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News Headlines   RSS Feeds
 I’m against higher tax burden on middle class, Arun Jaitley says
By CA Rashmi Sharma
As he gets down to prepare the 2015-16 Union Budget, finance minister Arun Jaitley said on Saturday that he does not favour burdening the salaried and middle class with more taxes, but would go after the evaders in widening the net.
 GST may subsume all entry taxes
By CA Andrew F Thomas
In a move that is likely to draw opposition from some states, the Centre is going to propose subsuming in the proposed goods & services tax (GST) all types of entry tax,
  Govt looking to plug shortcomings in tax system
By CA Nilesh Sahu
Maintaining that there was an urgent need to improve the economy of Maharashtra, State Finance Minister Sudhir Mungantiwar said the state government is trying to remove the loopholes in the existing taxation system and bring in evaders into the tax net.
 CBEC clarification regarding availment of Cenvat credit on Inputs/ Input Services after six months
By CA Mayank Jain
The CBEC vide Notification No. 21/2014-CE (NT), dated July 11, 2014 (Applicable w.e.f September 1, 2014) [“Notification No. 21”], has amended Rule 4(1)
 Master Circular on Cost Accounting Records and Cost Audit
By CA Rashmi Sharma
Ministry has fromi time-to-time issued number of circulars with regard to various matters concttrning cost accounting records and cost audit in fhe corporate sector, All these circulars have been reviewed.
 Just two weeks to go for sending tax returns verification
By CA Atul Gupta
November 30 is the deadline for sending the income-tax returns verification (ITR-V) for 2013-14, as it will be four months or 120 days since July 31, the deadline to file IT returns. And if you don't send your ITR-V till then, your returns will be considered not filed. ITR-V is an acknowledgement of the returns filed.
 Understanding accounts and accounting for service tax
By CA Manu T George
Since all taxable services are commercial in nature, accounting becomes mandatory for all the concerns or firms or commercial establishments providing the taxable services under Service Tax.
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Continuing Prof. Edu.   RSS Feeds
 Company Law 2013 and Accounting Standards Issues
By CA Manu T George
Place: HOTEL DEE CEE MANOR, NO.90, G N CHETTY ROAD, T NAGAR Date: 29th Nov, 2014 09:30 - 17:30 CPE.Hrs.: 6
 Taxation of Family Arrangements AND Transfer Pricing
By CA Rashmi Sharma
Place: Recreational Cum Library Centre, Behind Safdarjung Enclave(Opp.B-4/229), New Delhi-110029 Date: 24th Nov, 2014 15:00 - 21:30 CPE.Hrs.: 6
 SEMINAR ON BANK AUDIT AND IMPORTANT AMENDMENTS IN COMPANIES ACT,2013
By CA Manu T George
Place: ICAI BHAWAN, BESIDE CIT OFFICE VYAPAR VIHAR Date: 22nd Nov, 2014 10:00 - 17:00 CPE.Hrs.: 6
 Seminar on TDS, Tax Audit and Latest in DVAT and CST
By CA Rashmi Sharma
Place: Valentine Banquplex, 4, Shivaji Marg, Najagfharh Road, Near Campa Cola, New Delhi -110015 Date: 22nd Nov, 2014 17:00 - 21:30 CPE.Hrs.: 4
 Audit , Accounting and Taxation of Charitable Trusts
By CA Atul Gupta
Place: Shubha Mangal Hall , Date: 22nd Nov, 2014 17:30 - 20:30 CPE.Hrs.: 3
 Assessment of Trusts and VAT Audit with Latest Amendments
By CA Mayank Jain
Place: Bapuji MBA College, Shamnur Road Date: 22nd Nov, 2014 09:30 - 15:15 CPE.Hrs.: 5
 Latest Issues & Changes in DVAT, & (ii)- Appeal Procedure before Income Tax Authorities.
By CA Mayank Jain
Place: Recreational Cum Library Center”, Behind “Safdarjung Club” (Opp. B-4/229) Safdarjung Enclave, New Delhi- 110029. Date: 21st Nov, 2014 17:00 - 21:00 CPE.Hrs.: 4
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VAT (Value Added Tax)   RSS Feeds
 Clarification regarding availment of CENVAT credit after six months
By CA Atul Gupta
Attention is invited to the Notification of the Government of India in the Ministry of Finance, Department of Revenue No. 21/2014-CE (NT) dated 11.07.2014,
 Delhi VAT Rules as on 5th March 2014
By CA S K Verma
PROVIDED that different dates may be appointed for different provisions of these rules and any reference in any such provision to the commencement of these rules shall be construed as a reference to the coming into force of that provision.
 Filing of online return for 2nd quarter of 2014-15 – extension of period thereof.
