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News Headlines   RSS Feeds
  Income tax (4th Amendment) Rules 2019
By CA Atul Gupta
In exercise of the powers conferred by sub-section (1C) of section 197A 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, namely
 Here are all the changes in ITR form for FY 2019-20 Income Tax return filing
By CA Nilesh Sahu
Income Tax return filing: You have two months left to file income tax returns for FY 2019-20. This means it is important to keep a tab on your investments and be aware of all the changes made by the Income Tax department recently.
 How to fill salary details in ITR-1 for FY 2018-19
By CA S K Verma
ITR-1 is one of the most widely used forms by salaried individuals to file their income tax returns (ITR). The form is now available on the income tax department's e-filing website. Therefore, you can easily file your ITR once your employer gives you Form-16 for FY 2018-19.
 Step-by-step process to file income tax return online ITR filing FY19
By CA Ojas Aggarwal
If you have gathered all the required documents for filing an income tax return then you should not wait for the last date to file the return.
  Order under section 119 of the Income-tax Act, 1961
By CA S K Verma
Order under section 119 of the Income-tax Act. 1961 Section 44AB of the Income-tax Act, 1961 ('the Act') read with rule 6G of the Income-tax Rules, 1962
  Things to keep in mind while filing ITR
By CA Rashmi Sharma
The Income Tax Department has notified new Income-tax Return (ITR) forms for the Financial Year (FY) 2018-19 (A.Y. 2019-20) which contains several additional disclosure requirement compared to previous year’s ITR forms.
 Here's how the new Form 16 will change income tax return filing this year
By CA Ojas Aggarwal
Form 16 is issued annually, by an employer to an employee as a proof of salary paid and taxes deducted on it. It has two parts i.e., Part A and Part B as discussed below.
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Continuing Prof. Edu.   RSS Feeds
  GST Audit & GST Annual Return Recent Development and Judicial Pronouncement on Reopening of cases u/s 147/148 and issues in Assessment of cash deposit Changes in Income Tax Return
By CA Ojas Aggarwal
Place: Patel Nagar CPE Study Circle of NIRC Date: 25-05-2019 – To: 25-05-2019 CPE.Hrs.: 6
 seminar on gst amendments ,gst audit and annual return
By CA Atul Gupta
Place: JALANDHAR BRANCH OF NIRC Date: 24-05-2019 – To: 24-05-2019 CPE.Hrs.: 5
  Discussion on Annual Return GSTR-9 2) Issues related changes in ITR forms for AY 2019-20
By CA S K Verma
Place: South Delhi CA Study Circle of NIRC Date: 21-05-2019 – To: 21-05-2019 CPE.Hrs.: 4
 CPE Events 20th May -25th May 2019
By CA Manu T George
CPE Events 20th May -25th May 2019
 GST Audit & GST Annual Return Recent Development and Judicial Pronouncement on Reopening of cases u/s 147/148 and issues in Assessment of cash deposit Changes in Income Tax Return
By CA Ojas Aggarwal
Place: Patel Nagar CPE Study Circle of NIRC Date: 25-05-2019 – To: 25-05-2019 CPE.Hrs.: 6
  4 CPE Hours Seminar on Annual Return (GSTR – 9) & Annual Audit (GST – 9C)
By CA Atul Gupta
Place: North-Ex C.A. Study Circle of NIRC Date: 22-05-2019 – To: 22-05-2019 CPE.Hrs.: 4
 Seminar on GST Audit AND Implementation of IND-AS in Finalisation of Statutory Audit
By CA Atul Gupta
Place: FARIDABAD BRANCH OF NIRC Date: 18-05-2019 – To: 18-05-2019 CPE.Hrs.: 3
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GST - Goods and Services Tax   RSS Feeds
 Finance commission may not extend GST compensation
By CA Mayank Jain
The 15th Finance Commission is unlikely to heed the request of state governments to extend the period for the goods and services tax (GST) compensation beyond the initial five years, holding that tax buoyancy will take care of the current shortfall in revenue in some states.
 New government should hit the ground running on reforming the GST
By CA Rashmi Sharma
The goods and services tax (GST) will require attention from the new government that comes in later this week. First, GST must improve its coverage.
 GST filing to get simpler! New single tax returns form to be rolled out in July
By CA S K Verma
The buzz is that the simplified monthly GST form approved by the GST Council last year is finally ready and the new format may be rolled out on a pilot basis in July, after the new government is in place
 GST Council extends deadline for realty firms to opt for old GST rate till May 20
By CA Andrew F Thomas
The GST Council Thursday extended by 10 days till May 20 the deadline for realtors to opt for old GST rates with input tax credit for ongoing projects or shift to new lower tax rates.
