Top Headlines   RSS Feeds  10 ITR filing mistakes to avoid while filing your return for FY21-22 By Sandy Mash While the tax portal of the government provides significant support in selecting the right form and various inputs to the taxpayers, the primary responsibility for filing a correct and complete tax return solely vests with the taxpayers.  5 smart tax moves to maximise investment returns By Moshe Pras As a salaried individual, you can't avoid taxes. If you are earning, you are liable to pay the applicable taxes, and the quantum of tax you need to pay depends on the tax bracket you fall in and your age. As your income grows, so does your tax liability, and lesser you have to save and invest. At the same time, investments are also important to financially safeguard your future. So it is essential to balance both.  Notification No. 81/2022 CENTRAL BOARD OF DIRECT TAXES  5 common mistakes you should avoid while filing your income tax return ITR By Orion M. In ITR, taxpayers are required to fill out several forms, Form 26AS, Form 16, capital gains statement, and interest certificates, among others. In all the paperwork, some mistakes are bound to happen  E-filing of updated tax return enabled for ITR 2, 3 for assessment years 2020-21, 2021-22 By Moshe Pras Within two years of submitting tax returns, taxpayers can make changes as long as their taxes have been paid. The facility of an updated income tax return was initially brought up by the government in the Union Budget 2022. Earlier, ITR 1 & 4 were made available from June 27, 2022.  Will ITR filing deadline for FY 2021-22 be extended? Here's what tax experts have to say By Thomas T. Rucks The last date for filing an income tax return (ITR) for FY 2021-22 (AY 2022-23) is July 31, 2022. In the previous two years, the government extended the ITR filing and other income tax-related deadlines due to the novel coronavirus pandemic and glitches in the newly launched income tax portal. However, with things going back to normal, is there a chance of the ITR filing deadline being extended this year as well?  Top 5 things to keep in mind while filing income tax returns Filed ITR for AY 2022-23 By Moshe Pras So, if you haven't filed your IT taxes for FY 21-22 yet, make sure you do so by July 31, as that is the deadline. Additionally, before submitting your ITR, you should gather any earnings and investment-related papers. {ad} More » Continuing Prof. Edu.   RSS Feeds   Seminar on Professional Ethics and Recent Amendments in Schedule III and CARO 2020  How to file ITR-U Updated Return & How to comply and report clause 44 of Tax Audit Report in Form 3CD  VCM on Overview of Section 194(R) of the Income Tax Act,1961  Seminar on Income Tax & Schedule III  TDS u/s 194R: Critical Issues in tax Deduction read with Circular No. 12  Provisions of Arrest and Points to be considered for Professionals in GST and Emerging Global Professional opportunity in India on Ind AS & Overview of Ind AS  Workshop on updates in GST, TDS & Income Tax More » GST - Goods and Services Tax   RSS Feeds  5 years of GST: Why the indirect tax regime may not see big-bang reforms By Orion M. From July 1, 2017, a uniform tax on goods and services - marketed by Prime Minister Narendra Modi as "One Nation, One Tax, One Market" - replaced a bewildering array of local sales and entry levies  Highest tax slab on online gaming may stunt growth   Infosys directed to fix glitches on income tax e-filing portal  Infosys directed to fix glitches on income tax e-filing portal  GST Filing Deadline Extended After Portal Glitch; Know New Date to File Form GSTR-3B By Raul N Tiem GST Filing Deadline Extended: Following technical glitches faced by taxpayers on the GST (Goods and Services) portal, the government has decided to extend the deadline to file GST forms GSTR-2B and GSTR-3B to May 24.  GST ITC Fraud: Delhi HC holds Debiting through Electronic ITC Ledger is valid Deposit to Fulfill Bail Condition By M. George The single bench of Delhi High Court presided by Ms. Justice Mukta Gupta in the issue of Input Tax Credit (ITC) fraud has held that debiting through electronic ITC ledger is a valid deposit to fulfill bail condition.   95 LPA Opening General Manager Finance. Pref. from Ecommerce By Andrew F Thomas Experince: 10 - 20 years, Salary: 70,00,000 - 95,00,000 P.A., Functional Area: Strategic & Top Management More » General   RSS Feeds  How is tax computed for selling a house? By Sandy Mash As per the provisions of the Income-tax (I-T) Act 1961, if the actual sale consideration is lower than the stamp duty value by more than 10%, the stamp duty value would be regarded as the deemed sale consideration, for the purpose of calculating such LTCG/L  How much tax do you pay on equity investments? By Andrew F Thomas Equity as an asset class is an important portion of an investor's portfolio. However, tax rules vary for different types of equity instruments.  