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News Headlines   RSS Feeds
 5 Tax Benefits Every Entrepreneur in India Must Know About
By CA Rashmi Sharma
The move to boost startups in the country has resulted in a slew of tax exemptions and benefits for budding entrepreneurs.
  Support Desk for Implementation of Ind AS
By CA Atul Gupta
With the beginning of financial year 2016-17, the era of implementation of Ind AS has begun in India.
 Centre approves tax sops for two more start-ups
By CA Andrew F Thomas
The Centre has agreed to extend income tax concessions to two more start-ups while deferring a decision on five proposals and rejecting 14 in the fourth meeting of the Inter-Ministerial Board (IMB).
 Five constitutional conundrums in GST
By CA Andrew F Thomas
The Constitution (122) Amendment Bill enabling the introduction of the goods and services tax (GST) has recently been enacted.
 ITR filing deadline extended for professionals: 4 things not to miss
By CA Mayank Jain
There is good news for professionals who were suppose to file their income tax returns (ITRs) by the end of September this year.
 What to do if you get an income tax notice
By CA Rashmi Sharma
It is that one email that you don’t want to see. A notice from the income tax department now comes on email and causes a panic attack in most homes.
 Analysis of functioning of GST bill
By CA Mayank Jain
Analysis of functioning of GST bill
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Continuing Prof. Edu.   RSS Feeds
 VAT / CST / Service Tax & TDS return generation from Tally & GST the way forward in Tally INDIRECT TAXES
By CA S K Verma
Place: BORIVALI (CENTRAL) CPE STUDY CIRCLE OF WIRC Date: 24-09-2016 – To: 24-09-2016 CPE.Hrs.: 4
 Practical Issues on Tax Audit & filing of e-Return DIRECT TAXES
By CA Ojas Aggarwal
Place: SANGLI BRANCH OF WIRC Date: 24-09-2016 – To: 24-09-2016 CPE.Hrs.: 3
 Two Day Residential Refresher Course on IT Security in a CA’s office, Assessment Procedure in Income Tax , Investment Strategy, Overview of GST Law OTHERS
By CA Mayank Jain
Place: VARANASI BRANCH OF CIRC Date: 14-10-2016 – To: 15-10-2016 CPE.Hrs.: 12
 Goods & Service Tax And Independent Auditor’s Report Indirect Taxes
By CA Manu T George
Place: Trans-Hindon CPE Study Circle of CIRC Date: 24-09-2016 – To: 24-09-2016 CPE.Hrs.: 4
 Income Tax Appellate Tribunal Mumbai Consolidated list of orders ready for Pronouncement on 21.09.2016
By CA Rashmi Sharma
Income Tax Appellate Tribunal Mumbai Consolidated list of orders ready for Pronouncement on 21.09.2016
 Aspect U/s 148 And 263 And Income Tax Appellate Practice (Direct Taxes)
By CA Andrew F Thomas
Place: BORIVALI-KANDIVALI CPE STUDY CIRCLE OF WIRC Date: 01-10-2016 – To: 01-10-2016 CPE.Hrs.: 4
 Practical Issues on Tax Audit & filing of e-Return DIRECT TAXES
By CA Nilesh Sahu
Place: SANGLI BRANCH OF WIRC Date: 24-09-2016 – To: 24-09-2016 CPE.Hrs.: 3
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VAT (Value Added Tax)   RSS Feeds
 VAT sops to IOCL Paradip refinery hits Odisha revenue growth
By CA Manu T George
The deferment of VAT on products of newly commissioned Paradip refinery of Indian Oil Corporation (IOCL) has cost the revenue collection in Odisha in terms of tepid growth in commercial taxes earnings.
 Government to announce new VAT rates in October
By CA Rashmi Sharma
Saint Lucians could look forward to a reduction in the Value Added Tax (VAT) before the end of the year, according to Prime Minister Allen Chastanet who recently stated that his government is looking at an October deadline.
 World Wide Gst, Vat, Sales Tax Rate
By CA Andrew F Thomas
In India, we are entering into GST regime from the existing indirect tax regime which is a major change in the taxation area.
 Article on Transition Process of Registrations under VAT / Service Tax Laws to GST Law
By CA Nilesh Sahu
As we are all aware that constitutional amendment for implementing GST Law has got nod in Rajya Sabha. Now we are looking forward to welcome GST Law to have brighter India with one law subsuming number of indirect tax laws like Entry Tax, Octroi, etc.
 Filing of online return for first quarter of 2016-17 - extension of period thereof.
