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News Headlines   RSS Feeds
 New income tax rules with revised guidelines comes in effect from today
By CA Nilesh Sahu
CBDT new guidelines says that any offence connected to undisclosed foreign bank account or assets in any manner cannot be compounded.
 7 things to keep in mind while filing Income Tax Returns ITR filing
By CA S K Verma
ITR filing: Individual taxpayers are now required to file income tax returns electronically with an exception of super senior citizens who can file it in paper form
 DIY guide to file your ITR
By CA Ojas Aggarwal
With just 15 days left before the deadline for filing income tax return (ITR) for assessment year (AY) 2019-20 expires, you must gather all the related information and documents, especially if you are filing it yourself.
 Income Tax return online filing: Ensure your Form 16 is valid and here is how you can check for it
By CA Atul Gupta
In a few weeks from now there is the deadline to file the income tax return. If you are filing the income tax return make sure that the Form 16 you are using is valid and in acceptable format. Here is how you can check validity of Form 16.
 How to report income from investments ITR filing
By CA Rashmi Sharma
When you sit down to file your income tax return (ITR), the Form 16 issued by your employer may not be the only document you need.
 How to file income tax returns?
By CA S K Verma
The last day for filing the annual Income Tax Returns (ITR) for the financial year 2019-20 is July 31. If your gross total income — before allowing deductions under section 80C and 80U — exceeds Rs 2,50,000 in a financial year, it is mandatory to file returns.
 Will income tax department extend July 31 deadline for ITR filing?
By CA Atul Gupta
Pressure is mounting on the income tax department to grant extra time to people for filing income tax returns on account of changes brought in the format of tax returns as well as in the tax deducted at source (TDS) certificates issued by employers and the TDS returns to be filed by employers with the tax department.
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Continuing Prof. Edu.   RSS Feeds
  Seminar on Recent changes in GST in Budget 2019
By CA Rashmi Sharma
Place: Gurugram Branch Of NIRC Date: 18-07-2019 – To: 18-07-2019 CPE.Hrs.: 2
  Seminar on Budget 2019 and Changes in ITR Forms
By CA Andrew F Thomas
Place: North-Ex C.A. Study Circle of NIRC Date: 17-07-2019 – To: 17-07-2019 CPE.Hrs.: 4
 Seminar on Recent changes in GST in Budget 2019
By CA Rashmi Sharma
Place: Gurugram Branch Of NIRC Date: 18-07-2019 – To: 18-07-2019 CPE.Hrs.: 2
 Seminar on Budget 2019 and Changes in ITR Forms
By CA Andrew F Thomas
Place: North-Ex C.A. Study Circle of NIRC Date: 17-07-2019 – To: 17-07-2019 CPE.Hrs.: 4
 CPE Events 15th July To 20th July 2019
By CA Nilesh Sahu
CPE Events 15th July To 20th July 2019
 Seminar on Union Budget 2019 And Recent Changes in GST
By CA Ojas Aggarwal
Place: Bathinda Branch Of NIRC Date: 11-07-2019 – To: 11-07-2019 CPE.Hrs.: 6
 Recent Amendments in Company Act & in IT(Financial Bill 2019)
By CA Atul Gupta
Place: Patiala Branch Of NIRC Date: 11-07-2019 – To: 11-07-2019 CPE.Hrs.: 5
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GST - Goods and Services Tax   RSS Feeds
 Sitharaman's first Budget gives breather for delay in payments towards GST
By CA Andrew F Thomas
Those paying goods and services tax (GST) after the due date have been given relief in the Budget. The Finance Bill, which is yet to be passed by Parliament, has proposed that interest would be charged on the delayed payment on net basis. Gross tax liability includes input tax credit (ITC) available to tax payers, while the next tax liability excludes that portion.
  Finance Minister addresses the Central Board of Directors of Reserve Bank of India
By CA Atul Gupta
The 577th meeting of the Central Board of Directors of Reserve Bank of India was held at New Delhi today. Smt. Nirmala Sitharaman, Hon’ble Union Minister of Finance, addressed the Directors of the Central Board. The Hon’ble Finance Minister in her address outlined the thinking behind the Union Budget 2019 and the focus areas of the Government.
  RBI releases Draft Report of the Internal Working Group on Comprehensive Review of Market Timings
By CA Mayank Jain
The Reserve Bank of India today released the draft report of the Internal Working Group on “Comprehensive Review of Market Timings”. Comments on the draft report are invited from market participants and other interested parties by July 31, 2019.
 Exemption to handloom sector from GST
By CA Manu T George
Turnover of most of the weavers does not exceed Rs 20 Lakh and therefore they do not require registration under the Goods and Service Tax (GST), said Union Minister of Textiles, Smriti Zubin Irani.
