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News Headlines   RSS Feeds
 Amendment of Income-tax Rules, 1962 for notifying Challan-cum statement for the purposes of section 194M of the Income-tax Act, 1961
By CA Nilesh Sahu
In exercise of the powers conferred by section 295 read with section 194M and 194N of the Income- tax Act, 1961, the Central Board of Direct Taxes, hereby, makes the following rules further to amend the Income-tax Rules, 1962,
 How To Prepare And File Income Tax Return (ITR) Online: A Step-By-Step Guide
By CA Mayank Jain
Income Tax Return (ITR) Filling: A belated filing of tax return for financial year 2018-19 (AY2019-20) till December 1 attracts a penalty of Rs. 5,000.
 Pay extra tax to buy a house below circle rateaGST simplification: Govt ready to consider suggestions on tax filing
By CA Ojas Aggarwal
Taxpayers find making amendments and corrections to goods and service tax (GST) returns as the most challenging task, revenue secretary Ajay Bhushan Pandey said at a marathon meeting with tax practitioners on Saturday, also attended by finance minister Nirmala Sitharaman.
 Income tax department's message to those who didn't file ITR this time
By CA Atul Gupta
In its bid to increase tax compliance, the income tax department has now launched a new campaign to convince all those who did not file their income tax return (ITR) for the last financial year to do it now. The tax department keeps a track of all those who skip filing their ITR in a subsequent year.
 Income-tax (13th Amendment) Rules, 2019
By CA Atul Gupta
In exercise of the powers conferred by clause (XI) of the proviso to clause (x) of sub-section (2) section 56 read with 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,
 How you can e-verify your Income Tax Return and get a refund
By CA Nilesh Sahu
If your income tax returns have not been processed yet or you're seeing a delay in getting tax refunds, the reason may be a lack of e-verification
 GSTR-9, GSTR-9C forms simplified deadline extended
By CA S K Verma
The government on Thursday extended due dates for filing of for the financial year 2017-18 (FY18) and 2018-19 (FY19). Taxpayers can now file GSTR-9 and GSTR-9C for the FY18 till December 31, while the deadline for FY19 has been extended till March 31, 2020.
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Continuing Prof. Edu.   RSS Feeds
 Seminar on GST Audit and latest changes
By CA Andrew F Thomas
Place: Connaught Place CPE Study Circle of NIRC Date: 22-11-2019 – To: 22-11-2019 CPE.Hrs.: 4
 Seminar on ROC – E- forms and Annual Filing: Do’s and Don’ts AND Latest changes in 9 & 9C under GST with other important recent changes in GST
By CA S K Verma
Place: North-Ex C.A. Study Circle of NIRC Date: 22-11-2019 – To: 22-11-2019 CPE.Hrs.: 4
 Seminar on GST on GSTR 9 and Latest Amendments on GST
By CA Ojas Aggarwal
Place: Chandigarh Branch Of NIRC Date: 20-11-2019 – To: 20-11-2019 CPE.Hrs.: 3
 Relevance Of Civil & Criminal Law Under Income Tax Act & Form 9 C Of GST
By CA Andrew F Thomas
Place: Pusa Road CPE Study Circle of NIRC Date: 18-11-2019 – To: 18-11-2019 CPE.Hrs.: 4
 GST Annual Return, GST Audit, Latest Developments and Stress Management
By CA Mayank Jain
Place: Shastri Nagar CPE Study Circle of NIRC of ICAI Date: 16-11-2019 – To: 16-11-2019 CPE.Hrs.: 6
 Discussion On Taxation Laws Ordinance And Critical Issue On GST Audit Return
By CA Manu T George
Place: West Delhi Study Circle of NIRC Date: 15-11-2019 – To: 15-11-2019 CPE.Hrs.: 4
 Assessment and Appeals Under I.Tax and Latest Provision in GST Law & GSTR-9C
By CA S K Verma
Place: Netaji Subhash Place CPE Study Circle of NIRC Date: 12-11-2019 – To: 12-11-2019 CPE.Hrs.: 5
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GST - Goods and Services Tax   RSS Feeds
 How to address the challenges expected from new GST returns
By CA S K Verma
The GST Council approved a new simplified GST return format in its 27th Council meeting. The new GST return aims at enhancing transparency and accuracy of the return filing process. The Council has decided that the new return filing system will be implemented from April 2020.
 GST portal crashes a day before monthly return deadline; taxpayers complain
By CA Ojas Aggarwal
A day ahead of GST deadline, visitors to the GST portal were greeted with a message that read: "There seems to be an inadvertent problem while communicating with GST system"
 What the new GST should look like
By CA Atul Gupta
The implementation of the goods and services tax (GST) in a large and diverse federal country ruled by different political parties is a remarkable achievement. Almost all the 166 countries that have implemented GST in one form or the other have taken considerable time to stabilize the value-added tax that has been seen as a money machine and an appropriate instrument to offset revenue losses from reducing tariffs.
 Govt ready to consider suggestions on tax filing GST simplification
By CA S K Verma
Taxpayers find making amendments and corrections to goods and service tax (GST) returns as the most challenging task, revenue secretary Ajay Bhushan Pandey said at a marathon meeting with tax practitioners on Saturday, also attended by finance minister Nirmala Sitharaman.
