Issue of refunds of smaller amounts By CA Rashmi Sharma In an initiative to reduce taxpayer grievances and enhance the taxpayer satisfaction, the Central Board of Direct Taxes had issued instructions to Central Processing Center (CPC),
Indirect tax to help meet FY16 target By CA Devender Singh The finance ministry said on Wednesday that tax collections stood at Rs 10.7 lakh crore in the first 10 months of FY16. This constituted 73.5 per cent of the Budget estimates (BE) of Rs 14.5 lakh crore.
Tax Reforms By CA Ojas Aggarwal In recent times, India's tax laws have raised the hackles of domestic businesses as well as MNCs operating here. The bitterly contested Vodafone retrospective tax case is a prime example.
Commerce ministry may seek tax breaks for hi-tech firms at SEZs By CA Manu T George In a fresh bid to revive special economic zones (SEZs) by linking them to the government’s Make in India initiative, the Union commerce ministry may request the finance ministry to give income-tax benefits to high-tech companies that open shop in SEZs and pursue higher value addition.
Latest Amendment in VAT & Ind AS By CA Mayank Jain Place: Hotel Singh Sahib, Satbharawan School Road, Near Metro Pillar No 88, Karol Bagh New Delhi - 110005.
Date: 15th Feb, 2016 17:00 - 22:00
Dept forgets to change advance tax after VAT slash By CA Ojas Aggarwal Laxity on the part of officers of the excise and taxation department is costing businessmen in the state dear. The department, after issuing a notification for reducing VAT on sarson and binola khal (oil cakes) from 5% to 2% on December 14, forgot to change the rate of advance tax on these articles in its system.
Rule 6 of CENVAT credit Rules By CA Atul Gupta CENVAT Credit of eligible Taxes on inputs, capital goods and input services that goes into or in relation to manufacture of dutiable goods or taxable services is admissible.
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.
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.
Avoiding tax policy blunders By CA S K Verma The recent announcement that the government of India is setting up a Tax Policy Research Unit (TPRU) is an extremely welcome one.
Property tax in city suburbs higher By CA Devender Singh wners of properties in prime areas of Chennai city are more equal than their counterparts in the outlying areas not merely in basic amenities, they are a favoured lot even in property tax fixation.
Gear up for changes in tax laws, treaties By CA Rashmi Sharma The international community led by the G20 had initiated the Base Erosion and Profit Shifting (BEPS) project a few years ago with the aim of ensuring that profits are taxed where economic activities are performed and where value is created. Governments,
Easwar panel suggests friendlier direct tax laws By CA Devender Singh A committee set up by the government to change direct tax laws has suggested several taxpayer-friendly measures to improve the ease of doing business, reduce litigation and accelerate the resolution of tax disputes.
Tax disputes out of investment pacts By CA Devender Singh The model bilateral investment treaty (BIT) cleared by the Union Cabinet last month makes it easier than what a draft version had proposed for foreign companies investing in India to seek judicial remedies in case of expropriation.
Untangling the complex web of tax laws By CA Andrew F Thomas The National Democratic Alliance (NDA) government is seeking to prepare a road map to reduce existing tax litigation and look into increasing pecuniary threshold limits to discourage tax departments from launching new cases.
Fickle tax laws hurt foreign investors By CA Mayank Jain It is absurd that foreign portfolio investors (FPIs) are facing fresh income-tax queries after the government granted them a retrospective exemption from the minimum alternate tax (MAT),
Examination for the Certificate Course on Valuation scheduled on 24th January, 2016 By CA Andrew F Thomas The candidates who have attended the 7 days classes of the Certificate Course on Valuation are eligible to appear for the examination. To qualify this course a project report of 100 marks on any topic of the choice of the participant has to be submitted. A participant of the course has to pass the written examination,
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
Govt to push ahead with NFRA despite stiff resistance from ICAI By CA Atul Gupta Discounting the stiff opposition of The Institute of Chartered Accountants of India (ICAI), a government panel has recommended the formation of a new regulatory authority, National Financial Reporting Authority (NFRA), as early as possible.
