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Top Headlines   RSS Feeds
 Income tax slabs and rates for FY 2019-20
By Moshe Pras
Before finance minister Nirmala Sitharaman announces Budget 2020 on February 1 in which she is widely expected to give income tax relief to the middle class for FY 2020-21, let us take a look at the existing income tax rates and slabs for FY 2019-20.
 Tax Expert Ved Kumar Jain's views on Budget 2020-21
By Andrew F Thomas
An initiative by Rajya Sabha TV (RSTV) where they invite eminent personalities to bring their views and expectations on the upcoming budget 2020-21. This is a must watch for everyone!
 Income-tax Deduction from salaries during the Financial Year 2019-20 under section 192 of the Income-tax Act, 1961
By Jude Marg
Reference is invited to Circular No. 1/2019 dated 01.01.2019 whereby the rates of deduction of income-tax from the payment of income under the head "Salaries" under Section 192 of the Income-tax Act, 1961 (hereinafter the Act`), during the financial year 2018-19, were intimated.
 Know your tax exemptions to invest wisely
By Thomas T. Rucks
Here are some important exemptions/deductions for reducing your tax outflow We are in the last quarter of the current financial year and this is when most taxpayers start focusing on their tax-saving investments, as they are required to submit the proof of such investments to their employers to avoid excess withholding of taxes from their pay. While tax saving is not the only consideration for investments, it is an important consideration nonetheless.
 What happens when you file the wrong ITR form
By M. George
The Income Tax return (ITR) form is a prescribed form through which the particulars of income earned by an assessee in a financial year are communicated to the Income Tax Department. While filing ITR, the taxpayers are required to choose the correct form. If ITR is filed using the wrong form, it could complicate the process and the taxpayer may face consequences.
 Tax-saving guide for FY 2019-20
By Orion M.
In our hurry to complete the tax-saving exercise before the end of the financial year, we end up making expensive mistakes. Here is a handy guide to set you on the right path.
 Filing ITR for AY 2020-21? Here're the changes you need to know
By Moshe Pras
The notification of the returns followed Budget announcements making income-tax return filing mandatory for certain persons even if their income was below the taxable limit
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Continuing Prof. Edu.   RSS Feeds
  GST Assessment & Appeals and Latest in Indirect Taxes
By Orion M.
Place: Rohini CPE Study Circle of NIRC Date: 24-01-2020 – To: 24-01-2020 CPE.Hrs.: 4
 Succession Planning & Planning to HUF and Section 115 BBA & Common Error in Financial Statements and Code of Ethics
By Jude Marg
Place: PATIALA BRANCH OF NIRC Date: 23-01-2020 – To: 23-01-2020 CPE.Hrs.: 4
 Critical Issues on GSTR 9 and 9C
By Jude Marg
Place: Chandigarh CPE Study Circle of NIRC Date: 24-01-2020 – To: 24-01-2020 CPE.Hrs.: 4
 GST Assessment & Appeals and Latest in Indirect Taxes
By Raul N Tiem
Place: Rohini CPE Study Circle of NIRC Date: 24-01-2020 – To: 24-01-2020 CPE.Hrs.: 4
 Seminar on GST Annual Returns (GSTR-9), GST Audit (GSTR-9C), Drafting of Appeals and Search & Seizure under Income Tax and Code of Ethics
By Raul N Tiem
Place: HIMACHAL PRADESH BRANCH OF NIRC Date: 22-01-2020 – To: 22-01-2020 CPE.Hrs.: 6
 Discussion on ITR Form & Appeals Under Income Tax Act and Handling of Demonetisation appeals.
By Henry Richards
Place: Central Delhi CPE Study Circle of NIRC Date: 22-01-2020 – To: 22-01-2020 CPE.Hrs.: 5
 Notification No. 04/2020 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 in the Ministry of Finance
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GST - Goods and Services Tax   RSS Feeds
 Complete Process for GST Registration in India
By Raul N Tiem
GST Registration is compulsory for companies with turnover over Rs 40 Lakhs and Rs 20 Lakhs for special category states. Sellers are obligated to register themselves for Goods and Services Tax (GST) since 1st July 2017. The said GST is a form of indirect tax in India and encompasses categories like service tax, excise duty, entry tax,
 Five structural changes to make GST simple, stable
By Henry Richards
With the new compliance regulations, including e-invoicing, proposed from April 2020, the revenue collection is likely to improve with real-time tracking of input credits claimed by businesses.
