New Update Central Board of Direct Taxes August 2014 By CA Ojas Aggarwal The CBDT is a part of Department of Revenue in the Ministry of Finance. On one hand, CBDT provides essential inputs for policy and planning of direct taxes in India,at the same time it is also responsible for administration of direct tax laws through the Income Tax Department.
Complying with I-T provisions of clubbing income By CA Mayank Jain The rule says one should pay taxes on the income earned. What taxpayers seldom know is that ‘income’ may be expanded to include others’ income as well, under certain circumstances.
Property tax, VAT discussed in SAD-BJP coordination comm meet By CA Manu T George Issue of property tax and Value Added Tax (VAT), which has been the bone of contention between alliance partners SAD and BJP in Punjab, were discussed threadbare at the first state coordination committee meeting of two political parties today.
Raids against dealers evading VAT By CA Mayank Jain The Delhi Government's Trade and Tax Department has been conducting a lot of raids across the city due to an increase in the number of tax evaders.
CENVAT Credit - 6 Months Restriction Extendable?? By CA S K Verma Excise duty collections are expected to be about ₹ 2 Lakhs crores and Service Tax collections about 2.2 Lakhs crores for the year 2014-15.The cenvat credit accounts for about 50-60% of the total duty payment to be made by the manufacturing sector. For service providers credit may average about 20% of the duty payable.
VAT has imposed brakes on e-vehicles in Gujarat: CII GKAFC study By CA Mayank Jain The imposition of a "whopping" 14.5 percent Value Added Tax or VAT on electric vehicles in Gujarat has broken the back of this non-polluting automobile segment in the state, states a consumer perspective study for electric vehicles that was released here on Wednesday.
Demand for tax-free bonds rises in the money market By CA Andrew F Thomas Tax-free bonds are the latest fad in the money markets, especially after the government did away with fresh issues in the current financial year that started on April 1, limiting supplies of such securities.
Reconcile tax anomalies to boost the debt market By CA S K Verma The Narendra Modi-led Government should come up with a detailed medium-to-long term policy to remove “tax anomalies” that hinder the growth of the Indian debt markets, said SEBI Chairman, U K Sinha.
Market may open higher on firm Asian stocks By CA Ojas Aggarwal The market may open higher on firm Asian stocks. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could gain 10 points at the opening bell.
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.
Indian tax laws aims to ease your sunset years By CA Atul Gupta Senior citizens have always had a special place in Indian society. This aspect has been acknowledged and respected even by the Indian tax laws, which attempt to cushion our elders
Treat taxpayers as customers By CA Devender Singh Modernization of the country's tax administration by harnessing information technology, treating taxpayers as ?customers' and empowering the tax administration machinery
Govt decision to deny tax holiday to new IT SEZs up for review By CA Mayank Jain The government’s recent decision to deny tax holiday to new IT SEZ units, if more than 20% of the technical manpower was transferred from a pre-existing unit, has come in for a review, indicating that some relaxations in the norm is likely.
ICAI launches ‘cloud campus’ for students By CA Andrew F Thomas The Institute of Chartered Accountants of India (ICAI) has launched ‘cloud campus’ — the next generation interactive online learning programmes — to enable students from anywhere across the world to pursue CA
National Convention for CA Students at Jaipur on June 26-27, 2014. By CA Manu T George 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 Jaipur@icai.in by 7th June 2014 and a hard copy of the same along with tudent's Photograph
National Convention for CA Students at Indore on July 12-13, 2014. By CA Nilesh Sahu Students are invited to contribute papers for presentation (1500-2000 words) for topics in technical session and submit for approval a soft copy of the paper at email@example.com with a copy to firstname.lastname@example.org by 30th June, 14 and a hard copy of the same along with student's photograph
National Convention for CA Students at Kolkata on July 26-27, 2014. By CA Devender Singh Outstation students shall confirm their participation by 26th June, 14 for making accommodation arrangements accordingly. They should send their payment in Demand Draft along with duly filled-in delegate registration form. Delegate fee can be paid in cash
The reconciliation return in CST Form 9 By CA Mayank Jain The reconciliation return in CST Form 9 relating to receipt of declarations/
certificates for a year has been notified vide Notification No.F.3(27)/Fin(Rev-I)/2013- 14/dsVI/292 dated 05/03/2014.
Online Updation of details of the Peer Reviewers. By CA Nilesh Sahu The Peer Review Board (PRB) with an aim to improving the quality of review has designed a web - format to simplify the system of uploading and updating the details of reviewers online and the same has already been uploaded on the Institute’s website.
Discoms not cooperating with CAG in auditing" By CA Manu T George Contrary to the claims of three private discoms, the Delhi government today told the high court that these firms have not been cooperating with the Comptroller and Auditor General in auditing of their accounts.
RBI-Refinancing of ECB at lower all-in-cost – Simplification of procedure By CA Nilesh Sahu Attention of Authorized Dealer Category - I (AD Category - I) banks is invited to A.P. (DIR Series) Circular No. 5 dated August 01, 2005 as amended from time to time in terms of which refinancing of existing ECB by raising fresh ECB at lower all-in-cost is permitted subject to the condition that the outstanding maturity of the original loan is maintained. The cases
Budget session 2014: Few disruptions, more debate By CA Rashmi Sharma The Budget session of Parliament, the first of the Narendra Modi government, ended on Thursday reflecting the changed political reality with fewer disruptions and adjournments, and more debates and discussions unlike in the recent past.