 Why Integrated GST still remains a grey area under goods and services tax
By CA Nilesh Sahu
This part of the new tax has not still been fully resolved, and many states do not even know how it is being shared between them and the Centre
 Home buyers to pay higher GST on balance payment even if occupancy certificate is issued before April 1
By CA Devender Singh
If a home buyer has booked a flat and the occupancy certificate for it has been issued before April 1, but he still has some payment due towards the purchase, then he will not get the benefit of lower Goods & Services Tax (GST).
 Income tax department defers GST reporting in tax audit report
By CA S K Verma
The income tax department Tuesday deferred for the second time the requirement for companies to include in their tax audit report the details of Goods and Services Tax (GST) and GAAR.
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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
 GST Council may consider national bench of AAAR next month
By CA Nilesh Sahu
The AARs in different states have passed about 470 orders, while AAARs have disposed of around 69 cases till March 2019. The GST Council is likely to consider next month a proposal for setting up a national bench of the Appellate Authority for Advance Ruling (AAAR) to reconcile the contradictory orders on similar issues passed by AARs in different states, a move aimed at providing certainty to taxpayers.
 Non-filing of Income Tax Return can’t be a ground to deny Capital Gain Exemption:a
By CA Devender Singh
The benefit of the capital gain exemption cannot be denied to a taxpayer on the ground that the income tax return is not filed declaring such income, said the Income Tax Appellate Tribunal (ITAT), Bangalore bench.
 Decoding income tax exemptions
By CA S K Verma
EEE means exempt-exempt-exempt and specifies three kinds of exemptions in taxes. “Exempt 1 means an investment qualifies for deduction and a part of the annual income, which is equal to the investment amount, is not taxable. Exempt 2 means the income on investments is exempted.
 Dividends from equities are tax-free for investors
By CA Atul Gupta
We sold a jointly-owned residential flat which was purchased in 1991. The sale agreement, signed March 30, 2019, was registered on April 1, 2019. The buyer has paid almost 80% of the amount in March 2019, before signing on the sale agreement. The balance would be paid this month. My queries are:
  Income Tax officers to fast track disposal of appeal cases
By CA Nilesh Sahu
The income-tax department has said it will undertake expeditious disposal of appeal cases, and look into taxpayer concerns of adjustment of past tax demands with due refunds during the fortnight beginning May 16.
 How can we save capital gains tax on sale of property? My wife and I are senior citizens.
By CA Nilesh Sahu
My wife and I sold a property for Rs 80 lakh in 2018 and made longterm capital gain (LTCG) of Rs 46 lakh. We had purchased two properties with a combined worth of Rs 24 lakh in 2017 and one property worth Rs 21 lakh in 2018. Both of us are senior citizens and my pension is our only source of income. How can we save tax on our capital gain?
 Finance Ministry Says Reports Of Decline In ITR E-Filing For FY19 Are Incorrect
By CA Nilesh Sahu
In a press release on Monday, the Ministry of Finance said that the media reports on reduction in number of Income Tax Returns (ITR) are "factually untrue" as the results pertaining to financial year 2018-19 and 2017-18 are not comparable.
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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
 Clarification on postponement of some of the papers of May 2019 CA Exams
By CA Manu T George
Postponement of Paper on 2nd June 2019 to 4th June 2019 was occasioned by the inability expressed by many exam centres to conduct the exam on that date owing to their holding UPSC exams on that day
 Admit Cards for appearing in May 2019 CA Final / Intermediate/ Intermediate(IPC) Exams
By CA Rashmi Sharma
It may be noted that Page No 2 of the admit card provides for columns for taking acknowledgement of the invigilator, after submission of the answer books, at the exam hall/centre.
 Zone / City - shifting of candidates for MAY - 2019 CA Exams
By CA Manu T George
Due to paucity of accommodation in certain Zones opted by the candidates in the cities of Ahmedabad, Bengaluru, Bhopal, Chennai, Delhi, Hyderabad, Mumbai, Pune and Vadodara some of the candidates have been allotted examinations centres in the zone other than the zone opted by them in the said cities.
