News shortcuts: From the Courts | Top Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | Professional Updates | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Top Headlines   RSS Feeds
 How your spouse can help you save taxes Income Tax Saving
By M. George
our spouse not only helps you in meeting your social and personal obligations, but also helps you in saving income tax. There are certain tax benefits by way of which you can enhance you tax savings through your spouse.
 All you wanted to know about tax deductions in times of Covida
By Sandy Mash
Every person making a specified type of payment (for instance, salary) is required to deduct at prescribed rates and deposit to the account of the government. However, TDS is merely pre-payment of taxes, and any excess tax paid may be claimed as refund in the income tax return.
 ICAI issues Guidance Note on Subsequent Events-Key Audit Considerations amid COVID-19
By Sandy Mash
The Institute of Chartered Accountants of India (ICAI) has released an Auditing Guidance on “Subsequent Events-Key Audit Considerations amid COVID-19” for the benefit of the members.
 ​Clarifications in respect of prescribed electronic modes under section 269SU of the Income-tax Act, 1961
By Henry Richards
In furtherance to the declared policy objective of the Government to encourage digital transactionsand move towards a less-cash economy, a new provision namely Section 269SU was inserted in the [ncome-tax Act, 1961 ("the Act"), vide the Finance (No.2) Act 2019.
 Filing Income Tax Returns: How Does It Work?
By Thomas T. Rucks
On 1st February 2020, the new budget for this year has been announced. The new budget, as published by the Finance Minister of India, has a new regime for income tax. So, the question of the hour is, ‘How to file ITR this year?’ The proposed new regime for income tax is optional. Individuals can
 Why Section 129 of the Central Goods & Service Tax Act become Unconstitutional
By Andrew F Thomas
Section 129(1) of the Central Goods & Service Tax Act, 2017 (CGST Act for short) as well as the same section in the various State Goods & Service Tax Acts, 2017 (SGST Acts for short) / Union Territory Goods & Service Tax Acts, 2017 (UTGST Acts for short) mandates the proper officers functioning under the said Acts to detain the goods under transport in case they are transported in contravention of the provisions of the said Acts. In fact, similar provisions can be found in the erstwhile State Level Value Added Tax Acts prevailed in the various Indian States from 2005-06 FY to June 2017 as well as in their forerunners, the General Sales Tax Laws in force up to 2004-05 FY.
 Salaried employees! Know these important income tax filing rules
By Orion M.
Since the government has extended the income tax return (ITR) filing deadline for FY 2019-20 to 30 November, 2020 from 31 July, 2020 there is a lot of time left for you to file your returns. However, there are some important facts that you should know while filing your tax returns to avoid any problems later
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Continuing Prof. Edu.   RSS Feeds
 Virtual CPE Meeting on Inspection and Investigation, Procedure for Governing Board Meetings
By Jude Marg
Place: CHANDIGARH BRANCH OF NIRC Date: 27-05-2020 – To: 27-05-2020 CPE.Hrs.: 2
 Virtual CPE Meeting on Evidence Act, Income Tax Act
By Raul N Tiem
Place: East Delhi CPE Study Circle of NIRC Date: 27-05-2020 – To: 27-05-2020 CPE.Hrs.: 3
 CPE Meeting on IBBI (Application to Adjudicating Authority) Rules 2016, IBBI (Salary, Allowances and Other Terms and Conditions), IPA & IP Regulations 2016
By Andrew F Thomas
Place: CHANDIGARH BRANCH OF NIRC Date: 25-05-2020 – To: 25-05-2020 CPE.Hrs.: 2
 Virtual CPE Meeting on Recent Development in Income Tax & GST Laws
By Orion M.
Place: East Delhi CPE Study Circle of NIRC Date: 25-05-2020 – To: 25-05-2020 CPE.Hrs.: 3
 Virtual CPE Meeting on Aatm Nirbhar Bharat – Various Financial Initiatives & New Tax Policies by Govt of India
By Moshe Pras
Place: East Delhi CPE Study Circle of NIRC Date: 22-05-2020 – To: 22-05-2020 CPE.Hrs.: 3
 Virtual CPE Meeting on Liquidation Process, Fast Track Corporate Resolution Process
By Thomas T. Rucks
Place: CHANDIGARH BRANCH OF NIRC Date: 22-05-2020 – To: 22-05-2020 CPE.Hrs.: 2
 Virtual CPE Meeting on Insolvency Resolution and Bankruptcy for Individuals and Partnership firms – Fresh Start Process, Insolvency Resolution Process
By Raul N Tiem
Place: CHANDIGARH BRANCH OF NIRC Date: 21-05-2020 – To: 21-05-2020 CPE.Hrs.: 2
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GST - Goods and Services Tax   RSS Feeds
 Need more stimulus with focus on GST cut, wage support, higher MNREGA spend'
By Jude Marg
The Rs 21-lakh-crore stimulus package is not enough to revive the economy. The government has been reluctant to increase spending substantially due to fears of rating downgrade. However, we may need one more stimulus package in the coming months. The next package could focus on GST rate cuts, wage support in some form, and higher spend under MNREGA," Anagha Deodhar, Economist at ICICI Securities said in an interview to Moneycontrol's Sunil Shankar Matkar.
 Tamil Nadu extends dates for GST compliances
By Andrew F Thomas
The ordinance has extended filing statements of outward supplies, filing refund claims, filing appeals, etc. specified, prescribed, or notified under Tamil Nadu Act 19 of 2017.
 Incomplete claim memos stall GST refunds
By Andrew F Thomas
Tax authorities have been issuing deficiency memos for some incomplete refund claims beyond the stipulated time of 15 days, forcing taxpayers to refile applications, people familiar with the development said. However, the refiled applications are treated as new and in many cases.
 GST on director’s remuneration: Cannons of taxation sacrificed at the altar of revenue collection
By Orion M.
