Seriously, start planning now for 2015 tax returns By CA Atul Gupta Did you mail out those checks to charities before year-end? Did the beneficiaries of your annual tax-free gifts cash their checks? Did you sell those energy stocks and use the losses to offset gains elsewhere in your portfolio?
New tax computation norms from FY16 By CA Mayank Jain A new set of norms for tax computation released by the government have addressed many concerns of the corporate India about the tax implications of a proposed shift to the corporate accounting based on fair value concept.
How you can use deductions to optimise tax benefits By CA Andrew F Thomas Mohit is a young, unmarried media professional. He is well educated and has been working for 4 years now. He complains about his high tax outgo but he does not understand much about taxation rules.
Mutual funds pitch for ELSS as tax deadline nears By CA Mayank Jain Mutual funds are going all out to sell their equity-oriented tax savers to investors as the deadline for employees to submit investment proof to companies to avail the tax benefit nears.
Modification of Circular No.18 of 2014-15 dated 24/11/2014 VAT - Delhi By CA Devender Singh In partial modification of this department’s Circular No.18 of 2014-15, the following Assistant Commissioner (mentioned at Col.No.4) is hereby authorised as Spl. OHAs for hearing the objections with respect to 2A-2B mismatch of 2012-13 instead of the Assistant Commissioner mentioned at Col.No.2 till further orders :
Amendments in Sixth Schedule of the Delhi Value Added Tax Act, 2004 By CA Mayank Jain WHEREAS the Ministry of External Affairs, Government of India, in accordance with the principle of reciprocity has requested the Government of National Capital Territory of Delhi to grant facility of VAT exemption/refund to Embassy of the Republic of Latvia in New Delhi
Sale of used cars is not subject to VAT under the Delhi Value Added Tax Act, 2004 By CA Rashmi Sharma Anand Decors and Others (“the Appellants”) were manufacturing certain commodities and were registered dealers under the Delhi Value Added Tax Act, 2004 (“DVAT Act”). The Appellants purchased motor vehicles/ cars, paid Sales tax/ VAT but did not avail input tax credit thereon under DVAT Act. The Appellants were not dealers or traders in motor vehicles.
How India will become a common market with GST By CA Rashmi Sharma With the Centre and states finally reaching a consensus on the contours of the Goods and Services Tax (GST), India is all set to roll out the largest indirect tax reform since the introduction of the value-added tax in 2005.
Have Indian markets run ahead of fundamentals? By CA Andrew F Thomas The returns of Indian stock indices so far this year have been seven times the average for emerging markets. These gains have made the Indian market more expensive than most comparable peers, and even developed ones like the US, UK and Germany.
High customs duty hindering growth of Indian luxury market By CA S K Verma Renowned Switzerland-based luxury watchmaker Raymond Weil has plans for four more franchise showrooms in India over the next two years but hopes the Indian government will lower the high customs duty which is a high 49% at present.
Claiming tax benefits under DTAA? Things you should know By CA Rashmi Sharma A person who earns income must pay tax in the country he earns in as well as the country he resides in. In order to avoid this, India has signed Double Taxation Avoidance Agreements (DTAAs) with many countries so that the income is taxed only once.
SIT detects Rs 10,000-cr tax evasion in Haryana By CA Ojas Aggarwal A special investigation team (SIT) formed by the Haryana Lokayukta has claimed to have detected revenue loss of more than Rs 10,000 crore, allegedly caused by builders and developers through tax evasion, officials said.
No problem with GST; want CST compensation on time By CA Manu T George Chhattisgarh has no objection on implementation of the Goods and Service Tax (GST) provided the Centre's compensation on loss due to phasing-out of Central Sales Tax is given on time, state chief minister Raman Singh said here today.
Extension of Company Law Settlement Scheme,2014 (CLSS-2014 By CA Nilesh Sahu In continuation to the Ministry's General Circular No.34/2014 dated l2.Oa.2OI4 arrd 4O/2O14 dated 15/1Ol2O14 on t}te subject cited above, tlis Ministry has, on consideration of requests received from various stakeholders,
CA curriculum will change in 2016: ICAI president By CA Devender Singh The Institute of Chartered Accountants of India (ICAI) will introduce the revised curriculum for the chartered accountancy course from 2016 and this change will be in accordance with the developments in the global economy, said K Raghu, president, ICAI.
Amendment to CESTAT Appeal Forms By CA Atul Gupta Reference is invited to Circular No.969/03/2013-CX dated 11th April, 2013 whereby the forms for filing appeal in the CESTAT were amended/revised and new forms for Central Excise
The reconciliation return in CST Form 9 By CA Mayank Jain The reconciliation return in CST Form 9 relating to receipt of declarations/
certificates for a year has been notified vide Notification No.F.3(27)/Fin(Rev-I)/2013- 14/dsVI/292 dated 05/03/2014.
Notification - Main May 2015 By CA Ojas Aggarwal In pursuance of Regulation 22 of the Chartered Accountants Regulations, 1988, the Council of the Institute of Chartered Accountants of India is pleased to notify that the Intermediate (IPC)
The Companies (Cost Records and Audit) Amendment Rules,2014 By CA Ojas Aggarwal In exercise of the powers conferred by sub-section (1)and (2) of section 469 and section 148 of the companies Act, 2013 (18 of 2013 ) the central government hereby makes the following rules to amend the companies (cost Records and Audit ) Rules,2014 namely:-
Regarding Export and Import of Currency By CA Manu T George Attention is invited to Regulation (3) of Foreign Exchange Management (Export
and Import of Currency) (Amendment) Regulations, 2009, notified vide Notification
No.FEMA.258/2013-RB dated February 15, 2013
Tech Firms Want Tax Issues to be Addressed in Budget By CA Manu T George Top officials from IT, BPO and e-commerce sectors have requested Finance Minister Arun Jaitley to address certain issues related to taxation in the Budget for fiscal year 2015-16, and provide incentives for setting up data centres in the country.
