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 7 ways in which taxpayers can reduce their tax liability
By Moshe Pras
In India, income tax rules have exempted certain expenses and investments from tax or if you do certain investments or make certain expenses then those will be eligible for tax deduction and exemption.
| | Notification No. 121/2021 Central Board Of Direct Taxes | |
| Relaxation of Validation (section 119 of the Finance Act, 2012) Rules, 2021
By Andrew F Thomas
In exercise of the powers conferred by the first provisio to section 119 of Finance Act, 2012(23 of 2012), the Central Board of Direct Taxes hereby makes the following rules, namely:-1. Short title and commencement. (1) These rules may be called the Relaxation of Validation (section 119 of the Finance Act, 2012) Rules, 2021.
| How to read income tax intimation notice under section 143(1)
By Jude Marg
This intimation notice is sent under section 143(1) of the Income-tax Act, 1961. The notice is sent on the tax return filer's registered email ID by the tax department. Further, an SMS will be sent on the filer's registered mobile number informing the individual that the intimation notice has been sent to the registered email ID.
| | Notification No. 119/2021 Central Board Of Direct Taxes | 7 sure shot ways for every taxpayer to reduce Income Tax liability
By M. George
There is no way you can avoid paying income tax if you have a taxable income. But you can manage your taxes and reduce liability through proper planning.
| How to check income tax refund status
By Thomas T. Rucks
If you have paid more tax than your actual tax liability for a financial year, then you are eligible to get income tax refund after filing the income tax return (ITR) for that year.
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| You must file income tax return if you hold any foreign assets | | Securities transaction tax collection in Sept to exceed full year's target | How to Clear Gmail, Google Data Without Paying for Extra Storage Google Drive Full
By Andrew F Thomas
While filing ITR there are too many things that one needs to get in order - investment proofs, Form 16, TDS certificates etc. However, in this rush taxpayers often forget to look into minor details, which if ignored can hamper the entire process.
| No taxable income? Why you may still need to file ITR for these reasons
By Thomas T. Rucks
Income tax return (ITR) filing is mandatory for those whose taxable income is more than the exempted threshold limit. However, there are situations when an individual would need to file ITR even if his/her total income is below the exempted limit.
| Include cryptocurrency gains in income-tax returns, say analysts
By M. George
Around 15 million investors have invested in cryptocurrencies worth Rs 15,000 crore, according to estimates provided by the Indian crypto industry.
| Issues with new income tax portal to be resolved soon, says FM
By Thomas T. Rucks
Sitharaman said Infosys had done trial runs before the June 7 launch but users faced technical issues in accessing the portal.
| ITR Filing! You can file income tax returns OFFLINE, ONLINE. Step-by-step guide here
By Raul N Tiem
The last date to file income tax returns for the financial year 2020-21 has been extended till September 30, 2021.
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| 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.
| 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,
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| Launching Online Refresher Course - 'First Time Adoption of Indian Accounting Standards (Ind AS)' organized by the Ind AS Implementation Committee of ICAI | 72nd Annual Report and Accounts of the Institute for the year 2020-21
By Sandy Mash
In accordance with the provisions of sub-section (5B) of Section 18 of the Chartered Accountants Act, 1949, a copy of the Annual Report and Accounts of the Institute for the year ended on 31st March, 2021 is required to be published in the Gazette of India latest by 30th September, 2021. Accordingly, the same has been published in the Gazette of India, Extraordinary, Part III Section 4 dated 29th September, 2021.
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| Notification for Online Assessment Test (AT) for Certificate Course on Financial Market and Securities Laws on 23rd & 24th Oct 2021 at 10:00 AM -12:00 Noon IST.
By Andrew F Thomas
Members are required to ensure that they are able to login in the Digital Learning Hub of ICAI (ICAI Digital Learning Hub)using their SSP Portal credentials. Please check this latest by 4 Days before date of Exam
| Certificate Course on Public Finance & Government Accounting- 17th Online Batch commencing from 28th November, 2021.
By Orion M.
