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Top Headlines   RSS Feeds
 5 things to know about new rule for verification of old ITRs ITR filing
By Henry Richards
If you have not verified your income tax returns (ITR) for assessment years 2015-16 to 2019-20, then you have time till September 30th as the income tax department has given a one-time relaxation to taxpayers who have not yet verified their e-filed tax returns. Once filed, ITR needs to be verified by the taxpayer to complete the income tax return filing process.
 Taxpayers asked to verify ITRs for AYs 2015-16 to 2019-20 by September 30
By Moshe Pras
A taxpayer filing Income Tax Returns (ITR) electronically without digital signature has to verify it using either Aadhaar one-time password (OTP)
  ITR filing deadline for FY 2019-20 extended till November 30
By Henry Richards
The Income Tax Department has announced a further extension to the deadline for filing income tax return (ITR) for the financial year (FY) 2019-20 to November 30.
 How much tax you pay on your equity investments?
 Income Tax (16th Amendment) Rules, 2020: CBDT amends rule 31A and Form No. 26Q from July 3, 2020
By M. George
The Central Board of Direct Taxes (CBDT) on Monday, mandates providing certain information relating to cash withdrawals under section 194N in Form No. 26Q.
 Here's how banks will find out if you have filed last 3 years income tax returns
By Henry Richards
To discourage cash transactions and to move towards the cash-less economy, the Budget 2019 inserted a new Section 194N to the Income-tax Act, 1961. Section 194N provides that a bank or a cooperative bank or a post office is required to deduct tax at source at the rate of 2% from the amount withdrawn in cash from any account (saving or current account) if the aggregate of the amount of withdrawn from one or more account exceeds Rs. 1 crore during the year.
 How to file income tax returns offline: Step-by-step guide
By Moshe Pras
The government has extended the last date for filing an income tax return (ITR) for the financial year 2019-20 from July 31, 2020, to November 30, 2020, as said in a press conference on May 13, 2020. The due date for all income-tax return for the financial year 2019-20 will be extended from July 31 and October 31 to November 30, 2020. The date for a tax audit is extended from September 30, 2020, to October 31, 2020.
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Continuing Prof. Edu.   RSS Feeds
 Virtual CPE Meeting-Intricacies in various spill over effects of previous year figures of GST in 2018-19 audit
  Virtual CPE Meeting-TDS, TCS and Recent Changes in IT Act
 Virtual CPE Meeting-Intricacies invarious spill over effects of previous year figures of GST in 2018-19 audit & Assessing impacts of COVID 19, Key Audit Considerations.
  Important Judicial Precidents under GST
 Virtual CPE Meeting-TDS, TCS and Recent Changes in IT Act
  Important Judicial Precidents under GST
 VCM-Overview of Various Deeming Provisions under Income Tax Act
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GST - Goods and Services Tax   RSS Feeds
 CBIC extends due date for filing GSTR-4
By M. George
The Central Board of Indirect Taxes and Customs (CBIC) on Monday extended the due date for Financial Year 2019-20 to August 31, 2020, which earlier was July 15, 2020.
 Goods And Service Tax Regime Completes 3 Years
By Raul N Tiem
GST was unveiled on July 1, 2017 at a glittering ceremony held in the Central Hall of Parliament on the midnight of June 30, 2017.
 Confused about filing ITR, GST? Connect with a tax expert through this app
By Jude Marg
Filing income tax returns, GST, and TDS can be daunting for many, particularly the Gen Y and Z. Bringing a user-friendly platform to address tax-related queries, two aspiring CAs have developed a chat-based application run by tax experts.
 Credit flow to Micro, Small and Medium Enterprises Sector
By Thomas T. Rucks
In this connection, we inform that Government of India (GoI), vide Gazette Notification S.O. 2119 (E) dated June 26, 2020, has notified new criteria for classifying the enterprises as Micro, Small and Medium enterprises. The new criteria will come into effect from July 1, 2020. The details are as under:
 GST consensus under threat as revenue falls
By M. George
States have for long been complaining about delays in getting their assured compensation. Some states such as Kerala have been demanding the Centre borrow from the market to pay dues to states
 GST on supplies even if payment is not received, irks MSMEs
By Sandy Mash
MSMEs say this a major strain on cash flows, as the COVID-19 pandemic has further delayed payments from big corporates as well as public sector units
  Master Circular on Conduct of Government Business by Agency Banks - Payment of Agency Commission
By Thomas T. Rucks
The Reserve Bank of India carries out the general banking business of the Central and State Governments through its own offices and through the offices of the agency banks appointed under Section 45 of the RBI Act, 1934, by mutual agreement. RBI pays agency commission to the agency banks for the government business handled by them. This Master Circular consolidates the instructions contained in the circulars listed in Annex 1.
