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Deadline to file updated ITR FY20-21 ends on March 31: Details on additional tax By Moshe Pras The deadline for submitting an updated income tax return (ITR) for the financial year 2020-21 is on March 31. The provision allows taxpayers who missed filing their return for the said financial year or failed to report any income to file an updated ITR.
| 4 tax-planning mistakes to avoid this season By Moshe Pras If you look at tax-planning as an isolated exercise, and not an integral part of your overall financial planning, you could end up making costly mistakes, Plan early and plan well, here is how
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| ITR 2024: Here are 8 ways by which senior citizens can save on taxes this year By Sandy Mash For senior citizens, tax savings is not just about reducing their financial burden but also about making smart decisions that ensure their money lasts as long as possible
| Tax-saving investments for senior citizens: Here are 4 ways to maximise your tax savings By Orion M. Financial planning includes tax savings as a key component. A well-thought-out tax planning approach may help people accomplish their financial objectives while also lowering their tax liability.
| 11 ways of tax savings for salaried individuals for FY 2023-24 By M. George There are multiple deductions and exemptions available in the Income-tax Act, 1961 which individuals can take advantage to save taxes on the income earned during FY 2023-24. However, the amount of tax that an individual can save would depend upon two factors- the tax regime chosen and the expenses or the investments made by the individual for claiming the said deductions. It is important to note that no change has been made in the income tax slabs for FY 2024-25 (April 1, 2024-March 31, 2025)in the interim budget 2024.
| How selling equities before March 31 can help you save income tax By Sandy Mash Individual taxpayers do not have to pay income tax on long-term capital gains (LTCG) up to Rs 1 lakh earned on the sale of equity shares or equity-oriented mutual funds. Gains from selling of equity shares and equity oriented MFs is considered long-term if it is sold after holding for 12 months or more.
| Income tax benefits for senior citizens on interest income from savings, fixed deposits explained in eight points By Orion M. Section 80TTB of the Income Tax Act outlines the tax benefits that senior citizens can avail of regarding the interest income they receive from deposits. The Finance Budget 2018 introduced several benefits specifically targeted at senior citizens, one of which is the new provision - Section 80TTB.
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How to calculate income tax on stock market gains along with your salary? By Sandy Mash If listed stock shares are sold after 12 months of acquisition, the seller is said to have either made a long term capital gain (LTCG) or incurred a long term capital loss (LTCL).
| Moonlighting for Additional Income? Know Its Tax Implications By Sandy Mash Moonlighting has become a well-known term after instances of tech professionals from multiple big companies indulging in the same came to light.
| Have you claimed education cess? Be prepared to pay tax as per the new rules By Thomas T. Rucks Education Cess was introduced in Financial Year (FY) 2004-2005 with the aim to finance primary education. Currently, the Health and Education Cess (Cess) stands at 4% of gross tax liability (including surcharge). Taxpayers adopted a position to claim Cess as a deduction from their taxable income, which resulted in a dispute with the Tax Department. As a result, the matter was discussed before the Bombay High Court, which granted a deduction to the taxpayer.
| Reserve Bank - Integrated Ombudsman Scheme, 2021 (RBIOS, 2021) By Jude Marg In exercise of the powers conferred by sub section (1) of Section 11 of the Credit Information Companies (Regulation) Act, 2005, and in partial modification of its notification CEPD. PRD. No. S873/13.01.001/2021-22 dated November 12, 2021, the Reserve Bank of India, being satisfied that it is in public interest to do so, and to provide an avenue for cost free alternate grievance redress to customers of regulated entities covered under the RBIOS 2021
| How is tax computed for selling a house? By Sandy Mash As per the provisions of the Income-tax (I-T) Act 1961, if the actual sale consideration is lower than the stamp duty value by more than 10%, the stamp duty value would be regarded as the deemed sale consideration, for the purpose of calculating such LTCG/L
| How much tax do you pay on equity investments? By Andrew F Thomas Equity as an asset class is an important portion of an investor's portfolio. However, tax rules vary for different types of equity instruments.
| Fuel taxes: Centre s gains striking since FY16 By Orion M. One of the biggest challenges that a taxpayer faces under the faceless taxation regime is to ensure that he is given a fair hearing during the assessment process as well as during the appeals process. Similarly, with electronic centralized processing of tax returns, taxpayers have to often bear the brunt of mistakes, without having adequate opportunity of putting across their views. The other challenge often faced by taxpayers is that tax laws are framed unilaterally, without considering their views. The counter to this by the government and the Income Tax (I-T) department is that during assessment and appeals, taxpayers are given an opportunity to present their case, and that pre-budget and post-budget consultations are held with various bodies to discuss the tax provisions. Is this really effective in practice?
