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Latest Expert Exchange
News Headlines   RSS Feeds
 Not filing your income tax returns on time? You could be prosecuted
By CA Ojas Aggarwal
If you have not filed your returns, and there's a notice, ensure that you respond to the notice in time. Failure to respond to the notice can have consequences
 Not filing your income tax returns on time? You could be prosecuted
By CA Ojas Aggarwal
If you have not filed your returns, and there's a notice, ensure that you respond to the notice in time. Failure to respond to the notice can have consequences
 GSTR 3B Return filing Date Extended
By CA Ojas Aggarwal
The Central Government today extended the due date for filing return GSTR 3B for the month of September to 25th October.
 Several Records Missing From Income Tax Department, RTI Reveals
By CA S K Verma
Several records have gone missing from Income Tax department because of a restructuring drive in 2001 and 2013, the Central Information Commission has been informed.
 Don’t invest in the names of multiple family members to avoid paying income tax
By CA Manu T George
In April-May 2017, Mint surveyed 19 financial advisers to know some of the biggest mistakes investors make (Advisers call out investors’ biggest mistakes: survey and 8 biggest investment mistakes:
 Master Direction – Reserve Bank of India (Relief Measures by Banks in Areas affected by Natural Calamities) Directions 2018 – SCBs
By CA Mayank Jain
In exercise of the powers conferred under Sections 21 and 35A of the Banking Regulation Act, 1949, the Reserve Bank of India being satisfied that it is necessary and expedient in the public interest so to do, hereby, issues the Directions hereinafter specified.
 Tax on gifts? Always tax-free, if received from relativesa
By CA Ojas Aggarwal
Taxes on assets, income, capital gains and gifts have been under various regulators and governing bodies but the taxation and the quantum of tax levied has been subject to various conditions and situations.
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Continuing Prof. Edu.   RSS Feeds
 Seminar on GST Audit
By CA Atul Gupta
Place: Karnal Branch Of NIRC Date: 24-10-2018 – To: 24-10-2018 CPE.Hrs.: 4
 Residential Refresher Program
By CA Mayank Jain
Place: Gurgaon Branch Of NIRC Date: 23-11-2018 – To: 24-11-2018 CPE.Hrs.: 8
 Practical Aspect on GST and GST Audit
By CA Andrew F Thomas
Place: Hisar Branch Of NIRC Date: 27-10-2018 – To: 27-10-2018 CPE.Hrs.: 6
 Recent Amendment in GST & Annual Return & Audit 2) E- Assessment & Recent development under Income Tax Act
By CA Nilesh Sahu
Recent Amendment in GST & Annual Return & Audit 2) E- Assessment & Recent development under Income Tax Act
  Recent Amendment in GST & Annual Return & Audit 2) E- Assessment & Recent development under Income Tax Act
By CA Devender Singh
Place: South Delhi CA Study Circle of NIRC Date: 23-10-2018 – To: 23-10-2018 CPE.Hrs.:
  Seminar on Assessment and Reassessment – Income Tax & Disclosures in Director’s Report
By CA S K Verma
Place: Ludhiana Branch Of NIRC Date: 20-10-2018 – To: 20-10-2018 CPE.Hrs.: 4
 CPE Events 15th October - 6th October 2018
By CA Andrew F Thomas
CPE Events 15th October - 6th October 2018
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GST - Goods and Services Tax   RSS Feeds
 Finance Ministry extends deadline for filing September GST returns to October 25
By CA Devender Singh
The Finance Ministry on Sunday extended the deadline for filing summary sales return GSTR-3B for the month of September by five days to October 25.
 Why GST's anti-profiteering law is pinching businesses?
By CA Atul Gupta
The anti-profiteering provisions, as expected, have opened a can of worms with some of the verdicts of the National Anti-profiteering Authority (NAA) raising concerns among
 FinMin extends deadline for filing Sept GST returns to Oct 25
By CA Mayank Jain
The Central Board of Indirect Taxes and Customs (CBIC), under the Finance Ministry, said trade and industry had expressed apprehension relating to October 20 due date for claiming ITC under GST for July 2017-March 2018.
 Delhi HC allows Manual Filing of GSTR-3B
By CA Mayank Jain
Grievance Redressal Forum of the GST Council which has noted in its minutes of meeting dated 21.08.2018 that the petitioners have a grievance which needs to be addressed.
 Firm registered in dead woman’s name booked for GST fraud
By CA S K Verma
Refund application can be filed using refund application Form GST-RFD-01A & selecting the tax period range The multiple tax period application has following restrictions:
 Composition scheme biz need not file purchase details while filing GST quarterly returns
By CA Manu T George
Businesses opting for composition scheme under GST need not file details of purchases made from their vendors at the time of filing quarterly return GSTR-4, the Finance Ministry said Wednesday.
 Companies rush to match input tax credit with vendor returns
By CA Mayank Jain
Indian companies are scrambling to retain hundreds of crores of input tax credit for last financial year under the Goods and Services Tax (GST) regime that it could lose if it fails to substantiate the claim with vendor returns.
