players union decided on Monday it was time to "push back" and reject the latest offer from the owners.