Membership fee update 2015 By CA Nilesh Sahu You are requested to kindly check your membership fee records with The Institute of Chartered Accountants of India. If the same has not been deposited, kindly make sure to get this deposited by 31st March, 2015.
How to guard against these 5 tax evasion practices By CA Manu T George March 31 marks the end of the tax-saving season and the beginning of the tax-filing season. Everyone will soon get busy collecting proofs of investment and try to minimise their tax outgo.
5 tax matters to settle by 31 March 2015 By CA Rashmi Sharma The last date of the financial year (FY) 2014-15—31 March—is just a week away. Make sure that you are done with things for which this date matters, especially in terms of income tax.
Annual Capital Markets Summit – 2015 By CA Devender Singh Place: Khimji Kunverji Vikamsey Auditorium, ICAI Tower, Near Standard Chartered Bank, BKC, Bandra (E)
Date: 28th Mar, 2015 10:00 - 17:30
Seminar on E-Filling of returns under Service Tax By CA Atul Gupta Place: Shree Shakambhari Corporate Park, Plot No.156-58, Chakravarti Ashok Complex, Nr Bombay Cambridge School, J. B. Nagar, Andheri (E)
Date: 28th Mar, 2015 15:00 - 19:00
Tamil Nadu Budget 2015-16 Changes in VAT By CA Devender Singh In order to boost the manufacturing sector bogged down by negative sentiments, the State Government has come forward with some relief in electricity tax,
Extended Time For Cenvat Credit By CA Ojas Aggarwal Vide Notification No. 21/2014-CE(NT) dated 11.07.2014, after the second proviso in Rule 4(1) of theCenvat Credit Rules, 2004, the following proviso was inserted for the first time to fix time limit to avail Cenvat credit -
VAT changes level the playing field for outsourcing By CA Mayank Jain 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.
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.
Have Indian markets run ahead of fundamentals? By CA Andrew F Thomas The returns of Indian stock indices so far this year have been seven times the average for emerging markets. These gains have made the Indian market more expensive than most comparable peers, and even developed ones like the US, UK and Germany.
High customs duty hindering growth of Indian luxury market By CA S K Verma Renowned Switzerland-based luxury watchmaker Raymond Weil has plans for four more franchise showrooms in India over the next two years but hopes the Indian government will lower the high customs duty which is a high 49% at present.
ICAI suggest changes to Swachh Bharat cess calculation By CA Devender Singh Chartered accountants' apex body ICAI has suggested that the proposed cess of two per cent for clean India initiative should be calculated on the payable service tax instead of taxable services' value.
Retro tax law not applicable on dividends by foreign firms By CA Mayank Jain Dividends declared by a foreign company, having assets in India, to another overseas arm will not be taxable in India. The Central Board of Direct Taxes (CBDT) has issued a direction to income-tax officials to clear the air on threeyear-old controversial retrospective amendment to tax indirect transfers.
Interim Report of The Bankruptcy Law Reform Committee By CA Andrew F Thomas The Bankruptcy Law Reform Committee ("BLRC" or the "Committee") was set up by the Department of Economic Affairs, Ministry of Finance, under the Chairmanship of Mr. T.K. Vishwanathan (former Secretary General, Lok Sabha and former Union Law Secretary)
Tax laws still adversarial; reforms must in tax administration By CA Nilesh Sahu While lauding a courageous decision of the government not to press for further litigation in the Vodafone case, the ASSOCHAM has brought to the notice of the Prime Minister Mr Narendra Modi and Finance Minister Mr Arun Jaitley several loop holes in the tax laws which make them quite
Amendment to CESTAT Appeal Forms By CA Atul Gupta Reference is invited to Circular No.969/03/2013-CX dated 11th April, 2013 whereby the forms for filing appeal in the CESTAT were amended/revised and new forms for Central Excise
The reconciliation return in CST Form 9 By CA Mayank Jain The reconciliation return in CST Form 9 relating to receipt of declarations/
certificates for a year has been notified vide Notification No.F.3(27)/Fin(Rev-I)/2013- 14/dsVI/292 dated 05/03/2014.
ICAI submits Post-Budget Memoranda-2015. By CA Atul Gupta The Council of the Institute of Chartered Accountants Post-of India considers it a privilege to submit this Post Budget Memorandum to the Government.
Revised Guidelines for Training of Articled Assistants outside India. By CA Andrew F Thomas A Chartered Accountant is eligible to train an articled assistant provided his main occupation is the practice of the profession of Accountancy at the time of engaging articled assistants as well as in each of the qualifying years on the basisof which he claims eligibility to train articled assistants.
Guidelines for Articleship Training Abroad. By CA Nilesh Sahu The matter regarding revision in the guideline of articleship Training abroad was considered at the 340 meeting of council held from february 10-12-2015 wherein the council agreed with the recommendation of executive committee regarding the revision of the existing guideline under no.(III).
