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News Headlines   RSS Feeds
 Income-tax (13th Amendment) Rules, 2019
By CA Atul Gupta
In exercise of the powers conferred by clause (XI) of the proviso to clause (x) of sub-section (2) section 56 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following rules further to amend the Income-tax Rules,1962,
 How you can e-verify your Income Tax Return and get a refund
By CA Nilesh Sahu
If your income tax returns have not been processed yet or you're seeing a delay in getting tax refunds, the reason may be a lack of e-verification
 GSTR-9, GSTR-9C forms simplified deadline extended
By CA S K Verma
The government on Thursday extended due dates for filing of for the financial year 2017-18 (FY18) and 2018-19 (FY19). Taxpayers can now file GSTR-9 and GSTR-9C for the FY18 till December 31, while the deadline for FY19 has been extended till March 31, 2020.
 Income-tax (12th Amendment) Rules, 2019
By CA Andrew F Thomas
In exercise of the powers conferred by section 139A, 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,
 Individuals with more than one house cannot use ITR-1 form to file taxes
By CA S K Verma
As per the tax return forms notified by the income tax authorities for the said FY, individuals who own more than one house property are not eligible to file their tax return using ITR-1 form
 Income tax department admits error in charging late ITR filing fee
By CA Atul Gupta
The income tax department has admitted that there has been an inadvertent error while processing income tax returns (ITR) of partners of firms whose accounts are liable to be audited. The taxman has assured that it will rectify the error on its own and remove the late fee charge.
 How to pre-validate your bank account to get income tax refund Income Tax Return 2019
By CA Nilesh Sahu
If the ITR is processed by the I-T Department but still the tax refund is not credited in the bank account, then it might be possible that the taxpayer has not fulfilled the new requirement.
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Continuing Prof. Edu.   RSS Feeds
 GST Annual Return, GST Audit, Latest Developments and Stress Management
By CA Mayank Jain
Place: Shastri Nagar CPE Study Circle of NIRC of ICAI Date: 16-11-2019 – To: 16-11-2019 CPE.Hrs.: 6
 Discussion On Taxation Laws Ordinance And Critical Issue On GST Audit Return
By CA Manu T George
Place: West Delhi Study Circle of NIRC Date: 15-11-2019 – To: 15-11-2019 CPE.Hrs.: 4
 Assessment and Appeals Under I.Tax and Latest Provision in GST Law & GSTR-9C
By CA S K Verma
Place: Netaji Subhash Place CPE Study Circle of NIRC Date: 12-11-2019 – To: 12-11-2019 CPE.Hrs.: 5
  Important Aspects of E-Assessment 2) M & A- Scheme of Arrangement
By CA Ojas Aggarwal
Place: South Delhi CA Study Circle of NIRC Date: 12-11-2019 – To: 12-11-2019 CPE.Hrs.: 4
 Important Aspects of E-Assessment 2) M & A- Scheme of Arrangement
By CA Nilesh Sahu
Place: South Delhi CA Study Circle of NIRC Date: 12-11-2019 – To: 12-11-2019 CPE.Hrs.: 4
 One day Workshop on Goods and Services Tax (GST)
By CA Devender Singh
Place: Ludhiana Branch Of NIRC Date: 09-11-2019 – To: 09-11-2019 CPE.: 6
  Discussion on Standards on Auditing & E Assessment
By CA Nilesh Sahu
Place: Vikas Marg C.A. Study Circle of NIRC Date: 07-11-2019 – To: 07-11-2019 CPE.Hrs.: 4
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GST - Goods and Services Tax   RSS Feeds
 Businesses to get more time to file GST annual returns
By CA Devender Singh
The government on Thursday extended the due date for filing the Goods and Services Tax (GST) annual return and the audit report for the first two years and simplified the forms to make it easier for businesses to comply with the filings.
 GST taxpayers alert! CBIC is going to use this unique number from Friday, here’s how it will benefit you
By CA Rashmi Sharma
GST Latest Circular: CBIC has made it compulsory to use a unique document identification number (CBIC-DIN) to protect honest taxpayers from any harassment.
 GST only needs simplificationa
By CA Andrew F Thomas
There is a misunderstanding going around that reduced tax collection is because of the defective GST structure. GST is not the cause for the slowdown in tax collection, rather the slowdown is the cause for less tax collection. The truth is that tax collection is never much affected by a complicated tax structure.
