News shortcuts: From the Courts | Top Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | Professional Updates | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Top Headlines   RSS Feeds
 Income Tax Payer? Save your money! Top 10 tips for ITR filers to profit from
By Andrew F Thomas
Income tax outgo can be saved by an earning individual if he or she takes advantage of these tips and thereby save money. While filing income tax return (ITR), one needs to understand that a penny saved is a penny earned. When an investor makes an investment decision, the selection of an investment plan may help him or her save income tax outgo. Hence, making money through investment should not be the sole investment goal. One should look at the income tax exemption angle also. According to tax and investment experts, there are some investment plans that allow an investor to save money outgo while filing ITR. However, for that one needs to understand the existing norms and this will help an investor to get higher returns along with income tax exemption.
 Missed ITR deadline? File it before December 31 to avoid paying higher penalty
By Sandy Mash
The law of levying late filing fees under section 234F became effective from the financial year 2017-18 or assessment year 2018-19 onward. However, if your income is below the taxable limit, then you do not have to pay a late filing fee.
 All you need to know about treatment of income from self-occupied property ITR filing
By Sandy Mash
In the income tax return, under the head ‘Income from House Property’ one needs to select the type of house property -self-occupied or let out. After selecting ‘self-occupied’ the annual value of the self-occupied house is taken as zero.
 Complete ITR process before this date or have hefty penalty slapped on you Income Tax return filing
By Andrew F Thomas
Income Tax return filing: In an ideal world, you should have filed your income tax return (ITR) by now. But, then that would be too boring, right? So, all those adventurous salaried persons, who are yet to file their income tax return, here is the last chance before you end up paying a higher penalty.
 M/s Nalini Jewellers, 16/2646-49, Bank Street, Karol Bagh, New Delhi. Vs. The Assistant Commissioner of Income Tax, Circle-33(1), New Delhi.
By M. George
Referred Sections: Section 43(5),Section 43(5) of the Income Tax Act, 1961,Sections 28 to 41,Section 2,Section 260A of Income Tax Act, 1961
  Prohibition of Benami Property Transactions (1st Amendment), Rules, 2019
By Sandy Mash
In exercise of the powers conferred by section 46 read with section 68 of the Prohibition of Benami Property Transactions Act, 1988 (45 of 1988), the Central Government hereby makes the following rules further to amend the Prohibition of Benami Property Transactions Rules, 2016,
 Income Tax Return filing: How to disclose foreign income, assets in ITR
By Moshe Pras
Resident Indians are required to disclose their income from all sources, including foreign investments, in their annual income tax return.
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Continuing Prof. Edu.   RSS Feeds
  GST & CA Office Management & Opportunities
By Moshe Pras
Place: East Delhi CPE Study Circle of NIRC Date: 13-12-2019 – To: 13-12-2019 CPE.Hrs.: 5
 Latest Development & Changes In GST & Other Critical Issues And Problem & Solution On GSTR 9 & 9CA
By Thomas T. Rucks
Place: Karol Bagh Westend CPE Study Circle of NIRC Date: 12-12-2019 – To: 12-12-2019 CPE.Hrs.: 4
  GST & CA Office Management & Opportunities
By Jude Marg
Place:East Delhi CPE Study Circle of NIRC Date: 13-12-2019 – To: 13-12-2019 CPE.Hrs.: 5
 E-Assessment,Notice U/S139(9),148 And Form 9 ,9COf GST
By Raul N Tiem
Place: Pusa Road CPE Study Circle of NIRC Date: 10-12-2019 – To: 10-12-2019 CPE.Hrs.: 5
 GST & CA Office Management & Opportunities
By Raul N Tiem
Place: East Delhi CPE Study Circle of NIRC Date: 13-12-2019 – To: 13-12-2019 CPE.Hrs.: 5
 Discussion on Relief Under section 89 to 91 of Income tax Act
By Henry Richards
Place: Siri Fort CPE Study Circle for Members in Industry of ICAI Date: 08-12-2019 – To: 08-12-2019 CPE.Hrs.: 3
 E-Assessment,Notice U/s139(9),148 And Form 9 ,9C Of GST
By Sandy Mash
Place: Pusa Road CPE Study Circle of NIRC Date: 10-12-2019 – To: 10-12-2019 CPE.Hrs.: 5
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GST - Goods and Services Tax   RSS Feeds
 Data protection bill, new GST rates, and more
By Orion M.
