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News Headlines   RSS Feeds
 Have you filed your income tax? Remember these deadline nears; know from TDS, TCS to challan, forms
By CA Manu T George
Although one would not like to share their income and income from other sources with authorities, however, it comes as a helping hand for government in managing the country's economy.
 Notification No. 96/2018 -Central Board Of Indirect Taxes And Customs
By CA Atul Gupta
In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Central Board of Indirect Taxes and Customs No.93/2018
 Here’s how you can check your ITR refund status online
By CA Rashmi Sharma
It has been three months since you have filed your income tax returns with the Income Tax Department and now you can check your income tax return status online.
 Your tax form will be filled by the taxman Income tax return (ITR) filing
By CA Manu T George
Income tax return (ITR) filing: The NDA government under Prime Minister Narendra Modi seems to be determined to take a pathbreaking initiative to make Income tax returns filling a hassle free process for taxpayers.
  Section 24 and Section 56 of the Banking Regulation Act, 1949 - Maintenance of Statutory Liquidity Ratio (SLR)
By CA Devender Singh
In exercise of the powers conferred by sub-section (2A) of Section 24 read with Section 51 and Section 56 of the Banking Regulation Act, 1949 (10 of 1949)
  Companies (cost records and audit) Amendment Rules, 2018
By CA Andrew F Thomas
Pursuant to introduction of GST, the Companies (Cost Records and Audit) Rules, 2014 are to be amended to incorporate resultant changes. Accordingly, the Draft Companies (Cost Records and Audit) Amendment Rules, 2018
 Income tax, TDS rules explained in 10 points EPF withdrawal
By CA Andrew F Thomas
The EPFO has amended rules to allow subscribers withdraw up to 75% of the accumulated EPF corpus after one month of quitting a job. The subscriber can withdraw the remaining 25% after unemployment for more than two months
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Continuing Prof. Edu.   RSS Feeds
 GST Audit And Annual Return Under GST
By CA Andrew F Thomas
Place: Joshi Road CPE Study Circle of NIRC Date: 10-12-2018 – To: 10-12-2018 CPE.Hrs.: 6
 Workshop On Goods And Service Tax
By CA Mayank Jain
Place: Jawahar Park CPE Study Circle of NIRC Date: 05-12-2018 – To: 05-12-2018 CPE.Hrs.: 05-12-2018 – To: 05-12-2018
 CPE Events 3rd December - 8th December 2018
By CA Ojas Aggarwal
CPE Events 3rd December - 8th December 2018
 Seminar In Annual Return & Audit Under GST With Reconciliation Under 9c Under GST
By CA Atul Gupta
Place: North-Ex C.A. Study Circle of NIRC Date: 30-11-2018 – To: 30-11-2018 CPE.Hrs.: 4
 NFRA Rules and GST Audit (Form 9C)
By CA Mayank Jain
Place: Shastri Nagar CPE Study Circle of NIRC of ICAI Date: 01-12-2018 – To: 01-12-2018
 Seminar On Notice Under Section 147/148 Under Income Tax Act AND TDS/TCS & Input Tax Credit Under GST
By CA Mayank Jain
Place: North-Ex C.A. Study Circle of NIRC Date: 29-11-2018 – To: 29-11-2018 CPE.Hrs.: 4
 Recent assessment in Co Act & related issues And Assessment & E-Assessment of Income Tax & related issues.
By CA Manu T George
Place: Karol Bagh Westend CPE Study Circle of NIRC Date: 29-11-2018 – To: 29-11-2018 CPE.Hrs.: 4
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GST - Goods and Services Tax   RSS Feeds
 Is your builder passing on the benefit of lower GST to you?a
By CA Rashmi Sharma
The government’s note on Saturday that asked builders to reduce the prices of properties and pass on the benefit of the lower GST rate appears to be an outcome of anti-profiteering complaints against some builders falling out of line
  GST Audit: All You Need to Know
By CA Atul Gupta
The Goods and Services Tax ( GST ) Act mandates the filing of Audit Report within 31st December of every year. Since GST is a trust-based taxation regime, the assessee is required to self-assess his returns and determine tax liability without any intervention by the tax official.
 Special Deposit Scheme (SDS)-1975 Payment of interest for calendar year 2018
By CA Devender Singh
We want to inform that gazette notifications related to interest rates for SDS 1975 are available in Government of India website viz. egazette.nic.in which can be perused for guidance.
 Budget made ‘unreasonable demands’ on GST, but wasn’t a failure: Ex-CEA Arvind Subramanian
By CA S K Verma
GST has been a major structural reform of the current government. Replacing multiple taxes and cesses of state and central governments into a single tax has been a major relief to trade and industry. At the same time reduction in overall tax incidence has brought relief to the end-consumers. The IT driven tax filing system of GST has made it difficult for intermediaries in the value added chain to evade taxes.
 Your neighbourhood sweet shop could become a restaurant to dodge GST
By CA Ojas Aggarwal
What could possibly be the difference between a cake shop with two tables and four chairs and another without the furniture? Well, according to the revenue department the answer would be tax arbitrage of up to 13%. So, don’t be surprised to see your corner mithaiwala, halwai or cake outlet owner suddenly rebranding his shop to add ‘restaurant’ and put a couple of tables and chairs in the premises.