 Businesses to get more time to file GST annual returns
By CA Devender Singh
The government on Thursday extended the due date for filing the Goods and Services Tax (GST) annual return and the audit report for the first two years and simplified the forms to make it easier for businesses to comply with the filings.
 GST taxpayers alert! CBIC is going to use this unique number from Friday, here’s how it will benefit you
By CA Rashmi Sharma
GST Latest Circular: CBIC has made it compulsory to use a unique document identification number (CBIC-DIN) to protect honest taxpayers from any harassment.
 GST only needs simplificationa
By CA Andrew F Thomas
There is a misunderstanding going around that reduced tax collection is because of the defective GST structure. GST is not the cause for the slowdown in tax collection, rather the slowdown is the cause for less tax collection. The truth is that tax collection is never much affected by a complicated tax structure.
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Markets   RSS Feeds
 FM calms nerves, says no plan to tax market gains
By CA S K Verma
In a bid to calm frayed nerves of stock market players, Finance Minister Arun Jaitley on Sunday clarified the government has no intention to impose a tax on long-term capital gains from trading in shares.
 Why we must tweak the market-led model
By CA Ojas Aggarwal
ACCORDING to the latest report by the New World Wealth, after Russia, India is the second most unequal nation in the world as 54 per cent of its wealth is in the hands of millionaires.
 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.
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General   RSS Feeds
 HC asks Tax Dept to permit GST assessees to file for transitional credit
By CA Ojas Aggarwal
The Punjab and Haryana High Court has permitted filing or revising Form TRAN I for transitional credit by November 30, 2019, irrespective of whether the form was filed, incorrectly filed or not filed at all.
 Himachal ready with scheme to settle dues of pre-GST era
By CA Nilesh Sahu
When GST was introduced, the earlier scheme of granting Central excise exemption to the industry had been scrapped. The Department of Industrial Policy and Promotion was supposed to provide budgetary support to eligible units for the residual period by way of GST refund
 Can laid off employees save tax on their severance pay?
By CA Devender Singh
According to the provisions of Rule 21A(1)(c), an individual will be eligible to claim relief under Section 89 in respect of compensation received by him in connection with the termination of his employment.
 Can laid off employees save tax on their severance pay?
By CA Devender Singh
According to the provisions of Rule 21A(1)(c), an individual will be eligible to claim relief under Section 89 in respect of compensation received by him in connection with the termination of his employment.
 Government unlikely to go for income tax cut due to fiscal stress
By CA Rashmi Sharma
According to sources, personal income tax rate cut is difficult at this juncture due to multiple factors like slowdown in economy, lower tax realisation and subdued non-tax mop up.
 Why we need better property tax systems
By CA Andrew F Thomas
Cities are at the heart of economic growth everywhere. However, in developing economies, limited municipal revenues and resources can severely restrict a city’s ability to finance the infrastructure and services necessary for greater economic activity and better well-being for residents.
 The tax matter India must not cede ground on
By CA Andrew F Thomas
This should have been basic logic: MNCs must pay their share of tax in every market where they make a profit. In an interview with Nobel laureates Abhijit Banerjee and Esther Duflo in ToI last Saturday, Banerjee stated, “You can’t have all the production of India being attributed to the Maldives. You have to somehow think of ways to declare income where it is produced, some value added share or something. But you can’t just say that we will assign it anywhere.” He was responding to a query on how high tax rates drive people (and businesses) to move to countries that attract lower tax rates.
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Corporate Law   RSS Feeds
  GST & Companies Act way Forward
By CA Mayank Jain
Place: East Delhi CPE Study Circle of NIRC Date: 06-04-2019 – To: 06-04-2019 CPE.Hrs.: 5
 Taxmen use rare law to collect dues directly from bank accounts of evaders
By CA Manu T George
Revenue officials, chasing huge tax collection deficit, are moving into top gear to maximise collections by year end even if that means deducting money directly from your bank account to fill a gap of thousands of crores.
 Income tax law needs to be a lot simpler
By CA Manu T George
Simplifying the Income Tax Act, automating tax collection and return processing and making the process user-friendly are priorities for the National Democratic Alliance (NDA) government, finance minister Piyush Goyal said.
 Govt panel may recommend dropping dividend distribution tax in new direct tax law
By CA Rashmi Sharma
The tax law panel is considering reverting to the classical method of taxing dividend in the hands of the shareholders Members of the task force set up to draft a new direct tax legislation may favour abolishing dividend distribution tax (DDT), according to a report by The Times of India.
 Law Commission proposes to abolish it Tax saving tool HUF may cease to exist
By CA Atul Gupta
The concept of Hindu Undivided Family (HUF) may cease to exist if the proposals of a recently released consultation paper on Reform of Family Law by the law commission are accepted.
 Residential status rules are different for exchange control, income tax laws NRI taxation
By CA Nilesh Sahu
The rules for determination of residential status under the exchange control law are different from those under the income tax law.
