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News Headlines   RSS Feeds
  I-T department asks taxpayers to update their information on e-filing portal
By CA Mayank Jain
The Income Tax Department has asked taxpayers, who file ITRs and conduct other I-T businesses online, to update their profiles and vital details on the official e-filing portal to ensure an "effective communication" between the two.
  How to check income tax refund status
By CA Nilesh Sahu
If you have paid excess tax to the government in the previous financial year, then you are required to file your income tax return (ITR) to claim the refund.
 GST panel to consult MSMEs in October end to further ease tax rigour
By CA Ojas Aggarwal
Five-member ministerial panel set up by GST Council to meet MSME representatives on 29 October to seek views on how to make compliance under GST easier
  How to check income tax return status
By CA Atul Gupta
Once you've filed your income tax return and verified it, the Income Tax (I-T) Department starts processing your return. Refund, if any is due, is issued only after processing is complete.
 Been Served a Notice by the Income Tax Department? Here’s How You Can Respond
By CA Manu T George
It must be noted that all tax notices are not meant to petrify you. Every notice has a reason for issuance: some income tax notices are issued merely to give intimation under Section 143(1) and some warrant information for inquiry under Section 142(1).
 Seeks to amend the CGST Rules, 2017 - 45/2017 - Central GST (CGST)
By CA Ojas Aggarwal
In exercise of the powers conferred by section 164 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government hereby makes the following rules further to amend the Central Goods and Services Tax Rules, 2017, namely:-
 Government provides clarity on tax rate
By CA Andrew F Thomas
Leasing of vehicles purchased prior to July 1 will attract a tax equivalent to 65 per cent of the current applicable GST rate for a period of 3 years, the government said today.
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Continuing Prof. Edu.   RSS Feeds
 One Day Summit on Technology: Empowering CAs to meet Challenges of Digital Transformation INFORMATION TECHNOLOGY
By CA Atul Gupta
Place: Digital Accounting and Assurance Board Date: 28-10-2017 – To: 28-10-2017 CPE.Hrs.: 6
 Seminar on GST & Related Practical Aspects INDIRECT TAXES
By CA S K Verma
Place: Gurgaon Branch Of Nirc Date: 13-10-2017 – To: 13-10-2017 CPE.Hrs.: 3
 Seminar on Tax Audit, ICDS and Director’s Disqualification and Striking of the Companies DIRECT TAXES
By CA Ojas Aggarwal
Place: Northern India Regional Council Date: 14-10-2017 – To: 14-10-2017 CPE.Hrs.: 6
 Latest on GST incl Levy and Reverse Charge;Shell Companies-Issues and Challenges TAXATION
By CA S K Verma
Place: Tri Nagar Keshav Puram CPE Study Circle of NIRC Date: 13-10-2017 – To: 13-10-2017 CPE.Hrs.: 5
  ICDS & Issues Amendments in GST Act (INDIRECT TAXES)
By CA Ojas Aggarwal
Place: Safdarjung Enclave CPE Study Circle of NIRC Date: 13-10-2017 – To: 13-10-2017 CPE.Hrs.: 4
  Latest on GST incl Levy and Reverse Charge;Shell Companies-Issues and Challenges (TAXATION)
By CA Manu T George
Place: Tri Nagar Keshav Puram CPE Study Circle of NIRC Date: 13-10-2017 – To: 13-10-2017 CPE.Hrs.: 5
 GST – Critical Issues in Implementation, Secrets of Healthier, Longer & Happier Life – The Organic Way, Tax Audit & ICDS (INDIRECT TAXES)
By CA Rashmi Sharma
Place: Shastri Nagar CPE Study Circle of NIRC of ICAI Date: 13-10-2017 – To: 13-10-2017 CPE.Hrs.: 6
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GST - Goods and Services Tax   RSS Feeds
 Govt grappling to pinpoint reasons for low GST compliance
By CA Manu T George
The government is conducting a survey to understand the reasons behind lower-than-expected return filing
 Momentum builds up for inclusion of real estate in GST
By CA Rashmi Sharma
Several states are backing finance minister Arun Jaitley’s recent suggestion that GST is the answer to tax evasion and flow of unaccounted wealth in the real estate sector
 Composition Scheme - the Union Territory Goods and Services Tax (Removal of Difficulties) Order, 2017
By CA Mayank Jain
Whereas, difficulties have arisen in giving effect to the provisions of the Union Territory Goods and Services Tax Act, 2017 (14 of 2017),
 Notice to non-filers of GSTR returns – GSTR-3A
By CA Manu T George
This article discusses in detail about notice to non-filers of GSTR returns.