By CA Manu T George
In partial modification to this department's Circular No. 13 of 2016-17 on the subject cited above and in exercise of the powers conferred under Rule 49A of the Delhi Value Added Tax Rules, 2005
 Tax associations demand faster refund of VAT
By CA Mayank Jain
Tax bar associations of the state have demanded that the excise and taxation department should process VAT refunds at a faster pace.
 Excise, VAT exempted goods by states should be GST exempt: India Inc
By CA Manu T George
India Inc on Tuesday proposed that goods fully exempted from excise duty and VAT by states should be categorised as exempted goods in the GST regime,
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Markets   RSS Feeds
 PE transactions prompt income tax queries over round tripping concerns
By CA Atul Gupta
Domestic companies raising private equity funding in the near term are likely to face increased scrutiny from tax sleuths looking for instances of round tripping.
 Amended India-Mauritius tax treaty only covers investments in shares
By CA Andrew F Thomas
The revamped India-Mauritius tax treaty will apply to only investments in shares and not to other instruments, details of the agreement released by Port Louis showed.
 Government drops cap gains tax on startup shares held for 2 years
By CA Nilesh Sahu
In a fresh boost to startups, the government on Thursday inserted an amendment to the Finance Bill to provide for capital gains tax exemption if shares of an unlisted company were held for more than two years.
 Tax-free bonds regain demand in the secondary market
By CA Ojas Aggarwal
Tax-free bonds which have been languishing for more than six months due to lack of investor interest in the secondary market, are in demand again.
 Relevant Market Under Competition Act, 2002
By CA S K Verma
The object of the Competition Act, 2002 (Act for short) is to preserve and promote competition and to prevent anti competitive business practices with minimal Government intervention.
 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.
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General   RSS Feeds
 Tax queries answered by Dilip Lakhani, Senior Chartered Accountant
By CA S K Verma
I am a housewife and never filed income tax (I-T) return in the past as I did not have any income. Two months back, I received some money from my mother-in-law and invested the amount in equity mutual funds. I am not planning to sell the units before 3 years.
 FinMin to look into tax issues of FPIs: Das
By CA Atul Gupta
The finance ministry on Tuesday promised to look into some taxation issues raised by foreign portfolio investors (FPIs)
 Chinese real estate major Dalian Wanda requests tax benefits for investments in India
By CA Atul Gupta
After committing investments upwards of $10 billion in India, Chinese real estate major Dalian Wanda has requested a list of corporate tax breaks for the company.
 Income Declaration Scheme: Tax offices to stay open till midnight on Sept 30
By CA Atul Gupta
The taxman will undertake a midnight vigil on September 30 as CBDT has directed the Income Tax Department to keep their country-wide offices open in order to receive declarations under the domestic black money window — the Income Declaration Scheme (IDS).
 FPIs set eyes on France, Spain as new tax havens
By CA Atul Gupta
Foreign portfolio investors (FPIs) in India have been scrambling to find safe tax havens ever since Mauritius lost its pole position after India's renegotiations around capital gains and may have finally zeroed in on six destinations where they can register their pooling vehicles.
 Computing capital gains tax
By CA Andrew F Thomas
The term capital asset is defined to include property of any kind: Fixed, circulating, moveable, immoveable, tangible, intangible.
 Jurisdiction of income-tax authorities - Circular
By CA Andrew F Thomas
In continuation to Circular No. 19 of 2016 dated 25th May, 2016, the Commissioner of Income-tax, Centralized Processing Centre, Bengaluru, headquartered at Bengaluru
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Corporate Law   RSS Feeds
 India unveils first-ever comprehensive draft anti-human trafficking law
By CA Manu T George
Maneka Gandhi, Minister for Women and Child Development, unveiled a draft of the countrys first-ever comprehensive anti-human trafficking law, which would treat survivors as victims in need of assistance and protection rather than as criminals.
 Recent Case Laws On Reverse Charge Mechanism
By CA Ojas Aggarwal
The service tax recipient is liable to pay the service tax. Other persons are not liable to pay service tax.
 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 (Auditors Report) Order, 2016 (Order for short) in supersession of the Companies (Auditors Report) Order, 2015.
 Decision to amend Income Tax law retrospectively regrettable
By CA Andrew F Thomas
The then Finance Minister Pranab Mukherjees 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%
 Clearer interpretation of tax laws needed
By CA Devender Singh
The telecom sector, once the poster boy of reforms, has now turned into one of the biggest revenue earners for the Centre.
