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Top Headlines   RSS Feeds
 CBIC reminds deadline for filing GST return. Details here
By Moshe Pras
Reminding deadline for filing goods and services tax (GST) return, the Central Board of Indirect Taxes and Customs (CBIC) has asked to furnish 'Form ITC-04' for July to September 2021
 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.
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Continuing Prof. Edu.   RSS Feeds
 CPE Seminar on Latest updates and recent case laws under GST
 Four Day s Conference on Practical approach and important aspects of Companies Act 2013 & Amendment Act 2020
 Seminar on Direct Tax & Recent Amendments in GST
  VCM on An Insight of Valuation Provisions under GST & Transfer Pricing Audit
 Discussion on Form 15CA and 15CB and Challenges in New Income Tax Portal
 VCM on An Insight of Valuation Provisions under GST & Transfer Pricing Audit
 Navigation of New IT portal for filing For 15CA and 15CB. & Practical aspect of ITR forms, ITR form main schedules explain etc.
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GST - Goods and Services Tax   RSS Feeds
 Form GSTR-2B available in GST Portal till Afternoon of 14th of every month: GSTN
By Jude Marg
The Goods and Service Tax Networks (GSTN) has issued the Advisory for taxpayers on Form GSTR-2B wherein it was stated that availability of ITC made available to the taxpayers in the Afternoon of 14th of every month.
 Delhi HC allows DGGI to file a status report on alleged GST Evasion by Director of Company
By Raul N Tiem
The applicant, Tarun Jain is one of the directors of M/s Jetibai Grandsons Pvt. Ltd. and has sought the anticipatory bail for offence punishable under section 132 of CGST Act, 2017.
 1 held by Delhi CGST officials for input tax fraud of Rs 134 crore
By Sandy Mash
The officers of Central Goods and Services Tax (CGST) Commissionerate, Delhi East, carried out the detailed analysis and unearthed a network of fictitious exporters who were availing and utilizing fake Input Tax Credit (ITC) of Rs 134 crore under the Goods and Services Tax (GST) with an intent to claim IGST refund fraudulently.
 Petrol, diesel under GST? Decision on Friday
By Henry Richards
The GST Council might on Friday consider taxing petrol, diesel and other petroleum products under the single national GST regime, a move that may require huge compromises by both central and state governments on the revenues they collect from taxing these products.
 GST new rule! Non-filers of GST returns to be barred from filing GSTR-1 from Sept 1
By Jude Marg
Businesses have to file GSTR-1 by the 11th day of the subsequent month while they can file GSTR-3B in a staggered manner between the 20th-24th day of the succeeding month.
 Central GST Commissionerate detects multi-crore tax evasion
 GST Council focus on pruning exemptions, fixing anomalies
By Raul N Tiem
The next meeting of the Goods and Services Tax (GST) Council will consider pruning the list of tax-exempt items and fixing the anomaly of raw materials getting taxed more than certain finished products, revenue secretary Tarun Bajaj said. The council will approach these issues while sticking to the overall principle of tax stability.
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General   RSS Feeds
 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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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
 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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Professional Updates   RSS Feeds
 Multipurpose Empanelment Form 2021-22
By Orion M.
Professional Development Committee (PDC) is pleased to host the Multipurpose Empanelment Form (MEF) for the year 2021-22, which is available at https://meficai.org/. This year we have made the MEF application simpler and more user friendly. The data pertaining to members and firms will be auto populated from the SSP Database. All data appearing in the green fields is un-editable and members should ensure correctness of the data.
 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.
 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.
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From the Courts   RSS Feeds
 Kiran Sales Private Limited 12/42, Rajauri Garden, New Delhi. Vs. INCOME TAX OFFICER Ward 14(3) New Delhi.
By Jude Marg
The present appeal has been filed by the assessee, wherein the correctness of the order dated 22.03.2019 of CIT(Appeals), New Delhi pertaining to 2015-16 assessment year is assailed.
