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News Headlines   RSS Feeds
 Notification No.93/2018 - Customs (N.T.) Central Board Of Indirect Taxes And Customs
By CA Mayank Jain
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.90/2018-CUSTOMS (N.T.)
 Now don’t forget to file your income tax return Paid TDS?
By CA S K Verma
With the amendments in the law, it is advisable for taxpayers earning income from India to file their tax returns. Not filing a return will leave taxpayer in an incredibly vulnerable position.
 National Financial Reporting Authority Rules, 2018
By CA Ojas Aggarwal
Classes of companies and bodies corporate governed by the Authority.- (1) The Authority shall have power to monitor and enforce compliance with accounting standards and auditing standards, oversee the quality of service under sub-section
 Jindal Metal Co. Vs. Principal Commissioner Of Income Tax, Delhi-21
By CA Andrew F Thomas
The writ petitioner challenges a revisional order dated 22.05.2017 of the Commissioner of Income Tax ("CIT" hereafter) which upheld the reassessment order of the Assessment Officer (AO) made for the assessment year (AY) 2008-09.
 Goods And Service Tax (Gst) Concept & Status As On 1st November, 2018
By CA Nilesh Sahu
The uniform system of taxation, which, with a few exceptions of no great consequence, takes place in all the different parts of the United Kingdom of Great Britain, leaves the interior commerce of the country, the inland and coasting trade, almost entirely free.
 Notification No. 91 /2018-Customs (N.T.) Central Board of Indirect Taxes and Customs
By CA Nilesh Sahu
In exercise of powers conferred by clause (a) of section 152 of the Customs Act, 1962 (52 of 1962), the Central Government hereby directs that the powers exercisable by the Central Board of Indirect Taxes and Customs under sub-section (1) of section 5 of the Customs Act, 1962,
 Top 5 must-knows for education loan tax deduction
By CA S K Verma
Education plays a crucial role in the economic development of all societies. While there is a universal acknowledgement to the need for public funding of primary and secondary education, public funding of higher education in a developing country like India is not feasible.
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Continuing Prof. Edu.   RSS Feeds
 GST-Audit & Accounts
By CA Atul Gupta
Place: Pusa Road CPE Study Circle of NIRC Date: 26-11-2018 – To: 26-11-2018 CPE.Hrs.: 4
  GST Annual Return, Reconciliation And Audit
By CA Mayank Jain
Place: Delhi Gate CPE Study Circle of NIRC Date: 24-11-2018 – To: 24-11-2018 CPE.Hrs.: 3
 GST Audit & Annual Return
By CA Mayank Jain
Place: Rohini CPE Study Circle of NIRC Date: 23-11-2018 – To: 23-11-2018 CPE.Hrs.: 4
 GST Annual Return, Reconciliation And Audit
By CA Manu T George
Place: Delhi Gate CPE Study Circle of NIRC Date: 24-11-2018 – To: 24-11-2018 CPE.Hrs.: 3
 Internal Audit of Sales,Internal Audit of Recovery,Key Audit Matters: New Reporting Requirement for Listed Companies
By CA Atul Gupta
Place: Alaknanda and Greater Kailash Study Circle of NIRC Date: 17-11-2018 – To: 17-11-2018 CPE.Hrs.: 3
 Income Tax & Company Law
By CA Mayank Jain
Place: East Delhi CPE Study Circle of NIRC Date: 14-11-2018 – To: 14-11-2018 CPE.Hrs.: 5
 CPE Events 12th October - 17th November 2018
By CA Nilesh Sahu
CPE Events 12th October - 17th November 2018
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GST - Goods and Services Tax   RSS Feeds
 Goods can be impounded for lapses under GST, says Kerala High Court
By CA Devender Singh
Authorities impounded a car being sent by a dealer from Puducherry to Thiruvananthapuram for personal use of his customer without an e-way bill. It has to be generated if goods worth more than Rs 50,000 are transported, but is not applicable on goods for personal consumption. The matter went to the Kerala high court.
 Over 2 lakh assessees who migrated from VAT regime opt out of GST net
By CA Andrew F Thomas
Over 2 lakh assessees have opted out of the Goods and Services Tax (GST) registration as their turnover is below the prescribed threshold. This will benefit both the taxpayers and the GST Network, the IT back-bone of the new indirect tax regime.
 Here's how govt can still meet fiscal deficit target despite GST shortfall
By CA Nilesh Sahu
Crossing Rs 1 trillion, the goods and services tax (GST) collected in October brought cheer to the government. But a closer look at this financial year reveals that the trillion mark was touched only twice in seven months.
 GST a monumental reform, hit growth only for 2 quarters
By CA Atul Gupta
The GST implementation was a "monumental reform" which had disruptionist impact on growth only for two quarters, Finance Minister Arun Jaitley said Sunday, hitting out at "critics and cynics" who blame it for hurting the GDP expansion.