 Deadline for filing annual GST return extended to March 31
By CA Atul Gupta
In a move that would cheerbusiness firms and traders, the Finance Ministry has extended the due date for filing annual return by three more months.
 GST enabler for boosting retirement savings
By CA Mayank Jain
Goods and Services Tax has led to the number of taxpayers go up by 3.4 mn, as per the Economic Survey of FY17-18 The large number of small firms registered under Goods and Services Tax (GST) has made it possible to attract the working population so far not covered by any retirement savings schemes to pensions, chairman of Pension Fund Regulatory and Development Authority (PFRDA) Hemant Contractor said.
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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
 RBI-Special Deposit Scheme (SDS)-1975 Payment of interest for calendar year 2018
By CA Rashmi Sharma
We want to inform that gazette notifications related to interest rates for SDS 1975 are available in Government of India website viz. egazette.nic.in which can be perused for guidance.
 How senior citizens can avail tax break on interest income under Sec 80TTB a
By CA Andrew F Thomas
Budget 2018 introduced a new section, 80TTB, under the Income Tax Act which allows senior citizens to claim tax break on specified interest income up to Rs 50,000 in a financial year. The Income Tax Act defines a senior citizen as a resident individual aged 60 years or above during the financial year.
 Listed companies paid a little less than a third of corporate tax in FY18
By CA Ojas Aggarwal
Listed companies are becoming less important for the income-tax (I-T) department with each passing year. In 2017-18 (FY18), they accounted for a little less than a third of the corporate I-T, down from nearly 40 per cent in 2016-17
 Gifts received from relatives are not taxable
By CA Andrew F Thomas
Once you opt for computing income as per Section 44AD of the Income Tax Act, deduction for all the expenses including depreciation are deemed to have already been allowed and no further deduction is allowed. Therefore, you will not be eligible to claim further deduction of charges for services such as courier, broking, labour contractor etc.
 Income tax return benefits: National Pension System (NPS) also offers this 'hidden' tax relief
By CA Mayank Jain
If a person is interested to join NPS, he/she should be between the age brackets of 18 to 60 years of age. For registration, just a PRAN (Permanent Retirement Account Number) application is needed from any of the Point of Presence - Service Providers (POP-SP) to register with.
 Big 4 audit companies may suffer revenue hit due to conflict of interest norms
By CA S K Verma
A high-level government committee that recently gave a clean chit to multinational professional services firms including the big four — Deloitte, PwC, EY and KPMG has, however, proposed some restrictions on these firms that may impact their revenues.
 How much tax do you pay on your bond investments?
By CA Devender Singh
All portfolios should be diversified between equity and debt so that the overall risk is controlled. Among debt instruments in India, there are various types of bonds available, with different features—duration, tax benets, coupon rates, and lock-ins.
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Corporate Law   RSS Feeds
 Govt panel may recommend dropping dividend distribution tax in new direct tax law
By CA Rashmi Sharma
The tax law panel is considering reverting to the classical method of taxing dividend in the hands of the shareholders Members of the task force set up to draft a new direct tax legislation may favour abolishing dividend distribution tax (DDT), according to a report by The Times of India.
 Law Commission proposes to abolish it Tax saving tool HUF may cease to exist
By CA Atul Gupta
The concept of Hindu Undivided Family (HUF) may cease to exist if the proposals of a recently released consultation paper on Reform of Family Law by the law commission are accepted.
 Residential status rules are different for exchange control, income tax laws NRI taxation
By CA Nilesh Sahu
The rules for determination of residential status under the exchange control law are different from those under the income tax law.
 Recent advance rulings under the GST Law
By CA Andrew F Thomas
The Authority for Advance Ruling (AAR) constituted under the Goods and Services Tax (GST) Law has recently pronounced advance rulings clarifying certain positions on the applicability of GST on supply of goods from retail outlets in international airports,
 Case Laws Relating To E-Way Bill
By CA Manu T George
The implementation of e-way bill has caused more delay because of the improvements to be done in the portal system. The Central Government has announced that the e-way bill system would be applicable for the inter-State transactions with effect from 01.02.2018 and the States would implement the e-way bill system for intra-State transactions by 1st June, 2018.
  Are we maintaining documents and records as required under GST Laws?
By CA S K Verma
By this time every tax professional is aware that GST is mainly following various kinds of compliances like filing of returns, e-way bills, etc.
 Are we maintaining documents and records as required under GST Laws?
By CA Mayank Jain
By this time every tax professional is aware that GST is mainly following various kinds of compliances like filing of returns, e-way bills, etc.
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Students   RSS Feeds
 Change in Examination Venue in Doha (Qatar), November 2018 Examinations
By CA Ojas Aggarwal
Due to unavoidable circumstances, all the candidates initially allocated to Embassy of India Villa Nos. 86 & 90, Street No. 941, AL Eithra Street, Zone 63, Onaiza, DOHA (QATAR) have been re-allocated to Birla Public School W.L.L, P.O Box – 24686, Building No. 160, Plot No. 78, Zone No. / Area No. 56, Street No. 1011, Street Name : Kanis, Sub – Area Name: Mesaimeer, Opposite Religious Complex, Abu Hamour, Doha (Qatar).
 Registrations open for practical training Assessment scheduled on October 21, 2018 and December 2, 2018.