Budget 2014 raises income tax exemption limit By CA Mayank Jain The National Democratic Alliance government on Thursday readied the ground for the last and final leg of tax reforms by committing to speed up the implementation of the goods and services tax and promising a fresh look of the direct taxes code, although it stopped short of giving a deadline for this.
Tax dept may grandfather debt MF transactions carried out before Budget By CA Nilesh Sahu The finance ministry might look at grandfathering debt mutual fund transactions carried out before the Budget so that taxpayers don't have to pay tax retrospectively. The Central Board of Direct Taxes (CBDT) may issue clarifications in this regard, said a senior finance ministry.
Sales tax raid at Kochi wholesale garment shops By CA Manu T George Officials of Sales Tax Intelligence raided a few wholesale readymade garment shops on Broadway in the city and their outlets in Paravoor and Tripunithura on Wednesday on suspicion that there were attempts to evade tax.
Odisha seeks Centre's nod to re-introduce Central Sales Tax By CA S K Verma Odisha government today said it had sought permission from the Centre to re-introduce Central Sales Tax at the rate of 4 per cent as the state was denied the adequate compensation for reducing the CST to 2 per cent since 2008.
Extension of excise duty cut drives auto sales By CA Mayank Jain Improved sentiments, aided by an excise duty cut extension, fuelled sales of passenger cars in June, according to industry body Society of Indian Automobile Manufacturers (SIAM).
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
10 Opening Accountant Assistant By CA Rashmi Sharma Salary:INR 60,000 - 1,75,000 P.A Farea: Accounts, Finance, Tax, Company Secretary, Audit Education: UG - Any Graduate - Any Specialization, Graduation Not Required,
4 Opening Associate Chartered Accountant By CA Andrew F Thomas Salary:INR 3,00,000 - 6,00,000 P.A. Salary to be decided on the basis of skill and experience Farea: Accounts, Finance, Tax, Company Secretary, Audit Education: UG - Any Graduate - Any Specialization, B.Com - Commerce PG - CA
CBDT sets up panel to decide retro tax cases By CA S K Verma The Central Board of Direct Taxes (CBDT) on Thursday set up a high-level committee to scrutinise all Income-Tax (I-T) cases arising of the retrospective tax amendment.
GST in India: Challenges and prospects By CA Atul Gupta There is considerable expectation in India that the new government at the centre would activate the reform process to introduce the goods and services tax (GST). GST is a value added tax (VAT) on both goods and services, as against the prevailing VAT on only goods.
Seeks to amend the Service Tax Rules, 1994 (Second Amendment) By CA Mayank Jain In exercise of the powers conferred by sub-section (1) read with sub-section (2) of section 94 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following rules further to amend the Service Tax Rules, 1994,
Ghanaian Government Asked To Tighten Up On Transfer Pricing By CA Atul Gupta Enhancing tax incentives and training of the Ghana Revenue Authority (GRA) are key to the prevention tax evasion and abuse of transfer pricing law, Omane-Antwi, Professor at Ghanaian Pentecost University, told a seminar in Accra last week.
Amends Notification No. 36/2001-Customs (N.T.), dated the 3rd August, 2001 By CA Manu T George In exercise of the powers conferred by sub-section (2) of section 14 of the
Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the notification of the Government of India
Powers of settlement commission under customs act, 1962 By CA Manu T George Section 32 of the Central Excise Act, 1944 empowers the Central Government to constitute a Settlement Commission to be called the ‘Customs and Central Excise Settlement Commission’ for the settlement of the Central Excise and Customs cases.
Provision of Rule 8(3) of CER - Central Excise By CA Rashmi Sharma Rule 8(3) deals with the case of defaulter in payment of duty within 30 days from the due date and in case of default the goods cleared will be treated as not suffered any duty incidence and the assessee will have to pay consignment wise duty in cash without using Cenvat credit.
More room for bank mergers and acquisitions By CA Nilesh Sahu There is still room for mergers and acquisitions (M&A) as well as bank consolidations in the country, driven by a further liberalisation of the sector by Bank Negara Malaysia, says AllianceDBS Research.
Tax implication of mergers and acquisitions By CA Devender Singh Merger is defined as ‘‘any amalgamation of the undertakings or any part of the undertakings or interest of two or more companies or the undertakings or part of the undertakings of one or more companies
Mergers & Acquisitions At 7-Year High By CA S K Verma Investor support for large acquisitions and a desire to trump rivals in consolidating markets have led chief executives to strike big transactions so far in 2014, raising year-to-date global deal volumes to their highest level in seven years.
Income tax dues can be paid at RBI offices, 29 banks By CA Manu T George Reserve Bank has asked the public to pay their income tax dues well in advance so as to avoid standing in long queues and stated that 29 agency banks are also authorized to accept such payments.
Advance ruling facility to resident tax payers By CA Mayank Jain The income tax department will extend the advance ruling facility to resident tax payers from the current year, KV Chowdary, chairman of the Central Board of Direct Taxes (CBDT), said here on Friday.
Order Under Section 119 of the Income-tax Act, 1961 By CA Atul Gupta In exercise of power conferred by section 119 of the Income-tax Act (`the Act'), the Central Board of Direct Taxes (CBDT) hereby extends the due date for obtaining and furnishing of the report of audit under section 44AB of the Act for Assessment Year 2014-15