 GST: Evasion, returns and revenue boosting measures to feature at officers’ meet Monday
By CA Devender Singh
This will mark a first of its kind interaction between central and state tax officers, delinked from the agenda of the GST Council meeting.
 Court allows taxpayers to avail disputed pre-GST tax credits
By CA Mayank Jain
While this order may be good news for thousands of taxpayers, it could put a substantial dent on the government exchequer An order from the Punjab and Haryana High Court has paved the way for carry forward of CENVAT credit and VAT input credits to the Goods and Services Tax (GST) regime for taxpayers who could not do so due to non-filing or incorrect filing of claims. While this order may be good news for thousands of taxpayers, it could put a dent on the government exchequer.
 Experts suggest Singapore GST model to ensure ease of compliance in India
By CA Manu T George
Citing the Singapore model, experts have suggested the introduction of new user-friendly measures to ensure ease of Goods and Services Tax (GST) compliance in India.
 GST: Why you should check a supplier’s tax payment history; don’t go by the lowest rates offered by him
By CA Ojas Aggarwal
New rules notified on October 9 have restricted input tax credit utilisation by a buyer if the supplier has not uploaded correct details in GSTR1 return. GST: If you are a GST registered business then the lowest rate offered by your supplier may not be the best option for you if your supplier has a history of not depositing the GST tax to the government on time.
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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
 HC asks Tax Dept to permit GST assessees to file for transitional credit
By CA Ojas Aggarwal
The Punjab and Haryana High Court has permitted filing or revising Form TRAN I for transitional credit by November 30, 2019, irrespective of whether the form was filed, incorrectly filed or not filed at all.
 Himachal ready with scheme to settle dues of pre-GST era
By CA Nilesh Sahu
When GST was introduced, the earlier scheme of granting Central excise exemption to the industry had been scrapped. The Department of Industrial Policy and Promotion was supposed to provide budgetary support to eligible units for the residual period by way of GST refund
 Can laid off employees save tax on their severance pay?
By CA Devender Singh
According to the provisions of Rule 21A(1)(c), an individual will be eligible to claim relief under Section 89 in respect of compensation received by him in connection with the termination of his employment.
 Can laid off employees save tax on their severance pay?
By CA Devender Singh
According to the provisions of Rule 21A(1)(c), an individual will be eligible to claim relief under Section 89 in respect of compensation received by him in connection with the termination of his employment.
 Government unlikely to go for income tax cut due to fiscal stress
By CA Rashmi Sharma
According to sources, personal income tax rate cut is difficult at this juncture due to multiple factors like slowdown in economy, lower tax realisation and subdued non-tax mop up.
 Why we need better property tax systems
By CA Andrew F Thomas
Cities are at the heart of economic growth everywhere. However, in developing economies, limited municipal revenues and resources can severely restrict a city’s ability to finance the infrastructure and services necessary for greater economic activity and better well-being for residents.
 The tax matter India must not cede ground on
By CA Andrew F Thomas
This should have been basic logic: MNCs must pay their share of tax in every market where they make a profit. In an interview with Nobel laureates Abhijit Banerjee and Esther Duflo in ToI last Saturday, Banerjee stated, “You can’t have all the production of India being attributed to the Maldives. You have to somehow think of ways to declare income where it is produced, some value added share or something. But you can’t just say that we will assign it anywhere.” He was responding to a query on how high tax rates drive people (and businesses) to move to countries that attract lower tax rates.
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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
 Registration for Practical Training Assessments on December 8 and 29, 2019
By CA Devender Singh
The next practical training assessments are being scheduled on December 8 and 29, 2019. The students who have completed their 1st/ 2nd year of practical training during January 1 – September 30, 2019 are eligible to appear in these tests.
  No Postponement of CA November 2019 Exams
By 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
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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
 In case if some Certificates are signed by one Partner while others are signed by another Partner, whether different UDIN is required for each such Partner?
By CA Andrew F Thomas
UDIN has to be taken per Assignment per Signatory. Bank Branch Audit per Branch is one assignment and hence one UDIN for all certificates is enough.
 While conducting Bank Audit, whether separate UDIN has to be taken for all Certificates as there are bulk of certificates to be signed?