 Due dates to file GST returns re-jigged to cut pressure on IT systems
By Jude Marg
Small businesses and traders will get a bit more time than their larger counterparts every month in filing Goods and Services Tax (GST) returns as per a new schedule the government announced on Wednesday to reduce pressure on the IT systems.
 Govt allows 3 last dates for filing GSTR-3B for different categories of taxpayers
By Moshe Pras
The finance ministry on Wednesday staggered last dates of filling GSTR-3B, a monthly return form, and has provided three dates for different categories of taxpayers, a moved aimed at de-stressing the system.
 GSTN claims glitch-free return filing in January
By M. George
The Goods and Services Tax Network (GSTN), the IT backbone of GST, has claimed that taxpayers have not faced many problems in filing returns for December 2019.
 GST may not have been revenue-neutral
By Raul N Tiem
Growth of GST collections has slowed since Q4FY19, in line with the fall in corporate tax collections, indicating the impact of sluggish economic growth.
 Multiple GST-related woes beset small traders
By Thomas T. Rucks
The hasty implementation of the Goods and Services Tax (GST) regime, an error-ridden portal and hefty fines for delay in filing GST returns are some of the problems that have added to the woes of lakhs of small traders who often end up with no earnings at the end of the quarter.
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Markets   RSS Feeds
 FM calms nerves, says no plan to tax market gains
By Raul N Tiem
In a bid to calm frayed nerves of stock market players, Finance Minister Arun Jaitley on Sunday clarified the government has no intention to impose a tax on long-term capital gains from trading in shares.
 Why we must tweak the market-led model
By Henry Richards
ACCORDING to the latest report by the New World Wealth, after Russia, India is the second most unequal nation in the world as 54 per cent of its wealth is in the hands of millionaires.
 PE transactions prompt income tax queries over round tripping concerns
By Moshe Pras
Domestic companies raising private equity funding in the near term are likely to face increased scrutiny from tax sleuths looking for instances of round tripping.
 Amended India-Mauritius tax treaty only covers investments in shares
By Andrew F Thomas
The revamped India-Mauritius tax treaty will apply to only investments in shares and not to other instruments, details of the agreement released by Port Louis showed.
 Government drops cap gains tax on startup shares held for 2 years
By Orion M.
In a fresh boost to startups, the government on Thursday inserted an amendment to the Finance Bill to provide for capital gains tax exemption if shares of an unlisted company were held for more than two years.
 Tax-free bonds regain demand in the secondary market
By Henry Richards
Tax-free bonds which have been languishing for more than six months due to lack of investor interest in the secondary market, are in demand again.
 Relevant Market Under Competition Act, 2002
By Raul N Tiem
The object of the Competition Act, 2002 (Act for short) is to preserve and promote competition and to prevent anti competitive business practices with minimal Government intervention.
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General   RSS Feeds
 Mutual funds for a first-time investor
By Moshe Pras
If you have any mutual fund queries, message on ET Mutual Funds on Facebook. We will get it answered by our panel of experts. I don't have any idea about the stock market. So, I am trying to invest in mutual funds. I have a little knowledge about mutual funds. I would like to invest Rs 2,000 per month. Could you please suggest me which plan is better to choose and why? And I have bank accounts in SBI and Axis.
 All eyes on Nirmala Sitharaman's second Budget for tax relief
By Andrew F Thomas
The common man has his eyes set on Finance Minister Nirmala Sitharaman's second Budget next month for relief in income tax, but an economic slowdown and a sharp reduction in corporate tax rates hint that she has very little flexibility to dole out a big largesse.
 FM must slash income tax rates, only way to stimulate demand
By Andrew F Thomas
Given the need of the hour is to boost spending, cutting income tax rates would put some money in consumers’ pockets. Vikram Kirloskar’s advice to the government that personal income tax (PIT) cuts can wait and that it should focus on other areas comes as a shock. On second thoughts,
 Govt may go for income tax relief to spur demand, says report
By M. George
The government is likely to trim personal income tax rates and cut the tax on long-term capital gains from equity investments in its next budget, in a bid to spur economic growth, four government officials.
