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News Headlines   RSS Feeds
 Rules for tax on online ads released
By CA S K Verma
The income tax department on Monday released rules for equalisation levy — a tax on online advertisements that would come into effect from June 1.
 Manner of determination of fair market value and reporting requirement for Indian concern-Indirect transfer provisions-section 9 (1) of the Income-tax Act, 1961
By CA Rashmi Sharma
Manner of determination of fair market value and reporting requirement for Indian concern-Indirect transfer provisions-section 9(1) of the Income-tax act, 1961-Draft Rules-reg.
  Clarification regarding cancellation of registration u/s 12AA of the Income-tax Act, 1961 in certain circumstances
By CA Andrew F Thomas
Clarification regarding cancellation of registration u/s 12AA of the Income-tax Act, 1961 in certain circumstances
 CBDT extends e-appeal filing deadline to June 15
By CA Ojas Aggarwal
"E-appeals which were due to be filed by May 15, 2016 can be filed up to June 15, 2016.
 E-filing of appeals: Extension of time limit - Circular
By CA Atul Gupta
Rule 45 of the Income Tax Rules, 1962, mandates compulsory e-filing of appeals before Commissioners of Income Tax (Appeals) with effect from 01.03.2016 in respect of persons who are required to furnish return of income electronically.
 The Companies (Amendment) Bill, 2016
By CA S K Verma
This Act may be called the Companies (Amendment) Act, 2016. Short title and commencement.(2) It shall come into force on such date as the Central Government may, by notification
 CBDT issues draft rules to compute fair market value of foreign firms
By CA Manu T George
The Central Board of Direct Taxes (CBDT) has taken the next big step in implementing the controversial ‘indirect transfer’ provisions that dented India’s image among the foreign investor community and led to international companies such as Vodafone and Cairn face huge tax bills in the country.
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Continuing Prof. Edu.   RSS Feeds
  Taxation on Charitable Trust and Recent Amendments in Service Tax & TDS/TCS
By CA S K Verma
Place: Hotel Sapphire, Bathinda-Barnala Bye Pass, Bathinda Date: 4th Jun, 2016 10:00 - 17:00 CPE.Hrs. 6
 Taxation on Charitable Trust and Recent Amendments in Service Tax & TDS/TCS
By CA Ojas Aggarwal
Place: Hotel Sapphire, Bathinda-Barnala Bye Pass, Bathinda Date: 4th Jun, 2016 10:00 - 17:00 CPE.Hrs. 6
 Practical aspect on Audit under Income Tax Act and Companies Act
By CA Atul Gupta
Place: Hotel Ambassdor, Jalandhar Date: 2nd Jun, 2016 17:30 - 20:30 CPE.Hrs.: 3
  CPE Seminar on Tax Audit, E-TDS and Insurance
By CA Andrew F Thomas
Place: Hotel Aroma Inn, Dabwali Road, Sirsa Date: 28th May, 2016 09:00 - 16:00 CPE.Hrs.: 6
 Seminar On VAT on interest & Penalty under VAT act and practical Demonstration
By CA Nilesh Sahu
Pace: ICAI Bhawan Scheme no.78 Part II Vijay Nagar Indore ,(M.P) 452001 Date: 28th May, 2016 16:30 - 19:30 CPE.Hrs.: 4
  CPE Seminar on Tax Audit, E-TDS and Insurance
By CA Manu T George
Place: Hotel Aroma Inn, Dabwali Road, Sirsa Date: 28th May, 2016 09:00 - 16:00 CPE.Hrs.: 6
 CPE Seminar on Tax Audit, E-TDS and Insurance
By CA Rashmi Sharma
Place: Hotel Aroma Inn, Dabwali Road, Sirsa Date: 28th May, 2016 09:00 - 16:00 CPE.Hrs.: 6
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VAT (Value Added Tax)   RSS Feeds
  Introduction of reward scheme for informers providing vital inputs in order to check and detect value added tax evasion in Delhi.
By CA Ojas Aggarwal
It has been decided to introduce a reward .scheme for informers providing vital inputs in order to check and detect value added tax evasion in Delhi so as to minimize the pilferage of VAT revenue of the Government of Delhi.
 Govt. assures traders VAT cut from 5 to 1%
By CA Manu T George
The Naveen Patnaik government on Monday assured the Odisha Byabasayee Mahasangha (OBM) that it would reduce value added tax from 5 per cent on pulses to 1 per cent on experimental basis.
 Finance Minister seems to be distancing himself further from VAT reduction pledge
By CA Rashmi Sharma
It seems that the Minister of Finance is distancing himself further from the APNU + AFC Manifesto pledge to reduce the VAT rate.