By CA Nilesh Sahu
However, care should be taken that a list of all certificates bearing same UDIN should be compiled and handed over to management under a covering letter so that the UDIN generated cannot be misused by affixing on any other certificate which has not been signed by you.
  CA EXAMS - Important Announcement
By CA Devender Singh
In partial modification of the Institute’s Notification No. 13-CA(Exam)/N/2019 dated 16th August, 2019, it is notified that the Foundation, Paper 1, Final Examination {Old as well as New Scheme}, Paper 5, IRM, Paper 1, INTT – AT, Paper 1, Intermediate / Intermediate
 Change of Venue in Lucknow City (Uttar Pradesh), in respect of November 2019 Exams
By CA Atul Gupta
It is hereby informed that due to unavoidable circumstances, the venue of Foundation Examination scheduled on 15th November 2019 (Friday) in respect of the some candidates at Lucknow City (Uttar Pradesh) is being shifted.
 ICAI Invites Applications for the Post of Secretary
By CA Manu T George
The Institute of Chartered Accountants of India (ICAI) is a statutory body established for regulation of the profession of Chartered Accountants in India. ICAI, the second largest accounting body in the world, is looking for a high profile and multi-faceted personality with proven leadership qualities, excellent communication, administrative, interpersonal and motivational skills for the position of Secretary. This is an EXCELLENT opportunity for a high calibre professional to join a world class accounting organisation and make an impact at the national and international level.
 Change of Venue in Beawar City (Rajasthan), in respect of November 2019 Exams
By CA Devender Singh
All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form, or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior permission, in writing, from the publisher.
 IMPORTANT ANNOUNCEMENT
By CA S K Verma
In view of the reports gathered through electronic media about closure of school and colleges at various parts of the country, ALL EXAMINATIONS of the ICAI namely Foundation Paper 1, Final Paper 5,
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From the Courts   RSS Feeds
 Commissioner Of Central Excise And Service Tax Ltu, Delhi Vs. Nangalamal Sugar Complexa
By CA Nilesh Sahu
This appeal, at the instance of the Revenue and preferred under Section 35H of the Central Excise Act, 1944 (hereinafter referred to as "the Act") impugns Final Order, dated 24th November, 2016
 M/s One Up Trade Net Works Pvt Ltd Vs. Commissioner Of Delhi Value Added Tax Department Of Trade & Taxes
By CA Devender Singh
Counsel appearing for the petitioner submitted that the present writ petition has been filed seeking refund of Rs.74,32,421/- alongwith interest under Delhi Value Added Tax Act, 2004
 M/s. Vatsal Hotels Pvt. Ltd., B-173, Yamuna Sports Complex, Delhi. Vs. D.C.I.T., Circle 26(1), New Delhi.
By CA S K Verma
Referred Sections: Section 143(3) of the Income Tax Act, 1961, Section 68 of the Act., Section 133(6) of the Act, Section Rule 46A of Income Tax Rules, 1962
 Smt. Upma Shukla L.R. of Shri Vikas Shukla, Proprietor UVSS Engineers, House No.731, Sector-9A, Gurgaon. Vs. The Income Tax Officer, Ward-2(2), HSIIDC Building, Vanijaya Nikunj, 5th Floor, Udyog Vihar, Phase-V, Gurgaon.
By CA Ojas Aggarwal
Referred Sections: Section 69 of the Act., Section 2(47) of the Income Tax Act, 1961, Section 50C of the Act
 Mahanagar Telephone Nigam Ltd., 5th Floor, 9, CGO Complex, Lodhi Road, New Delhi Vs. DCIT, Large Taxpayer Unit, Circle – 1, NBCC Plaza, Pushp Vihar New Delhi.
By CA S K Verma
This Miscellaneous Application is filed by the assessee in respect of order dated 12.06.2019 under section 254(2) of the Income Tax Act, 1961.
 Ratna Commercial Enterprises Pvt. Ltd., 4th Floor, Punjabi Bhawan, 10, House Avenue, New Delhi. Vs. Addl. CIT, Range-15, New Delhi.
