| | General RSS Feeds |
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 How to calculate capital gains tax on sale of land?
By Andrew F Thomas
Individuals and Hindu Undivided Families (HUFs) have two options for calculating their long-term capital gains (LTCG) tax on sale of property - either pay a 12.5% tax on LTCG without indexation benefits or a 20% tax with indexation benefits.
| Don't fall for fake notices! How to verify your income tax communication
By Orion M.
Ever receive a notice from the Income Tax department and wonder if it's legitimate? You're not alone. Scammers often try to imitate official communication to steal personal information or money. But fear not, taxpayers! The Income Tax department offers a user-friendly online tool to help you verify the authenticity of any notice or order you receive in seconds.
The Income Tax department's online tool empowers you to verify any notice or order you receive. This free service is available to everyone, regardless of whether you're registered on the e-filing portal.
| I decided to shift to the new tax regime. Will I lose benefit on interest income of my PPF account?
By Moshe Pras
It's important to note that the Standard Deduction of Rs 50,000, available to salaried individuals and pensioners, remains applicable in both the New and Old Tax regimes.
| Income Tax Return: How to prepare for hassle-free tax compliance? Here is a 10-point checklist
By Sandy Mash
Tax filing season is coming and just like summer individuals must plan to beat the heat. To avoid last-minute hassles and make sure that tax benefits and claims are correctly reported and documentation is proper, enclosed below is a ten-point checklist.
| | Filing ITR On Your Own? Salaried Taxpayers Need To Know These Things | New vs Old Tax Regime: How is one taxed under the New Regime and how to make a switch between the two regimes?
By Moshe Pras
In case any employee has failed to specify their choice of the tax regime, can the concessional/ new tax regime would be applicable as a default tax regime?
| New tax regime vs old tax regime: What's point at which tax outgo is the same in both regimes? Check salary and deduction levels
By Andrew F Thomas
New Income Tax Regime Vs Old Income Tax Regime 2024-25: Selecting the most tax-efficient income tax regime, either the old or new, can be a challenging decision for many salaried taxpayers. April is the first month of the new financial year, and employers would have asked salaried individuals to share their choice of preferred income tax regime for the purpose of TDS.
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| | New Forms RSS Feeds |
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Do you need Form 26AS? Know how to download & why it is mandatory for you
By Raul N Tiem
ITR Filing 2024: Form 26AS is the total summary of income, taxes deducted at source (TDS), taxes paid, and other related information of the individual or entity.
| | Form 26AS tweaks make paying taxes easier and evasion harder. Here s how | | Here s how you can download Form 26AS New income tax website | Check the revised instructions to fill ITR Form 3, 5, 6 and 7 Income Tax Return
By Andrew F Thomas
There have been several changes made by the central government in the tax structure in the previous 3 to 4 months to link the country's taxation system with other financial systems and making ITR filing easier.
| TDS mismatch in Form 26AS & Form 16? Ask employer to issue new Form 16 with correct details
By Thomas T. Rucks
One must obtain Form 16 (TDS certificate issued by the employer) and verify the same with the Form 26AS.
| Before you file your tax return, note the key changes in Form 16
By Thomas T. Rucks
Part B of Form 16 has been amended seeking more details about the allowances exempt under section 10 such as HRA, LTA, etc and deductions allowed under Chapter VI-A of the Income Tax Act, 1961.
| 5 Things to know about Form 16
By Moshe Pras
Form 16 is a certificate issued by an employer, certifying that the TDS is deducted from the salary of the employee and deposited with the government.
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| | Tally Software RSS Feeds |
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How to Audit Using Tally Audit Features in TallyPrime?
By M. George
Audit is an important function of any business organization, it denotes that the business has True and Fair transactions during the year. TallyPrime has an inbuilt feature- Tally Audit which enables the auditor to perform an audit or track changes that affect the integrity of a transaction, such as changes made to Date, Ledger Masters and Amounts in the Voucher are reflected in the Tally Audit Listings.