 Goa government reduces VAT on petrol to keep prices under Rs 60 per litre
By CA Andrew F Thomas
Keeping its promise to not allow petrol prices exceed Rs 60 per litre, the Goa government today reduced the value added tax (VAT) levied on the fuel by two per cent after the hike announced last night.
 Traders resent proposed 5 per cent VAT on cloth sale
By CA Atul Gupta
The state government’s decision, in its Cabinet meeting recently, to impose 5 per cent VAT on the sale of cloth in the state has evoked a sharp criticism from cloth traders of Nurpur, Jassur, Jawali, Rehan, Indora, Nagrota Surian and Kotla.
 Govt slashes VAT to combat petrol hike
By CA Andrew F Thomas
Following a hike in petrol prices by oil companies on Monday night, the state government, on Tuesday, reduced the value-added tax (VAT)
 Delhi reduces VAT on hybrid cars
By CA Manu T George
The Delhi government has reduced Value Added Tax (VAT) on hybrid cars, battery-operated vehicles and e-rickshaws from 12.5 per cent to 5 per cent, projecting it as
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Markets   RSS Feeds
 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.
 Indian markets best in terms of earnings momentum, price revision
By CA Andrew F Thomas
Let me just first ask you: the kind of volatile trade setup that the year has started with, the global markets were looking extremely shaky two or three days back because of oil and the Greek fears
 How India will become a common market with GST
By CA Rashmi Sharma
With the Centre and states finally reaching a consensus on the contours of the Goods and Services Tax (GST), India is all set to roll out the largest indirect tax reform since the introduction of the value-added tax in 2005.
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General   RSS Feeds
 Cleaning the Augean tax stable
By CA Devender Singh
Continuing with its new approach to subordinate rule-making, the Central Board of Direct Taxes (CBDT) has put out foreign tax credit (FTC) rules in the public domain for comments.
  International Taxation
By CA Atul Gupta
International Tax is best regarded as the body of legal provisions of different countries that covers the tax aspects of cross - border transactions. It is concerned with Direct Taxes and Indirect Taxes - Kevin Holmes
 special courts under section 435 of Companies Act, 2013New
By CA Andrew F Thomas
exercise of the powers conferred by sub-section (1) of section 435 of the Companies Act, 2013
 India-Mauritius Tax Protocol Marks a Changing Zeitgeist
By CA Atul Gupta
India must remember that in all developed countries, greater scrutiny of taxpayers has gone hand in hand with fair
 Pay Income Tax Dues On Time To Avoid Last-Minute Rush: RBI
By CA Nilesh Sahu
The Reserve Bank of India has asked income tax assessees to pay their tax dues well in advance to avoid last minute rush.
 India-Mauritius tax treaty amendment: What could be the impact on key stakeholders
By CA S K Verma
After long-drawn negotiations between the governments of India and Mauritius, the tax treaty between the two countries has finally been amended.
 India-Mauritius tax treaty amendment: What could be the impact on key stakeholders
By CA S K Verma
After long-drawn negotiations between the governments of India and Mauritius, the tax treaty between the two countries has finally been amended.
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Corporate Law   RSS Feeds
 India unveils first-ever comprehensive draft anti-human trafficking law
By CA Manu T George
Maneka Gandhi, Minister for Women and Child Development, unveiled a draft of the country’s first-ever comprehensive anti-human trafficking law, which would treat survivors as victims in need of assistance and protection rather than as criminals.
 Recent Case Laws On Reverse Charge Mechanism
By CA Ojas Aggarwal
The service tax recipient is liable to pay the service tax. Other persons are not liable to pay service tax.
 The Companies (Auditor S Report) Order, 2016
By CA Nilesh Sahu
The Ministry of Corporate Affairs vide Notification No. S.O. 1228(E), dated 29.03.2016 made ‘The Companies (Auditor’s Report) Order, 2016’ (‘Order’ for short) in supersession of the Companies (Auditor’s Report) Order, 2015.
 Decision to amend Income Tax law retrospectively regrettable
By CA Andrew F Thomas
The then Finance Minister Pranab Mukherjee’s decision to amend the Income Tax Act with retrospective effect to negate a Supreme Court verdict was regrettable, former Planning Commission deputy chairman Montek Singh Ahluwalia said today.
 Times guide to corporate tax
By CA Devender Singh
New manufacturing companies incorporated on or after March 1, 2016 have been provided an option either to adopt a reduced corporate tax of 27.55%
 Clearer interpretation of tax laws needed
By CA Devender Singh
The telecom sector, once the poster boy of reforms, has now turned into one of the biggest revenue earners for the Centre.
