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Top Headlines   RSS Feeds
 Notification No. 60/2020 CENTRAL BOARD OF DIRECT TAXES
By Thomas T. Rucks
In exercise of the powers conferred by sub-section (3A) of section 143 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following amendments in the E-assessment Scheme, 2019
 What happens if you don't file income tax return (ITR): Penalty or even jail
By Thomas T. Rucks
The Covid-19 has adversely affected us all in more than one ways. The government has been trying to provide relief in various ways including by providing more time for various time bound compliances. The deadline for filing of your Income Tax Returns (ITR) has also been extended from time to time, including ITR for financial year 2018-2019.
 5 points Income tax deduction on FD interest for senior citizens
By M. George
Section 80TTB of Income Tax Act explains the tax benefits available to senior citizens on account of interest income from deposits. The deposits can be with any bank or post office or cooperative bank.
 CBDT issues this important note - All you need to know Income Tax alert
By Sandy Mash
In May, the government amended Income Tax rules to state that Indian authorities would "endeavour" to resolve disputes under MAP within a timeframe of 24 months, a move aimed at speedy settlement of cases of MNCs which have opted the alternative dispute resolution process.
 FY 2018-19 Revised Income Tax Return Filing: Step by step guide on how to do it online
By Sandy Mash
Bringing respite to the Income Tax filers, the Central Board of Direct Taxes (CBDT) had on July 29 extended the deadline for filing income tax returns for FY 2018-19 (AY 2019-20) from July 31, 2020
 ITR filing date for FY19 extended: Here's how to do it online
By Orion M.
Taxpayers can file their returns online through Income Tax e-filing website. The portal for e-filing allows taxpayers to file their income tax returns online hassle-free.
 5 Common Mistakes That Can Draw Income Tax Notice ITR Filing
By Sandy Mash
The Central Board of Direct Taxes(CBDT) has again extended the deadline for filing of Income Tax Return FY 2018-2019.This no doubt has given some relaxation for taxpayers to file ITR. However, at times it may happen that we make a mistake while filing our ITR at the last minute. Here are common mistakes you should avoid while filing for your Income Tax Returns.
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Continuing Prof. Edu.   RSS Feeds
  VCM-Law & Procedure of GST on Export
 Practical Aspects on Tax Audit and Recent Amendments
 Virtual CPE Meeting on Reverse Charge under GST
 Virtual CPE Meeting on Taxation of Deeming Provisions under the HEAD Income From other sources
 2 days Refresher Course A to Z of GST Annual Return and GST Audit
 Critical Analysis of important case laws under the Income Tax Act
 Virtual CPE Meeting on Changes in ITR Forms (Asstt Year 2020-21) & Clubbing Provisions under Income Tax
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GST - Goods and Services Tax   RSS Feeds
 Delhi govt sends notices to over 5,500 firms for not filing tax returns
By Thomas T. Rucks
The Delhi government sent notices to over 5,500 companies for not filing tax returns on Friday. The government is also preparing a list of tax defaulters, it said in a statement.
 GSTR 1 and 3B to be linked to determine input tax credit and liability
By M. George
In an effort to plug goods and services tax (GST) evasion and frauds and ease compliance, the existing GST return filing system is being enhanced to have an in-built invoice matching system to determine input tax credit and liability. The returns will be auto-populated to minimize errors, ease reconciliation and simplify compliance.
  GST Portal restores GST Returns data for the year 2017
By Jude Marg
The Goods and Services Tax ( GST ) Portal has restored the GST Returns data for the year 2017.
 GST Portal restores GST Returns data for the year 2017
By Andrew F Thomas
The Goods and Services Tax ( GST ) Portal has restored the GST Returns data for the year 2017.
 GST, I-T numbers show recovery signs, but certain sectors facing difficulty
 Use of GST data in national accounts in limbo 3 years after tax roll-out
By Sandy Mash
There has been a demand to use goods and services tax (GST) data for national accounts. However, even after three years of the roll out of the indirect tax system, the issue remains hanging.
 CBIC enables Filing Form GSTR-4 Annual Return by Composition Taxpayers on GST Portal
By Andrew F Thomas
With effect from 1st April 2019, all Composition Taxpayers are required to file Form GSTR-4 Annual Return, on an annual basis, for each financial year.
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General   RSS Feeds
 Can buying shares in a rights issue leave you in a tax mess?
By Sandy Mash
In the wake of the Covid-19 disruption, many companies have either hit the market or are considering fund raising to strengthen their capital base in order to garner liquidity to safely make it through this crucial year.
 Income tax scrutiny down in AY18; Delhi faced the highest, Bihar the least
By Raul N Tiem
Gujarat has emerged as the most tax-compliant state in the country in terms of proportion of return filers to PAN holders in the assessment year 2018-19.
 Delhi govt warns strict action against companies defaulting on tax payments
By Andrew F Thomas
Cracking the whip on tax defaulters, the Delhi government Tuesday warned them of stringent action as it found that 10,800 companies did not pass on the full amount they collected from people as taxes
 Tax burden on salaried individuals, professionals to increase Delhi
By Thomas T. Rucks
Salaried individuals and working professionals like doctors, engineers, chartered accountants and other professionals will have to pay more tax as the South Delhi Municipal Corporation (SDMC) has approved levying of professional tax.
