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
 New Form 26AS to include real estate, share transactions
By M. George
Making income tax return processing and assessment simpler and more effective, the income tax department has revamped Form 26AS to an 'Annual Information Statement' to include real estate and share trading related transactions.
 Remuneration to be paid to an eligible Fund Manager under section 9A of the Income-tax Act, 1961
By Sandy Mash
In exercise of the powers conferred by section 295 read with clause (m) of sub-section (3) of section 9A 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,
 ITR filing date extended: Will you end up paying more as penal interest? Explained with calculation
By Thomas T. Rucks
Income Tax Return (ITR) Filing Date 2020: The Central government recently extended the due date for filing income tax returns for 2019-20 till November 30, 2020.
 How your spouse can help you save taxes Income Tax Saving
By M. George
our spouse not only helps you in meeting your social and personal obligations, but also helps you in saving income tax. There are certain tax benefits by way of which you can enhance you tax savings through your spouse.
 All you wanted to know about tax deductions in times of Covida
By Sandy Mash
Every person making a specified type of payment (for instance, salary) is required to deduct at prescribed rates and deposit to the account of the government. However, TDS is merely pre-payment of taxes, and any excess tax paid may be claimed as refund in the income tax return.
 ICAI issues Guidance Note on Subsequent Events-Key Audit Considerations amid COVID-19
By Sandy Mash
The Institute of Chartered Accountants of India (ICAI) has released an Auditing Guidance on “Subsequent Events-Key Audit Considerations amid COVID-19” for the benefit of the members.
 ​Clarifications in respect of prescribed electronic modes under section 269SU of the Income-tax Act, 1961
By Henry Richards
In furtherance to the declared policy objective of the Government to encourage digital transactionsand move towards a less-cash economy, a new provision namely Section 269SU was inserted in the [ncome-tax Act, 1961 ("the Act"), vide the Finance (No.2) Act 2019.
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Continuing Prof. Edu.   RSS Feeds
 VCM on Recent And Important Issues In direct Taxes
By Thomas T. Rucks
Place: HISAR BRANCH OF NIRC Date: 31-05-2020 – To: 31-05-2020 CPE.Hrs.: 2
 Virtual CPE Meeting on Recent Developments in Company Law
By M. George
Place: East Delhi CPE Study Circle of NIRC Date: 29-05-2020 – To: 29-05-2020 CPE.Hrs.: 3
 Virtual CPE Meeting on Inspection and Investigation, Procedure for Governing Board Meetings
By Jude Marg
Place: CHANDIGARH BRANCH OF NIRC Date: 27-05-2020 – To: 27-05-2020 CPE.Hrs.: 2
 Virtual CPE Meeting on Evidence Act, Income Tax Act
By Raul N Tiem
Place: East Delhi CPE Study Circle of NIRC Date: 27-05-2020 – To: 27-05-2020 CPE.Hrs.: 3
 CPE Meeting on IBBI (Application to Adjudicating Authority) Rules 2016, IBBI (Salary, Allowances and Other Terms and Conditions), IPA & IP Regulations 2016
By Andrew F Thomas
Place: CHANDIGARH BRANCH OF NIRC Date: 25-05-2020 – To: 25-05-2020 CPE.Hrs.: 2
 Virtual CPE Meeting on Recent Development in Income Tax & GST Laws
By Orion M.
Place: East Delhi CPE Study Circle of NIRC Date: 25-05-2020 – To: 25-05-2020 CPE.Hrs.: 3
 Virtual CPE Meeting on Aatm Nirbhar Bharat – Various Financial Initiatives & New Tax Policies by Govt of India
By Moshe Pras
Place: East Delhi CPE Study Circle of NIRC Date: 22-05-2020 – To: 22-05-2020 CPE.Hrs.: 3
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GST - Goods and Services Tax   RSS Feeds
 GST on educational services from current session at GNDU
By Orion M.
GNDU will implement GST on educational services as defined under Centre’s guidelines with full effect from the new session. The varsity had till now only partially implemented the GST on specified services.
 GST TRAN-1: Delhi High Court Judgment is Nullified by Finance Act, 2020
By Jude Marg
GST TRAN -1 is filed by those taxpayers who are eligible to claim the credit on the tax already paid in the pre-GST regime as per section 140 of the CGST Act, 2017 read with Rule 117 [CHAPTER – XIV- TRANSITIONAL PROVIISONS] of the CGST Rules, 2017. The credit can be by way of VAT/Service Tax/Excise Duty. In order to claim the complete amount as a credit, TRAN-1 is to be filed along with the particulars of stock carried forward.
 GST council may extend compensation cess levy beyond 5 years
By Andrew F Thomas
Faced with a sharp decline in GST collections due lockdown and disruptions in economic activities across the country, the government is looking at paying GST compensation to states using a portion of its borrowings and repaying it by collecting cess in the sixth or further subsequent years.
 Government considering to bring natural gas under GST
By Orion M.
The Government is considering bringing natural gas under the Goods and Services Tax said Tarun Kapoor, Secretary, Ministry of Petroleum and Natural Gas.
 Need more stimulus with focus on GST cut, wage support, higher MNREGA spend'
By Jude Marg
The Rs 21-lakh-crore stimulus package is not enough to revive the economy. The government has been reluctant to increase spending substantially due to fears of rating downgrade. However, we may need one more stimulus package in the coming months. The next package could focus on GST rate cuts, wage support in some form, and higher spend under MNREGA," Anagha Deodhar, Economist at ICICI Securities said in an interview to Moneycontrol's Sunil Shankar Matkar.