 Steady decline in number of return filers in last four months GST
By CA Rashmi Sharma
Total number of entities filing GST returns has seen steady declined in the last four months for which data is available. Between February and May this year, the number of entities filing GST return has declined by almost 8 lakh, which is nearly 10% of the total GST return filed in the country.
 How to file GST return online?
By CA Manu T George
GST Return Filing Online: After logging in on the portal, invoices need to be uploaded, following which an invoice reference number will be issued against each invoice. After that, outward return, inward return, and cumulative monthly return have to be filed online.
 How GST may lead to increased tax outgo for insurance companies
By CA Manu T George
If the value of insurance premium not subjected to tax is treated as exempt, the insurance companies will be liable to substantial tax credit reversals. It will lead to increased costs at a time when they are already under losses.
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Markets   RSS Feeds
 FM calms nerves, says no plan to tax market gains
By CA S K Verma
In a bid to calm frayed nerves of stock market players, Finance Minister Arun Jaitley on Sunday clarified the government has no intention to impose a tax on long-term capital gains from trading in shares.
 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.
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General   RSS Feeds
 Why new tax surcharge has stunned foreign portfolio investors
By CA Rashmi Sharma
India’s tax revenue structure has seen some volatility in the nearly two decades since the turn of the millennium. In 2000-01, Indian direct taxes, which include individual income taxes (taxes on salaries, house properties, capital gains, etc) and corporate income taxes accounted for barely 36.31% of total tax collection.
  How to set-off short-term capital gains?
By CA Rashmi Sharma
Short-term capital loss can be set off against short-term capital gains as well as long-term capital gains." Archit Gupta, CEO, ClearTax says, "Short-term capital loss can be set off against short-term capital gains as well as long-term capital gains.
 Tax receipts growing but not fast enough for new government
By CA Devender Singh
Revenue from direct and indirect taxes of the government has grown at a decent pace in FY19 but not sufficient for the Narendra Modi administration to make ends meet as welfare spending spiralled on account of new commitments like giving income support to farmers.
 How Modi government's budgets have reduced your income tax burden
By CA Rashmi Sharma
During the first term of the Narendra Modi government, the then finance minister Arun Jaitley announced a slew of income tax changes for the salaried class in the Union Budget from 2014 to 2018. In 2019, ill-health forced him to pass on the baton to Piyush Goyal who too did his best to reduce tax burden on the middle-class in the interim budget.
 Tax department tightens the noose on offenders
By CA S K Verma
The possibility of prosecution and imprisonment will soon become more real for tax offenders, thanks to the new guidelines issued by the Central Board of Direct Taxes (CBDT). The new rules, effective 17 June, plug a loophole in a tax provision that allowed tax evaders to escape imprisonment by paying up a little extra.
 How to set-off short-term capital gains?
By CA Atul Gupta
Short-term capital loss can be set off against short-term capital gains as well as long-term capital gains. Short-term capital gains from debt funds (held for three years or less) can be set off against short-term capital loss from stocks (held for one year or less).
 Government to revamp procedure for tax assessment
By CA S K Verma
India has set the ball rolling for what could completely reset the taxpayer-income tax department relationship. The government has handed out the task of firming up modalities for faceless income tax assessment and scrutiny to high-level direct taxes panel.
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Corporate Law   RSS Feeds
  GST & Companies Act way Forward
By CA Mayank Jain
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 CA Manu T 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 CA Manu T 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 CA Rashmi Sharma
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 CA Atul Gupta
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.
 Residential status rules are different for exchange control, income tax laws NRI taxation
By CA Nilesh Sahu
The rules for determination of residential status under the exchange control law are different from those under the income tax law.
 Recent advance rulings under the GST Law
By CA Andrew F Thomas
The Authority for Advance Ruling (AAR) constituted under the Goods and Services Tax (GST) Law has recently pronounced advance rulings clarifying certain positions on the applicability of GST on supply of goods from retail outlets in international airports,
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Students   RSS Feeds
 Clarification on postponement of some of the papers of May 2019 CA Exams
By CA Manu T George
Postponement of Paper on 2nd June 2019 to 4th June 2019 was occasioned by the inability expressed by many exam centres to conduct the exam on that date owing to their holding UPSC exams on that day
 Admit Cards for appearing in May 2019 CA Final / Intermediate/ Intermediate(IPC) Exams
By CA Rashmi Sharma
It may be noted that Page No 2 of the admit card provides for columns for taking acknowledgement of the invigilator, after submission of the answer books, at the exam hall/centre.