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Markets   RSS Feeds
 FM calms nerves, says no plan to tax market gains
By CA S K Verma
In a bid to calm frayed nerves of stock market players, Finance Minister Arun Jaitley on Sunday clarified the government has no intention to impose a tax on long-term capital gains from trading in shares.
 Why we must tweak the market-led model
By CA Ojas Aggarwal
ACCORDING to the latest report by the New World Wealth, after Russia, India is the second most unequal nation in the world as 54 per cent of its wealth is in the hands of millionaires.
 PE transactions prompt income tax queries over round tripping concerns
By CA Atul Gupta
Domestic companies raising private equity funding in the near term are likely to face increased scrutiny from tax sleuths looking for instances of round tripping.
 Amended India-Mauritius tax treaty only covers investments in shares
By CA Andrew F Thomas
The revamped India-Mauritius tax treaty will apply to only investments in shares and not to other instruments, details of the agreement released by Port Louis showed.
 Government drops cap gains tax on startup shares held for 2 years
By CA Nilesh Sahu
In a fresh boost to startups, the government on Thursday inserted an amendment to the Finance Bill to provide for capital gains tax exemption if shares of an unlisted company were held for more than two years.
 Tax-free bonds regain demand in the secondary market
By CA Ojas Aggarwal
Tax-free bonds which have been languishing for more than six months due to lack of investor interest in the secondary market, are in demand again.
 Relevant Market Under Competition Act, 2002
By CA S K Verma
The object of the Competition Act, 2002 (Act for short) is to preserve and promote competition and to prevent anti competitive business practices with minimal Government intervention.
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General   RSS Feeds
 Country of residence may tax you on global income
By CA Nilesh Sahu
To identify whether your income will be taxed in India, you must consider two aspects—what is your residential status for the financial year and whether your income was earned in India. To be a resident of India for tax purposes, you must meet any of the following conditions and both the additional conditions:
 Country of residence may tax you on global income
By CA Nilesh Sahu
To identify whether your income will be taxed in India, you must consider two aspects—what is your residential status for the financial year and whether your income was earned in India. To be a resident of India for tax purposes, you must meet any of the following conditions and both the additional conditions:
 SC denies income tax exemption to local authority
By CA Devender Singh
In a ruling that will have a significant implication on local authorities set up under state legislations, the Supreme Court has held that they are not eligible for income tax exemption, overruling a Rajasthan High Court order.
 Composition Dealers need not furnish data in serial number 4A of Table 4 of FORM GSTR-4
By CA Atul Gupta
The Finance Ministry has clarified that, Composition Dealers need not furnish data in serial number 4A of Table 4 of FORM GSTR-4.
 I-T Dept may probe tax evasion through F&O trades
By CA Atul Gupta
This is not the first time that I-T officials suspected tax evasion through the capital market. In 2014-15, the Director General of Income Tax, Kolkata prepared a report detailing how penny stocks were used for over Rs 80,000 crore in evasion of long-term capital gains.
 IL&FS crisis: ICAI seeks explanation from audit firms
By CA Devender Singh
ICAI said it has issued notices to audit firms that conducted statutory audit works of IL&FS group in the past few years.
 Arun Jaitley pushes for more tax filing in FY19
By CA Andrew F Thomas
People who file tax returns should more than double to 75 million by end of March 2019, as compared to those who filed tax returns as of end March 2014, Union finance minister Arun Jaitley said on Thursday.
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Corporate Law   RSS Feeds
 Govt panel may recommend dropping dividend distribution tax in new direct tax law
By CA Rashmi Sharma
The tax law panel is considering reverting to the classical method of taxing dividend in the hands of the shareholders Members of the task force set up to draft a new direct tax legislation may favour abolishing dividend distribution tax (DDT), according to a report by The Times of India.
 Law Commission proposes to abolish it Tax saving tool HUF may cease to exist
By CA Atul Gupta
The concept of Hindu Undivided Family (HUF) may cease to exist if the proposals of a recently released consultation paper on Reform of Family Law by the law commission are accepted.
 Residential status rules are different for exchange control, income tax laws NRI taxation
By CA Nilesh Sahu
The rules for determination of residential status under the exchange control law are different from those under the income tax law.
 Recent advance rulings under the GST Law
By CA Andrew F Thomas
The Authority for Advance Ruling (AAR) constituted under the Goods and Services Tax (GST) Law has recently pronounced advance rulings clarifying certain positions on the applicability of GST on supply of goods from retail outlets in international airports,
 Case Laws Relating To E-Way Bill
By CA Manu T George
The implementation of e-way bill has caused more delay because of the improvements to be done in the portal system. The Central Government has announced that the e-way bill system would be applicable for the inter-State transactions with effect from 01.02.2018 and the States would implement the e-way bill system for intra-State transactions by 1st June, 2018.
  Are we maintaining documents and records as required under GST Laws?
By CA S K Verma
By this time every tax professional is aware that GST is mainly following various kinds of compliances like filing of returns, e-way bills, etc.