In these times of a pandemic with morbidity surrounding us, one would expect tax laws to be administered compassionately with revenue authorities not running amok with mystifying interpretations of the GST law, and tax policy to be benevolent.
 Centre considers market borrowing for GST compensation to states
By Jude Marg
The government is mulling ways to compensate states for the widening goods and services tax (GST) shortfall, which include borrowing from the market and extending the cess repayment period further. Raising GST rates or rationalisation of tax slabs may be discussed by the GST Council in the next meeting to be scheduled early next month.
 Govt may not heed calls to lower GST
By Thomas T. Rucks
The exemption would block input-tax credit that would have an adverse impact on businesses and may not result in any significant gain to consumers, two finance ministry officials said on Tuesday.
 GST & Other Indirect Tax Appeals to be Heard through Whatsapp: Dept issues Guidelines
By Sandy Mash
The Commissioner of Central Goods and Service Tax (CGST) on Monday issued guidelines for the virtual hearing of appeals and adjudication of indirect tax cases under the provisions of Central Excise Act, 1944; the Finance Act, 1994 and Central Goods and Service Tax Act. addressing all the trade associations of the assessee in Thane commissioner, CAs, manufacturer association, etc.
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General   RSS Feeds
 Firms may get input tax credit for masks, PPEs
By Thomas T. Rucks
One of the officials said the government had received several representations seeking relaxation in Sec 17(5)(h) of CGST Act 2017, which does not permit credit on goods given for free or as a gift, or lost, stolen, destroyed or written off.
 Traders seek deferring of property tax
By Andrew F Thomas
The Federation of Traders' Association of Pune (FTAP) has sought waiver of property tax for four months in light of the heavy losses incurred by traders due to the lockdown.
 COVID-19: Kerala Government extends Time Limit of Payment of License Fee and Renewal of Registration under various Acts
By Raul N Tiem
The Kerala Government has extended the time limit of Payment of License Fee and Renewal of Registrations under Kerala Money Lenders’ Act, 1958, and Kerala General Sales Tax Act, 1963.
 Rajasthan HC grants Bail to Chartered Accountant accused of Corruption and Money Laundering
By Orion M.
The High Court of Rajasthan has allowed the bail application of the Chartered Accountants (CAs), who were accused of corruption and Money Laundering.
 Will your tax liability go up with no reimbursement?
By Thomas T. Rucks
Many components of tax optimized pay structure might not be suitable or justifiable, because of which people have to move to the liner and simple structures, which will obviously impact the tax liability.
 Residency relief for NRIs and foreigners: A welcome tax initiative
By Henry Richards
In a world hit by the COVID-19 pandemic, NRIs and foreigners visiting India can heave a sigh of relief, as the Central Board of Direct Taxes (CBDT) recently issued a circular with respect to determining residency under section 6 of the Income Tax Act.
 Finance Ministry dismisses reports of pay cuts for central government employees
By Thomas T. Rucks
The Ministry of Finance on May 11 dismissed reports of a proposal for introducing a salary cut for central government employees. The clarification from the ministry came after reports in the media that the government was planning a pay cut for its employees.
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Corporate Law   RSS Feeds
 SC relaxes Dress Code for Lawyers
By Sandy Mash
The due date for filing Income Tax Return (ITR) has been extended to November 30, 2020. Every year taxpayers are required to pay taxes on their income and income from other sources. However, paying taxes can be burdensome, which is why the government introducing ITR filing procedure.
 COVID-19 crisis is an opportunity to redefine tax policy and law
By Thomas T. Rucks
The Covid 19 crisis is an opportunity to redefine tax policy and law. A calibrated approach to balance welfare economics with a vision to pioneer economic activity and national growth is needed.
  GST & Companies Act way Forward
By Thomas T. Rucks
Place: East Delhi CPE Study Circle of NIRC Date: 06-04-2019 – To: 06-04-2019 CPE.Hrs.: 5
 Taxmen use rare law to collect dues directly from bank accounts of evaders
By M. George
Revenue officials, chasing huge tax collection deficit, are moving into top gear to maximise collections by year end even if that means deducting money directly from your bank account to fill a gap of thousands of crores.
 Income tax law needs to be a lot simpler
By M. George
Simplifying the Income Tax Act, automating tax collection and return processing and making the process user-friendly are priorities for the National Democratic Alliance (NDA) government, finance minister Piyush Goyal said.
 Govt panel may recommend dropping dividend distribution tax in new direct tax law
By Sandy Mash
The tax law panel is considering reverting to the classical method of taxing dividend in the hands of the shareholders Members of the task force set up to draft a new direct tax legislation may favour abolishing dividend distribution tax (DDT), according to a report by The Times of India.
 Law Commission proposes to abolish it Tax saving tool HUF may cease to exist
By Moshe Pras
The concept of Hindu Undivided Family (HUF) may cease to exist if the proposals of a recently released consultation paper on Reform of Family Law by the law commission are accepted.
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Students   RSS Feeds
 Class 12 Students can apply for CA Exam: ICAI issues Draft Regulations
By Moshe Pras
Class 12 Students can apply for CA Exam: ICAI issues Draft Regulations May 6, 2020 2:28 pm| By : Abdullah Karuthedakam The Institute of Chartered Accountants of India ( ICAI ) has issued draft regulations on Chartered Accountants (Amendment) Regulations, 2019.
 ICSI postpones CS Examination June 2020 Session
By M. George
The Institute of Companies Secretaries of India ( ICSI ) has postponed the CS Examination June 2020 session.
 Announcement - Free Live Revision Classes for Intermediate and Final Students targeting June, 2020 examination - Beginning from 22nd April, 2020
By Raul N Tiem
The Board of Studies has adopted different methodologies to reach out to students for providing quality education. It has been conducting Live Virtual Classes and Live Revision Classes so that students can attend them from the comfort of their homes and gain knowledge.
