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News Headlines   RSS Feeds
 Notification regarding extension of last date w.r.t submission of closing stock by dealer.
By CA S K Verma
Notification regarding extension of last date w.r.t submission of closing stock by dealer.
 Integrated Goods and Services Tax (IGST) Rules, 2017 (As on 15.11.2017)
By CA Manu T George
Short title and commencement.-(1) These rules may be called the Integrated Goods and Services Tax Rules, 2017.
 Central Goods and Services Tax (CGST) Rules,2017 (As on 15.11.2017)
By CA Ojas Aggarwal
Short title and Commencement.-(1) These rules may be called the Central Goods and Services Tax Rules, 2017.
  101st Constitution Amendment Act, 2016
By CA Atul Gupta
It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint,
 Pr. Commissioner Of Income Tax-6 Vs. Mccain Foods India Pvt. Ltd.
By CA Atul Gupta
Two questions are urged by the Revenue in this appeal. The first pertains to the appropriateness of the Resale Price Method (RPM), which was accepted
 Section 10 of the Income-tax Act, 1961
By CA Mayank Jain
In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961)
 Income tax returns filing: No tax on gift received from relatives in form of cash
By CA Nilesh Sahu
Income tax raids that began on Thursday on properties belonging to jailed AIADMK leader V.K. Sasikala and her family members continue for the fifth day on Monday
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Continuing Prof. Edu.   RSS Feeds
 Latest Amendments in GST Return Filing & Latest Amendments in GST (INDIRECT TAXES)
By CA Atul Gupta
Place: Central Delhi CPE Study Circle of NIRC Date: 27-11-2017 – To: 27-11-2017 Place: 5
  Return And Refund Issues Under GST & FORM 15CA/15CB (Indirect Taxes)
By CA Mayank Jain
Place: Pusa Road CPE Study Circle of NIRC Date: 22-11-2017 – To: 22-11-2017 CPE.Hrs.: 5
 Return And Refund Issues Under GST & Form 15CA/15CB (Indirect Taxes)
By CA Andrew F Thomas
Place: Pusa Road CPE Study Circle of NIRC Date: 22-11-2017 – To: 22-11-2017 CPE.Hrs.: 5
 Latest development in Assessment Proceedings and Landmark Ruling of 2017 AND Overview of insolvency & bankruptcy code – be a domain expert (DIRECT TAXES)
By CA Nilesh Sahu
Place: North-Ex C.A. Study Circle of NIRC Date: 21-11-2017 – To: 21-11-2017 CPE.Hrs.: 4
 Struck Off Companies And Annual Filing With Roc (Corporate Laws)
By CA Atul Gupta
Place: Panchkuin Road CPE Study Circle of NIRC Date: 20-11-2017 – To: 20-11-2017 CPE.Hrs.: 5
 Insolvency and Bankruptcy Code;GST and VAT Updates (INDIRECT TAXES)
By CA Mayank Jain
Place: Tri Nagar Keshav Puram CPE Study Circle of NIRC Date: 18-11-2017 – To: 18-11-2017 CPE.Hrs.: 5
  Tally With GST Returns (INDIRECT TAXES)
By CA Nilesh Sahu
Place: Sonepat Branch Of NIRC Date: 18-11-2017 – To: 18-11-2017 CPE.Hrs.: 2
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GST - Goods and Services Tax   RSS Feeds
 Concept Of Tax Collection At Source (TCS) IN GST
By CA Andrew F Thomas
Chapter X of the CGST Act, 2017 contains provisions in relation Tax Collection at Source (TCS) including e-commerce in section 52. These provisions will be effective from a notified date
 Significant Changes in GST compliance (23rd GST Council Meet)
By CA Nilesh Sahu
These Changes shall be effective prospectively from November 15, 2017
 Govt looks to cut GST on white goods
By CA Ojas Aggarwal
After consumer products and other daily-use items, the government is now looking to reduce goods and services tax (GST) on consumer durables like washing machines and refrigerators from the current level of 28% as part of the next round of rationalisation.
 Eateries may land in soup for profiteering post GST
By CA Mayank Jain
The government is asking consumer goods companies as well as others dealing with over 200 items, where goods and services tax (GST) has been reduced, to immediately pass on the gains to consumers.
 GST rate cut: Centre doubles down on GST’s gains for consumers
By CA Devender Singh
A day after the Centre notified the latest set of cuts in the rate of tax to be levied on a wide range of goods as part of the Goods and Services Tax (GST)
 Clarifications regarding applicability of GST and availability of ITC in respect of certain services
By CA Devender Singh
Is GST applicable on warehousing of agricultural produce such as tea (i.e. black tea, white tea etc.), processed coffee beans or powder, pulses (de-husked or split), jaggery, processed spices, processed dry fruits, processed cashew nuts etc.?
 Delhi crosses GST target in October
By CA Manu T George
Delhi reached a milestone in Goods and Services Tax collections, registering a 23% increase in October over all taxes collected during the same month last year.
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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
 Finance Ministry may hike monetary limit for filing tax appeals
By CA S K Verma
To reduce Centre’s tax cases, the finance ministry is contemplating a further increase in the monetary limit for filing the appeals in tax appellate tribunals, high courts and Supreme Court.
 Compilation of all notifications issued ON
By CA Devender Singh
Recently 23rd GST council meeting has been held in which various decisions were declared.
