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News Headlines   RSS Feeds
 How to file income-tax returns online
By CA S K Verma
Most of us are so busy in our daily activities that we hardly get time to take care of our finances. We also find it difficult to submit our income-tax returns before the due date.
 How Income Tax Returns Are Scrutinised
By CA Manu T George
Finance Minister Arun Jaitley on Friday said that fear of scrutiny by income tax authorities is not an excuse for not paying taxes. A tax non-compliant person can't say that paying tax would invite further headaches, Mr Jaitley said.
 All About New Income Disclosure Scheme to make Demonetisation successful
By CA Mayank Jain
Proposed Salient Features of Pradhan Mantri Garib Kalyan Yojna, 2016 for disclosing #blackmoney held as #cashor deposits
 Your deposit may draw income tax notice
By CA Manu T George
The taxman may be within his rights to slap notices and demand 60% tax on all cash deposits made in banks since April this year as recent amendments to the Income Tax Act do not specify any threshold for scrutiny on cash deposits, say industry experts.
 Accepting payment under IDS 2016
By CA Nilesh Sahu
Kindly refer to the appended self-explanatory email from Reserve Bank of India and Central Board of Direct Taxes on accepting payment under IDS 2016.
 New disclosure scheme could see 50% tax and 4-year limit on cash use for unaccounted deposits
By CA Nilesh Sahu
The government is likely to introduce an amendment to the income-tax law early next week under which people voluntarily depositing cash that can't be accounted for in banks will face a tax of 50% and have a fourth of the total locked in a zero-interest instrument for four years.
 Pay 50% tax on unaccounted deposits, or 85% if caught, says Modi government
By CA S K Verma
Providing a window to black money holders, the government today proposed to levy a total tax, penalty and surcharge of 50 per cent on the amount deposited post demonetisation while higher taxes and stiffer penalty of up to 85 per cent await those who don't disclose but are caught.
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Continuing Prof. Edu.   RSS Feeds
 Issues in international Taxation & Demonetization of Currency – Overview & Impact (INTERNATIONAL TAXATION)
By CA Nilesh Sahu
Place: KARNAL BRANCH OF NIRC Date: 03-12-2016 – To: 03-12-2016 CPE.Hrs.: 3
 Seminar on Goods & Service Tax (INDIRECT TAXES)
By CA Devender Singh
Place: HIMACHAL PRADESH BRANCH OF NIRC Date: 03-12-2016 – To: 03-12-2016 CPE.Hrs.: 6
  Programme on Accounting of Cooperative Societies (ACCOUNTING AND AUDITING)
By CA Atul Gupta
Place: Indraprastha Study Circle of NIRC Date: 02-12-2016 – To: 02-12-2016 CPE.Hrs.: 3
 Seminar on Issues under GST and Foreign Trade Policy INDIRECT TAXES
By CA Mayank Jain
Place: AMRITSAR BRANCH OF NIRC Date: 30-11-2016 – To: 30-11-2016 CPE.Hrs.: 6
 Demonetisation Of Currency And Notice U/s 148 (Direct Taxes)
By CA Atul Gupta
Place: Pusa Road CPE Study Circle of NIRC Date: 28-11-2016 – To: 28-11-2016 CPE.Hrs.: 5
  Seminar on Post IDS Survey & Search Scenario & Demonetization of high value currency notes (DIRECT TAXES)
By CA Mayank Jain
Place: LUDHIANA BRANCH OF NIRC Date: 26-11-2016 – To: 26-11-2016 CPE.Hrs.: 6
  Seminar on Post IDS Survey & Search Scenario & Demonetization of high value currency notes (DIRECT TAXES)
By CA Mayank Jain
Place: LUDHIANA BRANCH OF NIRC Date: 26-11-2016 – To: 26-11-2016 CPE.Hrs.: 6
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VAT (Value Added Tax)   RSS Feeds
 Cases of VAT overcharging flood consumer forum
By CA Andrew F Thomas
As UT turns a blind eye on retailers charging VAT on MRP in the name of discount, consumer courts continue to flood with such cases.
 State seeks relief from Centre
By CA Atul Gupta
With its tax revenue plunging to a new low post-demonetisation, the already cash-stressed Punjab Government has demanded compensation from the Centre.
 Flat rate VAT changes for small businesses explained
By CA Andrew F Thomas
This will affect businesses that use the VAT Flat Rate Scheme but which spend very little on raw materials - such as firms providing services.
 Cenvat Credit Of Additional Duties Of Customs [Cvd] On Imported Coal
By CA S K Verma
The imported coking coal suffers two types of duties at the time of import as customs duties.