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How to Audit Using Tally Audit Features in TallyPrime? By M. George Audit is an important function of any business organization, it denotes that the business has True and Fair transactions during the year. TallyPrime has an inbuilt feature- Tally Audit which enables the auditor to perform an audit or track changes that affect the integrity of a transaction, such as changes made to Date, Ledger Masters and Amounts in the Voucher are reflected in the Tally Audit Listings.
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IMPORTANT ANNOUNCEMENT By Henry Richards This is in continuation to Important Announcement dated 25th January 2024 in which detailed schedule of May 2024 and June 2024 Examinations were informed.
| Extension of Last Date for Online Empanelment of Members to act as Observers for May/June 2024 Examinations up to 15th March 2024 |
| Empanelment of Members to act as Observers at the Examination Centres for the Chartered Accountants Examinations May/June 2024 By Jude Marg It is proposed to empanel members to act as Observers for the forthcoming MAY/JUNE -2024 Chartered Accountants Examinations scheduled as under:
| Guidance Note on Audit of Banks (2024 Edition) By Raul N Tiem Guidance Note on Audit of Banks (2024 Edition)
| Issuance of SA 800 (Revised), SA 805 (Revised), SA 810 (Revised) By Moshe Pras The Institute of Chartered Accountants of India (ICAI) is issuing the following revised Standards on Auditing (SAs)
| Implementation Guide on Reporting on Audit Trail under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 (Revised 2024 Edition) - (12-02-2024) By Thomas T. Rucks All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form, or by any means, electronic, mechanical, photocopying, recording, or otherwise, without prior permission, in writing, from the publisher.
| Important Announcement for May-June 2024 CA Examinations By Andrew F Thomas In pursuance of Regulation 22 of the Chartered Accountants Regulations, 1988, the Council of the Institute of Chartered Accountants of India is pleased to announce that the next Chartered Accountants Foundation, Intermediate and Final Examinations will be held on the dates and places which are given below provided that sufficient number of candidates offer themselves to appear from each of the below mentioned places.
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NFRA issues Draft Procedure for Submission of Audit Files By Andrew F Thomas The National Financial Reporting Authority (NFRA) on Tuesday issued a notice of draft Procedure for Submission of Audit Files to NFRA.
| Auditors barred from putting a value on companies they are auditing By Raul N Tiem An income tax tribunal has barred auditors from issuing valuation certificates to the companies they are auditing. This is set to impact several tax disputes around valuations in companies including angel tax disputes involving start-ups.
| Standard on Internal Audit (SIA) 18, Related Parties By Jude Marg Standard on Internal Audit (SIA) 18, Related Parties
| Standard on Internal Audit (SIA) 17, Consideration of Laws and Regulations in an Internal Audit By Raul N Tiem Standard on Internal Audit (SIA) 17, Consideration of Laws and Regulations in an Internal Audit
| Standard on Internal Audit (SIA) 16, Using the Work of an Expert By Henry Richards Standard on Internal Audit (SIA) 16, Using the Work of an Expert
| Standard on Internal Audit (SIA) 14, Internal Audit in an Information Technology Environment By Moshe Pras Standard on Internal Audit (SIA) 14, Internal Audit in an Information Technology Environment
| Standard on Internal Audit (SIA) 13, Enterprise Risk Management By Thomas T. Rucks Standard on Internal Audit (SIA) 13, Enterprise Risk Management
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Auction of State Government Securities Feb 23, 2024 By Andrew F Thomas The auction will be conducted on the Reserve Bank of India Core Banking Solution (E-Kuber) system on February 27, 2024 (Tuesday).