 Recent Changes In ‘GST’
By CA Rashmi Sharma
The 22nd meeting of GST Council was held on 06.10.2017. The Council considered various items and also has taken into consideration of the grievances of the stakeholders in facing the problems in filing returns, grievances in rate and recommended many a item in the said meeting.
 Seeks to extend the time limit for filing of FORM GSTR-4 - 41/2017
By CA Andrew F Thomas
In exercise of the powers conferred by sub-section (6) of section 39 read with section 168 of the Central Goods and Services Tax Act, 2017
 Seeks to extend the time limit for filing of FORM GSTR-5A - 42/2017
By CA Nilesh Sahu
In exercise of the powers conferred by sub-section (6) of section 39 read with section 168 of the Central Goods and Services Tax Act, 2017
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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
 DHFL loan to Manpreet Estates under tax scan
By CA Manu T George
The promoters of Dewan Housing Finance (DHFL) and RKW Developers have come under an income-tax (I-T) department scanner in connection with alleged transactions in benami properties of Rs 95 crore in a Mumbai-based redevelopment project. A provisional attachment order has been issued.
 Council acts to ease cascading tax impact on petroproducts
By CA Andrew F Thomas
The Centre on Wednesday said that the GST Council had at its meeting on October 6 taken decisions to reduce the cascading effect of excluding petrol, diesel, ATF, natural gas and crude oil from the purview of GST.
 Income Tax comes a cropper tracking shell firms
By CA S K Verma
The difference between Income Tax department's and Registrar of Companies' (ROC) definitions of 'shell' companies have put brakes on I-T action against 'shell' firms which were misused for depositing black money during the demonetisation phase between November 8 and December 31, 2016.
 Income Tax returns: Is rental income from property taxable in hands of homeowners?
By CA S K Verma
As per the Income Tax Law the rental income would be taxable in the hands of owner of the house property.
 Tax department to engage with corporates to spur receipts
By CA Andrew F Thomas
Amid slowing growth in advance tax collections, the income-tax department is exploring enhanced engagement with the top 100 companies to facilitate compliance.
 Furnish Form 67 to claim foreign tax credit in India tax return
By CA S K Verma
If a person lives in India for more than 182 days and in the remaining period works outside India, and gets a salary for that work, how should we compute the tax liability of the person?
 GST: Commerce ministry to write to finance ministry over trademark rule
By CA Ojas Aggarwal
The commerce ministry has decided to write to the finance ministry to consider an alternative to GST Council’s decision to exempt unbranded food products that are not registered under the Trade Marks Act from GST
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Corporate Law   RSS Feeds
 Government firm on tax law changes, relents on tribunal postings
By CA Ojas Aggarwal
Addressing one of the major concerns of the Opposition on the Finance Bill, the government Wednesday assured Parliament that all judicial appointments in regulatory bodies or tribunals, many of which are being restructured in one go through provisions in the Finance Bill, will continue to be made in consultation with the judiciary.
 Income Tax relief on money in single parent’s account may lead to tax evasion: Law panel
By CA Rashmi Sharma
The income tax exemption on the money deposited in a single parent's account as maintenance for a minor child in a divorce settlement case could open flood gates of tax evasion, the Law Commission warned today.
 Law panel against income tax relief for single parents
By CA S K Verma
The Law Commission is learnt to have decided against recommending income tax exemption on the money deposited in a single parent’s account as maintenance for a minor child in a divorce settlement case.
 Maintenance of Accounts and other record in GST Law
By CA Rashmi Sharma
No specific list of accounts or record has been prescribed in Section 53 of GST Law.
 Parliament Votes to Extend Value Added Tax Law
By CA Ojas Aggarwal
Legislators on Sunday extended the enforcement of value added tax for the upcoming fiscal year (starting March 21) and dropped the newly-proposed article narrowing the tax base to the final consumer.
 Taxation Laws (Second Amendment) Act, 2016 ​​​​​​​​​​​​​​​​​​​​​​​​​​​​
By CA Mayank Jain
In the Income-tax Act, 1961 (hereinafter referred to as the Income-tax Act), in Amendment of section 115BBE, for sub-section (1),
 Glimpse of Invoices Revised Model GST Law
By CA Nilesh Sahu
The esteemed vision of Hon’ble Prime Minister to create a digital and paper less economy cannot be crystalize without the digitalization of documentation and removal of hurdle of hard document.