 Excise Dept puts VAT refund on fast track
By CA Nilesh Sahu
The Punjab Excise and Taxation Department has expedited the issuance of value added tax (VAT) refunds to traders and industrialists in the state.
 Consumer fora receive 18 VAT plaints
By CA Devender Singh
More and more complaints against retailers for charging excessive VAT (Value added tax) or charging VAT on discounted items are being filed at the district consumer fora. Today, 11 cases were filed against Numero Uno while five cases were filed against Park Avenue. Two other cases were filed against Color Plus.
 Appointment of Assistant VATO - F.3(14)/Fin(Rev-I)2012-13/DSVI/334
By CA Rashmi Sharma
In exercise of the power conferred by clause (a) of sub-section (2) of section 66 of the Delhi Value Added Tax Act, 2004 (Delhi Act 3 of 2005), read with rule 47 of the Delhi Value Added Tax Rules, 2005,
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Markets   RSS Feeds
 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.
 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
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General   RSS Feeds
  Withdrawal of Legal Tender Character of the existing Bank Notes in the denominations of ₹ 500/- and ₹ 1000/- (Updated as on November 30, 2016)
By CA Manu T George
The incidence of fake Indian currency notes in higher denomination has increased. For ordinary persons, the fake notes look similar to genuine notes, even though no security feature has been copied. The fake notes are used for antinational and illegal activities.
 Cases for tax scrutiny will be selected by machines
By CA Manu T George
The public need not worry about harassment from Income Tax officials as their discretionary powers in the scrutiny of cases are limited, according to a senior finance ministry official.
 Time to revisit 1997 direct tax rates, says P Chidambaram
By CA Ojas Aggarwal
Former Finance Minister P Chidambaram on Monday strongly favoured a downward change in the direct tax rates that came into effect in 1997, The Economic Times quoted him as saying in a series of tweets.
 Lok Sabha passes Bill to tax black money deposits post demonetisation
By CA Mayank Jain
Amid din, Lok Sabha passed, within minutes and without any discussion, a bill that seeks to tax money deposited in banks post demonetisation,
 Last day to pay property tax with old notes
By CA Rashmi Sharma
The property tax department of the Pimpri Chinchwad Municipal Corporation has earned nearly Rs 34 crore in property tax and arrears in the last 12 days.
 Income tax department asks IDS declarants to pay tax by 30 November
By CA Mayank Jain
With the last date for payment of tax instalment under Income Disclosure Scheme (IDS) drawing close,
 Why PM Narendra Modi must beware of the breathtaking Arthakranti tax
By CA Ojas Aggarwal
Though the demonetisation of the 500- and 1,000-rupee notes is widely credited to the Pune-based Arthakranti Prathishthan, the think-tank seems to be distancing itself from the move.
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Corporate Law   RSS Feeds
 Tax Tribunal issues order against a law firm for forum shopping
By CA Andrew F Thomas
In an unprecedented order, a tax tribunal has barred cases and appeals filed by a law firm from being heard by any bench headed by one of its judicial members.
 Input Tax Credit under the GST Law
By CA Mayank Jain
Before understanding the Input tax credit under GST Law it is essential to understand the changes made in earlier Law i.e. CENVAT under Rule , 2004 to the new law.
 Tax Return Preparer Under Model ‘gst’ Law
By CA Andrew F Thomas
Section 34(1) of the model Goods and Services Tax Act, 2016 (‘Act’ for short) provides that the appropriate Government may prescribe the manner of approval of Tax Return preparers,
 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 countrys 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 (Auditors Report) Order, 2016 (Order for short) in supersession of the Companies (Auditors Report) Order, 2015.
 Decision to amend Income Tax law retrospectively regrettable
By CA Andrew F Thomas
The then Finance Minister Pranab Mukherjees 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.
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Students   RSS Feeds
  The Chartered Accountants’ Students Benevolent Fund (CASBF)
By CA Andrew F Thomas
The Board of Trustees has decided to provide financial assistance of Rs. 1500/- p.m, for articled assistants who are registered for Intermediate (IPC)/IPCC course and Rs. 2000/- P.M.
 Admit Cards for Intermediate (IPC) and Final November 2016 Examination
By CA Manu T George
Admit cards in respect of candidates admitted to the Intermediate (IPC) and Final November 2016 examination, with their photographs and signatures on them, are hosted on icaiexam.icai.org
  Examination dates of Certificate course on Forex and Treasury Management conducted by Committee on Financial Markets and Investors Protection on 19th and 20th November ,2016
By CA S K Verma
All Candidates are mandatorily required to fill the examination form for confirming their presence on the scheduled examination dates by visiting:
  Upcoming batches of Certificate course on Forex and Treasury Management in Noida, Mumbai, Bangalore, Hyderabad on 5th Nov,2016 and in Kolkata on 26th Nov, 2016.