 Tamil Nadu extends dates for GST compliances
By Andrew F Thomas
The ordinance has extended filing statements of outward supplies, filing refund claims, filing appeals, etc. specified, prescribed, or notified under Tamil Nadu Act 19 of 2017.
 Incomplete claim memos stall GST refunds
By Andrew F Thomas
Tax authorities have been issuing deficiency memos for some incomplete refund claims beyond the stipulated time of 15 days, forcing taxpayers to refile applications, people familiar with the development said. However, the refiled applications are treated as new and in many cases.
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General   RSS Feeds
 Experience with GST holds valuable lessons for One Nation One Ration Card
By Andrew F Thomas
If done well, One Nation, One Ration Card, could lay the foundation of a truly national and portable benefits system that includes other welfare programmes like LPG subsidy and social pensions.
 Firms may get input tax credit for masks, PPEs
By Thomas T. Rucks
One of the officials said the government had received several representations seeking relaxation in Sec 17(5)(h) of CGST Act 2017, which does not permit credit on goods given for free or as a gift, or lost, stolen, destroyed or written off.
 Traders seek deferring of property tax
By Andrew F Thomas
The Federation of Traders' Association of Pune (FTAP) has sought waiver of property tax for four months in light of the heavy losses incurred by traders due to the lockdown.
 COVID-19: Kerala Government extends Time Limit of Payment of License Fee and Renewal of Registration under various Acts
By Raul N Tiem
The Kerala Government has extended the time limit of Payment of License Fee and Renewal of Registrations under Kerala Money Lenders’ Act, 1958, and Kerala General Sales Tax Act, 1963.
 Rajasthan HC grants Bail to Chartered Accountant accused of Corruption and Money Laundering
By Orion M.
The High Court of Rajasthan has allowed the bail application of the Chartered Accountants (CAs), who were accused of corruption and Money Laundering.
 Will your tax liability go up with no reimbursement?
By Thomas T. Rucks
Many components of tax optimized pay structure might not be suitable or justifiable, because of which people have to move to the liner and simple structures, which will obviously impact the tax liability.
 Residency relief for NRIs and foreigners: A welcome tax initiative
By Henry Richards
In a world hit by the COVID-19 pandemic, NRIs and foreigners visiting India can heave a sigh of relief, as the Central Board of Direct Taxes (CBDT) recently issued a circular with respect to determining residency under section 6 of the Income Tax Act.
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Corporate Law   RSS Feeds
 SC relaxes Dress Code for Lawyers
By Sandy Mash
The due date for filing Income Tax Return (ITR) has been extended to November 30, 2020. Every year taxpayers are required to pay taxes on their income and income from other sources. However, paying taxes can be burdensome, which is why the government introducing ITR filing procedure.
 COVID-19 crisis is an opportunity to redefine tax policy and law
By Thomas T. Rucks
The Covid 19 crisis is an opportunity to redefine tax policy and law. A calibrated approach to balance welfare economics with a vision to pioneer economic activity and national growth is needed.
  GST & Companies Act way Forward
By Thomas T. Rucks
Place: East Delhi CPE Study Circle of NIRC Date: 06-04-2019 – To: 06-04-2019 CPE.Hrs.: 5
 Taxmen use rare law to collect dues directly from bank accounts of evaders
By M. George
Revenue officials, chasing huge tax collection deficit, are moving into top gear to maximise collections by year end even if that means deducting money directly from your bank account to fill a gap of thousands of crores.
 Income tax law needs to be a lot simpler
By M. George
Simplifying the Income Tax Act, automating tax collection and return processing and making the process user-friendly are priorities for the National Democratic Alliance (NDA) government, finance minister Piyush Goyal said.
 Govt panel may recommend dropping dividend distribution tax in new direct tax law
By Sandy Mash
The tax law panel is considering reverting to the classical method of taxing dividend in the hands of the shareholders Members of the task force set up to draft a new direct tax legislation may favour abolishing dividend distribution tax (DDT), according to a report by The Times of India.
 Law Commission proposes to abolish it Tax saving tool HUF may cease to exist
By Moshe Pras
The concept of Hindu Undivided Family (HUF) may cease to exist if the proposals of a recently released consultation paper on Reform of Family Law by the law commission are accepted.
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Students   RSS Feeds
 Announcement : 75% Concession in Registration Course Fee for all levels of CA Courses for the Candidates/ Students from Newly formed Union Territories of Jammu & Kashmir and Ladakh and for 8 North-Eastern States.
By Orion M.
Candidates/Students from newly formed Union Territories of Jammu and Kashmir, Ladakh and 8 North-East States, namely, Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, Tripura may note that with effect from from 20th September, 2019, ICAI has waived off 75% fee for the students registering from these Union Territories and States for all levels of CA Course i.e. Foundation, Intermediate and Final.
 Class 12 Students can apply for CA Exam: ICAI issues Draft Regulations
By Moshe Pras
Class 12 Students can apply for CA Exam: ICAI issues Draft Regulations May 6, 2020 2:28 pm| By : Abdullah Karuthedakam The Institute of Chartered Accountants of India ( ICAI ) has issued draft regulations on Chartered Accountants (Amendment) Regulations, 2019.