The Personal Data Protection Bill, which was cleared by the Cabinet last week, gives the Centre powers to exempt any agency from the provisions of the legislation. The Draft Bill was circulated to Lok Sabha members on Tuesday, and is scheduled to be tabled in Parliament on Wednesday. It may be referred to a joint select committee subsequently. Read more.
 Government seeks suggestions on new GST returns
By M. George
Central and state tax authorities will on Saturday seek views from businesses, traders and tax experts across the country on the new Goods and Services Tax (GST) returns that will be rolled out from 1, April. The new return forms are now available for voluntary filing, but will be made compulsory from the beginning of the next fiscal.
 FM Sitharaman assures states of releasing GST compensation dues soon
By M. George
Sitharaman on Wednesday said the Centre was duty bound to safeguard the interest of states Union Finance Minister Nirmala Sitharaman on Wednesday assured states that the goods and services tax (GST) compensation due to them for August and September will be released soon. She, however, did not specify a timeline.
 Delhi HC stays interest levy on profiteered amount under GST
By Sandy Mash
Petition also challenges the composition of National Anti-profiteering Authority Delhi High Court on Wednesday stayed the applicability of interest levied on the profiteered amount relating to the Goods & Services Tax (GST).
 GST a failure, has government just admitted it?
By Andrew F Thomas
The Centre has said it doesn't have sufficient resources to compensate states for revenue shortfall on account of GST rollout. Is it an admission that GST has failed to meet its intended goals?
 GST: Here’s what to do if your e-Way bill generation is blocked for tax defaults
By Jude Marg
Not possessing an e-way bill during transportation of goods can lead to the disruption in the day-to-day operations and deliveries of a business. This move will push taxpayers to be more compliant and make sure they file their returns/make their t...
 GST structure to be reviewed on revenue concerns
By Raul N Tiem
Move comes against the backdrop of states complaining about Centre delaying compensation payments. The Goods and Services Tax (GST) Council is set to embark on a comprehensive review of the tax structure in the wake of growing revenue concerns when it meets on December 18.
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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
 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.’
 IFSC and tax bills tabled in Parliament on Monday
By Raul N Tiem
Notwithstanding its acute budget constraints, the government on September 20 unveiled a massive fiscal stimulus of Rs 1.45 lakh crore or 0.7% of the gross domestic product (GDP), in the form of surprise, more-than-asked-for tax cuts for the corporate India.
 How to calculate tax liability on LTCG accrued from selling gold?
By Thomas T. Rucks
An individual is required to pay tax either short term capital gains or long term capital gains accrued due to selling of financial assets such as mutual funds and physical assets such as gold. If you have sold gold, you are liable to pay tax.
 Tax department launches web portal for exchange of information
By Jude Marg
Following the announcement last week by Municipal Administration Minister S.P. Velumani to withhold the hike in property tax, the Chennai Corporation is finding it difficult to collect the taxes.
 HC asks Tax Dept to permit GST assessees to file for transitional credit
By Henry Richards
The Punjab and Haryana High Court has permitted filing or revising Form TRAN I for transitional credit by November 30, 2019, irrespective of whether the form was filed, incorrectly filed or not filed at all.
 Himachal ready with scheme to settle dues of pre-GST era
By Orion M.
When GST was introduced, the earlier scheme of granting Central excise exemption to the industry had been scrapped. The Department of Industrial Policy and Promotion was supposed to provide budgetary support to eligible units for the residual period by way of GST refund
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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
 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
 ANNOUNCEMENT- Evaluation of Answer Books of CA Examsa
By Sandy Mash
It has been brought to our notice that certain adverse reports relating to the system of evaluation of answer books of CA exams are doing the rounds in social media. In this connection, following reforms which have been put in place recently are brought to the attention of the stakeholders in respect of the ICAI examination system
 Extension of the last date for submission of examination application forms in respect of CA exams to be held in November 2019, for candidates in J & K only
By Jude Marg
In view of the disruption of internet facitily in Jammu & Kashmir and the consequent hardships caused to students in filing examination application form, the last date for submission of exam application forms for appearing in the CA exams to be held in the month of November 2019 for candidates residing in the Jammu & Kashmir stands extended upto 15th September, 2019.