 Banking transaction tax to have cascading effect: NIPFP
By CA Mayank Jain
A banking transaction tax (BTT) replacing the current tax systems (direct and indirect taxes, except for Customs duty) is not a superior system on all parameters, say economists at the National Institute of Public Finance and Policy (NIPFP) in their assessment of Arthkranti’s proposal which is being made public when the Budget process for 2018-19 is on.
 While filing tax in India, NRIs do not have to state overseas income
By CA S K Verma
Non resident Indians (NRIs) do not have to include income earned abroad in their tax returns filed in India
 Tax ease on cards, some daily use items may become cheaper
By CA Nilesh Sahu
The crucial Goods and Services Tax Council meeting on Friday got underway to thrash out issues including a complete review of the 28% rate slab and composition scheme for small businesses and restaurants.
 It’s one year of GSTN, too
By CA Andrew F Thomas
It is the other reform that started a year ago, but was quietly overshadowed with the sudden announcement of demonetisation of ?500 and ?1,000 currency notes that had most people lining up outside banks to exchange their money.
 SBI home, auto loan interest rates cut, set to be effective from Nov 1
By CA Devender Singh
The State Bank of India has made its home and auto loans cheaper. The new rates will be effective from November 01, 2017.
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Corporate Law   RSS Feeds
 Government firm on tax law changes, relents on tribunal postings
By CA Ojas Aggarwal
Addressing one of the major concerns of the Opposition on the Finance Bill, the government Wednesday assured Parliament that all judicial appointments in regulatory bodies or tribunals, many of which are being restructured in one go through provisions in the Finance Bill, will continue to be made in consultation with the judiciary.
 Income Tax relief on money in single parent’s account may lead to tax evasion: Law panel
By CA Rashmi Sharma
The income tax exemption on the money deposited in a single parent's account as maintenance for a minor child in a divorce settlement case could open flood gates of tax evasion, the Law Commission warned today.
 Law panel against income tax relief for single parents
By CA S K Verma
The Law Commission is learnt to have decided against recommending income tax exemption on the money deposited in a single parent’s account as maintenance for a minor child in a divorce settlement case.
 Maintenance of Accounts and other record in GST Law
By CA Rashmi Sharma
No specific list of accounts or record has been prescribed in Section 53 of GST Law.
 Parliament Votes to Extend Value Added Tax Law
By CA Ojas Aggarwal
Legislators on Sunday extended the enforcement of value added tax for the upcoming fiscal year (starting March 21) and dropped the newly-proposed article narrowing the tax base to the final consumer.
 Taxation Laws (Second Amendment) Act, 2016 ​​​​​​​​​​​​​​​​​​​​​​​​​​​​
By CA Mayank Jain
In the Income-tax Act, 1961 (hereinafter referred to as the Income-tax Act), in Amendment of section 115BBE, for sub-section (1),
 Glimpse of Invoices Revised Model GST Law
By CA Nilesh Sahu
The esteemed vision of Hon’ble Prime Minister to create a digital and paper less economy cannot be crystalize without the digitalization of documentation and removal of hurdle of hard document.
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Students   RSS Feeds
 Observations of the candidates on the question papers of CA examinations November, 2017
By CA Andrew F Thomas
It is hereby informed that candidates can bring to the notice of the Examination Department, their observations, if any, on the question papers relating to CA Examinations being held in November 2017,
 Mock test paper for the students of CPT for December’17 Examination
By CA Atul Gupta
Board of Studies has proposed to organize Mock Test Paper (Series-1 & 2) for the students of CPT appearing their CPT Examination in December, 2017 as per following schedule.
 Join the Refresher Course on GST and Ind AS organized for CA Students and gain knowledge on GST and Ind AS
By CA Devender Singh
Board of Studies is organizing Six Days Course on GST and Ind AS through a combination of Webcasts from Head Office and physical classes at Regional Councils and Branch(es)for the CA student.
 Further Relaxation in the eligibility criteria for Direct Entry Students registering from 1st July, 2017 to 31st July, 2017 for appearing in May, 2018 Intermediate Examination under Revised Scheme of Education and Training
By CA Rashmi Sharma
Under the New Scheme of Education and Training, the eligibility criteria for Direct Entry Students is to complete Nine Months of Practical Training after undergoing Four Weeks Integrated Course on Information Technology and Soft Skills (ICITSS) Course.
 Examination of the Certificate Course on Valuation scheduled on 26th November, 2017
By CA Andrew F Thomas
"Valuation Standards Board is conducting Examination for the Certificate Course on Valuation scheduled from 10:00 AM to 1:00 PM. on 26th November 2017, at respective locations in India”.
 Admit Card for Intermediate (IPC) and Final November 2017 Examination
By CA Rashmi Sharma
Admit cards in respect of candidates admitted to the Intermediate (IPC) and Final November 2017 examination,
 Shifting from one Elective Paper to another Elective Paper under Revised Scheme of Education and Training.
By CA Ojas Aggarwal
Students of Final (New) Course may please note that under the Revised Scheme of Education and Training, the students will be required to opt one of the following Electives papers
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New Forms   RSS Feeds
 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.