By CA Ojas Aggarwal
The Committee on Financial Markets and Investors' Protection of ICAI announced batches of Certificate Course on Forex
  Applicability of Standards/Guidance Notes/Legislative Amendments etc. for November, 2016 Intermediate (IPC) Examination
By CA Andrew F Thomas
Applicability of the Companies Act, 2013 and other Legislative Amendments for Paper 1 and Paper 5 : The relevant notified Sections of the Companies Act, 2013
 CA Students participation in Institute Programmes for 5 hours
By CA Rashmi Sharma
The Council of the Institute has decided to implement a minimum of 5 hours (1 day) participation, in a year, w.e.f. 1st July, 2016 on recommendatory basis in various Institutes programmes organized
 Applicability of Standards/Guidance Notes/Legislative Amendments etc. for November, 2016 Intermediate (IPC) Examination
By CA Andrew F Thomas
The Negotiable Instruments (Amendment) Act, 2015:The Negotiable Instruments (Amendment) Act, 2015 received the assent of the president on 26th December, 2015
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New Forms   RSS Feeds
  Form DVAT 01 - Application For Opting For Composition Scheme by a dealer registered
By CA Devender Singh
Instructions for dealers opting for composition scheme (For details refer section 16 of the Act and Rule 5 of these rules)
 Requirement of item wise details in Forms Annexure - 2A, Annexure - 2B, DVAT- 30 and DVAT 31
By CA Manu T George
Requirement of item wise details in Forms Annexure - 2A, Annexure - 2B, DVAT- 30 and DVAT 31
 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
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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
 Guidance Note on Reports in Company Prospectuses (Revised 2016) issued by the Auditing and Assurance Standards Board
By CA Andrew F Thomas
All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted,
 President's Message - December 2016
By CA Rashmi Sharma
Indian accountancy profession has been acting responsibly offering its Complete support to the Government of India in its initiatives,
 Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 6
By CA Andrew F Thomas
Ind AS Transition Facilitation Group' (ITFG) of Ind AS (IFRS) Implementation Committee has been constituted for providing clarifications on timely basis
 Announcement regarding registration as an Insolvency Professional with the Indian Institute of Insolvency Professionals of ICAI
By CA Rashmi Sharma
The Indian Institute of Insolvency professionals of ICAI (IIIPI), a section 8 Company formed by the Institute of Chartered Accountants of India to enroll and regulate insolvency professionals as its members in accordance with the Insolvency and Bankruptcy Code 2016 and read with regulations.
 CPE Events 28th November - 3th November 2016
By CA Andrew F Thomas
CPE Events 28th November - 3th November 2016
 Admit Cards for CPT December 2016 Examination
By CA Mayank Jain
Admit cards in respect of candidates admitted to the CPT December 2016 examination, with their photographs and signatures on them, are hosted on icaiexam.icai.org
 Application Form for the Information Systems Audit (ISA) Assessment Test - December, 2016 [Last Date - 7th December, 2016]
By CA Atul Gupta
Application Form for the Information Systems Audit (ISA) Assessment Test - December, 2016 [Last Date - 7th December, 2016]
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From the Courts   RSS Feeds
  Vatsala Shenoy vs. JCIT (Supreme Court)
By CA Nilesh Sahu
S. 50B: Important law explained on what constitutes a "slump sale" and whether capital gains on liquidation of a firm are chargeable to tax
  Vatsala Shenoy vs. JCIT (Supreme Court)
By CA Devender Singh
S. 50B: Important law explained on what constitutes a "slump sale" and whether capital gains on liquidation of a firm are chargeable to tax
 M.K.Overseas Pvt. Ltd. Vs. Pr.Commissioner Of Income Tax-06
By CA Ojas Aggarwal
The assessee, one of the petitioners, M.K. Overseas Pvt. Ltd., Director and other associates
 Arshia Ahmed Qureshi Vs. Pr. Commissioner Of Income Tax-21
By CA Atul Gupta
Appearance: Mr. Jayant K. Mehta with Mr. Saurabh Dev Karan Singh and Mr. Shaurya Kuthiala, Advocates for petitioners in all matters.