 Recent advance rulings under the GST Law
By CA Andrew F Thomas
The Authority for Advance Ruling (AAR) constituted under the Goods and Services Tax (GST) Law has recently pronounced advance rulings clarifying certain positions on the applicability of GST on supply of goods from retail outlets in international airports,
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Students   RSS Feeds
 Change of Venue in Ahmedabad City (Gujarat), in respect of November 2019 Exams
By CA Mayank Jain
Change of Venue in Ahmedabad City (Gujarat), in respect of November 2019 Exams
 Registration for Practical Training Assessments on December 8 and 29, 2019
By CA Devender Singh
The next practical training assessments are being scheduled on December 8 and 29, 2019. The students who have completed their 1st/ 2nd year of practical training during January 1 – September 30, 2019 are eligible to appear in these tests.
  No Postponement of CA November 2019 Exams
By CA Rashmi Sharma
It has been brought to our notice that certain announcement is being circulated in social media that the CA Exams will be held in December instead of November 2019.
 Effective Date of Validity of Peer Review Certificate.
By CA Manu T George
The Peer Review Board at its 59th meeting held on 23.08.2019, considering the difficulties faced by practice units on the validity of Peer Review Certificate, decided as follows
 ANNOUNCEMENT- Evaluation of Answer Books of CA Examsa
By CA Rashmi Sharma
It has been brought to our notice that certain adverse reports relating to the system of evaluation of answer books of CA exams are doing the rounds in social media. In this connection, following reforms which have been put in place recently are brought to the attention of the stakeholders in respect of the ICAI examination system
 Extension of the last date for submission of examination application forms in respect of CA exams to be held in November 2019, for candidates in J & K only
By CA Devender Singh
In view of the disruption of internet facitily in Jammu & Kashmir and the consequent hardships caused to students in filing examination application form, the last date for submission of exam application forms for appearing in the CA exams to be held in the month of November 2019 for candidates residing in the Jammu & Kashmir stands extended upto 15th September, 2019.
 Important Announcement - For kind attention of Direct Entry Students
By CA Mayank Jain
In order to mitigate the hardship being faced by the students while registering in Intermediate Course through Direct Entry Route till 30th June, 2019, the Council has decided to relax the criteria of completion of nine months of Practical Training to six months for being eligible to appear in the May 2020 Intermediate Examinations. Accordingly, the Council has passed the following resolution under Regulation 205 of the Chartered Accountants Regulations, 1988
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New Forms   RSS Feeds
 TDS mismatch in Form 26AS & Form 16? Ask employer to issue new Form 16 with correct details
By CA Mayank Jain
One must obtain Form 16 (TDS certificate issued by the employer) and verify the same with the Form 26AS.
 Before you file your tax return, note the key changes in Form 16
By CA Mayank Jain
Part B of Form 16 has been amended seeking more details about the allowances exempt under section 10 such as HRA, LTA, etc and deductions allowed under Chapter VI-A of the Income Tax Act, 1961.
 5 Things to know about Form 16
By CA Atul Gupta
Form 16 is a certificate issued by an employer, certifying that the TDS is deducted from the salary of the employee and deposited with the government.
 Form 16 will now have more details of your income and deductions
By CA Nilesh Sahu
In yet another attempt to increase transparency and minimize tax evasion, the Central Board of Direct Taxes (CBDT) has notified various changes in the formats of Form 16 and Form 24Q. The new amendments are in line with the changes in income-tax rules and new income tax return (ITR) forms recently notified by CBDT for assessment year (AY) 2019-20.
 Amendment of Form No. 16 and Form No. 24Q
By CA Manu T George
In exercise of powers conferred by sections 200 and 203 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962,
 What are Form 15G, Form 15H?
By CA Mayank Jain
Form 15G is for resident Indians under the age of 60, HUF or trust. While Form 15H is for resident Indians aged 60 years or above.
  Post Qualification Course in International Taxation - Assessment Test (INTT-AT) - May, 2019 Application Form
By CA Atul Gupta
Candidates are advised to carefully read, understand and follow the instructions while filling in the Form and retain the same for future reference
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ICAI   RSS Feeds
 Whether UDIN is applicable to both Statutory Central Auditors (SCAs) and Statutory Branch Auditors (SBAs)
By CA Mayank Jain
Yes, UDIN is applicable to both SCAs and SBAs for Certificates and Tax Audit Reports while conducting Bank Audit.
 Whether same UDIN which was generated for Certificates in Bank Branch Audit can be used for Tax Audit of the same Bank Branch?
By CA Mayank Jain
Tax Audit is the separate assignment. Hence separate UDINs have to be taken while conducting Bank Branch Audit for each Branch.
 Whether UDIN is mandatory for Tax Audit?
By CA Mayank Jain
In the 2nd phase of UDIN applicability, ICAI Council has made generation of UDIN mandatory for all GST Audit and All Tax Audit from 1st April, 2019. Hence in Bank Branch Audit, separate UDIN has to be taken for Tax Audit.
 ISA AT (December - 2019) is proposed to be held at 63 cities only on December 28th, 2019 (Saturday) from 9.00 AM to 1.00 PM (IST).
By CA Manu T George
Members are hereby informed that the next Information Systems Audit (ISA) Course Assessment Test which is open to the members of the Institute, will be held on 28th December, 2019 (Saturday) from 9.00 AM to 1.00 PM (IST) at the following cities provided that sufficient number of candidates offer themselves to appear there from.