 Are we maintaining documents and records as required under GST Laws?
By CA Mayank Jain
By this time every tax professional is aware that GST is mainly following various kinds of compliances like filing of returns, e-way bills, etc.
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Students   RSS Feeds
 Registrations open for practical training Assessment scheduled on October 21, 2018 and December 2, 2018.
By CA Mayank Jain
Whereas, sub-section (1) of section 48 of the Prohibition of Benami Property Transactions Act,1988 (45 of 1988)(hereafter referred to as the said Act) provides that a person preferring an appeal to the Appellate Tribunal under said Act may either appear in person or take the assistance of an authorised representative of his choice to present his case before the Appellate Tribunal; sub-section
 Zone / City - Shifting of Candidates for November - 2018 CA Exams
By CA Rashmi Sharma
Due to paucity of accommodation in certain Zones opted by the candidates in the cities of Ahmedabad, Bhopal, Chennai, Delhi, Hyderabad, Indore and Vadodara some of the candidates have been allotted examinations centres in the zone other than the zone opted by them in the said cities. In view of this, it is not possible to accede to the requests of the candidates for transfer to an examination centre in a particular zone of the city opted by them.
 ICAI to launch ‘Optional Online Articles Placement Portal’ for CA Students
By CA Atul Gupta
The Institute of Chartered Accountants of India ( ICAI ) has decided to launch an Optional Online Articles Placement Portal, to assist the eligible Chartered Accountants students in getting placement in CA firms for articles training as well facilitate the CA firms.
 Applicable Study Material for May, 2019 Exams - New Scheme Foundation, Intermediate and Final Course
By CA Atul Gupta
Applicable Study Material for May, 2019 Exams - New Scheme Foundation, Intermediate and Final Course
 Revised Programme Structure of B.Com. (Accountancy and Finance) of IGNOU
By CA Rashmi Sharma
As approved by the Academic Council's Standing Committee meeting held on 20th December, 2010 of Indira Gandhi Open University (IGNOU), it is decided to exclude
 Structure of Practical Training Assessment
By CA Andrew F Thomas
The students after completing their 1st/ 2nd year of practical training in a particular quarter of a year would be eligible to register for the practical training assessment test in the subsequent quarter. The first test for both the category of students will be on September 23, 2018.
 CA Students Conference at Udaipur on 8th and 9th September, 2018
By CA Manu T George
Students Eligible to attend the Students Conference: Students who have registered as IPCC/Intermediate Students/ Students who are pursuing their Article ship Training/
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New Forms   RSS Feeds
 Income Tax: No provisions in I-T Act for revision in Form 15H, 15G
By CA Ojas Aggarwal
The different types of ITR forms released are based on various sources of income earned. I submitted Form 15H in the bank in April 2018 by mistake. The bank is saying it is unable to reverse/delete Form 15H from my account. How can I rectify the mistake?
 Penalty on late filing of ITR and other tax changes effective from Apr 1
By CA Nilesh Sahu
Several major income tax changes will come into effect from the start of the new financial year, i.e., April 1, 2018. These include penalty on late filing of income tax returns (ITR),
 How to view, download your Form 26AS and why it is important
By CA Andrew F Thomas
Form 26AS, also known as Annual Statement, is a document that provides details of TDS, refunds associated with a PAN in a particular financial year
 E-Way Bill Mandatory From 01.02.2018
By CA Rashmi Sharma
Rule 138 of the Central Goods and Service Tax Rules, 2017 deals with the e-way bill which came into effect from 01.07.2017. But no rule has been framed at that time.
 FORM GSTR-3B v/s FORM GSTR-1
By CA Nilesh Sahu
The common errors while submitting FORM GSTR-3B and the steps needed to be taken to rectify the same in FORM GSTR-1 are provided in the table annexed herewith. The corresponding column in the table provides the steps to be followed by taxpayer to rectify such error:
 Form GSTR-3B of GST - Boon or Curse
By CA Atul Gupta
Form GSTR--3B is summary return inserted by Government vide Rule 61 of the CGST Rules,2017 in lieu of Form –GSTR-3 . It is a summary return in place of GSTR-3.
  Extension of time limit for submitting the declaration in FORM GST TRAN-1 under rule 117 of the Central Goods and Services Tax Rules, 2017
By CA Ojas Aggarwal
In exercise of the powers conferred by rule 117 of the Central Goods and Services Tax Rules, 2017 read with section 168 of the Central Goods and Services Tax Act, 2017
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ICAI   RSS Feeds
 CPE Events 22th October - 27th October 2018
By CA Atul Gupta
CPE Events 22th October - 27th October 2018
 Join us for SME Leader Awards on 26th October, 18 at Mumbai, 6.00 PM onwards!!! Click here to apply for E- Invitation Card.