By CA Mayank Jain
Whereas, sub-section (1) of section 48 of the Prohibition of Benami Property Transactions Act,1988 (45 of 1988)(hereafter referred to as the said Act) provides that a person preferring an appeal to the Appellate Tribunal under said Act may either appear in person or take the assistance of an authorised representative of his choice to present his case before the Appellate Tribunal; sub-section
 Zone / City - Shifting of Candidates for November - 2018 CA Exams
By CA Rashmi Sharma
Due to paucity of accommodation in certain Zones opted by the candidates in the cities of Ahmedabad, Bhopal, Chennai, Delhi, Hyderabad, Indore and Vadodara some of the candidates have been allotted examinations centres in the zone other than the zone opted by them in the said cities. In view of this, it is not possible to accede to the requests of the candidates for transfer to an examination centre in a particular zone of the city opted by them.
 ICAI to launch ‘Optional Online Articles Placement Portal’ for CA Students
By CA Atul Gupta
The Institute of Chartered Accountants of India ( ICAI ) has decided to launch an Optional Online Articles Placement Portal, to assist the eligible Chartered Accountants students in getting placement in CA firms for articles training as well facilitate the CA firms.
 Applicable Study Material for May, 2019 Exams - New Scheme Foundation, Intermediate and Final Course
By CA Atul Gupta
Applicable Study Material for May, 2019 Exams - New Scheme Foundation, Intermediate and Final Course
 Revised Programme Structure of B.Com. (Accountancy and Finance) of IGNOU
By CA Rashmi Sharma
As approved by the Academic Council's Standing Committee meeting held on 20th December, 2010 of Indira Gandhi Open University (IGNOU), it is decided to exclude
 Structure of Practical Training Assessment
By CA Andrew F Thomas
The students after completing their 1st/ 2nd year of practical training in a particular quarter of a year would be eligible to register for the practical training assessment test in the subsequent quarter. The first test for both the category of students will be on September 23, 2018.
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New Forms   RSS Feeds
 Form 60 can help you Don’t have PAN and need to do these important transactions?
By CA Ojas Aggarwal
As per the Income Tax Act, PAN is necessary to be quoted in various documents or transactions. However, in certain cases Form No 60 can also be used. Here's all you need to know.
 Income Tax: No provisions in I-T Act for revision in Form 15H, 15G
By CA Ojas Aggarwal
The different types of ITR forms released are based on various sources of income earned. I submitted Form 15H in the bank in April 2018 by mistake. The bank is saying it is unable to reverse/delete Form 15H from my account. How can I rectify the mistake?
 Penalty on late filing of ITR and other tax changes effective from Apr 1
By CA Nilesh Sahu
Several major income tax changes will come into effect from the start of the new financial year, i.e., April 1, 2018. These include penalty on late filing of income tax returns (ITR),
 How to view, download your Form 26AS and why it is important
By CA Andrew F Thomas
Form 26AS, also known as Annual Statement, is a document that provides details of TDS, refunds associated with a PAN in a particular financial year
 E-Way Bill Mandatory From 01.02.2018
By CA Rashmi Sharma
Rule 138 of the Central Goods and Service Tax Rules, 2017 deals with the e-way bill which came into effect from 01.07.2017. But no rule has been framed at that time.
 FORM GSTR-3B v/s FORM GSTR-1
By CA Nilesh Sahu
The common errors while submitting FORM GSTR-3B and the steps needed to be taken to rectify the same in FORM GSTR-1 are provided in the table annexed herewith. The corresponding column in the table provides the steps to be followed by taxpayer to rectify such error:
 Form GSTR-3B of GST - Boon or Curse
By CA Atul Gupta
Form GSTR--3B is summary return inserted by Government vide Rule 61 of the CGST Rules,2017 in lieu of Form –GSTR-3 . It is a summary return in place of GSTR-3.
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ICAI   RSS Feeds
 An Initiative of the Committee for Capacity Building of Members in Practice (CCBMP), ICAI: Practice Management Software for members in practice & CA Firms of ICAI
By CA S K Verma
The Committee for Capacity Building of Members in Practice (CCBMP) of the Institute of Chartered Accountants of India (ICAI) has arranged the practice management software for members in practice / firms, in form of cloud software designed for managing the Professional Practice in an effective way.
 Exposure Draft of Guidance Note on Reports in Company Prospectuses (Revised 2018) issued by the Auditing and Assurance Standards Board
By CA Ojas Aggarwal
This Guidance Note is issued for providing guidance to the practitioners in reporting requirements that are required in relation to financial information to be included in the prospectus in case of initial public offering (IPO)
 Orders of Press Council of India against Economic Times and Hindustan (Hindi) for publishing derogatory and misleading Reports about CA Profession.a
By CA Atul Gupta
Orders of Press Council of India against Economic Times and Hindustan (Hindi) for publishing derogatory and misleading Reports about CA Profession.a
 Launch of Batch of Educational Course by ICAI Registered Valuers Organsiation (ICAI RVO) at Indore from 22nd December, 2018 to 13th January, 2019
By CA S K Verma
The ICAI Registered Valuers Organsiation (ICAI RVO) is launching its batch of Educational Course for taking IBBI Registered Valuers Examination for Securities or Financial assets class at Indore from 22nd December, 2018.
 Chairman INDIA TV Group
By CA Ojas Aggarwal
Appeal - Rajat Sharma (Chairman INDIA TV Group & President DDCA)
 Revised Implementation Guide to SA 230, “Audit Documentation” issued by the Auditing and Assurance Standards Board
By CA Atul Gupta
Standards on Auditing are critical in ensuring and enhancing quality in audits of financial statements. It is therefore necessary that the auditors properly understand and implement these Standards in their audit engagements.