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General   RSS Feeds
 TDS on cash withdrawal alert! New functionality from Income Tax Department for banks and post offices
By Andrew F Thomas
In a major development, the Central Board of Direct Taxes, Government of India has provided a utility to ascertain TDS Applicability Rates on Cash Withdrawals.
 Income tax department notifies exemption for sovereign wealth funds
By Sandy Mash
Aimed at attracting more investments into the country, the income tax department has issued a notification giving sovereign wealth funds and global pension funds the benefit of income tax exemption on their investment in Indian infrastructure. The tax exemption will apply to interest, dividend and capital gain incomes.
 How much gold can you keep at home as per income tax rules?
By Jude Marg
The Income Tax Department will not seize jewelry and ornaments to the extent to these limits, even if the same does not seem to be matching with the income record of the assessee.
 New income tax slab: Rules changed, no exemption on meal vouchers & coupons
By Raul N Tiem
For those opting for the new income tax slab which offers a lower tax rate, the income tax department has changed rules for claiming exemption on free meals provided by the employer.
 Pharma shines in advance tax pay
By Henry Richards
When it comes to advance tax payments, pharma has emerged as one of the outliers with the sector showing a higher payout this quarter, while real estate, infrastructure, steel and cement were among segments that crumbled under the weight of the coronavirus-induced lockdown.
 SDMC starts offline facility for depositing property tax
By M. George
The South Delhi Municipal Corporation (SDMC) on Thursday decided to provide both online and offline facilities for filing property tax returns and making payments. Till now, only online filing of property tax was allowed by the civic body.
 Covid-19 crisis threatens to wipe out gains from corporation tax cut
By Andrew F Thomas
The Covid-19 crisis is threatening to wipe out most of the gains in corporate earnings accrued from the September 2019 cut in corporation income tax. The underlying earnings per share (EPS) of the benchmark Nifty 50 index are now down to Rs 428 per unit of the index from the January high of Rs 453 and inching towards the level prior to the tax cut.
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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
 Advanced Integrated Course on Information Technology and Soft Skills (Advanced ICITSS) -Adv. Information Technology Test - Home Based Mode
 IMPORTANT ANNOUNCEMENT FOR MAY 2020 EXAMINATIONS
By Orion M.
The students are aware that vide Announcement dated 15th June 2020, the Institute, after taking in account the academic interests and health safeguards of students intending to appear in May 2020 Examinations, had enabled them to change their centre for appearance in May/ July 2020
 ICAI reduces Fees for MCS & Adv ITT Courses for students undergoing Virtual
By Orion M.
The Institute of Chartered Accountants of India ( ICAI ) has reduced the fees for MCS & Adv ITT Courses for students undergoing Virtual classes for May 2019, Nov 2019, May 2020 & Nov 2020 Final passed Students.
 Compendium of Auditing Guidance Issued by Auditing and Assurance Standards Board on Various Aspects amid COVID-19.
By Jude Marg
The global pandemic COVID-19 has significantly impacted global trade and economy with consequential impact on global and Indian financial markets. The uncertainty arises primarily from interruptions in production, supply chain disruptions, unavailability of personnel, closure of facilities / offices due to the rapid outbreak of COVID-19, decline in demand, liquidity, business continuity issues, etc.
 Multiple Choice Questions (MCQs) on Engagement and Quality Control Standards issued by Auditing and Assurance Standards Board
By Raul N Tiem
All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form, or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior permission, in writing, from the publisher.
 Virtual Coaching Classes' commencing from 1st July, 2020 for students of Foundation, Intermediate and Final appearing in November 2020 examination.
By Raul N Tiem
The Board of Studies has been proactive to adopt different methodologies to reach out to the students and provide quality learning resources, year after year in an incremental manner.
