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Top Headlines   RSS Feeds
 ITR filing date for FY19 extended: Here's how to do it online
By Orion M.
Taxpayers can file their returns online through Income Tax e-filing website. The portal for e-filing allows taxpayers to file their income tax returns online hassle-free.
 5 Common Mistakes That Can Draw Income Tax Notice ITR Filing
By Sandy Mash
The Central Board of Direct Taxes(CBDT) has again extended the deadline for filing of Income Tax Return FY 2018-2019.This no doubt has given some relaxation for taxpayers to file ITR. However, at times it may happen that we make a mistake while filing our ITR at the last minute. Here are common mistakes you should avoid while filing for your Income Tax Returns.
 Income-tax (18th Amendment) Rules, 2020
By Raul N Tiem
In exercise of the powers conferred by sub-section (7) of section 115UB read with section 295 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
 10 tax-saving fixed deposits that offer the best interest rates
By Sandy Mash
Investments up to Rs 1.5 lakh can be claimed for deduction under section 80C of the income tax act
 ​Amendment of rule 31​​AA, Form 27EQ
By Henry Richards
In exercise of the powers conferred by section 197 and 206C read with section 295 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
 CBDT extends FY19 income tax return filing deadline till September 30
By Sandy Mash
This is the third extension given by the government for taxpayers to file both original and revised tax returns for 2018-19 fiscal.
 7 Money and tax tasks you should complete by July 31, 2020
By Sandy Mash
Since March 2020, the government has extended various tax-related deadlines and relaxed terms and conditions of certain post office investment schemes. This was done to help the common man tide over financial problems caused due to the coronavirus pandemic.
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Continuing Prof. Edu.   RSS Feeds
 VCM-Discussion on Companies Audit and COVID 19 Disclosures in Audit Report
 GST Audit for FY 2018-19 & Effect of previous year figures in GST-9 and GST-9C
 Deartment Audit and Special Audit Section 73 & 74 under GST
 Benami Prohibition Amendment 2016 and Section 68 to 69
 VCM-CONTEMPORARY ISSUES IN COMPANIES ACT AND GST REFUND & NOTICES
 VCM-Start up Registration and Taxation and interplay of section 56(2)(viib) with 56(2)(x).
 How to read & Check the taxability under Domestic tax law & DTAA in context FTS, ROYALTY, INTEREST and Other Income, TRC & Its Relevance, issuance of form 15 CA/CB
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GST - Goods and Services Tax   RSS Feeds
 GST, I-T numbers show recovery signs, but certain sectors facing difficulty
 Use of GST data in national accounts in limbo 3 years after tax roll-out
By Sandy Mash
There has been a demand to use goods and services tax (GST) data for national accounts. However, even after three years of the roll out of the indirect tax system, the issue remains hanging.
 CBIC enables Filing Form GSTR-4 Annual Return by Composition Taxpayers on GST Portal
By Andrew F Thomas
With effect from 1st April 2019, all Composition Taxpayers are required to file Form GSTR-4 Annual Return, on an annual basis, for each financial year.
 Rajasthan HC allows Bail to Chartered Accountant accused of Rs. 100 Cr GST Scam
By Andrew F Thomas
The High Court of Rajasthan allowed the bail to the person alleged to have created fake invoices to wrongfully availing input tax credit (ITC).
 Government extends FY20 returns filing date for composition dealers till August 31
By Orion M.
Under the GST composition scheme, manufacturers and traders are required to pay GST at 1 per cent, while it is 5 per cent for restaurants (which do not serve alcohol).
 GST applicable on Transfer of a Running Business along with Capital Assets
By Jude Marg
The Andhra Pradesh Authority of Advance Ruling (AAR) ruled that the business of the applicant, Shilpa Medicare Limited of Andhra Pradesh unit, as a whole along with the capital assets are being transferred as going concerned to Shilpa Medicare Limited of Karnataka Unit for a monetary consideration amounts to the supply of service on which the Goods and Services Tax (GST) is applicable.