 Important Announcement - For kind attention of Direct Entry Students
By Thomas T. Rucks
In order to mitigate the hardship being faced by the students while registering in Intermediate Course through Direct Entry Route till 30th June, 2019, the Council has decided to relax the criteria of completion of nine months of Practical Training to six months for being eligible to appear in the May 2020 Intermediate Examinations. Accordingly, the Council has passed the following resolution under Regulation 205 of the Chartered Accountants Regulations, 1988
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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
 Advisory on Exhibit B3 of SEBI’s Circular dated 29th March 2019 regarding Procedure and formats for limited review / audit report of the listed entity and those entities whose accounts are to be consolidated with the listed entity.
By Jude Marg
As the members are aware that SEBI has issued a Circular dated 29th March 2019 regarding Procedure and formats for limited review / audit report of the listed entity and those entities whose accounts are to be consolidated with the listed entity.
 Announcement on Applicability of “Implementation Guide on Resignation/ Withdrawal from an Engagement to Perform Audit of Financial Statements” to Statutory Auditors of Listed Entities and their Material Subsidiaries
By Andrew F Thomas
The Auditing and Assurance Standards Board of ICAI issued “Implementation Guide on Resignation/ Withdrawal from an Engagement to Perform Audit of Financial Statements” on 30th November 2018. Paragraph 25 of the aforesaid Implementation Guide which prescribes applicability of the aforesaid Implementation Guide is reproduced below:
 What are the Key fields under “Figures / Values/Description” in Tax Audits as per IT Act, 1961?
By Moshe Pras
In case where there is no figure/value available in the report related to above mandatory key fields from Sl. No. 1 to 3, mention “0”. The Assessment Year at Sl. No. 4 is to be filled in YYYY-YYYY format. In case, there is no FRN at Sl. No. 5 mention “Not Applicable/NA” and proceed.
 Committee for Capacity Building Members in Practice, ICAI: Commencement of the Certificate Course on Preparation of Appeals, Drafting of Deed & Documents and Representation before Appellate Authorities and Statutory Bodies at Bellary.
By Thomas T. Rucks
The Committee for Capacity Building of Members in Practice decided to commence the certificate course on Preparation of appeals, Drafting of Deed & Documents and Representation before Appellate Authorities and statutory bodies at Bellary
 What is the process to generate UDIN for GST Audits?
By Moshe Pras
For generating UDIN, the “Document type” is to be selected as “GST & Tax Audit”. Thereafter, date of signing of Report is to be mentioned.
 ICAI CONVOCATION 2020
By Andrew F Thomas
ICAI Convocation 2020 is to be held as per following schedule in which members newly enrolled during the period May 2019 to October 2019 will be awarded Certificate of Membership amidst august gathering of CA fraternity.
 One-Day Train the Trainer Programme for prospective faculties for “Accounting Reforms in ULBs” on 3rd December, 2019 at Hotel Leela. (for NIRC Members)
By Orion M.
We are pleased to apprise you that the ICAI through its Committee on Public & Government Financial Management (CP&GFM) has been involved in the process of on-going accrual accounting reforms at the level of Local Bodies in the Country.
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From the Courts   RSS Feeds
 M/s. Global One India Pvt. Ltd., DSO 601-603, 607-608, 6th Floor, DLF South Court, Saket, New Delhi – 110 017 Vs. DCIT, Circle – 12(1), New Delhi
By Henry Richards
Referred Sections: Section 143(3), Section 144C of the Act, Section 41(1) of the Act, Section 80-IA(4) of the Act, Section 271(1)(c) of the Act., Section 154 of the Income Tax Act, Section (2), Sub-Section (10)
 The A.C.I.T. Central Circle – 26 New Delhi. Vs. M/s Mayfield Projects C – Block, Site Office Near Hanuman Mandir Mayfield Garden, Sector - 50 Gurgaon, Haryana
By Jude Marg
This appeal by the Revenue is preferred against the order of the Commissioner of Income Tax [Appeals] - 29, New Delhi dated 21.06.2016 pertaining to assessment year 2008-09.