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Students   RSS Feeds
 Further Relaxation in the eligibility criteria for Direct Entry Students registering from 1st July, 2017 to 31st July, 2017 for appearing in May, 2018 Intermediate Examination under Revised Scheme of Education and Training
By CA Rashmi Sharma
Under the New Scheme of Education and Training, the eligibility criteria for Direct Entry Students is to complete Nine Months of Practical Training after undergoing Four Weeks Integrated Course on Information Technology and Soft Skills (ICITSS) Course.
 Examination of the Certificate Course on Valuation scheduled on 26th November, 2017
By CA Andrew F Thomas
"Valuation Standards Board is conducting Examination for the Certificate Course on Valuation scheduled from 10:00 AM to 1:00 PM. on 26th November 2017, at respective locations in India”.
 Admit Card for Intermediate (IPC) and Final November 2017 Examination
By CA Rashmi Sharma
Admit cards in respect of candidates admitted to the Intermediate (IPC) and Final November 2017 examination,
 Shifting from one Elective Paper to another Elective Paper under Revised Scheme of Education and Training.
By CA Ojas Aggarwal
Students of Final (New) Course may please note that under the Revised Scheme of Education and Training, the students will be required to opt one of the following Electives papers
 Announcement for Intermediate (Integrated Professional Competence) Course Students to Commence Practical Training
By CA Atul Gupta
Pursuant to the amendment in CA Regulations, 1988, a candidate who has passed either or both the Groups of Intermediate (Integrated Professional Competence) Examination can commence their Practical Training.
 Intermediate-Announcement for May, 2018 old and new syllabus
By CA Andrew F Thomas
GST Be Examined In Section B ­ Indirect Taxes Of Paper 4: Taxation In May, 2018intermediate (Ipc) Examination Under Old Scheme Of Education And Training
 Certificate Course on Forex and Treasury Management –Forthcoming Batches Mumbai ,Hyderabad, Noida & Kolkata
By CA Ojas Aggarwal
Certificate Course on Forex and Treasury Management –Forthcoming Batches Mumbai ,Hyderabad, Noida & Kolkata
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New Forms   RSS Feeds
 Form 64E is enabled in e-Filing to furnish the statement of income distributed by a securitisation trust
By CA Atul Gupta
In exercise of the powers conferred by section 295 read with sub-section (4) of section 115TCA 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, namely:-
  Form DVAT 01 - Application For Opting For Composition Scheme by a dealer registered
By CA Devender Singh
Instructions for dealers opting for composition scheme (For details refer section 16 of the Act and Rule 5 of these rules)
 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
More »
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
 Roll Nos. / Exam Centres of IRM Technical Exam, INTT AT, MAC(Part-I) & TMC(Part-I) Exams to be held in November, 2017
By CA Andrew F Thomas
Roll Nos. / Exam Centres of IRM Technical Exam, INTT AT, MAC(Part-I) & TMC(Part-I) Exams to be held in November, 2017
 Opportunity for IFAC CEO Job Position
By CA Manu T George
International Federation of Accountants (IFAC) is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to strong and sustainable organizations, financial markets,
 68th Annual Report and Audited Accounts of the Institute for the year 2016-17
By CA Nilesh Sahu
The 68th Annual Report and Audited Accounts of the Institute for the year ended 31st March, 2017 have been published in Part III Section 4 of the Gazette of India, Extraordinary dated 29th September, 2017.
 Change of Venue in respect of some of the Candidates of Intermediate (IPC) and Final Examinations at Mumbai, in respect of November 2017 exams
By CA Devender Singh
Change of Venue in respect of some of the Candidates of Intermediate (IPC) and Final Examinations at Mumbai, in respect of November 2017 exams
 CPE Events 9th October - 14th October 2017
By CA Andrew F Thomas
CPE Events 9th October - 14th October 2017
 Exposure Draft of the Accounting Standard (AS) 23, Borrowing Costs (Comments to be received by October 31, 2017)
By CA Andrew F Thomas
The Indian Accounting Standards (Ind AS), as notified by the Ministry of Corporate Affairs in February, 2015, have been applicable to the specified class of companies.
 Exposure Draft of the Accounting Standard (AS) 24, Related Party Disclosures (Comments to be received by October 31, 2017)
By CA Nilesh Sahu
(The Indian Accounting Standards (Ind AS), as notified by the Ministry of Corporate Affairs in February, 2015,
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From the Courts   RSS Feeds
 Radico Nv Distilleries Maharashtra Ltd. Vs. Commissioner Of Income Tax (Central)-Iii, New Delhi & ORS.
