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News Headlines   RSS Feeds
  New norms for manual scrutiny of service tax returns from August
By CA Andrew F Thomas
Central Board of Excise and Customs (CBEC) will start detailed manual scrutiny of service tax returns of assessees based on risk parameters under modified norms from 1 August.
 5 New rules to file income tax returns this year
By CA S K Verma
This year, lots of changes have been made in order to simplify the income tax return forms. In order to curb black money, the department had in the earlier forms asked taxpayers to furnish the details of all their foreign trips, including the expenses incurred on those trips.
 CBEC regarding revised guidelines on conducting detailed manual scrutiny of service tax returns
By CA Atul Gupta
The Central Board of Excise and Customs had issued detailed guidelines in 2009 to its field formations on conducting detailed manual scrutiny of service tax returns.
  Filing of online return for 1st quarter of 2015-16 – extension of period thereof
By CA Nilesh Sahu
In exercise of the powers conferred by clause(v) of the Explanation to section 48 of the Income-tax Act, 1961 (43 of 1961), the Central Government here
 Higher tax share for states to offer financial flexibility
By CA Manu T George
The increased tax devolution to states will give them more financial flexibility to utilise untied resources, Parliament was informed today.
 12 ways to deal with an Income Tax notice
By CA Rashmi Sharma
Any communication from the Income Tax department, especially receiving a notice from them, can send shivers down anyone's spine. However, there are chances that it might only be a routine enquiry or a request for simple clarification.
 Filing of online return for 1st quarter of 2015-16 – extension of period thereof.
By CA Manu T George
In exercise of the powers conferred under Rule 49A of the Delhi Value Added Tax Rules,2005, I, Vijay Kumar, Commissioner, Value Added Tax, do hereby extend the last date for filing of online return for the 1st quarter of the year 2015-16
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Continuing Prof. Edu.   RSS Feeds
 Income Tax Appellate Tribunal Lucknow Benches Lucknow Constituion For The Week From 27107/2015 To 31/07/2015 and 03/08/2015 To 07/08/2015
By CA Ojas Aggarwal
Income Tax Appellate Tribunal Lucknow Benches Lucknow Constituion For The Week From 27107/2015 To 31/07/2015 and 03/08/2015 To 07/08/2015
 Recent Issues in Direct Taxation & Networking
By CA Atul Gupta
Place: SCAA Hall, 52, Chairman, A.R. Arunachalam Road, Near Railway Station / NRKR Bungalow, Sivakasi Date: 1st Aug, 2015 10:00 - 17:15 CPE.Hrs.: 6
 Recent Changes in Companies Act & Taxability of E commerce Transactions under DVAT Act
By CA Mayank Jain
Place: 50, Atithi Palace, Daryaganj Date: 30th Jul, 2015 16:00 - 20:00 CPE.Hrs.: 4
  New Rules for Income Tax Filings
By CA Atul Gupta
Place: 1st Floor, Gandalf, Direct I-Plex,Near Andheri-E Subway Date: 2nd Aug, 2015 09:45 - 13:00 CPE.Hrs.: 3
 Service Tax, Concurrent Audit & Wealth Tax
By CA Mayank Jain
Place: Swami Vivekananda Conference Hall at “Rajya Yuba Kendra , 142/3, A.J.C. Bose Road, Kolkata 700014 Date: 30th Jul, 2015 14:00 - 20:00 CPE.Hrs.: 5
  New Rules for Income Tax Filings
By CA Rashmi Sharma
Place: 1st Floor, Gandalf, Direct I-Plex,Near Andheri-E Subway Date: 2nd Aug, 2015 09:45 - 13:00 CPE.Hrs.: 3
 Precausions in filing Income Tax Returns
By CA Nilesh Sahu
Place: Hotel Kanak, Opp. Gujarat College, Ellisbridge, Ahmedabad - 380 006 [5.30 pm onward] Date: 27-07-2015 CPE.Hrs.: 3
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VAT (Value Added Tax)   RSS Feeds
 Amending VAT laws will boost revenue from e-tailers
By CA Mayank Jain
But recently, the firm announced that it would place on hold all further warehousing infrastructure investments in Karnataka,
 Dharmendra Pradhan 'helpless' on hike of VAT in petro products by states
By CA Atul Gupta
Union Petroleum Minister Dharmendra Pradhan today said he would like the pricing of petroleum products to be consumer-friendly.
 Register under VAT Act for tenders, contractors told in Shimla
By CA Nilesh Sahu
Himachal Pradesh excise and taxation department has made it clear that contractors applying for tenders would have to mandatorily register under Himachal Pradesh Value Added Tax Act, 2005.
 AAP government increases VAT on petrol, diesel in Delhi
By CA Devender Singh
Petro prices were today increased in the national capital by a steep Rs 2.78 per litre and diesel by Rs 1.83 as the Aam Aadmi Party government raised Value Added Tax (VAT) on them.
 E-Commerce - GST and Indirect Tax Issues
By CA Andrew F Thomas
E-Commerce, in itself, is a taxation quagmire. The roots lie in the classic sale vs service controversy, in which the respective e-tailers could treat the transaction as a service,
 Procedure to further streamline the matching of Annexure 2A and 2B - Comments of all stakeholders are invited upto 20/7/2015.
