Single window website for paying taxes from today By CA Mayank Jain Taxpayers will now be able to perform their I-T related works like filing returns or applying for a PAN card from an enhanced single website to be launched today by Finance Minister Arun Jaitley.
Plan now to increase your tax savings By CA Nilesh Sahu Now that both houses of Parliament have passed the Finance Bill 2014, you can start taking advantage of the new tax proposals of Budget 2014-15. Revisit your tax-saving strategy for the year to maximise your take-home pay. Reduce your tax outgo.
ICAI to prepare white paper for AP, Telangana By CA Rashmi Sharma The Southern India Regional Council (SIRC) of the Institute of Cost Accountants of India (ICAI) is planning to release a white paper on a cost-effective model for implementation of various development projects in Andhra Pradesh and Telangana.
Income Tax intimation: Dealing with it right By CA Mayank Jain One of my friends received an email from the tax department with the subject line, ‘Intimation under section 143 (1)”. He asked me what it meant, why he received the email and what action did he need to take.
Delegation of powers of CBEC under rule 3 of Service Tax Rules, 1994 By CA Mayank Jain In exercise of the powers conferred by section 37A of the Central Excise Act, 1944 (1 of 1944), read with section 83 of the Finance Act, 1994 (32 of 1994), the Central Government hereby delegates the powers of the Central Board of Excise and Customs under rule 3 of the Service Tax Rules, 1994,
Demand for tax-free bonds rises in the money market By CA Andrew F Thomas Tax-free bonds are the latest fad in the money markets, especially after the government did away with fresh issues in the current financial year that started on April 1, limiting supplies of such securities.
Reconcile tax anomalies to boost the debt market By CA S K Verma The Narendra Modi-led Government should come up with a detailed medium-to-long term policy to remove “tax anomalies” that hinder the growth of the Indian debt markets, said SEBI Chairman, U K Sinha.
Market may open higher on firm Asian stocks By CA Ojas Aggarwal The market may open higher on firm Asian stocks. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could gain 10 points at the opening bell.
Sensex gains 161 points on good buying By CA Atul Gupta The BSE Sensex on Monday continued to gain on the back of short covering amid volatility with buying in frontline shares of oil & gas, health care, realty, consumer durable and teck counters in late morning trade.
Taxation of intermediarys services By CA Manu T George The place of provision of service rules will determine the place where the services shall be deemed to be provided. It’s taxability will be determined based on the location of its provision.
Businesses leaving for AP, tax base eroding, says Telangana By CA Rashmi Sharma Telangana government has claimed that an exodus of businesses to Andhra Pradesh is underway after the new state came into existence in June this year, and there would be a significant erosion of the tax base once Hyderabad ceases to be the common capital.
Unique IDs to track house tax payments By CA S K Verma Soon property owners in the city will get a unique ID and password each to keep track of property tax paid by them. The scheme, conceptualized by the MCG, will also help the corporation keep tabs on the amount of property tax generated, officials said.
ICAI launches ‘cloud campus’ for students By CA Andrew F Thomas The Institute of Chartered Accountants of India (ICAI) has launched ‘cloud campus’ — the next generation interactive online learning programmes — to enable students from anywhere across the world to pursue CA
National Convention for CA Students at Jaipur on June 26-27, 2014. By CA Manu T George Students are invited to contribute papers for presentation (1500 to 2000 words) for topics in Technical -Sessions and submit for approval a soft copy of the Paper at Jaipur@icai.in by 7th June 2014 and a hard copy of the same along with tudent's Photograph
National Convention for CA Students at Indore on July 12-13, 2014. By CA Nilesh Sahu Students are invited to contribute papers for presentation (1500-2000 words) for topics in technical session and submit for approval a soft copy of the paper at firstname.lastname@example.org with a copy to email@example.com by 30th June, 14 and a hard copy of the same along with student's photograph
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 seeks corrections to Public Private Partnership model By CA Ojas Aggarwal The Institute of Cost Accountants of India (ICAI), in association with the International School of Business, Hyderabad, is conducting a joint study and it will recommend to the government to incorporate certain corrections in the Public Private Partnership (PPP) model of investments.
Special Examinations under MRAs / MOUs By CA Ojas Aggarwal Special Examination for Members of Foreign Accounting Bodies with whom the ICAI had entered into Mutual Recognition Agreement (MRA) / Memorandum of Understanding (MoU)
Auditing Special Purpose Frameworks: Auditing Investments By CA Manu T George Auditing investments requires understanding applicable standards in the reporting framework selected by management of an entity, just as it is with auditing procedures in other major financial statement classifications.