By CA Ojas Aggarwal
The present petition impugns the order dated 3rd April, 2013 passed by the Income Tax Settlement Commission (hereinafter referred to as the `ITSC')
  Vijay Vishin Meghani vs. DCIT (Bombay High Court)
By CA Atul Gupta
Strictures by ITAT against ICAI deprecated: It is very unfortunate that the Tribunal, out of sheer desperation and frustration and agitated by the fact that the Revenue is not opposing the request for condonation of delay blamed the assessee's Chartered Accountant and the ICAI
  Dayawanti vs. CIT (Supreme Court)
By CA Mayank Jain
S. 153A search assessment: Supreme Court stays operation of the judgement of the Delhi High Court in Dayawanti Gupta vs. CIT 390 ITR 496 (Del).
  Claris Life Sciences Limited vs. DCIT (ITAT Ahmedabad) (Special Bench)
By CA Mayank Jain
S. 140A/ 221(1): Law explained on whether an assessee who defaults on paying self assessment tax u/s 140A while filing the return of income is liable for penalty u/s 221(1) if he files a revised return of income and pays the tax thereon at the time of filing the revised return of income
 Vijay Vishin Meghani vs. DCIT (Bombay High Court)
By CA Manu T George
Strictures by ITAT against ICAI deprecated: It is very unfortunate that the Tribunal, out of sheer desperation and frustration and agitated by the fact that the Revenue is not opposing the request for condonation of delay blamed the assessee's Chartered Accountant and the ICAI on how they should conduct themselves. The Tribunal completely misdirected itself by taking irrelevant factors into account. Delay of 2984 days in filing the appeal caused by wrong advice of a professional is capable of condonation. However, even if the assessee has acted bona fide, he can be held liable for payment of costs to balance rights and equities
 CIT vs. Balbir Singh Maini (Supreme Court)
By CA Rashmi Sharma
S. 2(47)/ 45: Entire law on whether a joint development agreement entered into by an owner of land with a developer constitutes a "transfer" u/s 2(47)
 Dayawanti vs. CIT (Supreme Court)
By CA Andrew F Thomas
S. 153A search assessment: Supreme Court stays operation of the judgement of the Delhi High Court in Dayawanti Gupta vs. CIT 390 ITR 496 (Del).
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Auditing   RSS Feeds
 Auditing to be less of a burden as accountants embrace AI
By CA Nilesh Sahu
Among the more thankless tasks undertaken by junior accountants is meticulously checking off inventory at clients’ warehouses, which can involve scaling ladders with paper and pen in hand.
 CAG's report on GST will be totally paperless
By CA Devender Singh
The Comptroller and Auditor General (CAG) will come out with its first digital audit report, a complete paperless exercise, with its performance appraisal of the Goods and Services Tax, expected to come out sometime towards the end of this calendar year.
 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.
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Latest Circulars   RSS Feeds
 Investment under PIS in M/s Claris Lifesciences Ltd. By FII/FPI Investment limit from 24 to 49 per cent and increase in NRI limit from 10 to 24 per cent
By CA Ojas Aggarwal
The Reserve Bank of India has today notified that Foreign Institutional Investors (FIIs)/Foreign Portfolios Investors (FPIs) investment limit under Portfolio Investment Scheme in M/s Claris Lifesciences Ltd.
  RBI-Interest rates for Small Savings Schemes
By CA Ojas Aggarwal
Please refer to our circular DGBA.GBD.69/15.02.005/2017-18 dated July 13, 2017 on the above subject.
  Risk Management and Inter-Bank Dealings – Facilities for Hedging Trade Exposures invoiced in Indian Rupees
By CA Atul Gupta
Attention of Authorized Dealers Category – I (AD Category – I) banks is invited to the Foreign Exchange Management (Foreign Exchange Derivative Contracts)
 Risk Management and Inter-Bank Dealings – Facilities for Hedging Trade Exposures invoiced in Indian Rupees
By CA S K Verma
Attention of Authorized Dealers Category – I (AD Category – I) banks is invited to the Foreign Exchange Management (Foreign Exchange Derivative Contracts) Regulations, 2000 dated May 3, 2000
 Exim Bank's Government of India supported Line of Credit of USD 1 billion to the Government of Mongolia
By CA Rashmi Sharma
Export-Import Bank of India (Exim Bank) has entered into an Agreement on April 28, 2016 with the Government of Mongolia for making available to the latter,
 Master Circular –Scheme of Penalties for bank branches based on performance in rendering customer service to the members of public
By CA Atul Gupta
The scheme of Penalties for bank branches including currency chests has been formulated in order to ensure that all bank branches provide better customer service to members of public with regard to exchange of notes and coins, in keeping with the objectives of Clean Note Policy.