 ICSI postpones CS Examination June 2020 Session
By M. George
The Institute of Companies Secretaries of India ( ICSI ) has postponed the CS Examination June 2020 session.
 Announcement - Free Live Revision Classes for Intermediate and Final Students targeting June, 2020 examination - Beginning from 22nd April, 2020
By Raul N Tiem
The Board of Studies has adopted different methodologies to reach out to students for providing quality education. It has been conducting Live Virtual Classes and Live Revision Classes so that students can attend them from the comfort of their homes and gain knowledge.
 Announcement - Live Revision Classes - Beginning from 22nd April, 2020
By Thomas T. Rucks
The Board of Studies has adopted different methodologies to reach out to students and provide education. It has been conducting Live Virtual Classes and Live Revision Classes so that students can attend them sitting in the comfort of their homes.
 Lets' Stop COVID-19, Check out Today's Online Resources for you
By Thomas T. Rucks
In the wake of COVID-19 outbreak in the country, The Institute of Chartered Accountants of India takes proactive steps to safeguard its Members & Students. We have made efforts in providing valuable resources to help protect your health and guide you through the professional challenges and also meet your CPE requirements and advance your knowledge.
 Announcement for Students
By M. George
We are currently witnessing the impact of COVID 19 Pandemic in India; the exact nature and outreach of which is yet un-folding and this has resulted in public distancing and situation of mass lockdown in some of the States. We at ICAI do understand that the overall environment with regard to safety and hygiene is of utmost importance and the Institute is keeping a close tab on the developments taking place arising out of the current COVID 19 influence on day-to-day basis. Meanwhile, for the benefit of the students many steps like e-learning, video lectures and certain relaxation in GMCS/ITT for those, whose May 2020 attempts were getting affected; have already been given the option to change the Centre of Examination which Window closes on 23rd March, 2020.
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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
 Maharashtra Govt. issues clarification on GST Appeals in regard to Non-Constitution of Appellate Tribunal
By Henry Richards
The Maharashtra Government recently issued a trade notice pertaining to Maharashtra Goods and Services Tax (Ninth Removal of Difficulties) Order, 2019 dated January 6, 2020, wherein clarification in respect of GST Appeals in regard to non-constitution of Appellate Tribunal.
 Re-Opening of On-Line Facility (Correction Window) for Seeking Change of Examination Centre for Appearing in July 2020 CA Examinations
By Moshe Pras
In view of the ongoing COVID-19 pandemic and in the interest of the well-being of students who have already submitted online examination application for May 2020 Examinations now scheduled to commence from 29th July 2020, it has been decided to once again open the online facility for seeking change of examination centre only as per schedule given below:
 Postponement of Special Examination for Members of Institutions with whom ICAI had entered into Mutual Recognition Agreement (MRAs) / Memorandum of Understanding (MOUs), June 2020
By Thomas T. Rucks
It is hereby announced for general information that in view of the ongoing spurt of the COVID-19 pandemic and in the interest of the well-being of students, the Chartered Accountant -Special Examinations Under MRA / MOU scheduled to be held from June 8th to 11th 2020 stand rescheduled and the said examinations shall now be held from August 25th to 28th, 2020 as per details given below
 Subsequent Events - Key Audit Considerations amid COVID-19
By Moshe Pras
We wish to express our sincere thanks to CA. Atul Kumar Gupta, Honourable President, ICAI and CA. Nihar Niranjan Jambusaria, Honourable Vice-President, ICAI for providing us the opportunity to develop this Auditing Guidance on “Subsequent Events – Key Audit Considerations amid COVID-19” for the benefit of the members.
 ICAI launches Website to deal with Disciplinary Mechanism of Chartered Accountants
By Thomas T. Rucks
The Institute of Chartered Accountants of India ( ICAI ) has launched a website on Disciplinary Mechanism to deal with cases and complaints related to the conduct of Chartered Accountants.
 Extension of time period for commencement of Practical Training on or before 31st May, 2020 to 31st July, 2020 for appearing in Final examination to be held in November, 2022.
By Jude Marg
In order to remove hardship caused to students who are required to commence their Practical Training on or before 31st May, 2020 to appear in November, 2022 Final examinations, but are still not able to commence their Practical Training within the stipulated date mentioned above on account of extension of lock-down till 31st May, 2020 in the country due to COVID-19, the Competent Authority has decided to further relax the aforestated requirement as a one-time measure as under:-
 Relaxations for the Companies and LLPs to make good any filing related defaults, irrespective of duration of default, and make a fresh start as a fully compliant entity by 30th September, 2020.
By Raul N Tiem
As we all know that COVID 19 is an unprecedented crisis and challenge which is currently being faced by the whole World. Amidst the spread of the pandemic and the imposition of lockdowns, there are various challenges before all the stakeholders in the corporate world.
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From the Courts   RSS Feeds
 Shri Ramesh Kumar Agarwal, 599, 2nd Floor, Gandhi Cloth Market, New Delhi Vs. ITO, Ward-46(3), New Delhi
By Thomas T. Rucks
This appeal by the assessee is directed against order dated 26/09/2018 passed by the Ld. CIT(Appeals)-16, New Delhi [in short ‘the Ld. CIT(A)’] for assessment year 2014-15 raising following grounds:
 Excess ITC has to be Refunded back to Dealer, can’t be carried Forward for Adjustment of Future Tax Liability: Madras HC
By Raul N Tiem
The High Court of Madras held that excess Input Tax Credit (ITC) has to be refunded back to the dealer. There was no provision for carrying forward such Input Tax Credit for adjustment of tax liability for the subsequent period.
