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Top Headlines   RSS Feeds
 Income-tax (23rd Amendment) Rules, 2020
By Sandy Mash
In exercise of the powers conferred by sub-section (1) of 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,
  Income tax on EPF at the time of withdrawal
By Thomas T. Rucks
Except in certain exceptional circumstances beyond his control, in case an employee withdraws the balance from his EPF (Employee Provident Fund) Account before contributions for five years in his provident fund account, the money withdrawn becomes taxable in the hands of the employee.
 An easy-to-use guide to filing your income tax returns
 Income Tax Department releases New Tax Audit utility, Schema Version 1.21Form 3CD
 Which ITR form is applicable to you Income Tax Return for AY 2020-21
By M. George
There are four Income Tax Return (ITR) forms applicable to an individual. Selection of correct ITR Filing form is important. An individual who fills a wrong ITR form will have to face consequences. "Selection of appropriate ITR form is important as wrong selection would result in a receipt of defective notice from the Income Tax Department which needs to be rectified within a specified period of time," says Kapil Rana, founder and Chairman, HostBooks.
  How to File Revised ITR at incometaxindiaefiling.gov.in Income Tax Return
By Henry Richards
There are situations when a taxpayer mistakenly files incorrect income tax returns (ITR). The income tax department gives a facility to file revised returns, in case a person forgets to declare a particular income, claim a deduction or commits any mistake while filing the original ITR.
 Documents required, last date and other details Income Tax Return for AY 2020-21
By Orion M.
Income Tax Return in Form ITR-1 can be filed by any ordinary resident individual (not HUF) having an income of up to Rs 50 lakh. Last date to file ITR for AY 2020-21 is November 30.
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Continuing Prof. Edu.   RSS Feeds
 VCM on Finance & FS Analysis TP Act Stamp Act & udicial Pronouncements
 Latest changes in TDS and TCS relating to AY s 2020 2021 and 2021 2022
 Using MS Excel for Audit Stat Audit, Tax Audit, GST Audit
 International Taxation- How to read and Check the taxability, TRC and issuance of form 15CA & 15CB
 New Tax Audit Report & Clause wise analysis Tax Audit with the held of Judicial Pronouncements
 Recent Amendments in TDS & TCS Provisions and Apples under face less
  Dissection of section 206C (1H) with practical examples & applicability of tax audit under section 44AB / 44AD/ 44ADA with case studies
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GST - Goods and Services Tax   RSS Feeds
 GST portal experiences technical failure on last day of September return filing; several Twitter users complain
By M. George
The technical failure of the GST portal caused #gstnfailed to trend on Twitter. October 20 was the last day for filing the GSTR-3B for September
 GST: CBIC notifies due date of Form GSTR-3B for October 2020 to March 2021
By Orion M.
The Central Board of Indirect Taxes and Customs (CBIC) notified that the return in Form GSTR-3B of the Central Goods and Services Tax Rules, 2017 for each of the months from October 2020 to March 2021, which shall be furnished electronically through the common portal, on or before the 20th day of the month succeeding such month.
 E-Way Bill generation facility to be blocked for Taxpayers who failed to file GSTR-3B for 2 or more Tax period from Oct 15
By Thomas T. Rucks
The Central Board of Indirect Taxes and Customs ( CBIC ) has clarified that, E-Way Bill generation facility to be blocked for Taxpayers who failed to file GSTR-3B for 2 or more Tax period from Oct 15, 2020.
 How borrowing options narrowly missed being put to a vote in GST Council meeting
By Henry Richards
At the beginning of the 42nd GST Council meeting, the Centre was confident that it had the numbers to have a favourable result on the borrowing options. However, things changed during the discussions, and the government officials were soon found to be trying to force the meeting to a close
 8 decisions of the GST Council to impact businesses: EY
By Moshe Pras
Levy of GST compensation cess to be extended beyond the transition period of five years, for such period as may be required to meet the revenue gap
 Centre can strengthen federalism by compensating states fully for GST shortfal
 Centre calls truce with states on GST
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General   RSS Feeds
 I-T department keeps tolerance range for transfer pricing unchanged
By M. George
In a disappointment to businesses reeling from the Covid impact, the income tax department has kept the tolerance range for transfer pricing unchanged for 2019-20.