 What the proposed corporate law changes mean for retail investors
By CA Mayank Jain
The proposed corporate law framework is a mixed bag for retail investors. It is positive for minority shareholders to the extent it didnt relax any existing safeguards (for investors)
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Students   RSS Feeds
  Examination dates of Certificate course on Forex and Treasury Management conducted by Committee on Financial Markets and Investors Protection on 19th and 20th November ,2016
By CA S K Verma
All Candidates are mandatorily required to fill the examination form for confirming their presence on the scheduled examination dates by visiting:
  Upcoming batches of Certificate course on Forex and Treasury Management in Noida, Mumbai, Bangalore, Hyderabad on 5th Nov,2016 and in Kolkata on 26th Nov, 2016.
By CA Ojas Aggarwal
The Committee on Financial Markets and Investors' Protection of ICAI announced batches of Certificate Course on Forex
  Applicability of Standards/Guidance Notes/Legislative Amendments etc. for November, 2016 Intermediate (IPC) Examination
By CA Andrew F Thomas
Applicability of the Companies Act, 2013 and other Legislative Amendments for Paper 1 and Paper 5 : The relevant notified Sections of the Companies Act, 2013
 CA Students participation in Institute Programmes for 5 hours
By CA Rashmi Sharma
The Council of the Institute has decided to implement a minimum of 5 hours (1 day) participation, in a year, w.e.f. 1st July, 2016 on recommendatory basis in various Institutes programmes organized
 Applicability of Standards/Guidance Notes/Legislative Amendments etc. for November, 2016 Intermediate (IPC) Examination
By CA Andrew F Thomas
The Negotiable Instruments (Amendment) Act, 2015:The Negotiable Instruments (Amendment) Act, 2015 received the assent of the president on 26th December, 2015
 Next batch of the Certificate Course on Valuation at Ahmedabad from 16th July, 2016
By CA Devender Singh
The Corporate Laws & Corporate Governance Committee of ICAI is starting next batch of the Certificate Course on Valuation at Ahmedabad from 16th July, 2016.
  Launch of the Certificate Course on Valuation at Gwalior from 14th May, 2016
By CA Ojas Aggarwal
The Corporate Laws & Corporate Governance Committee of ICAI is launching its first batch for the Certificate Course on Valuation at Gwalior from 14th May, 2016.
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New Forms   RSS Feeds
 Requirement of item wise details in Forms Annexure - 2A, Annexure - 2B, DVAT- 30 and DVAT 31
By CA Manu T George
Requirement of item wise details in Forms Annexure - 2A, Annexure - 2B, DVAT- 30 and DVAT 31
 Amendment of ANF 3C Application for on line filing of Grant of Status Certificate
By CA S K Verma
In exercise of powers conferred under paragraph 2.04 of the Foreign Trade Policy 2015-20,
 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
 Filing of reconciliation return in Form 9 for the year 2014-15
By CA Nilesh Sahu
In partial modification to this department's Circular No. 34 of 2015-16 on the subject cited above and in exercise of the powers conferred under Rule 49A of the Delhi Value Added Tax Rules, 2005
  Form DVAT 01 - Application For Opting For Composition Scheme by a dealer registered
By CA Andrew F Thomas
Form DVAT 01 - Application For Opting For Composition Scheme by a dealer registered
 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
 Regarding the status of the forms downloaded by the dealers.
By CA Manu T George
The department had started issuing central statutory forms online without any manual II intervention since the middle of year 2012.
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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
 Support-desk for Implementation of Ind AS
By CA Mayank Jain
With the beginning of financial year 2016-17, the era of implementation of Ind AS has begun in India.
 ICAI International Conference Jnana Yajna - "The Quest for Excellence" 22-23 October, 2016 at HICC Hyderabad.
By CA Manu T George
Indian Chartered Accountancy Profession in its sustained drive for Excellence brainstorms on emerging regulatory and market trends impacting evolving business paradigm, so as to assess the forces and drivers of change vis-a-vis stakeholders’ expectations.
 Allowing candidates in Kashmir Valley to submit application forms in respect of CA examinations to be held in November 2016 on or before 20th September 2016
By CA Ojas Aggarwal
Pursuant to representations received from some candidates in Kashmir, who could not submit their CA examination application forms in respect of CA examinations to be held in November 2016,
 CBDT Extends due date for filing of Income Tax Returns
By CA Atul Gupta
As per section 139(1) read with section 44AB of the Income Tax Act, 1961 the due date for filing of Income Tax Returns and Tax Audit Reports by tax payers being Company and others required to get accounts audited under Income Tax Act, 1961
 Last date of online filing of MEF 2016-17 is hereby extended to 20th September, 2016
By CA Mayank Jain
The last date of online filing of MEF 2016-17 is hereby extended to 20th September, 2016 at www.meficai.org and the last date of submission of duly signed declaration has been extended to 30th September, 2016.
 ICAI enters into an arrangement with C-MOTS Internet Technologies Pvt. Ltd to grant licenses of Capitaline TP Corporate database at a concessional rate.