 Dy. CIT, Central Circle-29, New Delhi. Vs. M/s. S.R. Credits Pvt. Ltd. 4828-29/24, 1st Floor, Prahlad Lane, Ansari Road, Daryaganj, Delhi
By Jude Marg
This appeal is preferred by the Department against order dated 08.05.2015 passed by the Ld. Commissioner of Income Tax (Appeals)-30, New Delhi {CIT (A)} and pertains to Assessment Year: 2010-11. The Cross Objection is preferred by the assessee.
 Urmilla Ghanshyam Dass Ghiraiya A-21, First Floor, Lok Vihar, Pitampura Delhi Vs. ACIT Central Circle, Karnal
By Raul N Tiem
All these three appeals have been preferred by the assessee and challenge the three separate orders passed by the Ld. Commissioner of Income Tax (Appeals)-3, Hisar {CIT (A)} pertaining to Assessment Year 2012-13.
 Shri Surat Singh, VPO Bhapra, Samhalka, vs. The Income Tax Officer, Ward : 4, Panipat.
By Henry Richards
These are the two appeals filed by two brothers involving same issue arising out of single transaction of sale of land those are argued together and therefore, are disposed of by this common order.
 Dy. CIT, Central Circle-29, New Delhi. Vs. M/s. S.R. Credits Pvt. Ltd. 4, 1st Floor, Prahlad Lane, Ansari Road, Daryaganj, Delhi
By Moshe Pras
New Delhi {CIT (A)} and pertains to Assessment Year: 2010-11. The Cross Objection is preferred by the assessee.
 SC directs DRT to Transmit Rent received from Property attached to the Amrapali Account
By Andrew F Thomas
The Supreme Court of India recently directed the Debt Recovery Tribunal (DRT) to transmit the rent which they have received from property that has been attached to the Amrapali Account maintained by the Registry of this Court.
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Auditing   RSS Feeds
 NFRA issues Draft Procedure for Submission of Audit Files
By Andrew F Thomas
The National Financial Reporting Authority (NFRA) on Tuesday issued a notice of draft Procedure for Submission of Audit Files to NFRA.
 Auditors barred from putting a value on companies they are auditing
By Raul N Tiem
An income tax tribunal has barred auditors from issuing valuation certificates to the companies they are auditing. This is set to impact several tax disputes around valuations in companies including angel tax disputes involving start-ups.
 Standard on Internal Audit (SIA) 18, Related Parties
By Jude Marg
Standard on Internal Audit (SIA) 18, Related Parties
 Standard on Internal Audit (SIA) 17, Consideration of Laws and Regulations in an Internal Audit
By Raul N Tiem
Standard on Internal Audit (SIA) 17, Consideration of Laws and Regulations in an Internal Audit
 Standard on Internal Audit (SIA) 16, Using the Work of an Expert
By Henry Richards
Standard on Internal Audit (SIA) 16, Using the Work of an Expert
 Standard on Internal Audit (SIA) 14, Internal Audit in an Information Technology Environment
By Moshe Pras
Standard on Internal Audit (SIA) 14, Internal Audit in an Information Technology Environment
 Standard on Internal Audit (SIA) 13, Enterprise Risk Management
By Thomas T. Rucks
Standard on Internal Audit (SIA) 13, Enterprise Risk Management
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Latest Circulars   RSS Feeds
 Directions issued to the Shivam Sahakari Bank Ltd., Ichalkaranji, Dist. - Kolhapur, Maharashtra – Extension of Period
By Jude Marg
The Reserve Bank of India (vide directive DCBS.CO.BSD-I/D-6/12.22.351/2017-18 dated May 18, 2018) had placed the Shivam Sahakari Bank Ltd., Ichalkaranji, Dist: Kolhapur, Maharashtra, under Directions from the close of business on May 19, 2018.
 Directions under Section 35A of the Banking Regulation Act, 1949 (AACS) – Vasantdada Nagari Sahakari Bank Ltd, Osmanabad, Maharashtra – Extension of Period
By Raul N Tiem
Reserve Bank of India, in the public interest, had issued directions to Vasantdada Nagari Sahakari Bank Ltd, Osmanabad, Maharashtra in exercise of powers vested in it under sub-section (1) of Section 35A of the Banking Regulation Act, 1949 (AACS) from the close of business on November 13, 2017.
 Amendment of the Income-tax Rules, 1962 to provide for Safe Harbour Rules​
By Raul N Tiem
In exercise of the powers conferred by section 295 read with sub-section (2) of section 92CB 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,
  Pre-shipment and Post-shipment Export Credit – Extension of Period of Advance
By Henry Richards
In view of the outbreak of Covid-19 pandemic, the exporters have been facing genuine difficulties such as delay / postponement of orders, delay in realisation of bills, etc. In this regard, RBI has already permitted the period of realisation and repatriation of the export proceeds to India to be increased from nine months to 15 months from the date of export in respect of exports made upto July 31,
  COVID19 Regulatory Package – Review of Resolution Timelines under the Prudential Framework on Resolution of Stressed Assets
By Moshe Pras
In respect of accounts which were within the Review Period as on March 1, 2020, the period from March 1, 2020 to August 31, 2020 shall be excluded from the calculation of the 30-day timeline for the Review Period. In respect of all such accounts, the residual Review Period shall resume from September 1, 2020, upon expiry of which the lenders shall have the usual 180 days for resolution.