 The A.C.I.T Circle 12(2) New Delhi Vs. M/s International Hospital Ltd C/o Escorts Heart Institute & Research Centre, Okhla Road New Delhi
By Raul N Tiem
This appeal by the Revenue is preferred against the order of the Commissioner of Income Tax [Appeals] - 19, New Delhi dated 13.12.2016 pertaining to assessment year 2011-12.
 For other GST and/ or Tax Audit Reports, whether separate UDIN is required for various annexures?
By M. George
No, UDIN has to be generated per assignment per signatory, hence, one UDIN to be generated and to be mentioned in all Annexures if they are part of the Reports.
 Commissioner Of Income Tax Vs. Bhagwan Shree Laxmi Naraina
By Sandy Mash
Referred Sections: Section 260A of the Income Tax Act, 1961,Section 12A of the Act, Section 11 and 12 of the Act.,Section 13(3) of the Act,section 115BBC of the Act., Section 143 (3) of the Act.,Section 68
 Rolls-Royce Plc Vs. Deputy Director Of Income Tax
By Andrew F Thomas
Referred Sections: Section 9(1) of the Income Tax Act, The present appeal is preferred by the assessee against the common order passed by the Income Tax Tribunal Delhi Bench "I-2" New Delhi dated 28th May, 2019,
 Income Tax Officer Ward-17(2), New Delhi Vs. M/s MSS Cosmetics Pvt. Ltd., Shop No. 10, 32-C, BR Complex, Near Una Enclave, Mayur Vihar, Delhi-110091
By Orion M.
This appeal has been filed by Revenue against the order dated 14.11.2014 passed by Learned Commissioner of Income Tax(Appeals)-IX, New Delhi
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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
 Edited Transcript of Reserve Bank of India’s Fifth Bi-Monthly Monetary Policy Press Conference
By M. George
Good morning to everyone. I will first read out my statement after which we will entertain questions and other interventions. My colleagues and I will try to answer the questions after the statement is made.
 Edited Transcript of Reserve Bank of India’s Fifth Bi-Monthly Monetary Policy Tele Conference with Researchers and Analysts
By Henry Richards
Good day, ladies and gentlemen. Welcome to the Fifth Bimonthly Monetary Policy Conference Call with Researchers and Analysts. Should you need assistance during the conference call, please signal an operator by pressing ‘*’ then ‘0’ on your touch tone phone. Please note that this conference is being recorded.
 Auction of Government of India Dated Securities December 09, 2019
By Moshe Pras
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
  Acquisition of financial assets by Asset Reconstruction Companies from sponsors and lenders
By Henry Richards
Acquisition of financial assets by Asset Reconstruction Companies from sponsors and lenders On a review, it has been decided that Asset Reconstruction Companies (ARCs) shall not acquire financial assets from the following on a bilateral basis, whatever may be the consideration:
 Availability of National Electronic Funds Transfer (NEFT) System on 24x7 basis
By Moshe Pras
It has been decided that the above facility shall be made available from December 16, 2019 with the first settlement taking place after 00:30 hours on December 16, 2019 (i.e. night of December 15, 2019).
 Acquisition of financial assets by Asset Reconstruction Companies from sponsors and lenders
By Raul N Tiem
Acquisition of financial assets by Asset Reconstruction Companies from sponsors and lenders
 RBI releases “Guidelines for ‘on tap’ Licensing of Small Finance Banks in the Private Sector”
By Henry Richards
The Reserve Bank of India today released on its website, “Guidelines for ‘on tap’ Licensing of Small Finance Banks in the Private Sector”.