 Case Study Development in various Elective Subjects of CA Final Course
By CA Andrew F Thomas
The ICAI, under its New Scheme of Education and Training has introduced Case-Study and Open-Book based Elective subjects at the Final level of CA course. In order to strengthen its pool of case studies, it is inviting case studies from Members, Academicians
 Next Batch of Educational Course by ICAI Registered Valuers Organsiation (ICAI RVO) at Hyderabad, from 04th May to 26th May, 2019
By CA Andrew F Thomas
The ICAI Registered Valuers Organsiation (ICAI RVO) is conducting batch of Educational Course for taking IBBI Registered Valuers Examination for Securities or Financial assets class at Hyderabad from 04th May to 26th May, 2019 on the following dates:
 Examination of Certificate Course on Forex and Treasury Management-Forthcoming Exam centers at Ahmedabad, Bangalore ,Chennai, Hyderabad, Mumbai & Noida on 18th & 19th May 2019
By CA Rashmi Sharma
Kind attention to the members registered for the Certificate Course on Forex and Treasury Management is invited to the next examination of the Course which will be held on 18th and 19th May 2019 (Saturday and Sunday) as per the detail given below
 Certificate Course on Forex and Treasury Management - Forthcoming Batches at Noida, Mumbai & Bengaluru
By CA Mayank Jain
Sealed tenders in prescribed format are invited for Engagement of Internal Auditors for The Orissa Minerals Development Company Ltd. for the Financial Year 2019-20.
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New Forms   RSS Feeds
 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
 Form 60 can help you Don’t have PAN and need to do these important transactions?
By CA Ojas Aggarwal
As per the Income Tax Act, PAN is necessary to be quoted in various documents or transactions. However, in certain cases Form No 60 can also be used. Here's all you need to know.
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ICAI   RSS Feeds
 Annual Improvements to IFRS Standards 2018–2020
By CA Manu T George
The Exposure Draft proposes amendments in the following Standards on below subjects:
 The next ISA AT is scheduled to be held on 29th June 2019 from 9 AM to 1 PM (IST) at 59 Cities.
By CA Rashmi Sharma
Members are hereby informed that the next Information Systems Audit (ISA) Course Assessment Test which is open to the members of the Institute, will be held on 29th June, 2019 (Saturday) from 9.00 AM to 1.00 PM (IST) at the following cities provided that sufficient number of candidates offer themselves to appear there from.
 The Gita Education Society, C/o Kapil Goel Adv F-26/124 Sector 7 Rohini, Delhi-110085 vs. Income Tax Officer, Exemption Ward, Ghaziabad
By CA S K Verma
This is an appeal filed by the assessee against the order dated 28.09.2018 passed by the CIT(A, Ghaziabad. In this appeal filed by the assessee, Ground No. 1 reads as under:-
 Change of Venue in respect of some of the Candidates at Meerut City, in respect of May 2019 Exams
By CA Manu T George
It is hereby informed that due to unavoidable circumstances, the venue of Foundation, Intermediate (IPC), Intermediate and Final Examinations scheduled to be held from 27th May 2019 to 13th June 2019 in respect of some of the candidates at Meerut City is being shifted.
 Indian Accounting Standards (Ind AS): Disclosure Checklist (For Accounting year 2018-19 - Revised May 2019)
By CA Atul Gupta
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.
 Change of Venue in respect of some of the Candidates of Intermediate (IPC) and Final Examinations at Bengaluru City, in respect of May 2019 Exams
By CA Mayank Jain
In partial modification of Important Announcement dated May 14th, 2019, It is hereby informed that due to unavoidable circumstances, the venue of Intermediate (IPC) and Final Examinations scheduled to be held from 27th May 2019 to 13th June 2019 in respect of some of the candidates at Bengaluru City is being shifted.
 Survey for seeking preference for foreign language course from ICAI Members and Students (Last Date Extended to 30th June, 2019)
By CA Atul Gupta
Committee for Export of CA Services & WTO of ICAI is working on the Action Plan for Champion Sector in which promoting foreign language amongst members and students is one of the mandates by Government of India.
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From the Courts   RSS Feeds
 Sanjay Mittra G-25, Green Park, New Delhi vs. DCIT Central Circle-26 New Delhi
By CA Andrew F Thomas
Referred Sections: section 143 (3) of the IT Act, section 271(l)(c), section 292 BB
 Ratan Pal Kein Akhilesh Kumar, Advocate, Chamber No. 206-207, Ansal Satyam, RDC Raj Nagar, Ghaziabad vs. Income Tax Officer Ward 2 (2) Ghaziabad
By CA Nilesh Sahu
Referred Sections: Section 147 of the I.T. Act, Section 153C of the Act Section 148 of the Act., Section 139(1) of the Act, Section 132 of the Act., Section 143(3) of the Act.
 Jhabua Power Investments Ltd. Thapar House, 124 Janpath New Delhi vs. Income Tax Officer Ward 13 (3) New Delhi
By CA Devender Singh
Referred Sections: Section 69C, Section 68 of the Act.
 The Income Tax officer (E), Ward-1(3), E-2 Block, Room No.2419, 24th Floor, Pratyaksh Kar Bhawan, Civic Centre, Jawahar Lal Nehru Marg, New Delhi PIN 110 002. vs. DLF Qutab Elclave Complex Medical Charitable Trust, 9th Floor, DLF Centre, Sansad Marg, New Delhi – 110 001.
