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News Headlines   RSS Feeds
 Seriously, start planning now for 2015 tax returns
By CA Atul Gupta
Did you mail out those checks to charities before year-end? Did the beneficiaries of your annual tax-free gifts cash their checks? Did you sell those energy stocks and use the losses to offset gains elsewhere in your portfolio?
 New tax computation norms from FY16
By CA Mayank Jain
A new set of norms for tax computation released by the government have addressed many concerns of the corporate India about the tax implications of a proposed shift to the corporate accounting based on fair value concept.
 Amendment to notification no. 20/2014-STdated 16.09.2014
By CA Atul Gupta
In exercise of the powers conferred by rule 3 of the Central Excise Rules, 2002 and rule 3 of the Service Tax Rules, 1994, the Central Board of Excise
 Instructions regarding issue of summons in Central Excise and Service Tax matters
By CA Mayank Jain
It has been brought to the notice of the Board that in some instances, the summons under Section 14 of the Central Excise Act, 1944 have been issued by the field formations to the top senior officials of the companies in a routine manner to call for material evidence/ documents.
 Clarification Regarding applicability of section 143(1D) of Income Tax Act, 1961 - Order-Instruction - Dated 13-1-2015 - Income Tax
By CA Atul Gupta
Sub-section (1D) of section 143 of the Income-tax Act, 1961 ('Act') provides that where a notice has been issued to a taxpayer under sub-section (2) of section 143 of the Act it shall not be necessary to process the return in such a case.
 How you can use deductions to optimise tax benefits
By CA Andrew F Thomas
Mohit is a young, unmarried media professional. He is well educated and has been working for 4 years now. He complains about his high tax outgo but he does not understand much about taxation rules.
 Mutual funds pitch for ELSS as tax deadline nears
By CA Mayank Jain
Mutual funds are going all out to sell their equity-oriented tax savers to investors as the deadline for employees to submit investment proof to companies to avail the tax benefit nears.
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Continuing Prof. Edu.   RSS Feeds
 Programme on Direct Taxes
By CA Ojas Aggarwal
Place: Hotel Apple Tree, Raj Nagar, District Centre, Ghaziabad Date: 31st Jan, 2015 10:00 - 16:30 CPE.Hrs.: 6
 Third Annual CPE Seminar
By CA Atul Gupta
Place: ICAI Bhawan, No-44 & 45, Mettupalayam Road, Thudiyalur, Coimbatore - 641 034. Date: 21st Jan, 2015 09:45 - 17:15 Cpe. Hrs.: 6
 ICAI International Conference, on Accountancy Profession: Building Global Competitiveness: Accelerating Growth
By CA S K Verma
Place: Bangalore Palace, Palace Road, Vasanth Nagar Bengaluru - 560 052 Date: 29th Jan, 2015 17:00 - 19:00 CPE.Hrs.: 14
 Recent judgements in Income Tax
By CA Ojas Aggarwal
Place: Kirti College, First Floor-Library Room, Near Catering College, Veer Savarkar Marg, Dadar (W), Mumbai. 28 Date: 1st Feb, 2015 09:30 - 13:00 CPE.Hrs.: 3
 international taxation & service tax
By CA Rashmi Sharma
Place: hotel gautam deluxe,2105 DB Gupta road, karolbagh, Delhi-5 Date: 19th Jan, 2015 16:30 - 22:30 CPEHrs.: 6
 Workshop on Service Tax Law
By CA Devender Singh
Place: Branch Premises, Indralok Phase-II, New Golden Nest Road, Bhayandar(East) Date: 19th Jan, 2015 17:30 - 20:30 CPE.Hrs.: 9
 Workshop on Service Tax Law
By CA Devender Singh
Place: Branch Premises, Indralok Phase-II, New Golden Nest Road, Bhayandar(East) Date: 19th Jan, 2015 17:30 - 20:30 CPE.Hrs.: 9
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VAT (Value Added Tax)   RSS Feeds
 Modification of Circular No.18 of 2014-15 dated 24/11/2014 VAT - Delhi
By CA Devender Singh
In partial modification of this department’s Circular No.18 of 2014-15, the following Assistant Commissioner (mentioned at Col.No.4) is hereby authorised as Spl. OHAs for hearing the objections with respect to 2A-2B mismatch of 2012-13 instead of the Assistant Commissioner mentioned at Col.No.2 till further orders :
 Authorised as Spl.OHAs for hearing the objections with respect to 2A-2B mismatch of 2012-13 instead of the Assistant Commissioner
By CA Atul Gupta
In partial modification of this department's Circular No.18 of 2014-15, the following Assistant Commissioner (mentioned at Col.No.4)
  States raise VAT on auto fuels to offset adverse impact on tax revenues
By CA S K Verma
Taking a cue from the Centre, which recently raised taxes on petrol and diesel to boost revenues, six state governments have, over the past few weeks, raised the value added tax (VAT)
 After a month, industry reaches consensus for zero VAT on bicycles
By CA Ojas Aggarwal
After a stalemate of on removal of Value Added Tax (VAT) on bicycle and bicycle parts for over a month, a consensus has been reached between different groups of bicycle manufacturers in the industry who have agreed to do away with the tax.
