Pay your advance tax on time to avoid penalty By CA Ojas Aggarwal Advance tax is the income tax required to be paid in advance on estimated income of a tax year. The onus of estimating the taxable income and discharging the due tax liability on such income in advance, is on an individual tax payer.
Bihar VAT (Amendment) Bill passed in Assembly By CA Nilesh Sahu The Bihar Assembly today passed the Bihar Value Added Tax (VAT) (Amendment), Bill, 2016 which was one of the eight legislations passed on Tuesday for taking the state ahead in taxation, education and other areas.
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.
How India will become a common market with GST By CA Rashmi Sharma With the Centre and states finally reaching a consensus on the contours of the Goods and Services Tax (GST), India is all set to roll out the largest indirect tax reform since the introduction of the value-added tax in 2005.
Investments via Cyprus to attract capital gains tax By CA Atul Gupta The Union cabinet on Wednesday approved the revised double taxation avoidance agreement (DTAA) with Cyprus which will help close gaps and enable Indian authorities to tax capital gains in the country for investments originating in the Mediterranean island nation.
GST rate on processed foods should be low or zero By CA Manu T George The rate of GST on processed foods should be kept low or at zero as the country cannot afford to have high taxes, with food inflation already over 6 per cent, industry body CII on Wednesday said.
ITAT upholds NDTV's tax plea By CA S K Verma New Delhi Television (NDTV) has got partial relief from Income Tax Appellate Tribunal (ITAT) in a case related to payment of income tax.
The Companies (Auditor S Report) Order, 2016 By CA Nilesh Sahu The Ministry of Corporate Affairs vide Notification No. S.O. 1228(E), dated 29.03.2016 made ‘The Companies (Auditor’s Report) Order, 2016’ (‘Order’ for short) in supersession of the Companies (Auditor’s Report) Order, 2015.
Decision to amend Income Tax law retrospectively regrettable By CA Andrew F Thomas The then Finance Minister Pranab Mukherjee’s decision to amend the Income Tax Act with retrospective effect to negate a Supreme Court verdict was regrettable, former Planning Commission deputy chairman Montek Singh Ahluwalia said today.
Times guide to corporate tax By CA Devender Singh New manufacturing companies incorporated on or after March 1, 2016 have been provided an option either to adopt a reduced corporate tax of 27.55%
Admit Cards for May 2016 Examination By CA S K Verma Admit cards in respect of candidates admitted to the Intermediate (IPC) and Final May 2016 examination, with their photographs and signatures on them, are hosted onwww.icai.nic.in.
Regarding Form CR-II. By CA Manu T George In exercise of the powers conferred on me under section 27 of Delhi Value Added Tax Act, 2004 and in partial rnodification to the notification No.F.3(628)/Policy/VAT/2016/ 1424-36 dated 11th February,2016
Interest from Non-SLR securities of Banks By CA Ojas Aggarwal It has been brought to the notice of the Board that in the case of Banks, field officers are taking a view that, "expenses relatable to investment in non-SLR
Tally Solutions Pvt. Ltd vs. ACIT (ITAT Bangalore) By CA Manu T George Transfer Pricing: Argument that transaction of extending credit period to AEs cannot be regarded as “international transaction” in the absence of any income arising therefrom is not acceptable.
Provisioning pertaining to Fraud Accounts By CA Rashmi Sharma Please refer to circular DBR.No.BP.BC.83/21.04.048/2014-15 dated April 1, 2015 on the captioned subject. On a review, it has been decided to amend the provisioning norms in respect of all cases of fraud, as under:
Conference on Companies Act gets under way By CA Manu T George The two-day seminar on “Companies Act, 2013 – New Standards for Corporate Governance” being organised by Kakatiya University College of Commerce , Business Management and Institute of Chartered Accounts of India (ICAI), got under way here on Monday.