By CA Nilesh Sahu
In partial modification to this department’s Circular No.14 of 2014-15 on the subject cited above, and in exercise of the powers conferred under Rule 49A of the Delhi Value Added Tax Rules, 2005,
  Withdrawal of filing of information related to statutory forms online in Form CD-1
By CA Ojas Aggarwal
I, Sanjeev Khirwar, Commissioner, Value Added Tax, in exercise of the powers conferred undersection 70 of the Delhi Value Added Tax Act, 2004
 Bitter pill for Tamil Nadu sugar mills, as state slaps 5 % VAT
By CA Nilesh Sahu
Tamil Nadu Government has decided to impose a 5% VAT on sugar. Industry sources said, already the industry is facing pressure due to competition from the mills in Karnataka,
 After petrol, VAT on diesel hiked; finance commission set up in HP
By CA Andrew F Thomas
Ten days after raising value added tax on petrol, the Himachal Pradesh cabinet, which met here Tuesday under the chairmanship of Chief Minister Virbhadra Singh,
 Karnataka’s VAT tweaks may force Amazon’s exit from the state
By CA Nilesh Sahu
Karnataka's commercial taxes department has proposed a set of amendments to its VAT Act of 2003, which if cleared by the legislature,
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Markets   RSS Feeds
 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.
 Nifty to hit 10,000 by next Budget, says Raamdeo Agrawal
By CA Ojas Aggarwal
The market opened the week with a bang as the 50-share Nifty hit the much-awaited 8000-mark backed by consumer durables and PSU banks.
 Markets @ record highs; top ten stocks which can give up to 34% return in 1 year
By CA S K Verma
The Indian markets have been on a roll of late, hitting fresh record highs consistently, supported by strong global liquidity and easing of geo-political concerns.
 What will Narendra Modi have for markets on Independence Day? Here's what experts say
By CA Andrew F Thomas
August 15 is here, and there is enough speculation in the market that Prime Minister Narendra Modi will make some big announcements in his maiden Independence Day speech. Is it reasonable to expect something big on Friday? Here's what experts say:
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General   RSS Feeds
 Arun Jaitley rules out tax terrorism
By CA Manu T George
Finance minister Arun Jaitley on Friday said that an unsustainable tax demand would only earn the country a bad name as an investment destination, comments that come in the wake of tax department losing its battle against Shell in Bombay High Court.
 How to maximize tax benefits on a joint home loan
By CA Rashmi Sharma
Some of us think that taking a loan to buy a residential property is not a good idea and so, they start saving some amount from their monthly income into recurring investment or a Systematic Investment Plan (SIP) offered by mutual funds.
 Amnesty attracts property tax evaders even before its launch
By CA Manu T George
As many as 263 property tax defaulters have applied to the Thane Municipal Corporation (TMC) seeking payment of their arrears even before the proposed amnesty scheme for property scheme is launched.
 House tax in Ghaziabad to increase by 10 per cent from April 2015
By CA Rashmi Sharma
Property owners in the city will have to shell out more from next financial year as Ghaziabad Nagar Nigam (GNN) has decided to increase the house tax by 10 per cent.
 GST dream one step closer to reality; empowered panel of state FMs & Centre agree on 'place of supply' rules
By CA Nilesh Sahu
The government's bid to implement the goods & services tax (GST) as early as possible got a significant boost with the empowered committee of state finance ministers endorsing the so-called 'place of supply' rules that form the backbone of the new regime that will replace a plethora of levies,
 Manufacturers, logistic companies set to gain from GST implementation
By CA Devender Singh
The implementation of goods and service tax (GST) in the country is long pending and now the government is moving fast for its implementation across the country.
 Arun Jaitley pledges ‘rational’ tax policy, changes in labour laws, fuel price deregulation and natural resources auctions
By CA Devender Singh
India will pursue an aggressive reforms agenda over the next few months to help get the country back to a high-growth trajectory
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Corporate Law   RSS Feeds
 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
 Company Law Settlement Scheme, 2014 (CLSS-2014) - Clarification u/s 164(2) of the Companies Act, 2013
By CA Andrew F Thomas
Company Law Settlement Scheme, 2014 (CLSS-2014) - Clarification u/s 164(2) of the Companies Act, 2013
 Clarification with regard to provisions of Corporate Social Responsibility (CSR) under section 135 of the Companies Act, 2013.