 Amendments in Sixth Schedule of the Delhi Value Added Tax Act, 2004
By CA Mayank Jain
WHEREAS the Ministry of External Affairs, Government of India, in accordance with the principle of reciprocity has requested the Government of National Capital Territory of Delhi to grant facility of VAT exemption/refund to Embassy of the Republic of Latvia in New Delhi
 Sale of used cars is not subject to VAT under the Delhi Value Added Tax Act, 2004
By CA Rashmi Sharma
Anand Decors and Others (“the Appellants”) were manufacturing certain commodities and were registered dealers under the Delhi Value Added Tax Act, 2004 (“DVAT Act”). The Appellants purchased motor vehicles/ cars, paid Sales tax/ VAT but did not avail input tax credit thereon under DVAT Act. The Appellants were not dealers or traders in motor vehicles.
 Government may reverse VAT hike if petrol prices rise’
By CA Nilesh Sahu
If the petrol price keeps on increasing, the Goa government is open to reversing the hike in VAT on petrol, chief minister Laxmikant Parsekar said on Friday.
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Markets   RSS Feeds
 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.
 Government looking at merging FMC with Sebi to better monitor futures market
By CA Manu T George
The government is considering a proposal to merge the Forward Markets Commission (FMC) with capital market regulator Sebi to ensure better monitoring of the commodity futures market.
 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.
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General   RSS Feeds
 Furnishing of statement of income by a business trust to the prescribed authority and the unitholders
By CA Rashmi Sharma
In exercise of the powers conferred by section 295 read with sub-section (4) of section 115 UA of the Income-tax Act, 1961 (43 of 1961),
 Claiming tax benefits under DTAA? Things you should know
By CA Rashmi Sharma
A person who earns income must pay tax in the country he earns in as well as the country he resides in. In order to avoid this, India has signed Double Taxation Avoidance Agreements (DTAAs) with many countries so that the income is taxed only once.
 SIT detects Rs 10,000-cr tax evasion in Haryana
By CA Ojas Aggarwal
A special investigation team (SIT) formed by the Haryana Lokayukta has claimed to have detected revenue loss of more than Rs 10,000 crore, allegedly caused by builders and developers through tax evasion, officials said.
 No problem with GST; want CST compensation on time
By CA Manu T George
Chhattisgarh has no objection on implementation of the Goods and Service Tax (GST) provided the Centre's compensation on loss due to phasing-out of Central Sales Tax is given on time, state chief minister Raman Singh said here today.
 Address tax issues, push data centre infra are Infy, Wipros' request to Arun Jaitley
By CA Mayank Jain
Top officials from IT, BPO and eCommerce sectors today requested Finance Minister Arun Jaitley to address certain issues related to taxation in the Budget 2015-16, and provide incentives for setting up data centres in the country.
 Tax department issues show-cause notices to over 35 foreign portfolio investors
By CA Nilesh Sahu
At a time when the government has promised a more predictable tax regime as well as a far less aggressive one than under the previous administration, several foreign portfolio investors have been alarmed by moves to levy minimum alternate tax (MAT) on their capital gains from the market.
 SEMINAR ON REDEVELOPMENT OF HOUSING SOCITIES TO BE HELD ON 09.01.2015 AND 10.01.2015 AT BKC, MUMBAI
By CA Ojas Aggarwal
Shelter is a basic human need,which has become a major challenge in the country,which is fast urbanizing.
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Corporate Law   RSS Feeds
 Setting up of high level committee to interact with trade and industry on tax law
By CA Andrew F Thomas
In his Budget Speech 2014-15, Finance Minister had announced the setting up of a High Level Committee to interact with trade and industry and ascertain areas where clarity on tax laws is required.
 Rate of exchange of conversion of each of the foreign currency with effect from 05th December, 2014
By CA Atul Gupta
In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in super session of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.111/2014-CUSTOMS (N.T.), dated the 20thNovember, 2014
 Press note regarding setting up of High Level Committee to interact with trade and industry on tax law
By CA Mayank Jain
In his Budget Speech 2014-15, Finance Minister had announced the setting up of a High Level Committee to interact with trade and industry and ascertain areas where clarity on tax laws is required. Accordingly, a High Level Committee has been constituted with the following composition
 The Competition Appellate Tribunal (Term of the Selection Committee and the Manner of Selection of Panel of Names) Amendment Rules, 2014.
By CA Mayank Jain
In exercise of the powers conferred by clause (mb) of sub-section (2) of section 63 read with sub-section (2) of Section 53E of the Competition Act, 2002 (12 of 2003), the Central Government hereby makes the following rules to amend the Competition Appellate Tribunal
 Companies (Central Governments) General Rules and Forms Amendment Rules, 2014. - F. No. 5/80/2012-CL.V - Dated 17-11-2014 - Companies Law
By CA Mayank Jain
In exercise of the powers conferred by clauses (a) and (b) of sub-section (1) of section 642 of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following rules further to amend the Companies (Central Government's) General Rules and Forms, 1956
 Extension of Company Law Settlement Scheme,2014 (CLSS-2014
By CA Nilesh Sahu
In continuation to the Ministry's General Circular No.34/2014 dated l2.Oa.2OI4 arrd 4O/2O14 dated 15/1Ol2O14 on t}te subject cited above, tlis Ministry has, on consideration of requests received from various stakeholders,
 National Seminar on Valuation at the backdrop of the Companies Act 2013 Organized by the Corporate Laws & Corporate Governance Committee on 14th November, 2014 at Hotel Orchid, Mumbai.