 What the proposed corporate law changes mean for retail investors
By CA Mayank Jain
The proposed corporate law framework is a mixed bag for retail investors. “It is positive for minority shareholders to the extent it didn’t relax any existing safeguards (for investors)
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Students   RSS Feeds
  Launch of the Certificate Course on Valuation at Gwalior from 14th May, 2016
By CA Ojas Aggarwal
The Corporate Laws & Corporate Governance Committee of ICAI is launching its first batch for the Certificate Course on Valuation at Gwalior from 14th May, 2016.
 CA curriculum to be revised in 2017, says ICAI president
By CA Nilesh Sahu
Devraja Reddy, the president of Institute of Chartered Accountants of India (ICAI), said here on Saturday that the curriculum and exam pattern of CA courses will be revised from the next academic year of 2017.
 Admit Cards for May 2016 Examination
By CA S K Verma
Admit cards in respect of candidates admitted to the Intermediate (IPC) and Final May 2016 examination, with their photographs and signatures on them, are hosted onwww.icai.nic.in.
 Zone-shifting of candidates for May - 2016 CA Exams
By CA Ojas Aggarwal
Due to paucity of accommodation in certain Zones opted by the candidates in the cities of Chennai, Delhi, Hyderabad, and Mumbai,
 Advisory for the Students of CPT level for Section A: Fundamentals of Accounting
By CA Andrew F Thomas
In the Updated Edition-Nov. 2015 of Section A: Fundamentals of Accounting Study Material at CPT level, certain printing errors relating to years (which occurred at the end of Printer)
 Next Batch of the Certificate Course on Valuation in Mumbai starting from 2nd April, 2016.
By CA Mayank Jain
The Corporate Laws & Corporate Governance Committee of ICAI is starting next batch for the Certificate Course on Valuation at Mumbai from 2nd April, 2016.
 ICAI to scrap CPT route for studying CA
By CA Manu T George
Institute of Chartered Accountants of India (ICAI) would abolish common proficiency test (CPT) examination for CA aspirants and reinstate the Foundation course instead from November this year.
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New Forms   RSS Feeds
 Amendment of ANF 3C – Application for on line filing of Grant of Status Certificate
By CA S K Verma
In exercise of powers conferred under paragraph 2.04 of the Foreign Trade Policy 2015-20,
 Regarding Form CR-II.
By CA Manu T George
In exercise of the powers conferred on me under section 27 of Delhi Value Added Tax Act, 2004 and in partial rnodification to the notification No.F.3(628)/Policy/VAT/2016/ 1424-36 dated 11th February,2016
 Filing of reconciliation return in Form 9 for the year 2014-15
By CA Nilesh Sahu
In partial modification to this department's Circular No. 34 of 2015-16 on the subject cited above and in exercise of the powers conferred under Rule 49A of the Delhi Value Added Tax Rules, 2005
  Form DVAT 01 - Application For Opting For Composition Scheme by a dealer registered
By CA Andrew F Thomas
Form DVAT 01 - Application For Opting For Composition Scheme by a dealer registered
 Interest from Non-SLR securities of Banks
By CA Ojas Aggarwal
It has been brought to the notice of the Board that in the case of Banks, field officers are taking a view that, "expenses relatable to investment in non-SLR
 Regarding the status of the forms downloaded by the dealers.
By CA Manu T George
The department had started issuing central statutory forms online without any manual II intervention since the middle of year 2012.
 Regarding the status of the forms downloaded by the dealers
By CA Nilesh Sahu
The department had started issuing central statutory forms online without any manual intervention since the middle of year 2012.
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Department of Companies Affairs   RSS Feeds
 Impose tax on windfall profits of pvt oil cos: CPM tells Govt
 Taxes fuel petrol, diesel prices globally
 Department of Economic Affairs seeks hike in spectrum fee
 Rising yen gives companies the jitters
 ROC Forms
 ROC Circulars
 ROC Notifications
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ICAI   RSS Feeds
 Important Announcement - CPT
By CA Atul Gupta
The venue for Common Proficiency Test (CPT) to be held on 19th June 2016 (Sunday) has been changed, as given below, for some of the candidates in Aurangabad and Hyderabad centres:
 E-Filing of Appeals - Extension of time limit.