 CBIC extends due date for filing GSTR-4
By M. George
The Central Board of Indirect Taxes and Customs (CBIC) on Monday extended the due date for Financial Year 2019-20 to August 31, 2020, which earlier was July 15, 2020.
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General   RSS Feeds
 Delhi govt warns strict action against companies defaulting on tax payments
By Andrew F Thomas
Cracking the whip on tax defaulters, the Delhi government Tuesday warned them of stringent action as it found that 10,800 companies did not pass on the full amount they collected from people as taxes
 Tax burden on salaried individuals, professionals to increase Delhi
By Thomas T. Rucks
Salaried individuals and working professionals like doctors, engineers, chartered accountants and other professionals will have to pay more tax as the South Delhi Municipal Corporation (SDMC) has approved levying of professional tax.
 IT department randomly picks up cases to remove bias from tax scrutiny
By Moshe Pras
The move is in line with the promise made by PM Narendra Modi and finance minister Nirmala Sitharaman to end harassment of genuine tax payers.
 TDS on cash withdrawal alert! New functionality from Income Tax Department for banks and post offices
By Andrew F Thomas
In a major development, the Central Board of Direct Taxes, Government of India has provided a utility to ascertain TDS Applicability Rates on Cash Withdrawals.
 Income tax department notifies exemption for sovereign wealth funds
By Sandy Mash
Aimed at attracting more investments into the country, the income tax department has issued a notification giving sovereign wealth funds and global pension funds the benefit of income tax exemption on their investment in Indian infrastructure. The tax exemption will apply to interest, dividend and capital gain incomes.
 How much gold can you keep at home as per income tax rules?
By Jude Marg
The Income Tax Department will not seize jewelry and ornaments to the extent to these limits, even if the same does not seem to be matching with the income record of the assessee.
 New income tax slab: Rules changed, no exemption on meal vouchers & coupons
By Raul N Tiem
For those opting for the new income tax slab which offers a lower tax rate, the income tax department has changed rules for claiming exemption on free meals provided by the employer.
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Corporate Law   RSS Feeds
 SC relaxes Dress Code for Lawyers
By Sandy Mash
The due date for filing Income Tax Return (ITR) has been extended to November 30, 2020. Every year taxpayers are required to pay taxes on their income and income from other sources. However, paying taxes can be burdensome, which is why the government introducing ITR filing procedure.
 COVID-19 crisis is an opportunity to redefine tax policy and law
By Thomas T. Rucks
The Covid 19 crisis is an opportunity to redefine tax policy and law. A calibrated approach to balance welfare economics with a vision to pioneer economic activity and national growth is needed.
  GST & Companies Act way Forward
By Thomas T. Rucks
Place: East Delhi CPE Study Circle of NIRC Date: 06-04-2019 – To: 06-04-2019 CPE.Hrs.: 5
 Taxmen use rare law to collect dues directly from bank accounts of evaders
By M. George
Revenue officials, chasing huge tax collection deficit, are moving into top gear to maximise collections by year end even if that means deducting money directly from your bank account to fill a gap of thousands of crores.
 Income tax law needs to be a lot simpler
By M. George
Simplifying the Income Tax Act, automating tax collection and return processing and making the process user-friendly are priorities for the National Democratic Alliance (NDA) government, finance minister Piyush Goyal said.
 Govt panel may recommend dropping dividend distribution tax in new direct tax law
By Sandy Mash
The tax law panel is considering reverting to the classical method of taxing dividend in the hands of the shareholders Members of the task force set up to draft a new direct tax legislation may favour abolishing dividend distribution tax (DDT), according to a report by The Times of India.
 Law Commission proposes to abolish it Tax saving tool HUF may cease to exist
By Moshe Pras
The concept of Hindu Undivided Family (HUF) may cease to exist if the proposals of a recently released consultation paper on Reform of Family Law by the law commission are accepted.