By CA Nilesh Sahu
It is hereby informed to all concerned that department proposes to further streamline the matching of Annexure 2A and 2B as per the following procedures. Comments of all stakeholders are invited upto 20/07/15 before finalization of the same (as directed by DVAT)
 Delhi Government Favours Uniformity in VAT Among Neighbouring States
By CA Mayank Jain
In tune with its efforts to ensure uniformity in Value Added Tax with neighbouring states, Delhi government tabled an amendment bill in the Assembly for bringing flexibility in fixing VAT on liquor, tobacco, aerated drinks and certain other items.
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Markets   RSS Feeds
 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.
 Indian markets best in terms of earnings momentum, price revision
By CA Andrew F Thomas
Let me just first ask you: the kind of volatile trade setup that the year has started with, the global markets were looking extremely shaky two or three days back because of oil and the Greek fears
 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.
 Broader markets outperform; Nifty holds 8,500
By CA Manu T George
Benchmark share indices continued to trade flat after the first hour of trade as investors shifted focus to fundamentally sound stocks in the broader market.
 Have Indian markets run ahead of fundamentals?
By CA Andrew F Thomas
The returns of Indian stock indices so far this year have been seven times the average for emerging markets. These gains have made the Indian market more expensive than most comparable peers, and even developed ones like the US, UK and Germany.
 Sebi mulls allowing foreign VCs in infra investment firms
By CA Mayank Jain
Capital markets regulator Sebi today proposed allowing Foreign Venture Capital Investors (FVCIs) in Core Investment Companies (CICs) for infrastructure sector to help attract overseas funds in this space.
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General   RSS Feeds
 UT Admn imposes house tax
By CA Ojas Aggarwal
Finally, the UT Administration today imposed house tax on residential properties in the city. As the Municipal Corporation was not ready to impose house tax due to “political pressure”, the Administration issued a notification on house tax by exercising its special powers.
 Bill giving property tax exemption to Mumbai houses passed
By CA Andrew F Thomas
The Maharashtra Legislative Assembly today passed a bill which waives off property tax for five years for the houses in Mumbai with an area upto 500 sq ft.
 New vehicle owners pay higher road tax in state
By CA Atul Gupta
The buyers of new vehicles in Haryana are being charged a higher road tax for the registration of vehicles than neighbouring states.
 Allow housing societies to invest in tax-free bonds
By CA Devender Singh
I was called in by a co-operative housing society that had successfully completed its redevelopment.
 India, US sign FATCA; pact to help detect and discourage offshore tax evasiona
By CA Nilesh Sahu
India and the United States have inked an accord that will help detect and discourage offshore tax evasion and shield Indian financial entities such as banks, insurance companies, custodians and broking houses from facing penal taxes in the US for failing to disclose the dealings of American citizens and US entities.
 India, US to sign tax information sharing pact on Thursday
By CA Nilesh Sahu
India and the United States will sign a tax information sharing agreement on Thursday, under a new US law meant to combat offshore tax dodging by Americans, two Indian government sources and a source at the US embassy said.
 Justice A P Shah panel holds meeting with tax department on MAT issue
By CA Devender Singh
The high-level Justice A P Shah panel, set up to look into the levy of MAT on FIIs today held consultations with officials of the tax department.
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Corporate Law   RSS Feeds
 Clarification with regard to circulation and filing of financial statement under relevant provisions of the Companies Act, 2013New
By CA Mayank Jain
Stakeholders have drawn attention to the proviso to section 101{1) of the Companies Act, 2013 (Act) which allows general meetings to be called at a shorter notice than twenty one days, and sought clarilication as to whether provisions of section 136 would also allou' circulation of financial statements at a shorter notice if conditions under section 101 are fulfilled.
 India to provide roadmap for ending corporate tax exemptions in 45 days
By CA Mayank Jain
India will provide a roadmap for ending corporate tax exemptions in next 45 days, Revenue Secretary Shaktikanta Das said on Wednesday, as part of a plan to lower the tax rate to 25 percent in four years.
 Extension of the last date of filing Profession Tax Return for the period ending 31/03/2015 in State of West Bengal.
By CA Andrew F Thomas
Since there are compelling circumstances to extend further the last date of filing of return in Form-III, under section 6 of the West Bengal State Tax on Professions, Trades, Callings
 RBI-Non-Banking Financial Companies
By CA Atul Gupta
The Reserve Bank of India is entrusted with the responsibility of regulating and supervising the Non-Banking Financial Companies by virtue of powers vested in Chapter III B of the Reserve Bank of India Act, 1934. The regulatory and supervisory objective, is to:
 The Companies (Cost Records and Audit) Amendment Rules, 2015 - Substitution of Forms CRA - 2 and CRA - 4
By CA Rashmi Sharma
In exercise of the powers conferred by sub-sections (1) and (2)of section 469 andsection 148 of the Companies Act, 2013 (18 of 2013),
 Company law amendments will improve ease of doing business: ICAI
By CA Ojas Aggarwal
The fresh amendments to the Companies Law will go a long way in improving ease of doing business, chartered accountants' apex body ICAI has said.