 In case if some Certificates are signed by one Partner while others are signed by another Partner, whether different UDIN is required for each such Partner?
By CA Andrew F Thomas
UDIN has to be taken per Assignment per Signatory. Bank Branch Audit per Branch is one assignment and hence one UDIN for all certificates is enough.
 While conducting Bank Audit, whether separate UDIN has to be taken for all Certificates as there are bulk of certificates to be signed?
By CA Nilesh Sahu
However, care should be taken that a list of all certificates bearing same UDIN should be compiled and handed over to management under a covering letter so that the UDIN generated cannot be misused by affixing on any other certificate which has not been signed by you.
  CA EXAMS - Important Announcement
By CA Devender Singh
In partial modification of the Institute’s Notification No. 13-CA(Exam)/N/2019 dated 16th August, 2019, it is notified that the Foundation, Paper 1, Final Examination {Old as well as New Scheme}, Paper 5, IRM, Paper 1, INTT – AT, Paper 1, Intermediate / Intermediate
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From the Courts   RSS Feeds
 The Pr. Commissioner Of Income Tax-Central-3 Vs. Ankush Saluja
By CA Devender Singh
The present appeal under Section 260A of the Income Tax Act (hereinafter referred to as ,,Act) is directed against the order dated 07.12.2017
 The Hot Plate Centre Vs. The Commissioner Trade And Taxes, And Ors.
By CA S K Verma
Counsel appearing for the petitioner submits that suffice it will be for disposal of this writ petition if a suitable direction is given to the respondents to decide the application of this petitioner for refund of Rs.5,52,477/- for first and third quarter of the financial year 2016-2017 and first quarter of the financial year 2017-2018.
 Avnet Asia Pte. Ltd. C/o. CA K N Gurunath, CGS & Co., Cas, No. 979, 13 Cross, 19 Main, 11 Floor, BSK II Stage Bangalore Vs. DCIT Circle-1(1)(1), International Taxation, Room No. 409, 4th Floor, E-2 Block, Pratyaksh Kar Bhavan,a
By CA Manu T George
Referred Sections: Section 144C(5) of the Income Tax Act, 1961, Section 9(l)(vi) by the Finance Act, 2012, Section 115A
 Abodh Borar, H. No.99, Sector-9, Faridabad. Vs. ITO, Ward-1(1), Faridabad.
By CA Rashmi Sharma
Referred Sections: Section 54 and 54F of the Act., Section 2(47) of the Act,
 VRC Constructions (I) Pvt. Ltd. Vs. Commissioner Of Trade And Taxes And Anr.
By CA S K Verma
This writ petition has been preferred for getting a refund under the Delhi Value Added Tax Act, 2004.
 Director, Directorate Of Income Tax (Hrd) & Ors. Vs. Ramesh Dang & Ors.
By CA Ojas Aggarwal
The Directorate of Income Tax (Organisation & Management Services) [DIT (O&MS)], its Director General, its Director, the Secretaries to the Ministry of Finance, Department of Revenue and the Department of Personnel, Ministry of Personnel Grievances, Training and Pension, have filed this petition against an order dated 15th January, 2014
 The Pr. Commissioner Of Income Tax -Central -1 Vs. Virender Kumar Bhatia
By CA Atul Gupta
The present appeal under Section 260A of the Income Tax Act, 1961 (hereinafter referred to as 'the Act') is directed against the order dated 13.12.2018 passed by the Income Tax Appellate Tribunal (hereinafter referred to as 'the Tribunal') in IT(SS)A No. 6/DEL/2011 & C.O. No. 93/DEL/2011 for Block Period 1998-99 to 2003-04.
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Auditing   RSS Feeds
 Auditors barred from putting a value on companies they are auditing
By CA S K Verma
An income tax tribunal has barred auditors from issuing valuation certificates to the companies they are auditing. This is set to impact several tax disputes around valuations in companies including angel tax disputes involving start-ups.
 Standard on Internal Audit (SIA) 18, Related Parties
By CA Devender Singh
Standard on Internal Audit (SIA) 18, Related Parties
 Standard on Internal Audit (SIA) 17, Consideration of Laws and Regulations in an Internal Audit
By CA S K Verma
Standard on Internal Audit (SIA) 17, Consideration of Laws and Regulations in an Internal Audit
 Standard on Internal Audit (SIA) 16, Using the Work of an Expert
By CA Ojas Aggarwal
Standard on Internal Audit (SIA) 16, Using the Work of an Expert
 Standard on Internal Audit (SIA) 14, Internal Audit in an Information Technology Environment
By CA Atul Gupta
Standard on Internal Audit (SIA) 14, Internal Audit in an Information Technology Environment
 Standard on Internal Audit (SIA) 13, Enterprise Risk Management
By CA Mayank Jain
Standard on Internal Audit (SIA) 13, Enterprise Risk Management
 Standard on Internal Audit (SIA) 12, Internal Control Evaluation
By CA Manu T George
Standard on Internal Audit (SIA) 12, Internal Control Evaluation
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Latest Circulars   RSS Feeds
 ACIT, Central Circle-32, New Delhi Vs. Countrywide Promotors Pvt. Ltd, M-11, Middle Circle, Connaught Circus, New Delhi
By CA Andrew F Thomas
These are appeals filed by the revenue against the order of the ld CIT(A)-30, New Delhi dated 11.10.2017 for the AY 2006-07 and 05.05.2017 for the AY 2014-15 .