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Students   RSS Feeds
 Cut-off date for conversion from Earlier Scheme to Revised Scheme to appear in November, 2020 Intermediate Examinations - 1st August, 2020
By Henry Richards
Students who are wishing to convert themselves from Earlier Scheme to Revised Scheme of Education and Training implemented w.e.f. 1st July, 2017 to appear in Intermediate examinations being held under Revised Scheme in November, 2020 are required to convert themselves by 1st August, 2020
 Cut-off date for conversion from Earlier Scheme to Revised Scheme to appear in November, 2020 Final Examinations - 1st August, 2020
By Moshe Pras
Students who are wishing to convert themselves from Earlier Scheme to Revised Scheme of Education and Training implemented w.e.f. 1st July, 2017 to appear in Final examinations being held under Revised Scheme in November, 2020 are required to convert themselves latest by 1st August, 2020.
 Advanced Integrated Course on Information Technology and Soft Skills (Advanced ICITSS) -Adv. Information Technology Test - Home Based Mode
 IMPORTANT ANNOUNCEMENT FOR MAY 2020 EXAMINATIONS
By Orion M.
The students are aware that vide Announcement dated 15th June 2020, the Institute, after taking in account the academic interests and health safeguards of students intending to appear in May 2020 Examinations, had enabled them to change their centre for appearance in May/ July 2020
 ICAI reduces Fees for MCS & Adv ITT Courses for students undergoing Virtual
By Orion M.
The Institute of Chartered Accountants of India ( ICAI ) has reduced the fees for MCS & Adv ITT Courses for students undergoing Virtual classes for May 2019, Nov 2019, May 2020 & Nov 2020 Final passed Students.
 Compendium of Auditing Guidance Issued by Auditing and Assurance Standards Board on Various Aspects amid COVID-19.
By Jude Marg
The global pandemic COVID-19 has significantly impacted global trade and economy with consequential impact on global and Indian financial markets. The uncertainty arises primarily from interruptions in production, supply chain disruptions, unavailability of personnel, closure of facilities / offices due to the rapid outbreak of COVID-19, decline in demand, liquidity, business continuity issues, etc.
 Multiple Choice Questions (MCQs) on Engagement and Quality Control Standards issued by Auditing and Assurance Standards Board
By Raul N Tiem
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.
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New Forms   RSS Feeds
 TDS mismatch in Form 26AS & Form 16? Ask employer to issue new Form 16 with correct details
By Thomas T. Rucks
One must obtain Form 16 (TDS certificate issued by the employer) and verify the same with the Form 26AS.
 Before you file your tax return, note the key changes in Form 16
By Thomas T. Rucks
Part B of Form 16 has been amended seeking more details about the allowances exempt under section 10 such as HRA, LTA, etc and deductions allowed under Chapter VI-A of the Income Tax Act, 1961.
 5 Things to know about Form 16
By Moshe Pras
Form 16 is a certificate issued by an employer, certifying that the TDS is deducted from the salary of the employee and deposited with the government.
 Form 16 will now have more details of your income and deductions
By Orion M.
In yet another attempt to increase transparency and minimize tax evasion, the Central Board of Direct Taxes (CBDT) has notified various changes in the formats of Form 16 and Form 24Q. The new amendments are in line with the changes in income-tax rules and new income tax return (ITR) forms recently notified by CBDT for assessment year (AY) 2019-20.
 Amendment of Form No. 16 and Form No. 24Q
By M. George
In exercise of powers conferred by sections 200 and 203 read with section 295 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,
 What are Form 15G, Form 15H?
By Thomas T. Rucks
Form 15G is for resident Indians under the age of 60, HUF or trust. While Form 15H is for resident Indians aged 60 years or above.