By CA Ojas Aggarwal
Referred Sections: Section 2(15) of the I.T. Act. 1961., Section 143(3) of the I.T. Act, Sections 11 and 12 of the I.T. Act, 1961.
 V. K. Kapoor & Associates Pvt. Ltd. 17, Netaji Subhash Marg, Darya Ganj, vs. ITO Ward-26(1) C.R. Building, New Delhi
By CA Atul Gupta
This appeal filed by the assessee is directed against the order dated 12th October, 2018 of the CIT(A)-9, New Delhi for Assessment Year 2007-08.
 Sant Singh Ram Lal 3963-B, Naya Bazar, Delhi. PIN: 110006 vs. ITO Ward-47(1) New Delhi
By CA Mayank Jain
This appeal filed by the assessee is directed against the order dated 30th October, 2018 of the CIT(A)-16, New Delhi for A. Y 2015-16.
 Amendment of Form No 108 of the Income-tax Rules, 1962- Draft notification for inputs from stakeholders and the general public
By CA Manu T George
Section 12A of the Income-tax Act, 1961 (the Act) provides for conditions for applicability of sections 11 and 12 of the Act. One such condition under lause (b) of sub- section (1) thereof is that where the total income of the trust or institution computed
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Auditing   RSS Feeds
 Auditors barred from putting a value on companies they are auditing
By CA S K Verma
An income tax tribunal has barred auditors from issuing valuation certificates to the companies they are auditing. This is set to impact several tax disputes around valuations in companies including angel tax disputes involving start-ups.
 Standard on Internal Audit (SIA) 18, Related Parties
By CA Devender Singh
Standard on Internal Audit (SIA) 18, Related Parties
 Standard on Internal Audit (SIA) 17, Consideration of Laws and Regulations in an Internal Audit
By CA S K Verma
Standard on Internal Audit (SIA) 17, Consideration of Laws and Regulations in an Internal Audit
 Standard on Internal Audit (SIA) 16, Using the Work of an Expert
By CA Ojas Aggarwal
Standard on Internal Audit (SIA) 16, Using the Work of an Expert
 Standard on Internal Audit (SIA) 14, Internal Audit in an Information Technology Environment
By CA Atul Gupta
Standard on Internal Audit (SIA) 14, Internal Audit in an Information Technology Environment
 Standard on Internal Audit (SIA) 13, Enterprise Risk Management
By CA Mayank Jain
Standard on Internal Audit (SIA) 13, Enterprise Risk Management
 Standard on Internal Audit (SIA) 12, Internal Control Evaluation
By CA Manu T George
Standard on Internal Audit (SIA) 12, Internal Control Evaluation
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Latest Circulars   RSS Feeds
 RBI Central Board meets at Chennai
By CA Manu T George
The Reserve Bank of India’s (RBI) Central Board met today in Chennai under the Chairmanship of Shri Shaktikanta Das, Governor, Reserve Bank of India.
 Auction of Government of India Dated Securities May20, 2019
By CA Ojas Aggarwal
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),
 Auction for Sale (re-issue) of Government Stock (GS) 20 May 2019
By CA Atul Gupta
The auction will be conducted by Reserve Bank of India, Mumbai Office, Fort, Mumbai -400 001 on May 24, 2019. Bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system on May 24, 2019.
 RBI- Auction of State Government Securities
By CA Andrew F Thomas
Both competitive and non-competitive bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system on May 21, 2019 (Tuesday).
 Committee on Deepening of Digital Payments Submits its Report to RBI
By CA Nilesh Sahu
The Reserve Bank of India had constituted a High-Level Committee on Deepening of Digital Payments under the Chairmanship of Shri Nandan Nilekani, former Chairman, UIDAI, in January 2019.
  RBI-Conversion of Government of India (GoI)’s Securities
By CA Mayank Jain
The market participants are required to place their bids in e-kuber giving the amount of the source security and the price of the source and destination security expressed up to two decimal places.