By CA Ojas Aggarwal
The Institute of Chartered Accountants of India (ICAI), established 70 years ago, by an Act of the Indian Parliament, continues its operation as the Single Largest Statutory Accounting body of the world. ICAI stands on Four Pillars – Regulator, Standard Setter, Educator and Partner in Nation Building and has been functioning under the administrative control of the Ministry of Corporate Affairs (MCA) of the Government of India, as an extended arm.
 High Power Group on Infrastructure Leasing & Financial Services Limited (IL&FS) Matter
By CA Nilesh Sahu
The President, in terms of the authority given to him by the Council at its 373rd meeting held on 12th February, 2018 has constituted a High Power Group on Infrastructure Leasing & Financial Services Limited (IL&FS). The composition of the said group is as under
 Exposure Draft of Accounting Standard (AS) 40, Investment Property (Comments to be received by November 10, 2018)
By CA Mayank Jain
The Indian Accounting Standards (Ind AS), as notified by the Ministry of Corporate Affairs in February, 2015, have been applicable to the specified class of companies. For other class of companies, i.e., primarily the unlisted entities having net worth less than Rs. 250 crores, Accounting Standards, as notified under Companies (Accounting Standards) Rules, 2006, has been applicable.
 Commencement of the Next Batch of the Certificate Course on Wealth Management and Financial Planning to be commenced on 8th December, 2018 at Pimpri Chinchwad : An initiative of CCBMP, ICAI
By CA Andrew F Thomas
The Committee for Capacity Building of Members in Practice (CCBMP) of ICAI has decided to commence the next batch of the Certificate Course on Wealth Management and Financial Planning at Institute of Industrial and Computer Management and Research (IICMR ), Nigdi (Saturdays session ) & Session of Sundays at
 Exposure Draft - ICAI Code of Ethics, 2018
By CA Rashmi Sharma
This ICAI Code of Ethics is applicable from 1 April, 2019. Where guidance contained in this Code relates to engagements commencing prior to that date, previous guidance may be applied up to completion of the said engagements. Transitional arrangements are available in respect of specific sections of this Code.
 Launch of Batch of Educational Course by ICAI Registered Valuers Organisation (ICAI RVO) at Centre of Excellence (COE), Hyderabad from 10th November, to 2nd December, 2018.
By CA Ojas Aggarwal
The ICAI Registered Valuers Organsiation (ICAI RVO) is launching its batch of Educational Course for taking IBBI Registered Valuers Examination for Securities or Financial assets class at at Centre of Excellence (COE), Hyderabad from 10th November, 2018..
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From the Courts   RSS Feeds
 Income Tax Officer, Ward 20(4), Room No. 209, 2nd Floor, C.R. Building, I.P. Estate, New Delhi Vs. M/s Raghvender Shankar Finance & Investment Co. Pvt. Ltd., Ag-5, Shalimar Bagh, New Delhi – 110 052
 Suman Kishore C-6/467, Yamuna Vihar, Delhi 110 053 vs. ITO, Ward 34(4), New Delhi.
By CA Andrew F Thomas
This is an appeal filed by the assessee against the order of Ld. CIT(A)-XXVII New Delhi vide order dated 21.10.2013 pertaining to assessment year 2009-10.
 M/s Motorola Solutions India Private Limited, 415/2, Mehrauli Gurgaon Road, Gurgaon – 122 001. vs. Deputy Commissioner of Income Tax, Circle-2, Gurgaon.
By CA Nilesh Sahu
At the time of hearing before us, the learned AR of the assessee stated that the stay which was already granted by the ITAT vide order dated 17 th March, 2017
 Sunita Garg 112, Swastik Apartments, Sector-13, Rohini, Delhi. vs. ITO Ward 39(4) New Delhi.
By CA Devender Singh
The Ld. Counsel for the assessee submitted that in case the appeal is heard on priority basis, she would not press stay application at this stage.
 Late Smt. Kavita Garg (Legal Representative Mr. Neel Hans Garg), B1/802, Purvanchal Royal Park, Tower, 12, Noida. vs Income Tax Officer, Ward 2(1), Noida.
By CA Rashmi Sharma
This appeal by assessee has been directed against the order of Ld.CIT(A)-1, Noida dated 30.03.2018 for AY 2009-10.
 ITO,Ward-2(3),New Delhi. vs Amrop International Pvt. Ltd., 7th Floor, Tower-B, Global Business Park, M.G. Road, Gurgaon.
By CA Andrew F Thomas
This appeal by the Revenue is directed against the order dated 11th September, 2015 of the CIT(A)-I. New Delhi, relating to Assessment Year 2011-12.
 Principal Commissioner Of Income Tax-7 vs. The Basti Sugar Mills Company Limited
By CA Nilesh Sahu
This appeal by the Revenue under Section 260A of the Income Tax Act, 1961 ['Act' for short], in the case of The Basti Sugar Mills Company Limited, ['respondent-assessee' for short] relates to the Assessment year 1999-2000 and arises from the order of the Income Tax Appellate Tribunal ['Tribunal'] dated 18th August, 2017.
