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News Headlines   RSS Feeds
 Income tax department orders special audit of MCX-SX, NSEL
By CA Rashmi Sharma
In a bid to curb potential revenue leakages in the Rs 5600 crore NSEL payment crisis, the income tax department has ordered a special audit of MCX-SX and NSEL, three sources familiar with the development told ET NOW. ET NOW was the first to report the development.
 New Govt must modernise the tax administration
By CA Nilesh Sahu
Though the Modi government claims the state is in good financial health, the state exchequer's earnings seem to have fallen drastically.
 Getting your refund for higher tax deducted at source
By CA Mayank Jain
There are a lot of occasions when salaried individuals find that the tax that has been deducted by the employer is different from what has actually to be paid.
 Certificate Course on Master in Business Finance - 7th Batch at Delhi, Mumbai and Ahmedabad from May, 2014 (Registration Open)
By CA Rashmi Sharma
The Committee on Management Accounting (CMA) of ICAI will conduct 6th Batch of Master in Business Finance
 Cancel tax benefits of defaulting pol parties: EC to CBDT
By CA Mayank Jain
Election Commission has written to the CBDT seeking cancellation of income tax exemption given to certain political parties as they failed to submit their mandatory expenditure contribution reports on time to the poll body.
 Announcement regarding the Certificate Course on Arbitration at New Delhi - May 2014.
By CA Rashmi Sharma
The objective of the Certificate Course on Arbitration is to familiarize the members with the relevant laws which impact the arbitration process and the practical procedural aspects and to build the competency level of the members of the ICAI
 10 taxes you should know about
By CA Andrew F Thomas
Taxes, along with taxation rules are one of the most complex and confusing topics of any financial system. This complexity arises because of different types of taxes with different tax rates and continuous amendments in the taxation rules which are retrospective and prospective at times.
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Continuing Prof. Edu.   RSS Feeds
 All Maharashtra Direct Tax Conclave
By CA Atul Gupta
Place: ICAI Bhavan 10 Gajanan Colony Ring Road J Date: 19th Apr, 2014 09:30 - 16:30 CPE.Hrs.: 6
 CPE SEMINAR ON – SELECT ISSUES IN BUSINESS INCOME UNDER INCOME TAX ACT - 1961
By CA Mayank Jain
Place: 46, Pethichettipuram, Ist Street, Rayapuram, Tirupur – 641601 Date: 18th Apr, 2014 18:15 - 20:15 CPE.Hrs.: 2
 RULES ON AUDITING AND ACCOUNTS UNDER COMPANIES ACT, 2013
By CA Andrew F Thomas
Place: PARVATANENI BRAHMAYYA MEMORIAL HALL, BRANCH PREMISES Date: 23rd Apr, 2014 17:30 - 20:30 CPE.Hrs.: 3
 Audit & Auditors & Acceptance of deposit Rules Under Companies Act,2013
By CA Nilesh Sahu
Place: Hotel Kohinoor, Andheri Kurla Road J B Nagar, Andheri (E), Mumbai-59 Date: 20th Apr, 2014 08:45 - 13:15 CPE.Hrs.: 6
 New Companies Act, 2013
By CA Andrew F Thomas
Place: Hotel Lords Plaza, Ring Road, Surat - 395003 Date: 19th Apr, 2014 10:00 - 17:00 CPE.Hrs.: 6
 SEMINAR ON UNEXPLAINED INCOMES, FUND RAISING IN CURRENT SCENARIO & CHARITABLE TRUSTS
By CA Nilesh Sahu
Place: Prakash Palace Banquet, 13, Wazirpur Press Area, Behind Punjab Kesri, Delhi-110035. Date: 16th Apr, 2014 16:30 - 21:45 CPE.Hrs.: 5
 FULL DAY SEMINAR ON IMPORTANT PROVISIONS OF COMPANIES ACT, 2013
By CA Mayank Jain
Place: SHANTINATH HALL, K V PATEL HALL, CLASSROOM Date: 19th Apr, 2014 09:30 - 17:30 CPE.Hrs.: 6
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VAT (Value Added Tax)   RSS Feeds
 Notification No.F.5(54)/Policy/VAT/2013/PF/ 1123-1135 dated 26/12/2013, the word “entry Nos” appearing in second para and in the heading of table of ‘Part A- List of Embassies’ and ‘Part-B List of International Organisations’ of Entry No.1 of Sixth Schedule, may be read as “Sl.No.”
By CA Devender Singh
In partial modification of this department's Notification No.F.5(54)/Policy/VAT/2013/PF/ 1123-1135 dated 26/12/2013, the word "entry Nos" appearing in second para and in the heading of table of `Pa rt A- List of Embassies'
  To grant facility of VAT exemption/refund to High Commission of the Republic of Malawi in favour of official purchases as well as personal purchases of its diplomats and Mahatma Gandhi Institute of Education for Peace and Sustainable Development (MGIEP) in New Delhi on purchase of goods
By CA Rashmi Sharma
To grant facility of VAT exemption/refund to High Commission of the Republic of Malawi in favour of official purchases as well as personal purchases of its diplomats and Mahatma Gandhi Institute of Education for Peace and Sustainable Development (MGIEP) in New Delhi on purchase of goods
  Advisory to Embassy,High Commissions and International Organization regarding VAT refund
By CA Andrew F Thomas
Advisory to Embassy,High Commissions and International Organization regarding VAT refund
 To grant facility of VAT exemption/refund to High Commission of the Republic of Malawi in favour of official purchases as well as personal purchases of its diplomats and Mahatma Gandhi Institute of Education for Peace and Sustainable Development (MGIEP) in New Delhi on purchase of goods
By CA Nilesh Sahu
To grant facility of VAT exemption/refund to High Commission of the Republic of Malawi in favour of official purchases as well as personal purchases of its diplomats and Mahatma Gandhi Institute of Education for Peace and Sustainable Development (MGIEP) in New Delhi on purchase of goods
 Advisory to Embassy,High Commissions and International Organization regarding VAT refund
By CA Devender Singh
Advisory to Embassy,High Commissions and International Organization regarding VAT refund
 CENVAT Credit (Fifth Amendment) Rules, 2014
By CA Mayank Jain
Power to impose restrictions in certain types of cases.— Notwithstanding anything contained in these rules, where the Central Government, having regard to the extent of misuse of CENVAT credit, nature and type of such misuse and such other factors as may be relevant,
  Whether the goods transferred i.e. religious pictures not for use as calender is tax free being covered by entry 45 Schedule I of DVAT Act?