 Zone / City - shifting of candidates for MAY - 2019 CA Exams
By CA Manu T George
Due to paucity of accommodation in certain Zones opted by the candidates in the cities of Ahmedabad, Bengaluru, Bhopal, Chennai, Delhi, Hyderabad, Mumbai, Pune and Vadodara some of the candidates have been allotted examinations centres in the zone other than the zone opted by them in the said cities.
 Case Study Development in various Elective Subjects of CA Final Course
By CA Andrew F Thomas
The ICAI, under its New Scheme of Education and Training has introduced Case-Study and Open-Book based Elective subjects at the Final level of CA course. In order to strengthen its pool of case studies, it is inviting case studies from Members, Academicians
 Next Batch of Educational Course by ICAI Registered Valuers Organsiation (ICAI RVO) at Hyderabad, from 04th May to 26th May, 2019
By CA Andrew F Thomas
The ICAI Registered Valuers Organsiation (ICAI RVO) is conducting batch of Educational Course for taking IBBI Registered Valuers Examination for Securities or Financial assets class at Hyderabad from 04th May to 26th May, 2019 on the following dates:
 Examination of Certificate Course on Forex and Treasury Management-Forthcoming Exam centers at Ahmedabad, Bangalore ,Chennai, Hyderabad, Mumbai & Noida on 18th & 19th May 2019
By CA Rashmi Sharma
Kind attention to the members registered for the Certificate Course on Forex and Treasury Management is invited to the next examination of the Course which will be held on 18th and 19th May 2019 (Saturday and Sunday) as per the detail given below
 Certificate Course on Forex and Treasury Management - Forthcoming Batches at Noida, Mumbai & Bengaluru
By CA Mayank Jain
Sealed tenders in prescribed format are invited for Engagement of Internal Auditors for The Orissa Minerals Development Company Ltd. for the Financial Year 2019-20.
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New Forms   RSS Feeds
 Before you file your tax return, note the key changes in Form 16
By CA Mayank Jain
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 CA Atul Gupta
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 CA Nilesh Sahu
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 CA Manu T 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 CA Mayank Jain
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 CA Atul Gupta
Candidates are advised to carefully read, understand and follow the instructions while filling in the Form and retain the same for future reference
 Form 60 can help you Don’t have PAN and need to do these important transactions?
By CA Ojas Aggarwal
As per the Income Tax Act, PAN is necessary to be quoted in various documents or transactions. However, in certain cases Form No 60 can also be used. Here's all you need to know.
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ICAI   RSS Feeds
 What is Unique Document Identification Number (UDIN)?
By CA Devender Singh
Unique Document Identification Number (UDIN) is 18-Digits system generated unique number for every document certified/attested by Practicing Chartered Accountants.
 Register for Second Exclusive Batches of German Language (120 Hours) for ICAI Members and Students at Delhi-20th July 2019
By CA Manu T George
The Institute of Chartered Accountants of India (ICAI), through its Committee for Export of CA Services & WTO had made a tie up with GOETHE-INSTITUT, Max Mueller Bhawan, to promote German language amongst its members and students in order to overcome language barriers abroad. The second batch of the German language course (level A1- 120 hrs), details given below
 Exposure drafts of ASLB 21, 'Impairment of Non-Cash Generating Assets', ASLB 26, 'Impairment of Cash Generating Assets' and ASLB 32, 'Service Concession Arrangements: Grantor'
By CA Ojas Aggarwal
The Institute of Chartered Accountants of India (ICAI), as a partner in nation building, has been taking various steps to improve the Government Accounting and Public Financial Management in India. During the Council Year 2019-20, a new Committee namely the Committee on Public Finance
 Indian Institute Of Science Education And Research,Kolkata, West Bengal
By CA S K Verma
IISER KOLKATA invites tender from Kolkata/Kalyani based Chartered ccountant/Cost Accountant Firms having branch at Kolkata, for conducting Internal Audit of the Institute for the financial year 2019-20, which can further be extended on satisfactory completion of the work.
 Results of the Common Proficiency Test (CPT) held in June 2019 are likely to be declared on Thursday, the 18th July 2019.
By CA Ojas Aggarwal
The results of the Common Proficiency Test (CPT) held in June 2019 are likely to be declared on Thursday, the 18th July 2019 at around 6.00 P.M. and the same will be available on the following
  Beneficial Schemes for the Members of ICAI - Committee for Capacity Building of Members in Practice, ICAI
By CA Atul Gupta
The Committee for Capacity Building of Members in Practice (CCBMP), ICAI has initiated various measures for the benefits of the members of ICAI through the following arrangements with the service providers which the members may avail at their choice
 ICAI invites suggestions on tax proposals of Union Budget 2019-20
By CA Manu T George
Hon'ble Finance Minister has presented the Union Budget 2019-20 in the Parliament. In view of the same, the Direct Taxes Committee, GST & Indirect Taxes Committee and Committee on International Taxation invite suggestions on the tax proposals of the Finance (No. 2) Bill, 2019
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From the Courts   RSS Feeds
 Satish Kumar Gautam 302, Triveni Complex, E-10/12, Jawahar Park, Luxmi Nagar, Delhi. Vs. Income Tax Officer, Ward 3(3), Noida.