By CA Ojas Aggarwal
Referred Sections: Section 115JB of the IT Act, Section 36(i)(vii) r.w.s. 36(2) of the IT Act, Section 2(vi), Section 143(1) of the Income Tax Act, Section 36(2), Section 37(1 )/28 of the Act. Section 14A
 Neeraj Malik SE-116, Shastri Nagar Ghaziabad vs. ITO Ward – 1 (4) Ghaziabad
By CA Manu T George
This appeal filed by the assessee is directed against the order dated 28.09.2016 of the CIT(A), Ghaziabad relating to A.Y. 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
 Notification No. 82/2019-Customs Ministry Of Finance
By CA Rashmi Sharma
In exercise of the powers conferred by sub-section (2) of section 75 of the Customs Act, 1962 (52 of 1962) and sub-section (2) of section 37 of the entral Excise Act, 1944 (1 of 1944), read with rules 3 and 4 of the Customs and Central Excise Duties Drawback Rules, 2017
 Withdrawal of exemptions granted to Housing Finance Institutions
By CA Rashmi Sharma
Housing Finance Institutions as defined under Clause (d) of Section 2 of the National Housing Bank Act, 1987 are currently exempt from the provisions of Chapter IIIB of Reserve Bank of India Act, 1934. On a review, it has been decided to withdraw these exemptions and make the provisions of Chapter IIIB except Section 45-IA of Reserve Bank of India Act, 1934, applicable to them.
 Auction of Government of India Dated Securities November 11, 2019
By CA Andrew F Thomas
The auction will be price based using multiple price method. The Reserve Bank of India at Mumbai will conduct the auctions. The salient features of the auctions and the terms and conditions governing the issue of the Stocks are given in the notifications (copies enclosed), which should be read along with the General Notification F.No.4(2)–W&M/2018, dated March 27, 2018 issued by Government of India.
 Technical Specifications for all participants of the Account Aggregator (AA) ecosystem
By CA Nilesh Sahu
The NBFC-AA consolidates financial information of a customer held with different financial entities, spread across financial sector regulators adopting different IT systems and interfaces. In order to ensure that such movement of data is secured, duly authorised, smooth and seamless, it has been decided to put in place a set of core technical specifications for the participants of the AA ecosystem.
 Formation of new districts in the State of Mizoram – Assignment of Lead Bank Responsibility
By CA Devender Singh
The Government of Mizoram vide Gazette Notification No.A.60011/21/95-GAD/Pt dated September 12, 2008 had notified the formation of three new districts in the State of Mizoram followed by related notifications dated July 4, 2019 and August 9, 2019.
 15 LPA-Opening Urgent Requirement - Audit Managera
By CA Rashmi Sharma
Salary INR: 8,00,000 - 15,00,000 P.A., Functional Area: ccounts, Finance, Tax, Company Secretary, Audit
 Notification No.81/2019 Central Board Of Indirect Taxes And Customs
By CA Andrew F Thomas
In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Central Board of Indirect Taxes and Customs No.76/2019-CUSTOMS (N.T.), dated 17th October, 2019
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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
 Income Tax Dept withdraws 969 Appeals from High Courts, ITAT in Andhra Pradesh and Telangana Read more at: https://www.taxscan.in/income-tax-dept-withdraws-969-appeals-high-courts-itat-andhra-pradesh-telangana/39302/
By CA Atul Gupta
The Income Tax Department of Andhra Pradesh and Telangana has withdrawn 969 appeals from Telangana, Andhra Pradesh High Courts and Income Tax Appellate Tribunals (ITAT).
 ITAT slams Tax Dept for Negligence in Maintaining Records, says Assessee can’t be Penalized for such Mistakes
By 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
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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
 18 LPA-Opening Chartered Accountant Needed Urgently
By CA Atul Gupta
Salary INR: 9,00,000 - 18,00,000 P.A., Functional AreaAccounts, Finance, Tax, Company Secretary, Audit,
 14 LPA-Opening For Chartered Accountant Profile in Leading Industry
By CA Mayank Jain
Salary INR: 6,50,000 - 14,00,000 P.A., Functional Area: Accounts, Finance, Tax, Company Secretary, Audit, PG : CA in CA
  12 LPA-Opening Chartered Accountant
By CA Andrew F Thomas
Salary INR: 8,00,000 - 12,00,000 P.A., Functional Area: Accounts, Finance, Tax, Company Secretary, Audit
 13 LPA-Opening Chartered Accountant(indian Accounting System)
By CA Devender Singh
Salary INR: 8,00,000 - 13,00,000 P.A., Functional Area: Accounts, Finance, Tax, Company Secretary, Audit,
 25 LPA-Opening Chartered Accountant For Leading Food Industrya
By CA S K Verma
Salary INR: 22,50,000 - 25,00,000 P.A., Functional AreaAccounts, Finance, Tax, Company Secretary, Audit, PG :CA in CA
  Indira Gandhi Institute Of Development Research, Mumbai, Maharashtra
By CA S K Verma
Should this EoI be accepted, I/We hereby agree to abide by and fulfill the terms and provisions of the said Conditions of Contract annexed hereto so far as they may be applicable or in default thereof to forfeit the EMD and pay to the IGIDR the amount mentioned in the said Conditions.