 IT department randomly picks up cases to remove bias from tax scrutiny
By Moshe Pras
The move is in line with the promise made by PM Narendra Modi and finance minister Nirmala Sitharaman to end harassment of genuine tax payers.
 TDS on cash withdrawal alert! New functionality from Income Tax Department for banks and post offices
By Andrew F Thomas
In a major development, the Central Board of Direct Taxes, Government of India has provided a utility to ascertain TDS Applicability Rates on Cash Withdrawals.
 Income tax department notifies exemption for sovereign wealth funds
By Sandy Mash
Aimed at attracting more investments into the country, the income tax department has issued a notification giving sovereign wealth funds and global pension funds the benefit of income tax exemption on their investment in Indian infrastructure. The tax exemption will apply to interest, dividend and capital gain incomes.
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Corporate Law   RSS Feeds
 SC relaxes Dress Code for Lawyers
By Sandy Mash
The due date for filing Income Tax Return (ITR) has been extended to November 30, 2020. Every year taxpayers are required to pay taxes on their income and income from other sources. However, paying taxes can be burdensome, which is why the government introducing ITR filing procedure.
 COVID-19 crisis is an opportunity to redefine tax policy and law
By Thomas T. Rucks
The Covid 19 crisis is an opportunity to redefine tax policy and law. A calibrated approach to balance welfare economics with a vision to pioneer economic activity and national growth is needed.
  GST & Companies Act way Forward
By Thomas T. Rucks
Place: East Delhi CPE Study Circle of NIRC Date: 06-04-2019 – To: 06-04-2019 CPE.Hrs.: 5
 Taxmen use rare law to collect dues directly from bank accounts of evaders
By M. George
Revenue officials, chasing huge tax collection deficit, are moving into top gear to maximise collections by year end even if that means deducting money directly from your bank account to fill a gap of thousands of crores.
 Income tax law needs to be a lot simpler
By M. George
Simplifying the Income Tax Act, automating tax collection and return processing and making the process user-friendly are priorities for the National Democratic Alliance (NDA) government, finance minister Piyush Goyal said.
 Govt panel may recommend dropping dividend distribution tax in new direct tax law
By Sandy Mash
The tax law panel is considering reverting to the classical method of taxing dividend in the hands of the shareholders Members of the task force set up to draft a new direct tax legislation may favour abolishing dividend distribution tax (DDT), according to a report by The Times of India.
 Law Commission proposes to abolish it Tax saving tool HUF may cease to exist
By Moshe Pras
The concept of Hindu Undivided Family (HUF) may cease to exist if the proposals of a recently released consultation paper on Reform of Family Law by the law commission are accepted.
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Students   RSS Feeds
 Cut-off date for conversion from Earlier Scheme to Revised Scheme to appear in November, 2020 Intermediate Examinations - 1st August, 2020
By Henry Richards
Students who are wishing to convert themselves from Earlier Scheme to Revised Scheme of Education and Training implemented w.e.f. 1st July, 2017 to appear in Intermediate examinations being held under Revised Scheme in November, 2020 are required to convert themselves by 1st August, 2020
 Cut-off date for conversion from Earlier Scheme to Revised Scheme to appear in November, 2020 Final Examinations - 1st August, 2020
By Moshe Pras
Students who are wishing to convert themselves from Earlier Scheme to Revised Scheme of Education and Training implemented w.e.f. 1st July, 2017 to appear in Final examinations being held under Revised Scheme in November, 2020 are required to convert themselves latest by 1st August, 2020.
 Advanced Integrated Course on Information Technology and Soft Skills (Advanced ICITSS) -Adv. Information Technology Test - Home Based Mode
 IMPORTANT ANNOUNCEMENT FOR MAY 2020 EXAMINATIONS
By Orion M.
The students are aware that vide Announcement dated 15th June 2020, the Institute, after taking in account the academic interests and health safeguards of students intending to appear in May 2020 Examinations, had enabled them to change their centre for appearance in May/ July 2020
 ICAI reduces Fees for MCS & Adv ITT Courses for students undergoing Virtual
By Orion M.
The Institute of Chartered Accountants of India ( ICAI ) has reduced the fees for MCS & Adv ITT Courses for students undergoing Virtual classes for May 2019, Nov 2019, May 2020 & Nov 2020 Final passed Students.
 Compendium of Auditing Guidance Issued by Auditing and Assurance Standards Board on Various Aspects amid COVID-19.
By Jude Marg
The global pandemic COVID-19 has significantly impacted global trade and economy with consequential impact on global and Indian financial markets. The uncertainty arises primarily from interruptions in production, supply chain disruptions, unavailability of personnel, closure of facilities / offices due to the rapid outbreak of COVID-19, decline in demand, liquidity, business continuity issues, etc.
 Multiple Choice Questions (MCQs) on Engagement and Quality Control Standards issued by Auditing and Assurance Standards Board
By Raul N Tiem
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.
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New Forms   RSS Feeds
 TDS mismatch in Form 26AS & Form 16? Ask employer to issue new Form 16 with correct details
By Thomas T. Rucks
One must obtain Form 16 (TDS certificate issued by the employer) and verify the same with the Form 26AS.