By CA Andrew F Thomas
As an ongoing attempt to facilitate the members practising in the field of International Taxation, the Committee on International Taxation of ICAI has entered into an arrangement with C-MOTS Internet Technologies Pvt. Ltd on 1.09.2016
 56th Annual General Meeting of the Chartered Accountants Benevolent Fund will be held at 5:30 P.M. on 19th September, 2016
By CA S K Verma
This is to inform you that as required under Rule 28 of the Chartered Accountants Benevolent Fund Rules and Regulations, the 56th Annual General Meeting of the Fund will be held at 5:30 P.M. on 19th September, 2016
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From the Courts   RSS Feeds
  Humayun Suleman Merchant vs. CCIT (Bombay High Court)
By CA Atul Gupta
S. 54F(4): Failure to deposit the amount of consideration not utilized towards the purchase of new flat in the specified bank account before the due date of filing return of Income u/s 139(1) is fatal to the claim for exemption. The fact that the entire amount has been paid to the developer/builder before the last date to file the ROI is irrelevant. Contrary view in K. Ramchandra Rao 277 CTR 0522 (Kar) is sub-silentio and is not good law
 Sara Lee TTK Ltd vs. DCIT (ITAT Mumbai)
By CA Mayank Jain
Transfer Pricing: The assessee is obliged to carry out a bench-marking exercise with independent comparables
 G. S. Homes & Hotels P. Ltd vs. CIT (Supreme Court)
By CA Manu T George
Refundable deposits received by a housing company for allotment of flats and future maintenance is business income.
 CIT vs. Micro Instruments Company (P&H High Court)
By CA Nilesh Sahu
S. 80-IB: Fact that the AO allowed s. 80-IB deduction in the year of setting up does not disentitle him from examining the eligibility in subsequent years.
 Humayun Suleman Merchant vs. CCIT (Bombay High Court)
By CA Devender Singh
S. 54F(4): Failure to deposit the amount of consideration not utilized towards the purchase of new flat in the specified bank account before the due date of filing return of Income u/s 139
 Babita Lila vs. UOI (Supreme Court)
By CA S K Verma
Prosecution: Important law relating to the territorial jurisdiction and competence of the Deputy Director of Income-tax to lodge a complaint for evasion of tax explained
 Amin Merchant vs. Chairman CBEC (Supreme Court)
By CA Ojas Aggarwal
The fact that the Finance Minster announced a concession in Parliament does not entitle the assessee to relief if the same is not set out in the Finance Act
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Auditing   RSS Feeds
 Time Limit For Completion Of Assessment From The Date Of Special Auditors Report Under Income Tax Act, 1961
By CA Rashmi Sharma
Section 142(2A) of the Income Tax Act, 1961 (Act for short) provides for the conduct of special audit that may directed by the Assessing Officer.
 Provisioning pertaining to Fraud Accounts
By CA Rashmi Sharma
Please refer to circular DBR.No.BP.BC.83/21.04.048/2014-15 dated April 1, 2015 on the captioned subject. On a review, it has been decided to amend the provisioning norms in respect of all cases of fraud, as under:
 Tax Audit Report (TAR) Certain exceptions and increased limits according to number of partners and considering nature of activity are desirable
By CA Devender Singh
Provisions relating to maintenance of accounts and obtaining of TAR are old provisions and we find that very low limits fixed long ago have remain in force for long time.
 Cost Auditing Standards [ Cost Audit Documentation (102)] Part-II
By CA Ojas Aggarwal
In continuation of our effort to make notified Cost Auditing Standards readable, next in line is theCost Auditing Standard on Cost Audit Documentation (102).
 Conference on Companies Act gets under way
By CA Manu T George
The two-day seminar on Companies Act, 2013 New Standards for Corporate Governance being organised by Kakatiya University College of Commerce , Business Management and Institute of Chartered Accounts of India (ICAI), got under way here on Monday.
 New bureau to dissolve state-run banks' power to choose auditors
By CA Ojas Aggarwal
The government is likely to empower the proposed Bank Board Bureau to select audit firms for public sector banks as part of its larger initiative to strengthen their corporate governance practices.
 Foreign Exchange Management (Permissible Capital Account Transactions) (Fourth Amendment) Regulations, 2015
By CA Devender Singh
In exercise of the powers conferred by sub-section (2) of Section 6, sub-section (2) of Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999),
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Latest Circulars   RSS Feeds
 Sources of Variation in Foreign Exchange Reserves in India during April-June 2016
By CA Mayank Jain
Earlier today, the Reserve Bank of India released balance of payments (BoP) data for April-June 2016
  Developments in India’s Balance of Payments during the First Quarter (April-June) of 2016-17
By CA Manu T George
Preliminary data on India’s balance of payments (BoP) for the first quarter (Q1) i.e., April-June, 2016-17 are presented in Statements I (BPM6 format) and II (old format).