 Risk Management System – Appointment of Chief Risk Officer (CRO) for NBFCs
By CA Manu T George
With the increasing role of NBFCs in direct credit intermediation, there is a need for NBFCs to augment risk management practices. While Boards of NBFCs should strive to follow best practices in risk management,
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Forex   RSS Feeds
 Perils of an ad hoc forex policy
By CA Nilesh Sahu
In a speech that he gave last month at the International Monetary Fund, the Reserve Bank of India (RBI) Governor,
 Rupee depreciated by 17 paise to Rs 45.62 a dollar in early trade
By CA Andrew F Thomas
The rupee depreciated by 17 paise to Rs 45.62 a dollar in early trade today following weak domestic equity markets
 Rupee strengthened by 7 paise against dollar
By CA Devender Singh
The rupee strengthened by 7 paise to Rs 45.35 a dollar in early trade today on weakness in the US currency against major world currencies
 Rupee up by 4 paise against dollar in early trade
By CA Nilesh Sahu
The rupee strengthened by 4 paise to Rs 45.48 against the US dollar in early trade at the Interbank Foreign Exchange today
 Rupee falls by 18 paise at 4-week low against dollar
By CA Manu T George
The rupee today fell by 18 paise to trade at a four-week low of Rs 45.54 against the US currency in early trade, weighed down by dollar's gains against the major world currencies
 Rupee drops on weak shares; inflation eyed
By CA Nilesh Sahu
The Indian rupee fell on Friday tracking losses in local shares, which raised worries of foreign investors continuing to pull out funds from Asia's third-largest economy
 Rupee raises 6 paise against dollar in early trade
By CA Rashmi Sharma
The Rupee appreciated by 6 paise to Rs 45.07 a dollar at the Interbank Foreign Exchange market today, boosted by the greenback's weakness against euro and other major currencies
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ITAT-Constitution of Benches   RSS Feeds
 ITAT slams Tax Dept for Negligence in Maintaining Records, says Assessee can’t be Penalized for such Mistakes
By CA Ojas Aggarwal
While granting section 12A registration to a Trust, the Pune bench of the Income Tax Appellate Tribunal ( ITAT ) has criticized the income tax department for its negligence in keeping records.
 Monetary limits for filing/withdrawal of Wealth Tax appeals by the Department before ITAT, HCs and SLPs/appeals before SC through extending the scope of Circular 3 of 2018 -Measures for reducing litigation.?
By CA Devender Singh
Reference is invited to Board's Circular No. 3 of 2018 dated 11.07.2018 (hereinafter, referred to as "the Circular") vide which monetary limits for filing of income tax appeals by the Department before Income Tax Appellate Tribunal, High Courts and SLPs/ appeals before Supreme Court were specified.
 Income Tax Appellate Tribunal, Hyderabad Benches, Hyderabad. Cause List Of Cases Posted Before A-Bench ( Db & Smc ) 14.01.2019 To 18.01.2019
By CA Rashmi Sharma
Income Tax Appellate Tribunal, Hyderabad Benches, Hyderabad. Cause List Of Cases Posted Before A-Bench ( Db & Smc ) 14.01.2019 To 18.01.2019
 Income Tax Appellate Tribunal, Mumbai Benches, Mumbai Consolidated Cause List Of Sal Ma/ Pronouncement For Friday 18.01.2019
By CA Andrew F Thomas
Income Tax Appellate Tribunal, Mumbai Benches, Mumbai Consolidated Cause List Of Sal Ma/ Pronouncement For Friday 18.01.2019
 Income Tax Appellate Tribunal : Kolkata Benches : Kolkata. Sub : Cause List For The Cases Fixed On Friday The 11/01/2019
By CA Manu T George
Income Tax Appellate Tribunal : Kolkata Benches : Kolkata. Sub : Cause List For The Cases Fixed On Friday The 11/01/2019
 Income Tax Appellate Tribunamumbai Benchemumbai Consolidated Cause List Of SA/ Maj Pronouncement For Friday 11.01.2019
By CA Rashmi Sharma
Income Tax Appellate Tribunamumbai Benchemumbai Consolidated Cause List Of SA/ Maj Pronouncement For Friday 11.01.2019
 Income Tax Appellate Tribunal: Chandigarh Benches: Chandigarh Revised Constitution Of Chandigarh Benches From: 17'12.2018 To 21.12.2018 & 24.12.2018 To 28.12.2018,
By CA Andrew F Thomas
Income Tax Appellate Tribunal: Chandigarh Benches: Chandigarh Revised Constitution Of Chandigarh Benches From: 17'12.2018 To 21.12.2018 & 24.12.2018 To 28.12.2018,
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Finance Bills   RSS Feeds
 The Companies (Removal Of Difficulties) Seventh Order - dated 4th Sept 2014 New
By CA Manu T George
Whereas the Companies Act, 2013 (18 of 2013) (hereinafter referred to as the said Act) received the assent of the President on the 29th August, 2013 and section 143 of the Act,
 Finance & Commerce Ministry to discuss draft BIPA model tomorrow
By CA Nilesh Sahu
Officials of the finance and the commerce and industry ministries are scheduled to discuss the issues related to the draft text of the Bilateral Investment Promotion and Protection Agreement (BIPA) tomorrow.
