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Top Headlines   RSS Feeds
 3 Steps to Make 2022 Your Best Tax Year Yet
By M. George
In many ways, taxes became more complicated during the pandemic, with newly added exemptions and deductions, making it more important than ever to get ahead of the game. Now is the time for business owners and investors to create an effective tax strategy for 2022.Here are three steps you can take to start the year off strong.
 Three ways in which you can save tax through your parents
By Raul N Tiem
You can save tax on your income the direct way by making investments in tax-saving avenues, such as equity-linked savings schemes, public provident fund (PPF), certain insurance policies, planning home loans and getting a tax rebate on the rent you pay.
 Income-tax portal glitches and errors haunt last-minute tax filers
By Henry Richards
Thousands of tax assessees and several chartered accountant associations in the country have complained of discrepancies in filed returns for the assessment year 2021-22.
 How to use income tax rules for smart tax saving: 5 investment strategies
By Thomas T. Rucks
Earning higher returns is not in the hands of investors. However, they can take steps to minimise their tax outgo. Income tax laws provide ample opportunity for smart investors to utilise and lower their tax liabilities. These aren't methods of tax evasion, instead, they help in tax avoidance by intelligent use of the provisions in the tax laws. Given below are five such strategies that can help you save tax without violating the law.
 ITR filing, tax audit report deadlines for FY 2020-21 extended by CBDT
By Moshe Pras
The Central Board of Direct Taxes (CBDT) has extended the due dates for filing tax audit reports and income tax return for certain category of taxpayers for FY 2020-21. This was announced by the income tax department via a press release issued on January 11, 2022.
 Why you must verify your income tax returns
By Andrew F Thomas
When you verify the tax returns, you provide a confirmation of the information you have submitted, If you have filed your income tax returns for the assessment year 2021-22 before December 31 but are yet to complete the verification process, you need to do so as soon as possible.
 Notification No. 1/2022 Central Board Of Direct Taxes
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Continuing Prof. Edu.   RSS Feeds
 Refresher course on BASICS OF INTERNATIONAL TAXATION Batch-2
  ICAI International Conference Accountants Creating a Digital and Sustainable Economy
 VCM on Changes in Approach for Corporate & Auditors due to Schedule III (R) & CARO and Taxation of Capital Gain & Valuation Under GST
  VCM on Audit Documentation in Covid Times and Critical Analysis of Arrest Provisions under GST
 VCM on Audit Documentation in Covid Times and Critical Analysis of Arrest Provisions under GST
 ICAI International Conference Accountants Creating a Digital and Sustainable Economy
 Recent GST updates and judgements
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GST - Goods and Services Tax   RSS Feeds
 CAIT urges Centre to exempt GST registration for e-commerce sales
By Henry Richards
The Confederation of All India Traders has urged Union Finance Minister Nirmala Sitharaman to waive mandatory GST registration for selling products through e-commerce platforms.
 AAAR ruling on salary to impact head office-branch GST dynamics
By Moshe Pras
Does the chief executive of a large corporation headquartered in Mumbai work for the whole company or just the head office?
 How real is the GST boost?
By Raul N Tiem
The Modi government is elated over the steady improvement in the collection of goods and services tax (GST) in recent months. Along with the sharp growth in collections of other Union taxes, GST collections have also crossed the Rs 1-trillion mark for each of the last six months beginning July 2021.
 GST on helmets equivalent to compromising road safety. Here's why?
By Henry Richards
The rise of the two-wheeler segment in India along with the allied helmet industry has been a growth story in itself. The increase in the purchasing power of both the urban and semi-urban markets and to add to that, the low cost of ownership of two-wheelers have been the major growth drivers for these segments.
 ICAI writes to CBDT seeking waiver of penalty on late filing of income tax audit reports
By Orion M.
In view of the prevailing Covid-19 situation, the CA Institute has knocked the doors of Central Board of Direct Taxes (CBDT) seeking waiver of penalty and other consequences for any delay in filing of audit reports (for AY21-22) of certain taxpayers beyond January 15, the recently extended due date for filing such reports.
 Attention GST taxpayers! File GSTR-7 return for Dec before 10 Jan. Details here
By Jude Marg
There is a piece of information for the Goods and Services Tax (GST) taxpayers. The Central Board of Indirect Taxes and Customs (CBIC) has notified to file the GSTR-7 Return for the month of December 2021 by 10 January 2022.