The Committee on Public & Government Financial Management of ICAI is pleased to announce the 17thonline batch of Certificate Course on Public Finance & Government Accounting commencing from 28th November, 2021 (on weekends only-Saturday & Sunday) as per the schedule given herein below.
| Request for Information: Post-implementation Review of IFRS 9-Classification and Measurement
By Andrew F Thomas
Indian Accounting Standards (Ind AS) are based on the IFRS Standards issued by the International Accounting Standards Board (IASB) of IFRS Foundation. IASB conducts Post-implementation Review (PIR) of already issued IFRS Standards to identify whether these Standards provide information that is useful to users of financial statements; whether there are requirements that are difficult to implement and may prevent the consistent implementation of the standards; and whether unexpected costs have arisen in connection with applying or enforcing the standards.
| Consent for registration of Exclusive Blended Online Weekend Batch of Spanish language (level A1.1) for ICAI Members and Studentsa
By Jude Marg
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. The next online weekend exclusive batch for ICAI members and students of the Spanish language course (level A1.1) is starting from 23rd October, 2021.
| | President's Message - October 2021 | | More » |
| | From the Courts RSS Feeds |
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AKT Investments Pvt. Ltd., 57, Lajpat Nagar-3, South Delhi, New Delhi. Vs. ITO, Ward 1(1), New Delhi.
By Sandy Mash
This appeal filed by the assessee is directed against the order dated 11th
June, 2019 of the CIT(A)-1, New Delhi, relating to Assessment Year 2016-17.
| DCIT, Central Circle-25, New Delhi Vs. M/s. HTL Ltd, GST Road, Guindy, Chennai
By Orion M.
That on the facts and in the circumstances of the case, the Ld.
CIT(A) has erred in law and on facts in deleting the prior period
expenses of Rs. 26,39,87,000/-, made by the AO without
appreciating the fact that the above expenses were debited against
the accounting guidelines mentioned in AS-5 of ICAI and they were
not crystallized during the relevant assessment year.
| Kisan Sahkari Chini Mills Ltd. Nanauta, Sharanpur, Uttar Pradesh Vs. JCIT Range-3 Saharanpur
By Jude Marg
Assessee filed its Return of Income declaring total loss of Rs.
60,01,13,940/-. The Assessee is a co-operative society and main business of the
assessee is manufacturing of sugar. During the year under consideration, the
Assessing Officer made an addition of Rs. 3,77,368/- under the head Selling
| ITO (Exception) Ward 1(1) New Delhi. Vs. All India Fine Arts & Crafts Society, 1-Rafi Marg, New Delhi.
By Raul N Tiem
At the time of hearing, no one was present on behalf of the assessee. However, after hearing the Ld. CIT (DR) Shri Satpal Gulati and considering the material available on record it was deemed appropriate to proceed with the present appeals ex-parte qua the assessee on merits.
| Lalita, C/o K.L. Datta & Company, Vashishtha Plaza 2, Manu Marg, Alwar, Rajasthan Vs. ITO, Ward 42(4), Delhi.
By Henry Richards
Facts of the case, in brief, are that the assessee is an individual and derives
income from salary, income from house property and other sources. She filed her
return of income on 28th July, 2012 declaring total income at Rs.7,97,500/-. The
AO completed the assessment u/s 143(3) of the Act on 30th March, 2015
ITA No.4307/Del/2019
| Pawansut Media Services Pvt. Ltd., Delhi Vs. The Principal Commissioner of Income Tax-7, C.R. Building, ITO, I.P. Estate, New Delhi
By Moshe Pras
Facts of the case, in brief are that the assessee is a company and is stated to have not done any business activity during the year. It filed its return of income on 29.10.2015 declaring loss of Rs.30,439/-. The A.O. completed the assessment on 15.12.2017 under section
143(3) of the I.T.
| Mr. Vansh Jain, 58, Friends Colony East, New Delhi Vs. The DCIT, CPC [Assessing Officer, Ward-28(1), Civic Centre, New Delhi
By Jude Marg
This appeal filed by the Assessee is directed against the Order dated 07.09.2020 of the Ld. CIT(A)-10, New Delhi, relating to the A.Y. 2018-2019.