 CHAUDHARY SKIN TRADING COMPANY Vs. PR. COMMISSIONER OF INCOME TAX-21
By CA Mayank Jain
In this batch of writ petitions, the orders made by the revenue, i.e., Principal Commissioner of Income Tax under Section 127 have been challenged.
  Sushila Devi vs. CIT (Delhi High Court)
By CA Manu T George
Strictures: Department's recalcitrance to release the assessee's seized jewellery, even though it is so small as to constitute "stridhan" and even though no addition was sustained in the assessee's hands, is not "mere inaction" but is one of "deliberate harassment"
  Vatsala Shenoy vs. JCIT (Supreme Court)
By CA Rashmi Sharma
S. 50B: Important law explained on what constitutes a "slump sale" and whether capital gains on liquidation of a firm are chargeable to tax
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Auditing   RSS Feeds
 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.
 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-External Commercial Borrowings (ECB)
By CA Ojas Aggarwal
These FAQs attempt to put in place the common queries that users have on the subject in easy to understand language.
 Issuance of 28 days Cash Management Bills under Market Stabilisation Scheme (MSS)
By CA Atul Gupta
The Reserve Bank of India has announced the auction of the 28 days Government of India Cash Management Bills for a notified amount of ₹ 20,000 crore today, December 02, 2016
 Withdrawal of Legal Tender Character of the existing Bank Notes in the denominations of ₹ 500/- and ₹ 1000/- (Updated as on November 30, 2016)
By CA S K Verma
The incidence of fake Indian currency notes in higher denomination has increased. For ordinary persons, the fake notes look similar to genuine notes, even though no security feature has been copied.
 All You wanted to know from RBI about: Withdrawal of Legal Tender Status of ₹ 500 and ₹ 1000 Notes
By CA Ojas Aggarwal
All You wanted to know from RBI about: Withdrawal of Legal Tender Status of ₹ 500 and ₹ 1000 Notes
 Deposit of Specified Bank Notes (SBNs) – Chest Balance Limit / Cash Holding Limit
By CA Devender Singh
Please refer to our circular. DCM (CC) No. 2598/03.02.05/2009-10 dated October 27, 2009, which inter alia stated that the balance in a currency chest, exceeding the Chest Balance Limit / Cash Holding Limit will be deemed to be bank’s own cash, not allowing for inter-chest fungibility.
 Withdrawal of Legal Tender status of banknotes of ₹ 500 and ₹ 1000: Activity at Banks during November 10-27, 2016
By CA S K Verma
Consequent to the announcement of withdrawal of legal tender status of banknotes of ₹ 500 and ₹ 1000 denominations from the midnight of November 8, 2016,
 Reserve Bank of India Act, 1934 – Section 42(1A) Requirement for maintaining additional CRR
By CA Devender Singh
In exercise of the powers conferred by sub-section (1A) of Section 42 of the Reserve Bank of India Act, 1934, the Reserve Bank of India hereby directs that all Scheduled Commercial Banks/ Regional Rural Banks
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Budget Extravaganza   RSS Feeds
 With demonetisation inducing tax compliance will PM Modi cut tax rates in Budget 2017?
By CA S K Verma
After years of watching cash being hoarded and the vulgar consumption of hoarders, the public is gleeful. Stashes in underground storerooms, suitcases and mattresses have become worthless overnight— deserving punishment and a remarkable exercise of powers by the government.
 State plan budget utilisation in Odisha
By CA Devender Singh
The State Plan budget utilization up to October has registred around 46 per cent of the budget provision which is an increase by 18.37 per cent compared to the utilization during 2015-16.
 Maharashtra wants budget advanced to February
By CA S K Verma
The BJP-led Maharashtra government is considering a proposal to advance its annual budget by a month and present it in early February,
 Coastal economic zones may get 10-year tax exemption in next Budget
By CA Manu T George
India’s first coastal economic zones (CEZs) could finally take some concrete shape, with the likely announcement in the Union Budget for 2017-18 to give units in these areas a 10-year holiday from corporation tax. However, there could be a rider these units must generate a specific threshold of direct jobs.
 Why advancing the Union Budget date may not make much difference
By CA Ojas Aggarwal
It is human to follow structures and processes as inherited. “No questions asked” is a comfortable position. These statements are true in relation to the functioning of the government where status quo is the norm.
 Govt keen 2017-18 budget should not clash with polls: Arun Jaitley
By CA Ojas Aggarwal
Having decided to advance the budget presentation, the government is keen that it is not presented in the middle of Assembly elections in five states, said Finance Minister Arun Jaitley.