 Before you file your tax return, note the key changes in Form 16
By Thomas T. Rucks
Part B of Form 16 has been amended seeking more details about the allowances exempt under section 10 such as HRA, LTA, etc and deductions allowed under Chapter VI-A of the Income Tax Act, 1961.
 5 Things to know about Form 16
By Moshe Pras
Form 16 is a certificate issued by an employer, certifying that the TDS is deducted from the salary of the employee and deposited with the government.
 Form 16 will now have more details of your income and deductions
By Orion M.
In yet another attempt to increase transparency and minimize tax evasion, the Central Board of Direct Taxes (CBDT) has notified various changes in the formats of Form 16 and Form 24Q. The new amendments are in line with the changes in income-tax rules and new income tax return (ITR) forms recently notified by CBDT for assessment year (AY) 2019-20.
 Amendment of Form No. 16 and Form No. 24Q
By M. George
In exercise of powers conferred by sections 200 and 203 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962,
 What are Form 15G, Form 15H?
By Thomas T. Rucks
Form 15G is for resident Indians under the age of 60, HUF or trust. While Form 15H is for resident Indians aged 60 years or above.
  Post Qualification Course in International Taxation - Assessment Test (INTT-AT) - May, 2019 Application Form
By Moshe Pras
Candidates are advised to carefully read, understand and follow the instructions while filling in the Form and retain the same for future reference
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Professional Updates   RSS Feeds
  Relaxations provided to the corporates by MCA and SEBI from Regulatory compliances due to outbreak of COVID-19 pandemic by CL&CGC ICAI
By Moshe Pras
As we all know that COVID 19 is an unprecedented crisis and challenge which is currently being faced by the whole World. Amidst the spread of the pandemic and the imposition of lockdowns, there are various challenges before all the stakeholders in the corporate world.
 Important Announcement - DMBF August 2020 Examination
By Jude Marg
In pursuance of Regulation 204 of the Chartered Accountants Regulations, 1988, the Council of the Institute of Chartered Accountants of India is pleased to announce that the first Computer Based Examination for Post Qualification Course DIPLOMA ON MANAGEMENT AND BUSINESS FINANCE ( open to eligible members only ) will be held on the dates and places ( centres in India only) as detailed below :
 Review Engagements on Interim Financial Information in the Current Evolving Environment Due to COVID-19
  ICAI directs students to upload XIIth Mark Sheet for Confirmation of Foundation Registration
By Sandy Mash
ICAI directs students to upload XIIth Mark Sheet for Confirmation of Foundation Registration
 ICAI directs students to upload XIIth Mark Sheet for Confirmation of Foundation Registration
By Andrew F Thomas
ICAI directs students to upload XIIth Mark Sheet for Confirmation of Foundation Registration
 Application forms for IRM, ITL&WTO, INTT-AT Exams - November, 2020
By Henry Richards
Application forms for IRM, ITL&WTO, INTT-AT Exams - November, 2020
 Invitation for contributing in development of Background Material for Certificate Course on SDGs, BRR and IR and Executive Development Program on BRR
By Moshe Pras
Invitation for contributing in development of Background Material for Certificate Course on SDGs, BRR and IR and Executive Development Program on BRR
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From the Courts   RSS Feeds
 Dipesh Ramesh Vardhan vs. DCIT (ITAT Mumbai)
By Orion M.
S. 10(38)/68: Bogus Capital Gains from Penny Stocks: The AO has not discharged the onus of controverting the documentary evidences furnished by the assessee and by bringing on record any cogent material to sustain the addition. The allegation of price rigging / manipulation has been levied without establishing the vital link between the assessee and other entities. The whole basis of making additions is third party statement and no opportunity of cross-examination has been provided to the assessee to confront the said party. As against this, the assessee's position that that the transactions were genuine and duly supported by various documentary evidences, could not be disturbed by the revenue
 Shri Rameshwar Dayal Sharma, C/o Kapil Goel, Adv. F-26/124, Sector 7, Rohini, Vs. ITO, Ward-2(2), Faridabad.
By Jude Marg
This appeal has been filed by the assessee against the order of Ld. Commissioner of Income Tax(A), Faridabad dated 24.07.2019 for assessment year 2013-14.
 M/s. Maharishi Dayanand Educational Society, Village Dablan, Jind. Haryana.Vs. The Income Tax Officer, (Exemptions), Rohtak. Haryana.
By Thomas T. Rucks
This appeal by Assessee has been directed against the Order of the Ld. CIT(A), Hisar, Dated 03.01.2019, for the A.Y. 2014-2015.
 Karmic Labs Pvt. Ltd vs. ITO (ITAT Mumbai)
By M. George
S. 56(2)(viib)/ Rule 11UA: The assessee has the choice to choose a prescribed method for ascertaining the market value of the shares transferred. If the assessee has chosen one method of valuation provided under Rule 11UA (i.e. DCF method), the AO has no power or jurisdiction to change that method to another method (All imp judgements referred)
 Vineeta Sharma vs. Rakesh Sharma (Supreme Court) (Larger Bench)
By Sandy Mash
(i) S. 6 of the Hindu Succession Act, 1956 confers status of coparcener on daughters born before or after amendment in the same manner as son with the same rights and liabilities, (ii) The rights can be claimed
 Shree Choudhary Transport Co vs. ITO (Supreme Court)
By Raul N Tiem
(i) Disallowance u/s 40(a)(ia), 40A(3) etc are intended to enforce due compliance of the requirement of other provisions of the Act and to ensure proper collection of tax as also transparency in dealings.