 RBI-Auction of Government of India Dated Securities November 18, 2019
By CA Nilesh Sahu
The auction will be price based using multiple price method. The Reserve Bank of India at Mumbai will conduct the auctions. The salient features of the auctions and the terms and conditions governing the issue of the Stocks are given in the notifications (copies enclosed), which should be read along with the General Notification F.No.4(2)–W&M/2018, dated March 27, 2018 issued by Government of India.
 RBI-Liquidation of Aditya Birla Idea Payments Bank Limited
By CA Devender Singh
We advise that on a voluntarily winding up application by Aditya Birla Idea Payments Bank Limited, the Hon’ble Bombay High Court has passed an order on September 18, 2019 and has appointed Shri Vijaykumar V. Iyer, Senior Director of Deloitte Touche Tohmatsu India LLP as the Liquidator of Aditya Birla Idea Payments Bank Limited.
 RBI should be given full power to regulate co-op banks
By CA Nilesh Sahu
RBI Central Board Director Satish Marathe has asked the government to give full powers to the Reserve Bank of India to regulate all urban cooperative banks in the wake of depositors facing hardship in withdrawing their entire sum from the scam-hit Punjab and Maharashtra Cooperative (PMC) Bank.
  Technical Specifications for all participants of the Account Aggregator (AA) ecosystem
By CA Devender Singh
The NBFC-AA consolidates financial information of a customer held with different financial entities, spread across financial sector regulators adopting different IT systems and interfaces. In order to ensure that such movement of data is secured, duly authorised, smooth and seamless, it has been decided to put in place a set of core technical specifications for the participants of the AA ecosystem.
 Notification No. 82/2019-Customs Ministry Of Finance
By CA Rashmi Sharma
In exercise of the powers conferred by sub-section (2) of section 75 of the Customs Act, 1962 (52 of 1962) and sub-section (2) of section 37 of the entral Excise Act, 1944 (1 of 1944), read with rules 3 and 4 of the Customs and Central Excise Duties Drawback Rules, 2017
 Withdrawal of exemptions granted to Housing Finance Institutions
By CA Rashmi Sharma
Housing Finance Institutions as defined under Clause (d) of Section 2 of the National Housing Bank Act, 1987 are currently exempt from the provisions of Chapter IIIB of Reserve Bank of India Act, 1934. On a review, it has been decided to withdraw these exemptions and make the provisions of Chapter IIIB except Section 45-IA of Reserve Bank of India Act, 1934, applicable to them.
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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
 Six Tata trusts to challenge tax department order in tribunal
By CA Devender Singh
Six Tata trusts had their registrations cancelled & will now challenge the order before ITAT. The six Tata trusts that had their registrations cancelled by the income tax department in October will challenge the order before the Income Tax Appellate Tribunal (ITAT), arguing that they collectively hold less than 10% of Tata Sons, the conglomerate’s holding company. Top trust officials close to the development said the six entities did not breach the objectives listed in the trust deeds as claimed by the department.
 Income Tax Dept withdraws 969 Appeals from High Courts, ITAT in Andhra Pradesh and Telangana Read more at: https://www.taxscan.in/income-tax-dept-withdraws-969-appeals-high-courts-itat-andhra-pradesh-telangana/39302/
By CA Atul Gupta
The Income Tax Department of Andhra Pradesh and Telangana has withdrawn 969 appeals from Telangana, Andhra Pradesh High Courts and Income Tax Appellate Tribunals (ITAT).
 ITAT slams Tax Dept for Negligence in Maintaining Records, says Assessee can’t be Penalized for such Mistakes
By CA Ojas Aggarwal
While granting section 12A registration to a Trust, the Pune bench of the Income Tax Appellate Tribunal ( ITAT ) has criticized the income tax department for its negligence in keeping records.
 Monetary limits for filing/withdrawal of Wealth Tax appeals by the Department before ITAT, HCs and SLPs/appeals before SC through extending the scope of Circular 3 of 2018 -Measures for reducing litigation.?
By CA Devender Singh
Reference is invited to Board's Circular No. 3 of 2018 dated 11.07.2018 (hereinafter, referred to as "the Circular") vide which monetary limits for filing of income tax appeals by the Department before Income Tax Appellate Tribunal, High Courts and SLPs/ appeals before Supreme Court were specified.