 Tax cloud over cryptocurrency exchanges as income tax department eyes probe
By Raul N Tiem
Fresh trouble could be brewing for the cryptocurrency exchanges as the income tax department is now contemplating investigating them over the tax applicable to their total income. This comes after the Goods and Services Tax (GST) department conducted searches in the past week on the crypto exchanges. The direct tax department could look into the quantum of corporate tax payable for the cryptocurrency exchanges, said people aware of the development.
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General   RSS Feeds
  Why you must verify your income tax returns
 Relief for top management including foreign partners, directors in tax matters
 Ready for futures and options? This is how you will be taxed
 Rationalise personal income tax slabs, say states
By Jude Marg
Union Finance Minister Nirmala Sitharaman on Thursday chaired pre-Budget consultations with state Finance Ministers. The meeting was also attended by some Chief Ministers and Deputy Chief Ministers, besides senior officers from states and the Centre.
 Opted for new tax regime? You can still avail this income tax deduction to save tax
By Sandy Mash
If you have opted for the new tax regime as against the old tax regime, you can still avail an income tax deduction to save taxes. Remember, under the new tax regime, taxpayers can avail the lower tax rates but are not allowed to avail most of the income tax exemptions and deductions such as section 80C or Section 80 D tax benefits. However, the deduction under Section 80CCD(2) of the Income Tax Act, 1961 may still be availed by taxpayers even after opting for the new tax regime.
 Small units to lose businesses as govt tightens input tax credit rules
 Here's how to check ITR-V receipts status online
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Corporate Law   RSS Feeds
 Critical Issues of ICDS and Impact Of DHC Judgement and Correcponding Amendments to Income Tax Act by Finance Act, 2018 and Interplay between them and Reporting
 How to do Audit of Proprietorship and Partnership Firm in the light of new amendment in Tax Audit under Section 44AB
 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.
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Students   RSS Feeds
 Certificate Course on Public Finance & Government Accounting 9th Online Batch (Morning)
By Sandy Mash
The Committee on Public & Government Financial Management of ICAI is pleased to announce the 9th online batch of Certificate Course on Public Finance & Government Accounting commencing from 14th March, 2021 (on weekends only-Saturday & Sunday) as per the schedule given herein below.
 1st Online Batch of Certificate Course on Derivatives from 6th February 2021
By Raul N Tiem
Online Certificate Course on Derivatives The Committee on Capital Market and Investors Protection is pleased to announce its 1 stOnline batch of Certificate Course on Derivatives as per below details
 Change of Examination Centre for January / February 2021.
By M. George
It is hereby informed that due to unavoidable circumstances, examination centre at Allahabad (Uttar Pradesh), as per details given below has been changed.
 Notification for Eligibility Test (ET) for Post Qualification Course on Information Systems Audit (ISA) on Saturday the 23rd January, 2021 from 11:00 AM to 01:30 PM
By Orion M.
This time the Eligibility Test will be held in online mode through DLH portal of ICAI (http://learning.icai.org) for which face recognition & SSP portal login is mandatory.
 Students registered under Intermediate IPC Old Syllabus can write their examinations up to May 2021 examination term: ICAI
By M. George
The Institute of Chartered Accountants of India (ICAI) announced that the Students registered under Intermediate IPC Old Syllabus can write their examinations up to May 2021 examination term.
 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
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New Forms   RSS Feeds
 Form 26AS tweaks make paying taxes easier and evasion harder. Here s how
 Here s how you can download Form 26AS New income tax website
 Check the revised instructions to fill ITR Form 3, 5, 6 and 7 Income Tax Return
By Andrew F Thomas
There have been several changes made by the central government in the tax structure in the previous 3 to 4 months to link the country's taxation system with other financial systems and making ITR filing easier.
 TDS mismatch in Form 26AS & Form 16? Ask employer to issue new Form 16 with correct details
By Thomas T. Rucks
One must obtain Form 16 (TDS certificate issued by the employer) and verify the same with the Form 26AS.
 Before you file your tax return, note the key changes in Form 16
By Thomas T. Rucks
Part B of Form 16 has been amended seeking more details about the allowances exempt under section 10 such as HRA, LTA, etc and deductions allowed under Chapter VI-A of the Income Tax Act, 1961.
 5 Things to know about Form 16
By Moshe Pras
Form 16 is a certificate issued by an employer, certifying that the TDS is deducted from the salary of the employee and deposited with the government.
 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.
