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News Headlines   RSS Feeds
  Notification No. 77/2019 Central Board Of Direct Taxes
By CA S K Verma
In pursuance of the powers conferred by sub-sections (1), (2) and (5) of Section 120 of the Income-tax Act, 1961(43 of 1961), the Central Board of Direct Taxes hereby directs that the Income-tax Authority of Regional e-Assessment Centres (read as ReAC) specified in column (2) of the Schedule below
 Waiting for income tax refund? Here is how you may check and give refund reissue request
By CA Manu T George
In case of excess tax is paid, refund of the excess amount may be claimed by filing the income tax return (ITR) within the due date and verifying the ITR.
 How To Check Status Of Your Income Tax Refund
By CA Ojas Aggarwal
The refund status is reflected in Form 26AS, which is the tax credit statement summarising the taxes paid by an individual to the taxman. An online facility provided by the Income Tax Department enables taxpayers to claim any excess payment of tax. It also enables the income tax assessees to check the status of a refund online, through the e-governance website of National Securities Depository Limited (NSDL) - tin.tin.nsdl.com.
 Missed the ITR filing deadline? You can still file tax return for FY 18-19 by this date
By CA Atul Gupta
I missed filing ITR for FY18-19 (AY19-20) as I was abroad from June to August end. Can I file it now with late fee? – Arup Bose If you have failed to furnish your ITR before the due date, (i.e., August 31, 2019), you can still file the same before the end of the assessment year, i.e., before March 31, 2020. Late filing of return shall attract a fee of Rs. 5,000 if it is furnished on or before December 31, 2019. Post this date, Rs. 10,000 shall be charged. However, if your taxable income is below Rs. 5 lakh, then fee shall not exceed Rs. 1,000.
 25 LPA-Opening Chartered Accountant - Manager Finance & Accounts - Retail
By CA Devender Singh
Salary: INR 15,00,000 - 25,00,000 PA., Functional Area:Accounts , Finance , Tax , Company Secretary , Audit
 Notification No. 77/2019 Central Board Of Direct Taxes
By CA S K Verma
In pursuance of the powers conferred by sub-sections (1), (2) and (5) of Section 120 of the Income-tax Act, 1961(43 of 1961), the Central Board of Direct Taxes hereby directs that the Income-tax Authority of Regional e-Assessment Centres (read as ReAC) specified in column (2) of the Schedule below, having their headquarters at the places mentioned in column
 Income-tax (11th Amendment) Rules, 2019
By CA Atul Gupta
In exercise of the powers conferred by sub-section (2) of section 92CE 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,
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Continuing Prof. Edu.   RSS Feeds
 CPE Events 14th October To 19th October 2019
By CA S K Verma
CPE Events 14th October To 19th October 2019
 New Return Under GST & Assessments
By CA Manu T George
Place: Bathinda Branch Of NIRC Date: 09-10-2019 – To: 09-10-2019 CPE.Hrs.: 3
 Procedural Aspects Of E-Assessment Proceedings And Clarification And Changes In Itr-6
By CA Ojas Aggarwal
Place: Rohini CPE Study Circle of NIRC Date: 10-10-2019 – To: 10-10-2019 CPE.Hrs.: 4
  Recent Amendments in Income Tax Act
By CA Devender Singh
Place: Natural Gas CPE Study Circle for Members in Industry of ICAI Date: 27-09-2019 – To: 27-09-2019 CPE.Hrs.: 2
 Seminar on MAT & Tax Audit
By CA S K Verma
Place: Patparganj Study Circle of NIRC Date: 24-09-2019 – To: 24-09-2019 CPE.Hrs.: 4
 Recent Amendments in Income Tax Act
By CA Ojas Aggarwal
Place: Natural Gas CPE Study Circle for Members in Industry of ICAI Date: 27-09-2019 – To: 27-09-2019 CPE.Hrs.: 2
 Seminar on Recent Amendments in GST (INDIRECT TAXES)
By CA Andrew F Thomas
Place: Jawahar Park CPE Study Circle of NIRC Date: 21-09-2019 – To: 21-09-2019 CPE.Hrs.: 6
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GST - Goods and Services Tax   RSS Feeds
 Govt constitutes panel to suggest measures to augment GST revenue
By CA Nilesh Sahu
The panel comprising of state-level GST commissioners and centre government officials has been asked to suggest urgent measures to arrest the fall in tax revenues and suggest steps to be taken to improve revenue collection.