By CA Manu T George
This appeal by assessee has been directed against the order of Ld. CIT(Appeals)-1, Noida dated 31.08.2018 for AY 2014-15, challenging the levy of penalty u/s 271(1)(c) of the I.T. Act.
 The Income Tax Officer Ward 1 (1) New Delhi Vs. AASl (India) Properties In Infrastructure Private Limited 4 A/10, Old Rajinder Nagar New Delhi
By CA Mayank Jain
Referred Sections: Section 147, Section 148 of the I.T. Act, Section 131 of the income tax act, Section 68 of the income tax act, Section 143 (3) of the income tax act, Section 133 (6) of the act.
 M/s Rita Plastics Pvt. Ltd., A-53, Vishal Enclave, New Delhi-110027 Vs. Income Tax officer, Ward 15(4), New Delhi.
By CA Manu T George
This appeal is preferred by the assessee against the order of the ld. C.I.T.(A)-7, New Delhi dated 25.04.2016 pertaining to assessment year 2011-12 on the following grounds
 When is the last day to file income tax returns?
By CA Ojas Aggarwal
The deadline for filing Income Tax Returns (ITR) for the assessment year 2019-20 is July 31, 2019. In the recent budget announcement, the Union Finance Minister Nirmala Sitharaman proposed to make the permanent account number (PAN) card and Aadhaar interchangeable, effectively allowing those not possessing a PAN to file income tax returns by quoting their Aadhaar number.
 Asstt. Commissioner of Income Tax, Central Circle -28, New Delhi. Vs. M/s Triveni Motors, C-691, New Friends Colony, New Dlhi.a
By CA Atul Gupta
This appeal by Revenue is filed against the order of Learned Commissioner of Income Tax (Appeals)-29, ["Ld. CIT(A)", for short], New Delhi, dated 5.04.2015 for Assessment Year 2006-07, on the following grounds:
 Alfa Bhoj Limited, 4A, Pusa Road, New Delhi Vs. ACIT, Central Circle-3, New Delhia
By CA Mayank Jain
Referred Sections: Section 143 (3) of the income tax act, Section 274 of the income tax act 1961, Section 143 (3) of the act, Section 40A (3) of the income tax act, Section 271 (1) (c) of the income tax act
 Pawan Kumar Singhal, 157, Chanderpuri, Ghaziabad- 201001, Vs. ACIT, Circle -2, Ghaziabad.
By CA Manu T George
This appeal by Assessee is filed against the order of Learned Commissioner of Income Tax (Appeals)-I, ["Ld. CIT(A)", for short], Noida ­ 201301, dated 28.09.2018 for Assessment Year 2015-16.
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Auditing   RSS Feeds
 Auditors barred from putting a value on companies they are auditing
By CA S K Verma
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 CA Devender Singh
Standard on Internal Audit (SIA) 18, Related Parties
 Standard on Internal Audit (SIA) 17, Consideration of Laws and Regulations in an Internal Audit
By CA S K Verma
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 CA Ojas Aggarwal
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 CA Atul Gupta
Standard on Internal Audit (SIA) 14, Internal Audit in an Information Technology Environment
 Standard on Internal Audit (SIA) 13, Enterprise Risk Management
By CA Mayank Jain
Standard on Internal Audit (SIA) 13, Enterprise Risk Management
 Standard on Internal Audit (SIA) 12, Internal Control Evaluation
By CA Manu T George
Standard on Internal Audit (SIA) 12, Internal Control Evaluation
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Latest Circulars   RSS Feeds
 Auction of Government of India Dated Securities July 15, 2019
By CA Nilesh Sahu
The auction will be price based using multiple price method. The Reserve Bank of India at Mumbai will conduct the auctions. The salient features of the auctions and the terms and conditions governing the issue of the Stocks are given in the notifications (copies enclosed), which should be read along with the General Notification F.No.4(2)–W&M/2018, dated March 27, 2018 issued by Government of India.
 Auction for Sale (re-issue) of Government Stock (GS) July 15, 2019
By CA Devender Singh
The Government Stock up to 5% of the notified amount of the sale will be allotted to eligible individuals and institutions as per the enclosed Scheme for Non-competitive Bidding Facility in the Auctions of Government Securities (Annex).