 Countries should tax the money that their citizens make globally
By Sandy Mash
This would stop the current international race to the bottom in taxing capital income and allow nations to set fairer taxes If you are a citizen of a country, should you pay taxes on the income you earn only within that country’s geographical limits, or on all the money you earn, independently of where? The US, Mexico, India, China, and Chile tax global income. Western Europe, Japan, Canada, Peru and Colombia tax territorial income. If the world moved toward global taxation and enhanced some incipient information-sharing mechanisms, the impact on inclusive growth, especially in the developing world, would be very positive.
 Personal income tax rate cut can revive economy
By M. George
With the next budget of the Centre less than two months away, one thing the government can do to revive the economy is cut personal income tax rates or increase the tax slabs and thus put more money in the hands of people. Mint looks at the possible impact.
 Economic slowdown hits Income Tax collections
By Andrew F Thomas
The economic slowdown continues to impact Income Tax collections across the country with many states faring poorly. As per the latest figures, the all-India collections made by Income Tax department (from April 1 up to Nov. 23) for financial year 2019-2020 stand at a little over Rs 5.44 lakh crore, registering an all-India growth of 0.6%. The IT department itself describes it as ‘far from satisfactory.’
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Corporate Law   RSS Feeds
  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.
 Residential status rules are different for exchange control, income tax laws NRI taxation
By Orion M.
The rules for determination of residential status under the exchange control law are different from those under the income tax law.
 Recent advance rulings under the GST Law
By Andrew F Thomas
The Authority for Advance Ruling (AAR) constituted under the Goods and Services Tax (GST) Law has recently pronounced advance rulings clarifying certain positions on the applicability of GST on supply of goods from retail outlets in international airports,
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Students   RSS Feeds
 Announcement for the 1st Batch of the Certificate Course on Public Finance & Government Accounting
By M. George
The Committee on Public & Government Financial Management of ICAI is pleased to announce the 1st batch of Certificate Course on Public Finance & Government Accounting commencing from 8th February, 2020 (on weekends only) as per the schedule given hereinbelow.
 Results of the Chartered Accountants Intermediate (Old Course & New Course) Examination and Foundation Examination held in November, 2019 are likely to be declared on Monday, February 3rd, 2020 (evening)/Tuesday, February 4th, 2020.
By Orion M.
The results of the Chartered Accountants Intermediate (Old Course & New Course) Examination and Foundation Examination held in November, 2019 are likely to be declared on Monday, February 3rd , 2020 (evening)/Tuesday, February 4th, 2020 and the same as well as the All India merit list (upto the 50 th Rank) can also be accessed by candidates on the following websites
 Results of the Chartered Accountants Final Examination(Old course & New Course) held in November 2019 are likely to be declared on Thursday, the 16th January, 2020 (evening) / Friday, the 17th January 2020.
By Thomas T. Rucks
The results of the Chartered Accountants Final Examination(Old course & New Course) held in November 2019 are likely to be declared on Thursday, the 16th January, 2020 (evening) / Friday, the 17th January 2020 and the same as well as the All India merit (upto the 50th Rank) can also be accessed by candidates on the following websites:
 Change of Venue in Ahmedabad City (Gujarat), in respect of November 2019 Exams
By Thomas T. Rucks
Change of Venue in Ahmedabad City (Gujarat), in respect of November 2019 Exams
 Registration for Practical Training Assessments on December 8 and 29, 2019
By Jude Marg
The next practical training assessments are being scheduled on December 8 and 29, 2019. The students who have completed their 1st/ 2nd year of practical training during January 1 – September 30, 2019 are eligible to appear in these tests.
  No Postponement of CA November 2019 Exams
By Sandy Mash
It has been brought to our notice that certain announcement is being circulated in social media that the CA Exams will be held in December instead of November 2019.
 Effective Date of Validity of Peer Review Certificate.
By M. George
The Peer Review Board at its 59th meeting held on 23.08.2019, considering the difficulties faced by practice units on the validity of Peer Review Certificate, decided as follows
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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
 CPE Events 27th January -1st February 2020
By Orion M.