  Mechanism of Audit by Tax Authorities under GST Laws
By CA Rashmi Sharma
With GST laws being enforce for over a year and teething technical issues having been resolved to a large extent; the authorities may in the coming months choose to undertake greater scrutiny in the working of any registered person. Audit is one such mechanism through which a Commissioner or any person authorized by him (hereinafter referred to as ‘proper officer’) may look to deep dive in the books of accounts, workings of GST calculations and input credits of any registered person.
 How GST and demonetisation impacted govt finances
By CA Devender Singh
Tax collections from goods and services tax (GST) have been underwhelming, and the government is set to miss this year’s fiscal deficit target
 GST Council meet today to consider simplified tax returns
By CA Andrew F Thomas
The 27th meeting of the GST Council will take place today to consider the introduction of simplified tax return form, incentives for digital payments and a proposal to convert GST Network into a government company.
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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
 Interim budget may include income tax announcements, says report
By CA Andrew F Thomas
The upcoming interim budget that will come before the Lok Sabha elections, could include new tax proposals, reported Business Standard, citing sources.
 All you need to know about tax benefits for senior, super senior citizens
By CA Nilesh Sahu
Income tax laws in India have been framed so as to provide senior citizens with the maximum possible income tax benefits. Some significant benefits available to senior citizens (above 60 years of age) and super senior citizens (above 80 years of age) have been discussed in this article.
 Where to invest money for the short term
By CA Ojas Aggarwal
If you are looking to reduce risk and avoid volatility, but want to park money in options other than the savings bank, pick from the following.
 Statistics ministry seeks GST data to improve national accounts
By CA Rashmi Sharma
The statistics ministry has sought quarterly goods and services tax (GST) data and information on tax paying units to improve the quality of both National Accounts Statistics and state-level accounts.
 Country of residence may tax you on global income
By CA Nilesh Sahu
To identify whether your income will be taxed in India, you must consider two aspects—what is your residential status for the financial year and whether your income was earned in India. To be a resident of India for tax purposes, you must meet any of the following conditions and both the additional conditions:
 Country of residence may tax you on global income
By CA Nilesh Sahu
To identify whether your income will be taxed in India, you must consider two aspects—what is your residential status for the financial year and whether your income was earned in India. To be a resident of India for tax purposes, you must meet any of the following conditions and both the additional conditions:
 SC denies income tax exemption to local authority
By CA Devender Singh
In a ruling that will have a significant implication on local authorities set up under state legislations, the Supreme Court has held that they are not eligible for income tax exemption, overruling a Rajasthan High Court order.
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Corporate Law   RSS Feeds
 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,
 Case Laws Relating To E-Way Bill
By CA Manu T George
The implementation of e-way bill has caused more delay because of the improvements to be done in the portal system. The Central Government has announced that the e-way bill system would be applicable for the inter-State transactions with effect from 01.02.2018 and the States would implement the e-way bill system for intra-State transactions by 1st June, 2018.
  Are we maintaining documents and records as required under GST Laws?
By CA S K Verma
By this time every tax professional is aware that GST is mainly following various kinds of compliances like filing of returns, e-way bills, etc.
 Are we maintaining documents and records as required under GST Laws?
By CA Mayank Jain
By this time every tax professional is aware that GST is mainly following various kinds of compliances like filing of returns, e-way bills, etc.
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Students   RSS Feeds
 Change in Examination Venue in Doha (Qatar), November 2018 Examinations
By CA Ojas Aggarwal
Due to unavoidable circumstances, all the candidates initially allocated to Embassy of India Villa Nos. 86 & 90, Street No. 941, AL Eithra Street, Zone 63, Onaiza, DOHA (QATAR) have been re-allocated to Birla Public School W.L.L, P.O Box – 24686, Building No. 160, Plot No. 78, Zone No. / Area No. 56, Street No. 1011, Street Name : Kanis, Sub – Area Name: Mesaimeer, Opposite Religious Complex, Abu Hamour, Doha (Qatar).
 Registrations open for practical training Assessment scheduled on October 21, 2018 and December 2, 2018.
By CA Mayank Jain
Whereas, sub-section (1) of section 48 of the Prohibition of Benami Property Transactions Act,1988 (45 of 1988)(hereafter referred to as the said Act) provides that a person preferring an appeal to the Appellate Tribunal under said Act may either appear in person or take the assistance of an authorised representative of his choice to present his case before the Appellate Tribunal; sub-section
 Zone / City - Shifting of Candidates for November - 2018 CA Exams
By CA Rashmi Sharma
Due to paucity of accommodation in certain Zones opted by the candidates in the cities of Ahmedabad, Bhopal, Chennai, Delhi, Hyderabad, Indore 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. In view of this, it is not possible to accede to the requests of the candidates for transfer to an examination centre in a particular zone of the city opted by them.