 Announcement - Live Revision Classes - Beginning from 22nd April, 2020
By Thomas T. Rucks
The Board of Studies has adopted different methodologies to reach out to students and provide education. It has been conducting Live Virtual Classes and Live Revision Classes so that students can attend them sitting in the comfort of their homes.
 Lets' Stop COVID-19, Check out Today's Online Resources for you
By Thomas T. Rucks
In the wake of COVID-19 outbreak in the country, The Institute of Chartered Accountants of India takes proactive steps to safeguard its Members & Students. We have made efforts in providing valuable resources to help protect your health and guide you through the professional challenges and also meet your CPE requirements and advance your knowledge.
 Announcement for Students
By M. George
We are currently witnessing the impact of COVID 19 Pandemic in India; the exact nature and outreach of which is yet un-folding and this has resulted in public distancing and situation of mass lockdown in some of the States. We at ICAI do understand that the overall environment with regard to safety and hygiene is of utmost importance and the Institute is keeping a close tab on the developments taking place arising out of the current COVID 19 influence on day-to-day basis. Meanwhile, for the benefit of the students many steps like e-learning, video lectures and certain relaxation in GMCS/ITT for those, whose May 2020 attempts were getting affected; have already been given the option to change the Centre of Examination which Window closes on 23rd March, 2020.
 Postponement of Practical Training Assessment scheduled to be held on March 22, 2020
By Sandy Mash
As a precautionary measure to prevent any spread of COVID-19 and in the interest of the well-being of members and students and other stakeholders, the Council has decided to completely restrict conduction of any events requiring gathering of members or students as a proactive measure.
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New Forms   RSS Feeds
 TDS mismatch in Form 26AS & Form 16? Ask employer to issue new Form 16 with correct details
By Thomas T. Rucks
One must obtain Form 16 (TDS certificate issued by the employer) and verify the same with the Form 26AS.
 Before you file your tax return, note the key changes in Form 16
By Thomas T. Rucks
Part B of Form 16 has been amended seeking more details about the allowances exempt under section 10 such as HRA, LTA, etc and deductions allowed under Chapter VI-A of the Income Tax Act, 1961.
 5 Things to know about Form 16
By Moshe Pras
Form 16 is a certificate issued by an employer, certifying that the TDS is deducted from the salary of the employee and deposited with the government.
 Form 16 will now have more details of your income and deductions
By Orion M.
In yet another attempt to increase transparency and minimize tax evasion, the Central Board of Direct Taxes (CBDT) has notified various changes in the formats of Form 16 and Form 24Q. The new amendments are in line with the changes in income-tax rules and new income tax return (ITR) forms recently notified by CBDT for assessment year (AY) 2019-20.
 Amendment of Form No. 16 and Form No. 24Q
By M. George
In exercise of powers conferred by sections 200 and 203 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962,
 What are Form 15G, Form 15H?
By Thomas T. Rucks
Form 15G is for resident Indians under the age of 60, HUF or trust. While Form 15H is for resident Indians aged 60 years or above.
  Post Qualification Course in International Taxation - Assessment Test (INTT-AT) - May, 2019 Application Form
By Moshe Pras
Candidates are advised to carefully read, understand and follow the instructions while filling in the Form and retain the same for future reference
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Professional Updates   RSS Feeds
 Relaxations for the Companies and LLPs to make good any filing related defaults, irrespective of duration of default, and make a fresh start as a fully compliant entity by 30th September, 2020.
By Raul N Tiem
As we all know that COVID 19 is an unprecedented crisis and challenge which is currently being faced by the whole World. Amidst the spread of the pandemic and the imposition of lockdowns, there are various challenges before all the stakeholders in the corporate world.
 Mock Test Papers Series-I for July, 2020 examination - Final Course (Old Scheme)
By Henry Richards
Final Course (Old Scheme)
 Mock Test Papers Series-I for July, 2020 examination - Final Course (New Scheme)
By Moshe Pras
Final Course (New Scheme)
 Mock Test Papers Series-I for July, 2020 examination - Intermediate (IPC) Course (Old Scheme)
By Thomas T. Rucks
Intermediate (IPC) Course (Old Scheme)
 Mock Test Papers Series-I for July, 2020 examination - Intermediate Course (New Scheme)
By M. George
All Intellectual Property rights including Copyright etc. are reserved and vested exclusively with the Institute of Chartered Accountants of India (ICAI). No part of the material contained in this website may be reproduced or transmitted in any form or by any means, electronic, technical, photocopying, recording or otherwise, or stored in any retrieval system of any nature without the written permission of the ICAI.
 Mock Test Papers Series-I for July, 2020 examination - Foundation Course
By Sandy Mash
All Intellectual Property rights including Copyright etc. are reserved and vested exclusively with the Institute of Chartered Accountants of India (ICAI).
 ICAI issues Rules for Audit of Going Concern amid COVID-19
By Orion M.
The Institute of Chartered Accountants of India (ICAI) has issued detailed guidelines for audits to assess the going concern nature of the company and key audit considerations amid COVID-19.
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From the Courts   RSS Feeds
 Vardhman Automobiles (P.) Ltd., Opposite Air Force School, Old Delhi Road, Gurgaon- Vs. The ITO, TDS Ward, Gurgaon.
By Henry Richards
Both appeals filed by assessee are against order of CIT(A)-1, Gurgaon dated 01.04.2015 & 07.04.2015 relating to assessment year 2011-12 against order passed under section 201
 M/s. Sheela Foam Ltd., (Foprmerly known as Sheela Foam Pvt.Ltd.), 37/2, Site-IV, Sahibabad Industrial Area, Ghaziabad. Vs. The ACIT, Central Circle-06, New Delhi.
By Moshe Pras
The present appeal filed by assessee is against order of CIT(A)-24, New Delhi dated 31.08.2016 relating to assessment year 2013-14 against order passed under section 143(3) of the Income-tax Act, 1961 (in short ‘the Act’).