  Post Qualification Course in International Taxation - Assessment Test (INTT-AT) - May, 2019 Application Form
By Moshe Pras
Candidates are advised to carefully read, understand and follow the instructions while filling in the Form and retain the same for future reference
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Professional Updates   RSS Feeds
 Important Announcement regarding Additional Examination Centres
By Jude Marg
In continuation to Important Announcement No. 13-CA (EXAM)/N/2020 dated 15th July 2020, while considering the ongoing COVID-19 pandemic and in the interest of the well - being of students & members and to mitigate their hardships,
 Exposure Draft of Guidance Note on Revenue from Operations in case of Contractors (Last date of comments: August 31, 2020)
 Frequently Asked Questions on the SEBI Settlement Scheme, 2020 - One Time Settlement Scheme issued by the Securities and Exchange of Board of India on 27th July,
 SEBI Settlement Scheme, 2020 - One Time Settlement Scheme
By Orion M.
In the recent past, Securities Exchange Board of India (SEBI) came across several instances wherein a set of entities were consistently making losses by their trading in options on individual stocks which are listed on Bombay Stock Exchange (BSE). Hence, an analysis of the stock options segment of Bombay Stock Exchange (BSE) for the period April 1, 2014
 Audit quality not impacted by Covid-19: ICAI President - The Hindu Business Line - New Delhi
By Thomas T. Rucks
The Covid-19-induced lockdown has not in any manner affected audit quality in the country, ICAI President Atul Kumar Gupta has said. None of the auditing or accounting standards had been relaxed because of Covid-19 and auditors have not been given any leeway from compliance with standards on auditing despite the challenges from the pandemic, Gupta told BusinessLine in an interview.
 Arrangements by the Committee for Members in Practice (CMP), ICAI
By M. George
Greetings of the day! We are pleased to inform you about the various initiatives of the Committee for Members in Practice for the benefits of the profession. Please find the appended brief details of the Initiatives of the Committee along with the web link of the initiatives for your reference & perusal.
 Inviting members for contributing in development of Case Studies on Ind AS for Knowledge Data warehouse on Ind AS
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From the Courts   RSS Feeds
 Shree Choudhary Transport Co vs. ITO (Supreme Court)
By Raul N Tiem
(i) Disallowance u/s 40(a)(ia), 40A(3) etc are intended to enforce due compliance of the requirement of other provisions of the Act and to ensure proper collection of tax as also transparency in dealings.
 MCA designates Special Court in Gauhati for Speedy Trial of Offences under Companies Act, 2013
By Orion M.
The Ministry of Corporate Affairs (MCA) has designated the Court of Chief Judicial Magistrate, Kamrup (M) at Gauhati as Special Court for the purposes of providing speedy trial of offenses under clause (b) of sub-section (2) of section 435 of the Companies Act, 2013.
 M/s. Gujarat Guardian Ltd. 4-7/C, DDA Shopping Centre New Friends Colony New Delhi Vs DCIT, Circle 10(2) New Delhi.
 Shiv Raj Gupta vs. CIT (Supreme Court)
By Raul N Tiem
S. 28(v-a): There is a dichotomy between receipt of compensation by an assessee for the loss of agency and receipt of compensation attributable to the negative/restrictive covenant. The compensation received for the loss of agency is a revenue receipt whereas the compensation attributable to a negative/ restrictive covenant is a capital receipt.
 ICAI-ASB seeking views of Practicing Chartered Accountants on Questionnaire on application of Accounting Standards by Micro and Small Non-Corporate Entities by August 10, 2020.
By Raul N Tiem
The Supreme Court on Monday refused to stay the criminal proceedings initiated by the IT authorities against former Karnataka minister and state Congress President D K Shivakumar for alleged recovery of undisclosed wealth following a raid conducted at his premises in 2017.
 No Capital Gain Tax on Conversion of Land held as Stock, Transferred upon HUF-partition: Karnataka HC
 Renu T Tharani vs. DCIT (ITAT Mumbai)
By Orion M.
S. 68 Black Money: The sum of Rs 196 crore held by HSBC Pvt Bank, Switzerland, in the name of Tharani Family Trust, of which the assessee was a beneficiary, is assessable as the undisclosed income of the assessee.
