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.
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.
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,
Relevant Market’ Under Competition Act, 2002 By CA S K Verma The object of the Competition Act, 2002 (‘Act’ for short) is to preserve and promote competition and to prevent anti competitive business practices with minimal Government intervention.
How India will become a common market with GST By CA Rashmi Sharma With the Centre and states finally reaching a consensus on the contours of the Goods and Services Tax (GST), India is all set to roll out the largest indirect tax reform since the introduction of the value-added tax in 2005.
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.
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.
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.
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:
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.”
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:
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.
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.
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
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.
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:-
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.
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.
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 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’.
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
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.
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.
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
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.
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.
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.
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.