 Income Tax Appellate Tribunal, Hyderabad Benches, Hyderabad. Cause List Of Cases Posted Before A-Bench ( Db & Smc ) 14.01.2019 To 18.01.2019
By CA Rashmi Sharma
Income Tax Appellate Tribunal, Hyderabad Benches, Hyderabad. Cause List Of Cases Posted Before A-Bench ( Db & Smc ) 14.01.2019 To 18.01.2019
 Income Tax Appellate Tribunal, Mumbai Benches, Mumbai Consolidated Cause List Of Sal Ma/ Pronouncement For Friday 18.01.2019
By CA Andrew F Thomas
Income Tax Appellate Tribunal, Mumbai Benches, Mumbai Consolidated Cause List Of Sal Ma/ Pronouncement For Friday 18.01.2019
 Income Tax Appellate Tribunal : Kolkata Benches : Kolkata. Sub : Cause List For The Cases Fixed On Friday The 11/01/2019
By CA Manu T George
Income Tax Appellate Tribunal : Kolkata Benches : Kolkata. Sub : Cause List For The Cases Fixed On Friday The 11/01/2019
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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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Placements & Empanelment   RSS Feeds
 1 Cr LPA-Opening Chartered Accountant- Textile Line Only Highly Reputed Textile Group
By CA Manu T George
Salary INR: 1 Cr , Industry TypeTextiles / Garments / Accessories, PG :CA in CA
  25 LPA-Opening Chartered Accountant - For a Large Infrastructure Construction Setup
By CA Rashmi Sharma
Salary INR: 20,00,000 - 25,00,000 P.A., Functional AreaAccounts, Finance, Tax, Company Secretary, Audit, PG :CA in CA, M.Com in Commerce
 25 LPA-Opening Chartered Accountant - For a Large Infrastructure Construction Setup
By CA Manu T George
Salary INR: 20,00,000 - 25,00,000 P.A., Functional AreaAccounts, Finance, Tax, Company Secretary, Audit, PG :M.Com in Commerce, CA in CA
 20 LPA-Opening Chartered Accountant For Banking
By CA Devender Singh
Salary: INR 15,00,000 - 20,00,000 PA., Functional Area:Accounts, Finance, Tax, Company Secretary, Audit, PG:MBA/PGDM - Finance, CA
 18 LPA-Opening Chartered Accountant Needed Urgently
By CA Atul Gupta
Salary INR: 9,00,000 - 18,00,000 P.A., Functional AreaAccounts, Finance, Tax, Company Secretary, Audit,
 14 LPA-Opening For Chartered Accountant Profile in Leading Industry
By CA Mayank Jain
Salary INR: 6,50,000 - 14,00,000 P.A., Functional Area: Accounts, Finance, Tax, Company Secretary, Audit, PG : CA in CA
  12 LPA-Opening Chartered Accountant
By CA Andrew F Thomas
Salary INR: 8,00,000 - 12,00,000 P.A., Functional Area: Accounts, Finance, Tax, Company Secretary, Audit
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Direct Tax   RSS Feeds
 CBDT makes younger officers eligible for appointment as members
By CA Mayank Jain
The Central Board of Direct Taxes (CBDT), the top policy-making body of the income tax department, is seeking to widen the net for the appointment of members to its board by inviting applications from relatively younger officers.
 CBDT apprises CEC of I-T action against Lavasa family
By CA Manu T George
The CBDT has recently written to CEC Sunil Arora with details on the alleged income tax evasions by Lavasa’s family members. IT notices have been issued to Lavasa’s wife and son.
 No ITR processing, refunds till you verify it. Here's how to do it Income tax
By CA Rashmi Sharma
If you have been wondering why your income tax return (ITR) has not been processed yet or why there has been a delay in getting tax refund, first check whether you have e-verified your ITR. Although when you file your ITR on the income tax department's e-filing portal the taxman receives it, but the Central Processing Centre (CPC) starts processing it only when the ITR is e-verified.
 No ITR processing, refunds till you verify it. Here's how to do it Income tax
By CA Andrew F Thomas
If you have been wondering why your income tax return (ITR) has not been processed yet or why there has been a delay in getting tax refund, first check whether you have e-verified your ITR. Although when you file your ITR on the income tax department's e-filing portal the taxman receives it, but the Central Processing Centre (CPC) starts processing it only when the ITR is e-verified.
 FinMin seeks suggestions for rationalising income tax, other duties Budget 2020
By CA Rashmi Sharma
While the ministry holds pre-budget consultations with representatives of different sectors and stakeholders, the Department of Revenue in the finance ministry perhaps for the first time put out circular seeking suggestions for changes in income
 Make full disclosures and preserve records of financial transactions Tax returns
By CA Mayank Jain
Taxpayers should go through the income tax website and familiarise themselves with the various services available Management of tax has always been a complicated process, often ungraspable even by the best of minds. Further, factors such as increased use of technology, automation and cross-linking of information already available with the tax authorities have made it necessary for taxpayers to reconsider how they manage their financial information, so they can smartly manage their own tax affairs. Here are some tips that can help in tax management and prepare taxpayers better for the future.
 Notification NO. 85/2019 Central Board Of Direct Taxes
By CA Nilesh Sahu
In the notification of the Government of India, Ministry of Finance, Department of Revenue (Central Board of Direct Taxes), published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section(ii), vide number S.O. 3264(E), dated the 12th September, 2019, in the English version, at,-5691 GI/2019
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Tenders   RSS Feeds
 Institute Of Cost Accountants Of India, Delhi
By CA Rashmi Sharma
The firm should be a partnership firm with minimum three partners and must be registered with the Institute of Cost Accountants of India (ICAI).