 Developments in India’s Balance of Payments during the First Quarter (April-June) of 2016-17
By CA Rashmi Sharma
Preliminary data on India’s balance of payments (BoP) for the first quarter (Q1) i.e., April-June, 2016-17 are presented in Statements I (BPM6 format) and II (old format).
 RBI-Sources of Variation in Foreign Exchange Reserves in India during April-June 2016
By CA Andrew F Thomas
Earlier today, the Reserve Bank of India released balance of payments (BoP) data for April-June 2016 on its website (www.rbi.org.in). On the basis of these data, the sources of variation in foreign exchange reserves during April-June, 2016 have been compiled.
 FIIs/RFPIs can now invest up to 49 per cent under PIS in M/s Inox Leisure Limited – Removal from the caution list
By CA Ojas Aggarwal
The Reserve Bank of India has today notified that Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs)
 Monitoring of Foreign Investment under PIS in Indian Companies- Incorporation in Caution List – ADR/GDR/FIIs/RFPIs/NRIs/FDIs/PIOs : The South Indian Bank Ltd.
By CA Devender Singh
The Reserve Bank of India has today notified that the foreign shareholding by American Depository Receipts
 Auction of Government of India Dated Securities 20 september 2016
By CA S K Verma
The auction for securities will be price based using multiple price method. The Reserve Bank of India at Mumbai will conduct the auctions.
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Budget Extravaganza   RSS Feeds
 How does an early budget impact you
By CA Devender Singh
As the government paves way for advancing the Budget presentation and getting the Finance Bill passed before March 31, here is something that you should watch out for.
 Welcome steps to overhaul the Budget
By CA Andrew F Thomas
The government has decided to carry out three kinds of changes in the Union Budget: to advance its presentation by 27 days, to do away with a separate railway budget and to dispense with Plan-non-Plan dichotomy in expenditure.
 Cabinet call on Budget overhaul next week
By CA Rashmi Sharma
The Union Cabinet, headed by prime minister Narendra Modi, is likely to take a final call next week on advancing the date of Budget presentation and the merger of Union and railways Budgets.
 Home Budget 2016Budget News Income Tax Return Forms For 2016-17 To Be Notified Early April
By CA Ojas Aggarwal
The Finance Ministry is likely to notify by the first week of April new income tax return (ITR) forms for assessment year 2016-17 which will more or less be similar to the one that was filed by assessees last year.
  Delhi govt presents zero tax budget: Watches, clothes may get cheaper
By CA Atul Gupta
Deputy Chief Minister Manish Sisodia presented a zero tax budget Monday aimed at rationalising Delhis Value Added Tax (VAT) structure.
 Delhi budget today, Major boost for health, transport likely
By CA Devender Singh
Education, health, and transport sectors are likely get a major allocation of funds in the Delhi Budget, which will be tabled in the assembly Monday by Deputy Chief Minister Manish Sisodia.
 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 alikethe locking-up of precious tax revenue for the government and unrelenting uncertainty on the tax front for the taxpayers.
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Sales Tax   RSS Feeds
 Issuance of Free Sale & Commerce Certificate to Merchant Exporters
By CA Manu T George
Authorities to exporters / merchants. As certain doubts have arisen in the Proforma of the certificate, it is clarified that the exporter has to indicate the details of the manufacturer or the exporter
 Why model GST law does not give confidence to exporting community
By CA Ojas Aggarwal
GST will be a game-changing reform for the Indian economy which promises a common Indian market and reduction of cascading effect of tax on the cost of goods and services.
 State governments tighten their grip on sales tax holidays
By CA Ojas Aggarwal
Millions of shoppers will have a chance to stick it to the government over the next few weeks, as 17 states and Puerto Rico prepare for their respective sales tax holidays.
 Income tax dept charts plan to broaden national taxpayer base
By CA Ojas Aggarwal
India has drawn up a plan to widen its taxpayer base as the government aims to spend more to keep the economy buoyant.
 Sale of shares on which STT is payable is exempt from tax
By CA S K Verma
We understand that during FY16 you had only earned the LTCG of Rs.3.4 lakh from the sale of equity shares listed on a recognised stock exchange in India.