 Income tax rules for annuity received from LIC
By Jude Marg
I superannuated from a PSU company. After my retirement my employer deposited some money with LIC (Life Insurance Corporation) for annuity.
 Should you opt for the LTC cash voucher scheme? Here's how much tax you will save
By Orion M.
On Monday, the government announced an LTC cash voucher scheme that will allow government employees to purchase goods and services in lieu of the tax-exempt portion of the Leave Travel Concession/Leave Travel Allowance (LTA/LTC).
 Income tax refunds worth over Rs 1.23 lakh cr issued to 38.11 lakh taxpayers till Oct 13: CBDT
By Henry Richards
The income tax department on Wednesday said it has issued refunds of over Rs 1.23 lakh crore to more than 38 lakh taxpayers between April 1 to October 13.
 Refund to be disbursed in a Validated Bank Account linked with PAN & Aadhaar of the registrant, says Finance Minister
By Thomas T. Rucks
The Finance Minister, Nirmala Sitharaman in the 42nd GST Council Meeting said that refund to be disbursed in a validated bank account linked with the PAN and Aadhaar of the registrant with effect from 1 January, 2021.
 Key tax changes to kick  in today
By Henry Richards
Several key direct and indirect tax changes will kick in from 1 October that businesses and individual taxpayers need to take note of. These are provisions meant to gather data about transactions, spending patterns and fund flow across borders as the tax administration increasingly becomes data and tech-driven. Mint takes a look at the changes.
 All you need to know about the Vodafone-India tax dispute
By Andrew F Thomas
British telco Vodafone Group won a decade-long battle against the Indian government in a case relating to retrospective taxation under which the income tax department had raised a demand of around Rs 22,000 crore on the telecom major.
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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
 Frequently Asked Questions w.r.t May/November 2020 Examination
By Sandy Mash
Whether the student who had applied for May 2020 Exams be required to fill Examination Form For November 2020 afresh.
 3rd Online Batch of Certificate Course on Forex and Treasury Management from 22nd August 2020
By Andrew F Thomas
The Committee on Capital Market and Investors Protection is pleased to announce its 3rd Online batch of Certificate Course on Forex and Treasury Management as per below details
 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.
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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
 Important Announcement November 2020 Examinations - Admit Card and Opt Out Window
By M. George
In continuation to the Announcements dated 15th July, 8 th and 13th October 2020 made regarding revised schedule of Chartered Accountant November 2020 Examinations and option to opt out from November 2020 attempt for all levels; it is hereby notified for general information
 Advanced Integrated Course on Information Technology and Soft Skills (Advanced ICITSS)-Adv. Information Technology Test - Computer Based Mode on 10th November, 2020
 Register for Exclusive Blended Online Weekend Batch of Spanish Language (60 Hours) for ICAI Members and Students at New Delhi - From 8th November, 2020
By Andrew F Thomas
The Committee for Development of International Trade, Services & WTO of ICAI has made tie up with Instituto Cervantes, Spanish Embassy Cultural Centre, for its Exclusive blended online Spanish Learning Program amongst its members and students in order to overcome language barriers abroad.
 Multipurpose Empanelment Form for the year 2020-21 extended till 6th November, 2020
By Orion M.
The Multipurpose Empanelment Form for the year 2020-21 is live at https://meficai.org w.e.f. 23rd September 2020. The original date of submission was 12th October 2020 which was extended till 23rd October 2020.