 Food Corporation Of India, Guwahati, Assam
By CA Nilesh Sahu
E-Tender for Appointment of Firms of Chartered Accountant Firms constituting Partnership firm or a Limited Liability Partnership firm under two bid system for undertaking Internal Audit & Physical Verification of stocks in FCI ASSAM Region (Cluster II)
 National Institute for Micro Small and medium Enterprises, Hyderabad, Andhra Pradesh
By CA Rashmi Sharma
National Institute for Micro, Small and Medium Enterprises (ni-msme), an organization under the ministry of MSME rendering its services for the growth and development of MSMEs in the country as well as in developing countries.
 Department Of Urban Local Bodies, Gurgaon, Haryana
By CA Andrew F Thomas
National Institute for Micro, Small and Medium Enterprises (ni-msme), an organization under the ministry of MSME rendering its services for the growth and development of MSMEs in the country as well as in developing countries. The gamut of its activities can be viewed on its website www.nimsme.org. We are looking for a reputed Chartered Accountant firm for appointment as Internal Auditors for the year of 2019-20
 Artificial Limbs Manufacturing Corporation of India, Naramau, Kanpur
By CA Nilesh Sahu
Artificial Limbs Manufacturing Corporation of India (herein after referred to as "ALIMCO") wishes to engage partnership firms of Chartered Accountants/ Cost Accountants as "Internal Auditors" for an initial period of second half of 2019-20 and then for 2020-21 and 2021-22.
 Institute Of Chartered Accountants Of India, Indraprastha Marg, New Delhi
By CA Ojas Aggarwal
ICAI invites proposals from reputed and well experienced Portfolio and Investment Advisors meeting the eligibility criteria for appointment of Portfolio and Investment Advisor for the investment of its surplus funds. The last date of receipt of duly filled in proposal is 29th November 2019.
  National Centre For Antarctic And Ocean Research, Vasco Da Gama, Goaa
By CA Atul Gupta
Sealed quotations are invited for engagement of reputed chartered accountant firm for preparation of Annual Accounts, conduct of Internal Audit and performing various regulatory works as mentioned in the attached list (Annexure E ­ Scope of work and other terms and conditions).
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Transfer Pricing   RSS Feeds
 National High Speed Rail Corporation Limited, New Delhi, Delhi
By CA Nilesh Sahu
Completed tender documents sealed in an envelope super-scribing the name of work; name and address of the Bidder, shall be submitted at NHSRCL's office at address in Para 1 above before 15.00 hrs. on 10.09.2019.
 Deals of the day-Mergers and acquisitions September 3, 2019
By CA Andrew F Thomas
Industrial vehicle maker CNH Industrial, said it planned to split its operations in two to create two more focused businesses.
 Transfer pricing documentation due by year-end
By CA Nilesh Sahu
Transfer pricing documentation, required by the State Administration of Taxation (SAT), is due to be submitted by companies that are part of an international group by the end of December.
 Transfer pricing amendments – a step towards certainty
By CA Manu T George
The Finance Minister has proposed to provide an option to the taxpayers to make one-time payment of tax including surcharge on the amount of transfer pricing adjustment or part thereof, instead of tax on deemed interest every year in case the taxpayer does not repatriate money from its AE in India.
 key international tax and transfer pricing developments
By CA Rashmi Sharma
Following the re-election of the Modi government, this year’s budget was presented by India’s first full-time female Finance Minister, Mrs. Nirmala Sitharaman. The finance minister maintained the theme that it is well within India’s capacity to reach a $5 trillion economy by 2025.
 Transfer pricing methodology of MNCs under customs department lens
By CA Rashmi Sharma
The days for information arbitration may just be over for many companies. The special valuation branch of the customs department is scrutinising transfer pricing methodologies of several multinationals with a view to reconcile their tax and import-expert submissions.
 MNCs now won't have to file CbC report in Indiaa
By CA Ojas Aggarwal
Indian arms of US MNCs will not have to file country by country or CbC report here. India has finalized bilateral competent authority arrangement for exchange of CbC reports with US.