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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
 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
 Income Tax Appellate Tribunal, Mumbai Benches, Mumbai Consolidated Cause List Of Sal Ma/ Pronouncement For Friday 18.01.2019
By Andrew F Thomas
Income Tax Appellate Tribunal, Mumbai Benches, Mumbai Consolidated Cause List Of Sal Ma/ Pronouncement For Friday 18.01.2019
 Income Tax Appellate Tribunal : Kolkata Benches : Kolkata. Sub : Cause List For The Cases Fixed On Friday The 11/01/2019
By M. George
Income Tax Appellate Tribunal : Kolkata Benches : Kolkata. Sub : Cause List For The Cases Fixed On Friday The 11/01/2019
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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
  25 LPA-Opening Chartered Accountant - Manager Finance & Accounts
By Andrew F Thomas
Salary INR: 15,00,000 - 25,00,000 P.A., Functional AreaAccounts, Finance, Tax, Company Secretary, Audit
 1 Cr LPA-Opening Accountant, Chartered Accountant
By Moshe Pras
Salary INR: 50,00,000 - 1 Cr and above P.A., Functional Area: Accounts, Finance, Tax, Company Secretary, Audit
 25 LPA-Opening Chartered Accountant - Manager Finance & Accounts
By Thomas T. Rucks
Salary INR: 15,00,000 - 25,00,000 P.A., Functional Area: Accounts, Finance, Tax, Company Secretary, Audit
 1 Cr LPA-Opening Chartered Accountants, Finance Required
By Thomas T. Rucks
Salary INR: 50,00,000 - 1 Cr and above P.A., Functional AreaAccounts, Finance, Tax, Company Secretary, Audit,
 19 LPA-Opening Finance & Accounting (chartered Accountant)
By Orion M.
Salary INR: 16,00,000 - 19,00,000 P.A., Functional AreaAccounts, Finance, Tax, Company Secretary, Audit
  30 LPA-Opening Chartered Accountant , Finance
By Jude Marg
Salary INR: 18,00,000 - 30,00,000 P.A., Functional Area: Accounts, Finance, Tax, Company Secretary, Audit
  18 LPA-Opening Chartered Accountant
By Raul N Tiem
Salary INR: 16,00,000 - 18,00,000 P.A., Functional Area: Accounts, Finance, Tax, Company Secretary, Audit,
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Direct Tax   RSS Feeds
 CBDT seeks to widen net for appointment of members, makes younger officers eligible for post
By Sandy Mash
Till a couple of years ago, only officers of the rank of Principal Chief Commissioner of Income Tax (PCCIT) were eligible for being considered for appointment as Member, CBDT. CBDT, on November 11, sought to widen the catchment of officers by maki...
  Income tax benefits on medical treatment and health insurance
By Orion M.
Premiums paid/reimbursed by the employer are tax-free perquisites for the employee In the past few years, expenditure incurred on healthcare has been on the rise, encompassing expenses on preventive check-ups, medical insurance, etc. Income-tax Act, 1961 (the Act) provides certain tax deductions for an individual in respect of such expenditure incurred on self or dependents, which have been discussed in this article.
 Key changes and simplifications of GSTR-9 & GSTR-9C for taxpayers GST
By Thomas T. Rucks
On 14 November 2019, the government provided major relief to taxpayers by extending the due date for filing GSTR-9 and GSTR-9C. The due date for filing GSTR-9 and GSTR-9C was extended to December, 31 2019 for FY 2017-18 and March 31, 2020 for FY 2018-19.
 How to show income from house property while filing ITR
By M. George
In the income tax return form, under the head ‘Income from House Property’ one needs to select the type of house property -- self-occupied or let out
 File your belated ITR this month or pay higher penalty from January
By Thomas T. Rucks
If you are one of those few who have not filed your income tax returns (ITR) yet, then you have time to file a belated ITR till the end of March 2020. However, if you file by the end of this month, you can get away by paying a penalty of ?5,000. If you miss the December 31 deadline then the fine will increase to ?10,000.
 Income Tax Refund Alert! Waiting for ITR money? Here is the latest update
By Andrew F Thomas
Income Tax Refund Money Alert: Are you among those waiting for the Income Tax refund amount to be processed into your account as ITR Filing process has been completed?
 Notification No. 86/ Central Board of Indirect Taxes and Customs
By Jude Marg
In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect Taxes & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue)
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Tenders   RSS Feeds
  Ministry Of Rural Development, New Delhi
By Orion M.
Applications are invited from retired ICA/|DA/IPTSAF/|M/ and other audtt, accounts and financial services ]n centre and states, Retired officers at the {evet of MOs and above teveL officers, officers retired from Eudget and finance division of CentraL Ministries and states, retired officers from autonomous bodies,
  Artificial Limbs Manufacturing Corporation of India, Naramau, Kanpur
By Jude Marg
Artificial Limbs Manufacturing Corporation of India (herein after referred to as "ALIMCO") wishes to engage partnership firms of Chartered Accountants/ Cost Accountants as "Internal Auditors" for an initial period of second half of 2019-20 and then for 2020-21 and 2021-22.
