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BackBack Income Tax Act amendment on cards on tax treatment of MSME dues By Thomas T. Rucks A change introduced last year in the Income Tax Act to help small businesses receive timely payments might have had the unexpected effect of putting off buyers of their goods and services altogether. According to two people aware of discussions in the government, the Centre may amend the Act again in the full budget for FY25 in July.
| ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing. Check details here By M. George The online ITR forms were made available from April 1, 2024. Taxpayers eligible to file their tax returns can now log in and fill their ITRs for FY 2023-24 using these ITR forms. The last date to file income tax returns for FY 2023-24 (AY 2024-25) is July 31, 2024.
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| Income tax slabs FY 2024-25: Experts share these 8 benefits for taxpayers in new income tax regime By Jude Marg Are you still undecided about which income tax regime (old or new) to choose? The Budget 2023 introduced a significant change: default adoption of the new tax regime. It aims to simplify tax filing and encourage more people to opt for the new regime, which offers lower tax rates but fewer deductions and exemptions. If you don't choose either the old or new regime, your taxes will be calculated under the new regime by default. However, you can switch back to the old regime before the due date for filing your return.
| How To File ITR Online - Step by Step Guide to Efile Income Tax Return, FY 2023-24 (AY 2024-25) By Sandy Mash An Income Tax Return (ITR) is a form that enables a taxpayer to declare his income, expenses, tax deductions, investments, taxes, etc. The Income-tax Act, 1961 makes it mandatory for a taxpayer to file an income tax return under various scenarios. However, there may be various other reasons to file an income tax return even in the absence of requisite income, like carrying forward losses, claiming an income tax refund, for availing the VISA, loan from banking institutions, term Insurance, etc.
| Old or new tax regime for TDS on salary? This post-election 2024 event will impact your tax planning By Raul N Tiem This year, the government presented an interim budget in February 2024 due to the upcoming Lok Sabha elections, which are to be held between April and June, 2024. In the interim budget speech, Finance Minister Nirmala Sitharaman said, "As for tax proposals, in keeping with the convention,
| What Are 5 Heads Of Income Tax? | Income Tax Dept releases interim action plan for FY25 on tax collection, refund approvals By Thomas T. Rucks The Income Tax department has made it easier for taxpayers to file their taxes for the financial year 2023-24 (FY24) by rolling out online forms ITR-1, ITR-2, and ITR-4, on its website.
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Advance Tax Paid, Do You Still Need To File ITR? Check Details Here By Moshe Pras ITR or Income Tax Return is a form you submit to the Income Tax Department that details your income earned and taxes applicable for a specific financial year (April 1st to March 31st of the following year).
| Centre seen to have met FY24 gross tax target | 6 income tax rules that salaried should know as financial year 2024-25 starts from today By Thomas T. Rucks April 1, which marks the beginning of a new financial year, is when many income tax rules usually come into effect (unless stated otherwise). Even if income tax rules are announced in the Union Budget or the middle of a financial year, they mostly come into force when the new financial year starts. This year, the government announced no changes in the income tax laws for FY 2024-25 during the interim budget. Hence, all income tax rules of the previous financial year remain.
| How to calculate income tax on stock market gains along with your salary? By Sandy Mash If listed stock shares are sold after 12 months of acquisition, the seller is said to have either made a long term capital gain (LTCG) or incurred a long term capital loss (LTCL).
| Moonlighting for Additional Income? Know Its Tax Implications By Sandy Mash Moonlighting has become a well-known term after instances of tech professionals from multiple big companies indulging in the same came to light.
| Have you claimed education cess? Be prepared to pay tax as per the new rules By Thomas T. Rucks Education Cess was introduced in Financial Year (FY) 2004-2005 with the aim to finance primary education. Currently, the Health and Education Cess (Cess) stands at 4% of gross tax liability (including surcharge). Taxpayers adopted a position to claim Cess as a deduction from their taxable income, which resulted in a dispute with the Tax Department. As a result, the matter was discussed before the Bombay High Court, which granted a deduction to the taxpayer.