 ACIT, Central Circle-8, New Delhi Vs Sh. Sohan Singh Dhingra (HUF), 85, Golf Links, New Delhi
By Thomas T. Rucks
The present appeal has been fi led by the revenue against the order of ld. CIT (A)-24, New Delhi dated 17.03.2017.
 Manoj Kumar Jain C/o. O.P. Sapra & Associates C-763, New Friends Colony New Delhi Vs. DCIT Central Circle Income Tax Office, 3rd Floor, CGO Complex -1, Hapur Road, Ghaziabad
By M. George
This appeal filed by the assessee is directed against the order dated 31.03.2015 of the CIT(A), Ghaziabad relating to A.Y. 2011-12.
 M/s Sheela Foam Ltd. C-55, Preet Vihar, Vikas Marg, New Delhi Vs The DCIT, Central Circle-6, New Delhi.
By Sandy Mash
The present stay application has been moved by the applicant seeking extension of stay against the recovery of outstanding demand
 Smt. Sangeeta Sawhney, C/o-M/s. RRA Taxindia, D-28, South Extension Part-1, New Delhi-110049 vs ACIT, Central Circle-7, New Delhi.
By Andrew F Thomas
The stay application was heard through video conferencing. The Ld. AR for the applicant fairly pointed out that he was seeking extension of stay against recovery of outstanding demand
 Council of Handicrafts Development Corporation West Block No. 7, R. K. Puram New Delhi Vs. ITO Exemptions, Ward-1(3) New Delhi
By Andrew F Thomas
The assessee society was registered u/s 12A of the Income Tax Act on 5/1/1985. The main object of the assessee society is to assist grass root level organizations, NGO’s, self help group and small entrepreneur engaged in the handicrafts to enhance and adopt skill through design interventions, enhance productivity and income through technical up gradation, the society sustainable
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Auditing   RSS Feeds
 NFRA issues Draft Procedure for Submission of Audit Files
By Andrew F Thomas
The National Financial Reporting Authority (NFRA) on Tuesday issued a notice of draft Procedure for Submission of Audit Files to NFRA.
 Auditors barred from putting a value on companies they are auditing
By Raul N Tiem
An income tax tribunal has barred auditors from issuing valuation certificates to the companies they are auditing. This is set to impact several tax disputes around valuations in companies including angel tax disputes involving start-ups.
 Standard on Internal Audit (SIA) 18, Related Parties
By Jude Marg
Standard on Internal Audit (SIA) 18, Related Parties
 Standard on Internal Audit (SIA) 17, Consideration of Laws and Regulations in an Internal Audit
By Raul N Tiem
Standard on Internal Audit (SIA) 17, Consideration of Laws and Regulations in an Internal Audit
 Standard on Internal Audit (SIA) 16, Using the Work of an Expert
By Henry Richards
Standard on Internal Audit (SIA) 16, Using the Work of an Expert
 Standard on Internal Audit (SIA) 14, Internal Audit in an Information Technology Environment
By Moshe Pras
Standard on Internal Audit (SIA) 14, Internal Audit in an Information Technology Environment
 Standard on Internal Audit (SIA) 13, Enterprise Risk Management
By Thomas T. Rucks
Standard on Internal Audit (SIA) 13, Enterprise Risk Management
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Latest Circulars   RSS Feeds
 Amendment of the Income-tax Rules, 1962 to provide for Safe Harbour Rules​
By Raul N Tiem
In exercise of the powers conferred by section 295 read with sub-section (2) of section 92CB 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,
  Pre-shipment and Post-shipment Export Credit – Extension of Period of Advance
By Henry Richards
In view of the outbreak of Covid-19 pandemic, the exporters have been facing genuine difficulties such as delay / postponement of orders, delay in realisation of bills, etc. In this regard, RBI has already permitted the period of realisation and repatriation of the export proceeds to India to be increased from nine months to 15 months from the date of export in respect of exports made upto July 31,
  COVID19 Regulatory Package – Review of Resolution Timelines under the Prudential Framework on Resolution of Stressed Assets
By Moshe Pras
In respect of accounts which were within the Review Period as on March 1, 2020, the period from March 1, 2020 to August 31, 2020 shall be excluded from the calculation of the 30-day timeline for the Review Period. In respect of all such accounts, the residual Review Period shall resume from September 1, 2020, upon expiry of which the lenders shall have the usual 180 days for resolution.
  COVID19 Regulatory Package – Review of Resolution Timelines under the Prudential Framework on Resolution of Stressed Assets
By Orion M.
In respect of accounts which were within the Review Period as on March 1, 2020, the period from March 1, 2020 to August 31, 2020 shall be excluded from the calculation of the 30-day timeline for the Review Period. In respect of all such accounts, the residual Review Period shall resume from September 1, 2020, upon expiry of which the lenders shall have the usual 180 days for resolution.
 Pre-shipment and Post-shipment Export Credit – Extension of Period of Advance
By Jude Marg
In view of the outbreak of Covid-19 pandemic, the exporters have been facing genuine difficulties such as delay / postponement of orders, delay in realisation of bills, etc. In this regard, RBI has already permitted the period of realisation and repatriation of the export proceeds to India to be increased from nine months to 15 months from the date of export in respect of exports made upto July 31,
 Petition in Rajasthan HC challenges the Constitutional validity of AAR bench of Tax Officers
By Andrew F Thomas
The Rajasthan High Court has issued a notice on a petition challenged the constitutional validity of Section 96(2) of the Rajasthan Goods and Service Tax Act, 2017 and Section 96 of the Central Goods and Services Tax Act, 2017 to the extent they prescribe for the constitution of the Authority for Advance Ruling (AAR) consisting of members from amongst the officers of Central tax and the officers of State tax, and Rule 103 of the CGST Rules and Rule 103 of the RGST Rules.
 As lockdown extends, banks seek another 3-mth moratorium from RBI
By M. George
Banks are already facing sluggish credit offtake and a spike in non-performing assets (NPAs) due to the lockdown and the contraction in the economy.