 ICAI to launch ‘Optional Online Articles Placement Portal’ for CA Students
By CA Atul Gupta
The Institute of Chartered Accountants of India ( ICAI ) has decided to launch an Optional Online Articles Placement Portal, to assist the eligible Chartered Accountants students in getting placement in CA firms for articles training as well facilitate the CA firms.
 Applicable Study Material for May, 2019 Exams - New Scheme Foundation, Intermediate and Final Course
By CA Atul Gupta
Applicable Study Material for May, 2019 Exams - New Scheme Foundation, Intermediate and Final Course
 Revised Programme Structure of B.Com. (Accountancy and Finance) of IGNOU
By CA Rashmi Sharma
As approved by the Academic Council's Standing Committee meeting held on 20th December, 2010 of Indira Gandhi Open University (IGNOU), it is decided to exclude
 Structure of Practical Training Assessment
By CA Andrew F Thomas
The students after completing their 1st/ 2nd year of practical training in a particular quarter of a year would be eligible to register for the practical training assessment test in the subsequent quarter. The first test for both the category of students will be on September 23, 2018.
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New Forms   RSS Feeds
 Income Tax: No provisions in I-T Act for revision in Form 15H, 15G
By CA Ojas Aggarwal
The different types of ITR forms released are based on various sources of income earned. I submitted Form 15H in the bank in April 2018 by mistake. The bank is saying it is unable to reverse/delete Form 15H from my account. How can I rectify the mistake?
 Penalty on late filing of ITR and other tax changes effective from Apr 1
By CA Nilesh Sahu
Several major income tax changes will come into effect from the start of the new financial year, i.e., April 1, 2018. These include penalty on late filing of income tax returns (ITR),
 How to view, download your Form 26AS and why it is important
By CA Andrew F Thomas
Form 26AS, also known as Annual Statement, is a document that provides details of TDS, refunds associated with a PAN in a particular financial year
 E-Way Bill Mandatory From 01.02.2018
By CA Rashmi Sharma
Rule 138 of the Central Goods and Service Tax Rules, 2017 deals with the e-way bill which came into effect from 01.07.2017. But no rule has been framed at that time.
 FORM GSTR-3B v/s FORM GSTR-1
By CA Nilesh Sahu
The common errors while submitting FORM GSTR-3B and the steps needed to be taken to rectify the same in FORM GSTR-1 are provided in the table annexed herewith. The corresponding column in the table provides the steps to be followed by taxpayer to rectify such error:
 Form GSTR-3B of GST - Boon or Curse
By CA Atul Gupta
Form GSTR--3B is summary return inserted by Government vide Rule 61 of the CGST Rules,2017 in lieu of Form –GSTR-3 . It is a summary return in place of GSTR-3.
  Extension of time limit for submitting the declaration in FORM GST TRAN-1 under rule 117 of the Central Goods and Services Tax Rules, 2017
By CA Ojas Aggarwal
In exercise of the powers conferred by rule 117 of the Central Goods and Services Tax Rules, 2017 read with section 168 of the Central Goods and Services Tax Act, 2017
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ICAI   RSS Feeds
 Summary of the Notification dated 2nd November,2018 regarding Provisions of The Companies (Amendment) Ordinance 2018
By CA Mayank Jain
Summary of the Notification dated 2nd November,2018 regarding Provisions of The Companies (Amendment) Ordinance 2018
 7 Days' Residential Programme on Professional Skills Development on 16th to 22nd December at Hyderabad
By CA S K Verma
The Programme is aimed to equip and upscale the skill sets of Chartered Accountants. The programme, among others, would lay focus on the intricacies and paving the way to smooth execution of assignments from practical issues faced in the day to day affairs by a Practicing CA Firm.
 Conduct of CA Examination scheduled on 12th November 2018
By CA Nilesh Sahu
Queries are being received from candidates based in Karnataka whether C A examinations scheduled for today will be held or not, on account of the sudden demise of the Union Minister, Shri Anant Kumar.
 Apply for 12th ICAI Leaders & Business Excellence Awards being organised by Committee for Members in Industry & Business (CMI&B) by 15th December 2018
By CA Devender Singh
The Institute of Chartered Accountants of India (ICAI), established 70 years ago, by an Act of the Indian Parliament, continues its operation as the Single Largest Statutory Accounting body of the world.
 Request to give suggestions on certain provisions of the Companies Act 2013 as per notice issued by MCA by 16th November 2018.