| Reserve Bank - Integrated Ombudsman Scheme, 2021 (RBIOS, 2021) By Jude Marg In exercise of the powers conferred by sub section (1) of Section 11 of the Credit Information Companies (Regulation) Act, 2005, and in partial modification of its notification CEPD. PRD. No. S873/13.01.001/2021-22 dated November 12, 2021, the Reserve Bank of India, being satisfied that it is in public interest to do so, and to provide an avenue for cost free alternate grievance redress to customers of regulated entities covered under the RBIOS 2021
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Do you need Form 26AS? Know how to download & why it is mandatory for you By Raul N Tiem ITR Filing 2024: Form 26AS is the total summary of income, taxes deducted at source (TDS), taxes paid, and other related information of the individual or entity.
| Form 26AS tweaks make paying taxes easier and evasion harder. Here s how | Here s how you can download Form 26AS New income tax website | Check the revised instructions to fill ITR Form 3, 5, 6 and 7 Income Tax Return By Andrew F Thomas There have been several changes made by the central government in the tax structure in the previous 3 to 4 months to link the country's taxation system with other financial systems and making ITR filing easier.
| 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.
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How to Audit Using Tally Audit Features in TallyPrime? By M. George Audit is an important function of any business organization, it denotes that the business has True and Fair transactions during the year. TallyPrime has an inbuilt feature- Tally Audit which enables the auditor to perform an audit or track changes that affect the integrity of a transaction, such as changes made to Date, Ledger Masters and Amounts in the Voucher are reflected in the Tally Audit Listings.
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Expert Panel for addressing queries related to Statutory Audit pertaining to auditing aspects | Invitation for contribution to Question Bank in respect of Self-paced Online Module Examinations (Set-C & Set-D) By M. George The Institute of Chartered Accountants of India has launched New Scheme of Education for Chartered Accountancy Couse on 1st July 2023 . The first examination under New Scheme will be held in the month of May-2024. The candidates who are going to appear in the Final Examination under the New Scheme may be required to qualify Case-scenario MCQ based Self-Paced Online Module Examinations Set- C and Set-D .
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| India to be Accounting and Finance Hub : Invitation for Comments/Suggestions: Consultation Paper on Draft IFSCA (Book-keeping, Accounting, Taxation and Financial Crime Compliance Services) Regulations 2024 By Andrew F Thomas The International Financial Services Centres Authority (IFSCA) has released a Consultation Paper seeking feedback and suggestions on the draft regulations in the aforementioned areas. As members of the Institute of Chartered Accountants of India (ICAI), your insights and expertise are invaluable in shaping these regulations.
| Auditing and Assurance Standards Board - Online Panel of Experts for addressing Bank Branch Audit related queries By M. George The bank audit season is around the corner and the Reserve Bank of India (RBI) has made several significant announcements requiring the attention of Statutory Branch Auditors (SBAs). These include revised guidelines on Basel III capital regulations, prudential norms for income recognition, asset classification, and provisioning pertaining to advances, as well as master directions on external commercial borrowings, trade credits and structured obligations, Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR), transfer of loan exposures, and presentation & disclosures of financial statements of banks.
| Board of Internal Audit and Management Accounting of ICAI is organizing Webinar on "Identifying Red Flags and Report Writing by Internal Auditors" - March 27, By Sandy Mash Board of Internal Audit and Management Accounting of ICAI is organizing Webinar on "Identifying Red Flags and Report Writing by Internal Auditors" - March 27,
| Revised Applicability of Peer Review Mandate (Phase II & III) By M. George Considering the requests from Practice Units, the Council decided that the applicability of the Peer Review Mandate for the Practice Units covered under Phase II and III is extended as under:-
| Important Announcement - Reschedulement of Chartered Accountant Examinations, May 2024 By Orion M. It is hereby notified for general information that in view of Elections to the 18th Lok Sabha across India, Chartered Accountant Examinations, May 2024 stand rescheduled and the said examinations shall now be held as per details given below.
