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News Headlines   RSS Feeds
 How to report pension income while filing ITR
By CA Rashmi Sharma
The income tax return (ITR) forms released by the government for financial year (FY) 2018-2019 mandates detailed reporting. For instance, as compared to earlier years, when only aggregate amounts were to be reported under allowances and perquisites, for FY 2018-2019, details of different allowances as well as perquisites earned during the FY are required to be reported separately.
 How you can file income tax return online DIY guide to ITR filing
By CA Andrew F Thomas
All individual taxpayers are now required to file ITR electronically; only super senior citizens and assessees with annual income of under Rs 5 lakh, who are not seeking a refund, can choose to do so in paper format
 How to file ITR-1 online
By CA Andrew F Thomas
While filing your tax return, it is important that you pick the right form to file your income tax return (ITR). This is because if you use the wrong form then your return will be termed as 'defective' by the tax department at the time of processing and you will have file a revised return.
 How to file ITR-1 online
By CA Andrew F Thomas
While filing your tax return, it is important that you pick the right form to file your income tax return (ITR). This is because if you use the wrong form then your return will be termed as 'defective' by the tax department at the time of processing and you will have file a revised return.
 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.
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Continuing Prof. Edu.   RSS Feeds
 Programme on ITR Changes & ICDS
By CA Ojas Aggarwal
Place: Dwarka CPE Study Circle of NIRC Date: 21-07-2019 – To: 21-07-2019 CPE.Hrs.:
  Seminar on Recent changes in GST in Budget 2019
By CA Atul Gupta
Place: Gurugram Branch Of NIRC Date: 18-07-2019 – To: 18-07-2019 CPE.Hrs.: 2
  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
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GST - Goods and Services Tax   RSS Feeds
 How has GST Revolutionised India's Economy
By CA Ojas Aggarwal
Goods and Services Tax (GST) is India’s biggest indirect tax reforms which started on July 1, 2017. It is founded on the notion of “One Nation, One Market, One Tax”, as we enter the third year of successful implementation of GST after braving some serious challenges.
 Reaping best benefits requires laws and compliance structures be made simpler GST
By CA Andrew F Thomas
In the recently announced Budget 2019-20 papers, lies buried a data point on the India GST. In a span of two years from its introduction, the initial euphoria and charm has faded away completely, and the GST numbers have been reduced to reflect a decrease in the expected collections.
 Management of Good & Services Tax Audit by GST Department
By CA Andrew F Thomas
Audit management requires planning and effective execution of the audit process. Structurally and functionally, this is to be undertaken at two levels – Apex level and Local level. In order to monitor, co-ordinate and guide the effective implementation of the GST audit system, the Board has set up the Directorate General of Audit as the nodal agency.
 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.
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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
 Income tax benefits on NPS explained in 5 points
By CA Mayank Jain
The government has made National Pension System or NPS more attractive by announcing new income tax benefits in Budget 2019 for investors in the pension scheme. NPS is a voluntary, defined contribution retirement savings scheme. It is open for both government, private sector employees and the self-employed.
 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).
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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 the reference of 18-Digits of UDIN?
By CA Andrew F Thomas
What is the reference of 18-Digits of UDIN?
 Results of the Common Proficiency Test (CPT) held in June 2019 declared.
By CA Nilesh Sahu
Results of the Common Proficiency Test (CPT) held in June 2019 declared.
 Result of the Information Systems Audit [ISA] Assessment Test held on 29th June 2019 declared.
By CA Devender Singh
Result of the Information Systems Audit [ISA] Assessment Test held on 29th June 2019 declared.
 Announcement to Members and Students - Clarification on Foreign Languages
By CA S K Verma
ICAI has initiated foreign language courses in German, French and Spanish to overcome the language barriers while dealing with foreign companies and also to meet the mandate of Government of India under Action Plan for Champion Sector.
 What is the objective of UDIN?
By CA Manu T George
It has been noticed that financial documents/ certificates attested by third person misrepresenting themselves as CA Members are misleading the Authorities and Stakeholders. ICAI is also receiving number of complaints of signatures of CAs being forged by non CAs.
 Educational Material on Indian Accounting Standard (Ind AS) 8, Accounting Policies, Changes in Accounting Estimates and Errors
By CA Nilesh Sahu
This Educational Material on Ind AS 8, Accounting Policies, Changes in Accounting Estimates and Errors will provide guidance to the stakeholders in understanding the criteria for selecting and changing accounting policies, together with the accounting treatment and disclosure of changes in accounting policies, changes in accounting estimates and corrections of errors.
 Indian Accounting Standards (Ind AS): An Overview (Revised 2019)
By CA Devender Singh
This is the fourth edition of our earlier issued publication which contains an overview of various aspects related to Indian Accounting Standards (Ind AS) such as roadmap for the applicability of Ind AS, carve-outs from IFRS/IAS, changes in financial reporting under Ind AS compared to financial reporting under accounting standards, summary of all the Ind AS etc.
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From the Courts   RSS Feeds
 Sneh Lata Sawhney, 6, Link Road, Jangpura extension, New Delhi. vs. DCIT, Central circle-7 New Delhi
By CA Manu T George
By w ay of this Stay Application, assessee is seeking stay of outstanding dem and to the tune of Rs. 23, 80, 575/-. Case of the assessee is relating to the addition made by the learned AO and assessing the incom e of the assessee
 AT & T Global Network Services (India) Private Limited Mohan Dev House, Tolstoy Marg, New Delhi - 110001 vs. Additional Commissioner of Income Tax Special Range-1 New Delhi
By CA Rashmi Sharma
Referred Sections: Section 143(3) of the Income Tax Act, 1961, Section 145(2) of the Act, Section 35ABB of the Act., Section 37(1) of the Act, Section 40(a)(i) of the Act, Section 234B and 234C of the Act, Section 271(1)(c) of the Act, Section 92B of the Act., Section 194I of the Act.