CPE Events 27th January -1st February 2020
 Register for Fourth Exclusive Batch of German Language (120 hours) for ICAI Members and Students at Delhi. Last Date - 29th January, 2020
By Thomas T. Rucks
The Institute of Chartered Accountants of India (ICAI), through its Committee for Export of CA Services & WTO had made a tie up with GOETHE-INSTITUT, Max Mueller Bhavan, to promote German language amongst its members and students in order to overcome language barriers abroad. The fourth batch of the German language course (level A1- 120 hrs), details given below
 CMI&B of ICAI is conducting 51st Campus Placement Programme in the month of Feb-March, 2020.
By Thomas T. Rucks
It is found that some candidates while filling the examination application form do not exercise reasonable care and commit errors and seek change of Centre/Group/Medium, on account of errors committed by them in their examination application forms, after submission.
 Office hours arising out of Security Arrangements for Republic Day - 2020
By Sandy Mash
In compliance with the safety and security advice received from Delhi Police Authorities, the working hours of the Office of the Institute at Indraprastha Marg, New Delhi - 110002,
 Certificate Course on Forex and Treasury Management –Forthcoming Batches at Noida & Mumbai
By Sandy Mash
The Committee on Capital Market and Investors Protection of ICAI proposes to conduct batches of Certificate Course on Forex and Treasury Management at Noida and Mumbai commencing from 1st Feb, 2020 onwards as per the schedule given hereinbelow.
 Result of the Information Systems Audit [ISA] Assessment Test held on 28th December 2019 is likely to be declared on Thursday, 16th January 2020 (evening)/ Friday, 17th January, 2020.
By Orion M.
The result of the Information Systems Audit [ISA] Assessment Test held on 28th December 2019 is likely to be declared on Thursday, 16th January 2020 (evening)/ Friday, 17th January, 2020 at the Institute’s office at New Delhi.
  DAAB of ICAI releases Digital Competency Maturity Model for Professional Accounting Firms - Version 2.0 and Implementation Guide
By Jude Marg
All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form, or by any means, electronic mechanical, photocopying, recording, or otherwise, without prior permission, in writing, from the publisher.
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From the Courts   RSS Feeds
 Cleared Secured Services Pvt Ltd vs. DCIT (ITAT Mumbai)
By Moshe Pras
S. 226(3): Undue haste in recovery of disputed demands by issue of s. 226(3) garnishee notices, in respect of which the hearing of appeal as also the stay petition is already concluded, is indeed inappropriate. The revenue authorities should have at least waited the disposal of the stay petition. Interim stay granted and garnishee proceedings placed under suspension till the disposal of the stay petition
 Kaish Impex Private Limited vs. UOI (Bombay High Court)
By Thomas T. Rucks
S. 83 CGST Act: Power to provisionally attach bank accounts is a drastic power. Considering the consequences that ensue from provisional attachment of bank accounts, the power is not to be routinely exercised. S. 83 confers power on the authorities to provisionally attach bank accounts to safeguard Govt revenue but the same is within well-defined ambit.
 Publishers Cricket League, New Delhi. Vs. CIT(Exemptions). New Delhi.
By Thomas T. Rucks
The aforementioned appeals by the Assessee are taken up together for the sake of convenience and brevity; and are hereby disposed off through this Consolidated Order. Grounds taken in both these appeals of Assessee are as under:
 Dinesh Kumar Pundir C/o Sh. Dinesh Mohan, Advocate, 2-Anand Vihar, Lane No. 1, Circular Road, Muzaffarnagar Vs. Income Tax Officer, Ward 3(1), Saharanpur
By M. George
Assessee has filed the present appeal against the impugned order dated 27.3.2018 passed by the Ld. CIT(A), Muzaffrnagar relating to assessment year 2009-10.
 Rajasugumar Subramani vs. ITO (ITAT Bangalore)
By Moshe Pras
S. 54F: The words "in India" cannot be read into section 54F when Parliament in its legislative wisdom has deliberately not used the words. The assessee is entitled to exemption under section 54F of the Act though he has acquired house property in a foreign country. The amendment to s. 54F by the Finance Act, 2014 w.e.f. 2015 is applicable only prospectively (all imp verdicts considered)
 PCIT vs. Pinaki D. Panani (Bombay High Court)
By Thomas T. Rucks
S. 68/ 69C Bogus purchases: Even if the purchases made by the assessee are to be treated as bogus, it does not mean that entire amount can be disallowed. As the AO did not dispute the consumption of the raw materials and completion of work, only a percentage of net profit on total turnover can be estimated (Mohommad Haji Adam & Paramshakti Distributors followed)
 Alodie Estates Pvt. Ltd., New Delhi Vs. The ACIT, Central Circle 2, Room No.363, 3rd Floor, E- 2, ARA Centre, Jhandewalan Extn., New Delhi – 110 055.
