E-filing of appeals: Extension of time limit - Circular By CA Atul Gupta Rule 45 of the Income Tax Rules, 1962, mandates compulsory e-filing of appeals before Commissioners of Income Tax (Appeals) with effect from 01.03.2016 in respect of persons who are required to furnish return of income electronically.
The Companies (Amendment) Bill, 2016 By CA S K Verma This Act may be called the Companies (Amendment) Act, 2016. Short title and commencement.(2) It shall come into force on such date as the Central Government may, by notification
CBDT issues draft rules to compute fair market value of foreign firms By CA Manu T George The Central Board of Direct Taxes (CBDT) has taken the next big step in implementing the controversial ‘indirect transfer’ provisions that dented India’s image among the foreign investor community and led to international companies such as Vodafone and Cairn face huge tax bills in the country.
Govt. assures traders VAT cut from 5 to 1% By CA Manu T George The Naveen Patnaik government on Monday assured the Odisha Byabasayee Mahasangha (OBM) that it would reduce value added tax from 5 per cent on pulses to 1 per cent on experimental basis.
Traders resent proposed 5 per cent VAT on cloth sale By CA Atul Gupta The state government’s decision, in its Cabinet meeting recently, to impose 5 per cent VAT on the sale of cloth in the state has evoked a sharp criticism from cloth traders of Nurpur, Jassur, Jawali, Rehan, Indora, Nagrota Surian and Kotla.
Govt slashes VAT to combat petrol hike By CA Andrew F Thomas Following a hike in petrol prices by oil companies on Monday night, the state government, on Tuesday, reduced the value-added tax (VAT)
Delhi reduces VAT on hybrid cars By CA Manu T George The Delhi government has reduced Value Added Tax (VAT) on hybrid cars, battery-operated vehicles and e-rickshaws from 12.5 per cent to 5 per cent, projecting it as
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.
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.
Cleaning the Augean tax stable By CA Devender Singh Continuing with its new approach to subordinate rule-making, the Central Board of Direct Taxes (CBDT) has put out foreign tax credit (FTC) rules in the public domain for comments.
International Taxation By CA Atul Gupta International Tax is best regarded as the body of legal provisions of different countries that covers the tax aspects of cross - border transactions. It is concerned with Direct Taxes and Indirect Taxes - Kevin Holmes
The Companies (Auditor S Report) Order, 2016 By CA Nilesh Sahu The Ministry of Corporate Affairs vide Notification No. S.O. 1228(E), dated 29.03.2016 made ‘The Companies (Auditor’s Report) Order, 2016’ (‘Order’ for short) in supersession of the Companies (Auditor’s Report) Order, 2015.
Decision to amend Income Tax law retrospectively regrettable By CA Andrew F Thomas The then Finance Minister Pranab Mukherjee’s decision to amend the Income Tax Act with retrospective effect to negate a Supreme Court verdict was regrettable, former Planning Commission deputy chairman Montek Singh Ahluwalia said today.
Times guide to corporate tax By CA Devender Singh New manufacturing companies incorporated on or after March 1, 2016 have been provided an option either to adopt a reduced corporate tax of 27.55%
Admit Cards for May 2016 Examination By CA S K Verma Admit cards in respect of candidates admitted to the Intermediate (IPC) and Final May 2016 examination, with their photographs and signatures on them, are hosted onwww.icai.nic.in.
ICAI to scrap CPT route for studying CA By CA Manu T George Institute of Chartered Accountants of India (ICAI) would abolish common proficiency test (CPT) examination for CA aspirants and reinstate the Foundation course instead from November this year.
Regarding Form CR-II. By CA Manu T George In exercise of the powers conferred on me under section 27 of Delhi Value Added Tax Act, 2004 and in partial rnodification to the notification No.F.3(628)/Policy/VAT/2016/ 1424-36 dated 11th February,2016
Interest from Non-SLR securities of Banks By CA Ojas Aggarwal It has been brought to the notice of the Board that in the case of Banks, field officers are taking a view that, "expenses relatable to investment in non-SLR
Important Announcement - CPT By CA Atul Gupta The venue for Common Proficiency Test (CPT) to be held on 19th June 2016 (Sunday) has been changed, as given below, for some of the candidates in Aurangabad and Hyderabad centres:
E-Filing of Appeals - Extension of time limit. By CA Mayank Jain The CBDT vide Circular No. 20/2016 dated 26.05.2016 has clarified that in order to mitigate any inconvenience caused to the taxpayers on account of the new requirement of mandatory e-filing of appeals,
CPE Events 30th May - 4th June 2016 By CA Manu T George TNHB Complex, Luzz Church Road, Mylapore, Chennai, Jasmine Apt, opp Kala Kendra, Dadar (E),Mumbai, Near Mrutyun jayeshwar Mandir, Kothrud, Pune, ICAI, Bangalore
Zone-shifting of candidates for 19th June - 2016 CPT By CA Devender Singh Due to paucity of accommodation in certain Zones opted by the candidates in the city of Chennai and Hyderabad some of the candidates have been allotted examinations centres in the zone other than the zone opted by them.