By CA Andrew F Thomas
The Corporate Laws and Corporate Governance Committee of ICAI invites suggestions/comments from members on certain provisions of the Companies Act, 2013, as per the notice issued by the Ministry of Corporate Affairs. Members are requested to provide their suggestions/comments on certain provisions of the Companies Act,2013, latest by 16th November, 2018. Members are requested to provide their comments at the following link:
 Committee for Capacity Building Members in Practice, ICAI: Commencement of the first batch of the Certificate Course on Preparation of Appeals, Drafting of Deed & Documents and Representation before Appellate Authorities and Statutory Bodies at Mysore.
By CA Nilesh Sahu
The Committee for Capacity Building of Members in Practice decided to commence the certificate course on Preparation of appeals, Drafting of Deed & Documents and Representation before Appellate Authorities and statutory bodies is developed for the knowledge enhancement of the effective drafting skills of members and acquaints the members with the legal provision pertaining to appearances before various authorities.
 Information System Audit - Assessment Test (ISA - AT), December 2018.
By CA Devender Singh
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 22nd December, 2018 (Saturday) from 9.00 AM to 1.00 PM (IST) at the following cities provided that sufficient number of candidates offers themselves to appear there from.
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From the Courts   RSS Feeds
 DCIT Circle 2(1) Gurgaon vs Kellog Brown & Roof Engineering & Construction India Pvt. Ltd. 16th Floor, Tower-A, DLF Building, Nos. 5, DLF Cyber Terraces, DLF Phase-III, Gurgaon
By CA Devender Singh
Aggrieved by addition made by Ld. AO, assessee preferred appeal before Ld.CIT (A). Before Ld. CIT (A) assessee filed detailedf submission based upon which said addition was deleted.
 Dharam Pal, Garg R Kumar & Associates, 7, Adv. Chambers, RDC, Raj Nagar, Ghaziabad vs ITO, Ward-1(2), Ghaziabad
By CA S K Verma
This is an appeal filed by the assessee against the order of the ld CIT(A)-2, New Delhi dated 09.01.2018 for the Assessment Year 2009-10.
 Satish Singhal, 6, Patpar Road, Shivpuri, New Delhi vs ITO, Ward-11(1), New Delhi
By CA Ojas Aggarwal
This appeal is filed by the assessee against the order of the ld CIT (A)-22, New Delhi dated 27.03.2018 for the Assessment Year 2013-14.
 Vodafone Mobile Services Limited vs. Commissioner Of Service Tax, Delhi
 Anupam Sushil Garg, S/o Shri Vijay Garg, C/o Venus Cinema, Railway Road, Saharanpur. vs. Income-tax Officer, Ward-2, Saharanpur.
By CA Manu T George
This is an appeal by the Assessee against the orders dated 25.03.2015 in Appeal No. 86/2014-15/MZR passed by the Ld. Commissioner of Income- tax (Appeals), Muzaffarnagar (for short hereinafter called "Ld. CITA").
 Oriental Building & Furnishing Co.Ltd. C/o. Ravi Gupta, Advocate E-6A, Kailash Colony New Delhi vs. DCIT Circle-13(1) New Delhi.a
By CA Rashmi Sharma
That the Ld. CIT (Appeal) has erred in law and on facts in holding that the A.O. was justified in making addition of Rs 80,88,000/-, under the head Income from "House Property" by invoking the provisions of section 23(1 )(a) of the Income Tax Act, 1961
 Housing Board Haryana, Panchkula, Haryana
By CA Ojas Aggarwal
Online tenders are hereby invited by the undersigned for and on behalf of Housing Board Haryana for following work from the reputed vendeorsisuppliers having their eligibility as per tender document.
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Auditing   RSS Feeds
 Smart things to know about tax audits
By CA Mayank Jain
Tax audit is a review of accounts of taxpayers with business or profession from an income tax point of view such as incomes, deduction, compliance with tax laws etc.
 Supreme Court puts the spotlight on audit firms
By CA Atul Gupta
The Supreme Court on Friday put the spotlight on the Big Four multinational accounting firms, directing that a committee be set up to tighten regulatory oversight over them.
 Auditing to be less of a burden as accountants embrace AI
By CA Nilesh Sahu
Among the more thankless tasks undertaken by junior accountants is meticulously checking off inventory at clients’ warehouses, which can involve scaling ladders with paper and pen in hand.
 CAG's report on GST will be totally paperless
By CA Devender Singh
The Comptroller and Auditor General (CAG) will come out with its first digital audit report, a complete paperless exercise, with its performance appraisal of the Goods and Services Tax, expected to come out sometime towards the end of this calendar year.
 Time Limit For Completion Of Assessment From The Date Of Special Auditors Report Under Income Tax Act, 1961
By CA Rashmi Sharma
Section 142(2A) of the Income Tax Act, 1961 (Act for short) provides for the conduct of special audit that may directed by the Assessing Officer.