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| | Professional Updates RSS Feeds |
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Re-Scheduling of Chartered Accountants Examination scheduled to be held on 13th November 2024 (Wednesday) at the Examination Centre(s) at Hazaribagh (Jharkhand), Jamshedpur (Jharkhand), Ranchi (Jharkhand), Raipur (Chhattisgarh) and Jhunjhunu (Rajasthan)  | The AI Committee of The Institute of Chartered Accountants of India (ICAI) invites unconditional Expressions of Interest (Technical Proposals) from experienced AI companies that have developed AI tools for finance, accounting, tax compliance, legal document drafting, and AI similar services
By Jude Marg
The Institute of Chartered Accountants of India (ICAI) is a statutory body established by an Act of Parliament, namely, The Chartered Accountants Act, 1949 (Act No. XXXVIII of 1949). It is responsible for regulating and developing the profession of Chartered Accountants in the country. The Institute operates under the administrative control of the Ministry of Corporate Affairs, Government of India. As the largest professional body of Chartered Accountants in the world, the ICAI has a long-standing tradition of serving the Indian economy in the public interest. With approximately 4 lakh members and over 9 lakh students, the ICAI boasts 176 branches across India and 50 overseas chapters globally.
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| Important Announcement - Stringent Action against candidates for adopting Unfair Means during CA Examination
By Raul N Tiem
As per the policy of Examination Department of the Institute of Chartered Accountants of India, among others, possession of Mobile Phone or any other electronic device / gadgets are strictly prohibited inside the examination centre during Chartered Accountants Examinations.
| Important Announcement - Launch of Self-Paced Module Test (SPMT) Portal
By Henry Richards
The Examination Department of ICAI has launched Self-Paced Module Test
| Taxpayers alert! Major changes made in ITR-1 for AY2024-25
By Jude Marg
ITR filing for AY2024-25: The income tax return filing season is currently underway, with the deadline for filing tax returns for FY2023-24 set for July 31, 2024. Taxpayers falling into the categories of individuals, bodies of individuals, or associations of persons can file their income tax returns by July 31, 2024, without any late fees.
| Important Announcement for September 2024 CA Examinations
By Orion M.
In pursuance of Regulation 22 of the Chartered Accountants Regulations, 1988, the Council of the Institute of Chartered Accountants of India is pleased to announce that the next Chartered Accountants Foundation and Intermediate Examinations will be held on the dates and places which are given below provided that sufficient number of candidates offer themselves to appear from each of the below mentioned places.
| Inviting Public Comments on Review of Rules specified under the Chartered Accountants Act, 1949
By Thomas T. Rucks
This is to bring to your attention an important initiative by the Ministry of Corporate Affairs regarding the review of rules specified under the Chartered Accountants Act, 1949.
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| | Auditing RSS Feeds |
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NFRA issues Draft Procedure for Submission of Audit Files
By Andrew F Thomas
The National Financial Reporting Authority (NFRA) on Tuesday issued a notice of draft Procedure for Submission of Audit Files to NFRA.
| Auditors barred from putting a value on companies they are auditing
By Raul N Tiem
An income tax tribunal has barred auditors from issuing valuation certificates to the companies they are auditing. This is set to impact several tax disputes around valuations in companies including angel tax disputes involving start-ups.
| Standard on Internal Audit (SIA) 18, Related Parties
By Jude Marg
Standard on Internal Audit (SIA) 18, Related Parties
| Standard on Internal Audit (SIA) 17, Consideration of Laws and Regulations in an Internal Audit
By Raul N Tiem
Standard on Internal Audit (SIA) 17, Consideration of Laws and Regulations in an Internal Audit
| Standard on Internal Audit (SIA) 16, Using the Work of an Expert
By Henry Richards
Standard on Internal Audit (SIA) 16, Using the Work of an Expert
| Standard on Internal Audit (SIA) 14, Internal Audit in an Information Technology Environment
By Moshe Pras
Standard on Internal Audit (SIA) 14, Internal Audit in an Information Technology Environment
| Standard on Internal Audit (SIA) 13, Enterprise Risk Management
By Thomas T. Rucks
Standard on Internal Audit (SIA) 13, Enterprise Risk Management
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| | Latest Circulars RSS Feeds |
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Auction of State Government Securities Feb 23, 2024
By Andrew F Thomas
The auction will be conducted on the Reserve Bank of India Core Banking Solution (E-Kuber) system on February 27, 2024 (Tuesday).