  COVID19 Regulatory Package – Review of Resolution Timelines under the Prudential Framework on Resolution of Stressed Assets
By Orion M.
In respect of accounts which were within the Review Period as on March 1, 2020, the period from March 1, 2020 to August 31, 2020 shall be excluded from the calculation of the 30-day timeline for the Review Period. In respect of all such accounts, the residual Review Period shall resume from September 1, 2020, upon expiry of which the lenders shall have the usual 180 days for resolution.
 Pre-shipment and Post-shipment Export Credit – Extension of Period of Advance
By Jude Marg
In view of the outbreak of Covid-19 pandemic, the exporters have been facing genuine difficulties such as delay / postponement of orders, delay in realisation of bills, etc. In this regard, RBI has already permitted the period of realisation and repatriation of the export proceeds to India to be increased from nine months to 15 months from the date of export in respect of exports made upto July 31,
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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
 Scrutiny Assessment without Notice is Defective in Law: ITAT
By Jude Marg
While upholding an order passed by the Commissioner of Income Tax (Appeals), the Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that scrutiny assessment under section 143(2) cannot be passed without serving notice to the assessee.
 No Exempt Income Received or Receivable, No Disallowance under Section 14A: ITAT
By M. George
The Income Tax Appellate Tribunal (ITAT), Mumbai held that Section 14A of the Income Tax Act, 1961 will not apply if no exempt income is received or receivable during the relevant previous year.
 Bonus allocated to Policyholders is not Taxable as Income from Insurance Company: ITAT
By Henry Richards
The Income Tax Appellate Tribunal (ITAT), while granting relief to Max New York Life Insurance Company Ltd, held that the addition made by the income tax department treating bonus allocated to the policyholders as taxable income under section 44 of the Income Tax Act, 1961 is liable to be quashed.
 Yahoo gets Income Tax Relief from ITAT
By Orion M.
The Bangalore bench of the Income Tax Appellate Tribunal ( ITAT ) has recently allowed a deduction under section 10A of the Income Tax Act, 1961 towards the claim of Yahoo Software Development Pvt. Ltd.
 ITAT upholds Addition of 12.5% for taking Bills without Delivery of Goods
By Andrew F Thomas
The Income Tax Appellate Tribunal (ITAT) upheld the decision of CIT(A) where 12.5% for taking bills without delivery of goods.
 No Capital Gain Tax on Amount Received by Retiring Partner: ITNo Capital Gain Tax on Amount Received by Retiring Partner: ITATAT Read more at: https://www.taxscan.in/no-capital-gain-tax-on-amount-received-by-retiring-partner-itat/56137/
By Orion M.
The Income Tax Appellate Tribunal (ITAT) held that a retiring partner took only money towards the value of his share on retirement and when there was no distribution of capital assets going to the partners, there was no transfer of capital asset and consequently, no profits or gain was chargeable under Section 45 (4) of the Income Tax Act, 1961.
 No Section 194C TDS on Reimbursement of Vehicle Expenses: ITAT
By Jude Marg
The Income Tax Appellate Tribunal (ITAT) held that Section 194C of the Income Tax Act, 1961 relating to Tax Deducted at Source (TDS) is not applicable to reimbursement of vehicle expenses.
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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
 10 LPA-Opening Finance Manager Chartered Accountant
By Henry Richards
5 - 10 years, Salary: 5,00,000 - 10,00,000 P.A., Functional Area: Accounts, Finance, Tax, Company Secretary, Audit
 60 LPA-Opening Chief Financial Officer | CFO | Qualified Chartered Accountant
By Moshe Pras
18 - 25 years, Salary: 35,00,000 - 60,00,000 P.A., Functional Area: Accounts, Finance, Tax, Company Secretary, Audit
 CA/CMA vacancy in Siemens
By Moshe Pras
Siemens AG is a German multinational conglomerate company headquartered in Munich and the largest industrial manufacturing company in Europe with branch offices abroad.
  25 LPA-Opening Semi Qualified Chartered Accountant
By Orion M.
10 - 20 years,Salary: 20,00,000 - 25,00,000 P.A.,Functional Area: Accounts, Finance, Tax, Company Secretary, Audit
 17 LPA-Opening Chartered Accountant
By Jude Marg
5 - 10 years, Salary: 7,00,000 - 17,00,000 P.A., Functional Area: Accounts, Finance, Tax, Company Secretary, Audit, PG : CA in CA
 25 LPA-Opening Semi Qualified Chartered Accountant
By Sandy Mash
10 - 20 years, Salary: 20,00,000 - 25,00,000 P.A., Functional Area: Accounts, Finance, Tax, Company Secretary, Audit
 10 LPA-Opening Chartered Accountant ( Audit & Accounts Manager )
By Andrew F Thomas
10 - 20 years, Salary: 6,00,000 - 10,00,000 P.A., Functional Area: Accounts, Finance, Tax, Company Secretary, Audit
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Markets   RSS Feeds
 Market Top Losers (NSE) 29/05/2020
By Sandy Mash
Market Top Losers (NSE) 29/05/2020
 Market Top Losers (BSE) 29/05/2020
By Andrew F Thomas
Market Top Losers (BSE) 29/05/2020
 Market Top Gainers (BSE) 29/05/2020
By Orion M.