 Press release regarding a High Level Committee to interact with trade and industry on tax laws
By CA Manu T George
A High Level Committee was constituted with the approval of the Finance Minister to interact with trade and industry on tax laws,
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Students   RSS Feeds
 Action against OPJS University.
By CA Mayank Jain
It was brought to the notice that OPJS University, Churu (Rajasthan), is offering/conducting certain programmes/courses under the nomenclature “Master in C.A.” and “Bachelor in C.A.”
 Awardees of previous Years
By CA Ojas Aggarwal
Some of the previous award winners are:
 Evaluation Parameters
By CA Atul Gupta
The Nomination Committee will finalise the parameters for evaluation. An illustrative list of parameters to be considered for each award category is given below:
 Nomination Requirements and Guidelines
By CA Mayank Jain
The nominations shall only be from the Members in Industry.The minimum period of service should be 2 years.
 Online Nomination Form
By CA Rashmi Sharma
In case you select NO, then complete Step 1 online, take print out of the Nomination Form, after getting it signed enclose hard copies of the Mandatory and Optional documents and send them via post to: The Secretary,
 Award process
By CA Andrew F Thomas
The Jury consisting of proven eminent leaders, shall be formed for judging the awards. A Prominent CA firms shall be appointed to carry out the process audit. The Nomination Committee will ensure that entire process of awards maintain highest level of credibility and professionalism.
 Award Categories and criteria
By CA Nilesh Sahu
Award Categories and criteria
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New Forms   RSS Feeds
 Notification of New ITR forms
By CA Andrew F Thomas
In exercise of the powers conferred by section 295 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:-
 Finmin Notifies New ITR Forms
By CA Rashmi Sharma
The income tax department has notified the new set of return forms, including a three-page simplified one, for taxpayers to file their returns for assessment year 2015-16.
 CBDT Notifies New, Simplified ITR Forms
By CA Atul Gupta
After getting severe criticism for seeking numerous additional details, the Income Tax department on Tuesday notified the new set of ITR forms, including a three-page simplified one, for taxpayers to file their returns for assessment year 2015-16.
 Regarding submission of information online in Form DP-1 - No.F.3(352)Policy/VAT/2013/936-947 Delhi Value Added Tax
By CA Rashmi Sharma
In partial modification of Notification No.F.3(352)/Policy/VAT/2013/585-596 dated 15/12/2014regarding submission of information online in Form DP-1, I, Sanjeev Khirwar, Commissioner, Value Added Tax,
 Regarding submission of information online in Form DP-1 - No.F.3(352)Policy/VAT/2013/936-947
By CA Andrew F Thomas
In partial modification of Notification No.F.3(352)/Policy/VAT/2013/585-596 dated 15/12/2014regarding submission of information online in Form DP-1, I, Sanjeev Khirwar, Commissioner, Value Added Tax,
  Amendment to CESTAT Appeal Forms
By CA Atul Gupta
Reference is invited to Circular No.969/03/2013-CX dated 11th April, 2013 whereby the forms for filing appeal in the CESTAT were amended/revised and new forms for Central Excise
 Application Form for Entry in ICAI Register as an Associate Member under MRA / MoU
By CA Mayank Jain
I hereby apply for permission to be engaged in other occupation as full-time / part-time employment in a business concern in terms of item I of the specific Resolution passed by the Council under Regulation 190A of the Chartered Accountants Regulations 1988, I give below the required particulars:
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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
 Frequently Asked Questions (FAQs) on participation in Swachh Vidyalaya Abhiyaan.
By CA Nilesh Sahu
Swachh Bharat Abhiyaan had been launched by the Hon'ble Prime Minster of India ShriNarendra Modi on October 2, 2014
 Constitution of a Group to review the ARF Project pertaining to the Indian Railways.
By CA Devender Singh
The President, in terms of the authority given to him by the Council at its 340th meeting held in February, 2015, has constituted a Group comprising the following members, to review the ARF Project pertaining to the Indian Railways:-
 3rd Faculty Development Programme - ISA from July 28-August 1, 2015 at Centre Of Excellence
By CA Andrew F Thomas
The Committee on Information Technology (CIT) of ICAI has been established by the Institute of Chartered Accountants of India to identify Information Technology challenges facing the profession
 Constitution of Groups to settle the account with HP and Infosys as regards Project Parivartan and Group to take up development of ERP system for the Institute’s regulatory functions and other activities.
By CA Ojas Aggarwal
In pursuance of the decision taken by the Council at its 343rd Meeting held on 24th & 25th June, 2015, both the bank guarantees in respect of Project Parivartan have been revoked and the amount has been credited into ICAI’s
 ICAI pro-active in designing education and training schemes’
By CA S K Verma
The Institute of Chartered Accountants of India (ICAI) has made several recommendations to the Union Ministry of Corporate Affairs with regard to guidance note on accounting for expenditure on
 Organisation of Members and Students related activities covered by Haridwar Branch’s jurisdiction, by Saharanpur Branch of CIRC of the ICAI.