  RBI - Auction of State Government Securities
By CA Devender Singh
The auction will be conducted on the Reserve Bank of India Core Banking Solution (E-Kuber) system on July 16, 2019 (Tuesday). The Government Stock up to 10% of the notified amount of the sale of each stock will be allotted to eligible individuals and institutions subject to a maximum limit of 1% of its notified amount for a single bid per stock as per the Scheme for Non-competitive Bidding Facility (available on RBI website).
  RBI releases Draft Report of the Internal Working Group on Comprehensive Review of Market Timings
By CA S K Verma
The Reserve Bank of India today released the draft report of the Internal Working Group on “Comprehensive Review of Market Timings”. Comments on the draft report are invited from market participants and other interested parties by July 31, 2019.
 Finance Minister addresses the Central Board of Directors of Reserve Bank of India
By CA Mayank Jain
The 577th meeting of the Central Board of Directors of Reserve Bank of India was held at New Delhi today. Smt. Nirmala Sitharaman, Hon’ble Union Minister of Finance, addressed the Directors of the Central Board. The Hon’ble Finance Minister in her address outlined the thinking behind the Union Budget 2019 and the focus areas of the Government.
 RBI releases Draft Report of the Internal Working Group on Comprehensive Review of Market Timings
By CA Manu T George
The Reserve Bank of India today released the draft report of the Internal Working Group on “Comprehensive Review of Market Timings”. Comments on the draft report are invited from market participants and other interested parties by July 31, 2019.
  Finance Minister addresses the Central Board of Directors of Reserve Bank of India
By CA Devender Singh
The 577th meeting of the Central Board of Directors of Reserve Bank of India was held at New Delhi today. Smt. Nirmala Sitharaman, Hon’ble Union Minister of Finance, addressed the Directors of the Central Board. The Hon’ble Finance Minister in her address outlined the thinking behind the Union Budget 2019 and the focus areas of the Government.
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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
 ITAT slams Tax Dept for Negligence in Maintaining Records, says Assessee can’t be Penalized for such Mistakes
By CA Ojas Aggarwal
While granting section 12A registration to a Trust, the Pune bench of the Income Tax Appellate Tribunal ( ITAT ) has criticized the income tax department for its negligence in keeping records.
 Monetary limits for filing/withdrawal of Wealth Tax appeals by the Department before ITAT, HCs and SLPs/appeals before SC through extending the scope of Circular 3 of 2018 -Measures for reducing litigation.?
By CA Devender Singh
Reference is invited to Board's Circular No. 3 of 2018 dated 11.07.2018 (hereinafter, referred to as "the Circular") vide which monetary limits for filing of income tax appeals by the Department before Income Tax Appellate Tribunal, High Courts and SLPs/ appeals before Supreme Court were specified.
 Income Tax Appellate Tribunal, Hyderabad Benches, Hyderabad. Cause List Of Cases Posted Before A-Bench ( Db & Smc ) 14.01.2019 To 18.01.2019
By CA Rashmi Sharma
Income Tax Appellate Tribunal, Hyderabad Benches, Hyderabad. Cause List Of Cases Posted Before A-Bench ( Db & Smc ) 14.01.2019 To 18.01.2019
 Income Tax Appellate Tribunal, Mumbai Benches, Mumbai Consolidated Cause List Of Sal Ma/ Pronouncement For Friday 18.01.2019
By CA Andrew F Thomas
Income Tax Appellate Tribunal, Mumbai Benches, Mumbai Consolidated Cause List Of Sal Ma/ Pronouncement For Friday 18.01.2019
 Income Tax Appellate Tribunal : Kolkata Benches : Kolkata. Sub : Cause List For The Cases Fixed On Friday The 11/01/2019
By CA Manu T George
Income Tax Appellate Tribunal : Kolkata Benches : Kolkata. Sub : Cause List For The Cases Fixed On Friday The 11/01/2019
 Income Tax Appellate Tribunamumbai Benchemumbai Consolidated Cause List Of SA/ Maj Pronouncement For Friday 11.01.2019
By CA Rashmi Sharma
Income Tax Appellate Tribunamumbai Benchemumbai Consolidated Cause List Of SA/ Maj Pronouncement For Friday 11.01.2019
 Income Tax Appellate Tribunal: Chandigarh Benches: Chandigarh Revised Constitution Of Chandigarh Benches From: 17'12.2018 To 21.12.2018 & 24.12.2018 To 28.12.2018,
By CA Andrew F Thomas
Income Tax Appellate Tribunal: Chandigarh Benches: Chandigarh Revised Constitution Of Chandigarh Benches From: 17'12.2018 To 21.12.2018 & 24.12.2018 To 28.12.2018,
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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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Placements & Empanelment   RSS Feeds
 32 LPA-Opening Manager/senior Manager-chartered Accountant -statutory Audit
By CA Mayank Jain
Salary: INR 17,00,000 - 32,00,000 PA., Functional Area:Accounts , Finance , Tax , Company Secretary , Audit
  40 LPA-Opening Accountant, Finance
By CA Ojas Aggarwal
Salary: USD 20,000 - 30,000 PA., Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:CA