By CA Andrew F Thomas
We are happy to inform you that the Corporate Laws & Corporate Governance Committee of The Institute of Chartered Accountants of India
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Students   RSS Feeds
 Applicability of Standards/Guidance Notes/Legislative Amendments etc. for May, 2015 - Final Examination.
By CA Nilesh Sahu
The Ministry of Corporate Affairs has placed on its website 35 Indian Accounting Standards (Ind ASs - the expression Ind AS is used in India in place of IFRS) without announcing their applicability date.
 Applicability of Standards/Guidance Notes/Legislative Amendments etc. for May, 2015 - Intermediate (IPC) Examination. -
By CA Devender Singh
The relevant notified Sections of the Companies Act, 2013 up to 30th September 2014 will be applicable for May, 2015 Examination and for other legislative amendments including relevant Notifications / Circulars / Rules / Guidelines issued by Regulating Authority cut-off date will be 31st October, 2014.
 CA curriculum will change in 2016: ICAI president
By CA Devender Singh
The Institute of Chartered Accountants of India (ICAI) will introduce the revised curriculum for the chartered accountancy course from 2016 and this change will be in accordance with the developments in the global economy, said K Raghu, president, ICAI.
 First Google Hangout for Students with President and Vice President, ICAI on 9th Jan'2015 (Friday) at 12 noon.
By CA Devender Singh
I am pleased to inform you that an interactive session is being organized with all CA Students via Google Hangout on, 9th Jan'2015 (Friday) at 12 noon where in myself and Vice President will be available to answer your questions.
 National Conclave for CA students at Rajkot on 13th and 14th December, 2014.
By CA Nilesh Sahu
Rajkot Branch of WIRC of ICAI and Rajkot Branch of WICASA Theme: Astoma Sadgamaya (Lead us from Unreality to the Reality)
 Paper 4 - Taxation: Corrigendum to Study Material and Supplementary Study Paper [October, 2014 Editions]
By CA Devender Singh
Study Material (Module 2) of Part I: Income-tax of Paper 4: Taxation [October, 2014 Edition relevant for May, 2015 and November 2015 Examinations] - Printed copy
 Examination for the Certificate Course on Valuation scheduled on 18th January, 2015.
By CA Nilesh Sahu
Corporate Laws & Corporate Governance Committee is conducting Examination for the Certificate Course on Valuation from 10 AM to 1 PM on 18th January 2015 at respective locations in India. Project report submission is a must for appearing in Examination.
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New Forms   RSS Feeds
  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:
  Income-tax (11th Amendment) Rules, 2014 - Amendment in Rules 2C, 2CA, 11AA, Form 10A, Form 56 and Form 56D
By CA Atul Gupta
In exercise of the powers conferred by section 295 read with sub-clauses (iv), (v), (vi) and (via) of clause (23C) of section 10, clause (aa) of sub-section (1) of section 12Aand clause
 Income-tax (11th Amendment) Rules, 2014 - Amendment in Rules 2C, 2CA, 11AA, Form 10A, Form 56 and Form 56D
By CA Mayank Jain
In exercise of the powers conferred by section 295 read with sub-clauses (iv), (v), (vi) and (via) of clause (23C) of section 10, clause (aa) of sub-section (1) of section 12Aand clause
 persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D (Please see rule 12 of the Income-tax Rules
By CA Andrew F Thomas
persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D (Please see rule 12 of the Income-tax Rules
 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.
 Form for filing application or documents with Central Government
By CA Mayank Jain
To the best of my knowledge and belief, the information given in this application or form and its attachments is correct and complete
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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
 Programme on Service Tax at Chennai on 23rd & 24th January, 2015
By CA Andrew F Thomas
P. Brahmayya Memorial Hall, “ICAI Bhawan”,SIRC of ICAI, 122 Mahatma Gandhi Road, Chennai 600034
 Notification - CPT June 2015
By CA S K Verma
P. Brahmayya Memorial Hall, "ICAI Bhawan",SIRC of ICAI, 122 Mahatma Gandhi Road, Chennai 600034
  Notification - Main May 2015
By CA Ojas Aggarwal
In pursuance of Regulation 22 of the Chartered Accountants Regulations, 1988, the Council of the Institute of Chartered Accountants of India is pleased to notify that the Intermediate (IPC)
 Result of the Information Systems Audit [ISA] Assessment Test held on 27th December, 2014 declared.
By CA Devender Singh
Result of the Information Systems Audit [ISA] Assessment Test held on 27th December, 2014 declared.