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Auditing   RSS Feeds
 Smart things to know about tax audits
By CA Mayank Jain
Tax audit is a review of accounts of taxpayers with business or profession from an income tax point of view such as incomes, deduction, compliance with tax laws etc.
 Supreme Court puts the spotlight on audit firms
By CA Atul Gupta
The Supreme Court on Friday put the spotlight on the Big Four multinational accounting firms, directing that a committee be set up to tighten regulatory oversight over them.
 Auditing to be less of a burden as accountants embrace AI
By CA Nilesh Sahu
Among the more thankless tasks undertaken by junior accountants is meticulously checking off inventory at clients’ warehouses, which can involve scaling ladders with paper and pen in hand.
 CAG's report on GST will be totally paperless
By CA Devender Singh
The Comptroller and Auditor General (CAG) will come out with its first digital audit report, a complete paperless exercise, with its performance appraisal of the Goods and Services Tax, expected to come out sometime towards the end of this calendar year.
 Time Limit For Completion Of Assessment From The Date Of Special Auditors Report Under Income Tax Act, 1961
By CA Rashmi Sharma
Section 142(2A) of the Income Tax Act, 1961 (Act for short) provides for the conduct of special audit that may directed by the Assessing Officer.
 Provisioning pertaining to Fraud Accounts
By CA Rashmi Sharma
Please refer to circular DBR.No.BP.BC.83/21.04.048/2014-15 dated April 1, 2015 on the captioned subject. On a review, it has been decided to amend the provisioning norms in respect of all cases of fraud, as under:
 Tax Audit Report (TAR) Certain exceptions and increased limits according to number of partners and considering nature of activity are desirable
By CA Devender Singh
Provisions relating to maintenance of accounts and obtaining of TAR are old provisions and we find that very low limits fixed long ago have remain in force for long time.
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Latest Circulars   RSS Feeds
 Reserve Bank of India releases Dissent Note on Inter-Ministerial Committee for finalization of Amendments to PSS Act
By CA Manu T George
An Inter-Ministerial Committee for finalization of amendments to the Payment & Settlement Systems Act, 2007 was formed by the Government under the chairmanship of Secretary, Department of Economic Affairs. RBI was represented in the Committee.
  RBI-Auction for Sale (Re-issue) of Government Stock (GS) October 22, 2018
By CA Rashmi Sharma
Subject to the limit of ₹ 11000 Cr, being total notified amount, GoI will have the option to retain additional subscription up to ₹ 1000 Cr each against any one or more of the above securities. The sale will be subject to the terms and conditions spelt out in this notification (called ‘Specific Notification’).
 RBI-Inspection of Banks-Sets of Specimen Signatures
By CA Andrew F Thomas
Please refer to DBR Circular DBOD.No.Prog.BC.124/C.283(A)-84 dated December 19, 1984, wherein Regional Offices of Reserve Bank of India were required to provide every year latest set of specimen signatures of senior officials of RBI authorized to issue letters of introduction to inspecting officers to the Head/ Controlling offices of banks/FIs within their jurisdiction.
 Master Direction – Reserve Bank of India (Relief Measures by Banks in Areas affected by Natural Calamities) Directions 2018 – RRBs
By CA Nilesh Sahu
In exercise of the powers conferred under Sections 21 and 35A of the Banking Regulation Act, 1949, the Reserve Bank of India being satisfied that it is necessary and expedient in the public interest so to do, hereby, issues the Directions hereinafter specified.
 Notification No. 67/2018 Ministry Of Finance
By CA Ojas Aggarwal
In exercise of powers conferred by sub-section (1) of section 50 of the Prohibition of Benami Property Transactions Act, 1988 (45 of 1988) and in consultation with the Chief Justices of the respective High Courts, the Central Government hereby designates the court(s) of Session, as mentioned in Table below, as Special Court(s) for the area(s) specified in the said Table against the said courts, for the trial of offences punishable under the provisions of the said Act.
 RBI Working Paper No. 05/2018: India’s Investment Cycle: An Empirical Investigation
By CA Atul Gupta
This paper estimates the duration of the investment cycle and examines the determinants of investment activity in India. As per the findings of the paper, the real investment rate in India followed a three-year cycle during the period from 1950-51 to 2017-18.
  RBI-Auction of Government of India Dated Securities October 15, 2018
By CA Devender Singh
The auction for securities will be price based using multiple price method. The Reserve Bank of India at Mumbai will conduct the auctions. The salient features of the auctions and the terms and conditions governing the issue of the Stocks are given in the notifications (copies enclosed), which should be read along with the General Notification F.No.4(2)–W&M/2018, dated March 27, 2018 issued by Government of India.
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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
 ITAT gives partial reprieve to Uber in tax demand case
By CA Atul Gupta
In a partial reprieve for Uber India, the Income Tax Appellate Tribunal (ITAT) has granted a stay against a tax demand levied on the cab-hailing company and restrained the authorities from imposing any penalty.