By CA Devender Singh
The above named applicant filed an application on 06/01/2014 under section 84 of Delhi Value Added Tax Act, 2004 (hereinafter referred to as the \"said Act\") and the question put up for determination under the aforesaid provision oflaw is as under :-
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Markets   RSS Feeds
 Market may open higher on firm Asian stocks
By CA Ojas Aggarwal
The market may open higher on firm Asian stocks. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could gain 10 points at the opening bell.
 Sensex gains 161 points on good buying
By CA Atul Gupta
The BSE Sensex on Monday continued to gain on the back of short covering amid volatility with buying in frontline shares of oil & gas, health care, realty, consumer durable and teck counters in late morning trade.
 Expect markets to receive Budget 2013 positively: Ambit Capital
By CA Devender Singh
The Union Budget for FY'14 is likely to be a 'dream budget' that will deliver the promised fiscal consolidation as well as imbibe progressive tax reforms, says an Ambit Capital pre-budget report.
 Markets may not gain sharply despite friendly Budget 2013
By CA Manu T George
Ever since returning as the Finance Minister, P Chidambaram has been instrumental in introducing a slew of reform measures to perk up a sluggish economy. A fiscally prudent and balanced budget is what the markets are expecting from the Finance Minister.
 Pre-budget jitters can pave way for some market correction:
By CA Rashmi Sharma
Indian markets are digesting last week's monster rally and some stocks are looking slightly rusty. Do you think the big move in January is now behind us?
 FIIs will quit Indian markets if swords of GAAR, indirect transfer rules hang over their heads
By CA S K Verma
International financial services industry representatives continue to work with government officials to try and resolve significant issues related to the impact of the proposed Finance Bill, 2012, on the Indian capital markets.
 Markets end session on a firm note
By CA Manu T George
The markets trimmed gains but continued to witness positive trades in afternoon deals, buoyed by index heavy-weight RIL, Consumer Durables, Capital Goods and Metal shares. The BSE Sensex is at 17,604, up 126 points and the Nifty at 5,358, up 40 points.
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General   RSS Feeds
 Finance Ministry detects over Rs 1800 crore excise duty evasion in 2013-14
By CA Mayank Jain
Increased efforts in checking revenue leakage have resulted in detection of over Rs 1,800 crore central excise duty evasion across the country during 2013-14.
 No TDS on deposits doesn't mean these are tax-free
By CA Ojas Aggarwal
Are you receiving emails or telephone calls from banks advising you to invest in recurring deposits because there is no tax deducted at source (TDS) in this case? Remember, such investments aren’t tax-free.
  Tax burden on wages in rich countries rose again in 2013: OECD
By CA Devender Singh
Taxes on wages rose across industrialised countries last year, as governments sought to reduce budget deficits blown out by efforts to tackle years of economic weakness following the financial crash.
 No tax on foreign currency bank deposit interest for NRIs
By CA Atul Gupta
Interest earned on deposits held in foreign currency with a scheduled bank, by a non-resident or by a person who is not ordinarily resident (RNOR) is exempt from income tax according to the provisions of section 10 (15) of the Income-tax Act, 1961 (the Act).
 Tax collection: Commercial taxes department to get aggressive
By CA Mayank Jain
Commercial taxes department is all set to be aggressive for tax collection. It has projected a revenue collection target of Rs 22,900 crore during the current financial year.
 MNCs line up for transfer pricing pacts with tax authorities
By CA Ojas Aggarwal
The tax department received 232 applications from MNCs in 2013-14, up 60 per cent year-on- year, to obtain advance ruling over pricing arrangement for transactions within group firms and the ensuing tax liability.
 For investors, consistency of tax policy is most important: Deloitte survey
By CA Atul Gupta
Consistency in tax policy is considered more important by investors than predictability or complexity of tax regimes, a Deloitte survey of Asia-Pacific region has found.
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Corporate Law   RSS Feeds
 Empanelment of Standing Counsels for representing Service Law cases of the Income Tax Department.
By CA Atul Gupta
Empanelment of Standing Counsels for representing Service Law cases of the Income Tax Department.
 Corporate Affairs Ministry seeks views from Law Ministry, SEBI
By CA Devender Singh
The Corporate Affairs Ministry has sought clarifications from the Law Ministry as well as regulators SEBI and FMC to finalise action against “gross violations” by Financial Technologies and related entities.
 Income Tax law should be lawyers’ prerogative: BCI
By CA Atul Gupta
The Bar Council of India has urged the Centre to allow only advocates to appear before income-tax authorities at all levels, including the appellate tribunal for arguments on assessment, penalty, etc.
 Don't use retro amendment of tax laws to raise revenue: Parthasarathi Shome
By CA Mayank Jain
Amid long-pending dispute between the UK-based telecom giant Vodafone and the tax authorities, finance minister's advisor Parthasarathi Shome on Wednesday said the government should not use retrospective amendment of tax laws to raise revenues.