 Bilingual/Hindi House Magazine Competition for Public Sector Banks/ Financial Institutions – (2016-17)- Inviting Entries
By CA Atul Gupta
The Reserve Bank of India has been conducting a Bilingual/Hindi House Magazine Competition for Public Sector Banks and Financial Institutions to encourage the use of Hindi (Rajbhasha).
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VAT (Value Added Tax)   RSS Feeds
  Filing of reconciliation return in form 9 for the year 2016-17
By CA Andrew F Thomas
In exercise of the powers conferred under Rule 49A of the Delhi Value Added Tax Rules, 2005 read with section 9(2) of Central Sales Tax Act, 1956,
 Govt may send notice to 162 companies; ask for VAT returns
By CA Ojas Aggarwal
With Goods and Service Tax (GST) collections going for a toss, the government may soon be sending notices to several firms on transitional tax credit being claimed back.
 Cenvat Credit Is Not Income Liable To Be Taxed
By CA S K Verma
Rule 3 of CENVAT Credit Rules, 2004 allows the manufacturer or producer of final products or provider of output service to take credit on certain taxes paid
 Cos wanting to claim VAT refund on employees' foreign stay can get professional help
By CA Manu T George
When a company takes its employees for an offsite visit abroad, the VAT paid on the local travel and the hotel accommodation is refundable.
 Regarding disposal of pending form DVAT 04 & 07 Form Applications
By CA Manu T George
Regarding disposal of pending form DVAT 04 & 07 Form Applications
 Disposal of pending Form DVAT 04 & Form DVAT 07 applications: regarding
By CA Nilesh Sahu
As you are aware, we have ushered into a new Tax regime with the roll out of GST which has taken effect from 1st July, 2017.
 Cenvat Credit Rules, 2017 III Part
By CA Andrew F Thomas
Rule 11(5) provides that the manufacturer of final products shall submit a monthly return in the form specified by the notification, by the Board.
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Budget Extravaganza   RSS Feeds
 Seeks to amend certain customs notifications in pursuance to change made in Budget 2017-18.
By CA S K Verma
In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962),
 New look finance ministry team to frame contours of Budget 2018
By CA Ojas Aggarwal
Finance Minister Arun Jaitley's fifth Union Budget will sport a different look, starting with a lighter `Part B’ with fewer indirect tax changes because of GST
 How presenting the Budget early seems to be paying off already
By CA Ojas Aggarwal
Breaking with a long-standing tradition, Finance Minister Arun Jaitley presented the Union Budget a full four weeks early this year and the results already seem to be showing in terms of expenditure.
 Budget advancement helps Centre, states start spending early
By CA Rashmi Sharma
Advancing the Budget and notifying the Finance Act, 2017, have enabled the Centre and state governments to start spending from the first month of the financial year from the central funds.
 Five things that you can expect from the Mumbai civic budget today
By CA Andrew F Thomas
Mumbai civic chief Ajoy Mehta will present the Brihanmumbai Municipal Corporation’s (BMC) budget for the financial year 2017-18
 GST all set for July 1 rollout but casts shadow on state budgets
By CA Ojas Aggarwal
With GST all set to be rolled out from July 1, states have not made too many changes in the indirect tax structure in their budgets for 2017-18.
 Income-Tax collection revised in Rajasthan budget
By CA Manu T George
Expecting a major increase in salaries after implementing the 7th Pay Commission for state government employees this year, the state has upwardly revised its budget estimate from income tax (I-T) collection for 2017-18.