More »
Professional Updates   RSS Feeds
 Draft Bank Branch Auditors' Panel of Chartered Accountants/firms for the year 2021-22
 Invitation for Expression of Interest for Empanelment as Resource Person/ Subject Matter Expert in the Social Sector
 ICAI concerns submitted to NFRA on (i) Returning of "Revision of Existing Accounting Standards: Approach Paper (2020) prepared by ICAI" and (ii) issuance of Consultation Paper on "Statutory Audit and Auditing Standards for MSMCs" by NFRA
By M. George
ICAI concerns submitted to NFRA on (i) Returning of "Revision of Existing Accounting Standards: Approach Paper (2020) prepared by ICAI" and (ii) issuance of Consultation Paper on "Statutory Audit and Auditing Standards for MSMCs" by NFRA
 Amendment in Section 403 of the Companies Act, 2013 and notification of Companies (Registration Offices and Fees) Amendment Rules, 2022 w.e.f. 01st July, 2022
By M. George
This is to inform you that the Central Government has appointed the 01st July, 2022 as the date on which the following provisions of the Companies (Amendment) Act shall come into force namely
 Extension of timelines for filing of Income-tax returns and various reports of audit for the Assessment Year 2021-22
By Thomas T. Rucks
On consideration of difficulties reported by the taxpayers and other stakeholders due to COVID and in electronic filing of various reports of audit under the provisions of the Income-tax Act,1961 (Act), the Central Board of Direct Taxes (CBDT), in exercise of its powers under Section 119 of the Act...
 Important Announcement - ISA-AT - 8th January, 2022
By Sandy Mash
Considering the prevailing COVID 19 situation in India, the restrictions imposed by the State Governments & Local Authorities and to protect overall interest and wellbeing of the candidates who could not appear in ISA AT examination held today i.e., 8th January, 2022 , it has been decided to carry forward the examination fees of such candidates to the immediate next ISA-AT examination.
 Announcement - Postponement of Convocation 2021-22 at Kanpur and Jaipur
By Andrew F Thomas
Keeping in view of the Orders issued by the respective State Governments owing to transmission of COVID -19 virus rapidly, the Convocation scheduled to be held on 13th- 14th January, 2022 at Kanpur and 16th -17th January, 2022 at Jaipur stands postponed till further orders.
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From the Courts   RSS Feeds
 Bombay HC sets aside rejection of refund claims by GST authorities
By Thomas T. Rucks
Claim had been rejected as it was filed after 2 yrs; Court sets rejection aside as authorities had not considered earlier SC relaxation on time limit due to Covid
 [Income Tax Act] Faceless Assessment Scheme does not take away right to personal hearing: Delhi High Court
 Rajasthan High Court directs GST Authority to Unblock Input Tax Credit availed in Electronic Credit Ledger
By Henry Richards
The Rajasthan High Court in the case of Vinayak Plylam Marketing Vs Superintendent, Central Goods, and Service Tax and Ors. directed the GST Authority to forthwith unblock the Input Tax Credit availed in the Electronic Credit Ledger by the Petitioner since, the statutory time limits mentioned in Rule 86A of the Central Goods and Services Tax Rules, 2017 has expired.
 Sebi-taxman fight over service tax dues reaches Supreme Court
By Henry Richards
The Securities and Exchange Board of India (Sebi) has moved the Supreme Court against a service tax demand raised by the Central Goods and Services Tax (CGST) department. The Supreme Court registered the case on December 2, the official website showed.
 Delhi High Court Seeks Status Report from Centre for Appointments of Chairperson & Members in Adjudicating Authority Under PMLA
By M. George
The Delhi High Court sought the Status Report from Centre for Appointments of Chairperson & Members in Adjudicating Authority Under Prevention of Money Laundering Act.
More »
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
 Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 The City Co-operative Bank Limited, Mumbai - Extension of period
By Raul N Tiem
The Reserve Bank of India, vide directive DCBS.CO.BSD-I/D-5/12.22.039/2017-18 dated April 17, 2018, had placed The City Co-operative Bank Ltd, Mumbai under Directions from the close of business on April 17, 2018. The validity of the directions was extended from time-to-time, the last being up to January 16, 2022.
 Auction of State Government Securities Jan 14, 2022
By Orion M.
The auction will be conducted on the Reserve Bank of India Core Banking Solution (E-Kuber) system on January 18, 2022 (Tuesday).