By CA Mayank Jain
The CBDT vide Circular No. 20/2016 dated 26.05.2016 has clarified that in order to mitigate any inconvenience caused to the taxpayers on account of the new requirement of mandatory e-filing of appeals,
 CPE Events 30th May - 4th June 2016
By CA Manu T George
TNHB Complex, Luzz Church Road, Mylapore, Chennai, Jasmine Apt, opp Kala Kendra, Dadar (E),Mumbai, Near Mrutyun jayeshwar Mandir, Kothrud, Pune, ICAI, Bangalore
 Application Form for the Information Systems Audit (ISA) Assessment Test – June, 2016 [Last Date - 8th June, 2016]
By CA Andrew F Thomas
Candidates are advised to carefully read, understand and follow the instructions while filling in the Form and retain the same for future reference
 Change in the Composition of the Group for Review of existing Terms of Council
By CA Nilesh Sahu
In partial modification of our letter of even number dated 11th May, 2016, the President, in terms of the authority given to him by the Council at its 351st meeting held on 12th February, 2016,
 Zone-shifting of candidates for 19th June - 2016 CPT
By CA Devender Singh
Due to paucity of accommodation in certain Zones opted by the candidates in the city of Chennai and Hyderabad some of the candidates have been allotted examinations centres in the zone other than the zone opted by them.
 CPE Events 23th May - 28th May 2016
By CA Rashmi Sharma
ICAI Bhawan, Kollad, Kottayam, Bangalore Branch of SIRC of ICAI, Bangalore, Jawahar Nagar, Goregaon West, Mumbai,
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From the Courts   RSS Feeds
 CBDT Circular Regarding Cancellation Of Registration U/s I2AA Of The Income-tax Act, 1961 Of Charitable Trusts
By CA Andrew F Thomas
The CBDT has issued Circular No. 21/2016 dated 27.05.2016 in which has clarified that it shall not be mandatory to cancel the registration already granted u/s 11 to a charitable institution merely on the ground that the cut-off specified in the proviso to section 2(15) of the Act is exceeded in a particular year without there being
 Seeks to further amend notification No.27/2011-Customs
By CA Devender Singh
In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962),
 Rajmandir Estates Private Limited vs. Pr. CIT (Calcutta High Court)
By CA Manu T George
S. 263: Even if the AO has conducted an inquiry into the taxability of share capital receipts u/s 68, the CIT is entitled to revise u/s 263 if the AO has not applied his mind to important aspects.
  VLS Finance Ltd vs. CIT (Supreme Court)
By CA Rashmi Sharma
S. 158BC: A stay on the conduct of a \"special audit\" u/s 142(2A) amounts to a \"stay of the assessment proceedings\" and extends limitation u/s 158BE
 VLS Finance Ltd vs. CIT (Supreme Court)
By CA Rashmi Sharma
S. 158BC: A stay on the conduct of a "special audit" u/s 142(2A) amounts to a "stay of the assessment proceedings" and extends limitation u/s 158BE.
 ST MICROELECTRONICS PVT.LTD Vs. DEPUTY COMMISSIONER OF INCOME TAX & ORS.
By CA S K Verma
The challenge in this writ petition by ST Microelectronics Pvt. Ltd. is to: (a) an assessment order dated 22nd April, 2013 passed
 Priya Desh Gupta Vs. Deputy Commissioner Of Income Tax
By CA Ojas Aggarwal
The Petitioners have filed these petitions assailing separate notices issued under Section 148 of the Income Tax Act, 1961 (hereafter 'the Act') seeking to reopen their respective assessments for Assessment Year (AY) 2007-08.
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Auditing   RSS Feeds
 Time Limit For Completion Of Assessment From The Date Of Special Auditor’s 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.
 Cost Auditing Standards [ Cost Audit Documentation (102)] – Part-II
By CA Ojas Aggarwal
In continuation of our effort to make notified Cost Auditing Standards readable, next in line is theCost Auditing Standard on Cost Audit Documentation (102).
 Conference on Companies Act gets under way
By CA Manu T George
The two-day seminar on “Companies Act, 2013 – New Standards for Corporate Governance” being organised by Kakatiya University College of Commerce , Business Management and Institute of Chartered Accounts of India (ICAI), got under way here on Monday.
 New bureau to dissolve state-run banks' power to choose auditors
By CA Ojas Aggarwal
The government is likely to empower the proposed Bank Board Bureau to select audit firms for public sector banks as part of its larger initiative to strengthen their corporate governance practices.
 Foreign Exchange Management (Permissible Capital Account Transactions) (Fourth Amendment) Regulations, 2015
By CA Devender Singh
In exercise of the powers conferred by sub-section (2) of Section 6, sub-section (2) of Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999),
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Latest Circulars   RSS Feeds
 RBI extends Directions issued to The Choundeshwari Sahakari Bank Ltd, Ichalkaranji, Kolhapur till November 30, 2016
By CA Mayank Jain
The Choundeshwari Sahakari Bank Ltd, Ichalkaranji, Kolhapur, was placed under directions for a period of six months vide directive dated August 28, 2014 from the close of business on August 30, 2014.
 RBI-Auction of Government of India Dated Securities 31may 2016
By CA Manu T George
The auction for securities will be price based using multiple price method. The Reserve Bank of India at Mumbai will conduct the auctions.