 Result of the Chartered Accountants Final Examination held in November, 2014 and Common Proficiency Test (CPT) held in December, 2014 declared
By CA Mayank Jain
Result of the Chartered Accountants Final Examination held in November, 2014 and Common Proficiency Test (CPT) held in December, 2014 declared
 6 Days Certificate Course on Arbitration of the ICAI at Meerut to be held on 17th, 18th, 31st, January and 1st, 7th, 8th February, 2015
By CA Mayank Jain
The New Companies Act 2013 by inserting a new Section 442 on the ADR Mechanism has open the gateway of professional opportunities for the members in the ADR Mechanism.
 ICAI mourns the sad demise of CA. Rameshwar Thakur, Past President (1966-67)
By CA Manu T George
With profound grief, we inform that CA. Rameshwar Thakur, Past President (1966-67) has left for heavenly abode on 15th January, 2015. The cremation will take place on Saturday, the 17th January, 2015 at 12.00 Noon at Nigambodh Ghat, Kashmere Gate, Delhi.
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From the Courts   RSS Feeds
 The ITO 25(2)(2), C-11 Bldg.,Pratyakshkar Bhavan,Bandra Kurla Complex,Bandra (E),Mumbai-400,051 Vs. Shri Pradeepkumar Babulal Solanki, Shop No.2, Santok Chawal, Main Carter Road, Borivali(E), Mumbai-400,066
By CA S K Verma
This appeal by the Revenue is directed against the order of the Ld. CIT(A)-35, Mumbai dt.18.7.2013 pertaining to A.Y.2008-09.
 M/s. Puja Impex Pvt. Ltd., 161, Atlanta Premises Co. Op. Soc. Ltd., Nariman Point, Mumbai-400 021 Vs. The ITO, Range-3(2)(4), Aayakar Bhavan, Mumbai-400 020
By CA Ojas Aggarwal
ITA No. 4904/M/2012 filed by the assessee is directed against the order of the Ld. CIT(A)-4, Mumbai dt.21.5.2012 pertaining to A.Y.2008- 09 and ITA No.2008/M/13 is also an appeal
 Shri Pravin V. Vora, 101, Sudama Kutir, Station Road,Bhayander(W) Vs. The nACIT, Circle 2, Thane
By CA Atul Gupta
This appeal by the assessee is directed against the order of the Ld.CIT(A)II, Thane dt.5.10.2011 pertaining to A.Y.2008-09.
 DCIT, Circle-9(1), Room No.-163, C.R. Building, New Delhi. Vs. M/s State Farms Corporation of India Ltd., Farm Bhawan, 14-15, Nehru Place, New Delhi.
By CA Mayank Jain
This is an appeal filed by the Revenue against the order dated 25.05.2013 of CIT(A)-XII, New Delhi pertaining to 2010-11 assessment year on the following ground:-
 M/s Dassault Systems India Pvt. Ltd., C-233-LFG, Defence Colony, New Delhi-110024 Vs. DCIT, Circle-10(1), New Delhi
By CA Manu T George
This is an appeal filed by the assessee against the order of the AO passed in pursuance to the Dispute Resolution Panel 's order (hereinafter referred to as the "DRP") u/s 144C(5) dated 24.12.2013 on the following grounds
 ADG Ceremonial & Welfare Directorate Integrated HQ Ministry of Defence, Room No. 53, Wing 7, West Block III R K Puram, Vs. DIT (Exemptions) New Delhi
By CA Rashmi Sharma
By way of this appeal, the assessee appellant has challenged correctness of the order dated 10 th January 2011 passed by the Director of Income Tax (Exemptions), declining registration under section 12 A of the Income Tax Act, 1961.
 Vodafone India Limited (Formerly Vodafone Essar Ltd.) Peninsula Corporate Park Ganpat Rao, Kadam Marg, Lower Parel, Mumbai – 400 013. Vs. Addl. Commissioner of Income Tax, Range – 1,Chandigarh.
By CA Nilesh Sahu
The above titled appeals have been preferred by though different but associated assessees.
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Auditing   RSS Feeds
 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:-
 Audit of the Service Tax assessees by the officers of Service Tax and Central Excise Commissionerates
By CA S K Verma
Section 94 of the Finance Act, 1994 deals with rule making powers of the Central Government in relation to service tax. Sub-section (2) of section 94, dealing with specific purposes for which rules can be made,
 CAG pulls up chartered accountants for incorrect income tax information
By CA Nilesh Sahu
Coming down heavily on chartered accountants hired by the income tax department, a CAG report on Friday said their failure to submit correct tax information resulted in levying of lower taxes by as much as Rs 2,813.11 crore in 367 cases surveyed.