  Extension of time limit for submitting the declaration in FORM GST TRAN-1 under rule 117 of the Central Goods and Services Tax Rules, 2017
By CA Ojas Aggarwal
In exercise of the powers conferred by rule 117 of the Central Goods and Services Tax Rules, 2017 read with section 168 of the Central Goods and Services Tax Act, 2017
 Form 64E is enabled in e-Filing to furnish the statement of income distributed by a securitisation trust
By CA Atul Gupta
In exercise of the powers conferred by section 295 read with sub-section (4) of section 115TCA of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-
  Form DVAT 01 - Application For Opting For Composition Scheme by a dealer registered
By CA Devender Singh
Instructions for dealers opting for composition scheme (For details refer section 16 of the Act and Rule 5 of these rules)
 Requirement of item wise details in Forms Annexure - 2A, Annexure - 2B, DVAT- 30 and DVAT 31
By CA Manu T George
Requirement of item wise details in Forms Annexure - 2A, Annexure - 2B, DVAT- 30 and DVAT 31
 Amendment of ANF 3C Application for on line filing of Grant of Status Certificate
By CA S K Verma
In exercise of powers conferred under paragraph 2.04 of the Foreign Trade Policy 2015-20,
 Regarding Form CR-II.
By CA Manu T George
In exercise of the powers conferred on me under section 27 of Delhi Value Added Tax Act, 2004 and in partial rnodification to the notification No.F.3(628)/Policy/VAT/2016/ 1424-36 dated 11th February,2016
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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
 FAQs on Ethical Issues relating to GST
By CA Manu T George
Yes, a member in practice can engage as GST practitioner , as the activities to be performed by GST practitioner mentioned in CGST Act, 2017
 ICAI International Conference, 8-9 December 2017, Mumbai
By CA Rashmi Sharma
In the challenging times, Chartered Accountancy profession today is an integral facet of society.
 Report on Audit Quality Review (2016-17) of the Quality Review
By CA Manu T George
Government of India has, in exercise of the powers conferred under Section 28A of the Chartered Accountants Act, 1949, constituted a Quality Review Board (the`Board') to perform the following functions u/s 28B of the Chartered Accountants Act,1949:-
 CPE Events 13th November - 18th November 2017
By CA Andrew F Thomas
CPE Events 13th November - 18th November 2017
 Information Systems Audit (ISA) Course Assessment Test which is open to the members of the Institute, will be held on 23rd December, 2017 (Saturday) from 9.00 AM to 1.00 PM (IST) at 61 Cities.
By CA Ojas Aggarwal
Members are hereby informed that the next Information Systems Audit (ISA) Course Assessment Test which is open to the members of the Institute, will be held on 23rd December, 2017 (Saturday) from 9.00 AM to 1.00 PM (IST)
 ICAI Survey for Capacity Building and Global Presence of Indian CA Firms - Request to submit response by November 15, 2017
By CA Atul Gupta
The Institute of Chartered Accountants of India has recently constituted a Group on Vision 2024 & Global Presence of Indian Firms with the primary objective of developing a strategy for capacity building and global presence of Indian CA firms.
 Paper 2, Strategic Financial Management of Final Examination, Group - I scheduled on 3rd November 2017 (Friday) at Chennai only, was postponed, on account of heavy rains and disruption of normal life there. The said examination will now be held 17th November 2017 (Friday).
By CA S K Verma
It is hereby informed that the said postponed examination will now be held on 17th November 2017 (Friday).
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From the Courts   RSS Feeds
 M/s Ess Distribution (Mauritius) S.N.C.Et Compagnie Vs. Assistant Commissioner Of Income Tax, Circle -1(2)(2) International Taxation, New Delhi
By CA Rashmi Sharma
These are four writ petitions under Article 226 of the Constitution of India. Two are by M/s. ESS Distribution (Mauritius) SNCET
 Commissioner Of Income Tax (Ltu) Vs. ESPN Software India Ltd.
By CA Andrew F Thomas
The appeals are dismissed. For detailed judgment, the decision in ITA No.882/2017 dated 07.11.2017 may be referred to.
 Bses Rajdhani Power Ltd. Vs. Principal Commissioner Of Income Tax,
By CA Nilesh Sahu
Bses Rajdhani Power Ltd. Vs. Principal Commissioner Of Income Tax,
 ITO vs. Gymkhana Club (ITAT Chandigarh)
By CA Rashmi Sharma
Principles of mutuality: Entire law on whether a club whose membership is also open to the persons from the public and whose management is looked after by officials of HUDA is eligible to claim the benefits of "mutuality" explained in the light of Banglore Club 350 ITR 509 (SC) and other judgements
 SRD Nutrients Private Limited vs. CCE (Supreme Court)
By CA Andrew F Thomas
It is trite that when two views are possible, one which favours the assessees has to be adopted. Circulars are binding on the Department.
 The Commissioner Of Income Tax-Exemption Vs. The Fertilizers Association Of India
By CA Devender Singh
The appeals are dismissed. For detailed judgment, the decision in ITA No.964/2017 dated 13.11.2017 may be referred to.
 The Pr. Commissioner Of Income Tax-Central-1 Vs. Sameer Gupta
By CA S K Verma
The appeals are dismissed. For detailed judgment, the decision in ITA No.967/2017 dated 13.11.2017 may be referred to.
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Auditing   RSS Feeds
 Auditing to be less of a burden as accountants embrace AI
By CA Nilesh Sahu
Among the more thankless tasks undertaken by junior accountants is meticulously checking off inventory at clients’ warehouses, which can involve scaling ladders with paper and pen in hand.
 CAG's report on GST will be totally paperless
By CA Devender Singh
The Comptroller and Auditor General (CAG) will come out with its first digital audit report, a complete paperless exercise, with its performance appraisal of the Goods and Services Tax, expected to come out sometime towards the end of this calendar year.