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Auditing   RSS Feeds
 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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Latest Circulars   RSS Feeds
 Directions under Section 35 A of the Banking Regulation Act, 1949 (AACS) Shivam Sahakari Bank Ltd, Ichalkaranji, Kolhapur, Maharashtra
By Thomas T. Rucks
Shivam Sahakari Bank Ltd, Ichalkaranji, Kolhapur, Maharashtra was placed under directions vide directive DCBS.CO.BSD-I/D-6/12.22.351/2017-18 dated May 18, 2018,
 Notification No. 56/2020 CENTRAL BOARD OF DIRECT TAXES
By Jude Marg
In exercise of the powers conferred by sub-section (1) of section 3 of the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 (2 of 2020),
 12 LPA-Opening Chartered Accountant, Finance
By Moshe Pras
Experience : 10 - 12 years, Salary: 6,00,000 - 12,00,000 P.A.,Functional Area: Accounts, Finance, Tax, Company Secretary, Audit, PG : CA in Any Specialization
  Implementation of Indian Accounting Standards
By Orion M.
Please refer to paragraph 3 of the Annex to our circular DOR (NBFC).CC.PD.No.109/22.10.106/2019-20 dated March 13, 2020, on the captioned subject, in terms of which any net unrealised gains arising on fair valuation of financial instruments, should not be included in owned funds whereas all such net losses should be considered.
 Notification No. 50/2020 CENTRAL BOARD OF DIRECT TAXES
  Clarification in relation to notification issued under clause (v) of proviso to section 194N of the Income-tax Act, 1961 (the Act) prior to its amendment by Finance Act, 2020
By Orion M.
Section 194N of the Act as inserted by Finance (No.2) Act 2019 provided for deduction of tax at source on payment made by a banking company, a cooperative society engaged in the business of banking or post office, in cash to a recipient exceeding
  Publication of RBI-Occasional Papers-Vol. 41, No.1, 2020
By Moshe Pras
Today, the Reserve Bank of India releases Volume 41, No.1 of its Occasional Papers, a research journal containing contributions from its staff. This issue contains three articles and two book reviews.
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Forex   RSS Feeds
 Perils of an ad hoc forex policy
By Orion M.
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 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 Jude Marg
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 Orion M.
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 M. 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 Orion M.
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 Sandy Mash
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
 Capital Gain Deduction claim can be invoked during Re-Assessment if Assessee failed to file Returns: ITAT
By Henry Richards
In an assessee-friendly ruling, the Income Tax Appellate Tribunal (ITAT), Jaipur bench has held that the assessee can claim the benefit of capital gain deduction under section 54F of the Income Tax Act, 1961 during the re-assessment proceedings under section 147 and 148 of the Income Tax Act in case of non-filing of income tax returns.
 Vodafone Idea Limited is not required to Deduct Tax u/s 194H on Prepaid SIM Cards: ITAT
By Moshe Pras
The Calcutta Bench of Income Tax Appellate Tribunal (ITAT) held that Vodafone Idea Limited the assessee shall not be treated as an assessee in default under Section 201(1) of the Income Tax Act, 1961 Act as the assessee is not required to deduct tax under Section 194J of the Act. Once, the assessee is treated as the assessee, not in default under Section 201(1), the interest under Section 201(1A) is not required to be charged.
 Activities performed in ‘Virtual Classrooms’ also comes under the Definition of ‘Education’: ITAT grants relief to NIIT Foundation
By Orion M.
Activities performed in ‘Virtual Classrooms’ also comes under the Definition of ‘Education’: ITAT grants relief to NIIT Foundation
 Scrutiny Assessment without Notice is Defective in Law: ITAT
By Jude Marg
While upholding an order passed by the Commissioner of Income Tax (Appeals), the Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that scrutiny assessment under section 143(2) cannot be passed without serving notice to the assessee.