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NFRA issues Draft Procedure for Submission of Audit Files By Andrew F Thomas The National Financial Reporting Authority (NFRA) on Tuesday issued a notice of draft Procedure for Submission of Audit Files to NFRA.
| Auditors barred from putting a value on companies they are auditing By Raul N Tiem An income tax tribunal has barred auditors from issuing valuation certificates to the companies they are auditing. This is set to impact several tax disputes around valuations in companies including angel tax disputes involving start-ups.
| Standard on Internal Audit (SIA) 18, Related Parties By Jude Marg Standard on Internal Audit (SIA) 18, Related Parties
| Standard on Internal Audit (SIA) 17, Consideration of Laws and Regulations in an Internal Audit By Raul N Tiem Standard on Internal Audit (SIA) 17, Consideration of Laws and Regulations in an Internal Audit
| Standard on Internal Audit (SIA) 16, Using the Work of an Expert By Henry Richards Standard on Internal Audit (SIA) 16, Using the Work of an Expert
| Standard on Internal Audit (SIA) 14, Internal Audit in an Information Technology Environment By Moshe Pras Standard on Internal Audit (SIA) 14, Internal Audit in an Information Technology Environment
| Standard on Internal Audit (SIA) 13, Enterprise Risk Management By Thomas T. Rucks Standard on Internal Audit (SIA) 13, Enterprise Risk Management
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Auction of State Government Securities Feb 23, 2024 By Andrew F Thomas The auction will be conducted on the Reserve Bank of India Core Banking Solution (E-Kuber) system on February 27, 2024 (Tuesday).
| RBI imposes monetary penalty on The Adinath Co-Operative Bank Limited, Dist. Surat, Gujarat | The Relevance of SEACEN in a Turbulent World (Closing remarks by Michael Debabrata Patra, Deputy Governor, Reserve Bank of India - February 15, 2024 - at the 59th SEACEN Governors' Conference By Moshe Pras Honourable Governors, Deputy Governors, Managing Directors, delegations from SEACEN central banks, distinguished experts, and panellists, Dr. Mangal Goswami and the SEACEN team, and my colleagues from the Reserve Bank of India.
| Business restrictions imposed on Paytm Payments Bank Limited vide Press Releases dated January 31 and February 16, 2024 By Sandy Mash I have a savings or current account with Paytm Payments Bank. Can I continue to withdraw money from this account after March 15, 2024? Can I continue to use my debit card issued by Paytm Payments Bank?
| Extension of validity of Directions under Section 35A read with section 56 of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) - HCBL Co-operative Bank Ltd., Lucknow (U.P.) By Andrew F Thomas The Reserve Bank of India, vide Directive: LKO.DOS.SED.No.S842/10.12.133/2022-23 dated February 23, 2023 issued under section 35A read with section 56 of the Banking Regulation Act, 1949 (AACS), had placed the HCBL Co-operative Bank Ltd., Lucknow (U.P) under Directions from the close of business on February 24, 2023.
| Business restrictions imposed on Paytm Payments Bank Limited vide Press Releases dated January 31 and February 16, 2024 By Moshe Pras I have a savings or current account with Paytm Payments Bank. Can I continue to withdraw money from this account after March 15, 2024? Can I continue to use my debit card issued by Paytm Payments Bank?
| Directions under Section 35 A read with section 56 of the Banking Regulation Act, 1949 Shimsha Sahakara Bank Niyamitha, Maddur, Mandya District Extension of Period By Thomas T. Rucks The Reserve Bank of India issued Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 to Shimsha Sahakara Bank Niyamitha, Maddur, Mandya District vide Directive BLR.DOS.SSMS.No.S2174/12-08-295/2022-23 dated February 23, 2023 for a period of six months up to August 24, 2023
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Mere Securing a House on Rent in USA is not conclusive fact that Assessee is US Resident to Allow DTAA Benefit: ITAT By M. George The Hyderabad bench of the Income Tax Appellate Tribunal (ITAT) held that mere securing a house on rent in the USA is not the conclusive fact that the assessee is a US resident to allow DTAA benefit.