By Sandy Mash
Learned Counsel for the Assessee seeks permission to withdraw the cross objection and an endorsement is same in the cross objection.
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Auditing   RSS Feeds
 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
 Standard on Internal Audit (SIA) 12, Internal Control Evaluation
By M. George
Standard on Internal Audit (SIA) 12, Internal Control Evaluation
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Latest Circulars   RSS Feeds
 Setting up of IFSC Banking Units (IBUs) – Permissible activities
By Raul N Tiem
The Task Force (TF) on Offshore Rupee Markets chaired by Smt. Usha Thorat had recommended introduction of non-deliverable Rupee Derivatives in IFSCs in a phased manner, starting with exchange traded currency derivatives (ETCD) to be followed by Over the Counter (OTC) derivatives at a later stage.
 Implementation of Section 51A of Unlawful Activities Prevention Act (UAPA), 1967- Updates to ISIL (Da'esh) & Al-Qaida Sanctions List
By Henry Richards
Please refer to Section 51 of our Master Direction on Know Your Customer dated February 25, 2016 as amended on January 09, 2020, in terms of which “Regulated Entities (REs) shall ensure that in terms of Section 51A of the Unlawful Activities (Prevention) (UAPA) Act, 1967,
 Auction of Government of India Dated Securities January 20, 2020
By Andrew F Thomas
The auction will be price based using multiple price method. The Reserve Bank of India at Mumbai will conduct the auctions. The salient features of the auctions and the terms and conditions governing the issue of the Stocks are given in the notifications (copies enclosed), which should be read along with the General Notification F.No.4(2)–W&M/2018, dated March 27, 2018 issued by Government of India.
 Introduction of Rupee derivatives at International Financial Services Centres (IFSC)
By Orion M.
Attention of Authorised Dealers is invited to the Foreign Exchange Management (International Financial Services Centre) Regulations, 2015 (Notification No. FEMA. 339/2015-RB dated 2nd March, 2015).
 Auction of Government of India Dated Securities January 13, 2020
By Sandy Mash
Please refer to our circular DPSS.CO.PD.No.447/02.14.003/2019-20 dated August 21, 2019 on “Processing of e-mandate on cards for recurring transactions” whereby processing of e-mandate on cards / Prepaid Payment Instruments (PPIs) was permitted for recurring transactions (merchant payments), with Additional Factor of Authentication (AFA) during e-mandate registration, modification and revocation, as also for the first transaction, and simple / automatic subsequent successive transactions, subject to certain conditions.
 Amendment of rule 10DA and rule 10DB regarding furnishing of information and maintenance of documents by Constituent Entity of an international group
By Andrew F Thomas
In exercise of the powers conferred by sub-section (1) and sub-section (4) of section 92D and sub-section (8) of section 286 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely: - 1. Short title and commencement.--(1) These rules may be called the Income-tax (2nd Amendment) Rules, 2020.
  Income tax calendar for the year 2020
By M. George
The income tax department, via its Twitter handle and emails, has been informing taxpayers about the important tax dates for the year 2020. Being mindful of these dates can help taxpayers avoid penal consequences.
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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
 CBDT Circular or Instructions can’t be inconsistent with SC Decisions: ITAT
By M. George
In a recent case, the Income Tax Appellate Tribunal ( ITAT) Delhi held that No CBDT circular or instruction can be contrary to the decision of the Hon’ble Supreme Court, even subsequent to the decision of the Hon’ble Supreme Court. Disallowances of foreign travel expenses incurred in respect of the family members of the directors are sustainable.