| | RBI imposes monetary penalty on The Adinath Co-Operative Bank Limited, Dist. Surat, Gujarat | The Relevance of SEACEN in a Turbulent World (Closing remarks by Michael Debabrata Patra, Deputy Governor, Reserve Bank of India - February 15, 2024 - at the 59th SEACEN Governors' Conference
By Moshe Pras
Honourable Governors, Deputy Governors, Managing Directors, delegations from SEACEN central banks, distinguished experts, and panellists, Dr. Mangal Goswami and the SEACEN team, and my colleagues from the Reserve Bank of India.
| Business restrictions imposed on Paytm Payments Bank Limited vide Press Releases dated January 31 and February 16, 2024
By Sandy Mash
I have a savings or current account with Paytm Payments Bank. Can I continue to withdraw money from this account after March 15, 2024? Can I continue to use my debit card issued by Paytm Payments Bank?
| Extension of validity of Directions under Section 35A read with section 56 of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) - HCBL Co-operative Bank Ltd., Lucknow (U.P.)
By Andrew F Thomas
The Reserve Bank of India, vide Directive: LKO.DOS.SED.No.S842/10.12.133/2022-23 dated February 23, 2023 issued under section 35A read with section 56 of the Banking Regulation Act, 1949 (AACS), had placed the HCBL Co-operative Bank Ltd., Lucknow (U.P) under Directions from the close of business on February 24, 2023.
| Business restrictions imposed on Paytm Payments Bank Limited vide Press Releases dated January 31 and February 16, 2024
By Moshe Pras
I have a savings or current account with Paytm Payments Bank. Can I continue to withdraw money from this account after March 15, 2024? Can I continue to use my debit card issued by Paytm Payments Bank?
| Directions under Section 35 A read with section 56 of the Banking Regulation Act, 1949 Shimsha Sahakara Bank Niyamitha, Maddur, Mandya District Extension of Period
By Thomas T. Rucks
The Reserve Bank of India issued Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 to Shimsha Sahakara Bank Niyamitha, Maddur, Mandya District vide Directive BLR.DOS.SSMS.No.S2174/12-08-295/2022-23 dated February 23, 2023 for a period of six months up to August 24, 2023
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| | ITAT-Constitution of Benches RSS Feeds |
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ITAT upholds Possession Date for Capital Gains Tax Exemption
By Jude Marg
In this article, we delve into the joint appeal case filed by Sunil Amritlal Shah and Rita Sunil Shah (appellants) against the Income Tax Officer (ITO) for the Assessment Year (AY) 2011-12. The crux of the matter lies in interpreting Section 54 of the Income Tax Act, 1961 (ITA), specifically regarding the crucial date for claiming tax exemption on capital gains from selling residential property.
| ITAT deletes addition of Cash Deposit against Opening Balance during demonetization
By Henry Richards
The assessee filed her return of income for the assessment year 2017-18, declaring a total income of Rs. 4,10,500/-. The case was selected for scrutiny under the Computer Assisted Scrutiny System (CASS) under section 143(3) of the Income Tax Act. The scrutiny primarily focused on the cash deposits made during the demonetization period.
| Mere Securing a House on Rent in USA is not conclusive fact that Assessee is US Resident to Allow DTAA Benefit: ITAT
By M. George
The Hyderabad bench of the Income Tax Appellate Tribunal (ITAT) held that mere securing a house on rent in the USA is not the conclusive fact that the assessee is a US resident to allow DTAA benefit.
| 20 LPA Opening Hiring Qualified CA For Assurance Manager Profile
By M. George
Experince: 3 - 8 years, Salary: 10,00,000 - 20,00,000 P.A., Functional Area: Finance & Accounting
| Non-Filing of Income Tax Return amounts to Escapement of Income: ITAT upholds Reassessment u/s 147
By Sandy Mash
The Income Tax Appellate Tribunal (ITAT), Mumbai Bench, has recently, in an appeal filed before it, while upholding the reassessment under section 147 of the Income Tax Act, 1961, held that non filing of income tax return amounts to escapement of income.