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NFRA issues Draft Procedure for Submission of Audit Files
By Andrew F Thomas
The National Financial Reporting Authority (NFRA) on Tuesday issued a notice of draft Procedure for Submission of Audit Files to NFRA.
| Auditors barred from putting a value on companies they are auditing
By Raul N Tiem
An income tax tribunal has barred auditors from issuing valuation certificates to the companies they are auditing. This is set to impact several tax disputes around valuations in companies including angel tax disputes involving start-ups.
| Standard on Internal Audit (SIA) 18, Related Parties
By Jude Marg
Standard on Internal Audit (SIA) 18, Related Parties
| Standard on Internal Audit (SIA) 17, Consideration of Laws and Regulations in an Internal Audit
By Raul N Tiem
Standard on Internal Audit (SIA) 17, Consideration of Laws and Regulations in an Internal Audit
| Standard on Internal Audit (SIA) 16, Using the Work of an Expert
By Henry Richards
Standard on Internal Audit (SIA) 16, Using the Work of an Expert
| Standard on Internal Audit (SIA) 14, Internal Audit in an Information Technology Environment
By Moshe Pras
Standard on Internal Audit (SIA) 14, Internal Audit in an Information Technology Environment
| Standard on Internal Audit (SIA) 13, Enterprise Risk Management
By Thomas T. Rucks
Standard on Internal Audit (SIA) 13, Enterprise Risk Management
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| Reserve Bank of India imposes monetary penalty on Standard Chartered Bank India | Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 Mantha Urban Co-operative Bank Limited, Mantha, District: Jalna, Maharashtra Extension of period
By Orion M.
The Reserve Bank of India, in the public interest, had issued Directions to Mantha Urban Co-operative Bank Limited, Mantha, District: Jalna, Maharashtra in exercise of powers vested in it under sub-section (1) of Section 35 A read with Section 56 of the Banking Regulation Act, 1949 (AACS) from the close of business on November 17, 2020.
| | India s Capital Account Management An assessment (Speech delivered by Shri T Rabi Sankar, Deputy Governor, Reserve Bank of India October 14, 2021 at the Fifth Foreign Exchange Dealers Association of India (FEDAI) Annual Day) | Data Format for Furnishing of Credit Information to Credit Information Companies
By Andrew F Thomas
The Relationship Segment (RS) in the Commercial Bureau format inter alia captures information on relationship fields of the corporates, viz., business category and type of relationship (i.e. contains information on directors, shareholders, proprietors, partners, trustees, holding companies, subsidiary companies and associated companies related to the borrower). It is observed that there is a low level of RS details in the databases of CICs.
| Action against Statutory Auditors of NBFC under section 45MAA of RBI Act, 1934
By Henry Richards
The Reserve Bank of India (RBI) in exercise of the powers vested under section 45MAA of the Reserve Bank of India Act, 1934, has, by an order dated September 23, 2021, debarred M/s Haribhakti & Co. LLP, Chartered Accountants (ICAI Firm Registration No. 103523W / W100048), from undertaking any type of audit assignment/s in any of the entities regulated
| Directions under Section 35 A read with section 56 of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) The Seva Vikas Co-operative Bank Limited, Pune
By Moshe Pras
It is hereby notified for information of the public that in exercise of powers vested in it under sub section (1) of Section 35 A of the Banking Regulation Act, 1949 read with Section 56 of the Banking Regulation Act, 1949, the Reserve Bank of India (RBI) vide Directive Ref. No. DoS.CO.NSUCBs-West/D-1/12.22.252/2021-22 dated October 12, 2021, has issued certain Directions to The Seva Vikas Co-operative Bank Limited, Pune, whereby, as from the close of business on October 12, 2021
| Action against Statutory Auditors of NBFC under section 45MAA of RBI Act, 1934
By Andrew F Thomas
The Reserve Bank of India (RBI) in exercise of the powers vested under section 45MAA of the Reserve Bank of India Act, 1934, has, by an order dated September 23, 2021, debarred M/s Haribhakti & Co. LLP, Chartered Accountants (ICAI Firm Registration No. 103523W / W100048), from undertaking any type of audit assignment/s in any of the entities regulated by RBI for a period of two years with effect from April 1, 2022.
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| 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.
| Delay in filing of Income Tax Return due to Financial Difficulties: ITAT quashes Penalty
By Orion M.
The Income Tax Appellate Tribunal (ITAT), Bangalore bench, upheld an order of the first appellate authority where the CIT(A) deleted a penalty order imposing Rs. 5000 on a Company for non-furnishing of income tax returns within the prescribed time. The authority found that the reason for delay was financial difficulties which constitute a reasonable cause to avoid penalty under section 271B of the Income Tax Act, 1961.
| ITAT deletes penalty on Undisclosed Income u/s 271AAA
By Moshe Pras
The Income Tax Appellate Tribunal (ITAT), Delhi Bench deleted the penalty on Undisclosed Income under section 271AAA of the Income Tax Act.
| M/s Singh Consultancy Pvt. Ltd. 1106 Indra Prakash Building, 21 Barakhamba Road, New Delhi Vs. Income Tax Officer, Ward-8(4), New Delhi
By Sandy Mash
This appeal filed by the assessee is directed against the order dated 23.12.2016 of the learned CIT(A)-22, New Delhi, relating to Assessment Year
2009-10.
| Penalty proceedings u/s 271(1)(c) not sustainable if reason not specified: ITAT
By Andrew F Thomas
The Income Tax Appellate Tribunal (ITAT), Delhi Bench held that the penalty proceedings under section 271(1)(c) are not sustainable if the reason is not specified.