 Online Certificate Course on Forex and Treasury Management from 27th June, 2020
By Henry Richards
The Committee on Capital Market and Investors Protection is pleased to announce its 2nd batch of Online Certificate Course on Forex and Treasury Management as per below details
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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
 Release of Educational Material on Ind AS 38, Intangible Assets
By Moshe Pras
Ind AS 38 prescribes the accounting treatment for intangible assets that are not dealt with specifically in another Ind AS. It sets out the criteria for recognising and measuring intangible assets and requires disclosures about them. The standard provides guidance on treatment of costs incurred to generate intangible assets as well as those acquired separately or as part of business combinations or acquired by way of government grant.
 Multiple Choice Questions (MCQs) on Guidance Note on the Companies (Auditor's Report) Order, 2020 issued by Auditing and Assurance Standards Board
 Tally ERP 9.0 Features
By Moshe Pras
Invoicing and Accounting, Inventory Management, Reports, Credit and Cashflow Management, Taxation, Banking, Net Capabilities, Cost Control and Cost analysis, Enhanced Security Management, Payroll Management, Other Valuable Features
 Publication of Technical Guide on Accounting for Expenditure on Corporate Social Responsibility Activities and withdrawal of Guidance Note on Accounting for Expenditure on Corporate Social Responsibility Activities.
By Thomas T. Rucks
The CSR Committee has released the Technical Guide on Accounting for Expenditure on Corporate Social Responsibility Activities on 1st July, 2020, which has also been hosted on the website of the Institute link https://www.icai.org/resource/60115csr48973tg.pdf
 Exemption from Completion of Orientation Course (OC) and Information Technology Training (ITT) before admission in Practical Training on or Before 31st July, 2020 for Direct Entry Scheme students
By Jude Marg
Exemption from Completion of Orientation Course (OC) and Information Technology Training (ITT) before admission in Practical Training on or Before 31st July, 2020 for Direct Entry Scheme students
 Publication- Judicial Pronouncements under Insolvency and Bankruptcy Code, 2016 Series 3.
By Sandy Mash
All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form, or by any means, electronic, mechanical, photocopying, recording, or otherwise, without prior permission, in writing, from the publisher.
 ICAI signs MoU with Service Export Promotion Council (SPEC)
By M. George
The Government of India had declared Accounting and Finance services sector as one of the 12 Champion sectors.The Institute of Chartered Accountants of India (ICAI) has been working towards formulating & implementing an Action Plan for this Champion Sector under the guidance of Ministry of Corporate Affairs.
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From the Courts   RSS Feeds
 Gateway Leasing Pvt. Ltd vs. ACIT (Bombay High Court)
By Thomas T. Rucks
S. 147 Reopening for bogus capital gains from penny stocks: The Dept's argument that though the assessee disclosed details of the transactions pertaining to purchase and sale of shares, it did not disclose the real colour / true character of the transactions
 ITAT orders to grant Interest on Refund under Section 244 of the Income Tax Act, 1961 to Tata Steel
By Moshe Pras
The Income Tax Appellate Tribunal (ITAT), Mumbai ordered the AO to grant interest under Section 244 of the Income Tax Act, 1961 to the Tata Steel Limited.
 Suresh Kumar Agarwal vs. ACIT (ITAT Delhi)
By Sandy Mash
S. 10(38) Bogus capital gains from penny stocks: The assessee has produced contract notes, demat statements etc & discharged the onus of proving that he bought & sold the shares. The AO has only relied upon the report of the investigation wing alleging the transaction to be bogus. He ought to have examined a number of issues (which are enumerated in the order) and shown that the transaction is bogus. The capital gains are genuine and exempt from tax
 PCIT vs. Vaman International Pvt. Ltd (Bombay High Court)
By Andrew F Thomas
S. 69C Bogus Purchases: (i) The onus is on the revenue to prove that the income really belongs to the assessee (ii) The assessee has filed copies of purchase/ sale invoices, challan cum tax invoices, stock ledger showing entry/exit of materials purchased, bank statements to show payment for purchases were made through banking channels, etc.
 Rajeev Verma 2/5, Gupta Market, Lajpat Nagar-4, New Delhi Vs. ACIT Circle-54(1), 15th Floor, Civic Centre, J.L. Nehru Marg, New Delhi
By Andrew F Thomas
This appeal has been preferred by the assessee against order dated 21.09.2016 passed by the Ld. Commissioner of Income Tax 18, New Delhi {CIT (A)} for assessment year 2012-13.