By CA Atul Gupta
In terms of decision taken by the competent authority, till Haridwar Branch of CIRC of ICAI becomes fully functional, all the Students related activities like GMCS programme, Orientation programme
 The Result of the Chartered Accountants Intermediate (Integrated Professional Competence) Examination held in May, 2015 is likely to be declared on Friday, the 31st July, 2015.
By CA Mayank Jain
The result of the Chartered Accountants Intermediate (Integrated Professional Competence) Examination held in May, 2015
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From the Courts   RSS Feeds
 Mool Chand Khairati Ram Trust Vs. Director Of Income Tax (Exemptions)
By CA Atul Gupta
The Appellant, a Charitable Trust, has preferred the present appeal under Section 260A of the Income Tax Act, 1961 (hereafter the `Act') impugning the order dated 3rd February, 2012 passed by the Income Tax Appellate Tribunal (hereafter the `Tribunal') in ITA No. 5681/DEL/2010.
 Hcltechnologies Limited Vs. Deputy Commissioner Of Income Tax & Anr
By CA Mayank Jain
This writ petition is directed against the notice under Section 148 of the Income Tax Act, 1961 (hereinafter referred to as `the said Act') , which was issued on 28.03.2013
 Shri Sudeshkumar G. Nagdev Shop No.5 & 6, Below Tilak Bridge, S.B. Marg Dadar (W), Mumbai-400 028. Vs. Income tax Officer-18(2)(4) Piramal Chambers, Lalbaug Mumbai-400 012.
By CA Andrew F Thomas
Challenging the order dated 28.12.2010 of the CIT(A)-29,Mumbai,assessee has raised following Grounds of Appeal:
 Parveen Katyal, A-3/80, Janakpuri, New Delhi. Vs. ITO, Ward-26(3), New Delhi.
By CA Nilesh Sahu
This appeal by the assessee is directed against the order passed by the CIT(A) on 03.05.2012 in relation to Assessment Year 1999-2000.
 Nirmal Kumar Verma, P-12, Model Town, Rewari. Vs. ITO, Ward-2, Rewari.
By CA Devender Singh
This appeal by the assessee is directed against the order passed by the CIT(A) on 05.12.2013 in relation to Assessment Year 2008-09.
 Ajay Goel, C-54, Vivek Vihar, New Delhi. Vs. ITO, Ward-35(1), New Delhi.
By CA S K Verma
This appeal by the assessee is directed against the order passed by the CIT(A) on 22.11.2013 in relation to Assessment Year 2007-08.
 Yashmina Investments Pvt. Ltd., 573, Main road, Chirag, Delhi, New Delhi-110017. Vs. ITO, Ward-18(4), New Delhi
By CA S K Verma
By the present appeal the assessee assails the correctness of the order dated 16.12.2013 of CIT(A)-XXI, New Delhi pertaining to 2006-07 assessment year on the ground that the penalty imposed by the AO u/s 271(1)(c) has wrongly been upheld.
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Auditing   RSS Feeds
 Cadre restructuring in I-T dept may open scrutiny of closed cases
By CA Andrew F Thomas
The income tax department is in a tough spot regarding the promotion of some of its top officers.
 RBI issues new guidelines on concurrent auditing at branches
By CA Devender Singh
The Reserve Bank today said the concurrent audit at bank branches should cover at least half of their advances and deposits.
 RBI issues new guidelines on concurrent auditing at branches
By CA Devender Singh
The Reserve Bank today said the concurrent audit at bank branches should cover at least half of their advances and deposits.
 Digital India, smart cities projects catch the eye of IT companies
By CA Nilesh Sahu
Otherwise wary of government contracts, software firms in the country are looking up to Prime Minister Narendra Modi's pet IT projects, Digital India and Smart Cities,
 General Circular 02/2015: Extension of time for filing of Notice of appointment of the Cost Auditor in Form CRA-2
By CA S K Verma
In continuation to the General Circular No. 42/201,4, the last date of filingof Form CM-2 withoutany penalty/late fee is hereby extended upto 31$ March.2015.
 Government introduces new new cost audit rules for business entities
By CA S K Verma
The Corporate Affairs Ministry has introduced new cost audit rules that include a new minimum threshold limit for cost auditing for certain class of entities and also add several new businesses to the list.
 The Companies (Cost Records and Audit) Amendment Rules,2014
By CA Ojas Aggarwal
In exercise of the powers conferred by sub-section (1)and (2) of section 469 and section 148 of the companies Act, 2013 (18 of 2013 ) the central government hereby makes the following rules to amend the companies (cost Records and Audit ) Rules,2014 namely:-
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Latest Circulars   RSS Feeds
 Seeks to levy definitive anti-dumping duty on imports of Compact Fluorescent Lamps (CFL), originating in or exported from the People's Republic of China for a period of five years.