Budget moves to reduce tax litigation By CA S K Verma The tremendous backlog of pending direct tax litigation has been a bane for the government and taxpayers alike—the locking-up of precious tax revenue for the government and unrelenting uncertainty on the tax front for the taxpayers.
This Budget is not business as usual By CA Atul Gupta Is it possible to be popular without being populist? This Budget, which has sought to combine the virtues of macroeconomic stability with growth, is a good example.
Expectations high on size of TS Budget expenditure By CA Manu T George With the Chief Minister K Chandrasekhar Rao’s firm directive that the Budget for 2016-17 should be realistic and to be tuned to the resources and requirements of the State, there is high anticipation about the size of the total expenditure.
Budget 2016 brings lawyers under service tax net By CA Ojas Aggarwal The Budget has withdrawn tax exemptions given to lawyers and proposed a 14% tax on the services of a senior advocate to an advocate or partnership firm, and a person represented on an arbitral tribunal to an arbitral tribunal.
GST will smooth the way for e-commerce companies By CA Manu T George Implementation of GST will help resolve various issues concerning taxation and logistics with regard to e-commerce business, which has been recording rapid growth in the country, says a study.
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
New rules make it easier to admit evasion By CA S K Verma In a notification dated 17 August, the Central Board of Direct Taxes (CBDT) has amended the fair market value (FMV) determination rules for immovable property, as applicable to the Income Declaration Scheme (IDS) 2016.
Taxable Event Under GST By CA Rashmi Sharma A taxable event is any event or occurrence that results in a tax liability. Normally taxable event means occurrence creates or attracts the liability to be fixed.
How to reduce transfer-pricing disputes By CA Ojas Aggarwal The Indian tax administration has been proactive in the past few years in its attempts at reducing tax litigation. Monetary thresholds for filing of appeals by tax authorities have been enhanced and a number of circulars have been issued to clarify disputed tax issues.
With a New Name, MTC Transfer Pricing Program Moves Forward By CA Rashmi Sharma Today, the Multistate Tax Commission’s Transfer Pricing Committee voted to adopt an Information Exchange Agreement, which permits states to share taxpayer information with other states participating in the transfer pricing program.
Amendment to Notification No. 61/94-Customs By CA Atul Gupta In exercise of the powers conferred by clause (a) of sub-section (1) of section 7 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs,
Customs Cadet Corps set to spread wings By CA Nilesh Sahu Thousands of schoolchildren across the country will soon have a role to play in safeguarding the country’s economic frontiers, thanks to a novel initiative by the Cochin Customs House (CCH).
Manner of payment of interest on warehoused goods By CA Manu T George Section 61 of the Customs Act, 1962 had been amended vide the Finance Act, 1994 whereby the interest payable with respect to warehoused goods was to be calculated with reference to the duty payable at the time of clearance of the goods from the warehouse.
Security under section 59 (3) of the Customs Act By CA Andrew F Thomas Section 59 of the Customs Act, 1962 (as amended by Finance Act 2016) requires an importer of goods filing a bill of entry for warehousing to submit a Bond in a sum equal to thrice the amount of duty assessed on the goods to be warehoused.
Wall Street has big M&A expectations By CA Atul Gupta Bankers big and small concede that 2016 won't top 2015's record highs for mergers and acquisitions, in part thanks to a slow start to the year attributable to choppy markets.
Making cybersecurity a priority in mergers and acquisitions By CA Andrew F Thomas The change inevitable in a post-deal situation makes the new company a ripe target for cyber criminals, who often capitalize on the security vulnerabilities that can arise during system implementations, lack of clarity or governance,
CBDT sees scope for higher TDS play By CA Devender Singh The government sees scope for more tax revenues to be garnered via Tax Deduction at Source (TDS) route, a senior income tax department official said.
Income tax collection from Mumbai rises 9% By CA Mayank Jain Income tax collection from the Mumbai zone, which forms one-third of the total direct tax collections, grew by around 9 per cent to ?67,185 crore in April-July, driven by a massive spike in advance collections from individuals.