 RBI releases Discussion Paper on Prudential Norms for Classification, Valuation and Operations of Investment Portfolio of Commercial Banks
By Jude Marg
In pursuance of the announcement made in the Statement on Developmental and Regulatory Policies dated December 8, 2021, the Reserve Bank of India has released today the Discussion Paper on Review of Prudential Norms for Classification, Valuation and Operations of Investment Portfolio of Commercial Banks. Comments on the Discussion Paper are invited from banks, market participants and other stakeholders by February 15, 2022.
 70 LPA Opening Chartered Accountant
By Orion M.
Experince: 3 - 4 years, Salary: 45,00,000 - 70,00,000 P.A, Role: Accountant / Accounts Executive
 Nine Non-Banking Financial Companies (including one Housing Finance Company) surrender their Certificate of Registration to Reserve Bank of India
By Moshe Pras
The following eight Non-Banking Financial Companies (NBFCs) have surrendered the Certificate of Registration (CoR) granted to them by the Reserve Bank of India (RBI). The RBI, in exercise of powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934, has therefore cancelled their CoR.
  Conversion/Switch of Government of India (GoI) s Securities
By Thomas T. Rucks
The Government of India announces the conversion/switch of its securities through auction for an aggregate amount of ₹10,000 crore (face value). The security-wise details of the conversion/switch are given as under
 Notification No. 3/2022 Central Board Of Direct Taxes
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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
 Payment for Facebook Ads and Other Digital Advertising Companies not subject to TDS as per DTAA: ITAT
 No Service Tax Leviable on Goods component of Composite Works Contract as VAT has been paid: CESTAT
By Orion M.
The Chennai Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) held that no Service Tax is leviable on goods component of composite works contract as VAT has been paid.
 ITAT deletes Addition on Account of Investment made from Undisclosed Sources as all Transactions were made through Banking Channels
By Jude Marg
The Chandigarh Bench of Income Tax Appellate Tribunal (ITAT) deleted the addition on account of investment made from undisclosed sources as all transactions were made through banking channels.
 Relief to Honda: ITAT directs AO to delete Addition on account of Capitalisation of Royalty Expenses by Holding it to be Revenue in Nature
By Raul N Tiem
In a major relief to Honda Motorcycle and Scooter India Pvt. Ltd, the Delhi Bench of Income Tax Appellate Tribunal (ITAT) directed the AO to delete Addition on account of capitalisation of royalty expenses by holding it to be revenue in nature.
 Minimising tax liabilities by lawful means not illegal, says ITAT
 Interest paid on Late Payment of Service Tax is a Deductible Business Expenditure: ITAT
By Andrew F Thomas
Income Tax Appellate Tribunal (ITAT), Delhi bench has held that the amount of interest paid for the delayed payment of services tax shall be treated as a permissible deduction from the Business Income for the purpose of section 37 of the Income Tax Act, 1961.
 ITAT upholds Addition on Account of Unaccounted Cash as no mention of Agricultural Land on Translated Document
By Raul N Tiem
The Income Tax Appellate Tribunal (ITAT), Hyderabad Bench upheld addition on account of unaccounted cash towards sale of land as no mention of agricultural land on translated document.
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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
 1 Cr. LPA Opening CFO
By Henry Richards
Experince: 14 - 22 years, Salary: 35,00,000 - 1 Cr and above P.A.Role, Functional Area: Finance & Accounting
 80 LPA Opening Senior Finance profiles For a Bank in Mumbai
By Moshe Pras
Experince: 15 - 24 years, Salary: 40,00,000 - 80,00,000 P.A., Functional Area: Strategic & Top Management
 60 LPA Opening Accounts & Finance Manager (Corporate) - CA - FMCG Co. - Delhi NCR
By Thomas T. Rucks
Experince: 14 - 18 years, Salary: 40,00,000 - 60,00,000 P.A., Functional Area: Finance & Accounting
 45 LPA Opening Vice President Finance
By M. George
Experince: 12 - 15 years, Salary: 35,00,000 - 45,00,000 P.A., Functional Area: BFSI, Investments & Trading
 70 LPA Opening Chartered Accountant
By Orion M.
Experince: 3 - 4 years, Salary: 45,00,000 - 70,00,000 P.A, Role: Accountant / Accounts Executive
 70 LPA Opening Chartered Accountant
By Orion M.