By CA Manu T George
Whereas, the designated authority vide notification No. 15/22/2013-DGAD dated 14th November 2013,
 Auction of Government of India Dated Securities July 27, 2015
By CA Manu T George
The auction for securities will be price based auction using multiple price method. The Reserve Bank of India at Mumbai will conduct the auctions.
 Appointment of Common Adjudicating Authority Notification No. 71 / 2015-Customs (N.T.)
By CA Rashmi Sharma
In exercise of the powers conferred by sub-section (1) of section 4 and sub- section (1) of section 5 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby appoints the Additional Commissioner of Customs (Port-Import),
  Master Circular- Income Recognition, Asset Classification, Provisioning and Other Related Matters - UCBs
By CA S K Verma
In order to reflect a bank\'s actual financial health in its balance sheet and as per the recommendations made by the Committee on Financial System (Chairman Shri M. Narasimham),
 Seeks to further amend notification No.1/2011-Central Excise
By CA Nilesh Sahu
In exercise of the powers conferred by sub-section (1) and sub-section (2A) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government being satisfied that it is necessary
  Tariff Notification in respect of fixation of T V of Edible oil, Brass, Poppy seed, Areca nut, gold and Sliver
By CA Devender Singh
In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary
 RBI-Early Recognition of Financial Distress, Prompt Steps for Resolution and Fair Recovery for Lenders: Framework for Revitalising Distressed Assets in the Economy
By CA Mayank Jain
Early Recognition of Financial Distress, Prompt Steps for Resolution and Fair Recovery for Lenders: Framework for Revitalising Distressed Assets in the Economy - Review of the Guidelines on Joint Lenders' Forum
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Budget Extravaganza   RSS Feeds
 Government may extend budget session till mid April
By CA Andrew F Thomas
After stabilising the Legislative Council by joining hands with NCP, the biggest party in the Upper House, the Devendra Fadnavis-led government is all set to extend the budget session by either a week or a fortnight.
 What impact will the service tax hike have on your Budget?
By CA Rashmi Sharma
The Budget has hiked the service tax rate from 12% plus cess to 14%. We calculated the impact of the hike on an average urban middle-class family spending roughly Rs 1.5 lakh on various services in a year.
 How the last five Union Budgets impacted income tax
By CA Manu T George
With no major surprises in the Railway Budget presented by Suresh Prabhu on Thursday, all eyes will be on Finance Minister Arun Jaitely as he prepares to present the government's first full Union Budget on Saturday.
 ICAI invites suggestions on tax proposals of Union Budget 2015-16.
By CA Devender Singh
The Direct Taxes Committee, Indirect Taxes Committee and Committee on International Taxation invite suggestions on the tax proposals of the Finance Bill, 2015 for consideration and inclusion of the same in the Post Budget Memoranda to be submitted to the Ministry of Finance. Please submit your valuable suggestions latest by 7th March, 2015.
 How last 5 Union Budgets impacted income tax
By CA Andrew F Thomas
With no major surprises in the Railway Budget presented by Suresh Prabhu on Thursday, all eyes will be on Finance Minister Arun Jaitely as he prepares to present the government's first full Union Budget on Saturday.
 Budget 2015 should introduce a progressive tax structure for corporate sector
By CA S K Verma
I would recommend that the finance minister Arun Jaitley, for the first time in India, introduce the concept of “progressive” tax structure for the corporate sector during Budget ‘16.
 Budget 2015 may propose significant changes in income tax and corporate tax structures, boost savings
By CA Mayank Jain
Direct tax rates may be in for a major overhaul in the budget. Among the most significant measures that finance minister Arun Jaitley is likely to announce in his much-anticipated budget on February 28 could be a recast of the direct tax structure,
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Sales Tax   RSS Feeds
 Top 10 highest tax paying countries in 2015
By CA Devender Singh
Tax rates keep on increasing annually, and are purposed to indirectly benefit the citizens of a country. Here is the list of top 10 highest tax paying countries in 2015:
  Income tax revenue reduces as number of high earners falls
By CA Mayank Jain
Seeking to send a stern message to chronic evaders, the Income Tax department plans to take stringent action against them to ensure that they are prosecuted.
 Income from sale of property subject to capital gains tax
By CA Andrew F Thomas
I am a non-resident Indian (NRI) and want to purchase property in India. Later on, if I want to sell the property, how will this transaction be taxed? Is the way to save on long-term capital gains (LTCG) the same as that for a resident Indian?
 ACB seeks govt nod to probe sales tax joint commissioner
By CA Andrew F Thomas
The Maharashtra Anti-Corruption Bureau has sent a proposal to the state government seeking permission to initiate a disproportionate assets investigation against former Mumbai Sales Tax Joint commissioner Ramdas Shinde, who was trapped and arrested while accepting a bribe of Rs 20 lakh in May this year along with his ‘agent’.
 Will have to work overtime on new sales tax: Finance Minister Arun Jaitley
By CA Ojas Aggarwal
Finance Minister Arun Jaitley said today that the government "will have to work overtime" to implement a new goods and services tax by a self-imposed deadline of April 1, 2016.