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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, Mumbai Benches Mumbai Consolidated Cause list of SA/MA/Pronouncement for Friday 13.10.2017
By CA Nilesh Sahu
Income Tax Appellate Tribunal, Mumbai Benches Mumbai Consolidated Cause list of SA/MA/Pronouncement for Friday 13.10.2017
 Income Tax Appellate Tribunal, New Delhi Constitution of Benches From 03.10.2017 To 06/10/2017
By CA Devender Singh
Income Tax Appellate Tribunal, New Delhi Constitution of Benches From 03.10.2017 To 06/10/2017
 Income Tax Appellate Tribunal: Mumbai Benches : Mumbai List of Orders ready for Pronouncement on 16.10.2017 To 20/10/2017
By CA S K Verma
Income Tax Appellate Tribunal: Mumbai Benches : Mumbai List of Orders ready for Pronouncement on 16.10.2017 To 20/10/2017
 Income Tax Appellate Tribunal: Kolkata Benches : Kolkata List of Orders ready for Pronouncement on 11.10.2017
By CA Devender Singh
Income Tax Appellate Tribunal: Kolkata Benches : Kolkata List of Orders ready for Pronouncement on 11.10.2017
 IncomeTax Appellate Tribunal : Pune Benches : Pune Causelist for Bench "A" for the week Ending 13/10/2017
By CA Mayank Jain
IncomeTax Appellate Tribunal : Pune Benches : Pune Causelist for Bench "A" for the week Ending 13/10/2017
 IncomeTax Appellate Tribunal : Kolkata Benches : Kolkata Constitution of Kolkata Benches from 09/10/2017 To 12/10/2017(13/10/2017 - M.A.Day)
By CA Manu T George
IncomeTax Appellate Tribunal : Kolkata Benches : Kolkata Constitution of Kolkata Benches from 09/10/2017 To 12/10/2017(13/10/2017 - M.A.Day)
 Income Tax Appellate Tribunal, Visakhapatnam Bench 28.09.2017
By CA Manu T George
Due to administrative reasons, Division Bench and Single Member Bench will not function on 28.09.2017
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Help   RSS Feeds
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Placements & Empanelment   RSS Feeds
 New Urgent Opening for Manager Accounts (CA) at TMI Group
By CA Nilesh Sahu
Functional Area Accounts, Finance, Tax, Company Secretary, Audit,PG - CA
 35 LPA-Opening Senior F& A Professional For A Manufacturing Company
By CA Devender Singh
Salary: INR 30,00,000 - 32,50,000 P.A., Functional Area: Accounts, Finance, Tax, Company Secretary, Audit
 New Opening Business & Finance Controller
By CA Nilesh Sahu
Salary:INR 40,00,000 - 50,00,000 P.A., Functional Area:Accounts , Finance , Tax , Company Secretary , Audit
 45 LPA-New Opening Financial Controller /retail Industry Only
By CA Andrew F Thomas
Salary:INR 40,00,000 - 45,00,000 P.A., Functional Area:Accounts , Finance , Tax , Company Secretary , Audit
 New Oening Statutory Auditor(senior Manager,director,partner)
By CA Nilesh Sahu
Salary:INR 20,00,000 - 35,00,000 P.A.,Functional Area:Accounts , Finance , Tax , Company Secretary , Audit
  15 Opening Content Developer / Subject Matter Expert - Accounts & Finance
By CA S K Verma
Salary:INR 1,25,000 - 1,75,000 P.A. + Lucrative Incentives, Functional Area:Teaching , Education , Training , Counselling
 10 Opening Chartered Accountant
By CA Ojas Aggarwal
Salary:INR 12,00,000 - 22,00,000 P.A., Functional Area:Accounts , Finance , Tax , Company Secretary , Audit
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Direct Tax   RSS Feeds
 CBEC Issued 41 Notifications In A Day To Give Effect To GST Council Decisions In 22nd Meet
By CA S K Verma
This article discusses in summarized form about 41 notification issued by CBEC in a day to give effect to the decisions of GST Council.
 CBEC Issued 41 Notifications In A Day To Give Effect To GST Council Decisions In 22nd Meet
By CA S K Verma
This article discusses in summarized form about 41 notification issued by CBEC in a day to give effect to the decisions of GST Council.
 CBEC Issued 41 Notifications In A Day To Give Effect To GST Council Decisions In 22nd Meet
By CA S K Verma
This article discusses in summarized form about 41 notification issued by CBEC in a day to give effect to the decisions of GST Council.
 CBDT seeks suggestions on framing of rules on country-by-country reporting
By CA Andrew F Thomas
In keeping with India's commitment to implement recommendations of 2015 Final Report on Action 13, titled "Transfer Pricing Documentation and Country-by-Country Reporting", the Department of Income Tax has invited comments from stakeholders and the general public.
 Is it the end of the road for tax havens?
By CA Mayank Jain
The problem of black money stashed in tax havens (TH) has always been a serious issue for tax authorities across the world.
 Government Collects Rs 3.86 Lakh Crore as Direct Tax Till September
By CA Devender Singh
The Central Board of Direct Taxes (CBDT) on Wednesday revealed that the net direct tax collection up to September 2017 is Rs. 3.86 lakh crore.