 No Exempt Income Received or Receivable, No Disallowance under Section 14A: ITAT
By M. George
The Income Tax Appellate Tribunal (ITAT), Mumbai held that Section 14A of the Income Tax Act, 1961 will not apply if no exempt income is received or receivable during the relevant previous year.
 Bonus allocated to Policyholders is not Taxable as Income from Insurance Company: ITAT
By Henry Richards
The Income Tax Appellate Tribunal (ITAT), while granting relief to Max New York Life Insurance Company Ltd, held that the addition made by the income tax department treating bonus allocated to the policyholders as taxable income under section 44 of the Income Tax Act, 1961 is liable to be quashed.
 Yahoo gets Income Tax Relief from ITAT
By Orion M.
The Bangalore bench of the Income Tax Appellate Tribunal ( ITAT ) has recently allowed a deduction under section 10A of the Income Tax Act, 1961 towards the claim of Yahoo Software Development Pvt. Ltd.
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Finance Bills   RSS Feeds
 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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Placements & Empanelment   RSS Feeds
 20 LPA-Opening Chartered Qualified Chartered Accountant required from Midsize firms
By Orion M.
Exprience: 10 - 12 years, Salary: 11,00,000 - 12,00,000 P.A., Functional AreaAccounts, Finance, Tax, Company Secretary, Audit
 12 LPA-Opening Chartered Accountant (First attempt)- Thane, Mumbai
By Jude Marg
Exprience: 10 - 12 years, Salary: 11,00,000 - 12,00,000 P.A., Functional Area: Accounts, Finance, Tax, Company Secretary, Audit
 14 LPA-Opening HIRING FOR CHARTERED ACCOUNTANT (FINANCIAL CLOSING & REPORTING ROLE)
By Henry Richards
Experience from 5 to 7 year(s), Salary: INR 10,00,000 - 14,00,000 PA., Functional Area: Accounts, Finance, Tax, Company Secretary, Audit
 15 LPA-Opening 35 LPA-Opening Chartered Accountant- Finance & Accounts
By Raul N Tiem
Expriencer: 8 - 13 years, Salary: 10,00,000 - 15,00,000 P.A., Functional AreaAccounts, Finance, Tax, Company Secretary, Audit, PG :CA in CA
 35 LPA-Opening Chartered Accountant- Finance & Accounts
By Henry Richards
Expriencer: 15 - 20 years, Salary: 25,00,000 - 35,00,000 P.A., Functional Area: Top Management, PG : CA in CA
 90 LPA-Opening Chartered Accountants, Financial Services, Required
By Thomas T. Rucks
Experience: 2 - 4 years, Salary: 40,00,000 - 90,00,000 P.A., Functional Area:Accounts, Finance, Tax, Company Secretary, Audit
  20 LPA-Opening Qualified Chartered Accountant required from Midsize firms.
By M. George
Salary: 7 - 9 years, Experience: 15,00,000 - 20,00,000 P.A., Functional Area: Accounts, Finance, Tax, Company Secretary, Audit
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Markets   RSS Feeds
 Market Top Losers 5/08/2020
By M. George
Market Top Losers 5/08/2020
 Market Top Gainers 5/08/2020
By Sandy Mash
Market Top Gainers 5/08/2020
 Top Ranked Mutual Funds 5/08/2020
By Andrew F Thomas
Top Ranked Mutual Funds 5/08/2020
 Market Top Losers 29/07/2020
By Raul N Tiem
Market Top Losers 29/07/2020
 Market Top Gainers 29/07/2020
By Henry Richards
Market Top Gainers 29/07/2020
 Top Ranked Mutual Funds 29/07/2020
By Moshe Pras
Top Ranked Mutual Funds 29/07/2020
 Market Top Losers 23/07/2020
By Andrew F Thomas
Market Top Losers 23/07/2020
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Direct Tax   RSS Feeds
  CBDT allows income tax authorities to share information with CCI
By Thomas T. Rucks
The Central Board of Direct Taxes (CBDT) has authorised income tax authorities to share information or details in its possession with the Competition Commission of India (CCI), in a notification issued on Friday.