 ACIT vs. Reliance Jio Infocomm Ltd (ITAT Mumbai)
By Moshe Pras
Static vs. Ambulatory interpretation of DTAAs: Entire law on whether the retrospective amendments to the definition of "royalty" in s. 9(1)(vi) of the Act can have bearing on the interpretation of the same term in the DTAAs explained with reference to the doctrine of "treaty override" and the Vienna Convention (Siemens AG 310 ITR 320 (Bom) explained)
 Six Tata trusts to challenge tax department order in tribunal
By Jude Marg
Six Tata trusts had their registrations cancelled & will now challenge the order before ITAT. The six Tata trusts that had their registrations cancelled by the income tax department in October will challenge the order before the Income Tax Appellate Tribunal (ITAT), arguing that they collectively hold less than 10% of Tata Sons, the conglomerate’s holding company. Top trust officials close to the development said the six entities did not breach the objectives listed in the trust deeds as claimed by the department.
 Income Tax Dept withdraws 969 Appeals from High Courts, ITAT in Andhra Pradesh and Telangana Read more at: https://www.taxscan.in/income-tax-dept-withdraws-969-appeals-high-courts-itat-andhra-pradesh-telangana/39302/
By Moshe Pras
The Income Tax Department of Andhra Pradesh and Telangana has withdrawn 969 appeals from Telangana, Andhra Pradesh High Courts and Income Tax Appellate Tribunals (ITAT).
 ITAT slams Tax Dept for Negligence in Maintaining Records, says Assessee can’t be Penalized for such Mistakes
By Henry Richards
While granting section 12A registration to a Trust, the Pune bench of the Income Tax Appellate Tribunal ( ITAT ) has criticized the income tax department for its negligence in keeping records.
 Monetary limits for filing/withdrawal of Wealth Tax appeals by the Department before ITAT, HCs and SLPs/appeals before SC through extending the scope of Circular 3 of 2018 -Measures for reducing litigation.?
By Jude Marg
Reference is invited to Board's Circular No. 3 of 2018 dated 11.07.2018 (hereinafter, referred to as "the Circular") vide which monetary limits for filing of income tax appeals by the Department before Income Tax Appellate Tribunal, High Courts and SLPs/ appeals before Supreme Court were specified.
 Income Tax Appellate Tribunal, Hyderabad Benches, Hyderabad. Cause List Of Cases Posted Before A-Bench ( Db & Smc ) 14.01.2019 To 18.01.2019
By Sandy Mash
Income Tax Appellate Tribunal, Hyderabad Benches, Hyderabad. Cause List Of Cases Posted Before A-Bench ( Db & Smc ) 14.01.2019 To 18.01.2019
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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
 32.5 LPA-Opening Chartered Accountant(hiring For Our Reputed Hospital's Entire India)
By M. George
Salery INR: 18,00,000 - 32,50,000 P.A., Functional AreaAccounts, Finance, Tax, Company Secretary, Audit
 35 LPA-Opening Chartered Accountant
By Sandy Mash
Salery INR: 20,00,000 - 35,00,000 P.A., Functional AreaAccounts, Finance, Tax, Company Secretary, Audit
 30 LPA-Opening Chartered Accountant - Accounts Manager : Leading Fintech : Bangalore
By M. George
Salary INR: 25,00,000 - 30,00,000 P.A., Functional AreaAccounts, Finance, Tax, Company Secretary, Audit
  24 LPA-Opening Deputy General Manager - Finance (chartered Accountants Only)
By Sandy Mash
Salery INR: 14,00,000 - 24,00,000 P.A., Functional AreaAccounts, Finance, Tax, Company Secretary, Audit, PG :CA in CA
 24 LPA-Opening Deputy General Manager - Finance (chartered Accountants Only)
By Moshe Pras
Salary INR: 14,00,000 - 24,00,000 P.A., Functional AreaAccounts, Finance, Tax, Company Secretary, Audit, PG :CA in CA
  20 LPA-Opening Chartered Accountant, Finance
By Jude Marg
Salary INR: 10,00,000 - 20,00,000 P.A., Functional AreaAccounts, Finance, Tax, Company Secretary, Audit
 85 LPA-Opening Canada Needs Finance / Fin Manager / Financial Banking / Analyst
By Moshe Pras
Salary INR: 40,00,000 - 85,00,000 P.A., UG :Graduation Not Required, Any Graduate in Any Specialization
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Direct Tax   RSS Feeds
 Notification No.05/2020 - Central Board Of Indirect Taxes And Customs
By Andrew F Thomas
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.01/2020-CUSTOMS (N.T.), dated 2nd January, 2020
 CBDT says income tax shortfall 'non-neogtiable', instructs top brass to pull up their socks to meet FY20 target
By Sandy Mash
The CBDT Chairman said that a shortfall in tax collections is not negotiable despite a cut in the corporate tax rate, and that this short fall of Rs 1.36 lakh crore has to be recovered with extra efforts.