 Time Limit For Completion Of Assessment From The Date Of Special Auditors Report Under Income Tax Act, 1961
By CA Rashmi Sharma
Section 142(2A) of the Income Tax Act, 1961 (Act for short) provides for the conduct of special audit that may directed by the Assessing Officer.
 Provisioning pertaining to Fraud Accounts
By CA Rashmi Sharma
Please refer to circular DBR.No.BP.BC.83/21.04.048/2014-15 dated April 1, 2015 on the captioned subject. On a review, it has been decided to amend the provisioning norms in respect of all cases of fraud, as under:
 Tax Audit Report (TAR) Certain exceptions and increased limits according to number of partners and considering nature of activity are desirable
By CA Devender Singh
Provisions relating to maintenance of accounts and obtaining of TAR are old provisions and we find that very low limits fixed long ago have remain in force for long time.
 Cost Auditing Standards [ Cost Audit Documentation (102)] Part-II
By CA Ojas Aggarwal
In continuation of our effort to make notified Cost Auditing Standards readable, next in line is theCost Auditing Standard on Cost Audit Documentation (102).
 Conference on Companies Act gets under way
By CA Manu T George
The two-day seminar on Companies Act, 2013 New Standards for Corporate Governance being organised by Kakatiya University College of Commerce , Business Management and Institute of Chartered Accounts of India (ICAI), got under way here on Monday.
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Latest Circulars   RSS Feeds
 Monetary Transmission in India: Why is it important and why hasn’t it worked well? (Dr. Viral V Acharya, Deputy Governor - November 16, 2017 - Inaugural Aveek Guha Memorial Lecture, Homi Bhabha Auditorium, Tata Institute of Fundamental Research (TIFR))
By CA Rashmi Sharma
When I travel from my residence in Vile Parle (W) to the Reserve Bank of India Central Office in Fort, I pass each way Kenilworth – the birth place of late Homi Jehangir Bhabha.
 New Opening Accounts & Finance - Executive /asst. Manager ( Chartered Accountant)
By CA Atul Gupta
Salary: INR 6,00,000 - 7,50,000 P.A., Functional Area: Accounts, Finance, Tax, Company Secretary, Audit
 35 LPA-Opening DGM / GM Accounts - Chartered Accountant ( CA )
By CA Mayank Jain
Salary:INR 30,00,000 - 35,00,000 P.A.,Functional Area:Accounts , Finance , Tax , Company Secretary , Audit
 Secondary market transactions in Government Securities – Notional Short Sale
By CA Ojas Aggarwal
In terms of RBI circulars IDMD.PCD.21/14.03.07/2011-12 dated June 21, 2012, and IDMD.PCD.14/14.03.07/2011-12 dated December 28, 2011 market participants undertaking ‘notional’
 Over-the-Counter Government Securities Transaction by Foreign Portfolio Investors (FPIs) – Settlement Period
By CA Atul Gupta
In terms of RBI circular FMRD.DIRD.06/14.03.007/2014-15 dated March 20, 2015, Foreign Portfolio Investors (FPIs) are required to settle transactions in Government Securities in the Over-the-Counter-(OTC) market on a T+2 basis.
 Agency Commission for GST receipt transactions
By CA Rashmi Sharma
Please refer to Para 15 of our Master Circular on Conduct of Government Business by Agency Banks - Payment of Agency Commission dated July 01, 2017 related to claiming of agency commission.
 Inclusion of “Utkarsh Small Finance Bank Limited” in the Second Schedule to the Reserve Bank of India Act, 1934
By CA Andrew F Thomas
Inclusion of “Utkarsh Small Finance Bank Limited” in the Second Schedule to the Reserve Bank of India Act, 1934
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VAT (Value Added Tax)   RSS Feeds
  Filing of reconciliation return in form 9 for the year 2016-17
By CA Andrew F Thomas
In exercise of the powers conferred under Rule 49A of the Delhi Value Added Tax Rules, 2005 read with section 9(2) of Central Sales Tax Act, 1956,
 Govt may send notice to 162 companies; ask for VAT returns
By CA Ojas Aggarwal
With Goods and Service Tax (GST) collections going for a toss, the government may soon be sending notices to several firms on transitional tax credit being claimed back.
 Cenvat Credit Is Not Income Liable To Be Taxed
By CA S K Verma
Rule 3 of CENVAT Credit Rules, 2004 allows the manufacturer or producer of final products or provider of output service to take credit on certain taxes paid
 Cos wanting to claim VAT refund on employees' foreign stay can get professional help
By CA Manu T George
When a company takes its employees for an offsite visit abroad, the VAT paid on the local travel and the hotel accommodation is refundable.
 Regarding disposal of pending form DVAT 04 & 07 Form Applications
By CA Manu T George
Regarding disposal of pending form DVAT 04 & 07 Form Applications
 Disposal of pending Form DVAT 04 & Form DVAT 07 applications: regarding
By CA Nilesh Sahu
As you are aware, we have ushered into a new Tax regime with the roll out of GST which has taken effect from 1st July, 2017.
 Cenvat Credit Rules, 2017 III Part
By CA Andrew F Thomas
Rule 11(5) provides that the manufacturer of final products shall submit a monthly return in the form specified by the notification, by the Board.