  Sale of Government of India Treasury Bills by Auction
By CA Manu T George
In supersession of Government notifications No. F.4(14)-W&M/86 dated 18th November, 1986; No. F.2(17)
 New tax treatment of sale of unlisted shares brings more certainty, less litigation
By CA Andrew F Thomas
As per Income Tax Law, Income earned from Sale of shares could be held as either Business Income or capital gains depending upon the facts of the case which had led to a lot of litigation over the years.
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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 : kolkata Benches : Kolkata Consolidated list of ready for Pronouncement on 23.09.2016
By CA Nilesh Sahu
Income Tax Appellate Tribunal : kolkata Benches : Kolkata Consolidated list of ready for Pronouncement on 23.09.2016
 Income Tax Appellate Tribunal : kolkata Benches : Kolkata Sub : Cause list for the Cases fixed on friday the 23.09.2016
By CA Devender Singh
Income Tax Appellate Tribunal : kolkata Benches : Kolkata Sub : Cause list for the Cases fixed on friday the 23.09.2016
  Income Tax Appellate Tribunal, Hyderabad Benches, Hyderabad. Constitution For The Week Commencing 19.09 .2016 To 29.09.2016.
By CA Ojas Aggarwal
Income Tax Appellate Tribunal, Hyderabad Benches, Hyderabad. Constitution For The Week Commencing 19.09 .2016 To 29.09.2016.
 Income Tax Appellate Tribunal : Kolkata Benches : Kolkata Sub : Cause list for the Cases fixed on friday the 16.09.2016
By CA Atul Gupta
Income Tax Appellate Tribunal : Kolkata Benches : Kolkata Sub : Cause list for the Cases fixed on friday the 16.09.2016
 Income Tax Appellate Tribunal : Kolkata Benches Kolkata : A: Cause list w.e.f 19.09.2016 To 22.09
By CA Manu T George
Income Tax Appellate Tribunal : Kolkata Benches Kolkata : A: Cause list w.e.f 19.09.2016 To 22.09
 Income tax Appellate tribunal New Delhi Constition of Benches from 19/09/2016 To 22/09/2016
By CA Nilesh Sahu
Income tax Appellate tribunal New Delhi Constition of Benches from 19/09/2016 To 22/09/2016
 Income Tax Appellate Tribunal Pune Benches Pune Causelist for Bench 'A' for the Week ending19/09/2016 To 23/09/2016
By CA Nilesh Sahu
Income Tax Appellate Tribunal Pune Benches Pune Causelist for Bench 'A' for the Week ending19/09/2016 To 23/09/2016
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Help   RSS Feeds
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Placements & Empanelment   RSS Feeds
 Urgent Opening For Chartered Accountant- Delhi
By CA Ojas Aggarwal
Salary:INR 1,00,000 - 4,75,000 P.A, Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:CA
 New Opening CA Freshers/ Chartered Accountant Freshers with SS&C Globeop
By CA Atul Gupta
Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:CA
  New Opening Chartered Accountant, Article Assistant, Semi Qualified CA
By CA Devender Singh
Salary:INR 1,50,000 - 5,00,000 P.A, Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:Any Postgraduate - Any Specialization, Post Graduation Not Required, CA
 New Opening Chartered Accountant - M&A and Compliance
By CA S K Verma
Salary:INR 3,00,000 - 6,00,000 P.A, Functional Area:Accounts , Finance , Tax , Company Secretary , Audit,PG:CA
 New Opening Chartered Accountant, Article Assistant, Semi Qualified CA
By CA Rashmi Sharma
Salary:INR 1,50,000 - 5,00,000 P.A, Functional Area:Accounts , Finance , Tax , Company Secretary , Audit PG:Any Postgraduate - Any Specialization, Post Graduation Not Required, CA
 New Opening Urgent Required Asst Manager/ Manager NGO Statutory Audit
By CA Manu T George
Salary:INR 5,00,000 - 10,00,000 P.A, Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:CA
 New Opening Audit & Accounts Assistant
By CA Devender Singh
Salary:INR 8,00,000 - 15,00,000 P.A, Functional Area:Accounts , Finance , Tax , Company Secretary , Audit
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Direct Tax   RSS Feeds
 Decline in direct tax collections
By CA Rashmi Sharma
Chairman of the Federal Board of Revenue (FBR) conceded to the Senate Standing Committee on Finance that there was a decline of 2 percent in direct tax collections as a percentage of total taxes collected in 2015-16
 IDS: I-T Dept not to share details
By CA Nilesh Sahu
With just nine days to go before the closure of the compliance window under the Income Tax Declaration Scheme (IDS), 2016 (the scheme), the Income Tax Department has reiterated that information contained in a valid declaration will be confidential and shall not be shared.
