Tax scrutiny norms issued By CA Devender Singh The Central Board of Direct Taxes (CBDT) recently issued instructions to its tax officials for selecting income tax (I-T) cases for manual scrutiny for the current financial year 2015-16.
You are a small business owner? Here's how to file your tax By CA S K Verma To give relief to small taxpayers from the tedious job of maintenance of books of account and from getting the accounts audited, the Income-tax Act has framed the presumptive taxation scheme under sections 44AD and section 44AE
What exactly does filing of Income Tax Return mean By CA Ojas Aggarwal I have a lot of clients who, when asked, to complete their filing of income tax return, tell me that they have completed all their timely advance tax payments for the previous year in March. They say they have made advance tax payment for this quarter too also as they have completed one quarter of the next year.
Coming soon, an app to help you file tax returns By CA Ojas Aggarwal In a bid to make tax filing easier, the Central Board of Direct Taxes (CBDT) is exploring to come up with a mobile app that is expected to let users connect and check their tax account wherever they are in the world.
5 ways to file your income tax returns By CA Atul Gupta Around 34 million income tax returns (ITR) were filed in the assessment year (AY) 2014-15. Of these, close to 1.7 million assessees filed their tax returns on the very last day of filing, 31 July, for the previous financial year (FY) 2013-14.
Regarding Amendments in the Delhi Value Added Tax Rules, 2005 By CA Ojas Aggarwal In exercise of the powers conferred by section 102 of the Delhi Value Added Tax Act, 2004 (Delhi Act 3 of 2005), the Lt. Governor of the NationaI Capital Territory of Delhi, hereby, makes the following rules further to amend the Delhi Value Added Tax Rules, 2005, namely:-
Industrialists rue delay in VAT refund By CA Nilesh Sahu Business community is facing many hassles and long delays in getting value added tas (VAT) refund. They want interest on the refund amount delayed, besides several other changes like late filing of VAT return.
Withdraw VAT on wheat products, urge millers By CA Mayank Jain A value-added tax (VAT) being imposed on wheat products in Telangana is causing concern to the millers as they fear that the levy, which has already dented their competitiveness, might force them to shut shop as well.
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.
ICAI to hold workshop on new black money law this week By CA Andrew F Thomas Chartered accountants' apex body ICAI will hold a second workshop on the new black money law on August 26, as a part of its efforts to help its members have a better understanding about the legislation.
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.”
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
President's Message - September 2015 By CA S K Verma These days quite justifiably, people of Indian origin are remarkably being appointed, elevated and accepted for higher administrative and management responsibilities across organisations globally.
CPE Events 31th August - 5th September By CA Nilesh Sahu RUSSELL STREET, KOLKATA - 700 071,Karkardooma, Metro Station, Delhi-110092.Pitampura, New Delhi–34 Janak Puri West ICAI Bhawan, 128, Velayutham Road, Near Railway Station, Sivakasi
ICAI-Swachh Bharat Abhiyaan By CA Atul Gupta Social responsibility comes as a very important, integral and natural part of the autonomy bestowed on the accountancy profession by the founding fathers of the nation.
Holding of Special Examinations-MRAs/MOUs By CA Andrew F Thomas Holding of Special Examination for members of foreign accounting bodies/ Institutes with whom the Institute of Chartered Accountants of India (ICAI)
RBI-Changes in RTGS time window By CA Ojas Aggarwal A reference is invited to the Reserve Bank of India press release number 2015-2016/528 dated August 28, 2015 on “Bank Holiday on Second & Fourth Saturdays from September 1; RBI to offer its Support Services to Banks on Working Saturdays”.
Budget Circular 2016-2017 By CA Ojas Aggarwal Guidelines for the Ministries/Departments for framing the Revised Estimates for 2015-2016 and Budget Estimates for 2016-2017 and submission of the same to the Budget Division are as under:-
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.
Auction for Sale (Re-Issue) of Government Stocks By CA Manu T George The Government of India have announced the Sale (re-issue) of (i) “7.68 per cent Government Stock 2023” for a notified amount of ₹ 2,000 crore (nominal) through price based auction,
Auction for Sale (Re-Issue) of Government Stocks By CA Devender Singh The Government of India have announced the Sale (re-issue) of (i) “7.35 per cent Government Stock 2024” for a notified amount of Rs.2,000 crore (nominal) through price based auction,
Goods and Sales Tax set to face Rajya Sabha test By CA Mayank Jain The government will on Tuesday bring the much-awaited Bill on GST for passage in the Rajya Sabha even as doubts persist if the opposition Congress will allow passage of the Constitution Amendment Bill.
State to exempt sugar from CST, VAT By CA Mayank Jain Conceding the demand of the sugar industry, State government has decided to exempt sugar from Central Sales Tax (CST) and VAT.
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:
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
CBDT to clarify on bk a/c disclosures under black money law By CA Devender Singh Finance Ministry in the second set of FAQs on the black money compliance window is likely to clarify on the period for which foreign bank account details have to be provided after concerns were expressed in some quarters over the availability of records beyond a few years.
Service Tax - Taxability Of Lease Premium (Part-1) By CA S K Verma Renting of immovable property is a taxable service as a declared service. The term ‘Service’ has been defined inclause (44) of the new section 65B inserted by the Finance Act, 2012 as applicable w.e.f. 1.7.2012 and means –
Service tax on cost reimbursements a paradoxical puzzle! By CA Mayank Jain In this world nothing can be said to be certain, except death and taxes - Benjamin Franklin. This quote holds good as far as payment of taxes is concerned, nonetheless amount of taxes to be deposited is anything but certain in India.
GST will help curb domestic black money: CBT chairperson By CA Mayank Jain Anita Kapur, chairperson of the Central Board of Direct Taxes (CBDT), tells HT that implementation of goods and services tax (GST) will help control black money troubles, and talks about other challenges. Edited excerpts:
CBDT makes transfer pricing scrutiny transparent By CA Manu T George The income-tax department has reorganised the criteria of transfer pricing cases for manual selection for scrutiny of tax returns to bring it in line with international tax practices.
Transfer pricing: Encouraging developments on APA and MAP By CA S K Verma In July 2012, with a view to providing certainty and creating a non-adversarial tax regime in India, the government introduced the Advance Pricing Agreement (APA) program and further enhanced its effectiveness and aligned it to international practice by allowing rollback of APA from October 2014.
Tax Court Overturns Important Transfer Pricing Regulations By CA Atul Gupta Tax Court issued a stunning rebuke to the IRS by invalidating the part of the Internal Revenue Services’ (IRS) cost-sharing regulations under code section 482 that says taxpayers have to take into account, among other costs, the costs of stock-based compensation.
AMCs burdened with service tax liability By CA S K Verma The Central Board of Excise & Customs’ advertisement in newspapers last Thursday provided relief to the mutual fund distribution sector from service tax liability but opened a can of worms for mutual fund houses.
Why mergers and acquisitions are increasing By CA Rashmi Sharma When it comes to adapting to ever-changing consumer preferences, food and beverage companies have exercised these options: Change ingredients in current products to make them healthier,