| 20 LPA Opening Hiring Qualified CA For Assurance Manager Profile By M. George Experince: 3 - 8 years, Salary: 10,00,000 - 20,00,000 P.A., Functional Area: Finance & Accounting
| Non-Filing of Income Tax Return amounts to Escapement of Income: ITAT upholds Reassessment u/s 147 By Sandy Mash The Income Tax Appellate Tribunal (ITAT), Mumbai Bench, has recently, in an appeal filed before it, while upholding the reassessment under section 147 of the Income Tax Act, 1961, held that non filing of income tax return amounts to escapement of income.
| Non Appreciation of facts in true perspective: ITAT sets aside Revision Order By Sandy Mash The Income Tax Appellate Tribunal (ITAT), Kolkata bench consisting of Rajpal Yadav, Vice-President and Rajesh Kumar, Accountant Member held that there was no appreciation of facts in true perspective and thereby set aside the revision order.
| No Evidence of Tax Evasion by showing Fictitious or False Transactions: ITAT deletes Addition of Expenditure u/s 40A(3) By Thomas T. Rucks The Income Tax Appellate Tribunal (ITAT), Patna Bench has held that no evidence of tax evasion by showing fictitious or false transactions and deleted the addition of expenditure under section 40A(3).
| Earning Interest Income from Inter-Corporate Deposit is Business Income: ITAT By M. George The Income Tax Appellate Tribunal (ITAT), Kolkata bench held that earning interest income from Inter-corporate Deposit is business income.
| Income Tax Penalty u/s 271E cannot be levied in the absence of Regular Assessment: ITAT By Andrew F Thomas The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) has held that the income tax penalty under section 271E of the Income Tax Act, 1961 cannot be levied in the absence of a regular assessment against the assessee.
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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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55 LPA Opening GM Finance & Accounts from Manufacturing only By Moshe Pras Experience: 18 - 22 years, Salary: 50-55 Lacs P.A., Department: Finance & Accounting
| 35 LPA Opening Business Finance Lead/ Manager By M. George Experience: 3 - 6 years, Salary: 18-30 Lacs P.A., Department: Finance & Accounting
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| 35 LPA Opening Founder's office Businesss Analytics By Jude Marg Experience: 3 - 8 years, Salary: 20-35 Lacs P.A., Department: Finance & Accounting
| 15 LPA Opening Account and Finance Manager By Sandy Mash Experience: 5 - 10 years, Salary: 10-12 Lacs P.A., Department: Finance & Accounting
| 15 LPA Opening Assistant Manager- Financial Planning & Analysis (FP&A) By Henry Richards Experience: 4 - 9 years, Salary: 10-15 Lacs P.A., Department: Finance & Accounting
| 40 LPA Opening Manager / Director (US Tax Compliance) By Raul N Tiem Experience: 10 - 15 years, Salary: 25-40 Lacs P.A., Department: Finance & Accounting
| 40 LPA Opening Senior Finance Manager By Thomas T. Rucks Experience: 10 - 15 years, Salary: 25-40 Lacs P.A., Department: Finance & Accounting
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| Tenders RSS Feeds |
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Mahanagar Telephone Nigam Limited, Lodhi Road, New Delhi By Jude Marg The tender shall be submitted through Central Public Procurement Portal website https://eprocure.gov.in/eprocure/app developed by National Informatics Centre (NIC), Ministry of Electronics & Information Technology, GOI. Your offer complete in all respects as per enclosed documents must be submitted as per schedule given under Section-I.