By CA Atul Gupta
In continuation of the General Circular No. 21 of 2014 dated 18.06.2014, the following clarifications are hereby issued:
  Notification dated: 19.09.2014 - National Advisory Committee on Accounting Standards New
By CA Andrew F Thomas
In exercise ofthe poweo confened by sub-sction (l) ofseation 2l0A of the Companijs Act, 1956
 Refund of Cenvat Credit for Services taxed under Reverse Charge (Rule 5B) Part 2
By CA Atul Gupta
Refund of unutilized Cenvat credit taken on inputs and / or input services shall be claimed on a half yearly basis. Refund claims are required to be submitted in prescribed ‘Form-A’ to the jurisdictional Assistant / Deputy
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Students   RSS Feeds
 Award of Financial Assistance to Students from Chartered Accountants Students Benevolent Fund for the year 2014
By CA S K Verma
The Board of Trustees of The Chartered Accountants Students Benevolent Fund has decided to grant financial assistance to 300 students, who are currently undergoing articled training in accordance with The Chartered Accountants Regulations, 1988 and are poor, needy but meritorious to pursue the Chartered Accountancy Course, @ Rs. 1000/- p.m. for one year with effect from 1st April, 2014 to 31st March, 2015 to be paid in lump sum, subject to filing of required application.
 Notification – Special Examination (CPT) in the State of Jharkhand and Jammu & Kashmir on 21.12.2014
By CA Atul Gupta
No.13-CA(Exam)/CPT/December/2014/II: In partial modification of the Institute's Notification No.13-CA(Exam)/CPT/December/2014 dated 16th July, 2014, it is hereby notified for general information that in view of the Election to the Legislative Assemblies of States i.e.
 Conducting of Mock Tests for CPT students for December, 2014 Examination.
By CA S K Verma
With a view to further encourage the students to evaluate their preparation for the examination, the Board of Studies has prepared CPT Mock Test Papers for CPT students to assess their preparation for the main examination to be held on 14th December, 2014.
 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.
 Non applicability of Sections 407 to 414 of the Companies Act 2013, for the Intermediate (IPC) Examination to be held in November 2014.
By CA S K Verma
It is hereby informed that Sections 407 to 414 of the Companies Act, 2013 relating to NCLT and NCLAT (notified on 12th September, 2013) formed part of the syllabus of the abovementioned paper as applicable for November, 2014 examinations.
 Applicable sections of the Companies Act, 2013- for Group II : Paper 6 Auditing & Assurance Intermediate (IPC) November 2014 Examination.
By CA Ojas Aggarwal
Students may note that given below is the list of sections of the Companies Act, 2013 (notified on 12th Sept, 2013) which are applicable for Group II : Paper 6 Auditing & Assurance subject Intermediate (IPC) Level November 2014 Examination.
 Stipend of articled clerk of CA is not taxable as income. In view of author, stipend is capital receipt and is scholarship for education.
By CA Ojas Aggarwal
To purse studies and training for course of Chartered accountancy one need to have minimum entry qualification. For joining CA course one has to undergo educational course and qualify in examinations conducted by ICAI and also compulsory training as an articled clerk or audit clerk under a CA in practice.
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New Forms   RSS Feeds
  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
 Application Form for Registration to Common Proficiency Test Course
By CA Ojas Aggarwal
Application Form for Registration to Common Proficiency Test Course
 Filing of Return in Form 1 under Central Sales Tax Act, 1956.
By CA Devender Singh
ForrriI have been, omitted through amendment inter-alia carried out "iQ Central Sales Tax (Delhi) Rules, 2005 vide Notification No. F.3(27)
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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
More »
ICAI   RSS Feeds
 Zone-shifting of candidates for 14th December - 2014 CPT.
By CA Atul Gupta
Due to paucity of accommodation in certain Zones opted by the candidates in the city of Chennai some of the candidates have been allotted examinations centres in the zone other than the zone opted by them.
 Committee for Capacity Building of CA Firms and Small & Medium Practitioners is organising 6 CPE hours National Summit on Networking and Capacity Building Measures of Practitioners at Bangalore on 29th November, 2014.
By CA Mayank Jain
The Committee for Capacity Building of CA Firms and Small & Medium Practitioners (CCBCAF & SMP), ICAI is organising 6 CPE hours National Summit on Networking
 One Day Indirect Tax Conference at Chandigarh on 22nd November, 2014.
By CA Mayank Jain
One Day Indirect Tax Conference at Chandigarh on 22nd November, 2014.
 Announcement of Four Weeks Residential Programme to be held from 29th December, 2014 to 24th January, 2015 at Centre of Excellence, Hyderabad only for Women candidates.
By CA Rashmi Sharma
Board of Studies is pleased to announce the next batch of ICAI Four Weeks Residential Programme on Professional Skills Development from 29th December, 2014 to 24th January, 2015 at Centre of Excellence, Hyderabad.
 Application Form for the Information Systems Audit (ISA) Assessment Test [Last Date - 4th December, 2014]
By CA Mayank Jain
Candidates are advised to carefully read, understand and follow the instructions while filling in the Form and retain the same for future reference
 2 Days Workshop on Foreign Exchange Management Act & Regulations to be held on 21st & 22nd November,2014 at BKC Mumbai
By CA Andrew F Thomas
This workshop is aimed at understanding the practical aspects involved in the FEMA Act and Regulations. The sessions are structured so as to ensure gaining in depth knowledge from the experts in the areas of the Foreign Exchange Management Legislations.