 Provisioning pertaining to Fraud Accounts
By CA Rashmi Sharma
Please refer to circular DBR.No.BP.BC.83/21.04.048/2014-15 dated April 1, 2015 on the captioned subject. On a review, it has been decided to amend the provisioning norms in respect of all cases of fraud, as under:
 Tax Audit Report (TAR) Certain exceptions and increased limits according to number of partners and considering nature of activity are desirable
By CA Devender Singh
Provisions relating to maintenance of accounts and obtaining of TAR are old provisions and we find that very low limits fixed long ago have remain in force for long time.
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Latest Circulars   RSS Feeds
 Real Time Gross Settlement (RTGS) System - Implementation of Positive Confirmation
By CA S K Verma
Initially, the positive confirmation feature in RTGS would be available for member banks wherein both remitter and beneficiary banks access RTGS through thick client interface / SFMS member interface.
 Real Time Gross Settlement (RTGS) System - Implementation of Positive Confirmation
By CA Ojas Aggarwal
Initially, the positive confirmation feature in RTGS would be available for member banks wherein both remitter and beneficiary banks access RTGS through thick client interface / SFMS member interface.
 Exim Bank's Government of India supported Line of Credit of USD 3.5 million to the Government of the Republic of Suriname
By CA Atul Gupta
Export-Import Bank of India (Exim Bank) has entered into an agreement dated June 20, 2018 with the Government of the Republic of Suriname for making available to the latter, a Government of India supported Line of Credit (LoC) of USD 3.5 million (USD Three million and five hundred thousand only) for the purpose of financing the servicing and maintenance of 3 (three) Chetak helicopters in the Republic of Suriname.
 Subsidiary General Ledger Account and Constituents' Subsidiary General Ledger Account: Eligibility Criteria and Operational Guidelines
By CA Manu T George
In exercise of powers conferred by Section 4 of Government Securities Act 2006, Reserve Bank of India had notified the conditions applicable for opening and maintaining of Subsidiary General Ledger (SGL)
 RBI imposes monetary penalty on on Deutsche Bank A.G
By CA Rashmi Sharma
The Reserve Bank of India (RBI) has imposed, by an order dated November 05, 2018, a monetary penalty of ₹ 30.10 million on Deutsche Bank A.G. (the bank) for non-compliance with the directions issued
 RBI Announces OMO Purchase of Government of India Dated Securities Nov 13, 2018
By CA Mayank Jain
Based on an assessment of prevailing liquidity conditions and also of the durable liquidity needs going forward, the Reserve Bank has decided to conduct purchase of the following Government securities under Open Market Operations for an aggregate amount of ₹ 120 billion on November 15, 2018
 Directions under section 35A of the Banking Regulation Act, 1949 (AACS) - Sikar Urban Co-operative Bank Ltd; Sikar (Rajasthan)
By CA Rashmi Sharma
It is hereby notified for the information of the public that in exercise of powers vested in it under sub-section (1) of Section 35A of the Banking Regulation Act, 1949 (AACS) read with Section 56 of the Banking Regulation Act, 1949, the Reserve Bank of India (RBI) has issued certain Directions to Sikar Urban Co-operative Bank Ltd.
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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
 Intention of Assessee at the time of Purchase of Shares relevant to determine Tax Liability: ITAT
By CA Atul Gupta
The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) in ACIT v. Shri Finance ruled that intention of assessee during the time of purchase of shares is a criterion to determine the tax liability.
 ITAT gives partial reprieve to Uber in tax demand case
By CA Atul Gupta
In a partial reprieve for Uber India, the Income Tax Appellate Tribunal (ITAT) has granted a stay against a tax demand levied on the cab-hailing company and restrained the authorities from imposing any penalty.