Fuel taxes: Centre s gains striking since FY16 By Orion M. One of the biggest challenges that a taxpayer faces under the faceless taxation regime is to ensure that he is given a fair hearing during the assessment process as well as during the appeals process. Similarly, with electronic centralized processing of tax returns, taxpayers have to often bear the brunt of mistakes, without having adequate opportunity of putting across their views. The other challenge often faced by taxpayers is that tax laws are framed unilaterally, without considering their views. The counter to this by the government and the Income Tax (I-T) department is that during assessment and appeals, taxpayers are given an opportunity to present their case, and that pre-budget and post-budget consultations are held with various bodies to discuss the tax provisions. Is this really effective in practice?  Tax rules for NRIs on sale of assets located in India By Moshe Pras Do non-resident Indians (NRIs) have to pay income tax in India? Yes, non-residents (both Indians and foreigners) have to pay tax in India if they earn an income through a source located in the country or if the first place of receipt of income is in India. The taxation of income from sale of assets in India will depend on the nature of the asset.  ITR filing: Know tax rules that apply to freelancers in India  Delhi Real Estate News: NDMC extends last date for property tax payment with amnesty scheme By Raul N Tiem The North Delhi Municipal Corporation has extended the last date for availing the amnesty scheme for payment of property tax with 100 per cent waiver of both interest and penalty to March 31, officials said on Tuesday.  Citizens must file THESE ITR related forms before due date Income Tax Returns By Thomas T. Rucks Taxpayers and chartered accountants (CAs) have till Tuesday to submit a few forms before the deadline. 3CEB, 3CA-3CD/3CB-3CD, and 29C are the three forms. More » 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. More » 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 More » 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 » Tally Software   RSS Feeds  How to Audit Using Tally Audit Features in TallyPrime? By M. George Audit is an important function of any business organization, it denotes that the business has True and Fair transactions during the year. TallyPrime has an inbuilt feature- Tally Audit which enables the auditor to perform an audit or track changes that affect the integrity of a transaction, such as changes made to Date, Ledger Masters and Amounts in the Voucher are reflected in the Tally Audit Listings. More » Professional Updates   RSS Feeds  Guidance Note on the Companies (Auditor's Report) Order, 2020 (Revised 2022 Edition) By Raul N Tiem The Auditing and Assurance Standards Board (AASB) has been constituted by the Institute of Chartered Accountants of India (ICAI) for formulation of Engagement and Quality Control Standards (Standards on auditing, review, other assurance, quality control and related services). AASB also develops Guidance Notes, Technical Guides, Implementations Guides and other publications on generic as well as industry specific issues in auditing, with the prime objective of providing guidance to the auditors.  Results of the Chartered Accountants Final Examination held in May 2022 are likely to be declared on Friday, the 15th July, 2022(evening)/Saturday, the 16th July, 2022 By Henry Richards The results of the Chartered Accountants Final Examination held in May 2022 are likely to be declared  Exposure Draft of Revised 'Guidance Note on Tax Audit under section 44AB of the Income-tax Act, 1961' for Public Comments  Release of Compendium of Ind AS (as on April 01, 2022) and related guidance material By Orion M. Further, the guidance material comprises IFRS Part B (Accompanying Guidance such as illustrative examples, implementation guidance etc) and IFRS Part C (Bases for Conclusions), which is the basis of Ind AS. Since, Ind AS are derived from IFRS Standards issued by the IFRS Foundation, it is useful and appropriate to read Ind AS along with the guidance material of IFRS Standards.  LLP Form 11 for FY 2021-22 due date extended till 15th July 2022 By Sandy Mash This is to inform you that Ministry of Corporate Affairs vide its General Circular dated 29th June 2022 has relaxed the payment of additional fees in case of delay in filing Form 11 (Annual Return) for the FY 2021-22 by Limited Liability Partnerships up to 15th July, 2022.  Observations of the candidates on the question papers of CA Foundation examinations- June 2022 By Raul N Tiem It is hereby informed that candidates can bring to the notice of the Examination Department, their observations, if any, on the question papers relating to Foundation Examinations being held in June 2022 by e-mail at examfeedback@icai.in or by way of a letter, sent by Speed Post, at the following address, so as to reach us latest by 5th July 2022.  