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Budget Extravaganza   RSS Feeds
 Seeks to amend certain customs notifications in pursuance to change made in Budget 2017-18.
By CA S K Verma
In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962),
 New look finance ministry team to frame contours of Budget 2018
By CA Ojas Aggarwal
Finance Minister Arun Jaitley's fifth Union Budget will sport a different look, starting with a lighter `Part B’ with fewer indirect tax changes because of GST
 How presenting the Budget early seems to be paying off already
By CA Ojas Aggarwal
Breaking with a long-standing tradition, Finance Minister Arun Jaitley presented the Union Budget a full four weeks early this year and the results already seem to be showing in terms of expenditure.
 Budget advancement helps Centre, states start spending early
By CA Rashmi Sharma
Advancing the Budget and notifying the Finance Act, 2017, have enabled the Centre and state governments to start spending from the first month of the financial year from the central funds.
 Five things that you can expect from the Mumbai civic budget today
By CA Andrew F Thomas
Mumbai civic chief Ajoy Mehta will present the Brihanmumbai Municipal Corporation’s (BMC) budget for the financial year 2017-18
 GST all set for July 1 rollout but casts shadow on state budgets
By CA Ojas Aggarwal
With GST all set to be rolled out from July 1, states have not made too many changes in the indirect tax structure in their budgets for 2017-18.
 Income-Tax collection revised in Rajasthan budget
By CA Manu T George
Expecting a major increase in salaries after implementing the 7th Pay Commission for state government employees this year, the state has upwardly revised its budget estimate from income tax (I-T) collection for 2017-18.
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Forex   RSS Feeds
 Perils of an ad hoc forex policy
By CA Nilesh Sahu
In a speech that he gave last month at the International Monetary Fund, the Reserve Bank of India (RBI) Governor,
 Rupee depreciated by 17 paise to Rs 45.62 a dollar in early trade
By CA Andrew F Thomas
The rupee depreciated by 17 paise to Rs 45.62 a dollar in early trade today following weak domestic equity markets
 Rupee strengthened by 7 paise against dollar
By CA Devender Singh
The rupee strengthened by 7 paise to Rs 45.35 a dollar in early trade today on weakness in the US currency against major world currencies
 Rupee up by 4 paise against dollar in early trade
By CA Nilesh Sahu
The rupee strengthened by 4 paise to Rs 45.48 against the US dollar in early trade at the Interbank Foreign Exchange today
 Rupee falls by 18 paise at 4-week low against dollar
By CA Manu T George
The rupee today fell by 18 paise to trade at a four-week low of Rs 45.54 against the US currency in early trade, weighed down by dollar's gains against the major world currencies
 Rupee drops on weak shares; inflation eyed
By CA Nilesh Sahu
The Indian rupee fell on Friday tracking losses in local shares, which raised worries of foreign investors continuing to pull out funds from Asia's third-largest economy
 Rupee raises 6 paise against dollar in early trade
By CA Rashmi Sharma
The Rupee appreciated by 6 paise to Rs 45.07 a dollar at the Interbank Foreign Exchange market today, boosted by the greenback's weakness against euro and other major currencies
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ITAT-Constitution of Benches   RSS Feeds
 Income Tax Appellate Tribunal Ahmedabad Benches , Ahmedabad S/shri Kul Bharat, Jm & Manish Borad, Am Causelist For Bench 'A'
By CA Manu T George
Income Tax Appellate Tribunal Ahmedabad Benches , Ahmedabad S/shri Kul Bharat, Jm & Manish Borad, Am Causelist For Bench 'A'
 Income Tax Appellate Tribunal, Hyderabad Benches, Hyderabad. Cause List Of Cases Posted Before A-Bench (Db) - 20.11.17 To 24.11.2017
By CA Rashmi Sharma
Income Tax Appellate Tribunal, Hyderabad Benches, Hyderabad. Cause List Of Cases Posted Before A-Bench (Db) - 20.11.17 To 24.11.2017
 Income Tax Appellate Tribunal : Kolkata Benches : Kolkata List Of Orders Ready For Pronouncement On 17 .11.2017.
By CA S K Verma
Income Tax Appellate Tribunal : Kolkata Benches : Kolkata List Of Orders Ready For Pronouncement On 17 .11.2017.