 Union Finance Minister Shri Arun Jaitley said that the revenue targets fixed for Direct Taxes for the current Financial Year 2014-15 would not only be achieved but would also be surpassed
By CA Nilesh Sahu
The Union Finance Minister Shri Arun Jaitley hoped that the revenue targets fixed for Direct Taxes for the current Financial Year 2014-15 would not only be achieved but would also be surpassed.
 Finance ministry may pitch for higher tax exemption on health insurance
By CA Mayank Jain
The finance ministry is likely to pitch for a substantial increase in the income-tax exemption limit for health insurance as part of its plan to deepen insurance coverage. The ministry is examining a proposal that seeks to double the limit to 30,000 from 15,000.
 Finance minister reviews annual performance of public sector banks and financial institutions for 2013-14; calls for tougher action against wilful defaulters; highest ever more than 10,000 new branches opened during 2013-14
By CA Devender Singh
The Union Finance Minister Shri P. Chidambaram said that the last Financial Year 2013-14 was a difficult year even though there was positive movement towards greater stability.
 India Infrastructure Finance Company to raise Rs 7,000 crore through tax-free bonds
By CA Manu T George
State-owned India Infrastructure Finance Company (IIFCL) plans to raise Rs 7,000 crore via a public issue of tax-free bonds in October, according to a senior company official
 Finance Ministry hopes RBI focusses on promoting growth in policy tomorrow
By CA Atul Gupta
Ahead of tomorrow's monetary policy review, the Finance Ministry has expressed the hope that Reserve Bank will focus on promoting growth.
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Placements & Empanelment   RSS Feeds
  40 LPA-Opening Finance Controller for a Premium International Retail Brand.
By CA Mayank Jain
Salary: INR 35,00,000 - 40,00,000 P.A., Industry:Textiles, Garments, Accessories,
 45 LPA-Opening Director Finance | US Accounting | A Leading International Media Housea
By CA Manu T George
Salary: INR 30,00,000 - 45,00,000 P.A., Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:CA
  60 LPA-Opening Multiple Positions: Business Finance
By CA Atul Gupta
Salary: INR 35,00,000 - 60,00,000 P.A., Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:MBA/PGDM - Any Specialization, Finance,
 30 LPA-Opening President- Finance, Accounts & Taxation
By CA Manu T George
Salary: INR 20,00,000 - 30,00,000 P.A. Annual Bonus, Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:CA
 30 LPA-Opening President- Finance, Accounts & Taxation
By CA Manu T George
Salary: INR 20,00,000 - 30,00,000 P.A. Annual Bonus, Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:CA
  60 LPA-Opening Sr.Indirect Tax Professional- Leading Real Estate Company
By CA S K Verma
Salary: INR 50,00,000 - 60,00,000 P.A., Functional Area: Accounts, Finance, Tax, Company Secretary, Audit, PG - CA
 60 LPA-Opening Multiple Positions: Business Finance
By CA Ojas Aggarwal
Salary: INR 35,00,000 - 60,00,000 P.A., Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:MBA/PGDM - Any Specialization, Finance, CA - First Attempt, Second Attempt
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Direct Tax   RSS Feeds
 CBDT wants religious, charitable trusts to be more open about their affairs
By CA Andrew F Thomas
The Central Board of Direct Taxes (CBDT) wants religious and charitable trusts that enjoy tax exemption on their income to be more open about their affairs.
 Few Changes To Note For AY 2019-20 Income Tax Return Filing
By CA Andrew F Thomas
Tax filing season has already begun and the last date for those who are not required to be audited remains July 31, 2019, until any further announcement. While you are getting ready, all the required financials in place here is a quick reckoner in relation to the changes that need to be kept in mind, once you get on to compute your tax liability for the FY 2018-19 or AY 2019-20.
 CBDT wants shell cos ‘revived’ to collect pending taxes
By CA Mayank Jain
Income-tax authorities do not want to let go the revenue dues owed by shell companies that have been deregistered by the Ministry of Corporate Affairs (MCA). But the task is easier said than done, as it would mean the restoration of over 4,000 companies identified by the Central Board of Direct Taxes (CBDT).
 CBDT allows AMCs to directly manage offshore funds out of India
By CA Devender Singh
Fixed deposits are one of the most secure investment options in the country. Most conservative investors with low-risk appetite prefer to invest in FD as it offers guaranteed returns.
 Taxpayers Beware! Specifications in ITR Forms to make it difficult for assessees to stay indifferent
By CA Nilesh Sahu
Due to the lack of awareness or prevailing trends, many tax payers used to skip information needed to fill all the applicable fields of Income Tax Return (ITR) Forms, while filing their tax returns.
 Penalties for Late Filing of Income Tax Returns
By CA Devender Singh
The last date for filing income tax returns (ITR) is July 31, 2019. Unlike previous years, this time the income tax (IT) department may not extend the deadline as strict compliance rules are in force. For taxpayers, this is the right time to sit up and start putting in place documents required in filing ITR.