 Overlaps confound corporate India
By CA Devender Singh
India is waking up to the implications of the new company law. As sections get notified in tranches and the rules are put out for public comments, several areas of overlap with other laws and regulations are emerging, which need to be sorted out, say legal experts.
 Metro & Metro vs. ACIT (ITAT Agra)
By CA Andrew F Thomas
Law on taxation of fees for technical services u/s 9(1)(vii) & Article 12 and disallowance u/s 40(a)(i) for failure to deduct TDS explained
 Shome against retro amendment of tax laws to raise revenue
By CA S K Verma
Amid the long-pending dispute between Vodafone and tax authorities, the Finance Minister’s advisor Parthasarathi Shome on Monday said the government should not go in for retrospective amendment of tax laws to raise revenue.
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Students   RSS Feeds
  Webcasts for Students: Common Proficiency Test (CPT), Intermediate (IPC) Course, Final Course and Accounting Standards
By CA Ojas Aggarwal
The Board of Studies of the Institute has organized Webcasts for the respective subjects of the Common Proficiency Course (CPC), Intermediate (IPC) Course and Final Course; and on “Accounting Standards” and on “How to Prepare for CA Exams” for the benefit of Students.
  Announcement of Four Weeks Residential Programme of 24th & 25th Batch to be held from June 13, 2014 to July 10, 2014 at Centre of Excellence, Hyderabad.
By CA Nilesh Sahu
Board of Studies is pleased to announce the 24th and 25th Batch of ICAI Four Weeks Residential Programme on Professional Skills Development from June 13, 2014 to July 10, 2014 at Centre of Excellence, Hyderabad.
 Corrigendum to answers related to modification of charge and notice of meeting given in the Practice Manual of Paper No. 2: Business Laws, Ethics and Communication.
By CA Devender Singh
Answer to question no. 52 (page no. 6.133) - Section 135 of the Companies Act, 1956 provides that "whenever the terms or conditions or the extent or operation of any charge registered under this part are or is modified
 Applicability of the notified sections of the Companies Act, 2013 for November 2014, Examinations. - (15-03-2014)
By CA Rashmi Sharma
As students may be aware that the Companies Act, 2013 has been notified in the Official Gazette on 30th August, 2013 stating that different dates may be appointed for enforcement of different provisions of this Act through notification of the Central Government in this regard.
  Board of Studies organizes LIVE Webcast on Accounting Standards Overview and Amendments in Intermediate (IPC) Course Paper-4: Taxation on March 29, 2014 from 01.00 p.m. to 05.00 p.m.
By CA Atul Gupta
Board of Studies organizes LIVE Webcast on Accounting Standards Overview and Amendments in Intermediate (IPC) Course Paper-4: Taxation on March 29, 2014 from 01.00 p.m. to 05.00 p.m.
 ICAI placement prog to see nearly 1,000 students participation
By CA Mayank Jain
Nearly 1,000 students who have completed their chartered accountant course are expected to participate in the ICAI-organised campus placement programme starting next week.
 Common Proficiency Test (CPT), Intermediate (IPC) Course, Final Course and Accounting Standards
By CA Manu T George
The Board of Studies of the Institute has organized Webcasts for the respective subjects of the Common Proficiency Course (CPC), Intermediate (IPC) Course and Final Course; and on “Accounting Standards” and on “How to Prepare for CA Exams” for the benefit of Students.
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New Forms   RSS Feeds
 Application Form For Obtaining Scholarship From S.Vaidyanath Aiyar Memorial Fund - 2014
By CA S K Verma
I request that I may be provided scholarship from S.Vaidyanath Aiyar Memorial Fund for pursuing the Chartered Accountancy course. I give below my particulars as:
 leftmnublet User Manual for filing T-2 from 15-03-2014 by all dealers with Turnover greater than equal to Rs 1 Crore
By CA Mayank Jain
For Vehicle No ­DL1P3845, invoice no -PR/258/13-14, Delhi VAT Rate is 12.5% and Vat rate wise actual invoice amount (Excluding CST and Freight value) is 858925, then we just type it as per mentioned SMS format and send it to 9211728082.
 Notification on Revised format of T-2
By CA Nilesh Sahu
Notification on Revised format of T-2
 Extension of time-limit for filing of ITR-V Forms.
By CA Nilesh Sahu
The Central Board of Direct Taxes has extended the time-limit for filing ITR-V Forms for Assessment Years 2009-10, 2010-11 and 2011-12 till 31.03.2014 for returns e-filed with refund claims within the time allowed under section 139 of the Act.
 submission of audit report in Form AR-1 for the year 2012-13, by dealers having turnover of Rs.10 crores or more in 2011-12
By CA Rashmi Sharma
In partial modification of Notifications No.7(420)/Policy/VAT/2011/1203-1213 dated 11/02/2013 and No. 3(384)/Policy/VAT/2013/942-953
 E-sampark centres not taking downloaded property tax forms
By CA Mayank Jain
Residents who went to e-sampark centre in some sectors for submitting property tax on residential property had to face problems with forms downloaded from the internet not being accepted. Instead the residents were asked to take forms from the sampark centres and fill these up
 Extend the date for filing of the Form Stock-1 online to 5th October, 2013 for all dealers.
By CA Ojas Aggarwal
Extend the date for filing of the Form Stock-1 online to 5th October, 2013 for all dealers.