 Exposure Draft of SASE 200, " Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Standards on Auditing for Audits of Smaller and Less Complex Entities" for Comments
By CA Mayank Jain
The Auditing and Assurance Standards Board (AASB or Board) as per the directions of the Council of ICAI has decided to issue separate set of standards for audits of smaller and less complex entities.
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From the Courts   RSS Feeds
 DCIT International Taxation, Circle-Noida, Aayakar Bhawan, Sector-24, Noida vs. Jaypee Sports International Ltd., Sector-128, Noida.
By CA Andrew F Thomas
Present appeal has been filed by revenue against order dated 27/03/15 passed by Ld. CIT (A)-2, Noida for assessment year 2011-12 on following grounds of appeal:
 Nokia India Pvt. Ltd., 1st Floor, Tower A, SP Infocity, Industrial Plot No. 243, Udyog Vihar, Phase-1, Dundahera, Gurgaon, Haryana vs. DCIT, Circle 13 (1) New Delhi
By CA Nilesh Sahu
This appeal filed by the assessee is directed against order dated 22/07/2015 passed by the Ld. Commissioner of Income-tax (Appeals)- 6, Delhi [in short the Ld. CIT(A)] for assessment year 2000-01 raising following grounds:
 Sh. Nafe Singh Gahlawat, H. No. 1032, Sector-14, Faridabad vs. Income Tax Officer, Ward-II(3), Faridabad
By CA Devender Singh
This appeal by the assessee is directed against order dated 16/03/2015 passed by the Ld. Commissioner of Income-tax (Appeals), Faridabad [in short `the Ld. CIT(A)'] for assessment year 2010-11, raising following grounds
 Dr. Ashok Seth, B-30, Geetanjali Enclave, New Delhi. vs. ACIT, Circle-61(1), New Delhi.
By CA S K Verma
This appeal by the Assessee is filed against the order dated 08.06.2015 of Learned Commissioner of Income Tax (Appeals)-20, New Delhi, for Assessment Year 2011-12. The grounds of appeal are as under:-
 Cheryl J. Patel vs. ACIT (Bombay High Court)
By CA Manu T George
S. 254(1): The ITAT should give independent reasons showing consideration of the submissions made on behalf of the assessee. An appellate order which affirms the order of the lower authority need not be a very detailed order. Nevertheless, there should be some indication in the order passed
 Hanuman Garments Private Limited, 5937, Gali No.12, Raghuvarpura-2, Gandhi Nagar, Delhi – 110 031. vs. The Income Tax Officer, Ward – 11 (1), 4th Floor, C.R. Building, New Delhi.
By CA Andrew F Thomas
This appeal by Assessee has been directed against the Order of the Ld. CIT(A)-35, New Delhi, Dated 04.12.2017, for the A.Y. 2010-2011.
 Shri Omendra Singh, Village – Shekhpuri, vs. The ACIT (OSD), Ward – 2 (1),
By CA Nilesh Sahu
This appeal by Assessee has been directed against the Order of the Ld. CIT(A), Meerut, Dated 07.05.2018, for the A.Y. 2015-2016.
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Auditing   RSS Feeds
 Standard on Internal Audit (SIA) 18, Related Parties
By CA Devender Singh
Standard on Internal Audit (SIA) 18, Related Parties
 Standard on Internal Audit (SIA) 17, Consideration of Laws and Regulations in an Internal Audit
By CA S K Verma
Standard on Internal Audit (SIA) 17, Consideration of Laws and Regulations in an Internal Audit
 Standard on Internal Audit (SIA) 16, Using the Work of an Expert
By CA Ojas Aggarwal
Standard on Internal Audit (SIA) 16, Using the Work of an Expert
 Standard on Internal Audit (SIA) 14, Internal Audit in an Information Technology Environment
By CA Atul Gupta
Standard on Internal Audit (SIA) 14, Internal Audit in an Information Technology Environment
 Standard on Internal Audit (SIA) 13, Enterprise Risk Management
By CA Mayank Jain
Standard on Internal Audit (SIA) 13, Enterprise Risk Management
 Standard on Internal Audit (SIA) 12, Internal Control Evaluation
By CA Manu T George
Standard on Internal Audit (SIA) 12, Internal Control Evaluation
 Standard on Internal Audit (SIA) 11, Consideration of Fraud in an Internal Audit
By CA Rashmi Sharma
Standard on Internal Audit (SIA) 11, Consideration of Fraud in an Internal Audit
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Latest Circulars   RSS Feeds
 Survey on Computer Software & Information Technology Enabled Services Exports: 2017-18 – Data Release 1
By CA Devender Singh
Today, the Reserve Bank released the results of the 2017-18 round of its annual survey on exports of computer software and information technology enabled services (ITES). The survey provides information on various characteristics of India’s exports of software services (e.g., type of activity; on-site/off-site nature of services; country of destination; and modes of supply). The survey schedule is given in the Annex.
 RBI-Sources of Variation in Foreign Exchange Reserves in India during April-September 2018
By CA S K Verma
Earlier today, the Reserve Bank of India released the balance of payments (BoP) data for July-September 2018 on its website (www.rbi.org.in). On the basis of these data, the sources of variation in foreign exchange reserves during April-September 2018 have been compiled.