 Income Tax Appellate Tribunal, Chennai Benches, Chennai. Cause List for Bench Date : 17.09.2018
By CA Atul Gupta
Income Tax Appellate Tribunal, Chennai Benches, Chennai. Cause List for Bench Date : 17.09.2018
 Income Tax Appellate Tribunal, Hyderabad Benches, Hyderabad. Cause List Of Cases Posted Before A-Bench (DB & SMC ) 17.09.2018 To 21.09.2018
By CA Mayank Jain
Income Tax Appellate Tribunal, Hyderabad Benches, Hyderabad. Cause List Of Cases Posted Before A-Bench (DB & SMC ) 17.09.2018 To 21.09.2018
 Income Tax Appellate Tribunal, Hyderabad Benches, Hyderabad. Cause List Of Cases Posted Before B-Bench (Db & Smc ) - 10.09.18 To 14.09.18
By CA Atul Gupta
Income Tax Appellate Tribunal, Hyderabad Benches, Hyderabad. Cause List Of Cases Posted Before B-Bench (Db & Smc ) - 10.09.18 To 14.09.18
 Income Tax Appellate Tribunal, Cochin Benches Cause List Of DB For 10/09/2018
By CA Mayank Jain
Income Tax Appellate Tribunal, Cochin Benches Cause List Of DB For 10/09/2018
 Income Tax Appellate Tribunal, Mumbai Benches, Mumbai Consolidated Cause List Of SA/ MA/ Pronouncement For Friday 142018
By CA Devender Singh
Income Tax Appellate Tribunal, Mumbai Benches, Mumbai Consolidated Cause List Of Sa/ Ma/ Pronouncement For Friday 142018
 Income Tax Appellate Tribunal. Lucknow Benches" Lucknow Constitution For The Period From 17109/2018 To 20/09/2018 And From 24.09.201 8 To 28.09.201 8.
By CA S K Verma
Income Tax Appellate Tribunal. Lucknow Benches" Lucknow Constitution For The Period From 17109/2018 To 20/09/2018 And From 24.09.201 8 To 28.09.201 8.
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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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Placements & Empanelment   RSS Feeds
 25 LPA-Opening SAP FICO Consultant ( Chartered Accountant)
By CA Nilesh Sahu
Salary: INR 20,00,000 - 25,00,000 P.A.,Industry:IT-Software / Software Services, PG:CA
 15 LPA-Opening Account Manager/sr.manager - F&A
By CA Devender Singh
Salary: INR 10,00,000 - 15,00,000 P.A., Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:CA
 A made-in-India, AI platform that can predict the outcome of M&A deals
By CA Manu T George
The Mergers & Acquisitions market, valued at $4.7 trillion worldwide accounts for $1.7 trillion in losses because one-third of the deals fail at culture integration.
 24 LPA-Opening General Manager ( CA ) - Banking Treasury Operations
By CA Mayank Jain
Salary: INR 14,00,000 - 24,00,000 P.A., Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:CA
  60 LPA - Opening Taxation Accountant
By CA Manu T George
Salary: INR 35,00,000 - 60,00,000 P.A., Functional Area:Accounts, Finance, Tax, Company Secretary, Audit
 40 LPA-Opening General Manager (finance & Accounts)
By CA Rashmi Sharma
Salary: INR 35,00,000 - 40,00,000 P.A. other,Functional Area:Accounts , Finance , Tax , Company Secretary , Audit
 30 LPA-Opening Team Leader Bank Reconciliation
By CA Andrew F Thomas
Salary: INR 17,00,000 - 30,00,000 P.A., Functional Area:Accounts , Finance , Tax , Company Secretary , Audit
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Direct Tax   RSS Feeds
 Income tax dept targets foreign assets in new anti-black money drive
By CA Ojas Aggarwal
The income tax department may invoke the new anti-black money law for strict criminal action against those holding illegal foreign assets
 Order under Section 119 of the Income-tax Act. 1961
By CA S K Verma
On due consideration of representations from various stakeholders for exten ing the due date, being 30th September, 2018, for filing of income-tax returns and various repes of audit pertaining to assessment-year 2018-19 for assessees' covered under clause (a) of f xPlanation 2 to section 139(1) of the Income-tax Act, 1961 (Act)
 All you need to know about tax on inheritance in India
By CA Rashmi Sharma
Inheriting property (money, land, house etc) may sometimes require you to pay taxes on such inheritance. This is generally termed as inheritance tax or estate tax. This concept is quite prevalent in countries like the United Kingdom and the USA and existed earlier in India too. However, this tax, in India, was done away within the year 1985.
 Allowances earned abroad may be tax exempt in India NRI taxation
By CA Ojas Aggarwal
The exemption from income tax is limited to the extent of amount of expenses actually incurred by the individual I returned from Dubai in July 2017. My status is ‘resident’ for FY 2017-18. I need clarification for my overseas earnings. Under what sections, overseas allowances like house maintenance allowance, transport allowance earned in Dubai are exempted? Under what section, leave encash up to ?3 lakh is exempted? Since I have calculated my tax liability after my repatriation to India, I paid advance tax in September and October. While filling up ITR2, it shows interest of ?11,000 for late payment of advance tax. How can I avoid this interest?