 Govt set to crack down on GST defaulters
By CA Manu T George
A government panel will discuss on Tuesday ways to intensify enforcement activities against goods and services tax (GST) defaulters who have been identified by a fraud detection software, amid GST collections dropping to a 19-month low in September.
 New proposal to claim GST input credit may have significant impact on cash flow
By CA S K Verma
In a major overhaul of how input credit is availed by businesses, the Government has proposed in case where there is a mismatch or details have not been uploaded by the suppliers, input tax claim will not exceed 20 per cent of the eligible credit available in respect of invoices or debit notes uploaded by the suppliers. This is expected to have a significant impact on cash flow of firms.
 How tax compliance has evolved in India since GST's rollout
By CA Andrew F Thomas
In the 24 months since its implementation, there have been many promises that have been made, many that have been met, and for some, still a distance to travel.
  Step by Step Guide for GST Enrolment for existing Central Excise / Service Tax Assessees
By CA Andrew F Thomas
All existing Central Excise and Service Tax assessees will be migrated to GST starting 7 th January 2017. To migrate to GST, assessees would be provided a Provisional ID and Password by CBEC.
 Examination For Confirmation Of Enrolment Of GST Practitioners Guidelines For The Candidates
By CA Nilesh Sahu
All GST Practitioners who are eligible to appear in the examination are required to submit online application on the Examination registration portal. Link of the portal shall be provided on official websites of NACIN and CBIC.
 Tax cuts to impact revenue collection of States, says RBI report
By CA Mayank Jain
RBI’s annual report gives comprehensive data on on the fiscal health of states Revenue trends for States seems to be stabilising after initial volatility in the goods and services tax (GST) and now seems to be on the rise but a recent report by the Reserve Bank of India (RBI) has said that except for a few states, desired results from the new indirect tax levy is still elusive.
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Markets   RSS Feeds
 FM calms nerves, says no plan to tax market gains
By CA S K Verma
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 CA Ojas Aggarwal
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 CA Atul Gupta
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 CA 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 CA Nilesh Sahu
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 CA Ojas Aggarwal
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 CA S K Verma
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
 Small savings schemes: Look at post-tax return before deciding to invest
By CA S K Verma
With the economy witnessing a slowdown, and the stock markets also turning volatile, many investors are looking for alternative avenues to park their savings
 Financial services firms come under taxman’s scanner
By CA Manu T George
Indirect tax officials suspect that some of these companies may have claimed input tax credit on expenses incurred before the switchover to the GST regime in July 2017, said people aware of the matter.
 Filing Income Tax Return Using Aadhaar Leads To Allotment Of Aadhaar. Read Latest Rules Here
By CA Nilesh Sahu
Did you know that a PAN or Permanent Account Number is generated automatically if an income tax return (ITR) is filed by quoting an Aadhaar number? The Income Tax Department said last month that a PAN will be generated automatically if a person files the ITR is filed using Aadhaar.
 If you are not paying income tax, get ready for I-T department's call
By CA Devender Singh
Not paying taxes and having unaccounted income is not going to pay any dividend anymore. The Income Tax Department has set up a huge database of all citizens.
 Five things to expect from GST Council meet in Goa today
By CA Nilesh Sahu
Federal indirect tax body, the Goods and Services Tax (GST) Council, is set to meet in Goa on Friday amid demands from the industry for a fiscal stimulus. Here are the five things to expect from the meeting to be chaired by union finance minister Nirmala Sitharaman.
 Are steps on personal income tax coming?
By CA Devender Singh
The sharp cut in corporate tax rate has triggered demand and speculation about more measures particularly on the personal income tax side. The government has a report of the task force on direct tax to chart out any future measures on the personal income tax.
 Here is how the tax cuts will help sectors
By CA S K Verma
Friday’s unprecedented corporate tax rate cut is set to boost company earnings. All other things being equal, the cut from 30 percent to 22 percent would mean that companies paying taxes at the full rate should see their earnings jump by 11 percent.
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Corporate Law   RSS Feeds
  GST & Companies Act way Forward
By CA Mayank Jain
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 CA Manu T 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 CA Manu T 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 CA Rashmi Sharma
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 CA Atul Gupta
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 CA Nilesh Sahu
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 CA 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
  No Postponement of CA November 2019 Exams
By CA Rashmi Sharma
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 CA Manu T 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 CA Rashmi Sharma
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 CA Devender Singh
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 CA Mayank Jain
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
 Relaxation in the requirement to undergo 8 months Study Period to appear in May, 2020 Intermediate Examination in respect of students who have cleared May/June, 2019 Foundation Examinations.