| RBI imposes monetary penalty on The Adinath Co-Operative Bank Limited, Dist. Surat, Gujarat | The Relevance of SEACEN in a Turbulent World (Closing remarks by Michael Debabrata Patra, Deputy Governor, Reserve Bank of India - February 15, 2024 - at the 59th SEACEN Governors' Conference By Moshe Pras Honourable Governors, Deputy Governors, Managing Directors, delegations from SEACEN central banks, distinguished experts, and panellists, Dr. Mangal Goswami and the SEACEN team, and my colleagues from the Reserve Bank of India.
| Business restrictions imposed on Paytm Payments Bank Limited vide Press Releases dated January 31 and February 16, 2024 By Sandy Mash I have a savings or current account with Paytm Payments Bank. Can I continue to withdraw money from this account after March 15, 2024? Can I continue to use my debit card issued by Paytm Payments Bank?
| Extension of validity of Directions under Section 35A read with section 56 of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) - HCBL Co-operative Bank Ltd., Lucknow (U.P.) By Andrew F Thomas The Reserve Bank of India, vide Directive: LKO.DOS.SED.No.S842/10.12.133/2022-23 dated February 23, 2023 issued under section 35A read with section 56 of the Banking Regulation Act, 1949 (AACS), had placed the HCBL Co-operative Bank Ltd., Lucknow (U.P) under Directions from the close of business on February 24, 2023.
| Business restrictions imposed on Paytm Payments Bank Limited vide Press Releases dated January 31 and February 16, 2024 By Moshe Pras I have a savings or current account with Paytm Payments Bank. Can I continue to withdraw money from this account after March 15, 2024? Can I continue to use my debit card issued by Paytm Payments Bank?
| Directions under Section 35 A read with section 56 of the Banking Regulation Act, 1949 Shimsha Sahakara Bank Niyamitha, Maddur, Mandya District Extension of Period By Thomas T. Rucks The Reserve Bank of India issued Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 to Shimsha Sahakara Bank Niyamitha, Maddur, Mandya District vide Directive BLR.DOS.SSMS.No.S2174/12-08-295/2022-23 dated February 23, 2023 for a period of six months up to August 24, 2023
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Mere Securing a House on Rent in USA is not conclusive fact that Assessee is US Resident to Allow DTAA Benefit: ITAT By M. George The Hyderabad bench of the Income Tax Appellate Tribunal (ITAT) held that mere securing a house on rent in the USA is not the conclusive fact that the assessee is a US resident to allow DTAA benefit.
| 20 LPA Opening Hiring Qualified CA For Assurance Manager Profile By M. George Experince: 3 - 8 years, Salary: 10,00,000 - 20,00,000 P.A., Functional Area: Finance & Accounting
| Non-Filing of Income Tax Return amounts to Escapement of Income: ITAT upholds Reassessment u/s 147 By Sandy Mash The Income Tax Appellate Tribunal (ITAT), Mumbai Bench, has recently, in an appeal filed before it, while upholding the reassessment under section 147 of the Income Tax Act, 1961, held that non filing of income tax return amounts to escapement of income.
| Non Appreciation of facts in true perspective: ITAT sets aside Revision Order By Sandy Mash The Income Tax Appellate Tribunal (ITAT), Kolkata bench consisting of Rajpal Yadav, Vice-President and Rajesh Kumar, Accountant Member held that there was no appreciation of facts in true perspective and thereby set aside the revision order.
| No Evidence of Tax Evasion by showing Fictitious or False Transactions: ITAT deletes Addition of Expenditure u/s 40A(3) By Thomas T. Rucks The Income Tax Appellate Tribunal (ITAT), Patna Bench has held that no evidence of tax evasion by showing fictitious or false transactions and deleted the addition of expenditure under section 40A(3).
| Earning Interest Income from Inter-Corporate Deposit is Business Income: ITAT By M. George The Income Tax Appellate Tribunal (ITAT), Kolkata bench held that earning interest income from Inter-corporate Deposit is business income.
| Income Tax Penalty u/s 271E cannot be levied in the absence of Regular Assessment: ITAT By Andrew F Thomas The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) has held that the income tax penalty under section 271E of the Income Tax Act, 1961 cannot be levied in the absence of a regular assessment against the assessee.