 Income Tax Appellate Tribunal Mumbai Benches, Mumbai Consolidated Cause list of SA/MA/Pronouncement for Friday 17/11/2017
By CA Ojas Aggarwal
Income Tax Appellate Tribunal Mumbai Benches, Mumbai Consolidated Cause list of SA/MA/Pronouncement for Friday 17/11/2017
 IncomTax Appellate Tribunal: Bangalore Benches : Bangalore Constitution of Kolkata Benches From 13/11/2017 To 17/11/2017
By CA S K Verma
IncomTax Appellate Tribunal: Bangalore Benches : Bangalore Constitution of Kolkata Benches From 13/11/2017 To 17/11/2017
 IncomTax Appellate Tribunal: Kolkata Benches : Kolkata Constitution of Kolkata Benches From 27/11/2017 To 30/11/2017
By CA Ojas Aggarwal
IncomTax Appellate Tribunal: Kolkata Benches : Kolkata Constitution of Kolkata Benches From 27/11/2017 To 30/11/2017
 Income Tax Appellate Tribunal, Bangalore Benches, Bangalore. Constitution for the week from 13.11.17 To 17.11.17
By CA Ojas Aggarwal
Income Tax Appellate Tribunal, Bangalore Benches, Bangalore. Constitution for the week from 13.11.17 To 17.11.17
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Placements & Empanelment   RSS Feeds
  New Opening General Manager Finance & Accounts
By CA Mayank Jain
Salary: INR 15,00,000 - 20,00,000 P.A.,Functional Area: Accounts, Finance, Tax, Company Secretary, Audit
 30 LPA-Urgent Req. Finance Manager In Sharjah (sunrise Petroleum)
By CA Manu T George
Salary:INR 15,00,000 - 30,00,000 P.A.,Functional Area:Accounts , Finance , Tax , Company Secretary , Audit
 7 Opening Junior Accounts Executive, Senior Accounts Executive, Accountant
By CA Andrew F Thomas
Salary:INR 1,50,000 - 5,00,000 P.A., Functional Area:Accounts , Finance , Tax , Company Secretary , Audit,
 70 LPA-Opening Chief Financial Officer
By CA Nilesh Sahu
Salary:INR 50,00,000 - 70,00,000 P.A., Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:CA
 17 LPA-Opening in a Leading BIG4 _ Indirect tax
By CA Rashmi Sharma
Salary:INR 9,00,000 - 17,00,000 P.A.,Functional Area:Accounts , Finance , Tax , Company Secretary , Audit
 New Opening Senior Accounts Executive & Accounts Executive
By CA Andrew F Thomas
Salary:INR 3,50,000 - 6,00,000 P.A.,Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:M.Com - Commerce
  10 Opening Chartered Accountant
By CA Mayank Jain
Salary:INR 17,00,000 - 22,50,000 P.A. Reimbursements & Perks in addition,Functional Area:Financial Services , Banking , Investments , Insurance ,PG:CA
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Direct Tax   RSS Feeds
 High court judges, experts brainstorm on likely GST litigations
By CA Manu T George
With the Goods and Services Tax in place, 20 judges from 12 high courts brainstormed with experts and top government officials on identifying grey areas in the new regime that may throw up litigations in coming days.
 Businesses need not deduct GST on advances received for goods supply: CBEC
By CA Nilesh Sahu
The government has exempted businesses from deducting GST on advances received for supplying goods in future, a move which will help unblock working capital of firms.
 Redress taxpayers' grievances on priority: CBDT to I-T department
By CA S K Verma
A "concerned" Central Board of Direct Taxes (CBDT) has asked the Income Tax (I-T) department to take prompt steps and address the taxpayers' grievances,especially those related to refunds and PAN, within 30 days of their receipt.
 No tax relief on EPF interest if not employed: ITAT
By CA Nilesh Sahu
Tax laws provide that interest credited to an employee provident fund (EPF) account after an individual ceases to be in employment is taxable in his hands in the year of credit.
  CBDT signs 7 more unilateral APAs with taxpayers
By CA Manu T George
The Central Board of Direct Taxes (CBDT) has signed seven more advance pricing agreements (APAs) with Indian taxpayers as it looks to reduce litigation by providing certainty in transfer pricing.
 Income tax returns (ITR) filing: Get capital gains tax exemption on new property; here is how
By CA Mayank Jain
Section 54 states that exemption from capital gains arising on sale of house property will be available to individuals and HUF if new property is purchased within one year prior to date of sale or within two years after sale.
 Reach out to non-filers of GST returns: CBEC to fields offices
By CA Andrew F Thomas
The tax department has directed its field offices to reach out to businesses that have not filed returns under the GST but were paying taxes in the erstwhile service tax/VAT regime.
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Service Tax   RSS Feeds
 Changes In Central Goods And Services Tax Rules, 2017
By CA Devender Singh
Notification dated 15.11.2017 the Central Government made the ‘Central Goods and Services Tax (Twelfth Amendment) Rules, 2017
 Simple tax made complex
By CA Devender Singh
THE recent spate of rate cuts in the Goods and Services Tax (GST) are a welcome development but should not be greeted with too many hosannas.
 Govt may review monthly GST return filing process
By CA Mayank Jain
The government may review the requirement of filing at least three returns every month under the GST regime with a view to easing compliance burden of taxpayers, officials said.
 Central Goods and Services Tax (Eleventh Amendment) Rules, 2017
By CA Nilesh Sahu
In exercise of the powers conferred by section 164 of the Central Goods and Services Tax Act, 2017 (12 of 2017),
 Extension of time limit for submitting the declaration in FORM GST TRAN-1 under rule 120A of the Central Goods and Service Tax Rules, 2017
By CA Nilesh Sahu
In exercise of the powers conferred by rule 120A of the Central Goods and Services Tax Rules, 2017 read with section 168 of the Central Goods and Services Tax Act, 2017
 Composition Scheme - the Central Goods and Services Tax (Removal of Difficulties) Order, 2017
By CA Atul Gupta
Whereas, certain difficulties have arisen in giving effect to the provisions of the Central Goods and Services Tax Act, 2017 (12 of 2017),
 Govt asks taxpayers to file GST return for July by Tuesday
By CA Nilesh Sahu
The government on Monday asked businesses to file final GST returns for the month of July by tomorrow as it ruled out any extension to the due date.
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Transfer Pricing   RSS Feeds
 Govt eases transfer pricing norms for offshore funds
By CA Devender Singh
The alternative investments fund market in India has got a shot in the arm with the government relaxing transfer pricing norms to avoid multiple taxations for offshore fund set-up as multi-tier investment structures.