 ACIT, Circle-12(1), O/o. Pr. CIT(4), New Delhi Vs. Indiabulls Ventures Ltd, (formerly known as M/s. Indiabulls Securities Ltd), M-62 & 63, First Floor, Connaught Place, New Delhi
By Orion M.
This appeal is filed by the revenue against the order of the ld CIT (A)-18, New Delhi dated 20.12.2016 for the Assessment Year 2012-13.
 Tata Education and Development Trust vs. ACIT (ITAT Mumbai)
By Thomas T. Rucks
S. 254(2A): ITAT President to consider whether a Special Bench should be constituted to decide two very significant aspects relating to the powers of the ITAT to grant unconditional stay of demand after the amendment in first proviso to s. 254(2A) by the Finance Act 2020, namely, (i) The legal impact, if any, of the amendment on the powers of the Tribunal u/s 254(1) to grant stay; and, (ii) if the amendment is held to have any impact on the powers of the Tribunal u/s 254(1),- (a) whether the amendment is directory in nature or is mandatory in nature;
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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
 Auction of Government of India Dated Securities Jul 13, 2020
 RBI likely to pause rate-cutting cycle in August but it'll be short-term
By Sandy Mash
Government data released on Monday stated retail inflation, measured on the basis of Consumer Price Index, stood at 6.09 per cent in June. This is beyond the 6 per cent upper margin mandated by the Reserve Bank of India
 Indian Economy at a Crossroad: A view from Financial Stability Angle (Shaktikanta Das, Governor, Reserve Bank of India - July 11, 2020 - at the 7th SBI Banking & Economics Conclave organised by the State Bank of India)
By Raul N Tiem
A very warm good morning to you all. I wish to thank the State Bank of India for inviting me to deliver the keynote address today. I sincerely appreciate the efforts of the organising team in putting together this virtual conference which has now become a new normal.
  RBI-Credit flow to Micro, Small and Medium Enterprises Sector
By Orion M.
Please refer to our circular RPCD.PLNFS.BC.No.63/06.02.31/2006-07 dated April 4, 2007 containing definition of Micro, Small and Medium Enterprises as per Section 7 (I) of the Micro Small and Medium Enterprises Development Act, 2006.
 RBI-Extension of timeline for finalization of audited accounts
By Jude Marg
Please refer to para 18(2) of the Master Direction on Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016 and Non-Systemically Important Non-Deposit taking Company (Reserve Bank) Directions, 2016, as per which every applicable NBFC shall finalise its balance sheet within a period of 3 months from the date to which it pertains.
  ​Notification of Harmonised Master List of Infrastructure Sub-sectors for the purposes of section 10(23FE) of the Income-tax Act, 1961​
By Sandy Mash
In exercise of the powers conferred by item (b) of sub-clause (iii) of clause (23FE) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies business, for the purposes of said item (b), to be the business which is engaged in the infrastructure sub-sectors mentioned in Updated Harmonised Master List of Infrastructure Sub-sectors in the notification of the Government of India in the Ministry of Finance, Department of Economic Affairs, published in Gazette of India, Extraordinary, vide number, F.No.13/3/2017-INF dated 13th August, 2018.
 RBI-Credit flow to Micro, Small and Medium Enterprises Sector
By Jude Marg
In this connection, we inform that Government of India (GoI), vide Gazette Notification S.O. 2119 (E) dated June 26, 2020, has notified new criteria for classifying the enterprises as Micro, Small and Medium enterprises. The new criteria will come into effect from July 1, 2020. The details are as under:
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Forex   RSS Feeds
 Perils of an ad hoc forex policy
By Orion M.
In a speech that he gave last month at the International Monetary Fund, the Reserve Bank of India (RBI) Governor,
 Rupee depreciated by 17 paise to Rs 45.62 a dollar in early trade
By Andrew F Thomas
The rupee depreciated by 17 paise to Rs 45.62 a dollar in early trade today following weak domestic equity markets
 Rupee strengthened by 7 paise against dollar
By Jude Marg
The rupee strengthened by 7 paise to Rs 45.35 a dollar in early trade today on weakness in the US currency against major world currencies
 Rupee up by 4 paise against dollar in early trade
By Orion M.
