How to file income tax returns for six years & claim refund By CA Mayank Jain You are required to file your income tax return in case your gross total income exceeds the amount of the basic exemption limit. You can file your return of income for claiming refund of taxes even if your income does not exceed
Income-tax (Ninth Amendment) Rules, 2015 By CA Manu T George In exercise of the powers conferred by section 295 read with sub-clause (viii) of Explanation to sub-section (2) of section 288 of the Income-tax Act, 1961 (43
of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-
How new income tax returns forms will simplify your tax life By CA Mayank Jain The government on Tuesday notified the new income tax returns forms. As per the new norms, an individual or HUF who does not have capital gains, income from business/profession or foreign asset/foreign income can file a shorter version of ITR2, i.e. ITR 2A.
Income-tax (8th Amendment) Rules, 2015 By CA Rashmi Sharma In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following
VAT collections save the day By CA Ojas Aggarwal Despite the cash deficit of over Rs 4,000 crore that the AAP government was facing, it has presented a surplus Budget for Delhi claiming that a surge in VAT collections has helped it overcome the financial crunch in the current financial year.
State mulls raising VAT to fill coffers By CA Ojas Aggarwal With state finances in a precarious condition, the state finance department wants to increase Value Added Tax (VAT) to shore up its revenue.
Excise dept to formulate friendly policies for VAT dealers By CA S K Verma Excise and taxation department would be formulating friendly policies for Value Added Tax (VAT) dealers to ensure that working becomes hassle free and more transparent there by resulting in increased revenue for the government as well.
Greece's proposals target VAT, retirement, taxes: Reports By CA Ojas Aggarwal Greece's latest proposals to reach a debt deal with its creditors are focused on VAT rates, early retirement measures and tax increases, which aim to cover a good part of the country's budgetary gap, Greek press reported Monday.
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.
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.
Absence of government hit tax collection says Delhi FM By CA Ojas Aggarwal The Aam Aadmi Party government on Thursday presented a `41,129 crore budget, including `19,000 crore for planned expenditure for the 2015-16 fiscal for Delhi. Of this, `4,570 crore has been earmarked for the education sector under the plan head.
Govt opens plan to boost cashless economy, tackle tax fraud By CA Manu T George India has unveiled plans to cut transaction costs for electronic payments, to spur retailers and consumers to use less cash, as part of Prime Minister Narendra Modi's drive to pull more people into the formal economy and boost public revenue.
Deal firmly with illegal charity: CBDT to IT dept By CA Ojas Aggarwal A taxman should dig out solid proof against “black sheep” entities in the country who claim illegal income tax exemptions from the government in lieu of doing charity, the Central Board of Direct Taxes (CBDT) told the income-tax (I-T) department.
RBI-Non-Banking Financial Companies By CA Atul Gupta The Reserve Bank of India is entrusted with the responsibility of regulating and supervising the Non-Banking Financial Companies by virtue of powers vested in Chapter III B of the Reserve Bank of India Act, 1934. The regulatory and supervisory objective, is to:
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.
ICAI proposes changes in CPT syllabus By CA Manu T George The Institute of Chartered Accountants of India (ICAI) proposes changes in syllabus for Common Proficiency Test (CPT) which will be introduced in 2016, according to Manoj Fadnis, president of ICAI.
ICAI proposes changes in CA course syllabus By CA Devender Singh English proficiency test and general economics will be part of syllabus for the common proficiency test (CPT), the first of three examinations of Chartered Accountant Course.
Finmin Notifies New ITR Forms By CA Rashmi Sharma The income tax department has notified the new set of return forms, including a three-page simplified one, for taxpayers to file their returns for assessment year 2015-16.
CBDT Notifies New, Simplified ITR Forms By CA Atul Gupta After getting severe criticism for seeking numerous additional details, the Income Tax department on Tuesday notified the new set of ITR forms, including a three-page simplified one, for taxpayers to file their returns for assessment year 2015-16.
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 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.