 Exim Bank's Government of India supported Line of Credit of USD 500 million to the Government of the United Republic of Tanzania
By CA Manu T George
Export-Import Bank of India (Exim Bank) has entered into an agreement dated May 10, 2018 with the Government of the United Republic of Tanzania for making available to the latter, a Government of India supported Line of Credit
 RBI-Guidelines on Loan System for Delivery of Bank Credit
By CA Nilesh Sahu
With a view to enhance credit discipline among the larger borrowers enjoying working capital facility from the banking system, delivery of bank credit for such borrowers shall be as under
 Auction of Government of India Dated Securities December 03, 2018
By CA Manu T George
The auction for securities will be price based using multiple price method. The Reserve Bank of India at Mumbai will conduct the auctions.
 Notification No. 94/2018-CUSTOMS Central Board of Indirect Taxes and Customs
By CA Mayank Jain
In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect Taxes & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2001-Customs (N.T.), dated the 3rd August, 2001,
 Auction for Sale (Re-issue) of Government Stock (GS) December 03, 2018
By CA Nilesh Sahu
The Government Stock up to 5% of the notified amount of the sale will be allotted to eligible individuals and institutions as per the enclosed Scheme for Non-competitive Bidding Facility in the Auctions of Government Securities (Annex).
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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, Visakhapatnam Bench List Of Division Bench Cases Posted Before During The Period From 19.11.2018 To 30.11.2018
By CA S K Verma
Income Tax Appellate Tribunal, Visakhapatnam Bench List Of Division Bench Cases Posted Before During The Period From 19.11.2018 To 30.11.2018
 Income Tax Appellate Tribunal, Hyderabad Benches, Hyderabad. Cause List Of Cases Posted Before A-Bench (Db&Smc) 19.11.2018 To 23.11.2018
By CA Ojas Aggarwal
Income Tax Appellate Tribunal, Hyderabad Benches, Hyderabad. Cause List Of Cases Posted Before A-Bench (Db&Smc) 19.11.2018 To 23.11.2018
 Intention of Assessee at the time of Purchase of Shares relevant to determine Tax Liability: ITAT
By CA Atul Gupta
The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) in ACIT v. Shri Finance ruled that intention of assessee during the time of purchase of shares is a criterion to determine the tax liability.
 ITAT gives partial reprieve to Uber in tax demand case
By CA Atul Gupta
In a partial reprieve for Uber India, the Income Tax Appellate Tribunal (ITAT) has granted a stay against a tax demand levied on the cab-hailing company and restrained the authorities from imposing any penalty.
 Income Tax Appellate Tribunal, Chennai Benches, Chennai. Cause List for Bench Date : 17.09.2018
By CA Atul Gupta
Income Tax Appellate Tribunal, Chennai Benches, Chennai. Cause List for Bench Date : 17.09.2018
 Income Tax Appellate Tribunal, Hyderabad Benches, Hyderabad. Cause List Of Cases Posted Before A-Bench (DB & SMC ) 17.09.2018 To 21.09.2018
By CA Mayank Jain
Income Tax Appellate Tribunal, Hyderabad Benches, Hyderabad. Cause List Of Cases Posted Before A-Bench (DB & SMC ) 17.09.2018 To 21.09.2018
 Income Tax Appellate Tribunal, Hyderabad Benches, Hyderabad. Cause List Of Cases Posted Before B-Bench (Db & Smc ) - 10.09.18 To 14.09.18
By CA Atul Gupta
Income Tax Appellate Tribunal, Hyderabad Benches, Hyderabad. Cause List Of Cases Posted Before B-Bench (Db & Smc ) - 10.09.18 To 14.09.18
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Finance Bills   RSS Feeds
 The Companies (Removal Of Difficulties) Seventh Order - dated 4th Sept 2014 New
By CA Manu T George
Whereas the Companies Act, 2013 (18 of 2013) (hereinafter referred to as the said Act) received the assent of the President on the 29th August, 2013 and section 143 of the Act,
 Finance & Commerce Ministry to discuss draft BIPA model tomorrow
By CA Nilesh Sahu
Officials of the finance and the commerce and industry ministries are scheduled to discuss the issues related to the draft text of the Bilateral Investment Promotion and Protection Agreement (BIPA) tomorrow.
 Union Finance Minister Shri Arun Jaitley said that the revenue targets fixed for Direct Taxes for the current Financial Year 2014-15 would not only be achieved but would also be surpassed
By CA Nilesh Sahu
The Union Finance Minister Shri Arun Jaitley hoped that the revenue targets fixed for Direct Taxes for the current Financial Year 2014-15 would not only be achieved but would also be surpassed.
 Finance ministry may pitch for higher tax exemption on health insurance
By CA Mayank Jain
The finance ministry is likely to pitch for a substantial increase in the income-tax exemption limit for health insurance as part of its plan to deepen insurance coverage. The ministry is examining a proposal that seeks to double the limit to 30,000 from 15,000.
 Finance minister reviews annual performance of public sector banks and financial institutions for 2013-14; calls for tougher action against wilful defaulters; highest ever more than 10,000 new branches opened during 2013-14
By CA Devender Singh
The Union Finance Minister Shri P. Chidambaram said that the last Financial Year 2013-14 was a difficult year even though there was positive movement towards greater stability.