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Forex   RSS Feeds
 Perils of an ad hoc forex policy
By Orion M.
In a speech that he gave last month at the International Monetary Fund, the Reserve Bank of India (RBI) Governor,
 Rupee depreciated by 17 paise to Rs 45.62 a dollar in early trade
By Andrew F Thomas
The rupee depreciated by 17 paise to Rs 45.62 a dollar in early trade today following weak domestic equity markets
 Rupee strengthened by 7 paise against dollar
By Jude Marg
The rupee strengthened by 7 paise to Rs 45.35 a dollar in early trade today on weakness in the US currency against major world currencies
 Rupee up by 4 paise against dollar in early trade
By Orion M.
The rupee strengthened by 4 paise to Rs 45.48 against the US dollar in early trade at the Interbank Foreign Exchange today
 Rupee falls by 18 paise at 4-week low against dollar
By M. George
The rupee today fell by 18 paise to trade at a four-week low of Rs 45.54 against the US currency in early trade, weighed down by dollar's gains against the major world currencies
 Rupee drops on weak shares; inflation eyed
By Orion M.
The Indian rupee fell on Friday tracking losses in local shares, which raised worries of foreign investors continuing to pull out funds from Asia's third-largest economy
 Rupee raises 6 paise against dollar in early trade
By Sandy Mash
The Rupee appreciated by 6 paise to Rs 45.07 a dollar at the Interbank Foreign Exchange market today, boosted by the greenback's weakness against euro and other major currencies
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ITAT-Constitution of Benches   RSS Feeds
 Scrutiny Assessment without Notice is Defective in Law: ITAT
By Jude Marg
While upholding an order passed by the Commissioner of Income Tax (Appeals), the Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that scrutiny assessment under section 143(2) cannot be passed without serving notice to the assessee.
 No Exempt Income Received or Receivable, No Disallowance under Section 14A: ITAT
By M. George
The Income Tax Appellate Tribunal (ITAT), Mumbai held that Section 14A of the Income Tax Act, 1961 will not apply if no exempt income is received or receivable during the relevant previous year.
 Bonus allocated to Policyholders is not Taxable as Income from Insurance Company: ITAT
By Henry Richards
The Income Tax Appellate Tribunal (ITAT), while granting relief to Max New York Life Insurance Company Ltd, held that the addition made by the income tax department treating bonus allocated to the policyholders as taxable income under section 44 of the Income Tax Act, 1961 is liable to be quashed.
 Yahoo gets Income Tax Relief from ITAT
By Orion M.
The Bangalore bench of the Income Tax Appellate Tribunal ( ITAT ) has recently allowed a deduction under section 10A of the Income Tax Act, 1961 towards the claim of Yahoo Software Development Pvt. Ltd.
 ITAT upholds Addition of 12.5% for taking Bills without Delivery of Goods
By Andrew F Thomas
The Income Tax Appellate Tribunal (ITAT) upheld the decision of CIT(A) where 12.5% for taking bills without delivery of goods.
 No Capital Gain Tax on Amount Received by Retiring Partner: ITNo Capital Gain Tax on Amount Received by Retiring Partner: ITATAT Read more at: https://www.taxscan.in/no-capital-gain-tax-on-amount-received-by-retiring-partner-itat/56137/
By Orion M.
The Income Tax Appellate Tribunal (ITAT) held that a retiring partner took only money towards the value of his share on retirement and when there was no distribution of capital assets going to the partners, there was no transfer of capital asset and consequently, no profits or gain was chargeable under Section 45 (4) of the Income Tax Act, 1961.
 No Section 194C TDS on Reimbursement of Vehicle Expenses: ITAT
By Jude Marg
The Income Tax Appellate Tribunal (ITAT) held that Section 194C of the Income Tax Act, 1961 relating to Tax Deducted at Source (TDS) is not applicable to reimbursement of vehicle expenses.
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Finance Bills   RSS Feeds
 The Companies (Removal Of Difficulties) Seventh Order - dated 4th Sept 2014 New
By M. George
Whereas the Companies Act, 2013 (18 of 2013) (hereinafter referred to as the said Act) received the assent of the President on the 29th August, 2013 and section 143 of the Act,
 Finance & Commerce Ministry to discuss draft BIPA model tomorrow
By Orion M.
Officials of the finance and the commerce and industry ministries are scheduled to discuss the issues related to the draft text of the Bilateral Investment Promotion and Protection Agreement (BIPA) tomorrow.
 Union Finance Minister Shri Arun Jaitley said that the revenue targets fixed for Direct Taxes for the current Financial Year 2014-15 would not only be achieved but would also be surpassed
By Orion M.
The Union Finance Minister Shri Arun Jaitley hoped that the revenue targets fixed for Direct Taxes for the current Financial Year 2014-15 would not only be achieved but would also be surpassed.
 Finance ministry may pitch for higher tax exemption on health insurance
By Thomas T. Rucks
The finance ministry is likely to pitch for a substantial increase in the income-tax exemption limit for health insurance as part of its plan to deepen insurance coverage. The ministry is examining a proposal that seeks to double the limit to 30,000 from 15,000.
 Finance minister reviews annual performance of public sector banks and financial institutions for 2013-14; calls for tougher action against wilful defaulters; highest ever more than 10,000 new branches opened during 2013-14
By Jude Marg
The Union Finance Minister Shri P. Chidambaram said that the last Financial Year 2013-14 was a difficult year even though there was positive movement towards greater stability.
 India Infrastructure Finance Company to raise Rs 7,000 crore through tax-free bonds
By M. George
State-owned India Infrastructure Finance Company (IIFCL) plans to raise Rs 7,000 crore via a public issue of tax-free bonds in October, according to a senior company official
 Finance Ministry hopes RBI focusses on promoting growth in policy tomorrow
By Moshe Pras
Ahead of tomorrow's monetary policy review, the Finance Ministry has expressed the hope that Reserve Bank will focus on promoting growth.