Market Top Gainers (BSE) 29/05/2020
 Market Top Gainers (NSE) 29/05/2020
By Jude Marg
Market Top Gainers (NSE) 29/05/2020
 Top Ranked Mutual Funds 29/05/2020
By Raul N Tiem
Top Ranked Mutual Funds 29/05/2020
 Market Top Losers (NSE) 27/05/2020
By Thomas T. Rucks
Market Top Losers (NSE) 27/05/2020
 Market Top Losers (BSE) 27/05/2020
By M. George
Market Top Losers (BSE) 27/05/2020
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Direct Tax   RSS Feeds
 CBDT notifies Norms to compute Remuneration by Eligible Fund Manager u/s 9A; Amends Rules
By M. George
The Central Board of Direct Taxes (CBDT) vide notification on Wednesday has issued the Income-tax (10th Amendment) Rules, 2020. The Rule 10V that provides the guidelines for the application of Section 9A has been amended. The Section provides that an eligible investment fund shall not be said to be resident in India merely because the eligible fund manager, undertaking fund management activities on its behalf, is situated in India.
 CBDT notifies minimum fee for India based fund managers managing offshore funds
 CBDT notifies revised Form 26AS, to now include real estate, share transaction details
By M. George
The revamped Form 26AS will now come into effect from June 1, the Central Board of Direct Taxes (CBDT) said.
 Have investments in equity? Your spouse can help you save money
By Sandy Mash
Income Tax Return: Those who haven't filed their ITR have got ample time to use the income tax calculator and find out various ways to save money.
 CBIC clears Rs 11,052 crore GST refund claims since April 8
By Raul N Tiem
The Central Board of Indirect Taxes (CBIC) on Monday said it has sanctioned GST refund claims worth Rs 11,052 crore in 47 days. In a tweet, the CBIC said it is "committed to ensuring liquidity to GST taxpayers especially MSME sectors during the lockdown".
 CBDT exempts B2B Businesses from Mandatory Digital Payment Facility
By Raul N Tiem
The Central Board of Direct Taxes (CBDT) issued the clarification on Wednesday that the provisions of section 269SU of the Income Tax Act shall not be applicable to a specified person having only B2B transactions i.e. no transaction with the retail customer if at least 95% of the aggregate of all amounts received during the previous year, including the amount received for sales, turnover or gross receipts, or by any mode other than cash.
 CBDT gives wholesalers relief on electronic payment norms
By Henry Richards
The Central Board of Direct Taxes (CBDT) has pruned the list of electronic payments methods wholesalers can offer, in a bid to make payment options more relevant to a business’ customer base.
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Tenders   RSS Feeds
 Corrigendum The Punjab State Cooperative Milk Producers’ Federation Ltd, Mohali, Punjab
By Andrew F Thomas
The Punjab State Cooperative Milk Producers’ Federation Ltd, popularly known as Milkfed Punjab, came into existence in December 1973 to boost the dairy farming in the state. The objectives of the Federation were to provide a remunerative market to the Milk Producers in the State through value addition and effective marketing of the produce. The other objective was to provide technical inputs to the milk producers for enhancement of milk production.
 Extension Deposit Insurance and Credit Guarantee Corporation, Mumbai Central Station, Mumbai
By Orion M.
Extension of Time - Tender - Request for Proposal (RfP) for Appointment of Chartered Accountant / Cost Accountant firm / LLP / company for Handling Indirect Tax matters of DICGC for FY 2020-2021
 Extension 5 Deposit Insurance and Credit Guarantee Corporation, Mumbai Central Station, Mumbai
By M. George
Extension of Time - Tender - Request for Proposal (RfP) for Appointment of Chartered Accountant / Cost Accountant firm / LLP / company for Handling Direct Tax matters of DICGC for FY 2020-2021
 Corrigendum The Gujarat State Civil Supplies Corporation Limited, Gandhinagar, Gujrat
By Sandy Mash
GSCSC LTD (A Government of Gujarat Undertaking) invites ‘‘Expression of Interest’’ from reputed and experienced Chartered Accountants / firm in the prescribed formats for appointment of Internal Auditor (Including Pre-Audit) for Audit of GSCSC LTD (Zone wise District Offices including Taluka Godown/Petrol pump/Gas Agenciesand Other unit)As per Scope of Audit for the year 2020-21
 ITAT upholds Re-Assessment Proceedings against Former Indian Cricket Team Captain
By Jude Marg
The Income Tax Appellate Tribunal (ITAT), has recently upheld the proceedings for re-opening of assessment by the income tax department against former Indian Cricket Team Captain Krishnamachari Srikanth.
 Noida Metro Rail Corporation Limited, Uttar Pradesh, India
By Raul N Tiem
This Request for Proposal (RFP) Document (or “Tender”) for “Appointment of Internal Auditor for NMRC” contains brief information about the scope of work and selection process for the Bidder (‘the Consultant” or “the Tenderer” or “the Agency”). The purpose of the Document is to provide the Bidders with information to assist the formulation of their Bidding Documents.