 MCA designates Special Court in Gauhati for Speedy Trial of Offences under Companies Act, 2013
By Orion M.
The Ministry of Corporate Affairs (MCA) has designated the Court of Chief Judicial Magistrate, Kamrup (M) at Gauhati as Special Court for the purposes of providing speedy trial of offenses under clause (b) of sub-section (2) of section 435 of the Companies Act, 2013.
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Auditing   RSS Feeds
 NFRA issues Draft Procedure for Submission of Audit Files
By Andrew F Thomas
The National Financial Reporting Authority (NFRA) on Tuesday issued a notice of draft Procedure for Submission of Audit Files to NFRA.
 Auditors barred from putting a value on companies they are auditing
By Raul N Tiem
An income tax tribunal has barred auditors from issuing valuation certificates to the companies they are auditing. This is set to impact several tax disputes around valuations in companies including angel tax disputes involving start-ups.
 Standard on Internal Audit (SIA) 18, Related Parties
By Jude Marg
Standard on Internal Audit (SIA) 18, Related Parties
 Standard on Internal Audit (SIA) 17, Consideration of Laws and Regulations in an Internal Audit
By Raul N Tiem
Standard on Internal Audit (SIA) 17, Consideration of Laws and Regulations in an Internal Audit
 Standard on Internal Audit (SIA) 16, Using the Work of an Expert
By Henry Richards
Standard on Internal Audit (SIA) 16, Using the Work of an Expert
 Standard on Internal Audit (SIA) 14, Internal Audit in an Information Technology Environment
By Moshe Pras
Standard on Internal Audit (SIA) 14, Internal Audit in an Information Technology Environment
 Standard on Internal Audit (SIA) 13, Enterprise Risk Management
By Thomas T. Rucks
Standard on Internal Audit (SIA) 13, Enterprise Risk Management
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Latest Circulars   RSS Feeds
 RBI Bulletin - August 2020
By Andrew F Thomas
The Reserve Bank of India today released the August 2020 issue of its monthly Bulletin. The Bulletin includes Second Bi-monthly Monetary Policy Statement, 2020-21, two speeches, three Articles and Current Statistics.
 Review of Guidelines for Core Investment Companies
By Orion M.
Please refer to the report of the Working Group (WG) to Review the Regulatory and Supervisory Framework for Core Investment Companies (CICs), constituted under the Chairmanship of Shri Tapan Ray, former Secretary, Ministry of Corporate Affairs, Government of India.
 RBI System-based asset classification UCBs
By Henry Richards
In order to improve the efficiency, transparency and integrity of the asset classification process, it has been decided to implement system-based asset classification1 in urban co-operative banks (UCBs). The relevant instructions in this regard are as under
 Introduction of Automated Sweep-In and Sweep-Out (ASISO) Facility for end of the day LAF Operations
By Raul N Tiem
In order to optimise human resource deployment in the context of disruptions caused by COVID-19 and to provide eligible LAF/MSF participants greater flexibility in managing their end of the day cash reserve ratio (CRR) balances, the Reserve Bank has decided to provide an optional automated sweep-in and sweep-out (ASISO) facility in its e-Kuber system.
 Reserve Bank announces constitution of an Expert Committee
 Reserve Bank announces constitution of an Expert Committee
 Online Dispute Resolution (ODR) System for Digital Payments
By Raul N Tiem
Please refer to the Statement on Developmental and Regulatory Policies dated August 6, 2020 wherein the Reserve Bank of India (RBI) had announced introduction of Online Dispute Resolution (ODR) system for resolving customer disputes and grievances pertaining to digital payments, using a system-driven and rule-based mechanism with zero or minimal manual intervention.
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Forex   RSS Feeds
 Perils of an ad hoc forex policy
By Orion M.
In a speech that he gave last month at the International Monetary Fund, the Reserve Bank of India (RBI) Governor,
 Rupee depreciated by 17 paise to Rs 45.62 a dollar in early trade
By Andrew F Thomas
The rupee depreciated by 17 paise to Rs 45.62 a dollar in early trade today following weak domestic equity markets
 Rupee strengthened by 7 paise against dollar
By Jude Marg
The rupee strengthened by 7 paise to Rs 45.35 a dollar in early trade today on weakness in the US currency against major world currencies
 Rupee up by 4 paise against dollar in early trade
By Orion M.
The rupee strengthened by 4 paise to Rs 45.48 against the US dollar in early trade at the Interbank Foreign Exchange today
 Rupee falls by 18 paise at 4-week low against dollar
By M. George
The rupee today fell by 18 paise to trade at a four-week low of Rs 45.54 against the US currency in early trade, weighed down by dollar's gains against the major world currencies
 Rupee drops on weak shares; inflation eyed
By Orion M.