 Are you really saving your taxes? Know your Tax slabs & review your investment plans now!
By Henry Richards
It’s that time of the year again, when our investments come again to the forefront. The investment receipts are all out, our inbox is full of mails urging us to claim our tax-saving investments and most of us are once again struggling to check if our investments are enough. The tax-filing season in India begins in early January and our last minute investments continue to be made for as long as March. While the tax-paying population in India is on the lower side, the income tax collection during 2018-19 amounted to ? 442,170 crore. This leads us to the important question - Is our investment plan doing the best for our current tax slabs?
 Notification No.05/2020 Central Board Of Indirect Taxes And Customs
By Jude Marg
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.01/2020-CUSTOMS (N.T.), dated 2nd January, 2020
 Notification No.05/2020 Central Board Of Indirect Taxes And Customs
By Jude Marg
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.01/2020-CUSTOMS (N.T.), dated 2nd January, 2020
 Should you invest in NPS just to get additional tax benefit?a
By Raul N Tiem
Should you restrict yourself to investing only ?50,000 to avail of the exclusive deduction or invest more than what offers you a tax benefit under any Section? Ashwini Kumar Sharma asks experts if NPS is an attractive retirement tool
 CBDT relaxes eligibility conditions for filing of ITR Form-1 Sahaj and Form-4 Sugam
By Henry Richards
Rolling back its week-old order, the Income Tax Department on Thursday allowed joint owners of single house property to file tax return using simple Form-1 (Sahaj) or Form-4 (Sugam).
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Tenders   RSS Feeds
 Vasundhara Watershed Development Agency, Pune, Maharashtra
By Sandy Mash
Request for proposal (RFP) are invited on single bid system from eligible Practicing Chartered Accountant firms for outsourced work of ` Accounting "AMRS " to 32 district unit of Integrated watershed management programme- (PMKSY) SLNA vasundhara for F.Y. 2019-20
 Central University of Tamil Nadu, Thiruvarur, Tamil Nadu
By Andrew F Thomas
Sealed tenders are invited under two bid system (i.e. Technical & Financial) by the Central University of Tamil Nadu (CUTN) for engagement of Internal Auditor initially for the Financial Year 2019-20 which may be renewed to further two years subject to satisfactory performance.
 Hemvati Nandan Bahuguna Garhwal University, Tehri Garhwal, Uttarakhand
By Orion M.
Only those bidders, who are empanelled with C&AG of India as category "A" firm. Registration No. and other details to be scanned and uploaded and meet the following conditions can participate in the tender.
 Tamil Nadu State Marketing Corporation Limited,Chennai, Tamil Nadu
By Jude Marg
Accountants/Cost Accountants and independent Chartered Accountant/Cost Accountant (Sole proprietorship) holding as on date, a valid certificate of firm registration and full time certificate of practice issued
 Jharkhand Tribal Development Society, Ranchi, Jharkhand
By Jude Marg
Jharkhand Tribal Development Society or JTDS (hereinafter called "Society") through TheGovernment of Jharkhand has received financing from the International Fund for Agricultural Development (IFAD) (hereinafter called "loan") towards implementing Jharkhand Tribal Empowerment and Livelihoods Project (JTELP) in selected villages of Jharkhand State.
  Indira Gandhi Institute of Development Research, Goregaon, Mumbai
By Thomas T. Rucks
The Notice Inviting Tender (NIT) being invited for the above mentioned services. IGIDR reserves its right to award the contract to the successful bidder.
 Indira Gandhi Institute of Development Research, Goregaon, Mumbai
By Jude Marg
The Notice Inviting Tender (NIT) being invited for the above mentioned services. IGIDR reserves its right to award the contract to the successful bidder.
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Transfer Pricing   RSS Feeds
 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.