 MEF60001-onwards (2014-15)
By CA Mayank Jain
Revised Bank Branch Auditors Panel for the year 2014-15 From MEF60001-onwards
 MEF55001-MEF60000 (2014-15)
By CA Manu T George
Revised Bank Branch Auditors Panel for the year 2014-15 From MEF55001-MEF60000
 MEF50001-MEF55000 (2014-15)
By CA Rashmi Sharma
Revised Bank Branch Auditors Panel for the year 2014-15 From MEF50001-MEF55000
 MEF45001-MEF50000 (2014-15)
By CA Andrew F Thomas
Revised Bank Branch Auditors Panel for the year 2014-15 From MEF45001-MEF50000
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Latest Circulars   RSS Feeds
 RBI-Foreign Direct Investment (FDI) in India – Review of FDI policy –Sector Specific conditions- Construction Development
By CA Andrew F Thomas
Attention of Authorised Dealer Category – I (AD Category-I) banks is invited to Annex B of Schedule 1 to the Foreign Exchange Management (Transfer or Issue of Security
 RBI-Overseas Direct Investments by proprietorship concern / unregistered partnership firm in India - Review
By CA Nilesh Sahu
Attention of the Authorised Dealer (AD - Category I) banks is invited to the provisions of the Notification No. FEMA.120/RB-2004 dated July 7, 2004
 Payments into Government Account through Debit / Credit cards and Net banking: permissible period for remittance
By CA S K Verma
We hereby advise that as per the instructions of the Controller General of Accounts, Ministry of Finance, Government of India,
 Inter-Government Agreement (IGA) with United States of America (US) under Foreign Accounts Tax Compliance Act (FATCA) - Registration
By CA Ojas Aggarwal
Inter-Government Agreement (IGA) with United States of America (US) under Foreign Accounts Tax Compliance Act (FATCA) - Registration
 Regarding Export and Import of Currency
By CA Manu T George
Attention is invited to Regulation (3) of Foreign Exchange Management (Export and Import of Currency) (Amendment) Regulations, 2009, notified vide Notification No.FEMA.258/2013-RB dated February 15, 2013
 RBI to conduct 7 Day Repo Auction under LAF Today For Rs. 25,000 Crore between 4.00 pm and 4.30 pm
By CA Rashmi Sharma
The Reserve Bank of India will conduct 7 day repo variable rate auction for a notified amount of Rs. 25,000 crore today (January 21, 2015, Wednesday).
 RBI-Underwriting Auctions for Government Securities for ` 14,000 crore on January 22, 2015
By CA Andrew F Thomas
The Government of India have announced the sale (re-issue) of the Government Stock through auctions to be held on January 23, 2015.
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Budget Extravaganza   RSS Feeds
 FM Arun Jaitley could raise income tax exemption limit to Rs 3 lakh in Budget
By CA Rashmi Sharma
The government may go in for raising the income tax exemption limit to Rs 3 lakh from Rs 2.5 lakh in the Union Budget 2015-16 to place more money in the hands of consumers so that demand picks up.
 Tech Firms Want Tax Issues to be Addressed in Budget
By CA Manu T George
Top officials from IT, BPO and e-commerce sectors have requested Finance Minister Arun Jaitley to address certain issues related to taxation in the Budget for fiscal year 2015-16, and provide incentives for setting up data centres in the country.
 FM should focus non-adversarial tax regime in Budget: FICCI
By CA Atul Gupta
Jyotsna Suri, President of FICCI today has urged the Finance Minister, Shri Arun Jaitley, to make earnest efforts to move away from the aggressive revenue approach and provide a genuine on-adversarial and conducive tax environment for industry and the economy to flourish.
 Fund managers to wait tilll next Budget for tax clarity
By CA Nilesh Sahu
The wait for foreign fund managers' with permanent establishment in India to get tax relief on their global income may get longer as the Income Tax department will make the necessary amendments only in the next Budget.
 Indian government invites pre-budget 2015-16 suggestions on duty structure, taxes
By CA Andrew F Thomas
The Ministry of Finance, Government of India, has invited suggestions from Trade Associations and other related bodies on changes in the duty structure for various items for consideration in the Union Budget 2015-16.
 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.
 Budget below market expectations, but good for economy from long-term perspective
By CA Rashmi Sharma
The Budget for 2014-15 took a practical approach to the issues plaguing the country, with a focus on fiscal consolidation, social sector, and boosting the infrastructure sector, among other things.
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Sales Tax   RSS Feeds
 India moves closer to a nationwide sales tax
By CA Rashmi Sharma
India's plans to rationalise state and central indirect taxes into a harmonised goods and service tax (GST) took a step closer to reality after New Delhi struck a deal with recalcitrant states, two government sources told Reuters.
 India moves closer to nationwide sales tax
By CA Manu T George
India's plans to rationalise state and federal indirect taxes into a harmonised goods and service tax (GST) took a step closer to reality after New Delhi struck a deal with recalcitrant states, two government sources told Reuters.
 States set to reveal their mind on petroleum GST
By CA Atul Gupta
Finance minister Arun Jaitley will meet state finance ministers on Thursday to discuss a draft Constitution Amendment Bill for the proposed goods and service tax (GST) that seeks to redefine the taxation rights of the union and state governments.
 Part of CST compensation likely before Budget
By CA Mayank Jain
The Centre is planning to give “a portion” of the central sales tax (CST) compensation to states before the upcoming Budget, even as it gears up to introduce the Constitution (Amendment) Bill, 2014, for implementing the proposed goods and services tax (GST) in the ongoing Winter session.
 Sales Tax officials raid gold exhibition at airport
By CA Manu T George
The Sales Tax Department on Sunday evening raided a jewellery exhibition going on at the Cochin International Airport in Nedumbassery for violation of regulations.
 Traders urged to pay sales tax
By CA Andrew F Thomas
K. Sridhar, Deputy Commissioner of Commercial Taxes Department on Tuesday urged traders to promptly pay sales tax to the Government.