The Indian rupee fell on Friday tracking losses in local shares, which raised worries of foreign investors continuing to pull out funds from Asia's third-largest economy
 Rupee raises 6 paise against dollar in early trade
By Sandy Mash
The Rupee appreciated by 6 paise to Rs 45.07 a dollar at the Interbank Foreign Exchange market today, boosted by the greenback's weakness against euro and other major currencies
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ITAT-Constitution of Benches   RSS Feeds
 Capital Gain Deduction claim can be invoked during Re-Assessment if Assessee failed to file Returns: ITAT
By Henry Richards
In an assessee-friendly ruling, the Income Tax Appellate Tribunal (ITAT), Jaipur bench has held that the assessee can claim the benefit of capital gain deduction under section 54F of the Income Tax Act, 1961 during the re-assessment proceedings under section 147 and 148 of the Income Tax Act in case of non-filing of income tax returns.
 Vodafone Idea Limited is not required to Deduct Tax u/s 194H on Prepaid SIM Cards: ITAT
By Moshe Pras
The Calcutta Bench of Income Tax Appellate Tribunal (ITAT) held that Vodafone Idea Limited the assessee shall not be treated as an assessee in default under Section 201(1) of the Income Tax Act, 1961 Act as the assessee is not required to deduct tax under Section 194J of the Act. Once, the assessee is treated as the assessee, not in default under Section 201(1), the interest under Section 201(1A) is not required to be charged.
 Activities performed in ‘Virtual Classrooms’ also comes under the Definition of ‘Education’: ITAT grants relief to NIIT Foundation
By Orion M.
Activities performed in ‘Virtual Classrooms’ also comes under the Definition of ‘Education’: ITAT grants relief to NIIT Foundation
 Scrutiny Assessment without Notice is Defective in Law: ITAT
By Jude Marg
While upholding an order passed by the Commissioner of Income Tax (Appeals), the Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that scrutiny assessment under section 143(2) cannot be passed without serving notice to the assessee.
 No Exempt Income Received or Receivable, No Disallowance under Section 14A: ITAT
By M. George
The Income Tax Appellate Tribunal (ITAT), Mumbai held that Section 14A of the Income Tax Act, 1961 will not apply if no exempt income is received or receivable during the relevant previous year.
 Bonus allocated to Policyholders is not Taxable as Income from Insurance Company: ITAT
By Henry Richards
The Income Tax Appellate Tribunal (ITAT), while granting relief to Max New York Life Insurance Company Ltd, held that the addition made by the income tax department treating bonus allocated to the policyholders as taxable income under section 44 of the Income Tax Act, 1961 is liable to be quashed.
 Yahoo gets Income Tax Relief from ITAT
By Orion M.
The Bangalore bench of the Income Tax Appellate Tribunal ( ITAT ) has recently allowed a deduction under section 10A of the Income Tax Act, 1961 towards the claim of Yahoo Software Development Pvt. Ltd.
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Finance Bills   RSS Feeds
 The Companies (Removal Of Difficulties) Seventh Order - dated 4th Sept 2014 New
By M. George
Whereas the Companies Act, 2013 (18 of 2013) (hereinafter referred to as the said Act) received the assent of the President on the 29th August, 2013 and section 143 of the Act,
 Finance & Commerce Ministry to discuss draft BIPA model tomorrow
By Orion M.
Officials of the finance and the commerce and industry ministries are scheduled to discuss the issues related to the draft text of the Bilateral Investment Promotion and Protection Agreement (BIPA) tomorrow.
 Union Finance Minister Shri Arun Jaitley said that the revenue targets fixed for Direct Taxes for the current Financial Year 2014-15 would not only be achieved but would also be surpassed
By Orion M.
The Union Finance Minister Shri Arun Jaitley hoped that the revenue targets fixed for Direct Taxes for the current Financial Year 2014-15 would not only be achieved but would also be surpassed.
 Finance ministry may pitch for higher tax exemption on health insurance
By Thomas T. Rucks
The finance ministry is likely to pitch for a substantial increase in the income-tax exemption limit for health insurance as part of its plan to deepen insurance coverage. The ministry is examining a proposal that seeks to double the limit to 30,000 from 15,000.
 Finance minister reviews annual performance of public sector banks and financial institutions for 2013-14; calls for tougher action against wilful defaulters; highest ever more than 10,000 new branches opened during 2013-14
By Jude Marg
The Union Finance Minister Shri P. Chidambaram said that the last Financial Year 2013-14 was a difficult year even though there was positive movement towards greater stability.
 India Infrastructure Finance Company to raise Rs 7,000 crore through tax-free bonds
By M. George
State-owned India Infrastructure Finance Company (IIFCL) plans to raise Rs 7,000 crore via a public issue of tax-free bonds in October, according to a senior company official
 Finance Ministry hopes RBI focusses on promoting growth in policy tomorrow
By Moshe Pras
Ahead of tomorrow's monetary policy review, the Finance Ministry has expressed the hope that Reserve Bank will focus on promoting growth.
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Placements & Empanelment   RSS Feeds
 Office hours arising out of Security Arrangements for Independence Day - 2020
 90 LPA Opening Chartered Accountants Required In Canada and Australia
By Andrew F Thomas
Experience:2 - 4 years, Salary: 40,00,000 - 90,00,000 P.A., Industry Type: Banking, Financial Services, Broking
 15 LPA-Opening Chartered Accountant - Preet Vihar, Delhi
By Orion M.