  An Appeal to ICAI Members for Contribution to CABF.
By CA Devender Singh
Chartered Accountants Benevolent Fund (CABF) established in 1962 by ICAI, is one of the largest body providing welfare and support to the Chartered Accountants Fraternity. It provides financial assistance for medical treatment, education, maintenance or any other similar purpose to necessitous persons of the CA fraternity.
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From the Courts   RSS Feeds
 Mitsu Industries Ltd vs. DCIT (Gujarat High Court)
By CA Devender Singh
S. 271(1)(c): In the absence of a clear-cut finding by the AO as to whether it is a case of 'concealment' or 'furnishing inaccurate particulars', penalty cannot be levied
 COMMISSIONER OF INCOME TAX Vs. M/S VODAFONE ESSAR SOUTH LTD.
By CA S K Verma
This appeal by the Revenue pertaining to Assessment Year 2003-04,impugns the order dated 7th February, 2014 passed by the Income Tax Appellate Tribunal (Tribunal, for short) on the following issues:
 COMMISSIONER OF INCOME TAX, CENTRAL-1, NEW DELHI Vs. SHAILENDRA MAHTO
By CA Ojas Aggarwal
These appeals by the Revenue, Commissioner of Income Tax,Central-1, New Delhi, are being disposed of by this common judgment as identical and connected issues arise for consideration.
 THE COMMISSIONER OF INCOME TAX, DELHI-IV Vs. M/S INDUSTRIAL FINANCE CORPORATION OF INDIA LIMITE
By CA Atul Gupta
This appeal by the Revenue, which relates to Assessment Year 1986-87, stands admitted for adjudication on the following substantial questions of law
 Uranium Standard Acquires Uranium Project Database for Mergers and Acquisitions Strategy
By CA Andrew F Thomas
Uranium Standard Resources Ltd. (TSX VENTURE:USR)(OTCQB:CRSKF) ("Uranium Standard" or the "Company") is pleased to announce that it has entered into an agreement to acquire a proprietary Uranium Project Database from Vico Uranium Corp.
 HOUSING & URBAN DEVELOPMENT CORPORATION LIMITED Vs. ADDITIONAL COMMISSIONER OF INCOME TAX
By CA Nilesh Sahu
Having heard learned counsel for the parties, we frame the following substantial question of law:
 PAWAN KUMAR DHINGRA Vs. COMMISSIONER OF INCOME TAX-III & ORS
By CA Devender Singh
These writ petitions arise out of common sequence of events and are, therefore, being disposed of together, the main writ petition being WP(C) 7642/2014 (Om Prakash Dhingra v. CIT and Others).
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Auditing   RSS Feeds
 General Circular 43/2014 dated 13.11.2014: Issue of Foreign Currency Convertible Bonds (FCCBs) and Foreign Currency Bonds (FCBs) - Clarification regarding applicability of provisions of Chapter III of the Companies Act, 2013.New
By CA Devender Singh
The Ministry has been receiving references from stakeholders seeking cladty on applicability of provisions of Chapter III of the Companies Act, 2013 (Act) to the issue of Foreign Currency Convertible Bonds (FCCBS)
  Tax authorities say Uber liable for service tax
By CA Mayank Jain
Uber, the taxi app that became popular in India by offering luxury car rides for a little more than the regular fare, could run into trouble with India's service tax authorities in the first such inquiry against a foreign service provider in the ecommerce space.
  ICAI takes action against statutory auditors
By CA Rashmi Sharma
Nearly six years after the Satyam Computer Services fraud rocked the corporate world, the Institue of Chartered Accountants of India has found the statutory auditors including audit incharge(s), the then CFO and head of internal audit department of the company guilty of professional misconduct.
 Splitting up of rebate claims to avoid pre-audit-reg.
By CA Rashmi Sharma
Instances have been brought to the notice of the Board where the assesses have submitted rebate claims by splitting up the amounts of rebate claims so as to keep each individual claim below Rs. 5 lakhs to avoid pre-audit.
 Clarification on matters relating to Consolidated Financial Statement.
By CA Rashmi Sharma
Government has received representations from stakeholders seeking clariflcations on the manner of presentation of notes in Consolidated Financial Statement (CFS) to be prepared under Schedule III to the Companies Act, 2013(Act).
 Income-tax Authorities - Jurisdiction of - Additional Commissioner & Joint Commissioner of Income-tax in office of principal Chief Commissioner of Income-tax, New Delhi ?