 TDS IS PART OF SUM PAYABLE TO PAYEE and is trading liability- interest paid for delayed deposit of TDS is allowable expenditure
By CA Rashmi Sharma
Lachmandas Mathura vs. CIT 254 ITR 799 (SC) 1997 (12) TMI 16 - SUPREME Court Interest paid on sales tax arrears is deductible u/s. 37(1) Ld. CIT(A) after considering the submission of assessee has deleted the addition made
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Service Tax   RSS Feeds
 Govt asks taxpayers to file GST return for July by Tuesday
By CA Nilesh Sahu
The government on Monday asked businesses to file final GST returns for the month of July by tomorrow as it ruled out any extension to the due date.
 FAQ On Government Services Under GST
By CA Devender Singh
No, all services provided by the Government or a local authority are not exempt from tax. As for instance, services, namely,
 Income Tax Appellate Tribunal, Visakhapatnam Bench List Of Division Bench Cases Posted Before During The Period From 03rd Octombar To 13th October , 2017.
By CA Andrew F Thomas
Income Tax Appellate Tribunal, Visakhapatnam Bench List Of Division Bench Cases Posted Before During The Period From 03rd Octombar To 13th October , 2017.
 Facility of LUT extended to all exporters / registered persons subject to conditions
By CA Nilesh Sahu
In exercise of the powers conferred by section 54 of the Central Goods and Services Tax Act, 2017,and section 20 of the Integrated Goods
 GST implementation – Hasty turns out nasty
By CA Devender Singh
Anticipations from over a decade were put to rest on July 1, 2017 when India's biggest tax reform since independence, "Goods and Services Tax"(GST)
 What is Goods and Services Tax Network (GSTN)?
By CA Atul Gupta
Goods and Services Tax Network (GSTN) is a non-profit non-government company that serves as the interface between the government and the taxpayers.
 Best tax saving mutual funds or ELSS to invest in 2017
By CA Andrew F Thomas
Equity Linked Savings schemes or ELSSs are often called the 'first' mutual fund scheme. This is because most mutual fund investors get into mutual funds via ELSSs or tax saving/planning mutual fund schemes.
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Transfer Pricing   RSS Feeds
 A web of requirements in transfer pricing regime
By CA S K Verma
With a fast changing tax environment and India tightening its transfer pricing/BEPS belt, investors in India would do well to identify any such challenges and adopt measures to mitigate the same
 RBI panel reveals ad hoc, arbitrary practices by banks to inflate interest rates
By CA Atul Gupta
The Reserve Bank of India (RBI)’s study group, which recently submitted its report on an external benchmark rate for banks, has revealed several startling and “disconcerting” banking practices, including violation of the RBI guidelines,
 Taxman tightens reporting norms for MNCs
By CA Nilesh Sahu
The prolonged wait is finally over. Nearly 18 months after legislating the adoption of country-by-country reporting (CbCR) for multinationals, the CBDT has come up with draft rules in this regard, seeking to usher in a rigorous regime of compliance and disclosure for MNCs operating in India.
 Sabh Infrastructure Ltd Vs. Asstt. Commissioner Of Income Tax
By CA Devender Singh
The Petitioner seeks the quashing of a notice dated 20th March, 2015 issued under Section 148 of the Income Tax Act
 Transfer Pricing For Multinational Entities
By CA S K Verma
For those of you who are involved in the management of a multinational entity, you are most likely aware of the complex tax and legal obstacles and rules that you have to navigate in order to keep the entity running smoothly.
 The wash up - Transfer pricing and the Commissioner of Taxation
By CA Ojas Aggarwal
The long running transfer pricing dispute between Chevron Australia Holdings Pty Ltd (Chevron Australia) and the Australian Commissioner of Taxation has come to an abrupt end.
 Bosnia's Serb Republic tax body looks into transfer pricing in Nestro Group - report
By CA Nilesh Sahu
The tax administration of Bosnia's Serb Republic has found evidence of transfer pricing among companies operating under the umbrella of oil group Nestro that can be open to different interpretations, local media reported.
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Customs and Excise   RSS Feeds
 Customs And Central Excise Drawback – Part II
By CA Atul Gupta
If the goods are to be exported by post under a claim for drawback the outer packing, carrying the address of the consignee shall also carry in bold letters the words DRAWBACK EXPORT.
 Customs Valuation (Determination of Value of Imported Goods) Rules 2007
By CA S K Verma
In exercise of the powers conferred by section 156 read with section 14 of the Customs Act, 1962 (52 of 1962), the Central Government, hereby makes the following rules to amend the Customs Valuation (Determination of Value of Imported Goods) Rules 2007, namely:-
 Amendment to Customs Valuation Rules – Notification No. 91/2017 (NT)
By CA Ojas Aggarwal
The valuation of imported and export goods is governed by the provisions of Section 14 of the Customs Act, 1962 and the rules made thereunder.