  RBI-Memorandum of Procedure for channeling transactions through Asian Clearing Union (ACU)
By CA Nilesh Sahu
Attention of Authorised Dealer Category-I Banks is invited to the Memorandum containing detailed procedural instructions for channeling transactions through the Asian Clearing Union
 Master Direction- Reserve Bank of India (Financial Services provided by Banks) Directions, 2016
By CA Devender Singh
In exercise of the powers conferred by Sections 35 A 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.
  RBI-Foreign Exchange Management Act, 1999 (FEMA) Foreign Exchange (Compounding Proceedings) Rules, 2000 (the Rules) - Compounding of Contraventions under FEMA, 1999
By CA S K Verma
Attention of Authorised Dealers is invited to paragraph number 7 and 8 of the Master Direction on Compounding of Contraventions under FEMA, 1999 issued vide FED Master Direction No.4/2015-16 dated January 1, 2016.
 RBI-Recruitment of Heads of Verticals for Reserve Bank’s IT Subsidiary
By CA Nilesh Sahu
Reserve Bank of India (RBI), a statutory organization established under the RBI Act, 1934 is in the process of setting up of an Information Technology (IT) subsidiary to take care of the IT requirements including the cyber security needs of the Reserve Bank and its regulated entities.
 Recruitment of Legal Officer in Grade ‘B’ and Assistant Archivist in Grade ‘A’
By CA Devender Singh
Applications (App.) are invited for the posts mentioned below in Reserve Bank of India (RBI/Bank) from Indian citizens, citizens of Nepal
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Budget Extravaganza   RSS Feeds
 Home Budget 2016Budget News Income Tax Return Forms For 2016-17 To Be Notified Early April
By CA Ojas Aggarwal
The Finance Ministry is likely to notify by the first week of April new income tax return (ITR) forms for assessment year 2016-17 which will more or less be similar to the one that was filed by assessees last year.
  Delhi govt presents ‘zero tax’ budget: Watches, clothes may get cheaper
By CA Atul Gupta
Deputy Chief Minister Manish Sisodia presented a ‘zero tax budget’ Monday aimed at rationalising Delhi’s Value Added Tax (VAT) structure.
 Delhi budget today, Major boost for health, transport likely
By CA Devender Singh
Education, health, and transport sectors are likely get a major allocation of funds in the Delhi Budget, which will be tabled in the assembly Monday by Deputy Chief Minister Manish Sisodia.
 Budget moves to reduce tax litigation
By CA S K Verma
The tremendous backlog of pending direct tax litigation has been a bane for the government and taxpayers alike—the locking-up of precious tax revenue for the government and unrelenting uncertainty on the tax front for the taxpayers.
 This Budget is not business as usual
By CA Atul Gupta
Is it possible to be popular without being populist? This Budget, which has sought to combine the virtues of macroeconomic stability with growth, is a good example.
 Expectations high on size of TS Budget expenditure
By CA Manu T George
With the Chief Minister K Chandrasekhar Rao’s firm directive that the Budget for 2016-17 should be realistic and to be tuned to the resources and requirements of the State, there is high anticipation about the size of the total expenditure.
 Budget 2016 brings lawyers under service tax net
By CA Ojas Aggarwal
The Budget has withdrawn tax exemptions given to lawyers and proposed a 14% tax on the services of a senior advocate to an advocate or partnership firm, and a person represented on an arbitral tribunal to an arbitral tribunal.
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Sales Tax   RSS Feeds
  Sale of Government of India Treasury Bills by Auction
By CA Manu T George
In supersession of Government notifications No. F.4(14)-W&M/86 dated 18th November, 1986; No. F.2(17)
 New tax treatment of sale of unlisted shares brings more certainty, less litigation
By CA Andrew F Thomas
As per Income Tax Law, Income earned from Sale of shares could be held as either Business Income or capital gains depending upon the facts of the case which had led to a lot of litigation over the years.
 Simpler tax laws, low rate can help get more people to pay up
By CA Rashmi Sharma
Much about taxes tend to be dismal. Data recently released by the Indian government shows hardly 1% of our population actually pays income tax.
 GST will smooth the way for e-commerce companies
By CA Manu T George
Implementation of GST will help resolve various issues concerning taxation and logistics with regard to e-commerce business, which has been recording rapid growth in the country, says a study.
 Taxation of income from sale of listed shares: CBDT circular to reduce disputes
By CA Devender Singh
A recent circular from the CBDT allowing tax payers to decide whether their gains/losses from sale of listed shares/securities should be treated as business income or as capital gains for tax purposes, is expected to help reduce tax disputes significantly.