 Income tax officer asked to install display board showing CBI contact numbers to check bribe takers: CBDTa
By CA Devender Singh
The Central Board of Direct Taxes (CBDT) has ordered all tax offices to install a display board asking people to contact CBI in case of any demand for bribe.
 RBI-Auction of Government of India Dated Securities 20 september 2016
By CA Atul Gupta
The auction for securities will be price based using multiple price method. The Reserve Bank of India at Mumbai will conduct the auctions.
 I-T Department starts sending SMSes assuring full confidentiality to assessees
By CA Mayank Jain
With just 11 days to go before closure of the compliance window under the black money scheme, the tax department has started sending SMSes assuring full confidentiality to assessees who want to come clean on their unaccounted wealth.
 Income Declaration Scheme: Pay tax on time to get relief, CBDT says
By CA Manu T George
The Central Board of Direct Taxes (CBDT) said assessees taking advantage of the Direct Tax Dispute Resolution Scheme, 2016, will be required to pay the taxes within the stipulated period to avail the relief under the scheme.
 Contribution is key to claiming tax benefit
By CA S K Verma
Whenever an individual sells a house, he needs to pay tax on the capital gains made in the transaction, unless the money is used to buy another house or is invested in certain instruments.
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Service Tax   RSS Feeds
 Consensus eludes GST threshold
By CA Mayank Jain
A consensus on turnover threshold over which the proposed goods and services tax (GST) would apply eluded the first meeting of the recently constituted GST Council on Thursday.
 Delhi HC directs return of service tax payments made by MakeMyTrip
By CA Andrew F Thomas
The Delhi High Court pronounced its judgment in the MakeMyTrip, Ibibo and eBIZ service tax matters on Thursday,
 Service tax should be shared with railways: Par panel
By CA Atul Gupta
A Parliamentary Panel has suggested sharing with Railways the service tax paid on passenger fares on specified classes and freight which is collected
 Frequently Asked Questions (FAQs) on Goods and Services Tax (GST)
By CA Devender Singh
GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer.
 Service Tax Certificate for Transportation of goods by Rail (STTG Certificate)
By CA Rashmi Sharma
The STTG Certificate shall be issued to rail customer (consignor/ consignee, whosoever makes the payment of Service tax) by the Railways for the purpose of availing CENVAT credit.
 GST: Centre has not lost power to levy excise duty and service tax
By CA S K Verma
Ending days of confusion, the government has clarified that the notification of the provisions of the Constitution amendment Act for the goods and services tax (GST) does not take away the power of the central government to levy excise duty and service tax.
 Consensus unlikely on tax rates at GST council meet
By CA Ojas Aggarwal
The first meeting of the goods and services tax (GST) council scheduled for later this week is unlikely to reach a consensus on tax rates under the indirect tax regime or on the issue of sharing administrative powers between the centre and the states, government officials aware of the matter said.
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Transfer Pricing   RSS Feeds
 Law firm enters co-op agreement with transfer pricing firm
By CA Devender Singh
Bird & Bird's transfer pricing offering, which is currently managed by dedicated teams within the tax department, has grown continuously and significantly over the last few years.
 China Introduces Sweeping New Transfer Pricing Rules
By CA S K Verma
China’s State Administration of Taxation (SAT) issued the Announcement on the Administration of Related-party Transactions and Contemporaneous Documentation
 5 Tips For Structuring Transfer Pricing Agreements
By CA Ojas Aggarwal
In a changing global tax environment in which greater attention is being paid to whether transfer pricing practices are really tax avoidance schemes,
 UAE companies to benefit from transfer pricing as profit-shifting plan comes into force
By CA Atul Gupta
The international tax landscape has been changing rapidly and the Organisation for Economic Co-operation
 Changes coming to country-by-country transfer pricing documentation requirements
By CA Andrew F Thomas
Businesses with international operations need to be aware of changes to the required transfer pricing documentation that will apply in the near future.
  How to reduce transfer-pricing disputes
By CA Ojas Aggarwal
The Indian tax administration has been proactive in the past few years in its attempts at reducing tax litigation. Monetary thresholds for filing of appeals by tax authorities have been enhanced and a number of circulars have been issued to clarify disputed tax issues.
 How to reduce transfer-pricing disputes
By CA Manu T George
The Indian tax administration has been proactive in the past few years in its attempts at reducing tax litigation.
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Customs and Excise   RSS Feeds
 Refund of Terminal Excise Duty (TED) under Deemed Exports where Duty has been paid from CENVAT Credit and ab-initio waiver is not available.
By CA Nilesh Sahu
The Para 7.03 (c) of FTP 2015-20 provides for refund of Terminal Excise Duty if exemption is not available.