 National Housing Bank, Core-5 A, India Habitat Centre, Lodhi Road, New Delhi Vs. ACIT, Circle-26(2), New Delhi
By Raul N Tiem
That the Ld. CIT(Appeal), New Delhi has erred both on law as well as on facts, while affirming disallowance of depreciation of Rs.33,98,755/- made by Assessing Officer being part of depreciation claimed by the assessee on account of office premises at India Habitat Centre.
 Naveen Kumar Varshneya 20165, Prestige Shanti Niketan, Near ITPL, Whitefield, Bangalore Vs. ITO Ward- 7 (3) New Delhi
By Henry Richards
This appeal by the assessee is preferred against the order of the CIT(A)-3, New Delhi dated 17.06.2019 pertaining to A.Y.2010-11.
 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.
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Auditing   RSS Feeds
 NFRA issues Draft Procedure for Submission of Audit Files
By Andrew F Thomas
The National Financial Reporting Authority (NFRA) on Tuesday issued a notice of draft Procedure for Submission of Audit Files to NFRA.
 Auditors barred from putting a value on companies they are auditing
By Raul N Tiem
An income tax tribunal has barred auditors from issuing valuation certificates to the companies they are auditing. This is set to impact several tax disputes around valuations in companies including angel tax disputes involving start-ups.
 Standard on Internal Audit (SIA) 18, Related Parties
By Jude Marg
Standard on Internal Audit (SIA) 18, Related Parties
 Standard on Internal Audit (SIA) 17, Consideration of Laws and Regulations in an Internal Audit
By Raul N Tiem
Standard on Internal Audit (SIA) 17, Consideration of Laws and Regulations in an Internal Audit
 Standard on Internal Audit (SIA) 16, Using the Work of an Expert
By Henry Richards
Standard on Internal Audit (SIA) 16, Using the Work of an Expert
 Standard on Internal Audit (SIA) 14, Internal Audit in an Information Technology Environment
By Moshe Pras
Standard on Internal Audit (SIA) 14, Internal Audit in an Information Technology Environment
 Standard on Internal Audit (SIA) 13, Enterprise Risk Management
By Thomas T. Rucks
Standard on Internal Audit (SIA) 13, Enterprise Risk Management
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Latest Circulars   RSS Feeds
 RBI releases draft Master Direction on Prudential Regulation for AIFIs - 2021
By Raul N Tiem
It has been decided to implement the Basel III capital framework for the AIFIs as detailed out in the draft Directions. The draft Directions also consolidate and contain suitable modifications to the existing instructions on Exposure Norms, Classification, Valuation and Operation of Investment Portfolio Norms and Resource Raising Norms issued to the AIFIs.
 Scale Based Regulation (SBR): A Revised Regulatory Framework for NBFCs
By Henry Richards
The contribution of NBFCs towards supporting real economic activity and their role as a supplemental channel of credit intermediation alongside banks is well recognised. Over the years, the sector has undergone considerable evolution in terms of size, complexity, and interconnectedness within the financial sector. Many entities have grown and become systemically significant and hence there is a need to align the regulatory framework for NBFCs keeping in view their changing risk profile.
 Launching of 31st Round of Quarterly Services and Infrastructure Outlook Survey (SIOS) Q3:2021 22
By M. George
The Reserve Bank has launched the 31st round of the quarterly Services and Infrastructure Outlook Survey (SIOS) for the reference period October-December 2021. The survey assesses the business situation for the current quarter (Q3:2021-22) from selected companies in the services and infrastructure sectors in India and their expectations for the ensuing quarter (Q4:2021-22) based on qualitative responses on a set of indicators pertaining to demand conditions, financial conditions,
 Chasing the Horizon (Remarks delivered by Shri M. Rajeshwar Rao, Deputy Governor, Reserve Bank of India October 22, 2021 at the CII NBFC Summit on Role of NBFCs in Achieving $5 trillion Economy)
By Sandy Mash
As many of you might recall, almost a year back in the National E-Summit on Non-Banking Financial Companies organised by ASSOCHAM, I dwelt upon how the regulations for NBFC sector might shape up in future. The year has passed by and I would like to think we have made significant progress in many of those areas.