AUDIT UNDER SECTION 142(2A) OF INCOME TAX ACT, 1961 By CA Rashmi Sharma Of late there has been demand for increased public scrutiny of accounts in spite of statutory audit. Enron and other cases abroad and Satyam’s case in India have highlighted the need and necessity to have controls
CAs attend seminar revised tax audit report By CA Andrew F Thomas The Chandigarh branch of The Institute of Chartered Accountants (ICAI) organised a seminar on Revised Tax Audit Report and Wealth Tax Act, 1957, on Sunday. The seminar was attended by many CAs.
Seeks to amend notification No.12/2012-Cus dated 17.3.2012 By CA Andrew F Thomas In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India,
RBI-Auction of State Government Securities By CA S K Verma The auction will be conducted on the Reserve Bank of India Core banking Solution (E-Kuber) system on September 23, 2014 (Tuesday). The Government Stock up to 10 % of the notified amount of the sale of each of the stock will be allotted to eligible individuals and institutions
At realty fair, luxury shares space with budget housing By CA Ojas Aggarwal The 10th edition of Gujarat Institute of Housing and Estate Developers (GIHED) property festival began on Friday with 600 residential and commercial properties on display at Gujarat University convention centre.
Five reasons why FIIs are low on Budget, high on D-Street By CA Andrew F Thomas The Government of India presented its first Union Budget 2014 last week under the administration of Prime Minister Narendra Modi, which left most of foreign institutional investors (FIIs) longing for more from Arun Jaitley.
Budget session 2014: Few disruptions, more debate By CA Rashmi Sharma The Budget session of Parliament, the first of the Narendra Modi government, ended on Thursday reflecting the changed political reality with fewer disruptions and adjournments, and more debates and discussions unlike in the recent past.
Appointment of officers in various Directorates By CA Atul Gupta In exercise of the powers conferred by clause (b) of section 2 of the Central Excise Act, 1944 (1 of 1944), read with clause (55) of section 65B of the Finance Act, 1994 (32 of 1994), rule 3 of the Central Excise Rules, 2002 and rule 3 of the Service Tax Rules, 1994 and in supercession of the notification No. 46/98-SERVICE TAX
POINT OF TAXATION FOR SPECIFIED SERVICES By CA Ojas Aggarwal Notification No. 25/2011-ST, dated 31.3.2011 Rule 7 had been replaced by a new provision whereby the point of taxation shall be the date of making or receiving the payment, as the case may be. This provision shall apply to the following:
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
22 Opening Accounts & Finance Executive By CA Nilesh Sahu Salary:INR 3,75,000 - 8,00,000 P.A Farea: Accounts, Finance, Tax, Company Secretary, Audit Education: UG - Any Graduate - Any Specialization, Graduation Not Required
India urges all nations to join tax information pact By CA Andrew F Thomas Welcoming the G20 pact on exchange of information to curb tax evasion, India on Monday urged all nations to join the pact but expressed reservations about the mandatory arbitration in the Mutual Agreement Procedure
New trends in tax evasion under CBDT lens By CA Rashmi Sharma Tax authorities are planning to look more actively into suspicious transaction reports (STRs) that provide information on dubious funds as they step up efforts against the menace of black money.
Service taxes set to get a big infrastructure bump By CA Rashmi Sharma The service tax net will be cast wider soon to include a wide range of construction-related services, which are currently exempt as “infrastructure services” and form more than a third of the country’s Rs 4.5-lakh-crore construction sector.
Govt to tweak GST Bill, with petro products in ambit By CA Andrew F Thomas The government is planning to reintroduce the Constitution (115th Amendment) Bill for Goods and Services Tax (GST) in the winter session of Parliament with some significant changes from a previous version that lapsed: Petroleum
Service tax might push school fees up By CA S K Verma School fees are likely to rise further if the institutions pass on the 12.36% service tax burden charged by third parties that provide content aids to schools.
Customs duty regime needs to be friendlier By CA Ojas Aggarwal Several global business heads, including Honda, Vodafone and BP India, have recently spoken about the burdensome nature of tax laws in India that have delayed and discouraged further foreign investment into India.
GST implementation from April 2016 feasible By CA Manu T George As negotiations with states on GST enter a critical stage, the Centre is looking forward to implementation of the new indirect tax regime from April 1, 2016.
I-T to look into credit history, loan repayment pattern of taxpayers By CA Andrew F Thomas To recover maximum tax arrears with the optimum use of manpower, the income-tax department has decided to look into the credit history and loan repayment pattern of taxpayers and prioritise cases for recovery of past dues based on a defaulter’s ability to pay.