  Announcement for Extn. of Last Date of MEF 2020-21
By Jude Marg
As you are aware that the Multipurpose Empanelment Form for the year 2020-21 is live at https://meficai.org. Considering the various requests and challenges being faced by the Members of ICAI due to Covid-19, it has been decided by Professional Development Committee to extend the last date for submission of online Multipurpose Empanelment Form along with the Declaration for the year 2020-21. It is hereby informed that last date is extended from 12th October 2020 to 23rd October 2020.
 Last date of Multipurpose Empanelment Form for the year 2020-21
By Raul N Tiem
The last date of Multipurpose Empanelment Form for the year 2020-21 is fast approaching and will end on 23rd October 2020.
 Memorandum of Understanding between the Institute of Chartered Accounts of India (ICAI) and the Certified Practising Accountants, Papua New Guinea (CPA PNG)
By Henry Richards
The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi has approved Memorandum of Understanding between the Institute of Chartered Accounts of India (ICAI) and the Certified Practising Accountants, Papua New Guinea (CPA PNG)to work together in capacity building and strengthening the Accounting, Financial and Audit Knowledge base in Papua New Guinea.
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From the Courts   RSS Feeds
 Varun Gupta, C52, Shakti Nagar Extension, Delhi Vs ITO, Ward47(4), Room No. 406, 4th Floor, BlockD, Pratyakash Kar Bhawan, Civic Centre, JL Nehru Marg, New Delhi
By Moshe Pras
This is an appeal filed by the assessee against the order of the Id CIT(A)-21, New Delhi dated 12.08.2015 for the Assessment Year 2011-12 wherein the appeal filed by the assessee against the order passed u/s 143 (3) of the act by the income tax officer Ward 47 (4), New Delhi dated 20 March 2014 was dismissed.
 ACIT, Central Circle-26, New Delhi Vs. Anurag Dalmia, 2 nd Floor, Indraprakash Building, 21 Barakhamba Road, New Delhi
 ACIT, Central Circle 16 New Delhi Vs. Smt. Vinita Chaurasia, 575, Double Storey Flats New Rajendra Nagar, New Delhi 110 060.
 M/s. Gangeshwari Metals Pvt. Ltd Shop No.4, 169, Shivkhand Vishwakarma Nagar, Jhilmil Delhi Vs. ITO, Ward 11 (3), New Delhi
 ITAT: Indirect transfer of Indian assets will not attract LTCG tax
By Andrew F Thomas
The Delhi bench of Income Tax Appellate Tribunal (ITAT) has held that indirect transfer of Indian assets will not face long-term capital gains tax.
 M/s. Akhil Meditech Pvt. Ltd., C-30, Panchsheel Enclave, New Delhi. Vs The ACIT, Central Circle 6, New Delhi.
By Jude Marg
All the appeals by Assessee are directed against different Orders of the Ld. CIT(A)-24, New Delhi, Dated 29.06.2017, for the A.Ys. 2009-2010 to 2012-2013, challenging the levy of penalty under section 271(1)(c) of the I.T. Act, 1961.
 Dissenting states likely to accept GST solution
By Thomas T. Rucks
The officials added that the Goods and Services Tax (GST) Council could, based on revenue flows over the next few months, review the quantum of borrowing.
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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
 Minutes of the Monetary Policy Committee Meeting October 7 to 9, 2020
By Andrew F Thomas
The twenty fifth meeting of the Monetary Policy Committee (MPC), constituted under section 45ZB of the Reserve Bank of India Act, 1934, was held from October 7 to 9, 2020.
 585th Meeting of Central Board of the Reserve Bank of India
By Orion M.
The Central Board of Reserve Bank of India (RBI) met today (October 23, 2020) under the Chairmanship of Shri Shaktikanta Das, Governor through video conference. This was the 585th meeting of the Central Board.
 Digital Payment Transactions Streamlining QR Code infrastructure
By Henry Richards
As you are aware, Reserve Bank had constituted a Committee (Chairperson : Prof Deepak Phatak) to review the current system of Quick Response (QR) Codes in India and suggest measures for moving towards interoperable QR Codes. The report of the Committee containing various recommendations was placed on the Reserve Bank website for public comments and feedback.