 Housing & Urban Development Corporation Ltd, Jaipur, Rajasthan
By Jude Marg
Housing and Urban Development Corporation Ltd. (HUDCO) is a premier techno financing Government of India listed company in the field of housing and urban development activities.
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Transfer Pricing   RSS Feeds
 ITAT deletes Penalty since Assessee applied Transfer Pricing Provisions with Good faith and Due Diligence
By Raul N Tiem
In a major relief to Tianjin Tianshi India Pvt. Ltd, the Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that the penalty under section 271(1)(c) of the Income Tax Act, 1961 cannot be levied if the transfer pricing provisions under section 92C was handled by the assessee in due diligence without any mala fide intentions.
 Change in transfer pricing regulations to help MNCs
By Jude Marg
The Union budget 2020-21 has proposed to amend the Section 92CB of the Income Tax Act that empowers the Central Board of Direct Taxes to frame safe harbour rules for determination of the arm’s length price. The government has also sought to widen the ambit of Dispute Resolution Panel (DRP).
 National High Speed Rail Corporation Limited, New Delhi, Delhi
By Orion M.
Completed tender documents sealed in an envelope super-scribing the name of work; name and address of the Bidder, shall be submitted at NHSRCL's office at address in Para 1 above before 15.00 hrs. on 10.09.2019.
 Deals of the day-Mergers and acquisitions September 3, 2019
By Andrew F Thomas
Industrial vehicle maker CNH Industrial, said it planned to split its operations in two to create two more focused businesses.
 Transfer pricing documentation due by year-end
By Orion M.
Transfer pricing documentation, required by the State Administration of Taxation (SAT), is due to be submitted by companies that are part of an international group by the end of December.
 Transfer pricing amendments – a step towards certainty
By M. George
The Finance Minister has proposed to provide an option to the taxpayers to make one-time payment of tax including surcharge on the amount of transfer pricing adjustment or part thereof, instead of tax on deemed interest every year in case the taxpayer does not repatriate money from its AE in India.
 key international tax and transfer pricing developments
By Sandy Mash
Following the re-election of the Modi government, this year’s budget was presented by India’s first full-time female Finance Minister, Mrs. Nirmala Sitharaman. The finance minister maintained the theme that it is well within India’s capacity to reach a $5 trillion economy by 2025.
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Customs and Excise   RSS Feeds
 Delhi Customs issues Covid-19 Facilitation Measures: Relaxation in Procedure for Inbonding of Cargo Import under Warehouse Bill of Entry
By Moshe Pras
The Delhi Customs, on Wednesday, issued relaxation in the procedure for Inbonding of Cargo import under Warehouse Bill of Entry as one of the COVID-19 facilitation measures.
 Notification No. 32/2020 CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS
By Raul N Tiem
In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect Taxes and Customs hereby makes the following amendment in the Notification of the Central Board of Indirect Taxes and Customs No.27/2020-CUSTOMS (N.T.), dated 19thMarch, 2020 with effect from 27th March, 2020, namely: -
  Notification No. 07/2020 Central Board of Indirect Taxes and Customs
By Moshe Pras
­In exercise of the powers conferred by section 168 of the Central Goods and Services Tax Act, 2017 (12 of 2017), read with sub-rule (5) of rule 61 of the Central Goods and Services Tax Rules, 2017 (hereafter in this notification referred to as the said rules), the Commissioner, on the recommendations of the Council,
 Notification No. 07/2020 Central Board of Indirect Taxes and Customs
By Sandy Mash
­In exercise of the powers conferred by section 168 of the Central Goods and Services Tax Act, 2017 (12 of 2017), read with sub-rule (5) of rule 61 of the Central Goods and Services Tax Rules, 2017 (hereafter in this notification referred to as the said rules), the Commissioner, on the recommendations of the Council,
 Notification No. 01/2020 Central Board of Indirect Taxes and Customs
By Raul N Tiem
In exercise of the powers conferred by sub-section (2) of section 1 of the Finance (No. 2) Act, 2019 (23 of 2019), the Central Government hereby appoints the 1st day of January, 2020, as the date on which the provisions of section 114 of the Finance (No. 2) Act, 2019 (23 of 2019) shall come into force.
  Notification No.91/2019 Central Board Of Indirect Taxes And Customs
By Sandy Mash
In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Central Board of Indirect Taxes and Customs No.88/2019-CUSTOMS (N.T.), dated 5th December, 2019
 Notification No. 90/2019 Central Board of Indirect Taxes and Customs
By Henry Richards
In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect Taxes & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendments in the notification of the Government of India
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Mergers and Acquisitions   RSS Feeds
 Notification No. 05/2020-Customs (ADD) Ministry Of Finance
By Andrew F Thomas
Whereas, in the matter of import of `Chlorinated Polyvinyl Chloride Resin (CPVC)-whether or not further processed into compound' (hereinafter referred to as the subject goods), falling under heading 3904 of the First Schedule to the Customs Tariff Act, 1975
 Deals of the day-Mergers and acquisitions March 6, 2020
By Orion M.
India laid out a rescue plan for Yes Bank under which State Bank of India will take a 49% stake in the troubled lender, which is struggling with bad loans.