 30 LPA-Opening Senior Manager Finance
By CA Atul Gupta
Salary: INR 20,00,000 - 30,00,000 PA., Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:CA
 22.5 LPA-Opening Group Commercial Finance - Manager Charted Accountant
By CA Nilesh Sahu
Salary: INR 20,00,000 - 22,50,000 PA., Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:CA
  30 LPA-Opening General Manager Operations
By CA Devender Singh
Salary: INR 25,00,000 - 30,00,000 PA., Industry:Accounting, Finance, PG:CA
 35 LPA-Opening Head – Finance And Accounts
By CA Devender Singh
Salary: INR 20,00,000 - 35,00,000 PA., Functional Area:ITES, BPO, KPO, LPO, Customer Service, Operations,
 30 LPA-Opening General Manager Operations
By CA S K Verma
Salary: INR 25,00,000 - 30,00,000 PA., Functional Area:ITES , BPO , KPO , LPO , Customer Service , Operations, PG:CA
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Direct Tax   RSS Feeds
 File Income Tax return before last date and avoid these consequences ITR filing
By CA S K Verma
July 31 is the last day for filing Income Tax Return (ITR) for the assessment year 2019-20 (the financial year 2018-19). This year, certain sections of ITR forms will be pre-filled as notified by the Income Tax Department. If you have not filed your ITR this year, do it before the deadline or you will have to face these consequences.
 Claiming tax refund in your ITR? Don't forget to pre-validate your bank account
By CA Mayank Jain
The process of claiming income tax refund has been tweaked a little bit by the tax department. From this year, you will have to pre-validate the bank account in which you wish to receive your income tax refund once your return is successfully filed or when filing your income tax return (ITR).
 Section 193 – TDS on Interest on Securities
By CA Andrew F Thomas
The term ‘interest on securities’ is defined under section 2 (28B) of the Income Tax Act, 1961 which means interest on securities of the Central or a State Government and interest on debentures / other securities issued by or on behalf of a local authority / a company / a co-operative society established by the Central or State or Provincial Act.
 If you miss to file return by due date, you will be penalised, even get jailed
By CA Manu T George
Given that the deadline to issue Form 16 was extended till 10 July, the last date for filing income tax return (ITR) for FY18-19 may get extended well beyond 31 July. But that shouldn’t become a reason for you to leave tax filing for the last moment, especially if you already have all the required documents. Remember that if you fail to file your ITR by the due date, you will have to pay a penalty and face certain restrictions when you file belated return.
 Don’t blindly rely on pre-filled ITR Form; correct discrepancies, if any before submission
By CA Devender Singh
Income Tax Return e-Filing for AY 2019-20: Pre-filled Income Tax Return (ITR) Forms are of great help for the assessees as they need not enter all the information in each and every place of the form.
  Notification No. 52/2019 Central Board Of Direct Taxes
By CA S K Verma
In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, `Chhattisgarh Building and Other Construction Workers' Welfare Board'
 I-T Department cautions employees on Form 16
By CA Rashmi Sharma
Income Tax Return e-Filing for AY 2019-20: The last date for the employers to handover the Form 16 to their employees is July 10. If you have already received it or will receive it in the next few days, ensure that it is downloaded from TRACES. The income tax department has cautioned about the downloading or generating of Form 16 and wants to make sure that it is only from TRACES. The I-T department wants the employees to insist the employers to download Form 16 from TRACES if the same is generated using different software. The income tax return filing last date is July 31 for the AY 2019-20.
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Tenders   RSS Feeds
 Jammu And Kashmir State Power Development Corporation Limited, Srinagar, Jammu And Kashmir
By CA Ojas Aggarwal
The Jammu & Kashmir State Power Development Corporation Limited, a public sector enterprise of Government of Jammu & Kashmir, is a power generating utility having 21 hydro projects across the State of Jammu & Kashmir and one Gas Turbine at Pampore, Kashmir.
 Reserve Bank Of India,Kanpur
By CA Atul Gupta
E-Tender for Appointment of Concurrent Auditors for the year 2019-20 i.e. October 01, 2019 to September 30, 2020 by Reserve Bank of India, Kanpur
 Haryana Power Generation Corporation Limited,Panchkula, Haryana
By CA Rashmi Sharma
Haryana Power Generation Corporation Ltd., a Government of Haryana Undertaking, invites bids from reputed Indian Chartered Accountant/ Indian Cost Accountant Firms for conducting Internal Audit for F.Y. 2019-20, 2020-21 AND 2021-22
 Indira Gandhi Institute Of Development Research, Mumbai, Maharashtra
By CA Nilesh Sahu
The sealed tenders are being invited for the above mentioned Services. IGIDR MUMBAI reserves its right to award the contract for above services to the successful bidder.