 CBDT again defers GST Reporting in Tax Audit Report
By CA Ojas Aggarwal
The Central Board of Direct Taxes ( CBDT ) has extended the due date for filing Form 3CD for the second time the requirement for companies to include in their tax audit report the details of Goods and Services Tax (GST) and GAAR.
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Tenders   RSS Feeds
 Kerala Co-operative Milk Marketing Federation Ltd, Kozhikode, Kerala
By CA Devender Singh
Malabar Regional Co-Operative Milk Producers' Union Ltd. (MRCMPU Ltd.) invite Expression of Interest for Internal Audit for the year 2019-20from reputed firm of Chartered Accountants in the various units of MRCMPU Ltd.
 Railtel Corporation Of India Limited, Multi Location
By CA Rashmi Sharma
GGM/Finance acting for and on behalf of The President of India invites E-Tenders against Tender No 464
 Railtel Corporation Of India Limited, Gurgaon, Haryana
By CA Atul Gupta
RailTel Corporation of India Ltd. (RailTel) invites E-tender through IREPS-Portal (Two Packet System), from reputed firms of CAs / Law firms for appointment of Tax consultants to undertake work of Tax Consultancy (Direct Tax as well as indirect tax)
 United Bank Of India, Kolkata
By CA Mayank Jain
United Bank of India invites application from eligible Chartered Accountant firms, desirous to undertake Concurrent Audit, Revenue Audit assignment, for empanelment. The Chartered Accountant firms empanelled with the bank in the year 2017& 2018
 Indian Council Of Agricultural Research, New Delhi
By CA Manu T George
National Agricultural Higher Education Project (NAHEP) of the Indian Council of Agricultural Research (ICAR) is a World Bank Project of 1100 crore invites EOI from qualified and experienced Chartered Accountants to provide support to the PIU of NAHEP in handling financial aspects of project.
 Airports Authority Of India, Guwahati
By CA S K Verma
Notice inviting Technical & Financial bids from Empanelled CA/CMA firms of North Eastern Region (NER) for conducting Internal Audit of Guwahati Airport , Airports Authority of India
  Council Of Scientific And Industrial Research, Dehradun, Uttarakhand
By CA Ojas Aggarwal
Indian Institute of Petroleum, Dehra Dun invites tender from Chartered Accountant/ Cost Accountant Firms for services mentioned in the scope of work for the financial year 2019-20
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Transfer Pricing   RSS Feeds
 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.
 Citing Supreme Court’s Vodafone order, Bombay HC rejects transfer pricing adjustment
By CA Ojas Aggarwal
Relying on the Supreme Court’s verdict in the Vodafone case related to transfer pricing adjustment (TPA), the Bombay High Court upheld the Income Tax Appellate Tribunal (ITAT) ruling that had struck down the adjustments made by the taxman on an Indian company for buying shares in a fully-owned Dubai-based subsidiary on its capital account.
 General Insurance Corporation Of India, Mumbai, Maharashtra
By CA Ojas Aggarwal
This E-Tender document is not an agreement or offer by General Insurance Corporation of India (hereinafter to be referred as GIC Re) to the prospective Bidders or any other party. The purpose of this E-Tender document is to provide interested parties with information to assist the formulation of their Bid.
 Air India Limited, Multi Location, Multi State
By CA Atul Gupta
The information contained in this TENDER or subsequently provided to bidder(s) whether verbally or in documentary or in any other form or on behalf of Air India, is provided to the bidder(s) on the terms and conditions set out in this TENDER and such other terms and conditions subject to which such information is provided.
  Edcil India Limited, New Delhi
By CA Manu T George
Appointment of Chartered Accountant Firm / Practicing Chartered Accountant to undertake work of Internal Audit for its Corporate Office at Noida and its Branch offices at Barakhamba Rd. New Delhi.
 Edcil India Limited, New Delhi
By CA Rashmi Sharma
Appointment of Chartered Accountant Firm / Practicing Chartered Accountant to undertake work of Internal Audit for its Corporate Office at Noida and its Branch offices at Barakhamba Rd. New Delhi.
 Indian tax authority sets new CbC reporting deadline for US subsidiaries
By CA Andrew F Thomas
In India, the 2016 Finance Act introduced a three-tiered transfer pricing documentation regime with a view to aligning the Indian transfer pricing documentation rules with Action 13 of the OECD’s base erosion and profit shifting (BEPS) project.