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The Companies (Removal Of Difficulties) Seventh Order - dated 4th Sept 2014 New
By M. George
Whereas the Companies Act, 2013 (18 of 2013) (hereinafter referred to as the said Act) received the assent of the President on the 29th August, 2013 and section 143 of the Act,
| Finance & Commerce Ministry to discuss draft BIPA model tomorrow
By Orion M.
Officials of the finance and the commerce and industry ministries are scheduled to discuss the issues related to the draft text of the Bilateral Investment Promotion and Protection Agreement (BIPA) tomorrow.
| Union Finance Minister Shri Arun Jaitley said that the revenue targets fixed for Direct Taxes for the current Financial Year 2014-15 would not only be achieved but would also be surpassed
By Orion M.
The Union Finance Minister Shri Arun Jaitley hoped that the revenue targets fixed
for Direct Taxes for the current Financial Year 2014-15 would not only be achieved but would also be surpassed.
| Finance ministry may pitch for higher tax exemption on health insurance
By Thomas T. Rucks
The finance ministry is likely to pitch for a substantial increase in the income-tax exemption limit for health insurance as part of its plan to deepen insurance coverage. The ministry is examining a proposal that seeks to double the limit to 30,000 from 15,000.
| Finance minister reviews annual performance of public sector banks and financial institutions for 2013-14; calls for tougher action against wilful defaulters; highest ever more than 10,000 new branches opened during 2013-14
By Jude Marg
The Union Finance Minister Shri P. Chidambaram said that the last Financial Year 2013-14 was a difficult year even though there was positive movement towards greater stability.
| India Infrastructure Finance Company to raise Rs 7,000 crore through tax-free bonds
By M. George
State-owned India Infrastructure Finance Company (IIFCL) plans to raise Rs 7,000 crore via a public issue of tax-free bonds in October, according to a senior company official
| Finance Ministry hopes RBI focusses on promoting growth in policy tomorrow
By Moshe Pras
Ahead of tomorrow's monetary policy review, the Finance Ministry has expressed the hope that Reserve Bank will focus on promoting growth.
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| | Placements & Empanelment RSS Feeds |
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65 LPA Opening CFO / Sr. Manager Account / Finance
By Henry Richards
Experince: 10 - 20 years Salary: 45,00,000 - 60,00,000 P.A., Functional Area: Finance & Accounting
| 45 LPA Opening Chief Financial Officer
By Moshe Pras
Experince: 10 - 20 years, Salary: 35,00,000 - 45,00,000 P.A., Functional AreaFinance & Accounting
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| 20 LPA Opening Commercial Finance ( FP&A) Role with Mondelez International
By Jude Marg
Experince: 2 - 5 years, Salary: 16,00,000 - 20,00,000 P.A., Functional Area: Finance & Accounting
| 15 LPA Opening CA Financial Reporting
By Henry Richards
Experince: 3 - 6 years, Salary: 9,00,000 - 15,00,000 P.A.,Functional Area: Finance & Accounting
| 17 LPA Opening CA Senior, Assistant Manager,Managers Statutory Audit
By Moshe Pras
Experince: 2 - 7 years, Salary: 10,00,000 - 17,00,000 P.A., Functional Area: Finance & Accounting
| 75 LPA Opening Vice President Finance & Accounts
By M. George
Experince: 18 - 26 years, Salary: 45,00,000 - 75,00,000 P.A., Functional Area: Finance & Accounting
| 70 LPA Opening Head of Finance, India
By Sandy Mash
Experince: 10 - 20 years, Salary: 35,00,000 - 70,00,000 P.A., Functional Area: Finance & Accounting
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Here is how to claim various deductions while filing ITR Opted for old tax regime
By Andrew F Thomas
Once you have filled income from all sources, claim these deductions by mentioning the amount in the correct section of the ITR form.