 Tax efficient investment tools for retirees
By CA Nilesh Sahu
An elderly person who has just retired from active work has lived a life fulfilling various obligations. From his tax obligations to obligations towards his or her family, co-workers and life in general, retirement is the time to live a peaceful and content life.
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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
 Arun Jaitley against higher income tax rate to raise revenue
By CA S K Verma
Ahead of his first full fledged budget, Finance Minister Arun Jaitley today said that the NDA government was against raising revenue by imposing higher taxes, instead it would want to leave more money in the hands of consumer to fuel demand and growth.
 Income Tax Appellate Tribunal : Lucknow Benches : Lucknow Constitution for the week from 19.01.2015 To 22.01.2015 and 27.01.2015 To 30.01.2015
By CA Ojas Aggarwal
Income Tax Appellate Tribunal : Lucknow Benches : Lucknow Constitution for the week from 19.01.2015 To 22.01.2015 and 27.01.2015 To 30.01.2015
 Income Tax Appellate Tribunal : Bangalore Benches : Bangalore Constitution for the week from 19.01.2015 To 22.01.2015
By CA Atul Gupta
Income Tax Appellate Tribunal : Bangalore Benches : Bangalore Constitution for the week from 19.01.2015 To 22.01.2015
 Income Tax Appellate Tribunal. Ahmedabad Benches Ahmedabad Constitution of Ahmedabad Benches from The Period From 19/01/2015 To 23/01/201519.01.2015 To 23.01.2015
By CA Atul Gupta
Income Tax Appellate Tribunal. Ahmedabad Benches Ahmedabad Constitution of Ahmedabad Benches from The Period From 19/01/2015 To 23/01/201519.01.2015 To 23.01.2015
 Income Tax Appellate Tribunal. Kolkata Benches Kolkata Constitution of Kolkata Benches from The Period From 19/01/2015 To 23/01/201519.01.2015 To 22.01.2015
By CA Mayank Jain
Income Tax Appellate Tribunal. Kolkata Benches Kolkata Constitution of Kolkata Benches from The Period From 19/01/2015 To 23/01/201519.01.2015 To 22.01.2015
 Income Tax Appellate Tribunal. Mumbai Constitution of Benches from 19.01.2015 To 22.01.2015
By CA Rashmi Sharma
Income Tax Appellate Tribunal. Mumbai Constitution of Benches from 19.01.2015 To 22.01.2015
 Income Tax Appellate Tribunal. New Delhi Constitution of Benches from 19.01.2015 To 22.01.2015
By CA Andrew F Thomas
Income Tax Appellate Tribunal. New Delhi Constitution of Benches from 19.01.2015 To 22.01.2015
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Placements & Empanelment   RSS Feeds
 New Opening Chartered Accountant - Associate & Senior Associate Level - Kolkata
By CA Manu T George
Salary: 5,00,000 - 13,00,000 P.A unctional Area:Accounts , Finance , Tax , Company Secretary , Audit UG: Any Graduate - Any Specialization
 New Opening Corporate Tax, International Tax, Chartered Accountant
By CA Nilesh Sahu
Salary: 3,75,000 - 7,50,000 P.A. Functional Area:Accounts , Finance , Tax , Company Secretary , Audit UG: B.Com - Commerce
  New Opening Chartered Accountant-manufacturing Unit-corporate Office-delhi
By CA Devender Singh
Salary: 8,00,000 - 11,00,000 P.A Functional Area:Accounts , Finance , Tax , Company Secretary , Audit UG: Any Graduate - Any Specialization
  15 Openong Chartered Accountant ( CA ) - Finance Fresher
By CA Ojas Aggarwal
Salary: 1,50,000 - 6,00,000 P.A Functional Area:Accounts , Finance , Tax , Company Secretary , Audit UG: Any Graduate - Any Specialization, B.Tech/B.E. - Any Specialization
 15 Opening Chartered Accountant ( CA ) - Finance Fresher
By CA Ojas Aggarwal
Salary: 1,50,000 - 6,00,000 P.A Functional Area:Accounts , Finance , Tax , Company Secretary , Audit UG: Any Graduate - Any Specialization, B.Tech/B.E. - Any Specialization
 5 New Opening Chartered Accountant 0-5 Years Experience
By CA Atul Gupta
Salary: 2,50,000 - 7,50,000 P.A Functional Area:Accounts , Finance , Tax , Company Secretary , Audit UG: Any Graduate - Any Specialization
 New Opening Transfer Pricing, Chartered Accountant,
By CA S K Verma
Salary: 3,00,000 - 8,00,000 P.A. Functional Area:Accounts , Finance , Tax , Company Secretary , Audit UG: Any Graduate - Any Specialization, B.Com - Commerce
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Direct Tax   RSS Feeds
  CIRCULAR NO. 01/2015 Explanatory notes to the provisions of the Finance(No.2) Act, 2014?
By CA Devender Singh
Specified the rates of income-tax for the assessment year 2014-15 and the rates of income-tax on the basis of which tax has to be deducted at source and advance tax has to be paid during financial year 2014-15.