| Raipur Smart City Ltd., Raipur (C.G.) By Raul N Tiem That the particulars given are complete and correct and that if any of the statements made or the information so furnished in the application form is later found incorrect or false or there has been suppression of material information, the firm would not only stand
| Andhra Pradesh Capital Region Development Authority, Vijayawada, A.P. | Odisha Power Generation Corporation Limited, Bhubaneswar, Odisha | Corrigendum Syama Prasad Mookerjee Port, Kolkata, West Bengal By Thomas T. Rucks Chartered Accountants / Cost Accountants for Internal Audit as per scope of work for a period of 3 years. In accordance with the General Conditions of Contract, Special Conditions of contract, General Instructions to Bidder etc.
| Jharkhand Bijli Vitran Nigam Limited, Ranchi, Jharkhand By M. George Jharkhand Bijli Vitran Nigam Limited (JBVNL), a wholly owned subsidiary of Jharkhand Urja Vikas Nigam Limited (JUVNL), hereinafter referred to as Company is engaged in Distribution of power in the state of Jharkhand. JBVNL has its Head Office (HO) at Ranchi (Jharkhand)
| Assam Health Infrastructure Development and Management Society, Guwahati, Assam By Henry Richards Internal audit is an important tool of management to keep watch and exercise control over activities of the Organization. With the specialized knowledge of professional firms of Chartered Accountants, AHIDM Society endeavors to significantly improve not only finance & accounting related performance but also exercise management control over non- financial activities with the
help of efficient Internal Audit mechanism.
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Notification No. 26/2021 Customs Ministry Of Finance By Orion M. In exercise of the powers conferred by sub-section (1) of section 25 of
the Customs Act, 1962 (52 of 1962) read with section 124 of the Finance Act, 2021 (13 of 2021), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby amends the following notifications of the Government of India in the Ministry
of Finance (Department of Revenue) specified in column (2) of the Table below, to the extent
specified in the corresponding entries in column (3) of the said Table
| Delhi Customs issues Covid-19 Facilitation Measures: Relaxation in Procedure for Inbonding of Cargo Import under Warehouse Bill of Entry By Moshe Pras The Delhi Customs, on Wednesday, issued relaxation in the procedure for Inbonding of Cargo import under Warehouse Bill of Entry as one of the COVID-19 facilitation measures.
| Notification No. 32/2020 CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS By Raul N Tiem In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect Taxes and Customs hereby makes the following amendment in the Notification of the Central Board of Indirect Taxes and Customs No.27/2020-CUSTOMS (N.T.), dated 19thMarch, 2020 with effect from 27th March, 2020, namely: -
| Notification No. 07/2020 Central Board of Indirect Taxes and Customs By Moshe Pras In exercise of the powers conferred by section 168 of the Central Goods and
Services Tax Act, 2017 (12 of 2017), read with sub-rule (5) of rule 61 of the Central Goods and Services Tax Rules, 2017 (hereafter in this notification referred to as the said rules), the Commissioner, on the recommendations of the Council,
| Notification No. 07/2020 Central Board of Indirect Taxes and Customs By Sandy Mash In exercise of the powers conferred by section 168 of the Central Goods and
Services Tax Act, 2017 (12 of 2017), read with sub-rule (5) of rule 61 of the Central Goods and Services Tax Rules, 2017 (hereafter in this notification referred to as the said rules), the Commissioner, on the recommendations of the Council,
| Notification No. 01/2020 Central Board of Indirect Taxes and Customs By Raul N Tiem In exercise of the powers conferred by sub-section (2) of section 1 of the
Finance (No. 2) Act, 2019 (23 of 2019), the Central Government hereby appoints the 1st day of January, 2020, as the date on which the provisions of section 114 of the Finance (No. 2) Act, 2019 (23 of 2019) shall come into force.