 Panchayat And Rural Development Department,Raipur,Chhattisgarh
By CA Andrew F Thomas
Chhattisgarh Rural Road Development Agency, Vikas Bhawan, Civil Line, Raipur, invites Expression of Interest from suitable C.A. partnership firms registered with Comptroller & Auditor General of India for Outsourcing of execution and management Services in the area of accounting & taxation.
 Jharkhand Rural Health Mission Society,Ranchi,Jharkhand
By CA Nilesh Sahu
Jharkhand Rural Health Mission Society (JRHMS) seeks to invite proposals from CA firms meeting the minimum eligibility criteria for the concurrent audit of associated 8 District Health Societies-one in each district of the State and all Blocks thereunder implementing various programs under the National Health Mission, Jharkhand, for the financial year 2019-20.
 Ujjain Sahakari Dugdha Sangh,Ujjain,Madhya Pradesh
By CA S K Verma
Online tenders are invited for APPOINTMENT OF CHARTERED ACCOUNTANTS FOR INTERNAL AUDIT FOR THE FINANCIAL YEAR 2019-20 The tender notice , tender document , containing the terms and conditions can be purchased online & downloaded through following
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Transfer Pricing   RSS Feeds
 Transfer pricing methodology of MNCs under customs department lens
By CA Rashmi Sharma
The days for information arbitration may just be over for many companies. The special valuation branch of the customs department is scrutinising transfer pricing methodologies of several multinationals with a view to reconcile their tax and import-expert submissions.
 MNCs now won't have to file CbC report in Indiaa
By CA Ojas Aggarwal
Indian arms of US MNCs will not have to file country by country or CbC report here. India has finalized bilateral competent authority arrangement for exchange of CbC reports with US.
 Citing Supreme Court’s Vodafone order, Bombay HC rejects transfer pricing adjustment
By CA Ojas Aggarwal
Relying on the Supreme Court’s verdict in the Vodafone case related to transfer pricing adjustment (TPA), the Bombay High Court upheld the Income Tax Appellate Tribunal (ITAT) ruling that had struck down the adjustments made by the taxman on an Indian company for buying shares in a fully-owned Dubai-based subsidiary on its capital account.
 General Insurance Corporation Of India, Mumbai, Maharashtra
By CA Ojas Aggarwal
This E-Tender document is not an agreement or offer by General Insurance Corporation of India (hereinafter to be referred as GIC Re) to the prospective Bidders or any other party. The purpose of this E-Tender document is to provide interested parties with information to assist the formulation of their Bid.
 Air India Limited, Multi Location, Multi State
By CA Atul Gupta
The information contained in this TENDER or subsequently provided to bidder(s) whether verbally or in documentary or in any other form or on behalf of Air India, is provided to the bidder(s) on the terms and conditions set out in this TENDER and such other terms and conditions subject to which such information is provided.
  Edcil India Limited, New Delhi
By CA Manu T George
Appointment of Chartered Accountant Firm / Practicing Chartered Accountant to undertake work of Internal Audit for its Corporate Office at Noida and its Branch offices at Barakhamba Rd. New Delhi.
 Edcil India Limited, New Delhi
By CA Rashmi Sharma
Appointment of Chartered Accountant Firm / Practicing Chartered Accountant to undertake work of Internal Audit for its Corporate Office at Noida and its Branch offices at Barakhamba Rd. New Delhi.
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Customs and Excise   RSS Feeds
 Notification No. 51/2019- Central Board of Indirect Taxes and Customs
By CA Devender Singh
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 in the Ministry of Finance (Department of Revenue), No. 36/2001-Customs
 Notification No. 50/2019- Customs Ministry Of Finance (Department Of Revenue)
By CA S K Verma
In exercise of the powers conferred by clause (c) of sub-section (1) of section 7 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect taxes and Customs hereby makes the following further amendments in the notification of the Government of India,
 Notification No.45/2019 - Customs Central Board Of Indirect Taxes And Customs
By CA Mayank Jain
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.40/2019-CUSTOMS (N.T.)
 Notification No. 41/2019 Central Board of Indirect Taxes and Customs
By CA Manu T George
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 in the Ministry of Finance (Department of Revenue), No. 36/2001-Customs
 Exchange Rates Notification No. 40/2019-Central Board Of Indirect Taxes And Customs
By CA S K Verma
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.37/2019-CUSTOMS (N.T.), dated 16th May, 2019
 Notification No.39/2019 -Central Board Of Indirect Taxes And Customs
By CA Rashmi Sharma
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 amendments in the Central Board of Indirect Taxes and Customs Notification No.37/2019-CUSTOMS (N.T.), dated 16th May, 2019 with effect from 1st June, 2019.