Experience:7 - 12 years, Salary: 8,00,000 - 15,00,000 P.A.., Functional Area: Accounts, Finance, Tax, Company Secretary, Audit
 15 LPA-Opening Chartered Accountant - Required For A Manufacturing Company
By Orion M.
Experience: 7 - 12 years, Salary: 8,00,000 - 15,00,000 P.A.,PG :CA in CA
 Chartered Accountant vacancy in Bank of America
By Raul N Tiem
The Bank of America has invited applications from eligible candidates for the post of Assistant Manager.
 20 LPA-Opening Chartered Qualified Chartered Accountant required from Midsize firms
By Orion M.
Exprience: 10 - 12 years, Salary: 11,00,000 - 12,00,000 P.A., Functional AreaAccounts, Finance, Tax, Company Secretary, Audit
 12 LPA-Opening Chartered Accountant (First attempt)- Thane, Mumbai
By Jude Marg
Exprience: 10 - 12 years, Salary: 11,00,000 - 12,00,000 P.A., Functional Area: Accounts, Finance, Tax, Company Secretary, Audit
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Markets   RSS Feeds
 Market Top Losers 13/08/2020
By Orion M.
Market Top Losers 13/08/2020
 Market Top Gainers 13/08/2020
By Jude Marg
Market Top Gainers 13/08/2020
 Top Ranked Mutual Funds 13/08/2020
By Raul N Tiem
Top Ranked Mutual Funds 13/08/2020
 Market Top Losers 5/08/2020
By M. George
Market Top Losers 5/08/2020
 Market Top Gainers 5/08/2020
By Sandy Mash
Market Top Gainers 5/08/2020
 Top Ranked Mutual Funds 5/08/2020
By Andrew F Thomas
Top Ranked Mutual Funds 5/08/2020
 Market Top Losers 29/07/2020
By Raul N Tiem
Market Top Losers 29/07/2020
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Direct Tax   RSS Feeds
 From Thursday, this will happen, confirms CBDT - All you need to know Income Tax alert
By Jude Marg
The Central Board of Direct Taxes (CBDT) has confirmed that the income tax surveys to collect information for scrutiny assessment will be undertaken only by the investigation wing and the tax deducted at source (TDS) directorate with effect from Thursday.
 Tax raids to be approved only by I-T top brass: Govt
By Raul N Tiem
In a move to curb unauthorised income tax raids, Centre has now come out with an order that only Director General of Income Tax and Chief Commissioner for Income Tax can approve I-T raids
 ITR filing extended deadline ends on 30 November, here's a glimpse of key things you should know
By Thomas T. Rucks
Every year, on 30 June, there is a huge rush to file ITR. This year, as the nation went into lockdown on 25 March, normal life was disrupted badly. The Income Tax dept declared an extension of ITR filing date.
 Offline Retail Payments using Cards / Wallets / Mobile Devices Pilot
By Thomas T. Rucks
Over the years, the Reserve Bank has prioritised security measures for digital payments such as the requirement of Additional Factor of Authentication and online alerts for every transaction. These measures have significantly increased customer confidence and safety leading to increased adoption of digital payments.
 CBDT issues guidance note on MAP, stipulates cases where ITAT has passed order
By M. George
Indian authorities will not deviate from the resolution order passed by statutory appellate body ITAT in cross-border tax disputes which are undergoing simultaneous resolution through mutual agreement procedure (MAP), the income tax department has said. MAP is an alternative dispute resolution process under the tax treaties, under which competent authorities of two countries enter into discussions to resolve tax related disputes.
 CBDT issues MAP Guidance for benefit of Taxpayers, Tax Practitioners, Tax Authorities and CAs of India and of Treaty Partners
By Moshe Pras
The Central Board of Direct Taxes (CBDT) issued the detailed Mutual Agreement Procedure (MAP) Guidance for the benefit of stakeholders including all the taxpayers, tax practitioners, tax authorities, and CAs of India and of treaty partners.
 Redeemed your MF? It s important to report capital gains or losses in ITR
By Orion M.
With companies starting to issue Form 16 to their employees, many individuals have begun the process of filing the income tax return (ITR) for the financial year 2019-20.
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Tenders   RSS Feeds
 Religare Capital Markets Ltd. D-3, P3B, District Centre, Saket, New Delhi Vs. DCIT Circle-21(1) New Delhi
By Raul N Tiem
This extension of Stay Application has been filed against outstanding demand of Rs. 93 crores [Rs. 108 crores(-) Rs. 15 Crores] for Assessment Year 2011-12. During the course of hearing of the above stay petition assessee further deposited ₹ 5 crores towards the outstanding demand.
 National Institute for Entrepreneurship and Small Business Development, Noida, Uttar Pradesh
By Henry Richards
The National Institute for Entrepreneurship and Small Business Development is a premier organization of the Ministry of Skill Development and Entrepreneurship, engaged in training, consultancy, research, etc. in order to promote entrepreneurship and Skill Development.