 Transfer pricing methodology of MNCs under customs department lens
By Sandy Mash
The days for information arbitration may just be over for many companies. The special valuation branch of the customs department is scrutinising transfer pricing methodologies of several multinationals with a view to reconcile their tax and import-expert submissions.
 MNCs now won't have to file CbC report in Indiaa
By Henry Richards
Indian arms of US MNCs will not have to file country by country or CbC report here. India has finalized bilateral competent authority arrangement for exchange of CbC reports with US.
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Customs and Excise   RSS Feeds
  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
 Notification No. 89/2019 Central Bord Of Indirect Taxes And Customs
By M. George
In exercise of the powers conferred by clause (b) of section 88 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 the said clause shall come into force.
 Notification No.88/2019 Central Board Of Indirect Taxes And Customs
By Thomas T. Rucks
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.85/2019-CUSTOMS
 Notification No. 87/2019- Customs Ministry Of Finance
By Orion M.
In exercise of the powers conferred by clause (d) of sub-section (1) of the section 7 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect Taxes and Customs hereby makes the following further amendments in the notification of the Government of India,
 Notification No. 77/2019- Customs Ministry Of Finance
By Thomas T. Rucks
In exercise of the powers conferred by clauses (b) and (c) of sub-section (1) of section 7 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect taxes and Customs hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 63/1994-Customs
 Notification No. 78/2019 Central Board Of Direct Taxes
By Sandy Mash
In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, `Kerala Bamboo, Kattuvalli and Pandanus Leaf Workers' Welfare Fund Board' (PAN AAAJK1244Q), a Boardconstituted by the Government of Kerala, in respect of the following specified income arising to that Board, namely
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Mergers and Acquisitions   RSS Feeds
 Deals of the day-Mergers and acquisitions January 6, 2020
By Moshe Pras
The following bids, mergers, acquisitions and disposals were reported by 10:30 GMT on Monday:French supermarket group Carrefour has agreed to buy Dejbox, which specialises in delivering lunches to office workers, in its latest move to boost its e-commerce operations.
 Mergers and Acquisitions in Vietnam – Latest Issue of Vietnam Briefing Magazine
By Henry Richards
The latest issue of Vietnam Briefing Magazine, titled “Mergers and Acquisitions in Vietnam”, is out now and currently available to subscribers as a complimentary download in the Asia Briefing Publication Store.
 Deals of the day-Mergers and acquisitions December 17, 2019
By Moshe Pras
Private equity firm Carlyle Group LP said on Tuesday it had agreed to buy a stake in credit-card issuer American Express Co’s corporate travel business, along with a consortium of investors.
 Deals of the day-Mergers and acquisitions December 11, 2019
By Sandy Mash
Commerzbank will offer minority shareholders of its Comdirect online brokerage unit Commerzbank shares as part of a planned full merger, following the ailure of its cash offer.
 Deals of the day-Mergers and acquisitions December 6, 2019
By Raul N Tiem
Austrian sensor specialist AMS said it had succeeded at its second attempt with a 4.6 billion euro ($5.1 billion) bid for Osram, gaining more than 55% of the German lighting group’s shares.
 Mergers and acquisitions up in 2019 but deal sizes are shrinking
By Henry Richards
MERGER and acquisition (M&A) activity picked up at a fierce pace in 2019 as Reits raced to merge while a bumper crop of small and mid-cap firms got swept into the privatisation wave.
 Global economic uncertainties dampen India's M&A activity in August
By Orion M.
Commerce and Industry minister Piyush Goyal informed Rajya Sabha that the government would soon bring the tax refund scheme for exporters before the Union Cabinet and would notify it. He further added that the govt is also engaged in codifying
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Indirect Tax   RSS Feeds
 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.
 How much tax do you need to pay for your equity investments?
By Moshe Pras
Among different types of assets, be they financial or physical, equity investments have given the highest returns over the long term. This is the reason why equity assets form a large part of most investors’ portfolios.
 Income Tax Department proposes new norms for taxing MNCs in India
By Moshe Pras
The income tax department on Thursday proposed change in the methodology for taxing multinational companies (MNCs), including digital firms, having permanent establishment in India by giving weightage to factors like domestic sales, employee strength, assets and user base.
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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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