 Notification No. 38/2019-Central Board of Indirect Taxes and Customs
By CA Andrew F Thomas
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 in the Ministry of Finance (Department of Revenue),
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Mergers and Acquisitions   RSS Feeds
  How M&A deals are likely to pan out in 2019
By CA Manu T George
It has been quite a happening year for mergers and acquisitions (M&As). Some marque acquisitions of 2018 were Walmart Inc.’s $16 billion acquisition of Flipkart, UltraTech Cement Ltd’s acquisition of Binani Cement, and Hindustan Unilever (HUL)’s acquisition of iconic health drink brands of GlaxoSmithKline Consumer Healthcare Ltd.
 Deals of the day-Mergers and acquisitions July 8, 2019
By CA Rashmi Sharma
Indian government will attempt to cut its share holding in state-run companies in 2019-20 to the minimum required under the rules, a government official said, as it seeks to shore up 1.05 trillion rupees ($15.30 billion) through stake sales in the current fiscal year.
 M&A activity in India down 51.4% in H1
By CA Rashmi Sharma
M&A activity in India fell 51.4 per cent to $41.6 billion in the first half of 2019, after a record H1 last year, according to a report by Refinitiv, a global provider of financial markets data owned by Blackstone Group and Thomson Reuters.
 M&A deals more than halve to $41.6 bn in January-June
By CA Manu T George
Overall mergers and acquisitions (M&A) in India, which hit a record high in the first half of 2018, more than halved to $41.6 billion in the first half of 2019 as both domestic and cross border deals declined, according to Refinitiv, a financial market data provider owned by Blackstone and Thomson Reuters.
 Deals of the day-Mergers and acquisitions June 14, 2019
By CA Rashmi Sharma
Italian Deputy Prime Minister Matteo Salvini said an infrastructure or transportation group would be his preferred partner for troubled carrier Alitalia
 Deals of the day-Mergers and acquisitions June 11, 2019
By CA Mayank Jain
Book distribution company Readerlink LLC is working towards making a bid for Barnes & Nobles Inc that would top hedge fund Elliott Management Corp’s agreed price to buy the U.S bookseller, the Wall Street Journal reported, citing a source.
 Mergers and acquisitions activity saw sharp decline in Jan-Mar quarter: EY India
By CA S K Verma
Merger and acquisition activity in India saw a sharp decline in the January-March period, amid subdued global deal market and uncertainty around general election results, according to a report.
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Indirect Tax   RSS Feeds
 How much tax do you need to pay for your equity investments?
By CA Atul Gupta
Among different types of assets, be they financial or physical, equity investments have given the highest returns over the long term. This is the reason why equity assets form a large part of most investors’ portfolios.
 Income Tax Department proposes new norms for taxing MNCs in India
By CA Atul Gupta
The income tax department on Thursday proposed change in the methodology for taxing multinational companies (MNCs), including digital firms, having permanent establishment in India by giving weightage to factors like domestic sales, employee strength, assets and user base.
 Can you claim tax benefit for tax paid on insurance premium? a
By CA Manu T George
Section 80C and 80D of Income-tax Act entitles specified taxpayers to claim deductions for the entire amount paid to the insurance company for specified insurance schemes.
 Top 30 Income Tax Judgments in 2018
By CA Andrew F Thomas
The year 2018 has been a very significant one to the taxation regime due to some important reforms in the laws and procedures. The contribution of the judiciary including the Supreme Court and various High Courts and Tribunals cannot be ignored. Some of the significant tax judgments delivered by the Indian judiciary in this year have been enlisted below.
 Urban Development and Housing Department, Chakradharpur, Jharkhand
By CA Devender Singh
Though adequate care has been taken while issuing this RFP, the applicant Chartered Accountant/ Cost Accountant Firm should satisfy himself that the document is complete in all respects. Intimation of any discrepancy shall be given to this office (as mentioned below) immediately.
 National Rural Health Mission, Faridabad - Haryana
By CA S K Verma
The Civil Surgeon Gurugram shall have the authority to cancel the tender process if does not find a suitable tender.
  Govt fails to release exporters’ pending sales tax refund claims
By CA Ojas Aggarwal
Billions of rupees of exporters in DDT and DLTL has been stuck up with the government causing great sufferings to the already burdened exporters who are now at a loss to understand how to make both ends meet and such an alarming situation will ruin the export business of the Value Added Textile Exporters.
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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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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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