Income from sale of property subject to capital gains tax By CA Andrew F Thomas I am a non-resident Indian (NRI) and want to purchase property in India. Later on, if I want to sell the property, how will this transaction be taxed? Is the way to save on long-term capital gains (LTCG) the same as that for a resident Indian?
ACB seeks govt nod to probe sales tax joint commissioner By CA Andrew F Thomas The Maharashtra Anti-Corruption Bureau has sent a proposal to the state government seeking permission to initiate a disproportionate assets investigation against former Mumbai Sales Tax Joint commissioner Ramdas Shinde, who was trapped and arrested while accepting a bribe of Rs 20 lakh in May this year along with his ‘agent’.
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
Taxman Launches Online Tax Calculator to File ITR By CA Devender Singh Seeking to allay concerns of taxpayers, CBDT has asked them not to get terrorised by threats of their cases being wilfully chosen for "scrutiny" by the taxman as the procedure is fully electronic and devoid of any human intervention.
Working to make life easy for taxpayers: CBDT By CA S K Verma The Central Board of Direct Taxes (CBDT) is working to create an atmosphere where a taxpayer’s life becomes so “easy” that they are never compelled to visit an income tax department office
All Income Tax refunds to be put directly in bank accounts: CBDT By CA Ojas Aggarwal In a step that would bring delight to taxpayers, the Income Tax department has put in motion a new plan which will ensure that any refund on tax paid is safely deposited in their personal bank account as soon as it is processed and released.
CBDT working towards making tax payment hassle free By CA S K Verma The CBDT is working to create an atmosphere where a taxpayer's life becomes so "easy" that they are never compelled to visit an I-T department office and the hassle in paying taxes is "eliminated totally", its chief has said.
CBDT to examine proposal to tax reimbursements By CA Ojas Aggarwal Central Board of Direct Taxation is mulling a proposal to tax reimbursements and allowance components in the salary. CBDT believes that reimbursements and perks are given to employees to reduce the taxable income.
Goods And Service Tax As Proposed By CA Nilesh Sahu We are going to have a dual GST model. The Center and the States both, will levy GST on supply of goods and services. On Supply of goods and services in the course of Inter-state only Center will levy and collect taxes (IGST)
New transfer pricing law aims to counter tax planning By CA Devender Singh Tax avoidance can be defined as aggressive tax-planning strategies and structures by multinational companies that take advantage of the gaps or mismatches in tax rules to shift profits to low-tax locations.
Bid to simplify transfer pricing maths By CA S K Verma To reduce disputes on transfer pricing, the Central Board of Direct Taxes (CBDT) has proposed to remove practical difficulties companies face while valuing transactions between related entities for taxation.
Regarding Appointment of Common Adjudicating Authority By CA Andrew F Thomas Reference is invited to Notification No 60/2015-Customs (N.T.), dated 04.06.2015 whereby the power to appoint common adjudicating authority in cases investigated by DRI upto the level of Commissioner of Customs have been delegated to Principal Director General of Directorate of Revenue Intelligence in terms of section 152 of the Customs Act, 1962.
A Taylor Swift Moment for Mergers and Acquisitions By CA Rashmi Sharma The health insurer Cigna brushed off a $47 billion merger proposal from its rival Anthem on Sunday just as the pipeline operator Williams Companies was doing the same to a $53 billion approach from Energy Transfer Equity.
Interest on refund allowed even if law is silent By CA Ojas Aggarwal In the instant case, Indian Petro Chemicals Ltd. (“the Assessee”or “the Respondent”) was allowed refund of the tax amount by the Appellate Authority. However, as the interest was not awarded on such refund of the tax amount, the Assessee preferred second appeal before the Hon’ble Tribunal.
I-T dept won’t verify foreign asset disclosures By CA Atul Gupta The income tax (I-T) department will take for granted the disclosures of hidden overseas wealth during the limited compliance period to be announced early this week under the new black money law.
Relaxation of tax structure sought By CA Devender Singh Professionals in the construction sector fear that ‘Housing for All’ may fizzle out like ‘Affordable Housing’ which never took off in Mysuru due to various factors.