 Non-payment of income tax may soon become prosecutable under Prevention of Money Laundering Act
By CA Manu T George
The government may prosecute those accused of evading taxes under the Prevention of Money Laundering Act (PMLA) as part of a wide ranging crackdown on black money.
 I-T department moves Supreme Court on Vodafone income for FY08
By CA Devender Singh
The income tax department has moved the Supreme Court seeking directions to a tax tribunal to consider certain facts relating to the taxable income of Vodafone India Services for the 2007-08 fiscal.
 Direct tax code, 2013 – scope for company secretaries in practice
By CA Mayank Jain
The Chartered Accountants plays a vital role in the Income Tax matters. The Income Tax Act, 1961 provides for various types of audit such as statutory audit, internal audit, special audit etc.
 CBDT tightens its grip on refund payouts
By CA Manu T George
Taxpayers who had made refund claims with income-tax department will now have to wait for the payouts if their tax returns were to have been selected for scrutiny.
 CBDT notifies new draft of 12 income computation standards
By CA Ojas Aggarwal
The Central Board of Direct Taxes (CBDT) has come up with new draft of 12 income computation and disclosure standards (ICDS).
 CBDT appoints 15 commissioners to five DRPs
By CA Devender Singh
On the heels of ushering in new dispute resolution mechanism, the CBDT has appointed 15 commissioners as members of the newly set up five dispute resolution panels (DRPs).
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Service Tax   RSS Feeds
 Double taxation a headache for India’s product startups
By CA Ojas Aggarwal
India's software product startups plan to approach the finance ministry this week to get the ambiguity cleared in this Union Budget on the pending issue of whether software sold in the country should be classified as a product or service.
 Support Services Under Service Tax
By CA S K Verma
support services” means infrastructural, operational, administrative, logistic, marketing or any other support of any kind comprising functions that entities carry out in ordinary course of operations themselves but may obtain as services
 Goods and services tax: Place-of-supply rules need more clarity
By CA Mayank Jain
India’s progression towards a goods and services tax (GST) regime appears imminent with the introduction of the GST Constitution Amendment Bill in Parliament last month.
 Bombay HC rejects advocate’s service tax argument that lawyers provide no “value addition” for clients
By CA Rashmi Sharma
Mumbai advocate PC Joshi argued before the Bombay high court that advocates should be exempted from service tax because the tax is levied on “value addition which is made as a result of rendition of service
 Service Tax dept demands Rs 536 crore, BCCI takes legal route
By CA Andrew F Thomas
The BCCI is locked in a legal battle with the Service Tax department, which has demanded an amount of Rs 536 crore (approx) as taxes on cricket board's earnings from royalty and media rights in the last one decade.
 Save income tax with help of donations under section 80GGA
By CA Mayank Jain
There is a tax deduction available for donations made by an individual for charitable purposes. This is very well known and quite a few people would have taken the benefit of this route for the purpose of the contributions that they have made.
 Service tax collected to be deposited with government
By CA Nilesh Sahu
Section 73A which has been inserted by the Finance Act, 2006, provides that service tax collected from any person has to be deposited with Central Government.
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Transfer Pricing   RSS Feeds
  States won’t lose a rupee due to GST, says Jaitley
By CA S K Verma
The Inland Revenue Authority of Singapore (IRAS) has published an updated consolidated e-Tax Guide on the country's transfer pricing regime.
 Indian Tribunal rejects transfer price adjustment in Microsoft case
By CA Nilesh Sahu
The Delhi Income Tax Appellate Tribunal (Tribunal) rejected an approximate INR 290 million (about $4.5 million) transfer pricing adjustment relating to marketing services provided by the assessee, Microsoft Corporation India Pvt. Ltd., to its US parent and Singapore and UK affiliates.
 A Guide to India’s Transfer Pricing Law and Practice – Part 1 - See more
By CA Devender Singh
India enacted transfer pricing rules in 2001, which require companies to conclude international transactions with associated enterprises at an arm’s length.
 CBDT to soon clarify transfer pricing issue in Vodafone case
By CA Devender Singh
Assuming a non-combative approach, the Central Board of Direct Tax (CBDT) will soon issue a clarification to the transfer pricing division about making adjustments for the shares issued by Vodafone India to Vodafone Mauritius for the assessment year 2011-12, sources said.
 Transfer pricing, changing duty rates and other customs considerations
By CA S K Verma
2015 promises to be a big year from an Australian customs perspective. However, before turning to the events of 2015, the end of 2014
 Vodafone transfer pricing case: Tax dept may not lose hope
By CA Mayank Jain
The transfer pricing department has sought clarity from the government on legal recourse in the Vodafone transfer pricing case. Sources have indicated that the department has written to the Central Board of Direct Taxes (CBDT),
 India signs bilateral advance pricing agreement with Japan
By CA S K Verma
In a step to reduce transfer pricing disputes, the Indian tax department on Friday signed its first bilateral advance pricing agreement (APA) with Japan.