By CA Manu T George
In order to mitigate the hardship being faced by the students while registering themselves in Intermediate Course through Foundation Route on Self Service Portal to be eligible for appearing in May 2020 examinations, the Council has decided to give following relaxation to students who have cleared Foundation Examination in the results declared on 13th of August, 2019
 Clarification on postponement of some of the papers of May 2019 CA Exams
By CA Manu T George
Postponement of Paper on 2nd June 2019 to 4th June 2019 was occasioned by the inability expressed by many exam centres to conduct the exam on that date owing to their holding UPSC exams on that day
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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 CA Mayank Jain
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 CA Mayank Jain
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 CA Atul Gupta
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 CA Nilesh Sahu
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 CA Manu T 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 CA Mayank Jain
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 CA Atul Gupta
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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ICAI   RSS Feeds
 How many UDINs can be generated by a CA? Is there any limit? Or is there any restriction on the number of UDIN to be generated in a Day/ Month/ Year?
By CA Ojas Aggarwal
There is no limit on generation of UDIN and there is no restriction on the number of UDIN to be generated.
 Sometimes there are multiple reports in one Assignment. Is separate UDIN is to be generated for all such reports?
By CA Atul Gupta
No. UDIN is to be generated for Assignment wise and same UDIN is to be used in all documents signed under that assignment. Say for Example while signing the various certificates while doing Bank Audit, same UDIN can be used for all certificates to be signed for that particular Bank Audit Assignment.
 Exposure Draft of Interest Rate Benchmark Reform (Amendments to Ind AS 109 and Ind AS 107) (Comments to be received by November 8, 2019)
By CA Rashmi Sharma
Interest Rate Benchmark Reform (Amendments to Ind AS 109 and Ind AS 107) Following is the Exposure Draft of Interest Rate Benchmark Reform Amendments to Ind AS 109 and Ind AS 107), issued by the Accounting Standards Board (the Board) of the Institute of Chartered Accountants of India, for comments.
 Postponement of Overseas Campus Placement for Chartered Accountants and Accountants
By CA Nilesh Sahu
On account of requests received from various stake holders the Overseas Campus Placement drive from 18th – 22nd October, 2019 has been postponed.
 How to Change/update /verify the mobile no. or email id in ICAI database.
By CA Ojas Aggarwal
To change / update the email and mobile number, pl visit
 What happens if the information is not accepted or the password is not sent?
By CA Ojas Aggarwal
It will happen only when the credentials do not match with the member's profile as per SSP database of ICAI. In such cases, the query may be lodged at UDIN portal.
 How to Revoke UDIN?
By CA Devender Singh
The UDIN once generated can be revoked or cancelled with narration. If any user had searched that UDIN before revocation, an alert message will go to him about revocation of the UDIN. After revocation of the UDIN, anybody searches for that UDIN, appropriate narration indicated by Member with the date of revocation will be displayed for that revoked UDIN.
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From the Courts   RSS Feeds
 M/s Jbm Industries Ltd Vs. Commissioner Of Income Tax New Delhi
By CA Ojas Aggarwal
The aforenoted appeals are directed against the composite order dated 20.12.2018 passed by the Income Tax Appellate Tribunal in ITA Nos. 5811- 5814/Del/2011 in respect of assessment years from 2001-02
 Shri Harish Chander Kapoor, Prop. M/s. Lucky Enterprises, Gurgaon. Vs. The Income Tax Officer, Ward – 2 (1), Gurgaon.
By CA Atul Gupta
This appeal by Assessee has been directed against the Order of the Ld. CIT(A)-1, Gurgaon, Dated 14.06.2016 for the A.Y. 2012-2013.
 Mrs. Monila Goel, D-6/5, Vasant Vihar, New Delhi – 110 057. Vs. The ACIT, Central Circle-6, Room No.364, E2, ARA Centre, Jhandewalan Extn., New Delhi.
By CA Mayank Jain
It is a case of wealth tax assessment. The A.O. in this case has made an addition to the wealth on account of enhancement made to the jewellery.
 M/s. Prince Layers Cum Hatchery, A-53, Indra Nagar, Azadpur, Delhi – 110 033. vs. The Income Tax Officer, Ward – 19 (4), Delhi.