 Finance Ministry seeks industry suggestions on taxation for Budget
By CA Ojas Aggarwal
Gearing up for early presentation of Union Budget 2017-18, the Finance Ministry has asked industry and trade bodies to start sending suggestions on taxation and other fiscal issues.
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Sales Tax   RSS Feeds
 Sales tax staff protest against goods service tax council
By CA S K Verma
The sales tax employees in Aurangabad joined the state-wide pen-down strike to register their protest against alleged unfair policies of the Goods Service Tax (GST) Council.
 Income tax survey on city jeweller
By CA Atul Gupta
The investigation wing of the Income Tax Department, Ludhiana, conducted an income tax (I-T) survey on Nikka Mal Jewellers in Lajpat Nagar market here today.
 Service tax levy to weigh on upstream companies’ earnings
By CA Rashmi Sharma
ET Intelligence Group: There seems to be no end to ‘taxing’ woes of upstream oil companies such as Oil and Natural Gas Corporation (ONGC), Oil India and Cairn India.
 5 pc tax on online sales awaits Cabinet approval
By CA Andrew F Thomas
Though the state Excise and Taxation Department has proposed a 5 per cent entry tax on online sales and also finalised rules for levy of tax, it may take some time as the Cabinet has to take a final call.
 Amendment to Additional Sales Tax Act unconstitutional: High Court
By CA Mayank Jain
The Madras High Court Bench here has declared unconstitutional the inclusion of Explanation V to Section 2(1)(aa) of the Tamil Nadu Additional Sales Tax Act, 1970,
 Maharashtra will soon achieve Rs one lakh cr sales tax : CM Devendra Fadnavis
By CA Manu T George
Maharashtra is all set to achieve its ambitious target of Rs 93,000 crore through sales tax collection in the year 2016-17. At the sales tax annual day on Saturday,
 CBEC chief bats for minimal exemptions for India Inc under GST
By CA Nilesh Sahu
The Chairman of the Central Board of Excise and Customs (CBEC) Najib Shah is batting for minimal exemptions for Corporate India under the GST regime.
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Forex   RSS Feeds
 Perils of an ad hoc forex policy
By CA Nilesh Sahu
In a speech that he gave last month at the International Monetary Fund, the Reserve Bank of India (RBI) Governor,
 Rupee depreciated by 17 paise to Rs 45.62 a dollar in early trade
By CA Andrew F Thomas
The rupee depreciated by 17 paise to Rs 45.62 a dollar in early trade today following weak domestic equity markets
 Rupee strengthened by 7 paise against dollar
By CA Devender Singh
The rupee strengthened by 7 paise to Rs 45.35 a dollar in early trade today on weakness in the US currency against major world currencies
 Rupee up by 4 paise against dollar in early trade
By CA Nilesh Sahu
The rupee strengthened by 4 paise to Rs 45.48 against the US dollar in early trade at the Interbank Foreign Exchange today
 Rupee falls by 18 paise at 4-week low against dollar
By CA Manu T George
The rupee today fell by 18 paise to trade at a four-week low of Rs 45.54 against the US currency in early trade, weighed down by dollar's gains against the major world currencies
 Rupee drops on weak shares; inflation eyed
By CA Nilesh Sahu
The Indian rupee fell on Friday tracking losses in local shares, which raised worries of foreign investors continuing to pull out funds from Asia's third-largest economy
 Rupee raises 6 paise against dollar in early trade
By CA Rashmi Sharma
The Rupee appreciated by 6 paise to Rs 45.07 a dollar at the Interbank Foreign Exchange market today, boosted by the greenback's weakness against euro and other major currencies
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ITAT-Constitution of Benches   RSS Feeds
 Income Tax Appellate Tribunal New Delhi Benches New Delhi The Revised Constitution of Delhi Benches from 28/11/2016 To 01/12/2016
By CA Rashmi Sharma
Income Tax Appellate Tribunal New Delhi Benches New Delhi The Revised Constitution of Delhi Benches from 28/11/2016 To 01/12/2016
 Income Tax Appellate Tribunal Mumbai Benches Mumbai Statement showing The List of Special Bench Cases Pending for 2016 as on 16/11/2016
By CA Andrew F Thomas
Income Tax Appellate Tribunal Mumbai Benches Mumbai Statement showing The List of Special Bench Cases Pending for 2016 as on 16/11/2016
 Income Tax Appellate Tribunal Mumbai Benches Mumbai list of order ready for pronouncement on 30/11/2016
By CA S K Verma
Income Tax Appellate Tribunal Mumbai Benches Mumbai list of order ready for pronouncement on 30/11/2016