 Last-hour rush to save tax making customers invest online
By CA Rashmi Sharma
The last-hour rush to save on taxes is pushing traffic towards online startups, including Wealthy.in, FundsIndia.com, MakemyReturns.com and TaxSmile.com.
 Income-tax (8th Amendment) Rules, 2016
By CA Andrew F Thomas
In Exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-
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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
 Govt starts reward plan to boost VAT collections
By CA Rashmi Sharma
The Delhi government will launch a reward scheme for market associations on Monday in an attempt to boost VAT collections .
 Income Tax Appellate Tribunal, Pune Benches Pune Single Member Cases To Heard Before Bench 24/05/2016 To 25/05/2016
By CA Andrew F Thomas
Income Tax Appellate Tribunal, Pune Benches Pune Single Member Cases To Heard Before Bench 24/05/2016 To 25/05/2016
 Income Tax Appellate Tribunal Bangalore Benches, Bangalore "A" Bench DB Cases Causelist for the week from 23/05/2015 To 26/05/2016
By CA Nilesh Sahu
Income Tax Appellate Tribunal Bangalore Benches, Bangalore "A" Bench DB Cases Causelist for the week from 23/05/2015 To 26/05/2016
 Income Tax Appellate Tribunal : Mumbai Consolidated list of orders ready for 18/05/2016
By CA Devender Singh
Income Tax Appellate Tribunal : Mumbai Consolidated list of orders ready for 18/05/2016
 Income Tax Appellate Tribunal : Kolkata Benches : kolkata Cause list for the Cases fixed on friday the 20.05.2016
By CA S K Verma
Income Tax Appellate Tribunal : Kolkata Benches : kolkata Cause list for the Cases fixed on friday the 20.05.2016
 Income Tax Appellate Tribunal : Pune Benches : PuneCauselist for Bench 'A' for the week ending 20.05.2016
By CA Nilesh Sahu
Income Tax Appellate Tribunal : Pune Benches : PuneCauselist for Bench 'A' for the week ending 20.05.2016
 Income Tax Appellate Tribunal : Lucknow Benches : Lucknow Constitution from 16.05.2016 To 20.05.2016 & 23.05.2016 To 27.05.2016
By CA Devender Singh
Income Tax Appellate Tribunal : Lucknow Benches : Lucknow Constitution from 16.05.2016 To 20.05.2016 & 23.05.2016 To 27.05.2016
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Placements & Empanelment   RSS Feeds
  New Opening Chartered Accountant/executives
By CA S K Verma
Salary:INR 2,50,000 - 6,00,000 P.A, Functional Area:Accounts , Finance , Tax , Company Secretary , Audit PG:Any Postgraduate - Any Specialization, M.Com - Commerce
  200 Opening Walkin for Financial Analysts at XL Dynamics India Pvt. Ltd.
By CA Nilesh Sahu
Salary:INR 3,50,000 - 8,00,000 P.A, Functional Area:Financial Services , Banking , Investments , Insurance, PG:M.A - Any Specialization, Any Specialization, M.Com - Commerce, Commerce,
  45 Opening Chartered Accountant
By CA S K Verma
Salary:INR 3,00,000 - 7,00,000 P.A., Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:Any Postgraduate - Any Specialization,
  New Opening Chartered Accountant/executives
By CA Ojas Aggarwal
Salary:INR 2,50,000 - 6,00,000 P.A, Functional Area:Accounts , Finance , Tax , Company Secretary , Audit,
 15 Opening AM - Statutory Audit/sr.associate/sr/manager
By CA Mayank Jain
Salary:INR 8,00,000 - 18,00,000 P.A, Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:CA
  New Opening Chartered Accountant/executives
By CA S K Verma
Salary:INR 2,50,000 - 6,00,000 P.A, Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:Any Postgraduate - Any Specialization, M.Com - Commerce
  New Opening CA Fresher - Chartered Accountant
By CA Mayank Jain
Salary:INR 5,00,000 - 8,00,000, Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, P.A., PG:CA,
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Direct Tax   RSS Feeds
 ​The Direct Tax Dispute Resolution Scheme 2016 & Equalisation Levy to come into effect from 1st June 2016
By CA Mayank Jain
The Direct Tax Dispute Resolution Scheme, 2016 incorporated as Chapter X of the Finance Act, 2016,
 India hasn’t thought through its tax on foreign funds
By CA Andrew F Thomas
Are you an American investor in an India fund? Call up the manager and ask three questions: what part of your profit might you have to share with the government
 The Direct Tax Dispute Resolution Scheme Rules, 2016
By CA Devender Singh
In exercise of the powers conferred by sub-sections (1) and (2) of section 211 of the Finance Act, 2016, (28 of 2016), the Central Government hereby makes the following rules, namely
 FY16 direct, indirect tax evasion was Rs 71,000 crore
By CA Rashmi Sharma
Fiscal consolidation and going for growth is a balancing act, said Arun Jaitley, Finance Minister, in an interview with CNBC-TV18.