By CA Ojas Aggarwal
In exercise of the powers conferred by sub-section (1) of Section 120 of the Income- tax Act, the Central Board of Direct Taxes hereby directs that Sri Bhaskar Goswami,
 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,
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Latest Circulars   RSS Feeds
 Auction of Fifteen State Government Securities for ` 15150 crore on November 25, 2014
By CA Nilesh Sahu
The following fifteen State Governments have offered to sell 5/10 year securities by way of auction for an aggregate amount of ` 15150 crore (Face Value). The State-wise break up is as follows
 RBI-External Commercial Borrowings (ECB) Policy – Parking of ECB proceeds
By CA Devender Singh
Attention of Authorized Dealer Category - I (AD Category- I) banks is invited to A.P. (DIR Series) Circular No. 52 dated November 23, 2011 relating to parking of proceeds of External Commercial Borrowings (ECB).
 Seeks to exempt from excise duty goods required for the Intensified Malaria Control Project funded by GFATM.
By CA S K Verma
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, hereby exempts the goods mentioned in column
 External Commercial Borrowings (ECB) Policy – Parking of ECB proceeds
By CA Devender Singh
Attention of Authorized Dealer Category - I (AD Category- I) banks is invited to A.P. (DIR Series) Circular No. 52 dated November 23, 2011 relating to parking of proceeds of External Commercial Borrowings (ECB).
 The Depositor Education and Awareness Fund Scheme, 2014 –Section 26A of Banking Regulation Act, 1949- Due diligence of customers
By CA S K Verma
In terms of Paragraph 4 (i) of the Scheme, in case of demand from a customer/ depositor whose unclaimed amount/deposit had been transferred to the Fund, banks shall repay the customer/depositor,
 Acquisition/Transfer of Immovable property – Payment of taxes
By CA S K Verma
Attention of Authorised Dealers in Foreign Exchange is invited to Foreign Exchange Management (Acquisition and Transfer of immovable property in India) Regulations, 2000 notified vide Notification No. FEMA 21 /2000-RB dated 3rd May 2000 as amended from time to time.
 RBI-Levy of penal charges on non-maintenance of minimum balances in savings bank accounts
By CA Ojas Aggarwal
Please refer to our circular DBOD.Dir.BC.53/13.10.00/2002-03 dated December 26, 2002 on ‘Minimum Balance in Savings Bank Accounts’ advising banks to inform customers,
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Budget Extravaganza   RSS Feeds
 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.
 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.
 Project forgotten after budget sanctioned for revival of ponds
By CA Atul Gupta
After two year since a huge budget was sanctioned for the conservation, revival and beautification of five ponds of the city the officials seem to have forgot the project.
 Statement on Quarterly Review of the trends in receipts and expenditure in relation to the budget at the end of the third quarter of financial year 2013-2014
By CA Mayank Jain
The adverse external environment, domestic structural constraints and inflationary factors led to a slowdown in growth of Gross Domestic Product (GDP) in India in 2012-13 and 2013-14. The growth in GDP at factor cost (at constant 2004-05 prices) for the year 2013-14
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Sales Tax   RSS Feeds
 CBDT to create non-adversarial tax regime
By CA S K Verma
The Central Board of Direct Taxes (CBDT) has directed supervisory officers to play a more proactive role in ensuring that high-pitched assessments without proper basis are not made by the income tax department.
  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,
 Applicability of old circulars - Even in respect of services which were taxable before 2002, the earlier circulars became redundant in view of the change in law. - Tri
 Circumstances leading to the enactment of the central sales tax act, 1956
By CA Nilesh Sahu
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,
 Two held for locking up sales tax officials
By CA Nilesh Sahu
Tension prevailed at Alamcode near Attingal on Wednesday after police arrested two people, one a member of the Vyapari Vyavasayi Ekopana Samithi,
 VAT Problems In E-Commerce Transactions Amazon s Karnataka Case Study
By CA Devender Singh
E-commerce transactions in India are gaining popularity at the very fast pace majorly due to its attributes of ease of shopping, good discounts, social media integration, cash on delivery mode of payment etc.
 Banks request clarity on tax treatment over bonds under Basel norms
By CA S K Verma
Bankers have sought clarity from the Finance Ministry regarding taxation of additional tier-I bonds through which they are expected to raise capital to meet Basel III norms.
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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 : Lucknow Benches : Lucknow Constitution for the week from 24.11.2014 To 28.11.2014 and 01.12.2014 To 05.12.2014
By CA Atul Gupta
Income Tax Appellate Tribunal : Lucknow Benches : Lucknow Constitution for the week from 24.11.2014 To 28.11.2014 and 01.12.2014 To 05.12.2014
 Income Tax Appellate Tribunal : Bangalore Benches : Bangalore Constitution for the week from 24.11.2014 To 27.11.2014
By CA Mayank Jain
Income Tax Appellate Tribunal : Bangalore Benches : Bangalore Constitution for the week from 24.11.2014 To 27.11.2014
 Income Tax Appellate Tribunal,Ahmedabad Constitution of benches from 24.11.2014 To 28.11.2014
By CA Devender Singh
Income Tax Appellate Tribunal,Ahmedabad Constitution of benches from 24.11.2014 To 28.11.2014
 Regarding judgment of the Larger Bench of Tribunal on Aluminum dross and skimming
By CA Manu T George
I am directed to bring judgment of Hon’ble Tribunal [Larger Bench] in case of M/s Hindalco Industries Ltd Vs Commissioner of Central Excise, Belapur, Mumbai - III and Nagpur [2014-TIOL-1762-CESTAT-Mum-LB]. In this case an important question of law was framed and answered.