 India’s final transfer pricing master file rules retain unique flavor
By CA Atul Gupta
India’s Central Board of Direct Taxes (CBDT), on October 31, issued final rules for multinational taxpayers on the implementation of the transfer pricing master file and country-by-country report.
 Transfer pricing: tighter reporting norms for multinationals notified
By CA S K Verma
The Central Board of Direct Taxes (CBDT) has notified the final rules for maintaining and furnishing of transfer pricing documentation in the Master File and Country-by-Country (CbyC) report.
 Transfer pricing once again comes to the fore for MNCs
By CA Manu T George
Aligning the Indian tax environment with global best practices and standards, the Central Board of Direct Taxes (CBDT) has yet again brought a change to transfer pricing documentation.
 Valuation rules under GST could lead to transfer pricing disputes
By CA Nilesh Sahu
As companies focus on the country’s biggest indirect tax reform — Goods and Services Tax (GST) — an old ghost of transfer pricing (TP) may come to haunt them in the coming years, warn tax experts.
 A web of requirements in transfer pricing regime
By CA S K Verma
With a fast changing tax environment and India tightening its transfer pricing/BEPS belt, investors in India would do well to identify any such challenges and adopt measures to mitigate the same
 RBI panel reveals ad hoc, arbitrary practices by banks to inflate interest rates
By CA Atul Gupta
The Reserve Bank of India (RBI)’s study group, which recently submitted its report on an external benchmark rate for banks, has revealed several startling and “disconcerting” banking practices, including violation of the RBI guidelines,
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Customs and Excise   RSS Feeds
 Refund of IGST paid on export of goods under rule 96 of CGST Rules,2017
By CA Devender Singh
The GST Council in its 22nd Meeting had approved a major relief package for exporters.
 Customs And Central Excise Drawback – Part II
By CA Atul Gupta
If the goods are to be exported by post under a claim for drawback the outer packing, carrying the address of the consignee shall also carry in bold letters the words DRAWBACK EXPORT.
 Customs Valuation (Determination of Value of Imported Goods) Rules 2007
By CA S K Verma
In exercise of the powers conferred by section 156 read with section 14 of the Customs Act, 1962 (52 of 1962), the Central Government, hereby makes the following rules to amend the Customs Valuation (Determination of Value of Imported Goods) Rules 2007, namely:-
 Amendment to Customs Valuation Rules – Notification No. 91/2017 (NT)
By CA Ojas Aggarwal
The valuation of imported and export goods is governed by the provisions of Section 14 of the Customs Act, 1962 and the rules made thereunder.
 GST on Custom House Agents
By CA S K Verma
Customs House Agent means a person licensed, temporarily or otherwise, under the regulations made under sub-section (2) of section 146 of the Customs Act,1962 (52 of 1962);
 The Customs and Central Excise Duties Drawback Rules, 2017 and All Industry Rates (AIRs) of Drawback related changes
By CA Andrew F Thomas
The Central Government has notified the Customs and Central Excise Duties Drawback Rules, 2017 (hereinafter referred to as Drawback Rules 2017)
 The Customs and Central Excise Duties Drawback Rules, 2017
By CA Atul Gupta
In exercise of the powers conferred by section 75 of the Customs Act, 1962 (52 of 1962) and section 37 of the Central Excise Act, 1944 (1 of 1944), the Central Government hereby makes the following rules,
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Mergers and Acquisitions   RSS Feeds
 Deals of the day-Mergers and acquisitions Nov 14, 2017
By CA Rashmi Sharma
The following bids, mergers, acquisitions and disposals were reported by 1100 GMT on Tuesday
 Largest cybersecurity M&A deals in 2017
By CA Andrew F Thomas
The cybersecurity market — estimated to be worth more than $1 trillion over the next five years — is simultaneously expanding and consolidating.
 State Bank of India eyes profitable expansion outside home
By CA Devender Singh
State Bank of IndiaBSE 1.29 % (SBIBSE 1.29 %) will open more branches in Nepal and consider options to re-enter Vietnam under a three-year goal to grow its international operations to as much as 15 percent of total business, a senior executive said.
 Deals of the day-Mergers and acquisitions Nov 6, 2017
By CA Mayank Jain
Marvell Technology Group Ltd is in advanced talks to buy Cavium Inc - a deal that would create a chipmaker worth about $14 billion, the Wall Street Journal reported on Friday.
 Large merger and acquisitions back in Indian pharma
By CA Manu T George
The Rs 3600 crore acquisition of Unichem's domestic business by Torrent Pharma has brought the mojo back into India pharma's merger and acquisition scene, which was eluding large deals in the past few years.
 RBI norms may spur digital wallet mergers
By CA Devender Singh
The revised guidelines issued by the Reserve Bank of India (RBI) on pre-paid instruments and wallets (PPI) recently are likely to accelerate mergers and acquisitions among digital payment brands.
 How Indian businesses are evolving M&A strategies
By CA S K Verma
M&A heads and CFOs of leading Indian business houses discuss, at Mint Dealmakers Forum, how the macroeconomic environment in the country is impacting M&A strategies
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Indirect Tax   RSS Feeds
 Indirect taxes collection could fall short of target due to GST
By CA Andrew F Thomas
Indirect taxes collection by the government may fall short of the target during the current financial year due to disruption caused by the GST rollout,
 Indirect Tax Collection Under Gst Goes Down By 30 Percent
By CA Rashmi Sharma
The indirect tax collection in Uttar Pradesh under the new tax regime goods and services tax (GST) has fallen by 30 per cent in the July-September period in the current financial year 2017-18,
 What is a belated income tax return and what are its consequences
By CA Ojas Aggarwal
If you think you will miss the extended income tax return filing deadline also, there's still a chance for you to file your return.