By CA Manu T George
This appeal by Assessee has been directed against the Order of the Ld. CIT(A)-12, New Delhi, Dated 28.01.2016 for the A.Y. 2008-2009.
 M/s. Hillman Properties Pvt. Ltd., A-7/6, Jhimil Indl. Area, Shahdara, New Delhi. vs. The Income Tax Officer, Ward-12(4), New Delhi.
By CA Rashmi Sharma
Referred Sections: Section 147 of I.T. Act, 1961, Section 148 of I.T. Act, 1961, Section 139(1), Section 133(6) of the I.T. Act, 1961, Section 68 of the I.T. Act, 1961., Section 143(1)
 Mrs. Lata Goel, D-6/5, Vasant Vihar, New Delhi – 110 057. vs. The ACIT, Central Circle-6, Room No.364, E2, ARA Centre, Jhandewalan Extn., New Delhi.
By CA Andrew F Thomas
It is a case of wealth tax assessment. The A.O. in this case has made an addition to the wealth on account of enhancement made to the jewellery.
 Shri Rajesh Chauhan Prop. Chauhan Constructions C - 4/43, Sector – 11, Rohini New Delhi Vs. The Income tax Officer Ward 62(2) New Delhi
By CA S K Verma
This appeal by the assessee is preferred against the order of the Commissioner of Income Tax [Appeals] - 20, New Delhi dated 15.11.2016 pertaining to assessment year 2012-13.
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Auditing   RSS Feeds
 Auditors barred from putting a value on companies they are auditing
By CA S K Verma
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 CA Devender Singh
Standard on Internal Audit (SIA) 18, Related Parties
 Standard on Internal Audit (SIA) 17, Consideration of Laws and Regulations in an Internal Audit
By CA S K Verma
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 CA Ojas Aggarwal
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 CA Atul Gupta
Standard on Internal Audit (SIA) 14, Internal Audit in an Information Technology Environment
 Standard on Internal Audit (SIA) 13, Enterprise Risk Management
By CA Mayank Jain
Standard on Internal Audit (SIA) 13, Enterprise Risk Management
 Standard on Internal Audit (SIA) 12, Internal Control Evaluation
By CA Manu T George
Standard on Internal Audit (SIA) 12, Internal Control Evaluation
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Latest Circulars   RSS Feeds
 RBI Central Board meets at Chandigarh
By CA Atul Gupta
The Reserve Bank of India (RBI) Central Board met today in Chandigarh under the Chairmanship of Shri Shaktikanta Das, Governor. This was the 579th meeting of the Central Board.
 Revision in Proforma and Reporting of Bank / Branch details under the Central Information System for Banking Infrastructure (CISBI)
By CA Mayank Jain
The Reserve Bank maintains the directory of all bank branches / offices / Non-Administratively Independent Offices (NAIOs) / Customer Service Points (CSPs) in India, [known as the “Master Office File” (MOF) system], which is updated based on Proforma-I and Proforma-II, submitted by banks through e-mail.
 Edited Transcript of Reserve Bank of India’s Fourth Bi-Monthly Monetary Policy Teleconference with Researchers and Analysts
By CA Ojas Aggarwal
Good Day, Ladies and Gentlemen. Welcome to the Fourth Bi-Monthly Monetary Policy Conference with Researchers and Analysts. As a reminder, all participants' lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing '*' then '0' on your touchtone phone.
 Auction of Government of India Dated Securities October 07, 2019
By CA Rashmi Sharma
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.
 Expanding and Deepening of Digital Payments Ecosystem
By CA Andrew F Thomas
With a view to expanding and deepening the digital payments ecosystem, it has been decided that all State/ UT Level Bankers Committees (SLBCs/ UTLBCs) shall identify one district in their respective States/ UTs on a pilot basis in consultation with banks and stakeholders.
 Edited Transcript of Reserve Bank of India’s Fourth Bi-Monthly Monetary Policy Press Conference
By CA Mayank Jain
Over the past three days, i.e., during 1st, 3rd and 4th October, 2019 the Monetary Policy Committee discussed and evaluated recent macroeconomic and financial developments, and the outlook. Taking into consideration all available information and analyses, the MPC voted unanimously to reduce the policy repo rate, with five members voting to reduce the policy rate by 25 basis points. The MPC also decided to continue with the accommodative stance as long as it is necessary to revive growth, while ensuring that inflation remains within the target.