 Income Tax Appellate Tribunal,New Delhi Constitution of benches from 24.11.2014 To 27.11.2014
By CA S K Verma
Income Tax Appellate Tribunal,New Delhi Constitution of benches from 24.11.2014 To 27.11.2014
 Income Tax Appellate Tribunal,Mumbai Constitution of benches from 24.11.2014 To 27.11.2014
By CA Ojas Aggarwal
Income Tax Appellate Tribunal,Mumbai Constitution of benches from 24.11.2014 To 27.11.2014
 Income Tax Appellate Tribunal Ahmedabad Benches Ahmedabad Constitution for the week from 17 /11/2014 To 20/11/2014
By CA S K Verma
Income Tax Appellate Tribunal Ahmedabad Benches Ahmedabad Constitution for the week from 17 /11/2014 To 20/11/2014
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Placements & Empanelment   RSS Feeds
 100 Opening Genpact is Hiring CA Inter Freshers | General Accounting | Noida
By CA Nilesh Sahu
Experience 0-5 Years Compensation: 2,50,000-3,50,000 P.A. Incentives Functional Area Accounts, Finance, Tax, Company Secretary, Audit
 Hiring for Sales Officer with HDFC Bank, Mumbai
By CA Devender Singh
Salary: 1,25,000 - 1,75,000 P.A. Plus monthly incentives Functional Area:Sales , Retail , Business Development UG: Any Graduate - Any Specialization
 80 opening Accounts, Finance, Tax, Audit Executive(mba Finance Fresher)
By CA S K Verma
Salary: 3,25,000 - 8,00,000 P.A Functional Area:Accounts , Finance , Tax , Company Secretary , Audit UG: Any Graduate - Any Specialization
 45 Opening Urgent Closing For Post of General Manager
By CA Ojas Aggarwal
Salary: 50,000 - 3,00,000 P.A. Additional Incentives Functional Area:Sales , Retail , Business Development UG: Any Graduate - Any Specialization, Graduation Not Required
 10 Opening Walkin Financial Relationship Manager Direct Sales- Delhi
By CA Devender Singh
Salary: 1,50,000 - 2,50,000 P.A Functional Area:Financial Services , Banking , Investments , Insurance UG: Any Graduate - Any Specialization, Any Specialization, Any Specialization, Any Specialization, Graduation Not
  30 Opening Accounts & Finance Executive
By CA Ojas Aggarwal
Salary: 2,00,000 - 3,75,000 P.A Functional Area:Accounts , Finance , Tax , Company Secretary , Audit UG: Diploma - Any Specialization, B.Com - Commerce, B.B.A - Management, BCA - Computers
 30 Opening Urgently Looking For Business Development Executive
By CA Manu T George
Salary: 90,000 - 3,00,000 P.A. Plus Incentives Functional Area:Sales , Retail , Business Development UG: Any Graduate - Any Specialization, Graduation Not Required
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Direct Tax   RSS Feeds
 Income Tax department conducts searches on Sahara group in Delhi, NCR
By CA Manu T George
The Income Tax department today conducted searches on the premises of Sahara group in the national capital and adjoining areas on charges of tax evasion.
 RBI asks taxpayers to pay income tax dues in advance
By CA Nilesh Sahu
The Reserve Bank on Wednesday asked taxpayers to deposit income tax dues in advance at RBI or authorised bank branches to avoid last minute rush at December end.
 Clarification in respect of Circular No.3 of 2008 dated 12/3/2008 of CBDT
By CA Nilesh Sahu
Chapter XIX-A of the Income-tax Act, 1961 contains provisions relating to settlement of cases by the Income-tax Settlement Commission (ITSC).
 Direct Taxes Committee of ICAI is organizing LIVE Webcast on “Facilitating e-filing- Issues & Resolutions” on 18th November, 2014 (Tues) from 4:00 p.m. to 7:00 p.m.
By CA S K Verma
ICAI through its Direct Taxes Committee makes suitable representations to the appropriate authorities on various issues arising out of direct tax laws from time to time which are brought to the notice of the Committee by the members across the country.
 Absence of treaties with tax havens blocking black money fight
By CA Manu T George
Absence of criminal legal treaties between India and tax haven nations have been cited by probe agencies working in the SIT on black money as one of the major impediments in initiating steps to bring back illegal funds stashed abroad by Indians.