 Income Tax Appellate Tribunal Chennai Benches Chennaj Revised Constitution For The Week From O5/1212016 To O8/12120-16
By CA Ojas Aggarwal
Income Tax Appellate Tribunal Chennai Benches Chennaj Revised Constitution For The Week From O5/1212016 To O8/12120-16
 Income Tax Appellate Tribunal: Vice President’s Secretariat: Hyderabad Constitution Of Hyderabad Benches
By CA Manu T George
Income Tax Appellate Tribunal: Vice President’s Secretariat: Hyderabad Constitution Of Hyderabad Benches
 Income Tax Appellate Tribunal, Visakhapatnam Bench List Of Division Bench Cases Posted Before Shri V.Durga Rao, Hon'ble Judicial Member & Shri G.Manjunatha, Hon'ble Accountant Member During The Period From 21.11.2016 To 09.12.2016
By CA Rashmi Sharma
Income Tax Appellate Tribunal, Visakhapatnam Bench List Of Division Bench Cases Posted Before Shri V.Durga Rao, Hon'ble Judicial Member & Shri G.Manjunatha, Hon'ble Accountant Member During The Period From 21.11.2016 To 09.12.2016
 Income Tax Appellate Tribunal, Mumbai Benches, Mumbai. List Of Division Bench Cases Posted For Hearing From 25.11.2016
By CA S K Verma
Income Tax Appellate Tribunal, Mumbai Benches, Mumbai. List Of Division Bench Cases Posted For Hearing From 25.11.2016
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Placements & Empanelment   RSS Feeds
 New Opening Urgent Opening Qualified Chartered Accountant (CA)
By CA Rashmi Sharma
Salary:INR 2,00,000 - 4,75,000 P.A. as per company norms, Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:CA
  100 Opening Financial Analysts at XL Dynamics India Pvt. Ltd.
By CA Andrew F Thomas
Functional Area:Financial Services , Banking , Investments , Insurance, PG:M.A, M.Com,
 New Opening Professor - Public Financial Management
By CA Rashmi Sharma
Salary:INR Pay scale: 37400 - 67000 + G.P. 10000, Functional Area:Teaching , Education , Training , Counselling
 New Opening Associate Professor - Public Financial Management
By CA Andrew F Thomas
Salary:INR Pay scale: 15600 - 39100 + G.P. 7600, Functional Area:Teaching , Education , Training , Counselling
 New Opening Internal Audit Opportunity- Deloitte India Hyderabad
By CA Manu T George
Salary:INR 3,00,000 - 7,00,000 P.A, Functional Area:Accounts , Finance , Tax , Company Secretary , Audit
 New opening Chartered Accountant - Delhi
By CA Rashmi Sharma
Salary:INR 3,00,000 - 5,00,000 P.A, Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:CA
  100 opening Engineers and Graduates at XL Dynamics India Pvt. Ltd
By CA Devender Singh
Functional Area:Financial Services , Banking , Investments , Insurance,PG:Post Graduation Not Required,
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Direct Tax   RSS Feeds
 No change in gold seizure norms in proposed I-T Law amendments
By CA Rashmi Sharma
There will be no seizure of gold jewellery and ornaments to the extent of existing guidelines during search operations,
 Direct tax collection will get a long-term boost, Franklin Templeton says
By CA Mayank Jain
Franklin Templeton believes that Prime Minister Narendra Modi's demonetisation drive may lead to a long-term boost for India's direct tax collections.
 I-T Act amendments upset calculations of cash hoarders
By CA Manu T George
There was unusual rush at income tax offices in the capital on Tuesday, soon after a bill was passed by Lok Sabha clearing amendments to the Income Tax (I-T) Act+ which proposed enhanced tax liability of 82.5% of the total unaccounted amount.
 Claim tax benefit on costs incurred to evict tenants
By CA Andrew F Thomas
While selling a property, if the owner pays a compensation to evict residents, can he get tax benefit on the amount paid?
 The Integrated Goods And Services Tax Act, 2016
By CA S K Verma
notification in the Official Gazette, appoint, and different dates may be appointed for different provisions of this Act.
 Here’s what Income Tax Department did leading up to demonetisation
By CA Ojas Aggarwal
The sudden demonetisation announcement has come as a jolt to many. But a peek into the past tells us the income tax (I-T) department has been meticulously planning its steps. Consider the timeline of events that preceded demonetisation:
 I-T department asks IDS declarants to pay tax by November 30
By CA Ojas Aggarwal
With the last date for payment of tax instalment under IDS drawing close, the Income Tax Department today warned declarants that non-payment of first instalment by November 30 will make declarations invalid.