 Mohd. Ismile H.No. 729, Sanjay Colony, Arthala, Ghaziabad, Uttar Prades. vs. ITO Ward 1(4) Ghaziabad.
By CA Nilesh Sahu
In this case, addition has been made on account of cash deposit in the bank account. The AO passed the ex-parte assessment order which is confirmed by the Ld. CIT(A). There is a total demand of Rs. 28,97,990/-.
 ACIT, Central Circle-22, New Delhi, Vs. M/sSatnam International P. Ltd., 201, Vipps Centre, 2, Community Complex, Masjid Moth, G.K. II, New Delhi
By CA Devender Singh
Referred Sections: Section 153A of the Income Tax Act, 1961, Section 132 of the Act, Section 2(14) of the Act, Section 2(22)(e) of the Income Tax Act, 1961
 American Express (I) P. Ltd., Metropolitan Saket, 7th floor, Office Block, District Centre, New Delhi. Vs. DCIT, Circle-2(2), New Delhi.
By CA S K Verma
Brief facts of the case are that the assessee was incorporated in India in 1994 and is engaged in the business of providing travel related services (Charge Cards, Credit Cards, Traveler's Cheques and Travel Agency Services). During FY 2007-08
 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.
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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
 Directions under Section 35A of the Banking Regulation Act, 1949 – The Hindu Co-operative Bank Limited, Pathankot, Punjab – Modification
By CA S K Verma
Reserve Bank of India had, in the public interest, issued Directions to The Hindu Co-operative Bank Limited, Pathankot, Punjab in exercise of powers vested in it under sub-section (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949,
  Master Circular - Credit facilities to Scheduled Castes (SCs) & Scheduled Tribes (STs)
By CA Mayank Jain
The District Level Consultative Committees formed under the Lead Bank Scheme should continue to be the principal mechanism of co-ordination between banks and development agencies in this regard.
 Directions under Section 35A of the Banking Regulation Act, 1949
By CA Manu T George
Reserve Bank of India, in the public interest, had issued directions to Bhagyodaya Friends Urban Co-operative Bank Ltd. Warud, Dist-Amravati, Maharashtra in exercise of powers vested in it under sub-section
  Master Directions on Relief/Savings Bonds
By CA Ojas Aggarwal
The rules and regulations applicable to Relief/Savings Bonds have been updated with instructions issued up to June 30, 2018 in the Master Directions on Relief/Savings Bonds.
 Reserve Bank of India imposes monetary penalty on State Bank of India
By CA Atul Gupta
The Reserve Bank of India (RBI) has imposed, by an order dated July 15, 2019, monetary penalty of ₹ 70 million on State Bank of India (the bank) for non-compliance with the directions issued by RBI on (i) Income Recognition and Asset Classification (IRAC) norms
 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).
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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
 1 cr LPA-Opening GM / AVP Commercial / Senior Chartered Accountant
By CA Atul Gupta
Salary: INR 1,00,00,000 PA., Functional Area:Accounts , Finance , Tax , Company Secretary , Audit
 85 LPA-Opening Chief Financial Officer For an Upcoming University
By CA Mayank Jain
Salary: INR 45,00,000 - 85,00,000 PA., Functional Area:Accounts , Finance , Tax , Company Secretary , Audit
 25 LPA-Opening Chief Financial Officer- Listed mfg Company
By CA Nilesh Sahu
Salary: INR 18,00,000 - 25,00,000 PA., Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:CA
 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
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Direct Tax   RSS Feeds
 ITR filing: Prefilled ITRs now available for all individuals
By CA Devender Singh
According to the latest update, the department has started providing pre-filled XML file containing details such as employer details, allowances and so on.
 How to arrange for tax money if you don’t have adequate funds Income Tax Return 2019
By CA Mayank Jain
Income Tax Return e-Filing for AY 2019-20: Filing ITR is important. So, make quick, informed financial decisions to ensure you don’t miss the deadline.
 Nature of income can determine rate of TDS charged
By CA Rashmi Sharma
Tax deducted at source (TDS) is the process of charging and collecting tax at the source of income. The TDS rate depends on several factors.
 Section 194A – TDS on interest other than interest on securities
By CA Nilesh Sahu
Section 194A of the Income Tax Act deals with the provisions relating to deduction of TDS on interest (other than interest on securities). Interest like interest paid on an unsecured loan, interest paid by banks on fixed deposits, interest paid on loans and advances, etc. are covered under the provisions of section 194A.
 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.
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Tenders   RSS Feeds
 Institute Of Chartered Accountants Of India,Multi Location, Multi State
By CA Atul Gupta
ICAI invites applications from eligible Consultancy firms / CA firms for carrying out the Project Management Consultancy Services (PMC) for Automation of Accounts related activities of the ICAI.
 Indian Institute Of Science Education And Research,kolkata,West Bengal
By CA Mayank Jain
IISER KOLKATA invites tender from Kolkata/Kalyani based Chartered Accountant/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.
 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.
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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
 Deals of the day-Mergers and acquisitions July 17, 2019
By CA Manu T George
Israel’s competition agency approved a deal that would allow Searchlight Capital Partners to take control of Israel’s largest telecoms group, Bezeq Israel Telecom.
  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.
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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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