Postponement of Chartered Accountants Foundation Examination Scheduled to be held on 24th & 26th June, 2022 at Silchar (Assam) Examination Centre Only. More » From the Courts   RSS Feeds  Income Tax leviable on Tuition Fee in the Year of Rendering of Services: ITAT By Jude Marg The Hyderabad bench of the Income Tax Appellate Tribunal (ITAT) has held that the income tax is leviable on the amount of tuition fee in the year when the corresponding services are made. 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 More » Latest Circulars   RSS Feeds  Conversion/Switch of Government of India Securities By Orion M. Government of India announces the conversion/switch of its securities through auction for an aggregate amount of ₹13,000 crore (face value). The security-wise details of the conversion/switch are given as under  UNSCR 1718 Sanctions Committee on DPRK amends one Entry on its Sanctions List  Request to submit online nomination for National CSR Awards to CL&CGC ICAI by 25th July, 2022 By Henry Richards The Ministry of Corporate Affairs has instituted National CSR Awards (NCSRA) in August 2018 to recognize companies for their CSR interventions that have made a transformative impact on society. First cycle of National CSR Awards was successfully carried out in 2019, winning and honourable mention companies were conferred awards by the Hon'ble President of India on 29 October 2019 at Vigyan Bhawan, New Delhi.  Auction of Government of India Dated Securities Jul 11, 2022 By Henry Richards Government of India (GOI) has announced the sale (re-issue) of four dated securities for a notified amount of ₹32,000 crore as per the following details:  International Trade Settlement in Indian Rupees (INR) By Moshe Pras In order to promote growth of global trade with emphasis on exports from India and to support the increasing interest of global trading community in INR, it has been decided to put in place an additional arrangement for invoicing, payment, and settlement of exports / imports in INR. Before putting in place this mechanism, AD banks shall require prior approval from the Foreign Exchange Department of Reserve Bank of India, Central Office at Mumbai.  Income-tax (21st Amendment) Rules, 2022 By Thomas T. Rucks In exercise of the powers conferred by sub-clause (iv) of clause (a) of Explanation to clause (viiad) of section 47 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  Asian Clearing Union (ACU) Mechanism Indo-Sri Lanka trade More » 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 More » ITAT-Constitution of Benches   RSS Feeds  Income Tax Penalty u/s 271E cannot be levied in the absence of Regular Assessment: ITAT By Andrew F Thomas The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) has held that the income tax penalty under section 271E of the Income Tax Act, 1961 cannot be levied in the absence of a regular assessment against the assessee.  ITAT deletes Addition u/s 68 of Income Tax Act Firm not Taxable for Capital introduced by Partner By Jude Marg The Income Tax Appellate Tribunal (ITAT), Chennai bench has held that the Firm cannot made taxable for the capital introduced by the Partner as section 68 of the Income Tax Act, 1961 cannot be applicable.  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 More » 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. More » Placements & Empanelment   RSS Feeds  50 LPA Opening Hiring For Accounts & Finance Manager By M. George Experince: 8 - 13 years, Salary: 35,00,000 - 50,00,000 P.A.,Functional Area: Finance & Accounting  45 LPA Opening AVP Finance Operations - Order To Cash (OTC) Females only By Sandy Mash Experince: 12 - 20 years, Salary: 35,00,000 - 45,00,000 P.A., Functional Area: Finance & Accounting  70 LPA Opening Finance Controller By Andrew F Thomas Experince: 12 - 16 years, Salary: 50,00,000 - 70,00,000 P.A., Functional Area: Finance & Accounting   60 LPA Opening Divisional Chief Financial Officer By Orion M. Experince: 20 - 25 years Salary: 40,00,000 - 60,00,000 P.A.,Functional Area: Finance & Accounting  90 LPA Opening Director Financial Planning and Analysis (FPNA) By Orion M. Experince: 15 - 20 years, Salary: 60,00,000 - 90,00,000 P.A., Functional Area: Strategic & Top Management  80 LPA Opening Finance Manager Opening For a Gold Mining Company at Mozambique By Jude Marg Experince: 10 - 15 years, Salary: 50,00,000 - 80,00,000 P.A., Functional Area: Finance & Accounting  1 Cr LPA Opening Group CFO Bangalore FMCG Industry By Jude Marg Experince: 18 - 25 years, Salary: 80,00,000 - 1 Cr and above P.A., Functional Area: Finance & Accounting More » Markets   RSS Feeds  Market Top Losers11/07/2022 By M. George Market Top Losers11/07/2022  Market Top Gainers 11/07/2022 By Sandy Mash Market Top Gainers 11/07/2022  Top Ranked Mutual Funds11/07/2022 By Andrew F Thomas Top Ranked Mutual Funds11/07/2022  Market Top Losers 7/07/2022 By Jude Marg Market Top Losers 7/07/2022  Market Top Gainers 7/07/2022 By Raul N Tiem Market Top Gainers 7/07/2022  Top Ranked Mutual Funds 7/07/2022 By Henry Richards Top Ranked Mutual Funds 7/07/2022   Auction of State Government Securities By Jude Marg The auction will be conducted on the Reserve Bank of India Core Banking Solution (E-Kuber) system on July 05, 2022 (Tuesday). The Government Stock up to Ten per cent of the notified amount of the sale of each stock will be allotted to eligible individuals and institutions subject to a maximum limit of One per cent of its notified amount for a single bid per stock as per the Scheme for Non-competitive Bidding Facility. More » Direct Tax   RSS Feeds  Know last date and penalty if you miss deadline ITR filing for AY 22-23 By Andrew F Thomas The due date for income tax return (ITR) filing for the financial year 2021-22 or for the assessment year (AY) 2022-23 is fast approaching. Salaried and other earning individuals are advised to file their respective ITRs on time otherwise they might have to pay penalty up to ₹5,000. They penalty will be charged in the form of late fee that a taxpayer will have to pay if they fail to file their ITR by given due date of 31st July 20222.  How to calculate taxable income for FY 2021-22 to file income tax return (ITR) By Sandy Mash It's important for an individual to calculate his/her total taxable income to know the correct income tax amount payable by him/her. One can earn income from different sources; these include salary, rent, capital gains from shares and mutual funds etc.  10 reasons when a taxpayer can't use ITR-1 form Income tax return By M. George The due date for income tax return (ITR) filing for FY22 and AY23 is 31st July 2022. Hence, earning individuals must be busy scanning their income and expenditures for above mentioned financial year and assessment year.  How to fill your income tax return for this assessment year ITR 2022-23 By Thomas T. Rucks Here is a quick step-by-step guide on how to file your income tax return (ITR) for the assessment year 2022-23  ITR: Earning Below Taxable Limit? Still have to File Income Tax Return in These Cases  New TDS Rule From July 1 To Affect Doctors, Social Media Influencers: All You Need To Know By M. George The Union Budget had brought in the provision of TDS to check tax revenue leakage by inserting a new section, 194R, in the Income Tax Act, 1961.  CBDT issues guidelines on TDS applicability on non-salary perquisites By Andrew F Thomas According to the guidelines, it is not necessary for the payer/deductor to check the taxability of the sum in the hands of the payee before deducting TDS by clearly distinguishing the principles governing TDS under Section 195 from the TDS under Section 194R. More » Tenders   RSS Feeds  Reserve Bank of India, Lucknow, Uttar Pradesh By M. George E-Tender for Appointment of Concurrent Auditors 2022-23 at RBI, Lucknow Reserve Bank of India invites E-Tender from Category- I CA firms stationed and having registered office at Lucknow for the Appointment of Concurrent Auditors for year 2022-23 at RBI, Lucknow.  Assam Petrochemicals Limited, Dibrugarh, Assam By Sandy Mash Assam Petro-Chemicals Limited (APL) was conceived for productive utilization of natural gas, which was being flared up in the Upper Assam oil fields. Only a small quantum of natural gas was then used in fertilizer industry and power generation.  Institutional Strengthening of Gram Panchayats (ISGP) Program-II , Kolkata, West Bengal  Biswa Bangla Marketing Corporation Limited, Kolkata, West Bengal By Jude Marg Introduction Biswa Bangla showrooms are operated by Biswa Bangla Marketing Corporation Limited, under Department of MSME & Textiles, Government of West Bengal in Kolkata (Domestic and International Security Hold Area at NSCBI Airport, Park Street, Dakshinapan Shopping Complex at Dhakuria, Misti Hub, Biswa Bangla Restaurant, and Acropolis Mall), Bagdogra Airport, Darjeeling and New Delhi with an objective to market traditional handicrafts, handloom, and heritage products of West Bengal.  National Highways Infra Investment Managers Private Limited, Dwarka, New Delhi  District Health & Family welfare Society, Bhiwani, Haryana By Moshe Pras For Appointment of Concurrent Auditor for District Health & Family Welfare Society (DH&FWS) Bhiwani for Audit of all programmes under NHM & Non NHM for FY 2022-23  Karnataka Text Book Society, Bengaluru, Karnataka By Thomas T. Rucks Request For Proposal for Selection of CharteredAccountantfirms for the Internal audit of Karnataka Textbook Society (R) Bengaluru and its 34 District godowns, 4 Divisional godowns and 204 BEO textbook godowns for the year 2022-23 More » 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. More » 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 More » 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. More » 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. More » 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); More » Department of Companies Affairs   RSS Feeds  Impose tax on windfall profits of pvt oil cos: CPM tells Govt  Taxes fuel petrol, diesel prices globally  Department of Economic Affairs seeks hike in spectrum fee  Rising yen gives companies the jitters  ROC Forms  ROC Circulars  ROC Notifications More » Help   RSS Feeds  Query  Suggestions  Information  Results More »