 Framework for Recognition of a Self-Regulatory Organisation for Payment System Operators
 Option of repaying the funds availed under Targeted Long-Term Repo Operations (TLTRO and TLTRO 2.0) before maturity
By Andrew F Thomas
As announced in the Statement of Developmental and Regulatory Policies of October 09, 2020, banks which had availed of funds under TLTRO and TLTRO 2.0 will be provided an option of reversing these transactions before maturity.
 Reserve Bank announces On Tap Targeted Long-Term Repo Operations
By Orion M.
As announced in the Statement of Developmental and Regulatory Policies on October 09, 2020, it has been decided to conduct On tap Targeted Long-term Repo Operations of up to three years tenor for a total amount of up to ₹1,00,000 crore at a floating rate linked to the policy repo rate.
 Notification No. 83/2020 Ministry of Finance (Department of Revenue)
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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
 ITAT grants relief to Atos India Assessment framed for Non-Existent Authority is null & Void
By Thomas T. Rucks
The Income Tax Appellate Tribunal (ITAT), Mumbai Bench held that the assessment framed for Non-Existent Authority is Void ab initio.The assessee, Atos India Pvt. Ltd. had raised various grounds on merits of various additions/disallowances made by the AO pursuant to DRP directions the counsel for the assessee emphasizes that the assessee had raised an additional ground to vide petition stating that the assessment has been framed on a non-existing entity and accordingly is void ab initio.
 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.
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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
  60 LPA Opening Practicing Chartered Accountant
By Andrew F Thomas
Experience: 10 - 20 years, Salary: 35,00,000 - 60,00,000 P.A., Functional Area: Financial Services, Banking, Investments, Insurance
 40 LPA Opening Chartered Accountant , Finance
By Orion M.
Experience: 10 - 18 years, Salary: 30,00,000 - 40,00,000 P.A.Role: Chartered Accountant, Functional Area: Accounts, Finance, Tax, Company Secretary, Audit
 1 Cr Opening Chief Financial Officer
By Orion M.
Experience15 - 10 - 20 years, Salary: 60,00,000 - 1 Cr and above P.A., Functional Area: Financial Services, Banking, Investments, Insurance
 15 LPA Opening Financial Controller of the Group
By Jude Marg
Experience15 - 20 years, Salary: 12,00,000 - 15,00,000 P.A., Functional Area: Accounts, Finance, Tax, Company Secretary, Audit
 1 Cr LPA Opening CFO fund raising through DEBT and Equity debt restructuring 2-2.5 cr
By Henry Richards
Experince: 25 - 30 years, Salary 1 Cr and above P.A., Functional Area: Accounts, Finance, Tax, Company Secretary, Audit
 24 LPA Opening Sr. Manager - Finance role with an MNC
By Moshe Pras
Experince: 6 - 11 years, Salary: 14,00,000 - 24,00,000 P.A., Functional Area: Accounts, Finance, Tax, Company Secretary, Audit
 25 LPA Opening General Manager Finance
By Jude Marg
Experince: 15 - 20 years, Salary: 25,00,000 P.A., Functional Area: Accounts, Finance, Tax, Company Secretary, Audit
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Markets   RSS Feeds
 Market Top Losers 23/10/2020
By Jude Marg
Market Top Losers 23/10/2020
 Market Top Gainers 23/10/2020
By Raul N Tiem
Market Top Gainers 23/10/2020
 Top Ranked Mutual Funds 23/10/2020
By Henry Richards
Top Ranked Mutual Funds 23/10/2020
 Market Top Losers 19/10/2020
By M. George
Market Top Losers 19/10/2020
 Market Top Gainers 19/10/2020
By Sandy Mash
Market Top Gainers 19/10/2020
 Top Ranked Mutual Funds 19/10/2020
By Andrew F Thomas
Top Ranked Mutual Funds 19/10/2020
 Market Top Losers 16/10/2020
By Sandy Mash
Market Top Losers 16/10/2020
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Direct Tax   RSS Feeds
 Here is what freelancers should know about filing ITR return Income Tax Return for AY 2020-21
By Henry Richards
Compared to salaried individuals, income tax rules are slightly different for consultants or freelancers. A person who is working as a freelancer or a consultant cannot claim some deductions that are available to the salaried person.