FM should focus non-adversarial tax regime in Budget: FICCI By CA Atul Gupta Jyotsna Suri, President of FICCI today has urged the Finance Minister, Shri Arun Jaitley, to make earnest efforts to move away from the aggressive revenue approach and provide a genuine on-adversarial and conducive tax environment for industry and the economy to flourish.
Fund managers to wait tilll next Budget for tax clarity By CA Nilesh Sahu The wait for foreign fund managers' with permanent establishment in India to get tax relief on their global income may get longer as the Income Tax department will make the necessary amendments only in the next Budget.
At realty fair, luxury shares space with budget housing By CA Ojas Aggarwal The 10th edition of Gujarat Institute of Housing and Estate Developers (GIHED) property festival began on Friday with 600 residential and commercial properties on display at Gujarat University convention centre.
India moves closer to a nationwide sales tax By CA Rashmi Sharma India's plans to rationalise state and central indirect taxes into a harmonised goods and service tax (GST) took a step closer to reality after New Delhi struck a deal with recalcitrant states, two government sources told Reuters.
India moves closer to nationwide sales tax By CA Manu T George India's plans to rationalise state and federal indirect taxes into a harmonised goods and service tax (GST) took a step closer to reality after New Delhi struck a deal with recalcitrant states, two government sources told Reuters.
States set to reveal their mind on petroleum GST By CA Atul Gupta Finance minister Arun Jaitley will meet state finance ministers on Thursday to discuss a draft Constitution Amendment Bill for the proposed goods and service tax (GST) that seeks to redefine the taxation rights of the union and state governments.
Part of CST compensation likely before Budget By CA Mayank Jain The Centre is planning to give “a portion” of the central sales tax (CST) compensation to states before the upcoming Budget, even as it gears up to introduce the Constitution (Amendment) Bill, 2014, for implementing the proposed goods and services tax (GST) in the ongoing Winter session.
Traders urged to pay sales tax By CA Andrew F Thomas K. Sridhar, Deputy Commissioner of Commercial Taxes Department on Tuesday urged traders to promptly pay sales tax to the Government.
Tax efficient investment tools for retirees By CA Nilesh Sahu An elderly person who has just retired from active work has lived a life fulfilling various obligations. From his tax obligations to obligations towards his or her family, co-workers and life in general, retirement is the time to live a peaceful and content life.
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
Arun Jaitley against higher income tax rate to raise revenue By CA S K Verma Ahead of his first full fledged budget, Finance Minister Arun Jaitley today said that the NDA government was against raising revenue by imposing higher taxes, instead it would want to leave more money in the hands of consumer to fuel demand and growth.
CBDT tightens its grip on refund payouts By CA Manu T George Taxpayers who had made refund claims with income-tax department will now have to wait for the payouts if their tax returns were to have been selected for scrutiny.
CBDT appoints 15 commissioners to five DRPs By CA Devender Singh On the heels of ushering in new dispute resolution mechanism, the CBDT has appointed 15 commissioners as members of the newly set up five dispute resolution panels (DRPs).
Double taxation a headache for India’s product startups By CA Ojas Aggarwal India's software product startups plan to approach the finance ministry this week to get the ambiguity cleared in this Union Budget on the pending issue of whether software sold in the country should be classified as a product or service.
Support Services Under Service Tax By CA S K Verma support services” means infrastructural, operational, administrative, logistic, marketing or any other support of any kind comprising functions that entities carry out in ordinary course of operations themselves but may obtain as services
Save income tax with help of donations under section 80GGA By CA Mayank Jain There is a tax deduction available for donations made by an individual for charitable purposes. This is very well known and quite a few people would have taken the benefit of this route for the purpose of the contributions that they have made.
Indian Tribunal rejects transfer price adjustment in Microsoft case By CA Nilesh Sahu The Delhi Income Tax Appellate Tribunal (Tribunal) rejected an approximate INR 290 million (about $4.5 million) transfer pricing adjustment relating to marketing services provided by the assessee, Microsoft Corporation India Pvt. Ltd., to its US parent and Singapore and UK affiliates.
CBDT to soon clarify transfer pricing issue in Vodafone case By CA Devender Singh Assuming a non-combative approach, the Central Board of Direct Tax (CBDT) will soon issue a clarification to the transfer pricing division about making adjustments for the shares issued by Vodafone India to Vodafone Mauritius for the assessment year 2011-12, sources said.
Vodafone transfer pricing case: Tax dept may not lose hope By CA Mayank Jain The transfer pricing department has sought clarity from the government on legal recourse in the Vodafone transfer pricing case. Sources have indicated that the department has written to the Central Board of Direct Taxes (CBDT),
Deals of the day- Mergers and acquisitions By CA Devender Singh French travel group Club Med\\\'s board has recommended that shareholders accept the latest takeover offer from Chinese conglomerate Fosun, it said in a statement.
Committed to non-aggressive tax regime: FM By CA S K Verma Finance minister Arun Jaitley on Friday indicated he will initiate further steps to check a flight of investment from the country as he pitched India as "great choice" for investors, domestic and overseas.