| Non Appreciation of facts in true perspective: ITAT sets aside Revision Order
By Sandy Mash
The Income Tax Appellate Tribunal (ITAT), Kolkata bench consisting of Rajpal Yadav, Vice-President and Rajesh Kumar, Accountant Member held that there was no appreciation of facts in true perspective and thereby set aside the revision order.
| No Evidence of Tax Evasion by showing Fictitious or False Transactions: ITAT deletes Addition of Expenditure u/s 40A(3)
By Thomas T. Rucks
The Income Tax Appellate Tribunal (ITAT), Patna Bench has held that no evidence of tax evasion by showing fictitious or false transactions and deleted the addition of expenditure under section 40A(3).
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| | Finance Bills RSS Feeds |
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The Companies (Removal Of Difficulties) Seventh Order - dated 4th Sept 2014 New
By M. George
Whereas the Companies Act, 2013 (18 of 2013) (hereinafter referred to as the said Act) received the assent of the President on the 29th August, 2013 and section 143 of the Act,
| Finance & Commerce Ministry to discuss draft BIPA model tomorrow
By Orion M.
Officials of the finance and the commerce and industry ministries are scheduled to discuss the issues related to the draft text of the Bilateral Investment Promotion and Protection Agreement (BIPA) tomorrow.
| Union Finance Minister Shri Arun Jaitley said that the revenue targets fixed for Direct Taxes for the current Financial Year 2014-15 would not only be achieved but would also be surpassed
By Orion M.
The Union Finance Minister Shri Arun Jaitley hoped that the revenue targets fixed
for Direct Taxes for the current Financial Year 2014-15 would not only be achieved but would also be surpassed.
| Finance ministry may pitch for higher tax exemption on health insurance
By Thomas T. Rucks
The finance ministry is likely to pitch for a substantial increase in the income-tax exemption limit for health insurance as part of its plan to deepen insurance coverage. The ministry is examining a proposal that seeks to double the limit to 30,000 from 15,000.
| Finance minister reviews annual performance of public sector banks and financial institutions for 2013-14; calls for tougher action against wilful defaulters; highest ever more than 10,000 new branches opened during 2013-14
By Jude Marg
The Union Finance Minister Shri P. Chidambaram said that the last Financial Year 2013-14 was a difficult year even though there was positive movement towards greater stability.
| India Infrastructure Finance Company to raise Rs 7,000 crore through tax-free bonds
By M. George
State-owned India Infrastructure Finance Company (IIFCL) plans to raise Rs 7,000 crore via a public issue of tax-free bonds in October, according to a senior company official
| Finance Ministry hopes RBI focusses on promoting growth in policy tomorrow
By Moshe Pras
Ahead of tomorrow's monetary policy review, the Finance Ministry has expressed the hope that Reserve Bank will focus on promoting growth.
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| | Placements & Empanelment RSS Feeds |
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40 LPA Opening Deputy General Manager Finance ( FP & A )
By Raul N Tiem
Experience: 10 - 15 years, Salary: 30-40 Lacs P.A., Department: Finance & Accounting
| 35 LPA From DGM Accounts & Finance
By Sandy Mash
Esperince: 12 - 20 years, Salary: 25-35 Lacs P.A., Department: Finance & Accounting
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| 60 LPA Opening Director Credit
By Thomas T. Rucks
Experience: 13 - 22 years, Salary: 35-60 Lacs P.A., Role: Accounts Receivable Manager
| 40 LPA Big Opening Financial Controller
By Andrew F Thomas
Experience: 10 - 20 years, Salary: 65 Lacs-1 Cr P.A., Department: Finance & Accounting
| 40 LPA US TAX - Manager - Work From Office
By Raul N Tiem
Experience: 8 - 13 years, Salary: 30-40 Lacs P.A., Department: Finance & Accounting
| 30 LPA Finance Manager
By Thomas T. Rucks
Experience: 3 - 8 years, Salary: 15-30 Lacs P.A., Department: Finance & Accounting,
| 30 LPA Chief Financial Officer
By Raul N Tiem
Experience: 12 - 20 years, Salary: 30-40 Lacs P.A., Department: Finance & Accounting
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| | Direct Tax RSS Feeds |
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CBDT weighs overhaul of designations for income tax officials to secure better clarity
By Jude Marg
As part of the restructuring, the condonation of delay, a critical process that allows taxpayers to verify their Income Tax Return (ITR) or file it after the deadline, was also reviewed
| Direct tax-GDP ratio at millennial high in FY24
By Thomas T. Rucks
An interesting feature is the sharp decline in share of corporate tax in direct tax receipts in recent years, while personal income tax collections have risen at a much faster rate.