 Orissa State Warehousing Corporation, Bhubaneswar, Orissa
By Orion M.
Sealed quotations are invited from the Chartered Accountant Firms for engagement of "Part-time Chartered Accountant Firms" in the Odisha State Warehousing Corporation for attending to different works.
 Small Industries Development Bank Of IndiaMumbai, Maharashtra
By Raul N Tiem
The RfP is posted on the SIDBI website www.sidbi.in. SIDBI reserves the sole right for carrying out any amendment / modifications / changes including any addendum to this RfP. Such amendments / modifications / changes including any addendum to this RfP shall be notified on SIDBI's website www.sidbi.in and these will be binding on the bidders.
 Ministry Of Rural Development, New Delhi
By Henry Richards
Applications are invited from retired ICA/|DA/IPTSAF/|M/ and other audtt, accounts and financial services ]n centre and states, Retired officers at the {evet of MOs and above teveL officers, officers retired from Eudget and finance division of CentraL Ministries and states, retired officers from autonomous bodies, pubtic sector bank5 and pSUs who have handted the work of accounting and auditing and retired officers at the tevel of /section officers, and above from programme division of ministries and states etc, who have handLed schemei in the Civil ministries may apply for aforementjoned engagement.
 South Eastern Coalfields Limited, Bilaspur
By M. George
South Eastern Coalfields Limited invites Expression of Interest (EOI) for empanelment of firms of Chartered Accountants / Cost Accountants registered with the Institute of Chartered Accountants of India / Institute of Cost Accountants of India for conducting GST Audit in respect of various Areas /Units of SECL including Bilaspur HQ. , DCC & Kolkata Sales office for the financial years 2018-19, 2019-20 & 2020-21.
 Tea Board, Kolkata, West Bengal
By Sandy Mash
All the documents to be submitted/uploaded electronically shall be signed as per the norms/process of e-procurement portal. All the pages of Bid document shall have to be signed and uploaded in the portal.
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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.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
  Notification No. 74 /2019 Central Board of Indirect Taxes and Customs
By Orion M.
In exercise of the powers conferred by section 157 read with section 84 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect Taxes and Customs hereby makes the following regulations, further to amend the Courier Imports and Exports (Electronic Declaration and Processing) Regulations, 2010,
 Notification No.63/2019 Central Board Of Indirect Taxes And Customs
By Moshe Pras
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.60/2019-CUSTOMS (N.T.), dated 14th August, 2019 except as respects things done or omitted to be done before such supersession
 Notification No. 62/2019- Central Board of Indirect Taxes and Customs
By Jude Marg
In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect Taxes & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2001-Customs
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Mergers and Acquisitions   RSS Feeds
 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
  M&A deals more than halve to $41.6 bn in January-June
By Jude Marg
Overall mergers and acquisitions (M&A) in India, which hit a record high in the first half of 2018, more than halved to $41.6 billion in the first half of 2019 as both domestic and cross border deals declined, according to Refinitiv, a financial market data provider owned by Blackstone and Thomson Reuters.
 India Lithium-ion Battery Market Key Developments, Mergers and Acquisitions, Market Players, Forecast Analysis
By Thomas T. Rucks
Lithium-ion battery is an energy storage device capable of charging and discharging. In comparison to traditional battery technologies, they are competent in providing significantly high performance. These batteries have the potential to achieve very high energy and power densities in high-density battery applications such as electronics, automotive and standby power.
 Deals Of The Day-Mergers And Acquisitions November 28 2019
By M. George
Spain’s Telefonica said it would split out part of its Latin America business and create new units for digital technology and infrastructure under a plan aimed at generating more than 2 billion euros ($2.20 billion) a year in extra revenues by 2022.
 Merger & acquisitions and FDI transactions will improve in India: Jonathan Garner, Morgan Stanley
By Henry Richards
When asked about his views on D-Street, Garner said: "We have a target of 45,000 for the Sensex." Jonathan Garner, chief Asia & EM equity strategist at Morgan Stanley, spoke to CNBC-TV18 about trends in the global and domestic markets.
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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
 ROC Forms
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