 India Infrastructure Finance Company to raise Rs 7,000 crore through tax-free bonds
By CA Manu T George
State-owned India Infrastructure Finance Company (IIFCL) plans to raise Rs 7,000 crore via a public issue of tax-free bonds in October, according to a senior company official
 Finance Ministry hopes RBI focusses on promoting growth in policy tomorrow
By CA Atul Gupta
Ahead of tomorrow's monetary policy review, the Finance Ministry has expressed the hope that Reserve Bank will focus on promoting growth.
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Placements & Empanelment   RSS Feeds
 45 LPA-Opening Enterprise Risk Management - RISK Head For a India TOP NBFC
By CA Mayank Jain
Salary: INR 30,00,000 - 45,00,000 P.A., Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:CA
 95 LPA-Opening Hiring for CFO for Media Company
By CA Rashmi Sharma
Salary: INR 50,00,000 - 95,00,000 P.A., Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:CA
 25 LPA-Opening V P/ Genaral Manager- Accounts & Taxation- CA
By CA Andrew F Thomas
Salary: INR 20,00,000 - 25,00,000 P.A., Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:CA
  20 LPA-Opening General Manager Finance
By CA Devender Singh
Salary: INR 15,00,000 - 20,00,000 P.A., Functional Area:Accounts , Finance , Tax , Company Secretary , Audit
  25 LPA-Opening Assistant Finance Controller - Retail Industry
By CA S K Verma
Salary: INR 20,00,000 - 25,00,000 P.A., Functional Area:Accounts , Finance , Tax , Company Secretary , Audit
 25 LPA-Opening Assistant Finance Controller - Retail Industry
By CA Atul Gupta
Salary: INR 20,00,000 - 25,00,000 P.A., Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:CA, ICWA (CMA
 45 LPA-Opening Accounts Manager/finance Manager Move to Canada Under Govt.
By CA Manu T George
Salary: INR 30,00,000 - 45,00,000 P.A. P.A Overtime, Functional Area:Accounts , Finance , Tax , Company Secretary , Audit
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Direct Tax   RSS Feeds
 Income Tax Return (ITR) filing alert! These errors are in your ID? Do this ASAP or you will be trapped
By CA Manu T George
Income tax return includes a form that needs to be filled up. It asks for details about incomes from all sources and indicates the taxes imposed thereon to the I-T department. Every citizen is obligated to file ITR before the I-T department.
 TDS deduction under section 194A of the Income-tax Act, 1961 in case of Senior Citizens
By CA Nilesh Sahu
It has been brought to the notice of CBOT that incase of Senior Citizens, some TDS deductors/Banks are making TDS deductions even when the amount of ncome does not exceed fifty thousand rupees.
 Income Tax payers alert! ITR filing process set to witness unprecedented change – What CBDT chairman has confirmed
By CA S K Verma
It will be a big good news for Income Tax payers, when this becomes a reality. Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra has confirmed that Income Tax payers will soon get pre-filled ITR forms that will make the process of filing returns easier.
 ITR forms will soon be pre-filled for you: CBDT’s Sushil Chandra
By CA Mayank Jain
Authorities are working on a project that will use data available from entities that deduct tax at source to offer pre-filled ITR forms to make ITR filings simpler, says CBDT chairman Sushil Chandra
 I-T dept working on pre-filled income tax return forms, says CBDT chief Sushil Chandra
By CA Rashmi Sharma
The tax department is working on the pre-filled income tax return (ITR) forms which would be based on tax deducted at source (TDS) details filed with the department by the employer or any other entity.
 Big changes coming, will tax rates be cutIncome tax return
By CA S K Verma
The NDA government would be presenting its interim Budget for 2018-19 on February 1. The full 2018-19 Budget would be presented after the general elections due sometime in the mid of 2019.
 Notification No. 78/2018 - Customs Central Board Of Indirect Taxes And Customs
By CA Manu T George
In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance
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Tenders   RSS Feeds
 Artificial Limbs Manufacturing Corporation Of India
By CA Atul Gupta
ALIMCO is a Mini Ratna Category II CPSU working under the aegis of Department of Empowerment of Persons with Disabilities, Ministry of Social Justice & Empowerment, Government of India. It is registered under Section 8 of the Companies Act, 2013
 Department Of Health, Office of Civil Surgeon Sonepat
By CA Ojas Aggarwal
E-tenders are invited online by the o/o Civil Surgeon Sonipat Haryana in two bid system (i.e. Part-I: Technical Bid and Part II: Financial Bid) for hiring of services of Chartered Accountant Firms & Cost Accountant Firms for carrying out Concurrent Audit of Accounts Records of District Health Society , Sonipat for 2018-19.
 Southern Power Distribution Company Of Telangana Limited, Hyderabad, Telangana
By CA Manu T George
Telangana Southern Power Distribution Company Limited (TSSPDCL) came into being on 02nd June 2014 after bifurcation of the undivided State of Andhra Pradesh.
 Small Industries Development Bank Of India, Lucknow, Uttar Pradesh
By CA Atul Gupta
Bidders are advised to study the tender document carefully. Submission of bids shall be deemed to have been done after careful study and examination of the tender document with full understanding of its implications.
