Order under section 119 of the Income-tax Act, 1961 By CA Devender Singh Section 44AB of the Income-tax Act, 1961 (,,the Act) read with rule 6G of the Income-tax Rules, 1962 (,,the Rules) requires certain persons to file tax audit report in Form No.3CA/Form No.3CB along with prescribed particulars in Form
No.3CD. Vide Notification No. 33/2014
How to save income tax & grow your money ? By CA Atul Gupta We all work hard to earn money but the government takes one third of that money as taxes (highest tax bracket). Most of us wonder, what are some of the legitimate ways of saving taxes?
Filing Tax Returns Online Sees Slow and Gradual Reception By CA S K Verma With no stacking the IT-return acknowledgement forms anymore, no last-minute scramble with auditors or tax consultancies, e-filing has simplified the process of filing tax returns a great deal, feel salaried professionals.
Breather for VAT traders in cyclone-hit areas of AP By CA Rashmi Sharma There is a good news for those under VAT (value added tax) bracket in the cyclone-affected areas in north coastal districts of Andhra Pradesh as the State Government has extended the deadline for filing returns and paying taxes by a month.
E-commerce to come under VAT ambit By CA Andrew F Thomas The Karnataka government plans to amend the Value Added Tax Act to remove ambiguities surrounding e-commerce and bring its transactions under the tax net.
High customs duty hindering growth of Indian luxury market By CA S K Verma Renowned Switzerland-based luxury watchmaker Raymond Weil has plans for four more franchise showrooms in India over the next two years but hopes the Indian government will lower the high customs duty which is a high 49% at present.
Demand for tax-free bonds rises in the money market By CA Andrew F Thomas Tax-free bonds are the latest fad in the money markets, especially after the government did away with fresh issues in the current financial year that started on April 1, limiting supplies of such securities.
Reconcile tax anomalies to boost the debt market By CA S K Verma The Narendra Modi-led Government should come up with a detailed medium-to-long term policy to remove “tax anomalies” that hinder the growth of the Indian debt markets, said SEBI Chairman, U K Sinha.
Government says its hands tied, defers tax treaty signing By CA Manu T George On a day when it furnished before the Supreme Court the full list of 627 Indians having accounts in foreign banks, the NDA government put off the signing of a crucial multilateral agreement aimed at facilitating access to financial information on taxpayers abroad.
SC order may impact other tax treaties By CA Atul Gupta The Supreme Court's directive on sharing the names of overseas account holders has raised worries about India's commitment to the confidentiality clause in various tax treaties and may impact remittances from the US.
DDA HOUSING SCHEME 2014 - PROCESS OF DRAW (Algorithm) By CA Devender Singh The computerized draw of allotment of flats is based on Random Number Indicated Technique. The complete draw process comprises of three stages i.e. Randomization of Applicants & Flats, Picking of Lucky Numbers and finally the mapping of applicants and the flats.
ICAI to Announce New CA Syllabus from 2016 By CA Devender Singh The premiere education body for the Charted Accountancy in India, Institute of Charted Accountants of India(ICAI) is set to carry changes in its CA course syllabus so that it could become more industry friendly and practical.
ICAI launches ‘cloud campus’ for students By CA Andrew F Thomas The Institute of Chartered Accountants of India (ICAI) has launched ‘cloud campus’ — the next generation interactive online learning programmes — to enable students from anywhere across the world to pursue CA
The reconciliation return in CST Form 9 By CA Mayank Jain The reconciliation return in CST Form 9 relating to receipt of declarations/
certificates for a year has been notified vide Notification No.F.3(27)/Fin(Rev-I)/2013- 14/dsVI/292 dated 05/03/2014.
New curriculum for ICAI by 2016 By CA Devender Singh The Institute of Chartered Accountants of India (ICAI) today said it plans to launch its new curriculum by 2016, which would be a global one in future.
ITO vs. Onkarmal Kajaria Family Trust (ITAT Kolkata) By CA Atul Gupta Second proviso to s. 40(a)(ia) inserted w.e.f. 1.4.2013 should be treated as retrospectively applicable from 1.4.2005 and no disallowance for want of TDS can be made if payee has paid tax thereon. Assessee must be given opportunity to file Form 26A
Business visa compliance: Auditing matters By CA Mayank Jain With Indian companies spreading their operations across continents and engaging talent from all across the world, immigration compliance has become increasingly important, especially in countries such as the US. In fact, in many countries,
Auditing Special Purpose Frameworks: Auditing Investments By CA Manu T George Auditing investments requires understanding applicable standards in the reporting framework selected by management of an entity, just as it is with auditing procedures in other major financial statement classifications.