The rupee strengthened by 4 paise to Rs 45.48 against the US dollar in early trade at the Interbank Foreign Exchange today
 Rupee falls by 18 paise at 4-week low against dollar
By M. George
The rupee today fell by 18 paise to trade at a four-week low of Rs 45.54 against the US currency in early trade, weighed down by dollar's gains against the major world currencies
 Rupee drops on weak shares; inflation eyed
By Orion M.
The Indian rupee fell on Friday tracking losses in local shares, which raised worries of foreign investors continuing to pull out funds from Asia's third-largest economy
 Rupee raises 6 paise against dollar in early trade
By Sandy Mash
The Rupee appreciated by 6 paise to Rs 45.07 a dollar at the Interbank Foreign Exchange market today, boosted by the greenback's weakness against euro and other major currencies
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ITAT-Constitution of Benches   RSS Feeds
 Capital Gain Deduction claim can be invoked during Re-Assessment if Assessee failed to file Returns: ITAT
By Henry Richards
In an assessee-friendly ruling, the Income Tax Appellate Tribunal (ITAT), Jaipur bench has held that the assessee can claim the benefit of capital gain deduction under section 54F of the Income Tax Act, 1961 during the re-assessment proceedings under section 147 and 148 of the Income Tax Act in case of non-filing of income tax returns.
 Vodafone Idea Limited is not required to Deduct Tax u/s 194H on Prepaid SIM Cards: ITAT
By Moshe Pras
The Calcutta Bench of Income Tax Appellate Tribunal (ITAT) held that Vodafone Idea Limited the assessee shall not be treated as an assessee in default under Section 201(1) of the Income Tax Act, 1961 Act as the assessee is not required to deduct tax under Section 194J of the Act. Once, the assessee is treated as the assessee, not in default under Section 201(1), the interest under Section 201(1A) is not required to be charged.
 Activities performed in ‘Virtual Classrooms’ also comes under the Definition of ‘Education’: ITAT grants relief to NIIT Foundation
By Orion M.
Activities performed in ‘Virtual Classrooms’ also comes under the Definition of ‘Education’: ITAT grants relief to NIIT Foundation
 Scrutiny Assessment without Notice is Defective in Law: ITAT
By Jude Marg
While upholding an order passed by the Commissioner of Income Tax (Appeals), the Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that scrutiny assessment under section 143(2) cannot be passed without serving notice to the assessee.
 No Exempt Income Received or Receivable, No Disallowance under Section 14A: ITAT
By M. George
The Income Tax Appellate Tribunal (ITAT), Mumbai held that Section 14A of the Income Tax Act, 1961 will not apply if no exempt income is received or receivable during the relevant previous year.
 Bonus allocated to Policyholders is not Taxable as Income from Insurance Company: ITAT
By Henry Richards
The Income Tax Appellate Tribunal (ITAT), while granting relief to Max New York Life Insurance Company Ltd, held that the addition made by the income tax department treating bonus allocated to the policyholders as taxable income under section 44 of the Income Tax Act, 1961 is liable to be quashed.
 Yahoo gets Income Tax Relief from ITAT
By Orion M.
The Bangalore bench of the Income Tax Appellate Tribunal ( ITAT ) has recently allowed a deduction under section 10A of the Income Tax Act, 1961 towards the claim of Yahoo Software Development Pvt. Ltd.
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Finance Bills   RSS Feeds
 The Companies (Removal Of Difficulties) Seventh Order - dated 4th Sept 2014 New
By M. George
Whereas the Companies Act, 2013 (18 of 2013) (hereinafter referred to as the said Act) received the assent of the President on the 29th August, 2013 and section 143 of the Act,
 Finance & Commerce Ministry to discuss draft BIPA model tomorrow
By Orion M.
Officials of the finance and the commerce and industry ministries are scheduled to discuss the issues related to the draft text of the Bilateral Investment Promotion and Protection Agreement (BIPA) tomorrow.
 Union Finance Minister Shri Arun Jaitley said that the revenue targets fixed for Direct Taxes for the current Financial Year 2014-15 would not only be achieved but would also be surpassed
By Orion M.
The Union Finance Minister Shri Arun Jaitley hoped that the revenue targets fixed for Direct Taxes for the current Financial Year 2014-15 would not only be achieved but would also be surpassed.