| Notification No.91/2019 Central Board Of Indirect Taxes And Customs By Sandy Mash In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52
of 1962), and in supersession of the notification of the Central Board of Indirect Taxes and Customs No.88/2019-CUSTOMS (N.T.), dated 5th December, 2019
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| Mergers and Acquisitions RSS Feeds |
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Govt may further sweeten Air India offer By Jude Marg The government may ease some of the conditions for potential bidders of Air India in a renewed effort to privatize the loss-making national carrier, which is crucial to achieving its ambitious divestment goal for this fiscal.
| How India is becoming an unlikely Asian hotspot for mergers & acquisitions By Moshe Pras Thanks largely to $15 billion of investments in Jio, India accounts for more than 12% of announced deals in the Asia Pacific region so far this year.
| Notification No. 05/2020-Customs (ADD) Ministry Of Finance By Andrew F Thomas Whereas, in the matter of import of `Chlorinated Polyvinyl Chloride Resin
(CPVC)-whether or not further processed into compound' (hereinafter referred to as the subject goods), falling under heading 3904 of the First Schedule to the Customs Tariff Act, 1975
| Deals of the day-Mergers and acquisitions March 6, 2020 By Orion M. India laid out a rescue plan for Yes Bank under which State Bank of India will take a 49% stake in the troubled lender, which is struggling with bad loans.
| Deals of the day-Mergers and acquisitions March 2, 2020 By Moshe Pras The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Monday
| Mint Investment Summit - M&A in India: Challenges and opportunities By Thomas T. Rucks Top business minds will from different companies will come together to discuss the challenges and the opportunities for mergers and acquisitions in India. The panelists, to discuss and debate the subject of M&A in India: Challenges and opportunities,
| Record Year 2019: Fintech Deals, Mergers and Acquisitions Study By Thomas T. Rucks 019 was the most active year for fintech financing, mergers and acquisitions (M&A), and initial public offerings (IPOs), according to a new report by Financial Technology (FT) Partners.
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| Indirect Tax RSS Feeds |
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When will ITR1 forms become available for tax filing. Check details By Moshe Pras The Income Tax department has made it easier for taxpayers to file their taxes for the financial year 2023-24 (FY24) by rolling out online forms ITR-1, ITR-2, and ITR-4, on its website.
| How to reduce tax on rent from vacant houses By Sandy Mash Rent earned from real estate property, both residential and commercial, is added to the total income and taxed at applicable tax slab. As per Income Tax (I-T) laws, a taxpayer is required to pay tax on the rent actually earned on a let out property and also on notional rent applicable to properties that are not let out but cannot be classified as self-occupied.
| Make sure to claim these tax deductions By M. George Here are four tax deductions that a taxpayer may forget while filing returns using pre-filled ITR forms: Exemption on house rent without HRA, Deduction on savings account interest, Deduction on medical bills of uninsured parents, Deduction on donations.
| Investment tips for those opting for new tax regime By Henry Richards The nationwide lockdown over the COVID-19 pandemic shouldn’t ideally distract you from the fact that we are in April that also marks the beginning of the new Financial Year2020-21. In fact, you should utilise this time to plan your tax-saving measures for the current financial year.
| Indirect tax dept issues notices to companies over late input credit claim under GST frame By M. George The indirect tax department has issued notices to thousands of companies that had claimed late input tax credit under GST framework and thereby asked them to reverse the transaction. These companies had claimed the input tax credit for fiscal 2018 and 2019 after missing the September deadline.
| E-generated document required for indirect tax notices By Jude Marg In a Frequently Asked Questions (FAQs) issued by Institute of Chartered Accountants of India ( ICAI ) Unique Document Identification Number (UDIN) said that, Chartered Accountants ( CA ) are not authorised to certify Income Tax Return (ITR) as True copy.
| FinMin seeks industry inputs on direct, indirect tax changes By M. George The finance ministry for the first time has sought suggestions on changes in direct and indirect tax rates from the industry. This comes at a time when a revenue shortfall and consumption slowdown are threatening to upset the government’s finances.
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| Various Acts & Rules RSS Feeds |
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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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