Experince: 3 - 4 years, Salary: 45,00,000 - 70,00,000 P.A, Role: Accountant / Accounts Executive
 25 LPA Opening Senior Manager Finance & Accounts CA
By Henry Richards
Experince: 5 - 7 years, Salary: 20,00,000 - 25,00,000 P.A.,Functional Area: Finance & Accounting
More »
Markets   RSS Feeds
 Market Top Losers 17/01/2022
By Thomas T. Rucks
Market Top Losers 17/01/2022
 Market Top Gainers 17/01/2022
By M. George
Market Top Gainers 17/01/2022
 Top Ranked Mutual Funds 17/01/2022
By Sandy Mash
Top Ranked Mutual Funds 17/01/2022
 Market Top Losers 10/01/2022
By Thomas T. Rucks
Market Top Losers 10/01/2022
 Market Top Gainers 10/01/2022
By M. George
Market Top Gainers 10/01/2022
 Top Ranked Mutual Funds 10/01/2022
By Sandy Mash
Top Ranked Mutual Funds 10/01/2022
 Market Top Losers 06/01/2022
By Henry Richards
Market Top Losers 06/01/2022
More »
Direct Tax   RSS Feeds
 CBDT notifies rules for computation of income of specified funds u/s 10(4D) & 115AD(1B)
By Moshe Pras
The CBDT has inserted two new rules, i.e., Rules 21AJA and 21AJAA in the Income-tax Rules, 1962. Both rules provide the manner for computation of exempt income and taxable income of specified fund, attributable to the investment division of an offshore banking unit, under section 10(4D) and section 115AD(1B) respectively.
 bExtension of timelines for filing of Income-tax returns and various reports of audit for the Assessment Year 2021-22
By Orion M.
On consideration of difficulties reported by the taxpayers and other stakeholders due to COVID and in electronic filing of various reports of audit under the provisions of the Income-tax Act,1961 (Act), the Central Board of Direct Taxes (CBDT), in exercise of its powers under Section 119 of the Act, provides relaxation in respect of the following compliances:
 CBDT further extends timelines for filing tax audit report, Transfer Pricing returns
By Raul N Tiem
The Central Board of Direct Taxes has extended the due date for filing of tax audit reports and returns in view of the third wave.
 Record number of searches in FY22 as tax offences get money laundering tint
 Income Tax Returns Deadline Extended To March 15
By Raul N Tiem
Government has extended the deadline for filing income tax returns to March 15, 2022
 Are you exempted from paying fee for filing belated tax returns? Check details ITR filing FY21
By M. George
The last date to file the ITR for the financial year 2021 was December 31, 2021. , The last date to file the income tax returns (ITR) for the financial year 2021 was December 31, 2021. Most taxpayers who failed to file ay the tax returns on due time will now have to pay a penalty for filing the ITR for the assessment year 2020-21 after missing the December 31.
 Why personal income tax rates need a revision
By M. George
The current tax regime disincentivises individuals from increasing their earnings
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Tenders   RSS Feeds
 Haryana State Legal Services Authority, Panchkula, Haryana
By Andrew F Thomas
The HALSA reserves the right to verify all statements, information, and documents, submitted by the Applicant in response to the tender notice. Failure of the HALSA to undertake such verification shall not relieve the firm of its obligations or liabilities hereunder nor will it affect any rights of the HALSA there under.
 Engineering Projects (India) Limited, Guwahati, Assam
By Jude Marg
Engineering Projects (India) limited (EPI),is a Govt. of India Undertaking, under Ministry of Heavy Industries, is a company which executes turnkey construction projects and ever since its inception in 1970, has executed and completed construction projects both in India and overseas.
 Corrigendum National Cooperative Development Corporation, Hauz Khas, New Delhi
By Raul N Tiem
application may be forwarded to Director (GA), NCDC in a sealed cover with full brief ofthe firm along with professional fee to be charged for the work, The last date for receivirrg
 The Cotton Corporation of India Ltd., Aurangabad, Maharashtra
By Sandy Mash
The Cotton Corporation of India Ltd. invites sealed tenders in two bid system from Chartered Accountants firms for the Appointment as internal auditors of branch office:
 Tamil Nadu Infrastructure Fund Management Corporation Limited, Chennai, Tamil Nadu
By Andrew F Thomas
Tamil Nadu Infrastructure Fund Management Corporation Limited (TNIFMC) is an Asset Management Company promoted by Tamil Nadu Infrastructure Development Board (TNIDB), a Statutory Board of the Government of Tamil Nadu. TNIFMC shall launch and manage new financial vehicles registered with Securities Exchange Board of India (SEBI), including Alternative Investment Funds (AIFs), Infrastructure Debt Funds (IDF) and Infrastructure Investment Trusts (InvIT). It is the first of its kind promoted by a State in India.