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.
ICAI forms 'prima facie' view on NSEL auditor By CA Atul Gupta The Institute of Chartered Accountants of India (ICAI) has formed a ‘prima facie’ opinion in the complaint against the auditor of National Spot Exchange (NSEL) at the time of the latter’s payments scam.
10 Major Cities With the Highest Sales Tax By CA S K Verma As most taxpayers know, tax structures can vary quite a lot depending on your location. When you take into account the many types of taxes Americans pay, the full picture can look very different,
Auction for Sale (Re-Issue) of Government Stocks By CA Manu T George The Government of India have announced the Sale (re-issue) of (i) “7.68 per cent Government Stock 2023” for a notified amount of ₹ 2,000 crore (nominal) through price based auction,
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
Experts seek more clarity from CBDT on PoEM norms , detailed FAQs By CA Devender Singh Tax experts have sought greater clarity from Central Board of Direct Taxes (CBDT) on draft Place of Effective Management (PoEM) norms that aim to determine the tax residency of companies, and said that a set of objective criteria be put in place before implementing them.
CBDT asks Income Tax department to speed up overseas requests By CA S K Verma With the current financial year coming to a close soon, CBDT has asked the Income Tax department to speed up select black money and tax evasion probe cases which require cooperation from foreign agencies under existing bilateral treaties.
GST will become a reality soon' By CA Devender Singh Finance Minister Arun Jaitley on Thursday said he hoped that the Opposition parties will “see reason” and the Goods and Services Tax (GST) Bill, which is held up in Rajya Sabha, will be passed soon.
CBEC preparing blue-print for HR restructuring for GST By CA Mayank Jain Human resource wing of the CBEC has started working on a blue-print for administrative restructuring of the department to prepare it for implementing the proposed Goods and Services Tax (GST), a new regime which will subsume most of the indirect taxes.
Pros and cons of GST on the education sector By CA Atul Gupta Bipin Sapra, Partner – Indirect Tax & Regulatory Services at Ernst & Young India believes that the government should explore the idea of zero tax-rate for the education sector under the Goods and Services Tax (GST).
Transfer pricing French filing requirement By CA Andrew F Thomas The law against tax fraud and serious economic and financial crime dated December 6, 2013 provided for a requirement to file an annual transfer pricing disclosure form .
Amend archaic transfer-pricing rules By CA Manu T George With the tribunal deciding in favour of the taxpayer in most TP disputes, it is time that CBDT introduces detailed guidelines on administration of transfer-pricing
Discontinue VAT on raw honey and equipment By CA S K Verma In order to promote bee keeping and farm diversification, Punjab Chief Minister Parkash Singh Badal today gave nod to abolish VAT on raw honey (unbranded honey) and equipment, boxes, food grade container and wax required for apiary.
15 biggest mergers and acquisitions of Q4 2015 By CA Rashmi Sharma Last year was a dynamic year for the advertising industry. According to R3’s Q4 2015 R3VIEW, the media industry alone saw the review of 22 of the largest US and global accounts.
Expect more mergers and acquisitions By CA Atul Gupta Competition among buyers is expected to intensify in the insurance industry, with 83% of companies saying they plan to acquire another firm over the next three years.
Healthcare Mergers and Acquisitions By CA Ojas Aggarwal 2015 was a landmark year for information governance (IG). Healthcare organizations began to realize the value of IG as a competency required for data integrity. Associations and publications, like AHIMA and Executive Insight, launched strategic initiatives to build awareness and provide education for healthcare leaders.
Government to meet FY16 tax revenue target By CA Devender Singh Weeks before it presents Budget for the next fiscal, the government on Wednesday said it will achieve the tax revenue target for the current year with larger-than- budgeted indirect tax collections making up for a possible shortfall in direct taxes.
Infrastructure firms may get to consolidate tax payments By CA Nilesh Sahu In what could boost the growth of the infrastructure companies, which are currently reeling under the burden of massive debt, the government is looking to allow them to file a consolidated group tax return, a person familiar with the development said.