 Small Industries Development Bank Of India, Mumbai, Maharashtra
By CA Mayank Jain
The RfP is posted on the SIDBI website www.sidbi.in. SIDBI reserves the sole right for carrying out any amendments/ modifications / changes including any addendum to this RfP. Such amendments / modifications / changes including any addendum to this RfP shall be notified on SIDBI's website www.sidbi.in and these will be binding on the bidders.
  Municipal Corporation,Andaman And Nicobar Islands
By CA Rashmi Sharma
Request for Proposal for Engagement of Internal Auditors for Port Blair Municipal Council Port Blair Andaman and Nicobar Islands for the year 2018 to 2019 and 2019 to 2020
 Municipal Corporation,Andaman And Nicobar Islands
By CA Andrew F Thomas
Request for Proposal for Engagement of Internal Auditors for Port Blair Municipal Council Port Blair Andaman and Nicobar Islands for the year 2018 to 2019 and 2019 to 2020
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Transfer Pricing   RSS Feeds
 Private Company, New Delhi
By CA Manu T George
Mobile Creches for working mother's children, invites Expression of Interest (EOI) from reputed Indian Chartered/Cost Accountant Firms (Part nersh Internal Audit for the year 2019- 20.
 Motilal Nehru National Institute Of Technology, Allahabad, Uttar Pradesh
By CA Rashmi Sharma
Motilal Nehru National Institute of Technology invites most competitive quotation from the eligible chartered accountant firms as per the terms & conditions mentioned in the tender document.
 I-T tribunal sends back Microsoft transfer pricing case to tax officer
By CA Manu T George
An income tax (I-T) tribunal has asked the assessing officer to again do the calculation for transfer pricing adjustments to the taxable income of Microsoft India (R&D) Ltd, which renders software development services to group companies.
 Transfer Pricing Adjustment - Status and Way Forward
By CA Rashmi Sharma
The issue of Advertising, Marketing and Promotion ('AMP") expenses is no longer res integra and has been dealt with by many high courts in India. The decisions of the high courts in various matters are now pending with the Supreme Court of India by way of Special Leave Petitions filed by Tax department as well as taxpayers.
 Transfer Pricing in India Explained
By CA Andrew F Thomas
In taxation and accounting, transfer pricing refers to the rules and methods for pricing transactions within and between enterprises under common ownership or control.
  Doing business in India: ‘Substance’ over ‘form’ in transfer pricing regime
By CA Nilesh Sahu
Although ‘substance over form’ has always been the guiding principle for any transfer pricing analysis in India, the new BEPS regime has further brought it into limelight
 Tax authorities focus on transfer pricing adjustments
By CA Devender Singh
According to the latest statistics, Romanian tax authorities rank transfer pricing ("TP") high on their agenda. Companies are increasingly aware of the risks they face unless they have the TP documentation ready when asked by the tax inspectors, yet many fail to take action in due time.
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Customs and Excise   RSS Feeds
 Clarification with respect to amendments to Customs and Central Excise notifications
By CA Andrew F Thomas
EOU/EHTP/STP/BTP schemes are governed by Chapter 6 of Foreign Trade Policy (FTP), duly supported by the relevant Customs and Central Excise otifications. These notifications have now been amended in order to align them with the present Foreign Trade Policy (FTP), 2015-2020,
 Procedure for disposal of un-claimed/un-cleared cargo under section 48 of the Customs Act, 1962, lying with the custodians
By CA Nilesh Sahu
Despite the issuance of many circulars, the feedback relating to disposal of unclaimed/uncleared cargo at all Customs locations has not been fully satisfactory.
 Notification No. 95/2018-CUSTOMS (N.T.)
By CA Ojas Aggarwal
In exercise of the powers conferred by sub-section (2) of section 75 of the Customs Act, 1962 (52 of 1962) and sub-section (2) of section 37 of the Central Excise Act, 1944 (1 of 1944), read with rules 3 and 4 of the Customs and Central Excise Duties Drawback Rules, 2017
 Notification No. 3/2016-Customs (SG) Ministry of Finance
By CA Mayank Jain
Whereas, in the matter of import of "Hot Rolled flat sheets and plates (excluding hot rolled flat products in coil form) of alloy or non-alloy steel having nominal thickness less than or equal to 150mm and nominal width of greater than or equal to 600mm" (hereinafter referred to as the subject goods),
  Notification No.77/2018-Customs Ministry Of Finance
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) and sub-section (12) of section 3 of the Customs Tariff Act, 1975 (51 of 1975),
 Notification No.77/2018-Customs Ministry Of Finance
By CA Devender Singh
In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962) and sub-section (12) of section 3 of the Customs Tariff Act, 1975 (51 of 1975),
  Notification No. 22/2018-Central Excise Ministry Of Finance
By CA Rashmi Sharma
In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), 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 of the Government of India,
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Mergers and Acquisitions   RSS Feeds
 Won’t be surprised by big M&A deals in India in 2019
By CA Ojas Aggarwal
Mumbai: It’s been a blockbuster year so far for mergers and acquisitions (M&A) in India with the total transaction value crossing the $100 billion-mark, led by corporate acquisitions, as well as private equity-led buyouts.
 Deals of the day-Mergers and acquisitions December 6, 2018
By CA Rashmi Sharma
A federal court in Sao Paulo issued a decision blocking the proposed tie-up between planemakers Boeing Co and Embraer SA, according to a court document seen by Reuters.