| CBDT comes out with FAQs on Direct Tax Vivad se Viswas scheme 2024
By M. George
The Direct Tax Vivad Se Vishwas (DTVSV) Scheme, 2024, was announced in the Union Budget 2024-25 by the Union Finance Minister to resolve pending income tax disputes
| Tax filing: How to choose the right ITR form
By Jude Marg
Income tax return guide: For individuals with income from salary or pension, the applicable forms are ITR-1 and ITR-2. For self-employed businesspersons or professionals, ITR-3 or ITR-4 will be the relevant form.
| | Income Tax Return: How to maximise your tax refunds while filing ITR? | Last date for filing income tax return (ITR)
By Sandy Mash
Individuals, companies and other taxpayers have to file income tax returns (ITRs) every financial year to inform the government of the income earned by them and the tax they have paid on this income.
| Income Tax Return: How to get maximum tax refunds on filing ITR Check out these 5 ways!
By Andrew F Thomas
Every taxpayer should make an effort to mitigate their tax liability by claiming all the available deductions and exemptions at the time of furnishing their tax returns. However, such deduction/ exemption amount should be correctly computed after considering the tax regime, residential status etc.
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| | Tenders RSS Feeds |
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Mahanagar Telephone Nigam Limited, Lodhi Road, New Delhi
By Jude Marg
The tender shall be submitted through Central Public Procurement Portal website https://eprocure.gov.in/eprocure/app developed by National Informatics Centre (NIC), Ministry of Electronics & Information Technology, GOI. Your offer complete in all respects as per enclosed documents must be submitted as per schedule given under Section-I.
| Raipur Smart City Ltd., Raipur (C.G.)
By Raul N Tiem
That the particulars given are complete and correct and that if any of the statements made or the information so furnished in the application form is later found incorrect or false or there has been suppression of material information, the firm would not only stand
| | Andhra Pradesh Capital Region Development Authority, Vijayawada, A.P. | | Odisha Power Generation Corporation Limited, Bhubaneswar, Odisha | Corrigendum Syama Prasad Mookerjee Port, Kolkata, West Bengal
By Thomas T. Rucks
Chartered Accountants / Cost Accountants for Internal Audit as per scope of work for a period of 3 years. In accordance with the General Conditions of Contract, Special Conditions of contract, General Instructions to Bidder etc.
| Jharkhand Bijli Vitran Nigam Limited, Ranchi, Jharkhand
By M. George
Jharkhand Bijli Vitran Nigam Limited (JBVNL), a wholly owned subsidiary of Jharkhand Urja Vikas Nigam Limited (JUVNL), hereinafter referred to as Company is engaged in Distribution of power in the state of Jharkhand. JBVNL has its Head Office (HO) at Ranchi (Jharkhand)
| Assam Health Infrastructure Development and Management Society, Guwahati, Assam
By Henry Richards
Internal audit is an important tool of management to keep watch and exercise control over activities of the Organization. With the specialized knowledge of professional firms of Chartered Accountants, AHIDM Society endeavors to significantly improve not only finance & accounting related performance but also exercise management control over non- financial activities with the
help of efficient Internal Audit mechanism.
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| | Customs and Excise RSS Feeds |
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Notification No. 26/2021 Customs Ministry Of Finance
By Orion M.