| Data Format for Furnishing of Credit Information to Credit Information Companies
By Jude Marg
The Relationship Segment (RS) in the Commercial Bureau format inter alia captures information on relationship fields of the corporates, viz., business category and type of relationship (i.e. contains information on directors, shareholders, proprietors, partners, trustees, holding companies, subsidiary companies and associated companies related to the borrower). It is observed that there is a low level of RS details in the databases of CICs.
| CBDT Notifies New Rules For Retrospective Tax Disputes Settlement
By Raul N Tiem
The Central Board of Direct Taxes has notified the Relaxation of Validation (section 119 of the Finance Act, 2012) Rules, 2021 for settling the controversial retrospective tax disputes.
| How to file ITR-2 with salary income, capital gains and other incomes for FY 2020-21
By Orion M.
The income tax return (ITR) forms a taxpayer has to use depends on the residential status of an individual and total income earned from various sources during the financial year (FY) 2020-21.
| How to file ITR-2 with salary income, capital gains and other incomes for FY 2020-21
By Moshe Pras
The income tax return (ITR) forms a taxpayer has to use depends on the residential status of an individual and total income earned from various sources during the financial year (FY) 2020-21.
| Income tax return: SBI lists benefits on filing your ITR early
By Thomas T. Rucks
SBI customers who are interested in filing ITR through the YONO app must note that there are certain documents that one needs while filing an ITR
| Here's how you can check income tax refund status Filed ITR
By Moshe Pras
Income Tax Refund status check is an important process to ascertain whether one has received the refund amount sent by Income Tax Department or not. However, you will only receive this income tax refund after the tax department processes your ITR and confirms the same via an intimation notice.
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| | Tenders RSS Feeds |
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Airport Authority of India, Prayagraj, Uttar Pradesh
By Raul N Tiem
Sealed Quotations are invited by Airport Authority of India, CATC, Prayagraj from Practicing Firm of Chartered Accountants/Practicing Firm of Tax dvocates/Practicing Firm of Financial & Tax Consultants for work of compliance and consultancy services with regards to Goods and Service Tax matters of the AAI, CATC, Prayagraj.
| | Protection of Plant Varieties and Farmers Rights Authority, New Delhi, Delhi | Maharashtra National Law University, Mumbai, Maharashtra
By Moshe Pras
Maharashtra National Law University Mumbai was established under Maharashtra
National Law University Mumbai Act (VI of 2014) of the Government of Maharashtra. It is a teaching and research University of National character with deep regional ethos. Professor (Dr.) Dilip Ukey is the Vice-Chancellor.
| Pension Fund Regulatory And Development Authority, New Delhi, Delhi
By Henry Richards
The Pension Fund Regulatory and Development Authority (PFRDA) was established by the Government of India on 10th October, 2003 to promote old age income security by establishing, developing and regulating funds, to protect the interests of subscribers to schemes of pension funds and for matters connected therewith or incidental thereto, through National Pension System (NPS).
| Garden Reach Shipbuilders & Engineers Limited, Kolkata, West Bengal
By Moshe Pras
Garden Reach Shipbuilders & Engineers Ltd invites applications from partnership/limited liability partnership firms of Chartered Accountants /Cost Accountants registered with the Institute of Chartered Accountants of India / Institute of cost Accountants of India for selection and appointment as stock auditors to conduct Perpetual audit of stores inventory, for the year 2021-22 through 2023-24.
| Institute Of Kidney Diseases & Research Centre,Gujarat, Ahmedabad
By Henry Richards
Institute of Kidney Disease and Research Centre hereinafter referred as Institute or IKDRC is one of the largest institute in the world, based on three pillars of service, Education and Research, catering the needs of all classes of patients with Kidney Diseases. It is located in Civil Hospital Campus, Asarwa, Ahmedabad, in the state of Gujarat of India. The Institute was established on October, 17, 1981 on an auspicious ninth day of Navratri. Institute of Transplantation of Sciences was established as its sister institute in the year of 1997.
| Hindustan Copper Limited, Jhunjhunu, Rajasthan
By Jude Marg
The physical balance has to be verified at Main Stores & site stores with the Price Stores Ledger (PSL). The PSL balance as on 31.12.2020 has to be considered for this purpose. List of items will be provided from KCC. Discrepancies, if any, to be reconciled and necessary details of rectification entries to be passed by the unit has
to be made out separately and given along with your report.