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Placements & Empanelment   RSS Feeds
 10 LPA-Opening Finance Manager Chartered Accountant
By Henry Richards
5 - 10 years, Salary: 5,00,000 - 10,00,000 P.A., Functional Area: Accounts, Finance, Tax, Company Secretary, Audit
 60 LPA-Opening Chief Financial Officer | CFO | Qualified Chartered Accountant
By Moshe Pras
18 - 25 years, Salary: 35,00,000 - 60,00,000 P.A., Functional Area: Accounts, Finance, Tax, Company Secretary, Audit
 CA/CMA vacancy in Siemens
By Moshe Pras
Siemens AG is a German multinational conglomerate company headquartered in Munich and the largest industrial manufacturing company in Europe with branch offices abroad.
  25 LPA-Opening Semi Qualified Chartered Accountant
By Orion M.
10 - 20 years,Salary: 20,00,000 - 25,00,000 P.A.,Functional Area: Accounts, Finance, Tax, Company Secretary, Audit
 17 LPA-Opening Chartered Accountant
By Jude Marg
5 - 10 years, Salary: 7,00,000 - 17,00,000 P.A., Functional Area: Accounts, Finance, Tax, Company Secretary, Audit, PG : CA in CA
 25 LPA-Opening Semi Qualified Chartered Accountant
By Sandy Mash
10 - 20 years, Salary: 20,00,000 - 25,00,000 P.A., Functional Area: Accounts, Finance, Tax, Company Secretary, Audit
 10 LPA-Opening Chartered Accountant ( Audit & Accounts Manager )
By Andrew F Thomas
10 - 20 years, Salary: 6,00,000 - 10,00,000 P.A., Functional Area: Accounts, Finance, Tax, Company Secretary, Audit
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Markets   RSS Feeds
 Market Top Losers (NSE) 27/05/2020
By Thomas T. Rucks
Market Top Losers (NSE) 27/05/2020
 Market Top Losers (BSE) 27/05/2020
By M. George
Market Top Losers (BSE) 27/05/2020
 Market Top Gainers (NSE) 27/05/2020
By Sandy Mash
Market Top Gainers (NSE) 27/05/2020
 Market Top Gainers (BSE) 27/05/2020
By Andrew F Thomas
Market Top Gainers (BSE) 27/05/2020
 Top Ranked Mutual Funds 27/05/2020
By Orion M.
Top Ranked Mutual Funds 27/05/2020
 Market Top Losers (NSE) 20/05/2020
By M. George
Market Top Losers (NSE) 20/05/2020
 Market Top Losers (BSE) 20/05/2020
By Sandy Mash
Market Top Losers (BSE) 20/05/2020
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Direct Tax   RSS Feeds
 CBIC clears Rs 11,052 crore GST refund claims since April 8
By Raul N Tiem
The Central Board of Indirect Taxes (CBIC) on Monday said it has sanctioned GST refund claims worth Rs 11,052 crore in 47 days. In a tweet, the CBIC said it is "committed to ensuring liquidity to GST taxpayers especially MSME sectors during the lockdown".
 CBDT exempts B2B Businesses from Mandatory Digital Payment Facility
By Raul N Tiem
The Central Board of Direct Taxes (CBDT) issued the clarification on Wednesday that the provisions of section 269SU of the Income Tax Act shall not be applicable to a specified person having only B2B transactions i.e. no transaction with the retail customer if at least 95% of the aggregate of all amounts received during the previous year, including the amount received for sales, turnover or gross receipts, or by any mode other than cash.
 CBDT gives wholesalers relief on electronic payment norms
By Henry Richards
The Central Board of Direct Taxes (CBDT) has pruned the list of electronic payments methods wholesalers can offer, in a bid to make payment options more relevant to a business’ customer base.
 TDS rate cut on salaries would have increased tax compliance burden: Official
By Henry Richards
To improve liquidity in the hands of taxpayers, finance minister Nirmala Sitharaman has reduced rate of tax deducted at source (TDS) and tax collected at source (TCS) by 25% but salaries have been kept out of the purview of relief.
 New lower TDS, TCS rates not applicable for these individuals
By M. George
As per the Central Board of Direct Taxes (CBDT), the benefit of lower TDS and TCS rate can only be availed by resident individuals and is not available to non-resident Indian (NRI) taxpayers.
 Relief for Taxpayers! ITR filing deadline for FY19-20 extended to November 30
By Sandy Mash
The FM, announced various direct tax related measures for taxpayers. This was announced by Finance Minister Nirmala Sitharaman today while sharing the details of the stimulus package announced by PM Narendra Modi to revive the economy on Tuesday.
 Old vs New Income Tax Regime: At which level of income should you switch regime?
By Raul N Tiem
The tax liability and TDS would be different in the Old and New Income Tax Regime, depending on gross income and amount of tax-saving investments/deductions
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Tenders   RSS Feeds
 ITAT upholds Re-Assessment Proceedings against Former Indian Cricket Team Captain
By Jude Marg
The Income Tax Appellate Tribunal (ITAT), has recently upheld the proceedings for re-opening of assessment by the income tax department against former Indian Cricket Team Captain Krishnamachari Srikanth.
 Noida Metro Rail Corporation Limited, Uttar Pradesh, India
By Raul N Tiem
This Request for Proposal (RFP) Document (or “Tender”) for “Appointment of Internal Auditor for NMRC” contains brief information about the scope of work and selection process for the Bidder (‘the Consultant” or “the Tenderer” or “the Agency”). The purpose of the Document is to provide the Bidders with information to assist the formulation of their Bidding Documents.
 Housing & Urban Development Corporation Ltd, Jaipur, Rajasthan
By Jude Marg
Housing and Urban Development Corporation Ltd. (HUDCO) is a premier techno financing Government of India listed company in the field of housing and urban development activities.