 CBDT releases instructions for filing of ITR forms for AY 2020-21
By Moshe Pras
The Central Board of Direct Taxes (CBDT) issued the instructions for filing of Income-tax Return (ITR) forms for Assessment Year 2020-21.
 Here are the key things to keep in mind while filing ITR
By Thomas T. Rucks
The deadline to file an income tax return (ITR) for FY 2019-20 will end on November 30. ITR filing is compulsory for individuals earning a specified amount of income in a year. The process of filing an I-T return online is known as e-filing.
 CBDT issues directions for exercising the power of survey u/s 133A of Income Tax Act, 1961
By Thomas T. Rucks
The Central Board of Direct Taxes (CBDT) issued the directions for exercising the power of the survey under Section 133A of Income Tax Act, 1961.
 I-T survey to be conducted only after nod from high-ranked officers: CBDT
By Sandy Mash
Income tax surveys to collect information for scrutiny assessment will be undertaken by the tax deducted at source (TDS) directorate only after approval from principal chief commissioner or chief commissioner level officer, the Central Board of Direct Taxes (CBDT) has said.
 New TDS/TCS Rules Not for Power Trading, Insurance Agents
By Thomas T. Rucks
The government has exempted power trading transactions from the purview of tax deducted at source (TDS) and tax collected at source (TCS) to prevent practical difficulties in implementing the levy from affecting functioning of the exchanges. Get Moneylife's
 CBDT reiterates tolerance range under transfer pricing rules
By Sandy Mash
The Central Board of Direct Taxes (CBDT) on Monday reiterated tolerance range of 1-3% under transfer pricing rules for the current financial year even though experts said it was expected that the tax department would provide concession given the Covid-19 pandemic.
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Tenders   RSS Feeds
 Corrigendum Indian Institute Of Management Shillong Meghalaya
By Andrew F Thomas
Online tenders, in two-bid system for Appointment of a CA firm for conducting internal audit are invited by Director, IIM Shillong from interested Chartered Accountant firms as per enclosed specification and related terms and conditions.
 The Shipping Corporation of India Ltd, Mumbai, Maharshtra
 Corrigendum Indian Institute Of Management, Shillong, Meghalaya
By M. George
Online tenders, in two-bid system for Appointment of a CA firm for conducting internal audit are invited by Director, IIM Shillong from interested Chartered Accountant firms as per enclosed specification
 Rajasthan State Text Book Board, Jaipur, Rajasthan
By Raul N Tiem
The Firm should be having at least three partners and with an experience of minimum 15 years in audit field. The firm must have exposure to Grant Accounting and Government Audit. The RBI category of the CA firm should be III.
 National Hydroelectric Power Corporation Limited, Faridabad, Haryana
 National Health Mission, Lucknow, Uttar Pradesh
By Henry Richards
The National Health Mission (NHM) has been constituted by GOI to improve the health status of population. The NHM will address the issues relating to low public health expenditure, lack of community ownership, vast regional differences in health indicators, lack of integrated and holistic perspective on health care.
  Corrigendum Jalgaon City Municipal Corporation, Jalgaon, Maharashtra
By Moshe Pras
The Payment of earnest money should be done online in favour of Commissioner, Jalgaon City Municipal Corporation Jalgaon. The bidders who will not pay EMD in the above acceptable forms, their bids will be summarily or rejected/ liable for rejection.
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Transfer Pricing   RSS Feeds
 PCIT rightly directed the Bank of India s case to Transfer Pricing Officer for determining ALP ITAT
 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.
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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
 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
 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
 ROC Forms
 ROC Circulars
 ROC Notifications
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