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Customs and Excise   RSS Feeds
 Notification No. 77/2019- Customs Ministry Of Finance
By CA Mayank Jain
In exercise of the powers conferred by clauses (b) and (c) of sub-section (1) of section 7 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect taxes and Customs hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 63/1994-Customs
 Notification No. 78/2019 Central Board Of Direct Taxes
By CA Rashmi Sharma
In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, `Kerala Bamboo, Kattuvalli and Pandanus Leaf Workers' Welfare Fund Board' (PAN AAAJK1244Q), a Boardconstituted by the Government of Kerala, in respect of the following specified income arising to that Board, namely
  Notification No. 74 /2019 Central Board of Indirect Taxes and Customs
By CA Nilesh Sahu
In exercise of the powers conferred by section 157 read with section 84 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect Taxes and Customs hereby makes the following regulations, further to amend the Courier Imports and Exports (Electronic Declaration and Processing) Regulations, 2010,
 Notification No.63/2019 Central Board Of Indirect Taxes And Customs
By CA Atul Gupta
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 Indirect Taxes and Customs No.60/2019-CUSTOMS (N.T.), dated 14th August, 2019 except as respects things done or omitted to be done before such supersession
 Notification No. 62/2019- Central Board of Indirect Taxes and Customs
By CA Devender Singh
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 Indirect Taxes & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2001-Customs
 Notification No.60/2019 Central Board Of Indirect Taxes And Customsa
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 Indirect Taxes and Customs No.55/2019-CUSTOMS (N.T.), dated 1st August, 2019 except as respects things done or omitted to be done before such supersession,
 Notification No.59/2019 Central Board Of Indirect Taxes And Customs
By CA Rashmi Sharma
In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect Taxes and Customs hereby makes the following amendments in the Notification of the Central Board of Indirect Taxes and Customs No.55/2019-CUSTOMS (N.T.), dated 1st August, 2019 with effect from 14th August, 2019,
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Mergers and Acquisitions   RSS Feeds
 Deals of the day-Mergers and acquisitions November 19, 2019
By CA Ojas Aggarwal
The following bids, mergers, acquisitions and disposals were reported by 2100 GMT on Monday: ** HP Inc said on Sunday it was open to exploring a bid for U.S. printer maker Xerox Corp after rebuffing a $33.5 billion cash-and-stock acquisition offer from the latter as “significantly” undervaluing the personal computer maker. ** INWIT, the mast group controlled by Telecom Italia , said it would pay a special dividend of 0.5936 euros per share once a merger of its assets with the Italian mobile towers of Vodafone is complete.
 M&A structures and regulation in India
By CA Atul Gupta
Mergers and demergers used to be court-driven processes but, upon the constitution and notification (in December 2016) of the National Company Law Tribunal (NCLT), they are now NCLT-driven processes.
 India to see M&A deals worth $52 bn in 2019
By CA Rashmi Sharma
A new report by Baker McKenzie has predicted India M&A to remain stable in the next few years, with private investments reviving against the backdrop of a more favourable business environment, despite global headwinds. IPOs' proceeds is forecaste...
 Mergers and acquisitions: India M&A deals seen at $52.1 billion in 2019
By CA Andrew F Thomas
Highly notable was Canada's Brookfield Infrastructure Partners' $3.66 billion investment to acquire Reliance Industries' Reliance Jio lnfratel unit. Announced in July, the acquisition was touted as the single biggest private equity deal in India.
 Cash crunch to force more mergers and acquisitions in India, Axis says
By CA Andrew F Thomas
As funding situation erodes, founders are selling businesses to deleverage, or are raising equity to gain an edge over competitors, Axis Capital says.
 CCI Introduces "Green Channel" Clearance for Mergers & Acquisitions(M&A)
By CA Nilesh Sahu
The Competition Commission of India ('CCI') is the concerned organization patronizing and fostering the importance of competition in the markets, safeguarding the interests of consumers and ensures that freedom of trade is carried on by the participants.
 Deals of the day-Mergers and acquisitions October 17, 2019
By CA Andrew F Thomas
Balkan telecoms and media company United Group B.V. is in discussions to acquire Bulgaria’s leading telecoms operator Vivacom, which went up for sale in July this year, two sources familiar with the matter said.
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Indirect Tax   RSS Feeds
 Govt gives businesses four months to settle indirect tax disputes
By CA Rashmi Sharma
Businesses can now settle their pending disputes relating to central excise duty and service tax within four months starting 1 September under the terms notified by the government on Thursday.
 ITR filing becomes easy via new 'e-Filing Lite' portal - 5 things to know Income Tax Return
By CA S K Verma
Income Tax Return: Income Tax department has made lives easier for the taxpayers by launching 'e-Filing Lite' portal. The portal is meant for the tax payers who find filing of income tax returns (ITR) on their own a complicated and time-taking process.
 No income tax on interest from accident compensation: High Court
By CA Manu T George
Forty years after an eight-year-old city boy was left maimed for life in a car accident, the Bombay High Court on Thursday held that income tax should not have been deducted from the interest on the compensation awarded by the court. The ruling was given by a bench of justices Akil Kureshi and S J Kathawalla on a plea by accident victim Rupesh Shah, now 48.
 How much tax do you need to pay for your equity investments?
By CA Atul Gupta
Among different types of assets, be they financial or physical, equity investments have given the highest returns over the long term. This is the reason why equity assets form a large part of most investors’ portfolios.
 Income Tax Department proposes new norms for taxing MNCs in India
By CA Atul Gupta
The income tax department on Thursday proposed change in the methodology for taxing multinational companies (MNCs), including digital firms, having permanent establishment in India by giving weightage to factors like domestic sales, employee strength, assets and user base.
 Can you claim tax benefit for tax paid on insurance premium? a
By CA Manu T George
Section 80C and 80D of Income-tax Act entitles specified taxpayers to claim deductions for the entire amount paid to the insurance company for specified insurance schemes.
 Top 30 Income Tax Judgments in 2018
By CA Andrew F Thomas
The year 2018 has been a very significant one to the taxation regime due to some important reforms in the laws and procedures. The contribution of the judiciary including the Supreme Court and various High Courts and Tribunals cannot be ignored. Some of the significant tax judgments delivered by the Indian judiciary in this year have been enlisted below.
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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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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
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