 Compute tax demand for all assessees by Aug 31, dispose of pending appeals: CBDT chief to taxmen
By M. George
The Central Board of Direct Taxes (CBDT) chief also set a monthly target of disposing of pending appeals by sending communication through the e-filing portal and or through emails only.
 Know tax treatment of gains/losses from stock trading
By Thomas T. Rucks
Retail trading volume in India has surged ever since the Covid-19 induced lockdown was announced as many retail investors shifted from mutual fund to direct trading in order to capitalise on the volatility shown by stock markets.
 Clarification in relation to notification issued under clause (v) of proviso to section 194N of the Income-tax Act, 1961 (the Act) prior to its amendment by Finance Act, 2020 (FA, 2020)
By Moshe Pras
Section 194N of the Act as inserted by Finance (No.2) Act 2019 provided for deduction of tax at source on payment made by a banking company, a cooperative society engaged in the business of banking or post office, in cash to a recipient exceeding
 High value transactions, other details that your tax passbook will show Form 26AS
By M. George
This is a statement from the tax department which mentions the tax deducted on behalf of a taxpayer. It also mentions income for which an individual might have sought tax exemption during the year. All taxpayers are given a Form 26AS.
  Check fine for late filing and misreporting income Income Tax Return
By Sandy Mash
The last date for the filing of the income tax return for the financial year 2019-20 is November 30. The Finance Minister had extended the deadline in May, as part of the COVID-19 relief package. Typically, the last date to file ITR is July 31.
 Income tax rules for mutual fund investment: How gains are taxed
By Henry Richards
Inflation and taxes are the two monsters that take away a part of returns on your mutual fund investments. You must plan your investments considering both the factors to avoid falling short of money for your goals. Here we will discuss the taxation part of mutual funds.
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Tenders   RSS Feeds
 Corrigendum3 V.O.Chidambaranar Port Trust, Tuticorin, Tamil Nadu
By Thomas T. Rucks
The following Corrigendum is issued for NIT No. FIN-OFFTA-API-INTER-VI-18/23017 for Appointment of A Service Provider (C&AG Empanelled Chartered Accountant Firm) to render Internal Audit Services to V.O.Chidambaranar Port Trust for a Period of Two(2) years uploaded in the Port website on 23.06.2020.
  Central Cottage Industries Corporation of India Ltd, Nandanam, Chennai
By Raul N Tiem
Central Cottage Industries Corporation of India Ltd. (CCIC), a Government of India Undertaking under Ministry of Textiles, invites bid for above services from firms of Chartered Accountants / Cost Accountant Firms for the F.Y.2019-20.
 Panchayat raj Institutions and Gram Kuttchery, Khagaria, Bihar
By Andrew F Thomas
Proposals are invited form Eligible Chartered Accountants Firm in the prescribed format for Empanelment for statutory Audit of three years of Panchayati Raj lnstitutions and Gram Kachahri
 Central Cottage Industries Corporation of India Ltd, Nandanam, Chennai
By Orion M.
Central Cottage Industries Corporation of India Ltd. (CCIC), a Government of India Undertaking under Ministry of Textiles, invites bid for above services from firms of Chartered Accountants / Cost Accountant Firms for the F.Y.2019-20.
 Corrigendum2 V.O.Chidambaranar Port Trust, Tuticorin, Tamil Nadu
By Jude Marg
The following Corrigendum is issued for NIT No. FIN-OFFTA-API-INTER-VI-18/23017 for Appointment of A Service Provider (C&AG Empanelled Chartered Accountant Firm) to render Internal Audit Services to V.O.Chidambaranar Port Trust for a Period of Two(2) years uploaded in the Port website on 23.06.2020.
 The Bihar State AIDS Control Society, Sheikhpura, Patna
By Raul N Tiem
The Bihar State AIDS Control Society (BSACS), Patna is responsible for implementing the centrally sponsored National AIDS control Programme (NACP) in the State of Bihar.