VLS Finance Ltd vs. CIT (Supreme Court) By CA Rashmi Sharma S. 158BC: A stay on the conduct of a \"special audit\" u/s 142(2A) amounts to a \"stay of the assessment proceedings\" and extends limitation u/s 158BE
VLS Finance Ltd vs. CIT (Supreme Court) By CA Rashmi Sharma S. 158BC: A stay on the conduct of a "special audit" u/s 142(2A) amounts to a "stay of the assessment proceedings" and extends limitation u/s 158BE.
Priya Desh Gupta Vs. Deputy Commissioner Of Income Tax By CA Ojas Aggarwal The Petitioners have filed these petitions assailing separate notices issued under Section 148 of the Income Tax Act, 1961 (hereafter 'the Act') seeking to reopen their respective assessments for Assessment Year (AY) 2007-08.
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:
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.
RBI-Recruitment of Heads of Verticals for Reserve Bank’s IT Subsidiary By CA Nilesh Sahu Reserve Bank of India (RBI), a statutory organization established under the RBI Act, 1934 is in the process of setting up of an Information Technology (IT) subsidiary to take care of the IT requirements including the cyber security needs of the Reserve Bank and its regulated entities.
Budget moves to reduce tax litigation By CA S K Verma The tremendous backlog of pending direct tax litigation has been a bane for the government and taxpayers alike—the locking-up of precious tax revenue for the government and unrelenting uncertainty on the tax front for the taxpayers.
This Budget is not business as usual By CA Atul Gupta Is it possible to be popular without being populist? This Budget, which has sought to combine the virtues of macroeconomic stability with growth, is a good example.
Expectations high on size of TS Budget expenditure By CA Manu T George With the Chief Minister K Chandrasekhar Rao’s firm directive that the Budget for 2016-17 should be realistic and to be tuned to the resources and requirements of the State, there is high anticipation about the size of the total expenditure.
Budget 2016 brings lawyers under service tax net By CA Ojas Aggarwal The Budget has withdrawn tax exemptions given to lawyers and proposed a 14% tax on the services of a senior advocate to an advocate or partnership firm, and a person represented on an arbitral tribunal to an arbitral tribunal.
GST will smooth the way for e-commerce companies By CA Manu T George Implementation of GST will help resolve various issues concerning taxation and logistics with regard to e-commerce business, which has been recording rapid growth in the country, says a study.
Income-tax (8th Amendment) Rules, 2016 By CA Andrew F Thomas In Exercise of the powers conferred by section 295 of the Income-tax Act,
1961 (43 of 1961), the Central Government hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-
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
FTSE groups improve tax transparency By CA S K Verma High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail.
Service tax will be 15% from tomorrow By CA Ojas Aggarwal Come Wednesday, consumers will now have to dole out an additional 0.5 per cent cess for various services, taking the total service tax to 15 per cent.
Govt may increase tax on share-trading for non-filers By CA Mayank Jain The tax burden of non-filers of income tax returns is likely to go up by almost half on gains they make by trading shares at the Pakistan Stock Exchange (PSE), as the government is likely to introduce a new income tax regime for them in the new budget.
Service Tax (Third Amendment) Rules, 2016 - 31/2016 By CA Manu T George In exercise of the powers conferred by sub-section (1) read with sub-section (2) of section 94 of theFinance Act, 1994 (32 of 1994), the Central Government hereby makes the following rules further to amend theService Tax Rules, 1994,
SC agrees to hear transfer pricing case against Vodafone x By CA Nilesh Sahu The Supreme Court on Friday agreed to hear the taxman's plea against Vodafone India in a transfer pricing case. The Income Tax Department had earlier challenged the Bombay High Court order which granted relief to the telecom giant.
Pressing need to tackle transfer pricing By CA Mayank Jain Findings, however, must be based on evidence and arguments and made in a proper and consistent manner to ensure a fair business environment between State agencies and enterprises.
Special Warehouse Licensing Regulations, 2016 By CA Rashmi Sharma In exercise of the powers conferred by section 157 read with section 58A of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby makes the following regulations, namely:-
How India's startups founders find work-life balance By CA Atul Gupta The Commerce and Industry Ministry has commissioned a study to assess the impact of foreign direct investment in pharmaceutical companies amid concerns over mergers and acquisitions of domestic drug manufacturers.
CSC, HP services merge to create IT powerhouse By CA Devender Singh The merger between HP Enterprises' (HPE) services business and Nasdaq-listed Computer Sciences Corporation (CSC) will create a pure-play IT services powerhouse with outsourcing revenues higher than that of Accenture's
Govt to hasten adjudication of indirect tax cases By CA Ojas Aggarwal The government plans to hasten the adjudication of service tax, excise and customs cases older than a year. These should be disposed first, Revenue Secretary Hasmukh Adhia has told the Customs, Excise and Service Tax Appellate Tribunal (CESTAT).
Missing tax reforms; sharp hike in cases stuck in appeals process By CA Rashmi Sharma Though the government has announced a slew of measures to make India’s tax system less taxing—quicker tax refunds are often cited as an instance of this happening—the finance ministry’s FY16 annual report makes it clear that this is far from happening.
Here are the various facets of Mauritius tax treaty By CA Mayank Jain After years of effort, India has managed to renegotiate its tax treaty with Mauritius , marking a bold step by the government to firmly shut the door on a pact that may have cost the country much by way of revenue.