 Observe timeliness in dealing with assessees: CBDT to officers
By CA Ojas Aggarwal
In a clear signal to both taxmen and taxpayers that the new government was serious about providing a non-adversarial tax regime promised in the budget, the CBDT on Friday asked officials to show restraint while making "high-pitched assessments,"
 CBDT issues directions for avoidance of baseless assessment
By CA Ojas Aggarwal
To ensure a friendly environment for taxpayers during their interaction with the I-T department, CBDT has issued a set of instructions for avoidance of baseless assessment and disposal of grievances within a stipulated time period.
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Service Tax   RSS Feeds
 Arun Jaitley has little elbow room to tweak tax surcharge for super rich, companies
By CA Andrew F Thomas
The surcharge on the income tax outgo of rich individuals and the increase in it for businesses — brought in “just for a year” by former UPA finance minister P Chidambaram in FY14 — is likely to continue for the third year in FY16 with the Modi government inclined to retain it until its cash position improves.
 Financial sector to plead against service tax on remittances
By CA Andrew F Thomas
Amid an expected rise in the cost of remittance due to increase in service tax, the financial services industry plans to ask the Government to reconsider the decision.
 Uber slows down on driver sign amidst service tax and RBI investigations
By CA Andrew F Thomas
According to sources, Uber has decided to go slow on new driver additions especially in Mumbai, from where it has been served a showcause notice on its service tax liabilities. The company adds about 30% new drivers in its fleet every month.
 Centre against low GST threshold; wants a fresh look
By CA Nilesh Sahu
The Centre is against keeping the threshold limit at Rs 10 lakh for levying GST and wants the committee on dual control to take a final view on the matter after detailed discussions.
 Goods and Services Tax bill to be tabled in winter session
By CA Devender Singh
Showing clear intent in reforming India’s indirect tax regime within a time frame, Finance Minister Arun Jaitley Monday said the government would bring in the Goods and Services Tax (GST)
 Panel suggests 16 slabs for goods and services tax
By CA Andrew F Thomas
A National Institute of Public Finance and Policy (NIPFP) team tasked with recommending a revenue neutral level for the goods and services tax (GST) has suggested as many as 16 rates, corresponding to different scenarios.
 As tax collection dips, taxman pitches for auction of defaulters’ attached assets
By CA Nilesh Sahu
Tax authorities intend to auction the attached assets of indirect tax defaulters. This is part of a new strategy to increase collection of indirect tax revenues, which are now way below the Budget’s target. Indirect taxes comprise customs duty, excise duty and service tax.
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Transfer Pricing   RSS Feeds
 Income tax considerations for wealth transfer planning
By CA Ojas Aggarwal
Income taxes have become an increasingly important factor in wealth transfer planning since the passage of the American Taxpayer Relief Act of 2012.
 Shell wins multi-million dollar tax case in India over transfer pricing of shares
By CA S K Verma
On the heels of it losing a similar case against telecom major Vodafone, the IT department lost its Rs 18,000-crore transfer pricing cases against oil major Shell India at the Bombay High Court, which today quashed the department's tax order.
 Tax man mulls new transfer pricing law
By CA Ojas Aggarwal
THE South African Revenue Service (SARS) is investigating possible changes to the law to make it easier for it to audit transfer pricing by multinational companies to ensure that they pay their rightful tax dues to the government.
 Transfer pricing case: Shell not liable to pay tax, says HC
By CA Nilesh Sahu
The Bombay High Court on Tuesday ruled that global oil major Shell is not liable to pay tax on the transfer pricing tax demand raised by the Income Tax department in 2009.
 WTP Advisors Increases Focus on Targeted International Tax, Transfer Pricing, IC-DISC & Tax Process Innovation
By CA Nilesh Sahu
MINNEAPOLIS, Nov. 12, 2014 /PRNewswire/ -- In conjunction with the recently announced acquisition of Worldwide Trade Partners LLC (New York)
 Firms Expect Transfer Pricing Policy Impact From BEPS Project
By CA Mayank Jain
Firms Expect Transfer Pricing PolicyA vast majority of companies headquartered in the United States expect increased scrutiny of their transfer pricing practices in the short-term as a result of the Organisation for Economic Cooperation
 MTC Advisory Group nears completion of design of transfer pricing audit program
By CA Manu T George
On November 3, the Arm’s-Length Adjustment Service (ALAS) Advisory Group of the Multistate Tax Commission (MTC) tentatively approved a project design for its proposed multistate transfer pricing service
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Customs and Excise   RSS Feeds
 Seeks to levy definitive anti-dumping duty on imports of diclofenac sodium, originating in or exported from People's Republic of China, for a period of five years.