 TDS cut but not paid to government? Here's why you shouldn't worry Income Tax alert
By CA Manu T George
A taxpayer whose company went bankrupt, filed his return of income for assessment year 2012-13 on July 31, 2012, that is, within the applicable due date. During the relevant period, the company had deducted Tax at Source (TDS) totalling to Rs 2.68 lakh from the salary payments made to the taxpayer.
 CBDT amends tax audit report format
By CA S K Verma
The Central Board of Direct Taxes (CBDT) recently amended the format of the tax audit report that all auditable companies and professionals whose turnover exceeds the prescribed thresholds under section 44AB of the Income Tax Act, 1961 (ITA), must submit.
 Direct taxes code task force to be reconstituted
By CA Ojas Aggarwal
The government will reconstitute the task force that was set up in November last year to draft a new direct taxes code. The existing panel, with Central Board of Direct Taxes member Arbind Modi as convenor, could not submit a report following disagreements on various aspects.
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Tenders   RSS Feeds
 Hyderabad Karnataka Region Development Board, Karnataka
By CA Devender Singh
It shall be the responsibility of the Bidder to ensure credit of Tender Processing Fee and EMD into the respective receiving bank accounts of eProcurement on or before the last date and time of bid submission.
  West Bengal Housing Board, Kolkata, West Bengal
By CA Rashmi Sharma
The Joint Director (EP), West Bengal Housing Board, invites e-Quotation(as ordered by Housing Commissioner, WBHB) for the work detailed in the table below. (Submission of Bid through online).for &on behalf of West Bengal Housing Board.
 Department of Excise & Taxation, Panchkula, Haryana
By CA Andrew F Thomas
The Excise & Taxation Department, Haryana (HETD) intends to empanel reputed Chartered Accountants Firms for establishing an internal audit system in the Department, for this purpose bids from interested C.A firms are invited.
 Airports Authority Of India, Chandigarh Ut, Chandigarh
By CA Manu T George
Sealed item rate quotations are invited by Airport Director, Airports Authority of India, Civil Air Terminal, Chandigarh on behalf of Chairman, Airports Authority of India for the following work from the reputed/ registered agencies having experience in similar nature of work.
 Security Printing And Minting Corporation Of India Limited, Mumbai, Maharashtra
By CA Andrew F Thomas
Interested tenderers may obtain further information about this tender from the above office selling the documents. They may also visit our website igmmumbai.spmcil.com for further details.
 Jabalpur Smart City Limited, Jabalpur, Madhya Pradesh
By CA Atul Gupta
Selection of Chartered Accountants Firm for Internal Audit, Taxation and other related works of Jabalpur Smart City Limited
 Housing And Urban Development Corporation Limited, Hudco Bhawan, I.H.C - Delhi
By CA Ojas Aggarwal
Vendors who are registered with MSME are also welcome to participate in the bidding as notified by the Ministry of Micro, Small and Medium Enterprises, GOI. No EMD shall be payable
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Transfer Pricing   RSS Feeds
 Transfer Pricing Adjustment - Status and Way Forward
By CA Rashmi Sharma
The issue of Advertising, Marketing and Promotion ('AMP") expenses is no longer res integra and has been dealt with by many high courts in India. The decisions of the high courts in various matters are now pending with the Supreme Court of India by way of Special Leave Petitions filed by Tax department as well as taxpayers.
 Transfer Pricing in India Explained
By CA Andrew F Thomas
In taxation and accounting, transfer pricing refers to the rules and methods for pricing transactions within and between enterprises under common ownership or control.
  Doing business in India: ‘Substance’ over ‘form’ in transfer pricing regime
By CA Nilesh Sahu
Although ‘substance over form’ has always been the guiding principle for any transfer pricing analysis in India, the new BEPS regime has further brought it into limelight
 Tax authorities focus on transfer pricing adjustments
By CA Devender Singh
According to the latest statistics, Romanian tax authorities rank transfer pricing ("TP") high on their agenda. Companies are increasingly aware of the risks they face unless they have the TP documentation ready when asked by the tax inspectors, yet many fail to take action in due time.
 Transfer Pricing: The AMP Issue Keep Oscillating
By CA Nilesh Sahu
Multinational Enterprises ("MNEs") set up subsidiaries in India to cater to the Indian market and capitalize on their brands. Such subsidiaries/Indian entities are entrusted with various functions ranging from license manufacturing to selling and distributing the products.
 Transfer pricing-A reputational risk?-Moore Stephens
By CA Devender Singh
Multinational corporations. Exotic offshore locations. A complex industry sector. Shipping has all the ingredients to excite those looking for tax avoidance headlines, yet it has largely escaped the negative publicity that has damaged other sectors. However, this may not always be the case.