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Customs and Excise   RSS Feeds
 Government of India Ministry of Finance Notification No. 12 /2012-Central Excise
By CA Mayank Jain
In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944) and in supersession of (i) notification of the Government of India in the Ministry of Finance
 Seeks to further amend notification No.12/2012-Central Excise, dated the 17th March, 2012
By CA Manu T George
In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government,
 Amends Notification No. 36/2001-Customs (N.T.), dated the 3rd August, 2001 - 10/2015 - Dated 15-1-2015 - Customs - Non Tariff
By CA Mayank Jain
In exercise of the powers conferred by sub-section (2) of section 14 of theCustoms Act, 1962 (52 of 1962), the Central Board of Excise & Customs
  Seeks to further amend notification no 12/2012 - Central Excise dated 17/03/2012
By CA Manu T George
In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government being satisfied that it is necessary in the public interest so to do,
 Mandatory pre-deposit of duty or penalty for filing appeal– reg.
By CA Andrew F Thomas
Attention is invited to Circular No 984/08/2014-CX dated 16th September, 2014 on the captioned subject.
 Seeks to further amend notification no 12/2012 - Central Excise dated 17/03/2012 so as to increase the Basic Excise Duty (BED) on petrol (both branded as well as unbranded) and diesel (both branded as well as unbranded)
By CA Atul Gupta
In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government,
 Seeks to extend the validity of notification No. 125/2010-Customs dated 16.12.2010 for a further period of one year i.e, upto and inclusive of 07.12.2015
By CA Mayank Jain
Whereas, the designated authority vide notification No. 15/20/2014-DGAD, dated the 6th December, 2014, published in the Gazette of India, Extraordinary, Part I, Section 1, dated the 6th December, 2014,
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Mergers and Acquisitions   RSS Feeds
 Infosys interested in 'bigger scale' mergers and acquisitions, says Vishal Sikka
By CA Nilesh Sahu
Infosys, the country's second largest IT services firm, is open to 'bigger scale' mergers and acquisitions but with a caveat, it is not interested in "yesterdays" companies.
  Deals of the day- Mergers and acquisitions
By CA Devender Singh
French travel group Club Med\\\'s board has recommended that shareholders accept the latest takeover offer from Chinese conglomerate Fosun, it said in a statement.
 lobal value for mergers and acquisitions hits 7-year high, outlook looks bright for future deals
By CA Nilesh Sahu
Chief executives got their deal-making confidence back in 2014, emboldened by a clearer outlook for their businesses to take the global value for mergers and acquisitions (M&A) to their highest annual level since 2007.
 Marketing mergers and acquisitions: Who's going to be buying who in 2015
By CA Devender Singh
The cards and decorations have come down, the hangovers have abated and the country is drifting back, slowly, and perhaps unwillingly, to work. Time, then, to look back – briefly – on 2014 and forward to 2015.
 Consolidation of PSU Banks to be Key Theme at PM Modi's 'Gyan Sangam'
By CA Manu T George
Mergers and acquisitions of PSU banks will be a major theme at the two-day 'Gyan Sangam' on January 2-3, a retreat of chiefs of financial institutions which will be attended by the Prime Minister, Finance Minister and Reserve Bank Governor.
 Manufacturers in mergers, acquisitions to gain larger market share
By CA Rashmi Sharma
One key take-away in 2014 is that Nigerian manufacturers have shown great interest in mergers and acquisitions to expand operations and gain substantial share in both local and international markets.
 Bank of America wants to build strong ties with its clients, says Country Head Kaku Nakhate
By CA Ojas Aggarwal
Bank of America is focused on differentiating itself from the competition in India and also intends to forge closer business ties with its clients says Country Head Kaku Nakhate. Edited excerpts from an interview with Business Today -
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Indirect Tax   RSS Feeds
 Government meets 60.6 per cent indirect tax collection target during April-December
By CA Andrew F Thomas
Government today said it has collected Rs 3.77 lakh crore, or 60.6 per cent, of budget target for indirect tax by December 2014.
 Budget likely to remove indirect tax anomalies for boost to ‘Make in India’
By CA Nilesh Sahu
Finance Minister Arun Jaitley’s full-fledged Budget is likely to propose a fresh round of indirect tax reforms by removing existing anomalies such as the inverted duty structure. This is being done to boost Prime Minister Narendra Modi’s ‘Make in India’ programme.
 What not to do for tax exemptions, deductions to stay
By CA Atul Gupta
The Income tax Act, 1961 (the Act), provides for certain deductions and exemptions that are available upon the fulfilment of certain conditions.
 Press release giving information on Indirect Tax revenue collection during April-December 2014
By CA Rashmi Sharma
Press release giving information on Indirect Tax revenue collection during April-December 2014
 Committed to non-aggressive tax regime: FM
By CA S K Verma
Finance minister Arun Jaitley on Friday indicated he will initiate further steps to check a flight of investment from the country as he pitched India as "great choice" for investors, domestic and overseas.
 Make it easier to do business & mend tax system, says NRN Murthy
By CA Atul Gupta
India has to improve the ease of doing business for entrepreneurs and industrialists and reform the tax system to spur the creation of jobs, Infosys co-founder NR Narayana Murthy said at the Economic Times Global Business Summit.
 Several real estate firms in state evaded sales tax, says SIT report
By CA S K Verma
Several real estate firms have been found to have evaded the sales tax (ST) in Haryana by the special investigation team (SIT), formed by the Lokayukta to look into the matter.
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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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