 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)
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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
 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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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
 80 LPA Opening Country Finance HEAD-Mumbai
By Moshe Pras
Experince: 14 - 21 years, Salary: 50,00,000 - 80,00,000 P.A., Functional Area: Finance & Accounting
 75 LPA Opening Chief Financial Officer
By Thomas T. Rucks
Experince: 10 - 20 years, Salary: 55,00,000 - 75,00,000 P.A., Functional Area: Finance & Accounting
 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
  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
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Markets   RSS Feeds
 Market Top Losers 18/10//2021
By Henry Richards
Market Top Losers 18/10//2021
 Market Top Gainers 18/10/2021
By Moshe Pras
Market Top Gainers 18/10/2021
 Top Ranked Mutual Funds 18/10/2021
By Thomas T. Rucks
Top Ranked Mutual Funds 18/10/2021
 These 5 private banks offer up to 6.75% interest on tax-saving fixed deposits
By Thomas T. Rucks
Tax optimization should always be a part of your financial plan and not a task to be completed towards the end of the year. Invest wisely, considering your financial goals.
 Market Top Losers 11/10//2021
By Jude Marg
Market Top Losers 11/10//2021
 Market Top Gainers 11/10/2021
By Raul N Tiem
Market Top Gainers 11/10/2021
 Top Ranked Mutual Funds 11/10/2021
By Henry Richards
Top Ranked Mutual Funds 11/10/2021
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Direct Tax   RSS Feeds
 Know how much tax to be paid on maturity and how to avoid TDS Tax-Saving Infrastructure Bonds
By Thomas T. Rucks
The tax-saving long-term infrastructure bonds issued in FY 2011-12 to provide deductions up to Rs 20,000 from the taxable income are maturing in FY 2021-22.
 How to check ITR-V receipt status without logging into your e-filing account
By Andrew F Thomas
Do keep in mind that the ITR must be verified within 120 days of filing it. Thus, if you are using the physical method to verify your ITR, then it is important to make sure that it reaches the income tax department on time. If it does not reach the department on time, i.e., within 120 days of filing ITR, your return will not get verified, and the process of filing return will not be complete.
  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.
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Tenders   RSS Feeds
 Just 1 Day left to file quarterly GSTR-3B Return, reminds CBIC GST
By M. George
The Central Board of Indirect Taxes and Customs (CBIC) reminded the GST Taxpayers who are under Quarterly Return Filing and Monthly Payment of Taxes (QRMP) scheme that only 1 day is left to file quarterly GSTR-3B Return and having principal place of business in State Group
 The Tamilnadu Industrial Investment Corporation Limited, Chennai, Tamilnadu
By Sandy Mash
This document is meant for the specific use by the Firm/person/s interested to participate in the RfP process. This document in its entirety is subject to copy right laws. TIIC expects the Firms or any person acting on behalf of the firms strictly adhere to the instructions given in the document and maintain confidentiality of information.
 Bharat Sanchar Nigam Limited, New Delhi, Delhi
By Andrew F Thomas
GST compliances regarding filing of all kind of Bid Security Declaration is to be GST Returns for all BSNL GST Registrant submitted in lieu of Bid Security/EMD
 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).
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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
 Investment tips for those opting for new tax regime
By Henry Richards
The nationwide lockdown over the COVID-19 pandemic shouldn’t ideally distract you from the fact that we are in April that also marks the beginning of the new Financial Year2020-21. In fact, you should utilise this time to plan your tax-saving measures for the current financial year.