 Statement by Governor - Fourth Bi-monthly Monetary Policy Statement, 2019-20, October 4, 2019
By CA Manu T George
Over the past three days, i.e., during 1st, 3rd and 4th October, 2019 the Monetary Policy Committee discussed and evaluated recent macroeconomic and financial developments, and the outlook. Taking into consideration all available information and analyses, the MPC voted unanimously to reduce the policy repo rate, with five members voting to reduce the policy rate by 25 basis points.
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Forex   RSS Feeds
 Perils of an ad hoc forex policy
By CA Nilesh Sahu
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 CA 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 CA Devender Singh
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 CA Nilesh Sahu
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 CA Manu T 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 CA Nilesh Sahu
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 CA Rashmi Sharma
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
 ITAT slams Tax Dept for Negligence in Maintaining Records, says Assessee can’t be Penalized for such Mistakes
By CA Ojas Aggarwal
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 CA Devender Singh
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 CA Rashmi Sharma
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 CA 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 CA Manu T George
Income Tax Appellate Tribunal : Kolkata Benches : Kolkata. Sub : Cause List For The Cases Fixed On Friday The 11/01/2019
 Income Tax Appellate Tribunamumbai Benchemumbai Consolidated Cause List Of SA/ Maj Pronouncement For Friday 11.01.2019
By CA Rashmi Sharma
Income Tax Appellate Tribunamumbai Benchemumbai Consolidated Cause List Of SA/ Maj Pronouncement For Friday 11.01.2019
 Income Tax Appellate Tribunal: Chandigarh Benches: Chandigarh Revised Constitution Of Chandigarh Benches From: 17'12.2018 To 21.12.2018 & 24.12.2018 To 28.12.2018,
By CA Andrew F Thomas
Income Tax Appellate Tribunal: Chandigarh Benches: Chandigarh Revised Constitution Of Chandigarh Benches From: 17'12.2018 To 21.12.2018 & 24.12.2018 To 28.12.2018,
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Finance Bills   RSS Feeds
 The Companies (Removal Of Difficulties) Seventh Order - dated 4th Sept 2014 New
By CA Manu T 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 CA Nilesh Sahu
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 CA Nilesh Sahu
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 CA Mayank Jain
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 CA Devender Singh
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 CA Manu T 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 CA Atul Gupta
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
 Smt. Harmeet Kaur Sran, 527B, 5th Floor, HBN Office, D-Mall, Dist. Centre, Paschim Vihar, New Delhi – 110 087. vs. The DCIT, Central Circle – 29, New Delhi.
By CA Mayank Jain
Referred Sections: Section 271(1)(c) of the I.T. Act, 1961. This appeal by Assessee has been directed against the Order of the Ld. CIT(A)-30, New Delhi, Dated 30.01.2017 for the A.Y. 2007-2008, challenging the levy of penalty
 22.5 LPA-Opening Chartered Accountant
By CA Manu T George
Salary: INR 16,00,000 - 22,50,000 PA., Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:CA
 25 LPA-Opening Chartered Accountant
By CA Rashmi Sharma
Salary: INR 22,50,000 - 25,00,000 PA., Functional Area:Accounts , Finance , Tax , Company Secretary , Audit
 35 LPA-Opening AD / Director - Financial Planning & Analysis For an MNC
By CA Nilesh Sahu
Salary: INR 30,00,000 - 35,00,000 PA., Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:CA
 20 LPA-Opening Chartered Accountant - F&A
By CA Devender Singh
Salary: INR 10,00,000 - 20,00,000 PA., Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:CA
 50 LPA-Opening Chartered Accountant
By CA Andrew F Thomas
Salary: INR 40,00,000 - 50,00,000 PA. Negotiable, Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:CA
  22.5 LPA-Opening MNC Hiring Chartered Accountant with Team Management Experience.
By CA Nilesh Sahu
Salary: INR 19,00,000 - 22,50,000 PA., Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:CA
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Direct Tax   RSS Feeds
 Notification No. 49/2019 Central Board of Indirect Taxes and Customs
By CA Andrew F Thomas
In exercise of the powers conferred by section 164 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government hereby makes the following rules further to amend the Central Goods and Services Tax Rules, 2017,
 Direct tax code aims to simplify archaic tax rules as we know it
By CA Devender Singh
Income tax rules that govern how you pay taxes on your income date back to 1961. In order to keep up with time and to make rules on income tax less cluttered, the government has been contemplating a reform through the direct tax code (DTC). A task force that was entrusted with the preparation of the tax code has now submitted the report to the finance ministry although the recommendations are not out in the public domain yet.