By CA Ojas Aggarwal
Whereas, the designated authority, vide notification No. 15/3/2013- DGAD, dated the 9th April, 2013, published in the Gazette of India, Extraordinary,
 Seeks to exempt from customs duty goods required for the Intensified Malaria Control Project funded by GFATM.
By CA Ojas Aggarwal
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, hereby exempts the goods mentioned in column
 Probationers of Indian Revenue Service (Customs & Central Excise) call on the President
By CA Devender Singh
A group of probationers of 65th Batch of the Indian Revenue Service (Customs & Central Excise) called on the President of India, Shri Pranab Mukherjee today (November 17, 2014) at Rashtrapati Bhavan.
 Seeks to amend notification no 12/2012 - Central Excise dated 17/03/2012
By CA Devender Singh
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, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance
 CBEC promotes over 2,100 excise, customs superintendents
By CA Mayank Jain
Over 2,100 officers working as Superintendents in customs and central excise have been given ad-hoc promotion to the level of Assistant Commissioners in a major cadre restructuring at CBEC.
 Seeks to exempt customs duty leviable on bunker fuels, namely IFO 180 CST and IFO 380 CST falling under Chapter 27 of the Customs Tariff for use in Indian Flag vessels for carrying export-import (EXIM) containers and empties.
By CA Nilesh Sahu
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, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance
 Regarding excisability of Odoriferous compound/agarbathi mix arising during the course of manufacture of agarbathi
By CA S K Verma
Attention is invited to Board’s circular no. 495/61/99-CX.3 dated 22.11.1999 (issued from F.No. 103/6/98-CX.3) regarding the above subject.
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Mergers and Acquisitions   RSS Feeds
 The Executive’s Guide to Mergers and Acquisitions
By CA Nilesh Sahu
When growth from incremental innovations and line extensions fails to help meet growth goals and strategic objectives, many executives turn to mergers and acquisitions
 What Merger And Acquisition Firms Do
By CA Andrew F Thomas
All businesses strive to grow and expand. There are broadly two ways a business can get bigger, either through internal growth or external expansion.
 Mergers and acquisitions: Begin with the end in mind
By CA Atul Gupta
The business world has been witness to mergers and acquisitions for years, but it has never been as dramatic as what can be anticipated in the near future.
 Mining mergers and acquisitions fall to decade-low
By CA Atul Gupta
The value of mining sector transactions so far this year has fallen to about $5 billion, the lowest level in a decade, prompting mixed views on prospects for the next 12 months from bankers and lawyers.
 Competition Authority publishes status report on mergers and acquisitions
By CA Mayank Jain
On August 29 2014 the Competition Authority published a status report on mergers and acquisitions. The report aims to provide an insight into transactions filed before the authority in the first half of 2014.
 Mergers and acquisitions to pick up as economy improves: report
By CA S K Verma
A new survey suggests corporate takeover activity will increase markedly as big businesses start to feel more confident about the Australian economy.
 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.
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Indirect Tax   RSS Feeds
 Have a real estate gift? Factor in tax rules
By CA Andrew F Thomas
Real estate occupies a substantial share of an individual’s asset base and it is not uncommon for ownership of real estate (referred to as property) to pass on to family members by way of a gift or under a will.
 Indirect tax targets won't be met this fiscal, admits finance minister
By CA Atul Gupta
Finance minister Arun Jaitley said on Friday it would be hard to meet tax revenue targets in this fiscal, with weak credit demand underscoring his concern about the state of the economy.
  Indirect tax collection target challenging but achievable: Finance Minister Arun Jaitley
By CA Andrew F Thomas
Finance Minister Arun Jaitley today said Rs 6.23 lakh crore indirect taxes collection target for the current fiscal is a challenging one but efforts are on to achieve the same by taking steps to boost growth.
 Most states may agree on Rs 25-lakh goods and services tax threshold
By CA Rashmi Sharma
The states may be taking a hard stand publicly, but behind the scenes the Centre has managed to make up substantial ground on the proposed goods and services tax (GST).
 Details of Indirect Tax revenue (provisional) collections during April-October 2014
By CA Ojas Aggarwal
Please find enclosed a press release issued by Central Board of Excise and Customs giving details of indirect tax revenue (provisional) collections during April-October 2014, along with growth rate over previous year.
 Bengal set to top tax target
By CA Rashmi Sharma
The income tax department is looking to surpass its collection target this year from Bengal, Andaman and Sikkim.C. L Denzongpa, chief commissioner of income tax, Calcutta, today said the finance ministry had set a collection target of Rs 32,361 crore for 2014-15.
 Indirect tax revenue keeps slowdown fears alive
By CA Devender Singh
Indirect tax revenue rose 7.5 per cent to Rs 44,384 crore in October from Rs 41,290 crore in the corresponding month a year ago, indicating woes of economic slowdown might not be over yet.
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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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