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Service Tax   RSS Feeds
 GST Council to discuss model laws, tax jurisdiction today
By CA Mayank Jain
The all-powerful GST Council at its two-day meeting beginning tomorrow will dwell on the issue of jurisdiction over assessees and draft model laws for implementation of the new GST regime from April next year.
 Tax Invoice Under GST
By CA Atul Gupta
As per section 2(60) read with section 23 of Model GST law, ‘tax invoice’ is required to be issued by a registered taxable person showing description of goods and/or services, value, tax
 Insurance may fall under 12% tax slab in GST, from 14% service tax currently
By CA Atul Gupta
Insurance industry is expected to come under the 12 per cent tax slab in the Goods and Services Tax (GST) regime that will be implemented from April 1, 2017. Currently, a service tax of 14 per cent is imposed.
 GST draft makes it must for companies to pass tax benefit to consumers
By CA Atul Gupta
The government has proposed an "anti-profiteering" clause in the revised draft model goods
 To speed passage, Government plans GST Bills as money Bills
By CA S K Verma
The government is considering bringing the three GST-related Bills as money Bills disregarding the Congress’s demand seeking their introduction as financial bills, sources said.
 No service tax on train tickets booked through IRCTC till December 31
By CA Ojas Aggarwal
The railways ministry announced the waiving of service tax charges on online bookings done through the IRCTC website till December 31, 2016, to encourage cashless transactions in the wake of the demonetisation exercise.
 GST Council meet postponed to December
By CA Nilesh Sahu
With several States suggesting changes in the model GST law and compensation formula, the GST Council meeting scheduled for November 25 has been postponed to December 2-3.
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Transfer Pricing   RSS Feeds
 HMRC steps up inquiries into cross-border deals by big business
By CA Nilesh Sahu
Revenue & Customs has ramped up its investigations into multinationals’ cross-border deals, pushing up their potential exposure by 60 per cent to nearly £4bn.
 An Overview of Transfer Pricing in China
By CA Devender Singh
Transfer pricing has fast become one of the standout issues in international taxation. Put simply, the practice concerns the price charged for intercompany transactions between entities in different tax jurisdictions. These transactions can be used to shift funds within a multinational company (MNC),
 South Africa: transfer pricing record-keeping rules finalized
By CA Nilesh Sahu
The South African Revenue Service (SARS), on 28 October, published a final notice (GN 1334) setting out new record-keeping requirements for transfer pricing transactions applicable to years of assessment beginning on or after 1 October, moving South Africa one step closer to having final transfer pricing documentation rules.
 India among the top three nations where transfer pricing policies faced official examination: EY Survey
By CA Devender Singh
Companies will need to become comfortable with sharing more tax data with authorities far and wide. More jurisdictions having unfettered access to more data will lead to heightened focus on transfer pricing and greater risk of controversy.
 Vietnam publishes draft transfer pricing law to combat tax avoidance
By CA Mayank Jain
Vietnam’s Ministry of Finance (MOF) in early October published a draft decree establishing uniform transfer pricing rules, including an expansive definition of “related party transactions”
 New transfer pricing documentation rules and fiscal assessment procedure in Finland
By CA Mayank Jain
The Government issued a bill (HE 142/2016) to Parliament on 15 September 2016 to implement OECD BEPS Action 13 and the amendment to the EU administrative assistance directive concerning the exchange of information via Country-by-Country Reporting.
 India, US resolve tax disputes worth Rs 5,000 crore via APA
By CA S K Verma
India and the US have resolved tax disputes of about R5,000 crore through bilateral advance pricing agreements (APA), the finance ministry said in a statement here on Thursday.
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Customs and Excise   RSS Feeds
  Rate of exchange of conversion of the foreign currency with effect from 21st October, 2016
By CA Nilesh Sahu
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 Excise and Customs No.124/2016-CUSTOMS (N.T.)
 Rate of exchange of conversion of the foreign currency with effect from 21st October, 2016
By CA Devender Singh
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 Excise and Customs No.124/2016-CUSTOMS (N.T.)
 Seeks to amend Notification No. 27/2014-Central Excise
By CA Rashmi Sharma
In exercise of the powers conferred by rule 3 of the Central Excise Rules, 2002, the Central Board of Excise and Customs
 Government doubles limit of excise duty evasion for arrest and prosecution
By CA Devender Singh
The government has doubled the limit of excise duty evasion for arrest and prosecution of accused to Rs 2 crore and also asked officials not to resort to penal provision in cases of technical nature.