The Companies (Cost Records and Audit) Amendment Rules,2014 By CA Ojas Aggarwal In exercise of the powers conferred by sub-section (1)and (2) of section 469 and section 148 of the companies Act, 2013 (18 of 2013 ) the central government hereby makes the following rules to amend the companies (cost Records and Audit ) Rules,2014 namely:-
Government may extend budget session till mid April By CA Andrew F Thomas After stabilising the Legislative Council by joining hands with NCP, the biggest party in the Upper House, the Devendra Fadnavis-led government is all set to extend the budget session by either a week or a fortnight.
How the last five Union Budgets impacted income tax By CA Manu T George With no major surprises in the Railway Budget presented by Suresh Prabhu on Thursday, all eyes will be on Finance Minister Arun Jaitely as he prepares to present the government's first full Union Budget on Saturday.
ICAI invites suggestions on tax proposals of Union Budget 2015-16. By CA Devender Singh The Direct Taxes Committee, Indirect Taxes Committee and Committee on International Taxation invite suggestions on the tax proposals of the Finance Bill, 2015 for consideration and inclusion of the same in the Post Budget Memoranda to be submitted to the Ministry of Finance. Please submit your valuable suggestions latest by 7th March, 2015.
How last 5 Union Budgets impacted income tax By CA Andrew F Thomas With no major surprises in the Railway Budget presented by Suresh Prabhu on Thursday, all eyes will be on Finance Minister Arun Jaitely as he prepares to present the government's first full Union Budget on Saturday.
Rate And Cess On Service Tax: Budget Impact By CA Rashmi Sharma The charge of Service Tax under the Finance Act, 1994 as amended so far is at the rate of 12 percent on the value of taxable services. This rate of Service Tax is specified in section 66B of theFinance Act.
Tax Exemption Limit Can Be Raised in Budget: EY By CA Rashmi Sharma Global consultancy EY believes there is room for Finance Minister Arun Jaitley to raise the basic income tax exemption limit in his first full-year Budget presentation on February 28.
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
Finance Ministry asks banks to deposit March TDS by month end By CA Mayank Jain Worried over the shortfall in the overall direct tax collection kitty, the government has asked banks, both public and private, to not delay remitting of TDS funds of the current month into state coffers and do the same within the current financial year ending in March.
Govt has to pull up socks to meet FY15 direct tax target By CA Nilesh Sahu The income tax department will have to collect close to Rs 2 lakh crore from direct taxes to meet the target for this financial year. This would mean a rise of 21 per cent over Rs 1.63 lakh crore collected in March last year.
Regarding extension of e-payment deadline and of banking hours By CA Rashmi Sharma The Reserve Bank of India has issued instructions vide RBI/2014-15/515 dated March 25, 2015 wherein it has been decided that all agency banks shall keep the counters of their designated branches conducting government business open for full day on March 30, 2015,
Service Tax On Aggregator's Services By CA Manu T George The aggregators who were till now not specifically covered under the Service Tax net on strict interpretation of law and could not catch the attention of revenue authorities came under the radar of one
How to Get Tax Gains from Your Losses in Shares By CA Devender Singh For the purpose of tax computation of total income of an individual, all incomes are classified under five heads, under the Income Tax Act: salary, income from house property, income from business or profession, capital gains and income from other sources.
Cleaning up the transfer pricing mess By CA Atul Gupta Two important developments last week in the transfer pricing domain have the potential of completely transforming the way this critical and controversial tax area has been handled by the income-tax department.
Clearing the air on AMP expenses for transfer pricing By CA Mayank Jain The Delhi High Court has adjudicated on a host of transfer pricing adjustment cases, where the adjustment had been made by the taxman for ‘excessive’ spends on advertising, marketing and promotional expenses (AMP).
Ad expenses of Indian arm of MNCs fall under transfer pricing By CA Andrew F Thomas The Delhi High Court has held that money spent by Indian subsidiaries of foreign companies on advertising, marketing and promotion (AMP) of their global brand here are international transactions and fall under the purview of transfer pricing rules, reports PTI.
Transfer pricing twists for the Budget By CA Devender Singh The Bombay High Court, in its landmark judgments in the cases of Vodafone India and Shell India, held that issue of shares, being a capital transaction, does not attract transfer pricing (TP)
MNCs' India arms get transfer-pricing relief By CA Ojas Aggarwal In a reprieve to multinational companies (MNCs) and their subsidiaries operating out of India, the Delhi High Court has laid out broad principles and a computational mechanism to resolve disputes relating to transfer pricing for marketing intangibles.
Energy sector mergers and acquisitions in focus By CA Mayank Jain It is a question that faces the oil industry whenever there is a big shift in oil prices: what will be the effect on deals — on mergers and acquisitions, and on the buying and selling of assets?
Revenue Department releases list of 18 tax defaulters By CA Manu T George The Revenue Department on Wednesday released a list of 18 entities, including Gujarat-based Somani Cement, that have allegedly defaulted on tax payments and asked them to clear the arrears immediately.
Tax on capital gain depends on time period they are held By CA Devender Singh There is often an element of doubt about the calculation of the time period for the holding of shares in a company. The time period of the holding is significant because the moment the period crosses a time period of 12 months
Need GST to Revamp Indirect Tax By CA Manu T George The Budget proposes numerous changes in both direct and indirect taxes which can fit the label of creative incrementalism. The direct tax changes, while incremental, do indeed amount to a substantial reform.