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Department of Companies Affairs   RSS Feeds
 Impose tax on windfall profits of pvt oil cos: CPM tells Govt
 Taxes fuel petrol, diesel prices globally
 Department of Economic Affairs seeks hike in spectrum fee
 Rising yen gives companies the jitters
 ROC Forms
 ROC Circulars
 ROC Notifications
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ICAI   RSS Feeds
 Exclude private companies from audit cap scope, ICAI tells Ministry
By CA Andrew F Thomas
The recently introduced audit cap restriction under the new company law should not apply to private limited companies, one-person companies and small companies.
 Mobile enabled e-Learning for CA Course on Cloud Campus
By CA Nilesh Sahu
The e-Learning facility on Students Learning Management System (LMS) at http://StudentsLMS.icai.org is now Mobile Enabled - Students can view the e-Lectures on smart phones/ mobiles/ tablets.
 ICAI expresses its concern on the proposed definition of “Accountant” in DTC, 2013
By CA Devender Singh
As the members are aware, the Direct Taxes Code, 2013 has proposed to widen the scope of the definition “Accountant” to include other professionals as well. It is a fact that various provisions in the Income-tax Act, 1961
 Representation to MCA regarding limit on number of audits as per Section 141 (3) (g) of the Companies Act 2013
By CA S K Verma
Representation to MCA regarding limit on number of audits as per Section 141 (3) (g) of the Companies Act 2013
  Certificate Course on Master in Business Finance - 7th Batch at Delhi, Mumbai and Ahmedabad from May, 2014 (Registration Open)
By CA Manu T George
The Committee on Management Accounting (CMA) of ICAI will conduct 6th Batch of Master in Business Finance
 Institute Of Chartered Accountants Of India Master In Business Finance Registration Form
By CA Andrew F Thomas
Institute Of Chartered Accountants Of India Master In Business Finance Registration Form 7th Batch (Read Instructions Given In The Prospectus Before Filling Up Form)
 Inviting comments on the basic draft of the A Practical Approach to Insurance Arbitration (Comments to be received by 30th April 2014) by email at cobip@icai.in
By CA Manu T George
Comments should be submitted in writing to the Secretary, Committee on Banking, Insurance and Pension, The Institute of Chartered Accountants of India, ICAI Bhawan, Indraprastha Marg, New Delhi
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From the Courts   RSS Feeds
 Take Notice that the matters shown in the list which are to be heard by the 'Constitution Bench (CB) consisting of the Five Hon'ble Judges' will be listed before the Hon'ble Chief Justice's Court from Tuesday the 29th April, 2014. - Download List.
By CA Andrew F Thomas
TAKE NOTICE THAT the matters shown below which are to be heard by the nstitution Bench consisting of Five Hon'ble Judges will be listed before the Hon'ble Chief Justice's Court from Tuesday the 29th April, 2014.
 commissioner of income tax-iv Vs. m/s devasan investment pvt. ltd
By CA Nilesh Sahu
In these appeals, the Revenue contends that the Income Tax Appellate Tribunal ("ITAT") erred in concluding that the amounts originally brought to tax as business income of the assessee were short
 NTPC ltd. Vs.. commissioner of income tax-v
By CA Devender Singh
This is an assessee's appeal against the decision of the Income Tax Appellate Tribunal (ITAT) dated 30.4.2012 in ITA 1438/Del/2009 for the assessment year 2005-06.
 Commissioner Of Income Tax Delh-Ii Vs. Kalindi Rail Nirman Engg. Ltd.
By CA S K Verma
This appeal filed by the revenue under Section 260A of the Income Tax Act, 1961 (hereinafter referred as the "Act") is directed against the order passed by the Income Tax Appellate Tribunal
 Shri Varun Sharma, Prop. of M/s. Sharma Optical & Lens Clinic, III-M/R-13, Nehru Nagar, Ghaziabad – 201 001 (U.P.) vs. ITO, Ward 2 (1), Contact Ghaziabad.
By CA Ojas Aggarwal
This appeal filed by the assessee emanates from the order of CIT (A),Ghaziabad dated 29.10.2012 for the assessment year 2007-08.
 Uranium Consultancy Services Pvt. Ltd., Flat No-10, C-1/2, Model Town, Delhi-110009. Vs ITO, Ward-18(2), New Delhi.
By CA Atul Gupta
This is an appeal filed by the assessee against the order dated 28.02.2012 of CIT(A)-XXI, New Delhi pertaining to 2006-07 assessment year on the following grounds:-
 Global One India P.Ltd. DSO 601-603, 607-6086 th floor, DLF South Court, Saket New Delhi vs. ACIT, Circle 12(1) New Delhi
By CA Mayank Jain
Both these appeals are filed by the assessee and are directed against separate orders of the ACIT Circle 12(1), New Delhi for the Assessment Year 2007-08 dt. 31.10.2011 and order of the Dy.CIT, Circle 12(1), New Delhi dt.
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Auditing   RSS Feeds
 Apex court allows CAG audit of private telcos
By CA Manu T George
The Supreme Court on Thursday held that the Comptroller and Auditor General (CAG) could audit the account books of private telecom companies, which share their revenues with the government for using spectrum.
 The Companies Act, 2013: Impact On Auditors And Audit Firms
By CA Mayank Jain
When the draft rules relating to the Companies Act, 2013, were first rolled out, Zenobia Aunty’s auditor friends were shell-shocked.
 BANK AUDIT- A Practical Approach
By CA S K Verma
Banking is a dynamic activity. Therefore banks are different from most other commercial enterprises. Now a days banking has constantly been undergoing a change. Chartered Accountants are expected to carry out the bank branch audit in the shortest possible time.
 Location of Place of Business and Book of Accounts
By CA Mayank Jain
You are required to have a principal place of business in Delhi and intimate any change in its address to the Commissioner within 30 days of such change.