 Income Tax Appellate Tribunal, Chennai Benches, Chennai. Cause List for Bench Date : 17.09.2018
By CA Atul Gupta
Income Tax Appellate Tribunal, Chennai Benches, Chennai. Cause List for Bench Date : 17.09.2018
 Income Tax Appellate Tribunal, Hyderabad Benches, Hyderabad. Cause List Of Cases Posted Before A-Bench (DB & SMC ) 17.09.2018 To 21.09.2018
By CA Mayank Jain
Income Tax Appellate Tribunal, Hyderabad Benches, Hyderabad. Cause List Of Cases Posted Before A-Bench (DB & SMC ) 17.09.2018 To 21.09.2018
 Income Tax Appellate Tribunal, Hyderabad Benches, Hyderabad. Cause List Of Cases Posted Before B-Bench (Db & Smc ) - 10.09.18 To 14.09.18
By CA Atul Gupta
Income Tax Appellate Tribunal, Hyderabad Benches, Hyderabad. Cause List Of Cases Posted Before B-Bench (Db & Smc ) - 10.09.18 To 14.09.18
 Income Tax Appellate Tribunal, Cochin Benches Cause List Of DB For 10/09/2018
By CA Mayank Jain
Income Tax Appellate Tribunal, Cochin Benches Cause List Of DB For 10/09/2018
 Income Tax Appellate Tribunal, Mumbai Benches, Mumbai Consolidated Cause List Of SA/ MA/ Pronouncement For Friday 142018
By CA Devender Singh
Income Tax Appellate Tribunal, Mumbai Benches, Mumbai Consolidated Cause List Of Sa/ Ma/ Pronouncement For Friday 142018
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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
 45 LPA-OPening Asst. Vice President/ Vice President - Finance & Accounts
By CA Andrew F Thomas
Salary: INR 35,00,000 - 45,00,000 P.A.,Functional Area:Accounts , Finance , Tax , Company Secretary , Audit
 37.5 LPA-Opening Accounts , Finance
By CA Nilesh Sahu
Salary: INR 25,00,000 - 37,50,000 P.A.,Functional Area:Accounts , Finance , Tax , Company Secretary , Audit,
 50 LPA-Opening Finance Controller - Healthcare
By CA Manu T George
Salary: INR 35,00,000 - 50,00,000 P.A., Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:CA
 30 LPA-Opening Vice President Finance & Accounts - Well Known FMCG Industry
By CA Rashmi Sharma
Salary: INR 25,00,000 - 30,00,000 P.A., Functional Area: Accounts, Finance, Tax, Company Secretary, Audit, PG - CA
 20 LPA-Opening Accounts Finance Controller
By CA Devender Singh
Salary: INR 10,00,000 - 20,00,000 P.A., Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:CA
  25 LPA - Opening Head-chartered Accountant-auto part Manufacturer
By CA S K Verma
Salary: INR 20,00,000 - 25,00,000 P.A., Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:CA
 Income Tax Appellate Tribunal., Mumbai Consolidated list of orders ready for Pronouncement on 14.11.2018
By CA Ojas Aggarwal
Salary: INR 10,00,000 - 20,00,000 P.A.,Functional Area:Accounts , Finance , Tax , Company Secretary , Audit, PG:CA
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Direct Tax   RSS Feeds
 Direct tax collections to exceed target this fiscal: CBDT chief Sushil Chandra
By CA Rashmi Sharma
Direct tax collection has already crossed Rs 5 lakh crore and will exceed the budgeted target of Rs 11.5 crore set for the current fiscal, CBDT Chairman Sushil Chandra said Wednesday.
 Reward for income tax payers? See what CBDT chairman said
By CA Devender Singh
The CBDT, that frames policies for the Income Tax (I-T) Department, is "examining" a report that proposes to facilitate honest and consistent taxpayers in availing a variety of public services and tax-related works on priority, a top official said Wednesday.
 Has direct tax compliance risen sharply?
By CA Rashmi Sharma
The Income-Tax Department recently released a significant amount of data on direct tax collections and compliance relating to the last few years. With two major changes introduced in the economy in the last two years, demonetisation and GST, it is tempting to explore the impact of these on compliance.
 CBDT gets three new members
By CA Ojas Aggarwal
The Appointments Committee of the Cabinet named Neena Kumar, Akhilesh Ranjan and Prasana Kumar Dash as members of the Central Board of Direct Taxes
 Income Tax Returns (ITR) filing: Interest from PPF is tax exempt; but on NSC, it is taxable
By CA Ojas Aggarwal
Deduction under section 80C of the Income Tax Act 1961 (Act) can be claimed to the extent of Rs 1,50,000 cumulatively for the items specified in that regard.
 Gift of capital asset to spouse is not chargeable to tax
By CA S K Verma
I and my wife jointly own a flat in Mumbai. The EMI is paid by me. My wife has received some proceeds from selling a flat which was purchased by her. I want to sell the Mumbai flat to her at market price by paying due registration and stamp duty charges. Can I sell a flat to wife who is also joint owner of the property?
  Communication to the Central Excise/Service Tax Taxpayers on migration to GST
By CA Manu T George
The income tax (I-T) department may soon request authorities in the finance ministry to intervene so that I-T dues get a higher priority over dues to unsecured creditors under the insolvency law.
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Tenders   RSS Feeds
 Brahmaputra Valley Fertilizer Corporation Limited, Dibrugarh, Assam
By CA Ojas Aggarwal
Brahmaputra Valley Fertilizer Corporation Limited, a CPSU under the administrative control of Ministry of Chemical & Fertilizer, Govt of India, is a 100 % Govt. of India undertaking. Its registered and corporate offices are at Namrup, Assam.