In exercise of the powers conferred by sub-section (1) of section 25 of
the Customs Act, 1962 (52 of 1962) read with section 124 of the Finance Act, 2021 (13 of 2021), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby amends the following notifications of the Government of India in the Ministry
of Finance (Department of Revenue) specified in column (2) of the Table below, to the extent
specified in the corresponding entries in column (3) of the said Table
| Delhi Customs issues Covid-19 Facilitation Measures: Relaxation in Procedure for Inbonding of Cargo Import under Warehouse Bill of Entry
By Moshe Pras
The Delhi Customs, on Wednesday, issued relaxation in the procedure for Inbonding of Cargo import under Warehouse Bill of Entry as one of the COVID-19 facilitation measures.
| Notification No. 32/2020 CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS
By Raul N Tiem
In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect Taxes and Customs hereby makes the following amendment in the Notification of the Central Board of Indirect Taxes and Customs No.27/2020-CUSTOMS (N.T.), dated 19thMarch, 2020 with effect from 27th March, 2020, namely: -
| Notification No. 07/2020 Central Board of Indirect Taxes and Customs
By Moshe Pras
In exercise of the powers conferred by section 168 of the Central Goods and
Services Tax Act, 2017 (12 of 2017), read with sub-rule (5) of rule 61 of the Central Goods and Services Tax Rules, 2017 (hereafter in this notification referred to as the said rules), the Commissioner, on the recommendations of the Council,
| Notification No. 07/2020 Central Board of Indirect Taxes and Customs
By Sandy Mash
In exercise of the powers conferred by section 168 of the Central Goods and
Services Tax Act, 2017 (12 of 2017), read with sub-rule (5) of rule 61 of the Central Goods and Services Tax Rules, 2017 (hereafter in this notification referred to as the said rules), the Commissioner, on the recommendations of the Council,
| Notification No. 01/2020 Central Board of Indirect Taxes and Customs
By Raul N Tiem
In exercise of the powers conferred by sub-section (2) of section 1 of the
Finance (No. 2) Act, 2019 (23 of 2019), the Central Government hereby appoints the 1st day of January, 2020, as the date on which the provisions of section 114 of the Finance (No. 2) Act, 2019 (23 of 2019) shall come into force.
| Notification No.91/2019 Central Board Of Indirect Taxes And Customs
By Sandy Mash
In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52
of 1962), and in supersession of the notification of the Central Board of Indirect Taxes and Customs No.88/2019-CUSTOMS (N.T.), dated 5th December, 2019
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| | Mergers and Acquisitions RSS Feeds |
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Govt may further sweeten Air India offer
By Jude Marg
The government may ease some of the conditions for potential bidders of Air India in a renewed effort to privatize the loss-making national carrier, which is crucial to achieving its ambitious divestment goal for this fiscal.
| How India is becoming an unlikely Asian hotspot for mergers & acquisitions
By Moshe Pras
Thanks largely to $15 billion of investments in Jio, India accounts for more than 12% of announced deals in the Asia Pacific region so far this year.
| Notification No. 05/2020-Customs (ADD) Ministry Of Finance
By Andrew F Thomas
Whereas, in the matter of import of `Chlorinated Polyvinyl Chloride Resin
(CPVC)-whether or not further processed into compound' (hereinafter referred to as the subject goods), falling under heading 3904 of the First Schedule to the Customs Tariff Act, 1975
| Deals of the day-Mergers and acquisitions March 6, 2020
By Orion M.
India laid out a rescue plan for Yes Bank under which State Bank of India will take a 49% stake in the troubled lender, which is struggling with bad loans.
| Deals of the day-Mergers and acquisitions March 2, 2020
By Moshe Pras
The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Monday
| Mint Investment Summit - M&A in India: Challenges and opportunities
By Thomas T. Rucks
Top business minds will from different companies will come together to discuss the challenges and the opportunities for mergers and acquisitions in India. The panelists, to discuss and debate the subject of M&A in India: Challenges and opportunities,
| Record Year 2019: Fintech Deals, Mergers and Acquisitions Study
By Thomas T. Rucks
019 was the most active year for fintech financing, mergers and acquisitions (M&A), and initial public offerings (IPOs), according to a new report by Financial Technology (FT) Partners.