 3 Under Ministry’s Scanner for Audit 'Jugglery'
By CA Manu T George
Three auditing firms that audited the books of now infamous and crisis hit National Stock Exchange (NSE) and its promoter group, Financial Technologies Limited have come under the scanner of the Ministry of Corporate Affairs for alleged lapses in auditing the books of NSE.
 United Bank of India faces auditing, corporate governance probes
By CA Nilesh Sahu
The crisis-hit United Bank of India, which has run into losses amid suspiciously high bad loans, now faces fresh probes for possible lapses related to auditing and corporate governance norms.
 Power discoms not cooperating with auditing body, says CAG
By CA Devender Singh
The Comptroller and Auditor General ( CAG) and the Delhi government on Monday told the Delhi High Court that the three private discoms in the Capital are violating its order by not cooperating with the auditing body.
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Latest Circulars   RSS Feeds
  Rate of exchange of conversion of each of the foreign currency with effect from 17th April, 2014
By CA Devender Singh
In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in super session of the notification of the Government of India in the Ministry of Finance
  Rate of exchange of conversion of each of the foreign currency with effect from 17th April, 2014
By CA S K Verma
In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in super session of the notification of the Government of India in the Ministry of Finance
 Rate of exchange of conversion of each of the foreign currency with effect from 17th April, 2014
By CA Ojas Aggarwal
In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in super session of the notification of the Government of India in the Ministry of Finance
  Reserve Bank of India – Bulletin Weekly Statistical Supplement – Extract
By CA Manu T George
Explanatory notes are available in Reserve Bank of India Bulletin.The above information can be accessed on Internet at http://www.wss.rbi.org.inTime series data are available at http://dbie.rbi.org.in
  Seeks to levy provisional anti-dumping duty on imports of 'Sodium Nitrate', originating in, or exported from, the European Union, the People’s Republic of China, Ukraine and Korea RP , for a period of six months
By CA Rashmi Sharma
Whereas in the matter of Sodium Nitrate (hereinafter referred to as the subject goods), falling under Chapter 28 or 31 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred to as the said Customs Tariff Act), originating in, or exported from the European Union, the People’s Republic of China,
  Amends Notification No. 36/2001-Customs (N.T.), dated the 3rd August, 2001
By CA Andrew F Thomas
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 Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance
  Seeks to amend Notification No. 69/2011-Customs , dated 29th July, 2011 ( India-Japan CEPA)
By CA Nilesh Sahu
In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification
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Budget Extravaganza   RSS Feeds
 Budget focuses on construction, renovation
By CA Atul Gupta
The Shivaji University, Kolhapur (SUK) declared its budget for the upcoming academic year 2014-15 on Thursday in its annual senate meeting. The budget estimates expenditure worth Rs 278.68 crore compared to deposits worth Rs 274.34 crore.
 Planning board, IT company proposed in Kerala university budget
By CA S K Verma
A planning board to suggest administrative reforms and skill development programmes, a postgraduate diploma in geriatric care and management, a diploma in communicative Sanskrit
 Budget 2014: FM cuts excise duty, woos youngsters, taxes unchanged
By CA Devender Singh
In an election year, Finance Minister P Chidambaram presented an Interim Budget shorn of rhetoric and stuck to highlighting the Congress-led UPA Government's achievements of the last 10 years. Faced with a massive economic slowdown and staring at prospects of a Congress rout in the Lok Sabha elections, the Finance Minister tinkered with excise duty to make cars, two-wheelers and mobiles cheaper,
 Highlights of P Chidambaram's interim budget 2014
By CA Mayank Jain
Under the system, the Centre and states will tax goods and services in identical rates. For instance, if 20% is the agreed rate on a certain good, the Centre and states will collect 10% each on the good.
 Andhra Pradesh presents budget with Rs 474 cr revenue surplus
By CA Devender Singh
Andhra Pradesh Finance Minister Anam Ramanarayana Reddy today proposed a vote-on-account budget of Rs 1,83,129 crore for 2014-15, with an estimated revenue surplus of Rs 474 crore.
 Kerala announces major tax concessions for tourism in budget 2014
By CA Ojas Aggarwal
Kerala is poised to become a ‘round-the-year destination’ for travellers and an important centre for international conferences with the Kerala government announcing major tax concessions for the state tourism industry in the state budget 2014.
 No further fare hike till next rail budget: Chairman of Railway Board
By CA Rashmi Sharma
After increase in passenger fares twice in the current financial year, railways today ruled out any fresh hike till the next rail budget in July.
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Sales Tax   RSS Feeds
 Auto sales in 2013-14 dip despite excise cut
By CA Ojas Aggarwal
Domestic passenger vehicle sales declined for the second consecutive year in 2013-14 as a sluggish economy, high inflation and fuel costs slammed the brakes on what was the fastest growing market in the world.
 Govt rejects move to raise tax slabs
By CA Manu T George
The finance ministry has rejected several recommendations made by the Parliamentary Standing Committee on Finance, including a change in income tax slabs and removal of some of the cess, arguing that the move will result in a revenue loss of Rs 60,000 crore.
 Record Rs 745 crore tax collection in Hyderabad
By CA Devender Singh
Despite being busy with poll duty, employees of the Greater Hyderabad Municipal Corporation (GHMC) have already crossed last year’s property tax collection figures of Rs 747-crore.
 Tax target logic under scanner
By CA Devender Singh
The government may consider reviewing the process of setting a tax target during the annual budget every year.
 Maharashtra takes steps to check sales tax evasion
By CA Rashmi Sharma
The Maharashtra Government proposes to check wide scale sales tax non compliance among traders dealing in goods either imported to the state or exported out of state to another.