 Rajiv Gandhi National Institute Of Youth Development, Sriperumbudur, Tamil Nadu
By CA Atul Gupta
Rajiv Gandhi National Institute of Youth Development has been declared to be an Institute of National Importance by an Act of Parliament. It is governed by an Executive Council and it is under the administrative control of Ministry of Youth Affairs & Sports, Govt.
  CBDT proposes clear-cut timelines under transfer pricing
By CA Devender Singh
The income-tax (I-T) department has proposed clear-cut timelines by which excess amount assessed by transfer pricing officials (TPOs) over what was declared by associated enterprises of multinational corporations (MNCs) has to be brought in India. These timelines relate to advance pricing agreements (APAs) and mutual agreement procedures (MAPs).
 Andhra Pradesh State Civil Supplies Corporation Limited, Vijayawada, Andhra Pradesh
By CA S K Verma
Andhra Pradesh State Civil Supplies Corporation Ltd. (APSCSCL) is, a State Public Sector Undertaking, wholly owned by the Government of Andhra Pradesh. The Corporation undertakes various Government welfare schemes such as supply of food grains etc., under Public Distribution System, Supply of essential commodities to Anganwadi Centers, Supply of rice to welfare hostels & welfare institutions, procurement of paddy under Minimum Support Price (MSP) operations, Market intervention operations, etc.
 Indian Council Of Agricultural Research, Pune, Maharashtra
By CA Ojas Aggarwal
The Director, Directorate of Floricultural Research, on behalf of Secretary, ICAR, Krishi Bhawan, New Delhi invites limited tenders on the from eligible firms/individual for job titled above. Quotations are invited in sealed envelope from eligible registered firms for work titled above.
 New India Assurance Company Limited, Mumbai, Maharashtra
By CA Atul Gupta
This Request for Proposal (RFP) document is not an agreement or offer by The New India Assurance Co. Ltd. (hereinafter to be referred as "NIACL" or "Company") to the prospective Bidders or any other party. The purpose of this RFP is to provide interested parties with information to assist the formulation of their Bid.
 Department Of Labour, Mangalore, Karnataka
By CA Atul Gupta
Tenders are invited from Chartered Accountants Firms (CA Firms) for appointment as Internal Auditors for the Financial Year 2017­2018. The internal auditor will be required to conduct the internal audit for financial year 2017­2018.
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Transfer Pricing   RSS Feeds
 I-T tribunal sends back Microsoft transfer pricing case to tax officer
By CA Manu T George
An income tax (I-T) tribunal has asked the assessing officer to again do the calculation for transfer pricing adjustments to the taxable income of Microsoft India (R&D) Ltd, which renders software development services to group companies.
 Transfer Pricing Adjustment - Status and Way Forward
By CA Rashmi Sharma
The issue of Advertising, Marketing and Promotion ('AMP") expenses is no longer res integra and has been dealt with by many high courts in India. The decisions of the high courts in various matters are now pending with the Supreme Court of India by way of Special Leave Petitions filed by Tax department as well as taxpayers.
 Transfer Pricing in India Explained
By CA Andrew F Thomas
In taxation and accounting, transfer pricing refers to the rules and methods for pricing transactions within and between enterprises under common ownership or control.
  Doing business in India: ‘Substance’ over ‘form’ in transfer pricing regime
By CA Nilesh Sahu
Although ‘substance over form’ has always been the guiding principle for any transfer pricing analysis in India, the new BEPS regime has further brought it into limelight
 Tax authorities focus on transfer pricing adjustments
By CA Devender Singh
According to the latest statistics, Romanian tax authorities rank transfer pricing ("TP") high on their agenda. Companies are increasingly aware of the risks they face unless they have the TP documentation ready when asked by the tax inspectors, yet many fail to take action in due time.
 Transfer Pricing: The AMP Issue Keep Oscillating
By CA Nilesh Sahu
Multinational Enterprises ("MNEs") set up subsidiaries in India to cater to the Indian market and capitalize on their brands. Such subsidiaries/Indian entities are entrusted with various functions ranging from license manufacturing to selling and distributing the products.
 Transfer pricing-A reputational risk?-Moore Stephens
By CA Devender Singh
Multinational corporations. Exotic offshore locations. A complex industry sector. Shipping has all the ingredients to excite those looking for tax avoidance headlines, yet it has largely escaped the negative publicity that has damaged other sectors. However, this may not always be the case.