 Goa State Urban Development Agency, Panaji, Goa
By Moshe Pras
Request for Submitting Proposal for Empanelment of Chartered Accountant Firm for Implementation of Accrual Based Double Account ing System in 13 Municipalities of State of Goa
 Corrigendum Delhi State Industrial And Infrastructure Dvlpmt Crpotion, Connaught Circus, New Delhi
By Sandy Mash
RIICO invites proposals from CAG Empanelled CA firms and practicing Chartered Accountants/ CA firms for empanelment for conducting internal audit work of Head Office (Investment Accounts / Interest Memos of Term Loan Account, Follow Up & Recovery,
 New Mangalore Port Trust, Mangalore, Karnataka
 Corrigendum3 V.O.Chidambaranar Port Trust, Tuticorin, Tamil Nadu
By Thomas T. Rucks
The following Corrigendum is issued for NIT No. FIN-OFFTA-API-INTER-VI-18/23017 for Appointment of A Service Provider (C&AG Empanelled Chartered Accountant Firm) to render Internal Audit Services to V.O.Chidambaranar Port Trust for a Period of Two(2) years uploaded in the Port website on 23.06.2020.
  Central Cottage Industries Corporation of India Ltd, Nandanam, Chennai
By Raul N Tiem
Central Cottage Industries Corporation of India Ltd. (CCIC), a Government of India Undertaking under Ministry of Textiles, invites bid for above services from firms of Chartered Accountants / Cost Accountant Firms for the F.Y.2019-20.
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Transfer Pricing   RSS Feeds
 Key Highlights Of The 2nd Edition Of KSA Transfer Pricing Guidelines
By Henry Richards
General Authority of Zakat and Tax (GAZT) in the Kingdom of Saudi Arabia (KSA) released final Transfer Pricing Bylaws (TP Bylaws) in February 2019. Subsequently, in March 2019, GAZT issued the First Edition of Transfer Pricing Guidelines that provide insights and guidance and represents GAZT's views on the application of Transfer Pricing Bylaws.
 ITAT deletes Penalty since Assessee applied Transfer Pricing Provisions with Good faith and Due Diligence
By Raul N Tiem
In a major relief to Tianjin Tianshi India Pvt. Ltd, the Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that the penalty under section 271(1)(c) of the Income Tax Act, 1961 cannot be levied if the transfer pricing provisions under section 92C was handled by the assessee in due diligence without any mala fide intentions.
 Change in transfer pricing regulations to help MNCs
By Jude Marg
The Union budget 2020-21 has proposed to amend the Section 92CB of the Income Tax Act that empowers the Central Board of Direct Taxes to frame safe harbour rules for determination of the arm’s length price. The government has also sought to widen the ambit of Dispute Resolution Panel (DRP).
 National High Speed Rail Corporation Limited, New Delhi, Delhi
By Orion M.
Completed tender documents sealed in an envelope super-scribing the name of work; name and address of the Bidder, shall be submitted at NHSRCL's office at address in Para 1 above before 15.00 hrs. on 10.09.2019.
 Deals of the day-Mergers and acquisitions September 3, 2019
By Andrew F Thomas
Industrial vehicle maker CNH Industrial, said it planned to split its operations in two to create two more focused businesses.
 Transfer pricing documentation due by year-end
By Orion M.
Transfer pricing documentation, required by the State Administration of Taxation (SAT), is due to be submitted by companies that are part of an international group by the end of December.
 Transfer pricing amendments – a step towards certainty
By M. George
The Finance Minister has proposed to provide an option to the taxpayers to make one-time payment of tax including surcharge on the amount of transfer pricing adjustment or part thereof, instead of tax on deemed interest every year in case the taxpayer does not repatriate money from its AE in India.
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Customs and Excise   RSS Feeds
 Delhi Customs issues Covid-19 Facilitation Measures: Relaxation in Procedure for Inbonding of Cargo Import under Warehouse Bill of Entry
By Moshe Pras
The Delhi Customs, on Wednesday, issued relaxation in the procedure for Inbonding of Cargo import under Warehouse Bill of Entry as one of the COVID-19 facilitation measures.
 Notification No. 32/2020 CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS
By Raul N Tiem
In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect Taxes and Customs hereby makes the following amendment in the Notification of the Central Board of Indirect Taxes and Customs No.27/2020-CUSTOMS (N.T.), dated 19thMarch, 2020 with effect from 27th March, 2020, namely: -
  Notification No. 07/2020 Central Board of Indirect Taxes and Customs
By Moshe Pras
­In exercise of the powers conferred by section 168 of the Central Goods and Services Tax Act, 2017 (12 of 2017), read with sub-rule (5) of rule 61 of the Central Goods and Services Tax Rules, 2017 (hereafter in this notification referred to as the said rules), the Commissioner, on the recommendations of the Council,
 Notification No. 07/2020 Central Board of Indirect Taxes and Customs
By Sandy Mash
­In exercise of the powers conferred by section 168 of the Central Goods and Services Tax Act, 2017 (12 of 2017), read with sub-rule (5) of rule 61 of the Central Goods and Services Tax Rules, 2017 (hereafter in this notification referred to as the said rules), the Commissioner, on the recommendations of the Council,
 Notification No. 01/2020 Central Board of Indirect Taxes and Customs
By Raul N Tiem
In exercise of the powers conferred by sub-section (2) of section 1 of the Finance (No. 2) Act, 2019 (23 of 2019), the Central Government hereby appoints the 1st day of January, 2020, as the date on which the provisions of section 114 of the Finance (No. 2) Act, 2019 (23 of 2019) shall come into force.