  Brahmaputra Valley Fertilizer Corporation Limited, Dibrugarh, Assam
By Moshe Pras
Brahmaputra Valley Fertilizer Corporation Limited, a CPSU under the administrative control of Ministry of Chemical & Fertilizer, Govt of India, is a 100 % Govt. of India undertaking.
 Directorate of Postal Life Insurance, New Delhi, Delhi
By Thomas T. Rucks
Directorate of Postal Life Insurance, Department of Posts, Ministry of Communications, Government of India (hereinafter called “Employer”) proposes to engage the services of a Chartered Accountant Firm for conducting Concurrent Audit of investment functions of PLI fund and Rural PLI fund,
  Corrigendum Rajiv Gandhi Institute of Petroleum Technology, Amethi, Uttar Pradesh
By Moshe Pras
On behalf of the Registrar, RGIPT Amethi, tender from eligible, experienced Chartered Accountants Firms for doing various accounting works, filing of tax and other related works of the Institute is invited.
 Corrigendum Rajiv Gandhi Institute of Petroleum Technology, Amethi, Uttar Pradesh
By Thomas T. Rucks
On behalf of the Registrar, RGIPT Amethi, tender from eligible, experienced Chartered Accountants Firms for doing various accounting works, filing of tax and other related works of the Institute is invited.
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Transfer Pricing   RSS Feeds
 ITAT deletes Penalty since Assessee applied Transfer Pricing Provisions with Good faith and Due Diligence
By Raul N Tiem
In a major relief to Tianjin Tianshi India Pvt. Ltd, the Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that the penalty under section 271(1)(c) of the Income Tax Act, 1961 cannot be levied if the transfer pricing provisions under section 92C was handled by the assessee in due diligence without any mala fide intentions.
 Change in transfer pricing regulations to help MNCs
By Jude Marg
The Union budget 2020-21 has proposed to amend the Section 92CB of the Income Tax Act that empowers the Central Board of Direct Taxes to frame safe harbour rules for determination of the arm’s length price. The government has also sought to widen the ambit of Dispute Resolution Panel (DRP).
 National High Speed Rail Corporation Limited, New Delhi, Delhi
By Orion M.
Completed tender documents sealed in an envelope super-scribing the name of work; name and address of the Bidder, shall be submitted at NHSRCL's office at address in Para 1 above before 15.00 hrs. on 10.09.2019.
 Deals of the day-Mergers and acquisitions September 3, 2019
By Andrew F Thomas
Industrial vehicle maker CNH Industrial, said it planned to split its operations in two to create two more focused businesses.
 Transfer pricing documentation due by year-end
By Orion M.
Transfer pricing documentation, required by the State Administration of Taxation (SAT), is due to be submitted by companies that are part of an international group by the end of December.
 Transfer pricing amendments – a step towards certainty
By M. George
The Finance Minister has proposed to provide an option to the taxpayers to make one-time payment of tax including surcharge on the amount of transfer pricing adjustment or part thereof, instead of tax on deemed interest every year in case the taxpayer does not repatriate money from its AE in India.
 key international tax and transfer pricing developments
By Sandy Mash
Following the re-election of the Modi government, this year’s budget was presented by India’s first full-time female Finance Minister, Mrs. Nirmala Sitharaman. The finance minister maintained the theme that it is well within India’s capacity to reach a $5 trillion economy by 2025.
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Customs and Excise   RSS Feeds
 Delhi Customs issues Covid-19 Facilitation Measures: Relaxation in Procedure for Inbonding of Cargo Import under Warehouse Bill of Entry
By Moshe Pras
The Delhi Customs, on Wednesday, issued relaxation in the procedure for Inbonding of Cargo import under Warehouse Bill of Entry as one of the COVID-19 facilitation measures.
 Notification No. 32/2020 CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS
By Raul N Tiem
In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect Taxes and Customs hereby makes the following amendment in the Notification of the Central Board of Indirect Taxes and Customs No.27/2020-CUSTOMS (N.T.), dated 19thMarch, 2020 with effect from 27th March, 2020, namely: -
  Notification No. 07/2020 Central Board of Indirect Taxes and Customs
By Moshe Pras
­In exercise of the powers conferred by section 168 of the Central Goods and Services Tax Act, 2017 (12 of 2017), read with sub-rule (5) of rule 61 of the Central Goods and Services Tax Rules, 2017 (hereafter in this notification referred to as the said rules), the Commissioner, on the recommendations of the Council,
 Notification No. 07/2020 Central Board of Indirect Taxes and Customs
By Sandy Mash
­In exercise of the powers conferred by section 168 of the Central Goods and Services Tax Act, 2017 (12 of 2017), read with sub-rule (5) of rule 61 of the Central Goods and Services Tax Rules, 2017 (hereafter in this notification referred to as the said rules), the Commissioner, on the recommendations of the Council,
 Notification No. 01/2020 Central Board of Indirect Taxes and Customs
By Raul N Tiem
In exercise of the powers conferred by sub-section (2) of section 1 of the Finance (No. 2) Act, 2019 (23 of 2019), the Central Government hereby appoints the 1st day of January, 2020, as the date on which the provisions of section 114 of the Finance (No. 2) Act, 2019 (23 of 2019) shall come into force.
  Notification No.91/2019 Central Board Of Indirect Taxes And Customs
By Sandy Mash
In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Central Board of Indirect Taxes and Customs No.88/2019-CUSTOMS (N.T.), dated 5th December, 2019
 Notification No. 90/2019 Central Board of Indirect Taxes and Customs
By Henry Richards
In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect Taxes & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendments in the notification of the Government of India
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Mergers and Acquisitions   RSS Feeds
 Notification No. 05/2020-Customs (ADD) Ministry Of Finance
By Andrew F Thomas
Whereas, in the matter of import of `Chlorinated Polyvinyl Chloride Resin (CPVC)-whether or not further processed into compound' (hereinafter referred to as the subject goods), falling under heading 3904 of the First Schedule to the Customs Tariff Act, 1975
 Deals of the day-Mergers and acquisitions March 6, 2020
By Orion M.