  ​Admissibility of claim of deduction of Bad Debt under section 36(1)(vii) read with section 36(2) of the Income-tax Act, 1961
By CA Andrew F Thomas
​Admissibility of claim of deduction of Bad Debt under section 36(1)(vii) read with section 36(2) of the Income-tax Act, 1961
 FTSE groups improve tax transparency
By CA S K Verma
High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail.
 Income Tax department to 'name and shame' crorepati defaulters this fiscal
By CA Ojas Aggarwal
The Income Tax department , beginning this financial year , has decided to 'name and shame' all category of taxpayers who have a default of Rs one crore and above.
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Service Tax   RSS Feeds
 If Indian firm reimburses parent entity abroad, no service tax due'
By CA Nilesh Sahu
We have availed the services of a real estate agent in connection with an immovable property located in India. What is the service tax implication,
 Service tax will be 15% from tomorrow
By CA Ojas Aggarwal
Come Wednesday, consumers will now have to dole out an additional 0.5 per cent cess for various services, taking the total service tax to 15 per cent.
 Govt may increase tax on share-trading for non-filers
By CA Mayank Jain
The tax burden of non-filers of income tax returns is likely to go up by almost half on gains they make by trading shares at the Pakistan Stock Exchange (PSE), as the government is likely to introduce a new income tax regime for them in the new budget.
 Govt to focus on small cities for service tax collection
By CA Devender Singh
In the wake of service tax doing better and garnering more revenues to the exchequer, the government is planning to give more importance to its collection from small towns and cities.
 Service Tax (Third Amendment) Rules, 2016 - 31/2016
By CA Manu T George
In exercise of the powers conferred by sub-section (1) read with sub-section (2) of section 94 of theFinance Act, 1994 (32 of 1994), the Central Government hereby makes the following rules further to amend theService Tax Rules, 1994,
  Firms approaching arbitration tribunals to pay service tax: CBEC
By CA Devender Singh
Firms with a turnover of over ?10 lakh who go in for arbitration proceedings will be liable to pay service tax at the rate of 14 per cent.
 commencement of section 2(29), sections 435 to 438 and 440 of Companies Act, 2013
By CA Rashmi Sharma
In exercise of the powers conferred by sub-section (3) of section 1 of the Companies Act, 2013
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Transfer Pricing   RSS Feeds
 We had a problem with Free Basics because it gave free data only to those who went through RCom pipe
By CA Nilesh Sahu
After coming out with historic rules banning discriminatory pricing, Telecom Regulatory Authority of India's chief seems to have had a rethink on giving free access to data or rather a curated version of the Internet.
 Committee to examine offshore funds' requests to set up India office
By CA Devender Singh
The revenue department on Monday set up a three-member committee for recommending advance approval to offshore funds for setting up management office in India.
 Transfer pricing changes proposed to address financial benefit due to incorrect pricing
By CA Andrew F Thomas
The government is consulting on the introduction of a secondary adjustment rule into the UK’s transfer pricing legislation,
 SC agrees to hear transfer pricing case against Vodafone x
By CA Nilesh Sahu
The Supreme Court on Friday agreed to hear the taxman's plea against Vodafone India in a transfer pricing case. The Income Tax Department had earlier challenged the Bombay High Court order which granted relief to the telecom giant.
 HSBC raises India equities to 'neutral'; says underperformance to end
By CA Andrew F Thomas
HSBC has raised India to “neutral” after being “underweight" since April 2015.
 Supreme Court to hear Vodafone transfer pricing case
By CA Devender Singh
The Supreme Court on Friday agreed to hear an income tax department’s appeal against Vodafone India Ltd in a transfer pricing case.
 Pressing need to tackle transfer pricing
By CA Mayank Jain
Findings, however, must be based on evidence and arguments and made in a proper and consistent manner to ensure a fair business environment between State agencies and enterprises.
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Customs and Excise   RSS Feeds
  Amendment to Ch IX of the Customs Act, 1962 – Bond required to be filed under section 59
By CA Ojas Aggarwal
Pursuant to the enactment of the Finance Bill 2016, section 59 of the Customs Act, 1962 stands amended consequent to which,
 Amendment to Ch IX of the Customs Act, 1962 – Bond required to be filed under section 59
By CA Manu T George
Pursuant to the enactment of the Finance Bill 2016, section 59 of the Customs Act, 1962 stands amended consequent to which, an importer is to execute a triple duty bond at the customs station of import with respect to the goods to be cleared for deposit in a warehouse.