  Notification No.91/2019 Central Board Of Indirect Taxes And Customs
By Sandy Mash
In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Central Board of Indirect Taxes and Customs No.88/2019-CUSTOMS (N.T.), dated 5th December, 2019
 Notification No. 90/2019 Central Board of Indirect Taxes and Customs
By Henry Richards
In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect Taxes & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendments in the notification of the Government of India
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Mergers and Acquisitions   RSS Feeds
 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.
 Deals of the day-Mergers and acquisitions February 28, 2020
By M. George
World No. 1 lock maker Assa Abloy on Thursday gained EU antitrust approval to increase its stake in Swiss door maker agta record after agreeing to sell assets and supply spare parts on fair terms for at least 10 years.
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Indirect Tax   RSS Feeds
 Investment tips for those opting for new tax regime
By Henry Richards
The nationwide lockdown over the COVID-19 pandemic shouldn’t ideally distract you from the fact that we are in April that also marks the beginning of the new Financial Year2020-21. In fact, you should utilise this time to plan your tax-saving measures for the current financial year.
 Indirect tax dept issues notices to companies over late input credit claim under GST frame
By M. George
The indirect tax department has issued notices to thousands of companies that had claimed late input tax credit under GST framework and thereby asked them to reverse the transaction. These companies had claimed the input tax credit for fiscal 2018 and 2019 after missing the September deadline.
 E-generated document required for indirect tax notices
By Jude Marg
In a Frequently Asked Questions (FAQs) issued by Institute of Chartered Accountants of India ( ICAI ) Unique Document Identification Number (UDIN) said that, Chartered Accountants ( CA ) are not authorised to certify Income Tax Return (ITR) as True copy.
 FinMin seeks industry inputs on direct, indirect tax changes
By M. George
The finance ministry for the first time has sought suggestions on changes in direct and indirect tax rates from the industry. This comes at a time when a revenue shortfall and consumption slowdown are threatening to upset the government’s finances.
 Govt gives businesses four months to settle indirect tax disputes
By Sandy Mash
Businesses can now settle their pending disputes relating to central excise duty and service tax within four months starting 1 September under the terms notified by the government on Thursday.
 ITR filing becomes easy via new 'e-Filing Lite' portal - 5 things to know Income Tax Return
By Raul N Tiem
Income Tax Return: Income Tax department has made lives easier for the taxpayers by launching 'e-Filing Lite' portal. The portal is meant for the tax payers who find filing of income tax returns (ITR) on their own a complicated and time-taking process.
 No income tax on interest from accident compensation: High Court
By M. George
Forty years after an eight-year-old city boy was left maimed for life in a car accident, the Bombay High Court on Thursday held that income tax should not have been deducted from the interest on the compensation awarded by the court. The ruling was given by a bench of justices Akil Kureshi and S J Kathawalla on a plea by accident victim Rupesh Shah, now 48.
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Various Acts & Rules   RSS Feeds
 Customs Tariff 2009-10 - PART-II - Chapter 98 - Project imports, Laboratory chemicals, passenger's baggage
By Moshe Pras
This Chapter is to be taken to apply to all goods which satisfy the conditions prescribed therein, even though they may be covered by a more specific heading elsewhere in this Schedule.
 Customs Tariff 2009-10 - PART-II - Chapter 97 - Works of art, collectors' pieces and antiques
By Moshe Pras
Unused postage or revenue stamps, postal stationery (stamped paper) or the like of heading 4907
 Customs Tariff 2009-10 - PART-II - Chapter 96 - Miscellaneous manufactured articles
By Thomas T. Rucks
Articles of Chapter 66 (for example, parts of umbrellas or walking-sticks);
 Customs Tariff 2009-10 - PART-II - Chapter 95 - Toys, games and sports requisites; parts and accessories thereof
By Henry Richards
Toys, games and sports requisites; parts and accessories thereof
 Customs Tariff 2009-10 - PART-II - Chapter 94 - Furniture; bedding, mattresses, mattress supports
By Moshe Pras
Furniture; bedding, mattresses, mattress supports, cushions and similar stuffed furnishings; lamps and lighting fittings, not elsewhere specified or included; illuminated signs, illuminated name-plates and the like; prefabricated buildings.
 Customs Tariff 2009-10 - PART-II - Chapter 93 - Arms and ammunition; parts and accessories thereof
By Orion M.
telescopic sights or other optical devices suitable for use with arms, unless mounted on a firearm or presented with the firearm on which they are designed to be mounted (Chapter 90);
 Customs Tariff 2009-10 - PART-II - Chapter 92 - Musical instruments; parts and accessories of such articles
By Jude Marg
parts of general use, as defined in Note 2 to Section XV, of base metal (Section XV), or similar goods of plastics (Chapter 39);
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Department of Companies Affairs   RSS Feeds
 Impose tax on windfall profits of pvt oil cos: CPM tells Govt
 Taxes fuel petrol, diesel prices globally
 Department of Economic Affairs seeks hike in spectrum fee
 Rising yen gives companies the jitters
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