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Customs and Excise   RSS Feeds
  Notification No.77/2018-Customs Ministry Of Finance
By CA Nilesh Sahu
In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962) and sub-section (12) of section 3 of the Customs Tariff Act, 1975 (51 of 1975),
 Notification No.77/2018-Customs Ministry Of Finance
By CA Devender Singh
In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962) and sub-section (12) of section 3 of the Customs Tariff Act, 1975 (51 of 1975),
  Notification No. 22/2018-Central Excise Ministry Of Finance
By CA Rashmi Sharma
In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India,
 Notification No. 21/2018-Central Excise Ministry Of Finance
By CA Nilesh Sahu
In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 11/2017-Central Excise, dated the 30th June, 2017,
 Notification No. 85/2018 - Customs (N.T.) Central Board Of Indirect Taxes And Customs
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.81/2018-CUSTOMS
 Ministry Of Finance Notification No. 69/2018 – Customs
By CA Mayank Jain
In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act,1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do,
 Ministry Of Finance Notification No. 70 /2018–customs
By CA Manu T George
In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance
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Mergers and Acquisitions   RSS Feeds
 Announcement for the revised dates of Certificate Course on Cooperatives at Kolkata-will start now from 24th November 2018
By CA Andrew F Thomas
The next batch for Certificate Course on Cooperatives at Kolkata being organized by Committee for Co-operatives and NPO Sectors of ICAI is rescheduled to commence from 24th November, 2018 (Saturday) instead of 17th November, 2018.
 Deals of the day-Mergers and acquisitions November 15, 2018
By CA Nilesh Sahu
Two sugar mills in Brazil owned by India’s Shree Renuka Sugars Ltd, which filed for bankruptcy protection three years ago, will be put up for sale in a judicial auction on Dec. 18, according to court documents seen by Reuters.
 Deals of the day-Mergers and acquisitions November 13, 2018
By CA Devender Singh
Sainsbury’s proposed takeover of Asda would be “extremely detrimental” to consumers, an unidentified major supplier to the supermarket groups has argued in a submission to Britain’s competition regulator.
 Deals of the day-Mergers and Acquisitions November 12, 2018
By CA S K Verma
LafargeHolcim is selling its Indonesian business to Semen Indonesia as it reviews its portfolio to improve its financial strength, the world’s largest cement maker said in a statement.
 IBC impact: M&A deals worth $14.3 billion signed in 2 years
By CA S K Verma
Post Insolvency and Bankruptcy Code, distressed M&A deals comprise 12% of all mergers and acquisitions in India, says Kroll’s ‘Spotlight Asia’ report
 Macroeconomic Reforms Deliver: IBC Drives Mergers And Acquisitions Worth $14.3 Billion In Past Two Years
By CA Ojas Aggarwal
Mergers and Acquisition (M&A) activity in the country has increased exponentially and deals worth $14.3 billion have been completed in the past two years, Mint has reported. Insolvency and Bankruptcy of India (IBC) has been credited for this flurry in mergers and acquisitions.
 Deals Of The Day-Mergers And Acquisitions October 29, 2018
By CA Rashmi Sharma
IBM Corp said on Sunday it had agreed to acquire U.S. software company Red Hat Inc for $34 billion, including debt, as it seeks to diversify its technology hardware and consulting business into higher-margin products and services.
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Indirect Tax   RSS Feeds
 Several records missing from Income Tax department, CIC told
By CA S K Verma
Several records have gone missing from Income Tax department because of a restructuring drive in 2001 and 2013, the Central Information Commission has been informed.
  Indirect tax evasion cases post a decline in FY18-19
By CA S K Verma
A closer look at government data reveals that the Central Board of Direct Taxes (CBDT) has registered an over six-fold increase in the number of prosecution cases filed in courts to 4,524 in 2017-18 from 669 in 2014-15.
 Income tax return revision: How many times can a return be revised? Find out
By CA Nilesh Sahu
Income Tax Return: When it comes to revising your tax returns, you may have many questions related to it.
 CBDT notifies new I-T return forms
By CA Nilesh Sahu
The Central Board of Direct Taxes (CBDT) on Thursday notified income tax return (ITR) forms for assessment year 2018-19 (financial year 2017-18).
 Here are the key changes in tax rules to come into effect from today
By CA Andrew F Thomas
Finance Minister Arun Jaitley while presenting the Union Budget 2018 introduced some major changes in the tax structure which will become effective from today.
 GST revenue growth in 2018-19 to match last 10 years’ indirect tax growth, says SBI report
By CA Devender Singh
The goods and services tax collection would grow at a rate of 14 percent to 16 percent for FY18-19, SBI report said.
 Things You Should Know Before Filing Your Income Tax Returns (ITR)
By CA Devender Singh
The last day to file income tax returns for assessment years 2016-17 and 2017-18 is March 31. The Income Tax (IT) department has been issuing some warnings which tax payers should be wary of before filing their income tax returns by March 31, the last to file belated income tax returns.
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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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