 Excise duty evasion limit to warrant arrest revised to Rs 2 crore
By CA S K Verma
The Central Board of Excise and Customs (CBEC) has asked officials not to resort to a penal provision in cases where the additional demand of duty/tax is based on a difference of opinion regarding interpretation of law, in cases of excise duty evasion.
 Guidelines for launching of prosecution in relation to offences punishable under the Customs Act, 1962
By CA S K Verma
Kind reference is invited to prosecution guidelines issued vide Board's Circular No. 27/2015-Customs dated 23.10.2015 on the above mentioned subject.
 GST notification triggers uncertainty over excise duty
By CA Andrew F Thomas
If you bought a car or any other goods over the weekend, you could legally expect a refund of the component that went to pay the excise duty on it,
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Mergers and Acquisitions   RSS Feeds
 What is Triggering the Wave of Mergers & Acquisitions in the Indian Internet Space?
By CA S K Verma
The Indian Internet story in India which is just over a decade old has unfolded itself beyond anyone’s imagination.
 Oil and gas mergers and acquisitions are finally making a comeback
By CA Ojas Aggarwal
Oil and gas players are finally inking new mergers and acquisitions, after nearly two years of moribund deal activity.
  Mergers: Commission approves acquisition of St Jude Medical by Abbott Laboratories, subject to conditions
By CA Nilesh Sahu
The European Commission has approved under the EU Merger Regulation the proposed acquisition of St Jude Medical by Abbott Laboratories, both US based companies that develop and market medical devices. The approval is conditional on Abbott divesting two devices used in cardiovascular treatments.
 Mergers and Acquisitions: What’s Happening in the OFS Industry?
By CA Devender Singh
According to a Deloitte Oil & Gas Mergers and Acquisitions Report, the oilfield equipment and services (or OFS) industry saw some significant mergers and acquisitions (or M&A) in 1H14.
 Mergers: Commission approves acquisition of St Jude Medical by Abbott Laboratories, subject to conditions
By CA Nilesh Sahu
Commissioner Margrethe Vestager, in charge of competition policy, said:“When it comes to the interests of patients and healthcare systems, we have to make sure that prices stay competitive,
 Prediction: These 8 Companies Will Get Bought in 2017
By CA Devender Singh
T-Mobile has been by far the fastest growing U.S. wireless carrier since John Legere took over as CEO in late 2012. Legere’s un-carrier strategy to break with traditional market practices like two year contracts and high roaming fees helped T-Mobile more than double its subscriber base to 69 million.
 Third Quarter Results Show Continued Strength in Mergers and Acquisitions
By CA Andrew F Thomas
Companies in the accounts receivables management and healthcare revenue cycle management sectors continue to buy and sell due to rising delinquent debt levels and healthcare costs.
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Indirect Tax   RSS Feeds
 Indirect tax receipts to see small, brief hit’
By CA Atul Gupta
The Centre expects indirect tax receipts will take a slight hit in the wake of demonetisation, though it may take a month or two to make a more accurate estimate of the impact the move will have on direct and indirect tax collections, a senior Finance Ministry official said.
 There is no tax on interest income of up to Rs3 lakh a year for senior citizens
By CA Devender Singh
My mother is 75 years old and earns about Rs30,000 a month from her savings accounts and fixed deposits? Does she have to file an income tax return? This is her only income. The bank cuts TDS (tax deducted at source) when giving the interest sum.
 Chidambaram favours change in direct tax rates
By CA Atul Gupta
Former Finance Minister P Chidambaram on Monday strongly favoured a downward change in the direct tax rates that came into effect in 1997, The Economic Times quoted him as saying in a series of tweets.
  Further rationalization of revised simplified procedure for fixation of brand rates
By CA Andrew F Thomas
It has been brought to notice of Board that the requirement of original duty paying documents furnished with reference to the claim of drawback being endorsed (defaced)
 Kerala to accept demonetised banknotes for payment of state tax till Nov 24
By CA Ojas Aggarwal
The Kerala government has decided to accept demonetised Rs 500 and Rs 1,000 notes for payment of various taxes, state finance minister Thomas Isaac said on Sunday.
 Centre-state gridlock over GST jurisdiction remains, could threaten tax rollout
By CA Manu T George
Stalemate between the Centre and states over administrative control under the proposed goods and services tax (GST)
 India to levy tax on investments from Cyprus from April 2017
By CA Andrew F Thomas
India and Cyprus have signed the revised tax treaty, along with the protocol, plugging a gap that allowed investments routed through the country to escape tax in India.
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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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