 Special Warehouse Licensing Regulations, 2016
By CA Rashmi Sharma
In exercise of the powers conferred by section 157 read with section 58A of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby makes the following regulations, namely:-
 Audit Report No.15/2011-2012, Section 2 - Duty Drawback Scheme: Re-export under section 74 of Customs Act 1962
By CA Ojas Aggarwal
Attention of field formations is drawn to Board's Circular No.46/2011-Customs dated 20.10.2011 read with Circular No. 35/2013-Customs which strengthened the assessment practice for export under section 74 of the Customs Act 1962
 Clarification regarding classification of export item “Silico manganese
By CA Andrew F Thomas
Representations have been received at this office seeking clarification in respect of FPS claims on Export Products “silico manganese” under ITC(HS) Code 72023000.
 Seeks to further amend notification No.24/2005-Customs
By CA Atul Gupta
In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962),
 Penalties Under Customs Act, 1962
By CA Devender Singh
The Customs Act, 1962 (‘Act’ for short) provides for penalties. Chapter XIV of the Act provides for imposition of penalties.
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Mergers and Acquisitions   RSS Feeds
 Pharma sector set for wave of mergers, acquisitions: EY
By CA Nilesh Sahu
The pharmaceuticals sector is facing an intensive period of mergers and acquisitions in the coming years,
 How India's startups founders find work-life balance
By CA Atul Gupta
The Commerce and Industry Ministry has commissioned a study to assess the impact of foreign direct investment in pharmaceutical companies amid concerns over mergers and acquisitions of domestic drug manufacturers.
 Female members on corporate boards can lower number of mergers and acquisitions, study suggests
By CA Mayank Jain
Does female membership on corporate boards impact mergers and acquisitions? As the percentage of females on boards of America’s largest companies has risen from 15 percent in 2005 to 20 percent in 2015, the question is relevant to today’s decision makers.
 Merger and acquisition deal pipeline healthy; domestic deal outlook bullish: EY
By CA Nilesh Sahu
Merger and acquisition activity in India is set to retain its momentum through this year, as deal pipeline remains healthy and is likely to increase further in the next 12 months, says a survey.
 CSC, HP services merge to create IT powerhouse
By CA Devender Singh
The merger between HP Enterprises' (HPE) services business and Nasdaq-listed Computer Sciences Corporation (CSC) will create a pure-play IT services powerhouse with outsourcing revenues higher than that of Accenture's
 Commission prohibits Hutchison's proposed acquisition of Telefónica UK
By CA Atul Gupta
The Commission has blocked the proposed acquisition of O2 by Hutchison under the EU Merger Regulation.
 Marriages of convenience: mergers and acquisitions in print
By CA Mayank Jain
There is a scene in the film version of Bret Easton Ellis’ gothic horror American Psycho where deranged executioner Patrick Bateman (played by Christian Bale) spouts to a club patron:
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Indirect Tax   RSS Feeds
 Clarification regarding cancellation of registration u/s 12AA of the Income-tax Act, 1961 in certain circumstances
By CA Mayank Jain
Sections 11 and 12 of the Income-tax Act, 1961 ('Act') exempt income of charitable trusts or institutions, if such income is applied for charitable purpose and such institution is registered under section 12AA of the Act.
  Govt to hasten adjudication of indirect tax cases
By CA Ojas Aggarwal
The government plans to hasten the adjudication of service tax, excise and customs cases older than a year. These should be disposed first, Revenue Secretary Hasmukh Adhia has told the Customs, Excise and Service Tax Appellate Tribunal (CESTAT).
 Indirect Tax Dispute Resolution Scheme (Part-2)
By CA Mayank Jain
ITDRS, 2016 shall not apply or not be applicable in the following cases –
 Indirect Tax Dispute Resolution Scheme (Part-1)
By CA Manu T George
Indirect tax Dispute Resolution Scheme, 2016, is a scheme wherein in respect of cases pending before Commissioner (Appeals), the assessee,
 India gearing up to apply Mauritius tax treaty fix to double taxation avoidance accord with Cyprus
By CA S K Verma
Now that loopholes in the tax treaty with Mauritius have been plugged, the Indian government is gearing up to apply the same fix to its accord with Cyprus.
 Missing tax reforms; sharp hike in cases stuck in appeals process
By CA Rashmi Sharma
Though the government has announced a slew of measures to make India’s tax system less taxing—quicker tax refunds are often cited as an instance of this happening—the finance ministry’s FY16 annual report makes it clear that this is far from happening.
 Here are the various facets of Mauritius tax treaty
By CA Mayank Jain
After years of effort, India has managed to renegotiate its tax treaty with Mauritius , marking a bold step by the government to firmly shut the door on a pact that may have cost the country much by way of revenue.
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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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