AUDIT UNDER SECTION 142(2A) OF INCOME TAX ACT, 1961 By CA Rashmi Sharma Of late there has been demand for increased public scrutiny of accounts in spite of statutory audit. Enron and other cases abroad and Satyam’s case in India have highlighted the need and necessity to have controls
RBI-StCBs/CCBs - Risk weights for calculation of CRAR By CA Rashmi Sharma In the light of the circular RPCD.RCB.BC.73 /07.51.012 /2013-14 dated January 7, 2014 on 'Application of Minimum Capital Adequacy Norms', the risk weights on various assets have since been reviewed and revised instructions on risk weights are annexed.
Regarding determination of place of removal By CA S K Verma Attention is invited to Notification No. 21/2014 - CE (NT) dated 11.07.2014 vide which the definition of “place of removal” has been inserted in the CENVAT Credit Rules, 2004
At realty fair, luxury shares space with budget housing By CA Ojas Aggarwal The 10th edition of Gujarat Institute of Housing and Estate Developers (GIHED) property festival began on Friday with 600 residential and commercial properties on display at Gujarat University convention centre.
Five reasons why FIIs are low on Budget, high on D-Street By CA Andrew F Thomas The Government of India presented its first Union Budget 2014 last week under the administration of Prime Minister Narendra Modi, which left most of foreign institutional investors (FIIs) longing for more from Arun Jaitley.
Budget session 2014: Few disruptions, more debate By CA Rashmi Sharma The Budget session of Parliament, the first of the Narendra Modi government, ended on Thursday reflecting the changed political reality with fewer disruptions and adjournments, and more debates and discussions unlike in the recent past.
CIRCUMSTANCES LEADING TO THE ENACTMENT OF THE CENTRAL SALES TAX ACT, 1956 By CA S K Verma The Central Sales Tax Act, 1956 (Act No. LXXIV of 1956) was enacted to formulate principles for determining when a sale or purchase of goods takes place in the course of inter-state trade or commerce or outside a State or in the course of import into or export from India, to provide for the levy,
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
26 Opening Chartered Accountant ( CA ) Finance Fresher By CA Manu T George Salary:INR 2,75,000 - 6,50,000 P.A Farea: Accounts, Finance, Tax, Company Secretary, Audit Education: UG - Any Graduate - Any Specialization, Graduation Not Required PG - Any Postgraduate - Any Specialization,
Retiring CBDT chief may be SIT adviser By CA Mayank Jain After his retirement as the chairperson of Central Board of Direct Taxes (CBDT) on Friday, K V Chowdary is tipped to take over as adviser of the Special Investigation Team (SIT) on black-money.
Relevance of location in service tax By CA Ojas Aggarwal Finance Act, 2012 w.e.f. 1-7-2012 has inserted section 66C w.e.f. 1-7-2012 which provides for determination of place of provision of service having regard to the nature and description of various services.
India Considers Raising Import Taxes on Vegetable Oils By CA Nilesh Sahu India is considering raising import taxes on crude and refined vegetable oils to protect local farmers and the refining industry, two government sources said, as purchases by the world's top importer are expected to hit a record this year.
Increasing focus on transfer pricing, says Deloitte By CA Atul Gupta Accounting firm Deloitte Malaysia stressed on the government increasing focus on transfer pricing whereby there is a new requirement for taxpayers to declare if one has prepared all the necessary transfer pricing documentations.
Transfer pricing: arms length alternatives needed By CA Atul Gupta Amazon, Fiat, Vodafone, Starbucks, Apple… The list of companies facing scrutiny for their failure to properly implement the arms length principle into their transfer pricing policies this year goes on,
Transfer pricing: arms length alternatives needed By CA Mayank Jain Amazon, Fiat, Vodafone, Starbucks, Apple… The list of companies facing scrutiny for their failure to properly implement the arms length principle into their transfer pricing policies this year goes on,
New Mergers and Acquisitions Driven by Upcoming Federal Action By CA Ojas Aggarwal With corporate mergers and acquisition in the doldrums of the post “great financial recession” aftermath, the increasing possibility of U.S. Government action against the “tax inversion” dodge seems to have quickened a new wave of mergers and acquisitions.
Mergers and acquisitions increase By CA Manu T George Ireland has accounted for 14.6% of all European merger, acquisition and equity investment activity in value terms to date, this year, nearly 10% more than for the whole of 2013.
Tax-free bonds are still the best bet for investors By CA S K Verma Stock investors may be celebrating, but even those who invested in tax free bonds have got reasons to cheer. Tax-free bonds issued in 2013 and earlier this year have churned out terrific returns of up to 25%.
Your insurance payout will now come after a tax cut! By CA Ojas Aggarwal In a quiet move, the impact of which is being felt only now, the statute books have been amended to deduct tax at source on some insurance payouts, which could particularly affect people above 45 and those with single-premium policies.
Govt plans to revamp SME, SEZ tax regime By CA Atul Gupta The government is getting down to business to boost local manufacturing and create jobs and is working on a series of measures, including revamp of the tax system for the small-scale sector, ship-building