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Customs and Excise   RSS Feeds
 Notification No.05/2019 - Customs (N.T.) Central Board Of Indirect Taxes And Customs
By CA Manu T George
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.02/2019
 Notification No. 03/2019-Customs (ADD) Ministry of Finance
By CA Nilesh Sahu
Whereas, in the matter of import of ,,Jute Products namely, Jute Yarn/Twine (multiple folded/cabled and single), Hessian fabric, and Jute sacking bags (hereinafter referred to as the subject goods) falling under Tariff Headings 5307, 5310, 5607 or 6305 of the First Schedule to the Customs Tariff Act, 1975
 Notification No.3/2019 - Customs Central Board Of Indirect Taxes And Customs
By CA Manu T George
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.2/2019-CUSTOMS (N.T.), dated 3rd January, 2019
 Notification No. 79/2018 – Central Board of Indirect Taxes and Customs
By CA Ojas Aggarwal
In exercise of the powers conferred by sub-section (1) of section 5 of the Central Goods and Services Tax Act, 2017 (12 of 2017)
 Clarification with respect to amendments to Customs and Central Excise notifications
By CA Andrew F Thomas
EOU/EHTP/STP/BTP schemes are governed by Chapter 6 of Foreign Trade Policy (FTP), duly supported by the relevant Customs and Central Excise otifications. These notifications have now been amended in order to align them with the present Foreign Trade Policy (FTP), 2015-2020,
 Procedure for disposal of un-claimed/un-cleared cargo under section 48 of the Customs Act, 1962, lying with the custodians
By CA Nilesh Sahu
Despite the issuance of many circulars, the feedback relating to disposal of unclaimed/uncleared cargo at all Customs locations has not been fully satisfactory.
 Notification No. 95/2018-CUSTOMS (N.T.)
By CA Ojas Aggarwal
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 Central Excise Act, 1944 (1 of 1944), read with rules 3 and 4 of the Customs and Central Excise Duties Drawback Rules, 2017
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Mergers and Acquisitions   RSS Feeds
 Deals of the day-Mergers and acquisitions MAY 20, 2019
By CA Nilesh Sahu
Amazon has taken a stake in British online food delivery company Deliveroo, leading a million fundraising to pit itself against Uber Eats in the global race to dominate the market for takeaway meals.
 Mergers & Acquisitions in India - Nishith Desai Associates
By CA Mayank Jain
As a firm of specialists, we work with select clients in select verticals. We focus on niche areas in which we provide high expertise, strategic value and are invariably involved in select, very complex, innovative transactions.
 Deals of the day-Mergers and acquisitions May 8, 2019
By CA Ojas Aggarwal
Marathon Petroleum Corp said it would combine its midstream units MPLX LP and Andeavor Logistics LP in a $9 billion deal.
 Deals of the day-Mergers and acquisitions May 6, 2019
By CA Rashmi Sharma
Norway’s Telenor and Malaysia’s Axiata Group are in talks to run a jointly owned telecoms giant in South and Southeast Asia with nearly 300 million customers, looking to slash costs and expand in cut-throat markets.
 Deals of the day-Mergers and acquisitions May 1, 2019
By CA S K Verma
Warren Buffett’s Berkshire Hathaway Inc committed $10 billion to Occidental Petroleum Corp’s $38 billion cash-and-stock bid for Anadarko Petroleum Corp, boosting its chances of snatching a deal from Chevron Corp .
 Deals of the day-Mergers and acquisitions April 18, 2019
By CA Rashmi Sharma
Kenya’s biggest lender by assets KCB Group has offered to buy 100 percent of National Bank of Kenya through a share swap consisting of one KCB share for every 10 of National, KCB said in a letter to National Bank on Thursday.
 Deals of the day-Mergers and acquisitions April 17, 2019
By CA Manu T George
Reliance Industries Ltd is in talks to buy British toy store chain Hamleys, business news website Moneycontrol reported citing multiple sources, as the Indian conglomerate seeks to expand its footprint in the consumer space.
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Indirect Tax   RSS Feeds
 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.
 Urban Development and Housing Department, Chakradharpur, Jharkhand
By CA Devender Singh
Though adequate care has been taken while issuing this RFP, the applicant Chartered Accountant/ Cost Accountant Firm should satisfy himself that the document is complete in all respects. Intimation of any discrepancy shall be given to this office (as mentioned below) immediately.
 National Rural Health Mission, Faridabad - Haryana
By CA S K Verma
The Civil Surgeon Gurugram shall have the authority to cancel the tender process if does not find a suitable tender.
  Govt fails to release exporters’ pending sales tax refund claims
By CA Ojas Aggarwal
Billions of rupees of exporters in DDT and DLTL has been stuck up with the government causing great sufferings to the already burdened exporters who are now at a loss to understand how to make both ends meet and such an alarming situation will ruin the export business of the Value Added Textile Exporters.
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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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