 Have ITR related queries? This is how you can get them answered
By CA Atul Gupta
Taxpayers can directly approach the income tax department, with any query related to ITR filing, processing, refunds, etc. by filling up an online form.
 E-assessment Of I-T returns launched
By CA Mayank Jain
The government of India has over the last few years taken various steps to reduce human interface between the tax administration and the taxpayers and bring in consistency and transparency in various tax matters through use of Information Technology.
 How to get your ITR related queries answered by income tax officers
By CA Devender Singh
If you have any query related to ITR filing, processing, etc., you can directly approach the income tax department by filling up a simple online form.
 You can get credit for TDS deducted on cash withdrawals of over Rs 1 crore from bank account
By CA Manu T George
Claiming credit for this TDS would allow them to set it off against their total tax liability for the relevant financial year. The Central Board of Direct Taxes (CBDT) has notified the rules regarding claiming of tax credit for tax deducted at source (TDS) by banks on withdrawal of cash from an account exceeding Rs 1 crore in a financial year.
 CBDT circular comes as relief for minor offences
By CA Manu T George
The CBDT circular comes as a relief to taxpayers who were worried that they may become part of collateral damage as the government ramps up its efforts to take tax offenders to task
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Tenders   RSS Feeds
 SJVN Thermal Pvt. Limited, Buxar, Bihar
By CA Devender Singh
Interested firms (having requisite experience in Internal Audit of Central/State Power Sector organisations / PSUs may send their application in prescribed format in envelops super scribing "Appointment / Empanelment of Chartered Accountant / Cost Accountant Firms for conducting Internal Audit for the F.Y 2019-20"
 College of Agricultural Banking, RBI, Pune, Maharashtra
By CA S K Verma
SIDBI reserves the sole right for carrying out any amendments/ 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.
 India Infrastructure Finance Company Limited, East Kidwai Nagar, New Delhi
By CA Andrew F Thomas
The information contained in this Request for Proposal (RFP) document or information provided subsequently to the bidder(s) or applicants whether verbally or in documentary form, by or on behalf of India Infrastructure Finance Company Limited (IIFCL) is provided to the bidder(s) on the terms and conditions set out in this RFP document and all other terms and conditions, subject to which such information is provided.
 Gas Authority Of India Limited, Jaipur, Rajasthan
By CA Devender Singh
In case of the days specified above happens to be a holiday in GAIL, the next working day shall be implied. Bids must be submitted strictly in accordance with Clause No. 11 of ITB depending upon Type of Tender as mentioned at Clause no. 2.0 (D) of IFB. The IFB is an integral and inseparable part of the bidding document.
  Small Industries Development Bank of India, Lucknow, Uttar Pradesh
By CA S K Verma
The Information Provided By The Bidders In Response To This Tender Document Will Become The Property Of Sidbi And Will Not Be Returned . Sidbi Reserves The Right To Amend, Rescind Or Reissue This Tender Document And All Amendments Will Be Advised To The Bidders And Such Amendments Will Be Binding On Them.