 Why rejig of financial year could upset your tax planning
By CA Atul Gupta
On July 1st 2017 the most awaited and historic change to the Indian Taxation system was made with the introduction of the Goods and Services Tax (GST).
 The threat of harsh penalty should not impede tax compliance
By CA Nilesh Sahu
The Employees Provident Fund Organisation added over 10 million new subscribers after employers got an opportunity to file declarations for their unregistered employees with a nominal fee of Rs 1 per annum. The amnesty proved a pragmatic way to improve compliance.
 What are the tax exemption limits for allowances, reimbursements paid to employees? Find out
By CA Nilesh Sahu
Many of the allowances, reimbursements paid to us as a part of salary are tax-exempt up to a certain limit but the tax exemption is subject to certain conditions.
 High-income taxpayers to get priority treatment and extra facilities
By CA S K Verma
Welcome priority taxpayer, how may I help you? That could be the greeting you may get from the taxman, an encounter that's traditionally been far from friendly.
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Various Acts & Rules   RSS Feeds
 Customs Tariff 2009-10 - PART-II - Chapter 98 - Project imports, Laboratory chemicals, passenger's baggage
By CA Atul Gupta
This Chapter is to be taken to apply to all goods which satisfy the conditions prescribed therein, even though they may be covered by a more specific heading elsewhere in this Schedule.
 Customs Tariff 2009-10 - PART-II - Chapter 97 - Works of art, collectors' pieces and antiques
By CA Atul Gupta
Unused postage or revenue stamps, postal stationery (stamped paper) or the like of heading 4907
 Customs Tariff 2009-10 - PART-II - Chapter 96 - Miscellaneous manufactured articles
By CA Mayank Jain
Articles of Chapter 66 (for example, parts of umbrellas or walking-sticks);
 Customs Tariff 2009-10 - PART-II - Chapter 95 - Toys, games and sports requisites; parts and accessories thereof
By CA Ojas Aggarwal
Toys, games and sports requisites; parts and accessories thereof
 Customs Tariff 2009-10 - PART-II - Chapter 94 - Furniture; bedding, mattresses, mattress supports
By CA Atul Gupta
Furniture; bedding, mattresses, mattress supports, cushions and similar stuffed furnishings; lamps and lighting fittings, not elsewhere specified or included; illuminated signs, illuminated name-plates and the like; prefabricated buildings.
 Customs Tariff 2009-10 - PART-II - Chapter 93 - Arms and ammunition; parts and accessories thereof
By CA Nilesh Sahu
telescopic sights or other optical devices suitable for use with arms, unless mounted on a firearm or presented with the firearm on which they are designed to be mounted (Chapter 90);
 Customs Tariff 2009-10 - PART-II - Chapter 92 - Musical instruments; parts and accessories of such articles
By CA Devender Singh
parts of general use, as defined in Note 2 to Section XV, of base metal (Section XV), or similar goods of plastics (Chapter 39);
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Finance Bills   RSS Feeds
 The Companies (Removal Of Difficulties) Seventh Order - dated 4th Sept 2014 New
By CA Manu T George
Whereas the Companies Act, 2013 (18 of 2013) (hereinafter referred to as the said Act) received the assent of the President on the 29th August, 2013 and section 143 of the Act,
 Finance & Commerce Ministry to discuss draft BIPA model tomorrow
By CA Nilesh Sahu
Officials of the finance and the commerce and industry ministries are scheduled to discuss the issues related to the draft text of the Bilateral Investment Promotion and Protection Agreement (BIPA) tomorrow.
 Union Finance Minister Shri Arun Jaitley said that the revenue targets fixed for Direct Taxes for the current Financial Year 2014-15 would not only be achieved but would also be surpassed
By CA Nilesh Sahu
The Union Finance Minister Shri Arun Jaitley hoped that the revenue targets fixed for Direct Taxes for the current Financial Year 2014-15 would not only be achieved but would also be surpassed.
 Finance ministry may pitch for higher tax exemption on health insurance
By CA Mayank Jain
The finance ministry is likely to pitch for a substantial increase in the income-tax exemption limit for health insurance as part of its plan to deepen insurance coverage. The ministry is examining a proposal that seeks to double the limit to 30,000 from 15,000.
 Finance minister reviews annual performance of public sector banks and financial institutions for 2013-14; calls for tougher action against wilful defaulters; highest ever more than 10,000 new branches opened during 2013-14
By CA Devender Singh
The Union Finance Minister Shri P. Chidambaram said that the last Financial Year 2013-14 was a difficult year even though there was positive movement towards greater stability.
 India Infrastructure Finance Company to raise Rs 7,000 crore through tax-free bonds
By CA Manu T George
State-owned India Infrastructure Finance Company (IIFCL) plans to raise Rs 7,000 crore via a public issue of tax-free bonds in October, according to a senior company official
 Finance Ministry hopes RBI focusses on promoting growth in policy tomorrow
By CA Atul Gupta
Ahead of tomorrow's monetary policy review, the Finance Ministry has expressed the hope that Reserve Bank will focus on promoting growth.
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