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| | Customs and Excise RSS Feeds |
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Notification No. 26/2021 Customs Ministry Of Finance
By Orion M.
In exercise of the powers conferred by sub-section (1) of section 25 of
the Customs Act, 1962 (52 of 1962) read with section 124 of the Finance Act, 2021 (13 of 2021), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby amends the following notifications of the Government of India in the Ministry
of Finance (Department of Revenue) specified in column (2) of the Table below, to the extent
specified in the corresponding entries in column (3) of the said Table
| Delhi Customs issues Covid-19 Facilitation Measures: Relaxation in Procedure for Inbonding of Cargo Import under Warehouse Bill of Entry
By Moshe Pras
The Delhi Customs, on Wednesday, issued relaxation in the procedure for Inbonding of Cargo import under Warehouse Bill of Entry as one of the COVID-19 facilitation measures.
| Notification No. 32/2020 CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS
By Raul N Tiem
In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect Taxes and Customs hereby makes the following amendment in the Notification of the Central Board of Indirect Taxes and Customs No.27/2020-CUSTOMS (N.T.), dated 19thMarch, 2020 with effect from 27th March, 2020, namely: -
| Notification No. 07/2020 Central Board of Indirect Taxes and Customs
By Moshe Pras
In exercise of the powers conferred by section 168 of the Central Goods and
Services Tax Act, 2017 (12 of 2017), read with sub-rule (5) of rule 61 of the Central Goods and Services Tax Rules, 2017 (hereafter in this notification referred to as the said rules), the Commissioner, on the recommendations of the Council,
| Notification No. 07/2020 Central Board of Indirect Taxes and Customs
By Sandy Mash
In exercise of the powers conferred by section 168 of the Central Goods and
Services Tax Act, 2017 (12 of 2017), read with sub-rule (5) of rule 61 of the Central Goods and Services Tax Rules, 2017 (hereafter in this notification referred to as the said rules), the Commissioner, on the recommendations of the Council,
| Notification No. 01/2020 Central Board of Indirect Taxes and Customs
By Raul N Tiem
In exercise of the powers conferred by sub-section (2) of section 1 of the
Finance (No. 2) Act, 2019 (23 of 2019), the Central Government hereby appoints the 1st day of January, 2020, as the date on which the provisions of section 114 of the Finance (No. 2) Act, 2019 (23 of 2019) shall come into force.
| Notification No.91/2019 Central Board Of Indirect Taxes And Customs
By Sandy Mash
In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52
of 1962), and in supersession of the notification of the Central Board of Indirect Taxes and Customs No.88/2019-CUSTOMS (N.T.), dated 5th December, 2019
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| | Mergers and Acquisitions RSS Feeds |
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Govt may further sweeten Air India offer
By Jude Marg
The government may ease some of the conditions for potential bidders of Air India in a renewed effort to privatize the loss-making national carrier, which is crucial to achieving its ambitious divestment goal for this fiscal.
| How India is becoming an unlikely Asian hotspot for mergers & acquisitions
By Moshe Pras
Thanks largely to $15 billion of investments in Jio, India accounts for more than 12% of announced deals in the Asia Pacific region so far this year.
| Notification No. 05/2020-Customs (ADD) Ministry Of Finance
By Andrew F Thomas
Whereas, in the matter of import of `Chlorinated Polyvinyl Chloride Resin
(CPVC)-whether or not further processed into compound' (hereinafter referred to as the subject goods), falling under heading 3904 of the First Schedule to the Customs Tariff Act, 1975
| Deals of the day-Mergers and acquisitions March 6, 2020
By Orion M.
India laid out a rescue plan for Yes Bank under which State Bank of India will take a 49% stake in the troubled lender, which is struggling with bad loans.
| Deals of the day-Mergers and acquisitions March 2, 2020
By Moshe Pras
The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Monday
| Mint Investment Summit - M&A in India: Challenges and opportunities
By Thomas T. Rucks
Top business minds will from different companies will come together to discuss the challenges and the opportunities for mergers and acquisitions in India. The panelists, to discuss and debate the subject of M&A in India: Challenges and opportunities,
| Record Year 2019: Fintech Deals, Mergers and Acquisitions Study
By Thomas T. Rucks
019 was the most active year for fintech financing, mergers and acquisitions (M&A), and initial public offerings (IPOs), according to a new report by Financial Technology (FT) Partners.
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| | Indirect Tax RSS Feeds |
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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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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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