  Official Liquidator, High Court of Gujarat
By CA Devender Singh
Applications in the prescribed format are invited by the Official Liquidator, High Court of Gujarat, Ahmedabad in compliance of the order dated 28.08.2019 passed by the Hon'ble high Court of Gujarat in OLR No.82 of 2019 from aspiring Chartered Accountants
  Department Of Urban Local Bodies Faridabad, Panchkula, Haryana
By CA S K Verma
Request for proposal for Selection of Comptroller and Auditor General (CAG) empanelled Chartered Accountant Firms for Implementation of Accrual Based Double Entry Accounting System (ABDEAS) in all the Municipal Corporations / Councils / Committees of Faridabad Cluster of HARYANA
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Transfer Pricing   RSS Feeds
 National High Speed Rail Corporation Limited, New Delhi, Delhi
By CA Nilesh Sahu
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 CA 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 CA Nilesh Sahu
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 CA Manu T 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 CA Rashmi Sharma
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 CA Rashmi Sharma
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 CA Ojas Aggarwal
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. 74 /2019 Central Board of Indirect Taxes and Customs
By CA Nilesh Sahu
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 CA Atul Gupta
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 CA Devender Singh
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
 Notification No.60/2019 Central Board Of Indirect Taxes And Customsa
By CA S K Verma
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.55/2019-CUSTOMS (N.T.), dated 1st August, 2019 except as respects things done or omitted to be done before such supersession,
 Notification No.59/2019 Central Board Of Indirect Taxes And Customs
By CA Rashmi Sharma
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 amendments in the Notification of the Central Board of Indirect Taxes and Customs No.55/2019-CUSTOMS (N.T.), dated 1st August, 2019 with effect from 14th August, 2019,
  Notification No. 57/2019- Central Board of Indirect Taxes and Customs
By CA Mayank Jain
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
 Notification No. 58/ 2019-Central Board of Indirect Taxes & Customs
By CA Manu T George
In exercise of the powers conferred by clause (aa) 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 following further amendments in the notification of the Government of India in the Ministry of Finance
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Mergers and Acquisitions   RSS Feeds
 Gun Jumping In Mergers And Acquisitions
By CA Devender Singh
Competition is regarded as the one of the most useful means recognized globally to ensure that consumers are provided access to a wide range of goods and services at competitive prices and the producers have an incentive to innovate and reduce costs for meeting the demands of consumers. It would be correct to mention that competition promotes efficiency. Recognizing its importance, governments across the world promote and sustain competition in the markets through appropriate regulations.
 Share of carve-outs in M&A deals rises as firms hive non-core assets
By CA S K Verma
According to the Bain-CII India M&A report, the share of carve-out deals among non-distressed asset deals has increased in salience from 27% in 2015 to 33% in 2018, with many headline deals over the last four years being carve-outs.
 Global headwinds cause steep fall in Mergers & Acquisitions activity in August
By CA Ojas Aggarwal
The month also saw active deal-making in the pharma and healthcare, e-commerce, banking, retail, and media and entertainment sectors.
 India witnesses M&A activity worth $310 billion between 2015-2019
By CA Atul Gupta
The report focused on 60 largest transactions by strategic investors in India between 2015 and 2019, each valued at more than $250 million.
 Competition Commission puts in place green channel route for M&A approvals
By CA Andrew F Thomas
Mergers and Acquisitions (M&As) or combinations beyond a certain threshold are required to have mandatory approval from the fair trade regulator.
 The big bank merger - What, why, and what next?
By CA Atul Gupta
In this episode of Digging Deeper, we look at the merger in some detail, what it means for the sector, and also take a look briefly at what the future could look like for the banking sector in India. The big news of late in the financial sector is govt’s decision to merge public sector banks, trimming their number from 27 to 12 over the next couple of years or so. Finance Minister Nirmala Sitharaman unveiled a plan that will merge as many as 10 public sector banks into four entities.
 Mega bank mergers come with mammoth issues
By CA Mayank Jain
After the merger of SBI with its five associate banks two years ago and Bank of Baroda with Dena Bank and Vijaya Bank last year, consolidation among other PSBs was long-awaited. The Centre’s move to lay down a concrete roadmap for consolidation has no doubt ended the uncertainty over the matter.
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Indirect Tax   RSS Feeds
 Govt gives businesses four months to settle indirect tax disputes
By CA Rashmi Sharma
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 CA S K Verma
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 CA Manu T 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 CA Atul Gupta
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 CA Atul Gupta
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.
 Can you claim tax benefit for tax paid on insurance premium? a
By CA Manu T George
Section 80C and 80D of Income-tax Act entitles specified taxpayers to claim deductions for the entire amount paid to the insurance company for specified insurance schemes.
 Top 30 Income Tax Judgments in 2018
By CA Andrew F Thomas
The year 2018 has been a very significant one to the taxation regime due to some important reforms in the laws and procedures. The contribution of the judiciary including the Supreme Court and various High Courts and Tribunals cannot be ignored. Some of the significant tax judgments delivered by the Indian judiciary in this year have been enlisted below.
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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 CA Atul Gupta
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 CA Atul Gupta
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 CA Mayank Jain
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 CA Ojas Aggarwal
Toys, games and sports requisites; parts and accessories thereof
 Customs Tariff 2009-10 - PART-II - Chapter 94 - Furniture; bedding, mattresses, mattress supports
By CA Atul Gupta
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 CA Nilesh Sahu
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 CA Devender Singh
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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