 CBEC directs customs officials for random search of vessels
By CA S K Verma
Amid allegations of lackadaisical approach of officers in checking vessels and aircraft, Central Board of Excise and Customs (CBEC) has asked customs officers to rummage carriers to prevent smuggling or any security risk.
 Rate of exchange of conversion of the foreign currency with effect from 7th July, 2016
By CA S K Verma
In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Central Board of Excise and Customs No.87/2016-CUSTOMS (N.T.), dated 16th June, 2016,
 Common registration and return for First Stage Dealer and Importer
By CA Atul Gupta
Attention is invited to Notifications No. 30/2016-C.E.NT dated 28th June, 2016 by which it has been provided that an assessee who is registered as a First Stage Dealer shall be exempted from taking registration as an importer and vice-versa.
 Amendment to Notification No. 61/94-Customs
By CA Atul Gupta
In exercise of the powers conferred by clause (a) of sub-section (1) of section 7 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs,
 Mumbai airport Customs better than global counterparts
By CA Andrew F Thomas
A Finance Ministry-sponsored survey has revealed that 69 per cent respondents at the Mumbai airport Customs rated their experience as "better or somewhat better" than other international airports .
 Customs Cadet Corps set to spread wings
By CA Nilesh Sahu
Thousands of schoolchildren across the country will soon have a role to play in safeguarding the countrys economic frontiers, thanks to a novel initiative by the Cochin Customs House (CCH).
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Mergers and Acquisitions   RSS Feeds
 A Short History of Mergers and Acquisitions in the WCM Space
By CA S K Verma
Mergers and acquisitions (M&A) in the web content management (WCM) space have been so common that more than one-third of all leading vendors now own their WCM
 Should Social Media Have a Role in Mergers and Acquisitions?
By CA Ojas Aggarwal
Social media is quickly becoming the way that companies present and market themselves to the world.
 Agency mergers and acquisitions and why they fail
By CA Mayank Jain
The mergers and acquisitions game in agency-land is strewn with failures, so many local agency brands in the past have disappeared along with their billings
 Research identifies what makes a company an attractive acquisition target
By CA Mayank Jain
Underperforming public companies have become increasingly attractive acquisition targets in recent years, according to research out today.
 How to Find Local Mergers and Acquisitions Stories
By CA Atul Gupta
When I was hired to work for “The Deal” a decade ago, I thought that mergers and acquisitions was limited to the mega deals that made the international headlines.
 Slowdown in mergers and acquisitions 'may hit profits at law firms'
By CA Mayank Jain
The number of finance directors at the top 100 law firms who fear that M&A weakness will hit financial performance has risen to nearly a quarter - up 8% compared to 2015, according to research by Thomson Reuters Legal.
 India among top markets in emerging Asia for mergers and acquisitions: Report
By CA Manu T George
India is among the top Merger and Acquisition (M&A) markets in emerging Asia, largely driven by favourable economic and demographic conditions and an encouraging regulatory regime, says a report.
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Indirect Tax   RSS Feeds
  Order under section 119 of the Income-tax Act, 1961
By CA Andrew F Thomas
Circular No.17 of 2016 dated 20.05.2016 relating to the Income Declaration Scheme, 2016
 India to focus reforms on tax, banks, infrastructure: Jaitley
By CA Nilesh Sahu
India will press ahead with tax reforms, repairing the banking system and getting stalled infrastructure projects moving to drive growth, Finance Minister Arun Jaitley said on Wednesday, but it is not yet ready to sell off public sector banks.
 Tax on income earned abroad depends on residential status
By CA Nilesh Sahu
Taxability of income earned in France will depend on your tax residential status in India in FY17. This status would be determined by your physical presence in India during FY17 and in the immediately preceding seven FYs (1 April 2009 to 31 March 2016).
 Income tax benefits on house rent
By CA Manu T George
To meet the high costs of living in rented accommodations, employers pay house rent allowance (HRA) to their employees. India’s income tax laws also provide benefits to people who do not own a house and live on rent, without receiving HRA. However, the tax benefit differs, in each case.
 Mutual fund investors get breather as CBDT asks institutions not to close accounts
By CA Atul Gupta
In a major relief to mutual fund (MF) investors and those who have invested in insurance schemes, the Central Board of Direct Taxes (CBDT)
 Easwar panel on income tax to submit second report in Oct
By CA Mayank Jain
Justice (Retd) R V Easwar, who heads a high-level committee on income tax laws, today said the panel is looking into aspects of accountability of tax officers.
 Additional Depreciation Under Section 32(1) (Iia) Of Income Tax Act, 1961
By CA Manu T George
Section 32 of Income Tax Act, 1961 (Act for short) deals with the method of calculating depreciation for the purpose of income tax.
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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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