 Finance ministry may pitch for higher tax exemption on health insurance
By Thomas T. Rucks
The finance ministry is likely to pitch for a substantial increase in the income-tax exemption limit for health insurance as part of its plan to deepen insurance coverage. The ministry is examining a proposal that seeks to double the limit to 30,000 from 15,000.
 Finance minister reviews annual performance of public sector banks and financial institutions for 2013-14; calls for tougher action against wilful defaulters; highest ever more than 10,000 new branches opened during 2013-14
By Jude Marg
The Union Finance Minister Shri P. Chidambaram said that the last Financial Year 2013-14 was a difficult year even though there was positive movement towards greater stability.
 India Infrastructure Finance Company to raise Rs 7,000 crore through tax-free bonds
By M. George
State-owned India Infrastructure Finance Company (IIFCL) plans to raise Rs 7,000 crore via a public issue of tax-free bonds in October, according to a senior company official
 Finance Ministry hopes RBI focusses on promoting growth in policy tomorrow
By Moshe Pras
Ahead of tomorrow's monetary policy review, the Finance Ministry has expressed the hope that Reserve Bank will focus on promoting growth.
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Placements & Empanelment   RSS Feeds
 22 PLA-Opening Chartered Accountant (CA) + Company Secretary (CS)
By Sandy Mash
Experience: 5 - 10 years, Salary: 12,00,000 - 22,00,000 P.A., Functional Area: Accounts, Finance, Tax, Company Secretary, Audit
 90 PLA-Opening Chartered Accountants Required In Canada and Australia on PR
By Andrew F Thomas
Experience: 2 - 4 years, Salary: 40,00,000 - 90,00,000 P.A.,Functional Area: Accounts, Finance, Tax, Company Secretary, Audit
  17 LPA-Opening US Statutory Audit ONLY Chartered Accountants( Bangalore) 3-10 yrs exp
By Thomas T. Rucks
Experience: 3 - 8 years, Salary: 9,50,000 - 17,00,000 P.A.,Functional Area: Accounts, Finance, Tax, Company Secretary, Audit , PG : CA in CA
 16 LPA-Opening Chartered Accountant,Finance, Audit
By M. George
Experience: 7 - 12 years, Salary: 9,00,000 - 16,00,000 P.A., Functional Area: Accounts, Finance, Tax, Company Secretary, Audit, PG : CA in CA, Second Attempt, First Attempt
  13 LPA-Opening Chartered Accountant - AM - Finance
By Sandy Mash
2 - 3 years, Salary: 9,00,000 - 13,00,000 P.A., Functional Area: Accounts, Finance, Tax, Company Secretary, Audit, PG : CA in CA
  16 LPA-Opening Chartered Accountant, Finance
By Andrew F Thomas
7 - 12 years, Salary: 9,00,000 - 16,00,000 P.A., Functional Area: Accounts, Finance, Tax, Company Secretary, Audit, PG : CA in CA, Second Attempt, First Attempt
 80 LPA-Opening Chartered Accountant, Finance
By M. George
5 - 10 years, Salary: 40,00,000 - 80,00,000 P.A., Functional AreaAccounts, Finance, Tax, Company Secretary, Audit
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Markets   RSS Feeds
 Market Top Losers (BSE) 07/07/2020
By Raul N Tiem
Market Top Losers (BSE) 07/07/2020
 Market Top Gainers (BSE) 07/07/2020
By Henry Richards
Market Top Gainers (BSE) 07/07/2020
 Top Ranked Mutual Funds 07/07/2020
By Moshe Pras
Top Ranked Mutual Funds 07/07/2020
 Market Top Losers (BSE) 03/07/2020
By Henry Richards
Market Top Losers (BSE) 03/07/2020
 Market Top Gainers (BSE) 03/07/2020
By Moshe Pras
Market Top Gainers (BSE) 03/07/2020
 Top Ranked Mutual Funds 03/07/2020
By Thomas T. Rucks
Top Ranked Mutual Funds 03/07/2020
 Market Top Losers (BSE) 01/07/2020
By Henry Richards
Market Top Losers (BSE) 01/07/2020
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Direct Tax   RSS Feeds
 Good news from Income Tax department for these ITR filers CBDT
By M. George
It's a good piece of news for Income Tax return filers as they have now got time till 30 September to rectify incomplete tax returns of last five years.