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| Finance Bills RSS Feeds |
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The Companies (Removal Of Difficulties) Seventh Order - dated 4th Sept 2014 New By M. 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 Orion M. 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 Orion M. 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 Thomas T. Rucks 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 Jude Marg 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 M. 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 Moshe Pras 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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45 LPA Opening Indirect Taxation Specialist AGM/DGM Level By Sandy Mash Experience: 11 - 18 years, Salary: 40-45 Lacs P.A., Department: Finance & Accounting
| 30 LPA Opening Deputy General Manager By Orion M. Experience: 10 - 16 years, Salary: 20-30 Lacs P.A., Department: Finance & Accounting
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| 30 LPA Opening Finance Consulting By M. George Experience: 10 - 14 years, Salary: 25-30 Lacs P.A., Industry Type: IT Services & Consulting
| 35 LPA Opening Manager Finance and Accounts Taxation Service Industry CA By Orion M. Experience: 12 - 16 years, Salary: 30-35 Lacs P.A., Department: Finance & Accounting
| 25 LPA Opening Senior Accounts Manager By Andrew F Thomas Experience: 8 - 13 years, Salary: 15-30 Lacs P.A., Role: Head - Finance & Accounts
| 35 LPA Opening Chief Financial Officer By Henry Richards Experience: 12 - 22 years, Salary: 22.5-35 Lacs P.A., Department: Finance & Accounting
| 30 LPA Opening Senior Accountant / Global Accounting By M. George Experience: 7 - 12 years, Salary: 18-30 Lacs P.A., Department: Finance & Accounting
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| Direct Tax RSS Feeds |
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CBDT drops small tax demands but not TCS, TDS claims By Henry Richards Central Board of Direct Taxes (CBDT) on Monday ordered withdrawal of small tax demands that finance minister Nirmala Sitharaman had announced in her FY25 budget speech to improve ease of living.
| ITR Refund: Awaiting money from Income Tax? Here's why you have not yet received your amount By Andrew F Thomas ITR Refund: Awaiting money from Income Tax? Here's why you have not yet received your amount
| Income Tax Notice: What to do if you receive a Section 143 (1) notice from taxman? By Andrew F Thomas The thought of getting a Section 143 (1) income tax notice for wrong information provided in the income tax return (ITR) may make you worried. While it is a document that shows that the Income Tax (I-T) Department might have caught you on the wrong foot, you don't need to panic about it.
| Average tax return processing time cut to 10 days: CBDT By Orion M. The average time taken to process income tax returns after its verification by the tax payer has been reduced to 10 days, Central Board of Direct Taxes (CBDT) said in a statement on Tuesday.
| 7 types of Income Tax Notice ITR filers may receive for AY 2023-24 By Jude Marg Income Tax Notice Types for AY 2023-24: If you have filed Income Tax Return for AY 2023-24, you may receive an Income Tax intimation or notice for several reasons.
| ITR filing: Do these advance preparations before filing your income tax return By Moshe Pras The due date for filing your ITR 31 st July 2023 is fast approaching and it is advisable to prepare well in advance so that filing of your ITR goes on correctly and smoothly. Let us discuss the groundwork which you should do before you actually sit down to file your ITR.
| What are the strategies to maximize tax refunds after submitting an income tax return (ITR)? By M. George Taxpayers must submit an income tax return to the government, commonly once a year, in order to disclose their earnings, deductions, and tax liabilities. Filing ITR allows you to calculate the amount of tax due to the government or the prospective tax refund from tax-saving investments. After filing your income tax return, you can employ the following tactics to maximise your tax returns, according to different tax experts.