 NHB decides early closure of tax-free bonds issue
By CA S K Verma
The tax free bonds of National Housing Bank (NHB) have been over-subscribed on the first day of issuance at Rs 1,252 crore, and has decided early closure of the issue today.
 Study finds that many big US corporations pay very little in taxes
By CA Andrew F Thomas
Many of the most profitable US corporations paid little or no federal income tax from 2008 to 2012, according to a five-year study issued on Tuesday by a left-leaning tax activist group.
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Forex   RSS Feeds
 Perils of an ad hoc forex policy
By CA Nilesh Sahu
In a speech that he gave last month at the International Monetary Fund, the Reserve Bank of India (RBI) Governor,
 Rupee depreciated by 17 paise to Rs 45.62 a dollar in early trade
By CA Andrew F Thomas
The rupee depreciated by 17 paise to Rs 45.62 a dollar in early trade today following weak domestic equity markets
 Rupee strengthened by 7 paise against dollar
By CA Devender Singh
The rupee strengthened by 7 paise to Rs 45.35 a dollar in early trade today on weakness in the US currency against major world currencies
 Rupee up by 4 paise against dollar in early trade
By CA Nilesh Sahu
The rupee strengthened by 4 paise to Rs 45.48 against the US dollar in early trade at the Interbank Foreign Exchange today
 Rupee falls by 18 paise at 4-week low against dollar
By CA Manu T George
The rupee today fell by 18 paise to trade at a four-week low of Rs 45.54 against the US currency in early trade, weighed down by dollar's gains against the major world currencies
 Rupee drops on weak shares; inflation eyed
By CA Nilesh Sahu
The Indian rupee fell on Friday tracking losses in local shares, which raised worries of foreign investors continuing to pull out funds from Asia's third-largest economy
 Rupee raises 6 paise against dollar in early trade
By CA Rashmi Sharma
The Rupee appreciated by 6 paise to Rs 45.07 a dollar at the Interbank Foreign Exchange market today, boosted by the greenback's weakness against euro and other major currencies
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ITAT-Constitution of Benches   RSS Feeds
 Income Tax Appellate Tribunal:Kolkata Hyderabad:Banches Hyderabad Constitution for the week commencing from 21/04/2014 to 01/05/2014
By CA Atul Gupta
Income Tax Appellate Tribunal:Kolkata Hyderabad:Banches Hyderabad Constitution for the week commencing from 21/04/2014 to 01/05/2014
 Income Tax Appellate Tribunal:Kolkata Benches:Kolkata Constitution of Kolkata benches for the period from 21/04/2014 to 25/04/2014
By CA Mayank Jain
Income Tax Appellate Tribunal:Kolkata Benches:Kolkata Constitution of Kolkata benches for the period from 21/04/2014 to 25/04/2014
 Income Tax Appellate Tribunal:New Delhi Benches:New Delhi Revised constitution for the week from 15/04/2014 to 17/04/2014
By CA Devender Singh
Income Tax Appellate Tribunal:New Delhi Benches:New Delhi Revised constitution for the week from 15/04/2014 to 17/04/2014
 Income Tax Appellate Tribunal:Chennai Benches:Chennai Revised constitution for the week from 15/04/2014 to 17/04/2014
By CA S K Verma
Income Tax Appellate Tribunal:Chennai Benches:Chennai Revised constitution for the week from 15/04/2014 to 17/04/2014
 Income Tax Appellate Tribunal:Mumbai Benches:Mumbai (Constitution From 15.04 14 To 17.04.14
By CA Devender Singh
Income Tax Appellate Tribunal:Mumbai Benches:Mumbai (Constitution From 15.04 14 To 17.04.14
 Income Tax Appellate Tribunal:lucknow Benches:lucknow (Constitution From 15.04 14 To 17.04.14 and 21.04.14 To 25.04.14
By CA S K Verma
Income Tax Appellate Tribunal:lucknow Benches:lucknow (Constitution From 15.04 14 To 17.04.14 and 21.04.14 To 25.04.14
 Income Tax Officer, vs Sheoran Infrastructure Pvt. Ltd., Ward-8(2), GF 25A, Indraprakash, New Delhi. Barakhamba Road, New Delhi.-1100001
By CA Nilesh Sahu
This appeal has been preferred by the revenue against the order ofCommissioner of Income Tax(A)-XI, New Delhi dated 11.07.2013.
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Placements & Empanelment   RSS Feeds
  75 Opening Accounts & Finance Executives Freshers jobs
By CA S K Verma
Salary:INR 2,25,000 - 4,25,000 P.A Farea: Accounts, Finance, Tax, Company Secretary, Audit Education: UG - Any Graduate - Any Specialization, Graduation Not Required PG - Any Postgraduate - Any Specialization,
  88 Opening Executive - Finance & Accounts
By CA Ojas Aggarwal
Salary:INR 1,75,000 - 6,75,000 P.A Farea: Accounts, Finance, Tax, Company Secretary, Audit Education: UG - Any Graduate - Any Specialization, Graduation Not Required PG - Any Postgraduate - Any Specialization
  New Opening Accountant | Finance Assistant | Accounts Assistant
By CA Manu T George
Salary:INR 1,25,000 - 4,25,000 P.A. Farea: Accounts, Finance, Tax, Company Secretary, Audit Education: UG - Any Graduate - Any Specialization PG - Any Postgraduate - Any Specialization, Post Graduation Not Required
 45 Opening Accounting Processor
By CA Rashmi Sharma
Farea: Accounts, Finance, Tax, Company Secretary, Audit Education: UG - B.Com - Commerce PG - Post Graduation Not Required Doctorate - Doctorate Not Required
 20 Opening Urgent Opening FOR F& A (finance & Accounts)
By CA Manu T George
Salary:INR 50,000 - 2,75,000 P.A. Depends ON YOUR Current Salary Farea: Accounts, Finance, Tax, Company Secretary, Audit Education: UG - Any Graduate - Any Specialization PG - Any Postgraduate - Any Specialization
 New Finance & Accounts Executives- Fresher Apply for HCL, Wipro, Accenture
By CA Rashmi Sharma
Salary:INR 1,00,000 - 4,50,000 P.A Farea: Accounts, Finance, Tax, Company Secretary, Audit Education: UG - Any Graduate - Any Specialization, Graduation Not Required PG - Any Postgraduate - Any Specialization, Post Graduation Not Required
  New Opening Finance Assistant | Accounts Assistant @ HCL
By CA Atul Gupta
Salary:INR 1,25,000 - 4,25,000 P.A. Farea: Accounts, Finance, Tax, Company Secretary, Audit
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Direct Tax   RSS Feeds
 Election Commission tightens tax screw on parties
By CA Andrew F Thomas
The Election Commission of India (EC) has asked the Central Board of Direct Taxes (CBDT) to cancel the income tax (I-T) exemption given to political parties that have failed to meet the deadline for submitting their expenditure contribution reports.