 GST on Custom House Agents
By CA S K Verma
Customs House Agent means a person licensed, temporarily or otherwise, under the regulations made under sub-section (2) of section 146 of the Customs Act,1962 (52 of 1962);
 The Customs and Central Excise Duties Drawback Rules, 2017 and All Industry Rates (AIRs) of Drawback related changes
By CA Andrew F Thomas
The Central Government has notified the Customs and Central Excise Duties Drawback Rules, 2017 (hereinafter referred to as Drawback Rules 2017)
 The Customs and Central Excise Duties Drawback Rules, 2017
By CA Atul Gupta
In exercise of the powers conferred by section 75 of the Customs Act, 1962 (52 of 1962) and section 37 of the Central Excise Act, 1944 (1 of 1944), the Central Government hereby makes the following rules,
 Man fleeing from Customs arrested
By CA Devender Singh
Customs sleuths on Saturday night arrested a 35-year-old resident of Kozhikode who had reportedly escaped from the Mangaluru International Airport on Friday after being caught for being in illegal possession of cannabis.
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Mergers and Acquisitions   RSS Feeds
 M&A deals in pharma sector decline in 2017, amid tough business conditions
By CA Devender Singh
Pharmaceutical companies have become cautious with regard to mergers and acquisitions (M&As) as business environment remains challenging
 Deals of the day-Mergers and acquisitions Oct 16, 2017,
By CA S K Verma
Canadian train-and-plane maker Bombardier Inc is exploring options for its aerospace businesses, including a sale of some operations, Bloomberg reported on Sunday.
 Tata Teleservices to merge consumer mobile business with Bharti Airtel
By CA Ojas Aggarwal
Bharti Airtel Thursday announced it will merge its mobile business operations with that of Tata Teleservices.
 Deals of the day-Mergers and acquisitions Oct 11, 2017
By CA Atul Gupta
Grocery chain operator Kroger Co said it would explore strategic alternatives, including a potential sale, for its convenience stores business in the United States.
 Mergers and acquisitions deliver underperformance for insurers
By CA Mayank Jain
That is according to new research by Willis Towers Watson (WLTW), and is thought to be partly due to a high-value, low-volume environment, with the average deal price almost double that recorded in 2015.
 Deals of the day-Mergers and acquisitions Oct 9, 2017
By CA Manu T George
Honeywell International Inc plans to spin off non-core assets and create at least two new publicly listed companies,
  Mergers and acquisitions often disappoint
By CA Atul Gupta
WHEN you are the chief executive of a public company, the temptation to opt for a merger or acquisition is great indeed. Many such bosses may get a call every week or so from an investment banker eager to offer the kind of deal that is sure to boost profits.
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Indirect Tax   RSS Feeds
 Indirect Tax Collection Under Gst Goes Down By 30 Percent
By CA Rashmi Sharma
The indirect tax collection in Uttar Pradesh under the new tax regime goods and services tax (GST) has fallen by 30 per cent in the July-September period in the current financial year 2017-18,
 What is a belated income tax return and what are its consequences
By CA Ojas Aggarwal
If you think you will miss the extended income tax return filing deadline also, there's still a chance for you to file your return.
 Why rejig of financial year could upset your tax planning
By CA Atul Gupta
On July 1st 2017 the most awaited and historic change to the Indian Taxation system was made with the introduction of the Goods and Services Tax (GST).
 The threat of harsh penalty should not impede tax compliance
By CA Nilesh Sahu
The Employees Provident Fund Organisation added over 10 million new subscribers after employers got an opportunity to file declarations for their unregistered employees with a nominal fee of Rs 1 per annum. The amnesty proved a pragmatic way to improve compliance.
 What are the tax exemption limits for allowances, reimbursements paid to employees? Find out
By CA Nilesh Sahu
Many of the allowances, reimbursements paid to us as a part of salary are tax-exempt up to a certain limit but the tax exemption is subject to certain conditions.
 High-income taxpayers to get priority treatment and extra facilities
By CA S K Verma
Welcome priority taxpayer, how may I help you? That could be the greeting you may get from the taxman, an encounter that's traditionally been far from friendly.
 GST input tax credit rules: How taxpayers will benefit from ITC
By CA Atul Gupta
The mechanism of input tax credit will ultimately reduce the final price to the wholesaler, retailer and consumer too, and cause a paradigm shift from individuals paying more taxes to more individuals paying taxes.
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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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