 Government Not Interested in High Sales Tax Rate: Finance Minister Arun Jaitley
By CA Nilesh Sahu
The central and state governments are not interested in imposing higher goods and services tax (GST) rates that could hurt people, Finance Minister Arun Jaitley told lawmakers in the lower house of parliament on Wednesday.
 Auction for Sale (re-issue) of Government Stock Dated 30th April, 2015
By CA Devender Singh
Government of India have announced the Sale (issue/re-issue) of (i) "7.68 per cent Government Stock 2023" for a notified amount of ` 3,000 crore (nominal) through price based auction,
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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 Chennai Benches Chennai Constituion For The Week From 27107/2015 To 30/07/2015
By CA Ojas Aggarwal
Income Tax Appellate Tribunal Chennai Benches Chennai Constituion For The Week From 27107/2015 To 30/07/2015
 Income tax Appellate tribunal : Kolkata Benches : Kolkata Constitution of kolkata benches : for the period from 27/07/2015 To 31/07/2015
By CA Devender Singh
Income tax Appellate tribunal : Kolkata Benches : Kolkata Constitution of kolkata benches : for the period from 27/07/2015 To 31/07/2015
 Income Tax Appellate Tribunal : Ahemdabad Benches : Ahemdabad Constitution of Ahemdabad Benches For the Period from 20/07/2015 To 31/07/2015
By CA Devender Singh
Income Tax Appellate Tribunal : Ahemdabad Benches : Ahemdabad Constitution of Ahemdabad Benches For the Period from 20/07/2015 To 31/07/2015
 Income Tax Appellate Tribunal : Ahemdabad Benches : Ahemdabad Constitution of Ahemdabad Benches For the Period from 20/07/2015 To 24/07/2015
By CA S K Verma
Income Tax Appellate Tribunal : Ahemdabad Benches : Ahemdabad Constitution of Ahemdabad Benches For the Period from 20/07/2015 To 24/07/2015
 Income Tax Appellate Tribunal : New Delhi Benches : New Delhi Constitution of New Delhi Benches For the Period from 20/07/2015 To 24/07/2015
By CA Ojas Aggarwal
Income Tax Appellate Tribunal : New Delhi Benches : New Delhi Constitution of New Delhi Benches For the Period from 20/07/2015 To 24/07/2015
 Income Tax Appellate Tribunal : Pune Benches : Pune Constitution of Pune Benches For the Period from 20/07/2015 To 23/07/2015
By CA Rashmi Sharma
Income Tax Appellate Tribunal : Pune Benches : Pune Constitution of Pune Benches For the Period from 20/07/2015 To 23/07/2015
 Income Tax Appellate Tribunal, Bangalore Benches, Bangalore. Date on which and No. of days members available at bengalore Benches From 13.07.2015 To 16.07.2015
By CA Devender Singh
Income Tax Appellate Tribunal, Bangalore Benches, Bangalore. Date on which and No. of days members available at bengalore Benches From 13.07.2015 To 16.07.2015
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Help   RSS Feeds
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Placements & Empanelment   RSS Feeds
 Urgent Opening for Chartered Accountant
By CA Manu T George
Salary: 3,00,000 - 4,25,000 P.A Functional Area:Accounts , Finance , Tax , Company Secretary , Audit
 New Urgent Fresher Senior Chartered Accountant (statutory Audit) BIG FOUR
By CA Rashmi Sharma
Salary: 5,00,000 - 9,00,000 P.A Functional Area:Accounts , Finance , Tax , Company Secretary , Audit
 New Opening Urgent Hiring for CA Freshers in one of the Big 4
By CA Mayank Jain
Salary: 6,50,000 - 15,00,000 P.A Functional Area:Accounts , Finance , Tax , Company Secretary , Audit
 New Job Openings in top MNCs for Finance Executives
By CA Manu T George
Salary: 4,00,000 - 9,00,000 P.A Functional Area:Accounts , Finance , Tax , Company Secretary , Audit PG:Any Postgraduate - Any Specialization,
 20 Opening Chartered Accountant Fresher/ Noida Sector-29/ Female Candidate
By CA Ojas Aggarwal
Salary: 2,50,000 - 4,00,000 P.A Functional Area:Accounts , Finance , Tax , Company Secretary , Audit
  10 Opening Chartered Accountants for the Position of Senior Associates
By CA Devender Singh
Functional Area:Accounts , Finance , Tax , Company Secretary , Audit UG: Any Graduate
 New Openoing Chartered Accountant Fresher Opening
By CA S K Verma
Salary: 12,00,000 - 14,00,000 P.A Functional Area:Accounts , Finance , Tax , Company Secretary , Audit UG: Any Graduate - Any Specialization
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Direct Tax   RSS Feeds
 Retirement benefit funds wait for tax clarity from CBDT
By CA Rashmi Sharma
Retirement benefit funds of more than half a dozen mutual fund houses are awaiting approval from market regulator Securities and Exchange Board of India (Sebi)?and Central Board of Direct Taxes (CBDT).