 15 LPA-Opening Chartered Accountant: N Delhi
By CA Rashmi Sharma
Salary INR: 9,00,000 - 15,00,000 P.A., Functional AreaAccounts, Finance, Tax, Company Secretary, Audit,
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Direct Tax   RSS Feeds
 CBDT apprises CEC of I-T action against Lavasa family
By CA Manu T George
The CBDT has recently written to CEC Sunil Arora with details on the alleged income tax evasions by Lavasa’s family members. IT notices have been issued to Lavasa’s wife and son.
 No ITR processing, refunds till you verify it. Here's how to do it Income tax
By CA Rashmi Sharma
If you have been wondering why your income tax return (ITR) has not been processed yet or why there has been a delay in getting tax refund, first check whether you have e-verified your ITR. Although when you file your ITR on the income tax department's e-filing portal the taxman receives it, but the Central Processing Centre (CPC) starts processing it only when the ITR is e-verified.
 No ITR processing, refunds till you verify it. Here's how to do it Income tax
By CA Andrew F Thomas
If you have been wondering why your income tax return (ITR) has not been processed yet or why there has been a delay in getting tax refund, first check whether you have e-verified your ITR. Although when you file your ITR on the income tax department's e-filing portal the taxman receives it, but the Central Processing Centre (CPC) starts processing it only when the ITR is e-verified.
 FinMin seeks suggestions for rationalising income tax, other duties Budget 2020
By CA Rashmi Sharma
While the ministry holds pre-budget consultations with representatives of different sectors and stakeholders, the Department of Revenue in the finance ministry perhaps for the first time put out circular seeking suggestions for changes in income
 Make full disclosures and preserve records of financial transactions Tax returns
By CA Mayank Jain
Taxpayers should go through the income tax website and familiarise themselves with the various services available Management of tax has always been a complicated process, often ungraspable even by the best of minds. Further, factors such as increased use of technology, automation and cross-linking of information already available with the tax authorities have made it necessary for taxpayers to reconsider how they manage their financial information, so they can smartly manage their own tax affairs. Here are some tips that can help in tax management and prepare taxpayers better for the future.
 Notification NO. 85/2019 Central Board Of Direct Taxes
By CA Nilesh Sahu
In the notification of the Government of India, Ministry of Finance, Department of Revenue (Central Board of Direct Taxes), published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section(ii), vide number S.O. 3264(E), dated the 12th September, 2019, in the English version, at,-5691 GI/2019
 Income Tax Department to launch instant PAN feature online
By CA S K Verma
The ePAN service will be available free of cost and 'on a near to real time' basis The Income Tax (I-T) Department will soon begin issuing permanent account numbers (PAN) online using details from the Aadhaar database, reports The Times of India.
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Tenders   RSS Feeds
 Institute Of Chartered Accountants Of India, Indraprastha Marg, New Delhi
By CA Ojas Aggarwal
ICAI invites proposals from reputed and well experienced Portfolio and Investment Advisors meeting the eligibility criteria for appointment of Portfolio and Investment Advisor for the investment of its surplus funds. The last date of receipt of duly filled in proposal is 29th November 2019.
  National Centre For Antarctic And Ocean Research, Vasco Da Gama, Goaa
By CA Atul Gupta
Sealed quotations are invited for engagement of reputed chartered accountant firm for preparation of Annual Accounts, conduct of Internal Audit and performing various regulatory works as mentioned in the attached list (Annexure E ­ Scope of work and other terms and conditions).
 National Centre For Antarctic And Ocean Research, Vasco Da Gama, Goaa
By CA Mayank Jain
Sealed quotations are invited for engagement of reputed chartered accountant firm for preparation of Annual Accounts, conduct of Internal Audit and performing various regulatory works as mentioned in the attached list (Annexure E ­ Scope of work and other terms and conditions).