 Indirect tax dept issues notices to companies over late input credit claim under GST frame
By M. George
The indirect tax department has issued notices to thousands of companies that had claimed late input tax credit under GST framework and thereby asked them to reverse the transaction. These companies had claimed the input tax credit for fiscal 2018 and 2019 after missing the September deadline.
 E-generated document required for indirect tax notices
By Jude Marg
In a Frequently Asked Questions (FAQs) issued by Institute of Chartered Accountants of India ( ICAI ) Unique Document Identification Number (UDIN) said that, Chartered Accountants ( CA ) are not authorised to certify Income Tax Return (ITR) as True copy.
 FinMin seeks industry inputs on direct, indirect tax changes
By M. George
The finance ministry for the first time has sought suggestions on changes in direct and indirect tax rates from the industry. This comes at a time when a revenue shortfall and consumption slowdown are threatening to upset the government’s finances.
 Govt gives businesses four months to settle indirect tax disputes
By Sandy Mash
Businesses can now settle their pending disputes relating to central excise duty and service tax within four months starting 1 September under the terms notified by the government on Thursday.
 ITR filing becomes easy via new 'e-Filing Lite' portal - 5 things to know Income Tax Return
By Raul N Tiem
Income Tax Return: Income Tax department has made lives easier for the taxpayers by launching 'e-Filing Lite' portal. The portal is meant for the tax payers who find filing of income tax returns (ITR) on their own a complicated and time-taking process.
 No income tax on interest from accident compensation: High Court
By M. George
Forty years after an eight-year-old city boy was left maimed for life in a car accident, the Bombay High Court on Thursday held that income tax should not have been deducted from the interest on the compensation awarded by the court. The ruling was given by a bench of justices Akil Kureshi and S J Kathawalla on a plea by accident victim Rupesh Shah, now 48.
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Various Acts & Rules   RSS Feeds
 Customs Tariff 2009-10 - PART-II - Chapter 98 - Project imports, Laboratory chemicals, passenger's baggage
By Moshe Pras
This Chapter is to be taken to apply to all goods which satisfy the conditions prescribed therein, even though they may be covered by a more specific heading elsewhere in this Schedule.
 Customs Tariff 2009-10 - PART-II - Chapter 97 - Works of art, collectors' pieces and antiques
By Moshe Pras
Unused postage or revenue stamps, postal stationery (stamped paper) or the like of heading 4907
 Customs Tariff 2009-10 - PART-II - Chapter 96 - Miscellaneous manufactured articles
By Thomas T. Rucks
Articles of Chapter 66 (for example, parts of umbrellas or walking-sticks);
 Customs Tariff 2009-10 - PART-II - Chapter 95 - Toys, games and sports requisites; parts and accessories thereof
By Henry Richards
Toys, games and sports requisites; parts and accessories thereof
 Customs Tariff 2009-10 - PART-II - Chapter 94 - Furniture; bedding, mattresses, mattress supports
By Moshe Pras
Furniture; bedding, mattresses, mattress supports, cushions and similar stuffed furnishings; lamps and lighting fittings, not elsewhere specified or included; illuminated signs, illuminated name-plates and the like; prefabricated buildings.
 Customs Tariff 2009-10 - PART-II - Chapter 93 - Arms and ammunition; parts and accessories thereof
By Orion M.
telescopic sights or other optical devices suitable for use with arms, unless mounted on a firearm or presented with the firearm on which they are designed to be mounted (Chapter 90);
 Customs Tariff 2009-10 - PART-II - Chapter 92 - Musical instruments; parts and accessories of such articles
By Jude Marg
parts of general use, as defined in Note 2 to Section XV, of base metal (Section XV), or similar goods of plastics (Chapter 39);
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Department of Companies Affairs   RSS Feeds
 Impose tax on windfall profits of pvt oil cos: CPM tells Govt
 Taxes fuel petrol, diesel prices globally
 Department of Economic Affairs seeks hike in spectrum fee
 Rising yen gives companies the jitters
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