  Mysore Sales International Limited ,Bangalore, Karnataka
By Orion M.
The audit firm/concern should have minimum 3 years of previous experience as members of Institute of Chartered Accountants of India or the Institute of Cost Accountants of India and should be located in Karnataka.
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Transfer Pricing   RSS Feeds
 Key Highlights Of The 2nd Edition Of KSA Transfer Pricing Guidelines
By Henry Richards
General Authority of Zakat and Tax (GAZT) in the Kingdom of Saudi Arabia (KSA) released final Transfer Pricing Bylaws (TP Bylaws) in February 2019. Subsequently, in March 2019, GAZT issued the First Edition of Transfer Pricing Guidelines that provide insights and guidance and represents GAZT's views on the application of Transfer Pricing Bylaws.
 ITAT deletes Penalty since Assessee applied Transfer Pricing Provisions with Good faith and Due Diligence
By Raul N Tiem
In a major relief to Tianjin Tianshi India Pvt. Ltd, the Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that the penalty under section 271(1)(c) of the Income Tax Act, 1961 cannot be levied if the transfer pricing provisions under section 92C was handled by the assessee in due diligence without any mala fide intentions.
 Change in transfer pricing regulations to help MNCs
By Jude Marg
The Union budget 2020-21 has proposed to amend the Section 92CB of the Income Tax Act that empowers the Central Board of Direct Taxes to frame safe harbour rules for determination of the arm’s length price. The government has also sought to widen the ambit of Dispute Resolution Panel (DRP).
 National High Speed Rail Corporation Limited, New Delhi, Delhi
By Orion M.
Completed tender documents sealed in an envelope super-scribing the name of work; name and address of the Bidder, shall be submitted at NHSRCL's office at address in Para 1 above before 15.00 hrs. on 10.09.2019.
 Deals of the day-Mergers and acquisitions September 3, 2019
By Andrew F Thomas
Industrial vehicle maker CNH Industrial, said it planned to split its operations in two to create two more focused businesses.
 Transfer pricing documentation due by year-end
By Orion M.
Transfer pricing documentation, required by the State Administration of Taxation (SAT), is due to be submitted by companies that are part of an international group by the end of December.
 Transfer pricing amendments – a step towards certainty
By M. George
The Finance Minister has proposed to provide an option to the taxpayers to make one-time payment of tax including surcharge on the amount of transfer pricing adjustment or part thereof, instead of tax on deemed interest every year in case the taxpayer does not repatriate money from its AE in India.
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Customs and Excise   RSS Feeds
 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
 Notification No. 90/2019 Central Board of Indirect Taxes and Customs
By Henry Richards
In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect Taxes & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendments in the notification of the Government of India
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Mergers and Acquisitions   RSS Feeds
 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.
 Deals of the day-Mergers and acquisitions February 28, 2020
By M. George
World No. 1 lock maker Assa Abloy on Thursday gained EU antitrust approval to increase its stake in Swiss door maker agta record after agreeing to sell assets and supply spare parts on fair terms for at least 10 years.
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Indirect Tax   RSS Feeds
 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.
 ITR filing becomes easy via new 'e-Filing Lite' portal - 5 things to know Income Tax Return
By Raul N Tiem
Income Tax Return: Income Tax department has made lives easier for the taxpayers by launching 'e-Filing Lite' portal. The portal is meant for the tax payers who find filing of income tax returns (ITR) on their own a complicated and time-taking process.
 No income tax on interest from accident compensation: High Court
By M. George
Forty years after an eight-year-old city boy was left maimed for life in a car accident, the Bombay High Court on Thursday held that income tax should not have been deducted from the interest on the compensation awarded by the court. The ruling was given by a bench of justices Akil Kureshi and S J Kathawalla on a plea by accident victim Rupesh Shah, now 48.
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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 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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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
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