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| Tenders RSS Feeds |
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Mahanagar Telephone Nigam Limited, Lodhi Road, New Delhi By Jude Marg The tender shall be submitted through Central Public Procurement Portal website https://eprocure.gov.in/eprocure/app developed by National Informatics Centre (NIC), Ministry of Electronics & Information Technology, GOI. Your offer complete in all respects as per enclosed documents must be submitted as per schedule given under Section-I.
| Raipur Smart City Ltd., Raipur (C.G.) By Raul N Tiem That the particulars given are complete and correct and that if any of the statements made or the information so furnished in the application form is later found incorrect or false or there has been suppression of material information, the firm would not only stand
| Andhra Pradesh Capital Region Development Authority, Vijayawada, A.P. | Odisha Power Generation Corporation Limited, Bhubaneswar, Odisha | Corrigendum Syama Prasad Mookerjee Port, Kolkata, West Bengal By Thomas T. Rucks Chartered Accountants / Cost Accountants for Internal Audit as per scope of work for a period of 3 years. In accordance with the General Conditions of Contract, Special Conditions of contract, General Instructions to Bidder etc.
| Jharkhand Bijli Vitran Nigam Limited, Ranchi, Jharkhand By M. George Jharkhand Bijli Vitran Nigam Limited (JBVNL), a wholly owned subsidiary of Jharkhand Urja Vikas Nigam Limited (JUVNL), hereinafter referred to as Company is engaged in Distribution of power in the state of Jharkhand. JBVNL has its Head Office (HO) at Ranchi (Jharkhand)
| Assam Health Infrastructure Development and Management Society, Guwahati, Assam By Henry Richards Internal audit is an important tool of management to keep watch and exercise control over activities of the Organization. With the specialized knowledge of professional firms of Chartered Accountants, AHIDM Society endeavors to significantly improve not only finance & accounting related performance but also exercise management control over non- financial activities with the
help of efficient Internal Audit mechanism.
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Notification No. 26/2021 Customs Ministry Of Finance By Orion M. In exercise of the powers conferred by sub-section (1) of section 25 of
the Customs Act, 1962 (52 of 1962) read with section 124 of the Finance Act, 2021 (13 of 2021), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby amends the following notifications of the Government of India in the Ministry
of Finance (Department of Revenue) specified in column (2) of the Table below, to the extent
specified in the corresponding entries in column (3) of the said Table
| Delhi Customs issues Covid-19 Facilitation Measures: Relaxation in Procedure for Inbonding of Cargo Import under Warehouse Bill of Entry By Moshe Pras The Delhi Customs, on Wednesday, issued relaxation in the procedure for Inbonding of Cargo import under Warehouse Bill of Entry as one of the COVID-19 facilitation measures.
| Notification No. 32/2020 CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS By Raul N Tiem In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect Taxes and Customs hereby makes the following amendment in the Notification of the Central Board of Indirect Taxes and Customs No.27/2020-CUSTOMS (N.T.), dated 19thMarch, 2020 with effect from 27th March, 2020, namely: -
| Notification No. 07/2020 Central Board of Indirect Taxes and Customs By Moshe Pras In exercise of the powers conferred by section 168 of the Central Goods and
Services Tax Act, 2017 (12 of 2017), read with sub-rule (5) of rule 61 of the Central Goods and Services Tax Rules, 2017 (hereafter in this notification referred to as the said rules), the Commissioner, on the recommendations of the Council,
| Notification No. 07/2020 Central Board of Indirect Taxes and Customs By Sandy Mash In exercise of the powers conferred by section 168 of the Central Goods and
Services Tax Act, 2017 (12 of 2017), read with sub-rule (5) of rule 61 of the Central Goods and Services Tax Rules, 2017 (hereafter in this notification referred to as the said rules), the Commissioner, on the recommendations of the Council,
| Notification No. 01/2020 Central Board of Indirect Taxes and Customs By Raul N Tiem In exercise of the powers conferred by sub-section (2) of section 1 of the
Finance (No. 2) Act, 2019 (23 of 2019), the Central Government hereby appoints the 1st day of January, 2020, as the date on which the provisions of section 114 of the Finance (No. 2) Act, 2019 (23 of 2019) shall come into force.
| Notification No.91/2019 Central Board Of Indirect Taxes And Customs By Sandy Mash 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 Indirect Taxes and Customs No.88/2019-CUSTOMS (N.T.), dated 5th December, 2019
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| Mergers and Acquisitions RSS Feeds |
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Govt may further sweeten Air India offer By Jude Marg The government may ease some of the conditions for potential bidders of Air India in a renewed effort to privatize the loss-making national carrier, which is crucial to achieving its ambitious divestment goal for this fiscal.