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| | Indirect Tax RSS Feeds |
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When will ITR1 forms become available for tax filing. Check details
By Moshe Pras
The Income Tax department has made it easier for taxpayers to file their taxes for the financial year 2023-24 (FY24) by rolling out online forms ITR-1, ITR-2, and ITR-4, on its website.
| How to reduce tax on rent from vacant houses
By Sandy Mash
Rent earned from real estate property, both residential and commercial, is added to the total income and taxed at applicable tax slab. As per Income Tax (I-T) laws, a taxpayer is required to pay tax on the rent actually earned on a let out property and also on notional rent applicable to properties that are not let out but cannot be classified as self-occupied.
| Make sure to claim these tax deductions
By M. George
Here are four tax deductions that a taxpayer may forget while filing returns using pre-filled ITR forms: Exemption on house rent without HRA, Deduction on savings account interest, Deduction on medical bills of uninsured parents, Deduction on donations.
| Investment tips for those opting for new tax regime
By Henry Richards
The nationwide lockdown over the COVID-19 pandemic shouldn’t ideally distract you from the fact that we are in April that also marks the beginning of the new Financial Year2020-21. In fact, you should utilise this time to plan your tax-saving measures for the current financial year.
| Indirect tax dept issues notices to companies over late input credit claim under GST frame
By M. George
The indirect tax department has issued notices to thousands of companies that had claimed late input tax credit under GST framework and thereby asked them to reverse the transaction. These companies had claimed the input tax credit for fiscal 2018 and 2019 after missing the September deadline.
| E-generated document required for indirect tax notices
By Jude Marg
In a Frequently Asked Questions (FAQs) issued by Institute of Chartered Accountants of India ( ICAI ) Unique Document Identification Number (UDIN) said that, Chartered Accountants ( CA ) are not authorised to certify Income Tax Return (ITR) as True copy.
| FinMin seeks industry inputs on direct, indirect tax changes
By M. George
The finance ministry for the first time has sought suggestions on changes in direct and indirect tax rates from the industry. This comes at a time when a revenue shortfall and consumption slowdown are threatening to upset the government’s finances.
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| | Various Acts & Rules RSS Feeds |
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Customs Tariff 2009-10 - PART-II - Chapter 98 - Project imports, Laboratory chemicals, passenger's baggage
By Moshe Pras
This Chapter is to be taken to apply to all goods which satisfy the conditions prescribed therein, even though they may be covered by a more specific heading elsewhere in this Schedule.
| Customs Tariff 2009-10 - PART-II - Chapter 97 - Works of art, collectors' pieces and antiques
By Moshe Pras
Unused postage or revenue stamps, postal stationery (stamped paper) or the like of heading 4907
| Customs Tariff 2009-10 - PART-II - Chapter 96 - Miscellaneous manufactured articles
By Thomas T. Rucks
Articles of Chapter 66 (for example, parts of umbrellas or walking-sticks);
| Customs Tariff 2009-10 - PART-II - Chapter 95 - Toys, games and sports requisites; parts and accessories thereof
By Henry Richards
Toys, games and sports requisites; parts and accessories thereof
| Customs Tariff 2009-10 - PART-II - Chapter 94 - Furniture; bedding, mattresses, mattress supports
By Moshe Pras
Furniture; bedding, mattresses, mattress supports, cushions and similar stuffed furnishings; lamps and lighting fittings, not elsewhere specified or included; illuminated signs, illuminated name-plates and the like; prefabricated buildings.
| Customs Tariff 2009-10 - PART-II - Chapter 93 - Arms and ammunition; parts and accessories thereof
By Orion M.
telescopic sights or other optical devices suitable for use with arms, unless mounted on a firearm or presented with the firearm on which they are designed to be mounted (Chapter 90);
| Customs Tariff 2009-10 - PART-II - Chapter 92 - Musical instruments; parts and accessories of such articles
By Jude Marg
parts of general use, as defined in Note 2 to Section XV, of base metal (Section XV), or similar goods of plastics (Chapter 39);
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