  Section 48 of the Income-tax Act, 1961 - Capital gains - Computation of - Notified cost inflation index u/s 48, Explanation (v)
By CA Nilesh Sahu
In exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue),
 Section 48 of the Income-tax Act, 1961 - Capital gains - Computation of - Notified cost inflation index u/s 48, Explanation (v)
By CA Devender Singh
In exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue),
 File Income Tax Returns Online in India With These Websites
By CA Atul Gupta
When filing tax returns is mentioned, many people assume that this is a laborious process best handled by a chartered accountant.
 File appeals on merit: CBDT to taxmen
By CA Manu T George
Disapproving of the 'casual' attitude of taxmen in filing appeals and pursuing litigation in important revenue matters, the CBDT has asked the I-T department to take legal recourse only in "deserving" cases.
 Income Tax department sets a 'not-so-easy' target of bringing 1 crore new people under tax net
By CA S K Verma
The order issued by the CBDT, also accessed by PTI, has laid down region-wise targets. Maharashtra's second largest urban centre Pune leads the list with the target of over 10.14 lakh new assesses,
  I-T dept to bring 1 crore new people under tax net this fiscal
By CA Manu T George
To protect confidentiality of tax information from abroad, the CBDT has warned of stern action against those making unauthorised disclosures as it amounts to breach of treaty commitments and cause embarrassment to the government.
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Service Tax   RSS Feeds
 Foreign airlines under scanner for alleged Service Tax evasion
By CA Rashmi Sharma
Six foreign airlines have come under the lens of revenue authorities here for alleged underpayment of Service Tax believed to be worth several crores.
 Detailed manual scrutiny of service tax returns from August 1
By CA Andrew F Thomas
There will now be detailed manual scrutiny of service tax returns of assesses based on risk parameters by the Central Board of Excise and Customs (CBEC), under revised 2009 guidelines.
  Instructions regarding maintenance of Records in Electronic Form and authentication of records by Digital Signature–manner of verification
By CA Manu T George
Kind attention is invited to sub-rule (5) of rule 10 of Central Excise Rules, 2002, inserted vide Notification No. 8/2015-CE (N.T.) dated 01.03.2015 and sub-rule (5) of rule 5 of the Service Tax Rules, 1994
 GST on steel imports should be at par with domestic
By CA Andrew F Thomas
Conceptually, GST is unique as it combines a plethora of taxes and levies currently in vogue, like central excise, service tax, CST, VAT, entertainment tax, luxury tax, octroi, electricity duty and SAD/CVD under customs, and would make the tax procedures more fair, transparent and efficient
 Manual scrutiny of Service Tax returns from August 1
By CA Ojas Aggarwal
Seeking to strengthen compliance and verification, the CBEC has said that beginning August 1 it will start manual scrutiny of Service Tax returns of select assessees who have paid less than Rs 50 lakh of total tax during 2014-15.
 Abids police 'round up' service tax sleuths
By CA Mayank Jain
Service tax officials, who went to conduct a search at a private coaching centre in Abids on Thursday, were in for a rude shock as police ' rounded them up' after receiving a complaint that they were fakes.
 Instructions regarding maintenance of Records in Electronic Form and authentication of records
By CA Rashmi Sharma
Kind attention is invited to sub-rule (5) of rule 10 of Central Excise Rules, 2002, inserted vide Notification No. 8/2015-CE (N.T.) dated 01.03.2015 and sub-rule (5) of rule 5 of the Service Tax Rules, 1994
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Transfer Pricing   RSS Feeds
 WCO Issues Customs And Transfer Pricing Guide
By CA Manu T George
The World Customs Organization (WCO) published the WCO Guide to Customs Valuation and Transfer Pricing (the Guide). The primary purpose of the Guide is to assist customs officials in understanding the relationship between customs valuation
 Morristown transfer-pricing shop merging with Colorado firm
By CA Andrew F Thomas
A Morristown transfer and tax advisory firm is merging with a Colorado-based one, forming a global operation, the two said Tuesday.
  CBDT orders mass reshuffle in transfer pricing department
By CA Nilesh Sahu
In a major reshuffle, the Income Tax department has issued mass transfer and promotion orders to around 59 additional and joint commissioners in the revenue department with immediate effect.
 Emerging Challenges Facing Tax Policymakers and Administrations in the Area of International Taxation and Transfer Pricing
By CA Rashmi Sharma
Senior tax administrators and tax policy officials from 26 countries throughout Europe and Central Asia as well as experts from the WU University and the World Bank met in Vienna, Austria to share experiences
 Critical Factors in Handling Italian Transfer Pricing Controversies
By CA Andrew F Thomas
In response to the economic downturn and the growing need for tax revenues, the Italian Tax Authorities (ITA),
 Telecom industry seeks mergers and acquisitions policy revision
By CA S K Verma
The telecom industry wants the regulator to take steps to revise the mergers and acquisitions policy to facilitate consolidation in an intensely competitive sector and help cut costs, improve services and reduce debt.
 Inland Revenue Confirms Transfer Pricing Unit
By CA Ojas Aggarwal
Namibia's Inland Revenue has established a transfer pricing unit. "We will be asking you for transfer pricing supporting documents soon," said Acting Commissioner for Inland Revenue, Justus Mwafongwe, at the recent annual tax symposium hosted by the PwC's Namibia Business School.