| How India is becoming an unlikely Asian hotspot for mergers & acquisitions By Moshe Pras Thanks largely to $15 billion of investments in Jio, India accounts for more than 12% of announced deals in the Asia Pacific region so far this year.
| Notification No. 05/2020-Customs (ADD) Ministry Of Finance By Andrew F Thomas Whereas, in the matter of import of `Chlorinated Polyvinyl Chloride Resin
(CPVC)-whether or not further processed into compound' (hereinafter referred to as the subject goods), falling under heading 3904 of the First Schedule to the Customs Tariff Act, 1975
| Deals of the day-Mergers and acquisitions March 6, 2020 By Orion M. India laid out a rescue plan for Yes Bank under which State Bank of India will take a 49% stake in the troubled lender, which is struggling with bad loans.
| Deals of the day-Mergers and acquisitions March 2, 2020 By Moshe Pras The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Monday
| Mint Investment Summit - M&A in India: Challenges and opportunities By Thomas T. Rucks Top business minds will from different companies will come together to discuss the challenges and the opportunities for mergers and acquisitions in India. The panelists, to discuss and debate the subject of M&A in India: Challenges and opportunities,
| Record Year 2019: Fintech Deals, Mergers and Acquisitions Study By Thomas T. Rucks 019 was the most active year for fintech financing, mergers and acquisitions (M&A), and initial public offerings (IPOs), according to a new report by Financial Technology (FT) Partners.
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| Indirect Tax RSS Feeds |
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How to reduce tax on rent from vacant houses By Sandy Mash Rent earned from real estate property, both residential and commercial, is added to the total income and taxed at applicable tax slab. As per Income Tax (I-T) laws, a taxpayer is required to pay tax on the rent actually earned on a let out property and also on notional rent applicable to properties that are not let out but cannot be classified as self-occupied.
| Make sure to claim these tax deductions By M. George Here are four tax deductions that a taxpayer may forget while filing returns using pre-filled ITR forms: Exemption on house rent without HRA, Deduction on savings account interest, Deduction on medical bills of uninsured parents, Deduction on donations.
| Investment tips for those opting for new tax regime By Henry Richards The nationwide lockdown over the COVID-19 pandemic shouldn’t ideally distract you from the fact that we are in April that also marks the beginning of the new Financial Year2020-21. In fact, you should utilise this time to plan your tax-saving measures for the current financial year.
| Indirect tax dept issues notices to companies over late input credit claim under GST frame By M. George The indirect tax department has issued notices to thousands of companies that had claimed late input tax credit under GST framework and thereby asked them to reverse the transaction. These companies had claimed the input tax credit for fiscal 2018 and 2019 after missing the September deadline.
| E-generated document required for indirect tax notices By Jude Marg In a Frequently Asked Questions (FAQs) issued by Institute of Chartered Accountants of India ( ICAI ) Unique Document Identification Number (UDIN) said that, Chartered Accountants ( CA ) are not authorised to certify Income Tax Return (ITR) as True copy.
| FinMin seeks industry inputs on direct, indirect tax changes By M. George The finance ministry for the first time has sought suggestions on changes in direct and indirect tax rates from the industry. This comes at a time when a revenue shortfall and consumption slowdown are threatening to upset the government’s finances.
| Govt gives businesses four months to settle indirect tax disputes By Sandy Mash Businesses can now settle their pending disputes relating to central excise duty and service tax within four months starting 1 September under the terms notified by the government on Thursday.
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| Various Acts & Rules RSS Feeds |
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Customs Tariff 2009-10 - PART-II - Chapter 98 - Project imports, Laboratory chemicals, passenger's baggage By Moshe Pras 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 Moshe Pras 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 Thomas T. Rucks 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 Henry Richards Toys, games and sports requisites; parts and accessories thereof
| Customs Tariff 2009-10 - PART-II - Chapter 94 - Furniture; bedding, mattresses, mattress supports By Moshe Pras 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 Orion M. 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 Jude Marg 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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