 EC asks CBDT to cancel poll parties tax benefits
By CA S K Verma
Election Commission has written to the CBDT seeking cancellation of income tax exemption given to certain political parties as they failed to submit their mandatory expenditure contribution reports on time to the poll body.
 Direct Taxes Code: Revised bill makes avoiding tax tougher for foreign companies
By CA Rashmi Sharma
The government has tightened a provision in the revised direct taxes code (DTC) Bill that will make it tougher for overseas companies to avoid paying taxes in India on transactions where underlying assets are located in the country.
 Welcome Direct Taxes Code Bill: Government to release revised bill for public comments
By CA Atul Gupta
The government's decision to release the revised Direct Taxes Code Bill for public comments is welcome. The Bill has no legal sanctity with the dissolution of Lok Sabha, but can be the foundation to reform India's direct tax law.
 The revised Direct Tax Code: How it impacts the individual taxpayers
By CA Mayank Jain
First mooted in 2008 to overhaul the five decade old direct tax regime with an effective and equitable direct tax system that facilitates voluntary compliance and reduces disputes, the Direct Taxes Code, 2013
 I-T return filed after last date needs CBDT approval
By CA Nilesh Sahu
I have been in China since April 1999. Till that time I was a resident Indian earning in India, but I have been unable to file my Income tax return for the last financial year in India.
 CBDT Press Release Regarding Signing of 5 APAs.
By CA Rashmi Sharma
The CBDT has signed the first batch of 5 unilateral Advance Pricing Agreements (APA) on 31st March 2014. The agreements cover a period of 5 years from AY 2014-15 to AY 2018-19
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Service Tax   RSS Feeds
 About 8k Cr Service Tax Evasion Detected During 2013-14
By CA Mayank Jain
With increased focus on revenue generation from service tax, officials have detected several cases of tax evasion amounting to about Rs 8,000 crore during 2013-14 fiscal which ended last month.
 Service tax defaulters will be prosecuted'
By CA Nilesh Sahu
Strict measures, including prosecution, will be pursued to enforce service tax compliance, said Deepa B Dasgupta, chief commissioner of central excise, customs and service tax, Visakhapatnam zone. "The service tax voluntary compliance encouragement scheme had given an opportunity
 Excise collection up 2%, service tax 14% in West Bengal for FY 14
By CA Atul Gupta
Central excise collection increased by nearly 2 per cent and service tax by 14-16 per cent during the FY 2013-14 for the Kolkata circle, but is short of the revised target.
 BJP promises GST, silent on direct taxes code
By CA Rashmi Sharma
Committing to push Goods and Service Tax (GST) regime, BJP on Monday said it will try to bring on board all states for implementing the indirect tax reform, but remained silent on the proposed Direct Taxes Code (DTC).
 Things you should know about e-payment of service tax
By CA Manu T George
From 1 January 2014, all those who paid a service tax of more than Rs 1 lakh in the previous financial year will be required to pay the tax using Net banking. It can be availed of only if the assessee has a bank account with Net banking facility, and the bank is among those registered for providing this facility.
 About Rs 8,000 crore service tax evasion detected during 2013-14: Report
By CA Andrew F Thomas
With increased focus on revenue generation from service tax, officials have detected several cases of tax evasion amounting to about Rs 8,000 crore during 2013-14 fiscal which ended last month.
 FinMin not in favour of CSR tax sops in backward regions
By CA Nilesh Sahu
The Finance Ministry is not in favour of giving tax benefits to businesses for their social welfare spendings in backward regions contrary to the recommendation made by a parliamentary panel.
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Customs and Excise   RSS Feeds
 Customs seize gold for second day on trot at International Airport
By CA Mayank Jain
Officers of Customs at Mangalore International Airport (MIA) at Kenjar on Monday seized gold weighing 272.900 grams, valued at Rs 8.02 lakh.
 Mumbai Customs revenue crosses Rs 1,000-crore for first time
By CA Manu T George
Crossing the Rs 1,000-crore mark for the first time, the Mumbai Commissionerate of Customs (Airport) has grossed Rs 1,183.58 crore revenue during the 2013-14 financial year, a jump of 63 per cent from the corresponding period last year.
  Market to price in benefits of excise cuts for the auto space: Taher Badshah
By CA Atul Gupta
A month on month improvement for the month March may not be a very good indicator given the end of the year considerations. Many of these companies have seen a month on month improvement in the volumes.