 Department Of Consumer Affairs, Ahmedabad, Gujarat
By CA S K Verma
As you may be aware Bureau of Indian Standards (BIS) is working under Ministry of Consumer Affairs, Food & Public Distribution, Department of Consumer Affairs, Govt. of India and is engaged in Standardization, Certification (ISI Mark)
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Customs and Excise   RSS Feeds
  Notification No. 22/2018-Central Excise Ministry Of Finance
By CA Rashmi Sharma
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 on 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,
 Notification No. 21/2018-Central Excise Ministry Of Finance
By CA Nilesh Sahu
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 on 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 (Department of Revenue), No. 11/2017-Central Excise, dated the 30th June, 2017,
 Notification No. 85/2018 - Customs (N.T.) Central Board Of Indirect Taxes And Customs
By CA S K Verma
In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Central Board of Indirect Taxes and Customs No.81/2018-CUSTOMS
 Ministry Of Finance Notification No. 69/2018 – Customs
By CA Mayank Jain
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,
 Ministry Of Finance Notification No. 70 /2018–customs
By CA Manu T George
In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance
 Central Board Of Direct Taxes Notification
By CA Mayank Jain
It is hereby notified for general information that the organization M/s Indian Council of Medical Research (PAN:- AAEAT4818Q) has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961
 Central Board Of Indirect Taxes And Customs Notification No. 62/2018-Customs
By CA Andrew F Thomas
In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 196 (52 of 1962), the Central Board of Indirect Taxes & Customs, being satisfied that it is necessary
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Mergers and Acquisitions   RSS Feeds
  Housing And Urban Development Corporation Limited, Hudco Bhawan, I.H.C - Delhi
By CA Nilesh Sahu
Merger and acquisition (M&A) deal values recorded a 5.3-times increase year-on-year (y-o-y) in the third quarter of calendar year 2018 (Q32018) driven by outbound activity, according to a dealtracker report by Grant Thornton.
 Deals Of The Day-Mergers And Acquisitions October 16, 2018
By CA Manu T George
German luxury carmakers Daimler and BMW have offered concessions to address EU antitrust concerns about their plan to combine their car-sharing businesses, the European Commission said.
 A stabilizing Indian economy driving M&A deals in India
By CA Mayank Jain
After the twin policy shocks of demonetisation in November 2016 and GST rollout in July 2017, 2018 is being looked at as the year when M&A deals finally gain momentum
 India may miss target of auctioning solar, wind capacities in FY19
By CA Atul Gupta
India may miss the solar and wind energy auction target in the current fiscal, mainly due to rupee depreciation, safeguard duty and grid connectivity, India Ratings and Research said.
 To simplify filing requirements for mergers, acquisitions CCI revises Combination Regulations
By CA Ojas Aggarwal
In order to simplify the filing requirements for mergers and acquisitions (M&A) and expedite their disposal, the Competition Commission of India (CCI) on Wednesday said it has revised its Combination Regulations.
 Deals Of The Day-Mergers And Acquisitions October 9, 2018
By CA Nilesh Sahu
Deep-sea oil driller Ensco Plc said it would buy smaller rival Rowan Cos Plc in an all-stock deal valued at $2.38 billion, to take advantage of a nascent recovery in the sector fueled by strengthening oil prices.
 Deals of the day-Mergers and acquisitions October 4, 2018
By CA Mayank Jain
Comcast said it had secured over 75 percent of Sky’s shares, bringing it closer to finalising the $40 billion takeover of the British pay TV group.
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Indirect Tax   RSS Feeds
 Several records missing from Income Tax department, CIC told
By CA S K Verma
Several records have gone missing from Income Tax department because of a restructuring drive in 2001 and 2013, the Central Information Commission has been informed.
  Indirect tax evasion cases post a decline in FY18-19
By CA S K Verma
A closer look at government data reveals that the Central Board of Direct Taxes (CBDT) has registered an over six-fold increase in the number of prosecution cases filed in courts to 4,524 in 2017-18 from 669 in 2014-15.
 Income tax return revision: How many times can a return be revised? Find out
By CA Nilesh Sahu
Income Tax Return: When it comes to revising your tax returns, you may have many questions related to it.
 CBDT notifies new I-T return forms
By CA Nilesh Sahu
The Central Board of Direct Taxes (CBDT) on Thursday notified income tax return (ITR) forms for assessment year 2018-19 (financial year 2017-18).
 Here are the key changes in tax rules to come into effect from today
By CA Andrew F Thomas
Finance Minister Arun Jaitley while presenting the Union Budget 2018 introduced some major changes in the tax structure which will become effective from today.
 GST revenue growth in 2018-19 to match last 10 years’ indirect tax growth, says SBI report
By CA Devender Singh
The goods and services tax collection would grow at a rate of 14 percent to 16 percent for FY18-19, SBI report said.
 Things You Should Know Before Filing Your Income Tax Returns (ITR)
By CA Devender Singh
The last day to file income tax returns for assessment years 2016-17 and 2017-18 is March 31. The Income Tax (IT) department has been issuing some warnings which tax payers should be wary of before filing their income tax returns by March 31, the last to file belated income tax returns.
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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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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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