India laid out a rescue plan for Yes Bank under which State Bank of India will take a 49% stake in the troubled lender, which is struggling with bad loans.
 Deals of the day-Mergers and acquisitions March 2, 2020
By Moshe Pras
The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Monday
 Mint Investment Summit - M&A in India: Challenges and opportunities
By Thomas T. Rucks
Top business minds will from different companies will come together to discuss the challenges and the opportunities for mergers and acquisitions in India. The panelists, to discuss and debate the subject of M&A in India: Challenges and opportunities,
 Record Year 2019: Fintech Deals, Mergers and Acquisitions Study
By Thomas T. Rucks
019 was the most active year for fintech financing, mergers and acquisitions (M&A), and initial public offerings (IPOs), according to a new report by Financial Technology (FT) Partners.
 Deals of the day-Mergers and acquisitions February 28, 2020
By M. George
World No. 1 lock maker Assa Abloy on Thursday gained EU antitrust approval to increase its stake in Swiss door maker agta record after agreeing to sell assets and supply spare parts on fair terms for at least 10 years.
 Deals of the day-Mergers and acquisitions February 4, 2020
By Thomas T. Rucks
Intercontinental Exchange Inc, owner of the New York Stock Exchange, has made an offer to buy eBay Inc in a deal that could value the ecommerce company at more than $30 billion, the Wall Street Journal reported.
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Indirect Tax   RSS Feeds
 Investment tips for those opting for new tax regime
By Henry Richards
The nationwide lockdown over the COVID-19 pandemic shouldn’t ideally distract you from the fact that we are in April that also marks the beginning of the new Financial Year2020-21. In fact, you should utilise this time to plan your tax-saving measures for the current financial year.
 Indirect tax dept issues notices to companies over late input credit claim under GST frame
By M. George
The indirect tax department has issued notices to thousands of companies that had claimed late input tax credit under GST framework and thereby asked them to reverse the transaction. These companies had claimed the input tax credit for fiscal 2018 and 2019 after missing the September deadline.
 E-generated document required for indirect tax notices
By Jude Marg
In a Frequently Asked Questions (FAQs) issued by Institute of Chartered Accountants of India ( ICAI ) Unique Document Identification Number (UDIN) said that, Chartered Accountants ( CA ) are not authorised to certify Income Tax Return (ITR) as True copy.
 FinMin seeks industry inputs on direct, indirect tax changes
By M. George
The finance ministry for the first time has sought suggestions on changes in direct and indirect tax rates from the industry. This comes at a time when a revenue shortfall and consumption slowdown are threatening to upset the government’s finances.
 Govt gives businesses four months to settle indirect tax disputes
By Sandy Mash
Businesses can now settle their pending disputes relating to central excise duty and service tax within four months starting 1 September under the terms notified by the government on Thursday.
 ITR filing becomes easy via new 'e-Filing Lite' portal - 5 things to know Income Tax Return
By Raul N Tiem
Income Tax Return: Income Tax department has made lives easier for the taxpayers by launching 'e-Filing Lite' portal. The portal is meant for the tax payers who find filing of income tax returns (ITR) on their own a complicated and time-taking process.
 No income tax on interest from accident compensation: High Court
By M. George
Forty years after an eight-year-old city boy was left maimed for life in a car accident, the Bombay High Court on Thursday held that income tax should not have been deducted from the interest on the compensation awarded by the court. The ruling was given by a bench of justices Akil Kureshi and S J Kathawalla on a plea by accident victim Rupesh Shah, now 48.
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Various Acts & Rules   RSS Feeds
 Customs Tariff 2009-10 - PART-II - Chapter 98 - Project imports, Laboratory chemicals, passenger's baggage
By Moshe Pras
This Chapter is to be taken to apply to all goods which satisfy the conditions prescribed therein, even though they may be covered by a more specific heading elsewhere in this Schedule.
 Customs Tariff 2009-10 - PART-II - Chapter 97 - Works of art, collectors' pieces and antiques
By Moshe Pras
Unused postage or revenue stamps, postal stationery (stamped paper) or the like of heading 4907
 Customs Tariff 2009-10 - PART-II - Chapter 96 - Miscellaneous manufactured articles
By Thomas T. Rucks
Articles of Chapter 66 (for example, parts of umbrellas or walking-sticks);
 Customs Tariff 2009-10 - PART-II - Chapter 95 - Toys, games and sports requisites; parts and accessories thereof
By Henry Richards
Toys, games and sports requisites; parts and accessories thereof
 Customs Tariff 2009-10 - PART-II - Chapter 94 - Furniture; bedding, mattresses, mattress supports
By Moshe Pras
Furniture; bedding, mattresses, mattress supports, cushions and similar stuffed furnishings; lamps and lighting fittings, not elsewhere specified or included; illuminated signs, illuminated name-plates and the like; prefabricated buildings.
 Customs Tariff 2009-10 - PART-II - Chapter 93 - Arms and ammunition; parts and accessories thereof
By Orion M.
telescopic sights or other optical devices suitable for use with arms, unless mounted on a firearm or presented with the firearm on which they are designed to be mounted (Chapter 90);
 Customs Tariff 2009-10 - PART-II - Chapter 92 - Musical instruments; parts and accessories of such articles
By Jude Marg
parts of general use, as defined in Note 2 to Section XV, of base metal (Section XV), or similar goods of plastics (Chapter 39);
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Department of Companies Affairs   RSS Feeds
 Impose tax on windfall profits of pvt oil cos: CPM tells Govt
 Taxes fuel petrol, diesel prices globally
 Department of Economic Affairs seeks hike in spectrum fee
 Rising yen gives companies the jitters
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