 Deals of the day-Mergers and acquisitions March 2, 2020
By Moshe Pras
The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Monday
 Mint Investment Summit - M&A in India: Challenges and opportunities
By Thomas T. Rucks
Top business minds will from different companies will come together to discuss the challenges and the opportunities for mergers and acquisitions in India. The panelists, to discuss and debate the subject of M&A in India: Challenges and opportunities,
 Record Year 2019: Fintech Deals, Mergers and Acquisitions Study
By Thomas T. Rucks
019 was the most active year for fintech financing, mergers and acquisitions (M&A), and initial public offerings (IPOs), according to a new report by Financial Technology (FT) Partners.
 Deals of the day-Mergers and acquisitions February 28, 2020
By M. George
World No. 1 lock maker Assa Abloy on Thursday gained EU antitrust approval to increase its stake in Swiss door maker agta record after agreeing to sell assets and supply spare parts on fair terms for at least 10 years.
 Deals of the day-Mergers and acquisitions February 4, 2020
By Thomas T. Rucks
Intercontinental Exchange Inc, owner of the New York Stock Exchange, has made an offer to buy eBay Inc in a deal that could value the ecommerce company at more than $30 billion, the Wall Street Journal reported.
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Indirect Tax   RSS Feeds
 Investment tips for those opting for new tax regime
By Henry Richards
The nationwide lockdown over the COVID-19 pandemic shouldn’t ideally distract you from the fact that we are in April that also marks the beginning of the new Financial Year2020-21. In fact, you should utilise this time to plan your tax-saving measures for the current financial year.
 Indirect tax dept issues notices to companies over late input credit claim under GST frame
By M. George
The indirect tax department has issued notices to thousands of companies that had claimed late input tax credit under GST framework and thereby asked them to reverse the transaction. These companies had claimed the input tax credit for fiscal 2018 and 2019 after missing the September deadline.
 E-generated document required for indirect tax notices
By Jude Marg
In a Frequently Asked Questions (FAQs) issued by Institute of Chartered Accountants of India ( ICAI ) Unique Document Identification Number (UDIN) said that, Chartered Accountants ( CA ) are not authorised to certify Income Tax Return (ITR) as True copy.
 FinMin seeks industry inputs on direct, indirect tax changes
By M. George
The finance ministry for the first time has sought suggestions on changes in direct and indirect tax rates from the industry. This comes at a time when a revenue shortfall and consumption slowdown are threatening to upset the government’s finances.
 Govt gives businesses four months to settle indirect tax disputes
By Sandy Mash
Businesses can now settle their pending disputes relating to central excise duty and service tax within four months starting 1 September under the terms notified by the government on Thursday.
 ITR filing becomes easy via new 'e-Filing Lite' portal - 5 things to know Income Tax Return
By Raul N Tiem
Income Tax Return: Income Tax department has made lives easier for the taxpayers by launching 'e-Filing Lite' portal. The portal is meant for the tax payers who find filing of income tax returns (ITR) on their own a complicated and time-taking process.
 No income tax on interest from accident compensation: High Court
By M. George
Forty years after an eight-year-old city boy was left maimed for life in a car accident, the Bombay High Court on Thursday held that income tax should not have been deducted from the interest on the compensation awarded by the court. The ruling was given by a bench of justices Akil Kureshi and S J Kathawalla on a plea by accident victim Rupesh Shah, now 48.
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Various Acts & Rules   RSS Feeds
 Customs Tariff 2009-10 - PART-II - Chapter 98 - Project imports, Laboratory chemicals, passenger's baggage
By Moshe Pras
This Chapter is to be taken to apply to all goods which satisfy the conditions prescribed therein, even though they may be covered by a more specific heading elsewhere in this Schedule.
 Customs Tariff 2009-10 - PART-II - Chapter 97 - Works of art, collectors' pieces and antiques
By Moshe Pras
Unused postage or revenue stamps, postal stationery (stamped paper) or the like of heading 4907
 Customs Tariff 2009-10 - PART-II - Chapter 96 - Miscellaneous manufactured articles
By Thomas T. Rucks
Articles of Chapter 66 (for example, parts of umbrellas or walking-sticks);
 Customs Tariff 2009-10 - PART-II - Chapter 95 - Toys, games and sports requisites; parts and accessories thereof
By Henry Richards
Toys, games and sports requisites; parts and accessories thereof
 Customs Tariff 2009-10 - PART-II - Chapter 94 - Furniture; bedding, mattresses, mattress supports
By Moshe Pras
Furniture; bedding, mattresses, mattress supports, cushions and similar stuffed furnishings; lamps and lighting fittings, not elsewhere specified or included; illuminated signs, illuminated name-plates and the like; prefabricated buildings.
 Customs Tariff 2009-10 - PART-II - Chapter 93 - Arms and ammunition; parts and accessories thereof
By Orion M.
telescopic sights or other optical devices suitable for use with arms, unless mounted on a firearm or presented with the firearm on which they are designed to be mounted (Chapter 90);
 Customs Tariff 2009-10 - PART-II - Chapter 92 - Musical instruments; parts and accessories of such articles
By Jude Marg
parts of general use, as defined in Note 2 to Section XV, of base metal (Section XV), or similar goods of plastics (Chapter 39);
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Department of Companies Affairs   RSS Feeds
 Impose tax on windfall profits of pvt oil cos: CPM tells Govt
 Taxes fuel petrol, diesel prices globally
 Department of Economic Affairs seeks hike in spectrum fee
 Rising yen gives companies the jitters
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