 Deals of the day-Mergers and acquisitions December 4, 2018
By CA Devender Singh
Unilever is to buy GlaxoSmithKline’s Horlicks nutrition business for $3.8 billion, boosting the Anglo-Dutch group’s position in India by adding the popular malted drink.
 Deals of the day-Mergers and acquisitions November 30, 2018
By CA Devender Singh
Italian private broadcaster Mediaset said it had sold to Sky’s Italian unit the whole of R2, a company which includes the maintenance and commercial assets carved out of its pay-TV unit Premium.
 TCS' second acquisition this month, acquires US-based BridgePoint Group
By CA Devender Singh
India’s largest IT service provider Tata Consultancy Services (TCS) seems to be actively getting back to mergers and acquisitions space after focusing only on organic growth strategy for almost last five years.
 NCLT could lose power to approve mergers and acquisitions in reform move
By CA S K Verma
The government is considering taking away the power of the National Company Law Tribunal (NCLT) to approve or reject mergers and acquisitions (M&A) and give the responsibility to the regional directors of the Ministry of Corporate Affairs (MCA).
 Deals Of The Day-Mergers And Acquisitions November 26, 2018
By CA Nilesh Sahu
Bayer will discuss selling certain consumer health brands at a supervisory board meeting this week and will also review options for its animal health division, people close to the matter said.
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Indirect Tax   RSS Feeds
 How is dividend income taxed Here’s all you need to know
By CA Nilesh Sahu
With the soaring cost of living, it has become imperative for the common man to look for alternate sources of income. One of the commonly preferred source is investment in stocks and mutual funds as it provides lucrative returns in the form of dividend, as compared to other investment sources such as bank deposits and fixed deposits.
 How is dividend income taxed Here’s all you need to know
By CA Devender Singh
With the soaring cost of living, it has become imperative for the common man to look for alternate sources of income. One of the commonly preferred source is investment in stocks and mutual funds as it provides lucrative returns in the form of dividend, as compared to other investment sources such as bank deposits and fixed deposits.
 How is dividend income taxed Here’s all you need to know
By CA Devender Singh
With the soaring cost of living, it has become imperative for the common man to look for alternate sources of income. One of the commonly preferred source is investment in stocks and mutual funds as it provides lucrative returns in the form of dividend, as compared to other investment sources such as bank deposits and fixed deposits.
 Several records missing from Income Tax department, CIC told
By CA S K Verma
Several records have gone missing from Income Tax department because of a restructuring drive in 2001 and 2013, the Central Information Commission has been informed.
  Indirect tax evasion cases post a decline in FY18-19
By CA S K Verma
A closer look at government data reveals that the Central Board of Direct Taxes (CBDT) has registered an over six-fold increase in the number of prosecution cases filed in courts to 4,524 in 2017-18 from 669 in 2014-15.
 Income tax return revision: How many times can a return be revised? Find out
By CA Nilesh Sahu
Income Tax Return: When it comes to revising your tax returns, you may have many questions related to it.
 CBDT notifies new I-T return forms
By CA Nilesh Sahu
The Central Board of Direct Taxes (CBDT) on Thursday notified income tax return (ITR) forms for assessment year 2018-19 (financial year 2017-18).
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Various Acts & Rules   RSS Feeds
 Customs Tariff 2009-10 - PART-II - Chapter 98 - Project imports, Laboratory chemicals, passenger's baggage
By CA Atul Gupta
This Chapter is to be taken to apply to all goods which satisfy the conditions prescribed therein, even though they may be covered by a more specific heading elsewhere in this Schedule.
 Customs Tariff 2009-10 - PART-II - Chapter 97 - Works of art, collectors' pieces and antiques
By CA Atul Gupta
Unused postage or revenue stamps, postal stationery (stamped paper) or the like of heading 4907
 Customs Tariff 2009-10 - PART-II - Chapter 96 - Miscellaneous manufactured articles
By CA Mayank Jain
Articles of Chapter 66 (for example, parts of umbrellas or walking-sticks);
 Customs Tariff 2009-10 - PART-II - Chapter 95 - Toys, games and sports requisites; parts and accessories thereof
By CA Ojas Aggarwal
Toys, games and sports requisites; parts and accessories thereof
 Customs Tariff 2009-10 - PART-II - Chapter 94 - Furniture; bedding, mattresses, mattress supports
By CA Atul Gupta
Furniture; bedding, mattresses, mattress supports, cushions and similar stuffed furnishings; lamps and lighting fittings, not elsewhere specified or included; illuminated signs, illuminated name-plates and the like; prefabricated buildings.
 Customs Tariff 2009-10 - PART-II - Chapter 93 - Arms and ammunition; parts and accessories thereof
By CA Nilesh Sahu
telescopic sights or other optical devices suitable for use with arms, unless mounted on a firearm or presented with the firearm on which they are designed to be mounted (Chapter 90);
 Customs Tariff 2009-10 - PART-II - Chapter 92 - Musical instruments; parts and accessories of such articles
By CA Devender Singh
parts of general use, as defined in Note 2 to Section XV, of base metal (Section XV), or similar goods of plastics (Chapter 39);
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Department of Companies Affairs   RSS Feeds
 Impose tax on windfall profits of pvt oil cos: CPM tells Govt
 Taxes fuel petrol, diesel prices globally
 Department of Economic Affairs seeks hike in spectrum fee
 Rising yen gives companies the jitters
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