 2 businessmen held for evading Rs 6.25 crore customs duty
By CA Mayank Jain
The Directorate of Revenue Intelligence (DRI) has arrested two importers of embroidery machines on the charges of evading customs duty to the tune of Rs 6.25 crore.
 Get grilled by airport customs even if you import gold within limit
By CA Nilesh Sahu
Get set for some intense grilling by customs officials at the airport even if you import gold within permissible limit from abroad.
 New customs rules to cause additional FOB cost of $100-125 a container at Tuticorin
By CA Devender Singh
A recent public notice issued by the Tuticorin Customs has created a concern among the trade at the Port City of Tuticorin, in the Southern part of Tamil Nadu.
 Central Excise (Second Amendment) Rules, 2014
By CA Ojas Aggarwal
In exercise of the powers conferred by section 37 of the Central Excise Act, 1944 (1 of 1944), the Central Government hereby makes the following rules further to amend the Central Excise Rules, 2002, namely
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Mergers and Acquisitions   RSS Feeds
 How beneficial are mergers for shareholders
By CA Atul Gupta
If there's a quick way to expand a company's scale of operations, widen its product portfolio, expand into new geographies and add to its technological capabilities, it's through mergers and acquisitions (M&As).
 Send objections on merger schemes to MCA regional directors, CBDT tells its department
By CA Rashmi Sharma
The income-tax department will now have an opportunity to protect the interest of the revenue in reconstruction or amalgamation schemes filed for approval before various High Courts.
 Mergers and amalgamations meant to avoid tax to face more scrutiny
By CA Devender Singh
The Central Board of Direct Taxes (CBDT) and the ministry of corporate affairs (MCA) are getting their act together to ensure a strict vigil over mergers and amalgamations (M&A) to safeguard tax revenues.
 No tax impact on shareholders after Sun-Ranbaxy merger
By CA Andrew F Thomas
Shareholders of Ranbaxy are bound to be concerned about the tax implications, if any, arising on the share-swap in the Ranbaxy-Sun Pharma deal. Under the arrangement, Ranbaxy shareholders will receive 0.8 shares of Sun Pharma for each share of Ranbaxy.
 Hungarian central bank says big bank mergers unhealthy
By CA Devender Singh
The National Bank of Hungary does not want the biggest banks in the country merging, even if there is a push for greater domestic ownership, as it would distort competition, the central bank's director said in a newspaper interview on Friday.
 Competition Commission of India tightens rules to see through mergers and acquisitions structures
By CA S K Verma
The competition watchdog has tightened its rules to ensure that companies do not escape its scrutiny through innovative structuring of mergers and acquisitions.
 Singhi Advisors buys 15% in UK’s Mergers-Alliance
By CA S K Verma
Investment banking firm Singhi Advisors has acquired 15% stake in the UK-based global investment banking network Mergers-Alliance as it tries to explore cross-border acquisition opportunities and expand its global footprint.
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Indirect Tax   RSS Feeds
 Indirect tax collection falls short of target in Odisha
By CA Ojas Aggarwal
Reflecting slump in the manufacturing activity due to closure of mines in the state, indirect tax mop-up has declined in last fiscal, mainly on account of drop in Central excise revenue.
  Indirect tax collection falls short of target in Odisha
By CA Nilesh Sahu
Reflecting slump in the manufacturing activity due to closure of mines in the state, indirect tax mop-up has declined in last fiscal, mainly on account of drop in Central excise revenue.
 Income Tax control room for poll expenditure in Hyderabad
By CA Devender Singh
A 24x7 central control room with a toll free number, landline phone number, mobile number, fax number and e-mail id has been made operational in Hyderabad
 Insurance premium for vehicle used for business is tax exempt
By CA Ojas Aggarwal
If you have income from business and profession and the scooter is used wholly and exclusively for the said business, then the insurance premium paid can be claimed as business expenditure.
 Income Tax collection from Bihar, Jharkhand up 28 pct
By CA Rashmi Sharma
The Income Tax collection from the Bihar and Jharkhand regions has registered an impressive growth by 28 per cent in 2013-14, an I-T official said today.
 Order Under Section 119 (1) of the Income Tax Act, 1961.
By CA Atul Gupta
In order to facilitate the taxpayers to file their income tax returns before the close of the financial year 2013-14, the field Income Tax offices throughout India shall remain open on Saturday and Sunday on 29th March and 30th March, 2014.
 Bring back black money, reduce income tax: SC pulls up Centre
By CA Rashmi Sharma
The Supreme Court on Thursday rejected Centre's plea to recall its order for setting up a Special Investigation Team (SIT)
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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
 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.
 Wary of chit fund scam, finance ministry to fast-track Prize Chit Banning Act amendments
By CA S K Verma
Bubai Ghosh's suicide in Jalpaiguri early this year was not a standalone case. His body represented broken homes of thousands of families who were sold to the 'quick bucks' dream by the Saradha Group.
 Finance Ministry appoints auditors without consulting RBI, step aimed at avoiding conflict of interest
By CA Ojas Aggarwal
The government has appointed auditors for the Reserve Bank of India after consulting with the Comptroller & Auditor General (CAG), reversing the earlier practice of involving the central bank in the selection process.
 Parliament heads for gridlock as consent on financial reform bills unlikely
By CA Rashmi Sharma
The government is entering a distinctly familiar situation: a paralysing parliamentary stand-off with the opposition over a new set of issues that include a leaked JPC report that absolves Prime Minister Manmohan Singh and Finance Minister P Chidambaram of any wrongdoing in controversial
  NBA players take high-stakes fight to court
By CA Ojas Aggarwal
The NBA lockout now shifts to the American courts after the players union decided on Monday it was time to "push back" and reject the latest offer from the owners.
 Bill to benefit tax payers in Cabinet
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