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Customs and Excise   RSS Feeds
  Seeks to further amend notification No.12/2012-Central Excise
By CA Rashmi Sharma
In exercise of the powers conferred by sub-section (1) and sub-section (2A) of section 5A of the Central Excise Act, 1944 (1 of 1944),
 Exchange rate of foreign currency related to imported and export goods notified
By CA S K Verma
In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs,
 Rate of exchange of conversion of the foreign currency relating to imported and export goods with effect from 19th June, 2015.
By CA Manu T George
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 Excise & Customs No.52/2015-CUSTOMS (N.T.),
 Courier Imports and Exports (Clearance) Amendment Regulations, 2015 - Amendment in Courier Imports and Exports(Clearance) Regulations, 1998.
By CA Rashmi Sharma
In exercise of the powers conferred under section 157 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs, here
 Seeks to amend notification no 24/2015-Customs dated 08.04.2015
By CA Mayank Jain
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,
 Regarding facility of centralized registration to manufacturers of aluminium roofing panel under Rule 9(2) of Central Excise Rules, 2002
By CA Mayank Jain
In exercise of the powers conferred by sub-rule (2) of rule 9 of the Central Excise Rules, 2002, the Central Board of Excise and Customs here
 Regarding Appointment of Common Adjudicating Authority
By CA Andrew F Thomas
Reference is invited to Notification No 60/2015-Customs (N.T.), dated 04.06.2015 whereby the power to appoint common adjudicating authority in cases investigated by DRI upto the level of Commissioner of Customs have been delegated to Principal Director General of Directorate of Revenue Intelligence in terms of section 152 of the Customs Act, 1962.
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Mergers and Acquisitions   RSS Feeds
  Mergers and acquisitions to get faster approvals with new CCI rules
By CA Rashmi Sharma
In a bid to make the process of approvals of mergers and acquisitions speedier and simpler, the Competition Commission Of India (CCI) has revised its combinations regulations. Stakeholders, for long, were demanding the revision of tedious compliance requirements of the competition regulator.
 2015 likely to be a big year for M&A's: Experts
By CA Manu T George
Merger and acquisition activity in India witnessed significant rise in the first half of the year and the momentum is likely to continue as the year 2015 is likely to be a "big" year for deal making, experts say.
 Insurer mergers and acquisitions expected to continue
By CA Rashmi Sharma
Merger and takeover activity is likely to continue in the property/casualty insurance market, according to a report released Monday by A.M. Best Co. Inc.
 Telecom industry urges TRAI to revise mergers and acquisitions policy
By CA Nilesh Sahu
The telecom industry wants the regulator to take steps to revise the mergers and acquisitions policy to facilitate consolidation in an intensely competitive sector and help cut costs, improve services and reduce debt.
 Mergers and Acquisitions Forge New Test Challenges
By CA Devender Singh
With the recent announcement of Avago's agreement to acquire Broadcom, and other M&A activity in the semiconductor market,
 Maths, not history, drives mergers and acquisitions
By CA Mayank Jain
High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright
 Mergers and acquisitions to get faster approvals with new CCI rules
By CA Manu T George
In a bid to make the process of approvals of mergers and acquisitions speedier and simpler, the Competition Commission Of India (CCI) has revised its combinationsregulations.
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Indirect Tax   RSS Feeds
 The Electronic filing of form 6 under the Black Money ( Undisclosed foreign income and assets ) and imposition of tax Act 2015 has been enabled under the menu e-file after login. Taxpayers are requested to e-file from 6 during the compliance window which end on september 30,2015
By CA Manu T George
In exercise of the powers conferred by sub-sections (1) and (2) of section 85 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (22 of 2015), the Central Board of Direct Taxes with the approval of the Central Government hereby makes the following rules, namely:-
 I-T dept to bring 1 crore new people under tax net this fiscal
By CA Rashmi Sharma
The income tax department has launched an ambitious drive to bring under its net one crore new taxpayers after the government recently asked the taxman to achieve the target within the current fiscal.
 government may soon clarify tax rules for permanent establishment
By CA Atul Gupta
The government may soon clarify tax rules making it easier for fund managers operating large India-dedicated funds to set up an office in the country, four months after finance minister Arun Jaitley announced in the budget about the government's intentions to do so.
 Indirect tax revenue collection on rise
By CA S K Verma
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.
 Govt to appoint arbitrator in Vodafone tax case
By CA Rashmi Sharma
The government is close to appointing an arbitrator to replace R C Lahoti, who had declined to arbitrate on its behalf in the Rs 20,000 crore tax case with UK telecom major Vodafone.
  Income Tax department eyes Rs 2.56 lakh crore tax mop up from Mumbai in FY16
By CA Andrew F Thomas
The Income Tax department is looking at collecting tax worth Rs 2,56,000 crore from the Mumbai zone during this fiscal, which is 13 per cent more than the amount mopped up last year.
 Government is the biggest property tax defaulter in Delhi
By CA S K Verma
Government departments in the national Capital are the biggest property tax defaulters.
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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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