 Rajasthan Housing Board, Jaisalmer, Rajasthan
By CA Mayank Jain
Expression of interest is invited from competent Chartered Accountants/Firms for empanelment with Rajasthan Housing Board for the RERA Registration/ Compliance/ Litigation/ Representation of the Ongoing/ New Real Estate Projects of the Board in various cities of the State of Rajasthan for the period of one year.
 Meghalaya Basin Management Agency, Shillong, Meghalaya
By CA Manu T George
Meghalaya Basin Management Agency (MBMA) invites Expression of Interest for the following assignment Engagement of an Internal Auditor for Meghalaya Community Led Landscape Management Project under MBMA
  Brahmaputra Valley Fertilizer Corporation Limited, Dibrugarh, Assam
By CA Devender Singh
Please Note That This "Request For Quotation [Rfq]" Is On "Zero-Deviation" Basis. Bcpl Will Accept Offers Based On Terms And Conditions Of This "Request For Quotation [Rfq] & Tender Document" Only. Deviation To Terms And Conditions Of "Request For Quotation [Rfq] & Tender Document" May Lead To Rejection Of Offer.
  Indira Gandhi Institute Of Development Research, Mumbai, Maharashtra
By CA Manu T George
With respect to your above mentioned call for EoI, I / We hereby submit my / our EoI in the required format along with Company Profile and supporting documents. Should this EoI be accepted, I/We hereby agree to abide by and fulfill the terms and provisions of the said Conditions of Contract annexed hereto so far as they may be applicable or in default thereof to forfeit the EMD and pay to the IGIDR the amount mentioned in the said Conditions.
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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. 77/2019- Customs Ministry Of Finance
By CA Mayank Jain
In exercise of the powers conferred by clauses (b) and (c) of sub-section (1) of section 7 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect taxes and Customs hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 63/1994-Customs
 Notification No. 78/2019 Central Board Of Direct Taxes
By CA Rashmi Sharma
In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, `Kerala Bamboo, Kattuvalli and Pandanus Leaf Workers' Welfare Fund Board' (PAN AAAJK1244Q), a Boardconstituted by the Government of Kerala, in respect of the following specified income arising to that Board, namely
  Notification No. 74 /2019 Central Board of Indirect Taxes and Customs
By 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,
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Mergers and Acquisitions   RSS Feeds
 India to see M&A deals worth $52 bn in 2019
By CA Rashmi Sharma
A new report by Baker McKenzie has predicted India M&A to remain stable in the next few years, with private investments reviving against the backdrop of a more favourable business environment, despite global headwinds. IPOs' proceeds is forecaste...
 Mergers and acquisitions: India M&A deals seen at $52.1 billion in 2019
By CA Andrew F Thomas
Highly notable was Canada's Brookfield Infrastructure Partners' $3.66 billion investment to acquire Reliance Industries' Reliance Jio lnfratel unit. Announced in July, the acquisition was touted as the single biggest private equity deal in India.
 Cash crunch to force more mergers and acquisitions in India, Axis says
By CA Andrew F Thomas
As funding situation erodes, founders are selling businesses to deleverage, or are raising equity to gain an edge over competitors, Axis Capital says.
 CCI Introduces "Green Channel" Clearance for Mergers & Acquisitions(M&A)
By CA Nilesh Sahu
The Competition Commission of India ('CCI') is the concerned organization patronizing and fostering the importance of competition in the markets, safeguarding the interests of consumers and ensures that freedom of trade is carried on by the participants.
 Deals of the day-Mergers and acquisitions October 17, 2019
By CA Andrew F Thomas
Balkan telecoms and media company United Group B.V. is in discussions to acquire Bulgaria’s leading telecoms operator Vivacom, which went up for sale in July this year, two sources familiar with the matter said.
 Mergers and Acquisitions in India at lifetime high in 2018; Walmart-Flipkart deal largest in a decade
By CA Nilesh Sahu
Mergers and Acquisitions value in India soared in the last year 2018 with a total deal value reaching a lifetime high of $95.4 billion, driven mainly by multi-billion-dollar transactions including Walmart-Flipkart, Vodafone-Idea, ONGC-HPCL, and Tata Steel-Bhushan Steel. These four deals contributed 41 per cent of total deal value for 2018,
 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.
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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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