  General Insurance Corporation of India, Mumbai, Maharashtra
  Indian Institute of Science Education and Research, Kolkata, West Bengal
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Transfer Pricing   RSS Feeds
 I T department keeps tolerance range for transfer pricing unchanged
By Moshe Pras
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.
 India retains transfer pricing tolerance range for 2019 20
 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.
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Customs and Excise   RSS Feeds
 Notification No. 26/2021 Customs Ministry Of Finance
By Orion M.
In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962) read with section 124 of the Finance Act, 2021 (13 of 2021), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby amends the following notifications of the Government of India in the Ministry of Finance (Department of Revenue) specified in column (2) of the Table below, to the extent specified in the corresponding entries in column (3) of the said Table
 Delhi Customs issues Covid-19 Facilitation Measures: Relaxation in Procedure for Inbonding of Cargo Import under Warehouse Bill of Entry
By Moshe Pras
The Delhi Customs, on Wednesday, issued relaxation in the procedure for Inbonding of Cargo import under Warehouse Bill of Entry as one of the COVID-19 facilitation measures.
 Notification No. 32/2020 CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS
By Raul N Tiem
In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect Taxes and Customs hereby makes the following amendment in the Notification of the Central Board of Indirect Taxes and Customs No.27/2020-CUSTOMS (N.T.), dated 19thMarch, 2020 with effect from 27th March, 2020, namely: -
  Notification No. 07/2020 Central Board of Indirect Taxes and Customs
By Moshe Pras
­In exercise of the powers conferred by section 168 of the Central Goods and Services Tax Act, 2017 (12 of 2017), read with sub-rule (5) of rule 61 of the Central Goods and Services Tax Rules, 2017 (hereafter in this notification referred to as the said rules), the Commissioner, on the recommendations of the Council,
 Notification No. 07/2020 Central Board of Indirect Taxes and Customs
By Sandy Mash
­In exercise of the powers conferred by section 168 of the Central Goods and Services Tax Act, 2017 (12 of 2017), read with sub-rule (5) of rule 61 of the Central Goods and Services Tax Rules, 2017 (hereafter in this notification referred to as the said rules), the Commissioner, on the recommendations of the Council,
 Notification No. 01/2020 Central Board of Indirect Taxes and Customs
By Raul N Tiem
In exercise of the powers conferred by sub-section (2) of section 1 of the Finance (No. 2) Act, 2019 (23 of 2019), the Central Government hereby appoints the 1st day of January, 2020, as the date on which the provisions of section 114 of the Finance (No. 2) Act, 2019 (23 of 2019) shall come into force.
  Notification No.91/2019 Central Board Of Indirect Taxes And Customs
By Sandy Mash
In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Central Board of Indirect Taxes and Customs No.88/2019-CUSTOMS (N.T.), dated 5th December, 2019
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Mergers and Acquisitions   RSS Feeds
 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
 Make sure to claim these tax deductions
By M. George
Here are four tax deductions that a taxpayer may forget while filing returns using pre-filled ITR forms: Exemption on house rent without HRA, Deduction on savings account interest, Deduction on medical bills of uninsured parents, Deduction on donations.
 Investment tips for those opting for new tax regime
By Henry Richards
The nationwide lockdown over the COVID-19 pandemic shouldn’t ideally distract you from the fact that we are in April that also marks the beginning of the new Financial Year2020-21. In fact, you should utilise this time to plan your tax-saving measures for the current financial year.
 Indirect tax dept issues notices to companies over late input credit claim under GST frame
By M. George
The indirect tax department has issued notices to thousands of companies that had claimed late input tax credit under GST framework and thereby asked them to reverse the transaction. These companies had claimed the input tax credit for fiscal 2018 and 2019 after missing the September deadline.
 E-generated document required for indirect tax notices
By Jude Marg
In a Frequently Asked Questions (FAQs) issued by Institute of Chartered Accountants of India ( ICAI ) Unique Document Identification Number (UDIN) said that, Chartered Accountants ( CA ) are not authorised to certify Income Tax Return (ITR) as True copy.
 FinMin seeks industry inputs on direct, indirect tax changes
By M. George
The finance ministry for the first time has sought suggestions on changes in direct and indirect tax rates from the industry. This comes at a time when a revenue shortfall and consumption slowdown are threatening to upset the government’s finances.
 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.
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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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 ROC Circulars
 ROC Notifications
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