  CBDT allows One Time Relaxation for Verification of Tax Return pending due to Non-Filing of ITR- V Form and Processing of Such Returns
By Sandy Mash
The Central Board of Direct Taxes ( CBDT ) on Monday notified the one-time relaxation for verification of tax return for the Assessment Year 2015-16, 2016-17, 2017-18, 2018-19 and 2019-20, which are pending due to non-filing of ITR- V form and processing of such returns.
 CBDT allows One Time Relaxation for Verification of Tax Return pending due to Non-Filing of ITR- V Form and Processing of Such Returns
By Orion M.
The Central Board of Direct Taxes ( CBDT ) on Monday notified the one-time relaxation for verification of tax return for the Assessment Year 2015-16, 2016-17, 2017-18, 2018-19 and 2019-20, which are pending due to non-filing of ITR- V form and processing of such returns.
 I-T dept asks taxpayers to verify ITRs for AYs 2015-16 to 2019-20 by Sep 30
By Jude Marg
The Central Board of Direct Taxes said that a large number of electronically filed ITRs still remain pending with the I-T Department for want of receipt of a valid ITR-V (Verification) form at Centralised Processing Centre (CPC), Bengaluru from the taxpayers concerned.
 Withdrawing cash and not filing ITR? Now pay TDS on cash withdrawals above Rs 20 lakh
By Raul N Tiem
CBDT said the data on cash withdrawal indicated that a huge amount of cash is being withdrawn by the persons who have never filed ITRs
 CBDT allows Processing of Income Tax Refund claims for Old Non-Scrutiny cases till Oct 31, 2020
By Sandy Mash
The Central Board of Direct Taxes (CBDT) has allowed processing of income tax refund claims in non-scrutiny cases for assessment years up to 2017-18 till October 31, 2020, instead of the earlier date of December 2019, allowing clearing up of old refunds cases.
 Your share trading, other data will now be with Income Tax Department
By M. George
A formal Memorandum of Understanding (MoU) was signed today between the CBDT and SEBI, via video conference, for exchange of data between the two organisations.
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Tenders   RSS Feeds
  India Trade Promotion Organisation, Pragati Maidan, New Delhi
By Henry Richards
Online electronic bids (single stage 2 bid) on open tender basis for appointment of Internal Auditors for a period of 1 year (1st Oct., 2020 to 30th Sep., 2021) are invited by India Trade Promotion Organisation (ITPO) from eligible firms as detailed hereunder:
 IDBI Bank Ltd, Cuffe Parade, Mumbai
By Moshe Pras
To appoint Chartered Accountant (CA) Firm for various services under Portfolio Investment Scheme (PIS) as per schedule III of Foreign Exchange Management (Nondebt instruments) Rules, 2019,
 Bihar State Tourism Development Corporation Ltd, Patna, Bihar
By Sandy Mash
Bihar State Tourism Development Corporation Ltd. (BSTDCL) represents a Government company constituted by the Government of Bihar under the Companies Act, 1956 and is mandated with the development and promotion of various Tourism development schemes in the state. It has 19 units. The objective of the company is to accelerate the development and promotion of tourism in the State of Bihar
 West Tripura District Rural Development Agency, Agarthala, Tripura
By Andrew F Thomas
IREDA has issued RFQ for appointment of Internal Auditors of the Company (Tender Reference Number 2020-21/ INTERNAL AUDITOR/2 Tender ID 2020_IREDA_563492_1) on the Government e-Procurement Portal (CPP Portal) on 08.06.2020.
 Corrigendum 3 Directorate of Urban Local Bodies, Karnal, Haryana
  Madhya Pradesh Skills Development Project, Bhopal, Madhya Pradesh
By M. George
All information contained in this bid document provided/clarified is in good interest and faith. Thoughadequate care has been taken in the preparation of the document, the interested agencies shall satisfy themselves that the document is complete in all respects.
 Department Of Police, UT, Chandigarh
By Henry Richards
The e-tenders are, hereby, invited from the Chartered Accountants (Proprietorship / Partnership) for the hiring of Chartered Accountant on retainership basis for GST matters as detailed in Scope of Work.
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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
 ROC Forms
 ROC Circulars
 ROC Notifications
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