Top Headlines   RSS Feeds   Taxpayers must know about these 9 changes ITR forms for FY 2021-22 By Moshe Pras If a taxpayer has sold land or building between April 1, 2021 and March 31, 2022, it is necessary for them to enter the purchase and sale dates in the 'Capital Gains' schedule of the ITR form from this year onwards.   Four key income tax changes from FY22-23 Tax Talk By M. George Taxpayers can now file an updated ITR within two years of the assessment year by paying additional tax  Notification No. 31/2022 CENTRAL BOARD OF DIRECT TAXES By Sandy Mash In exercise of the powers conferred by clause (48D) of section 10 of the Income-tax Act, 1961 (43 of 1961) the Central Government hereby notifies the National Bank for Financing Infrastructure and Development, established under section 3 of the National Bank for Financing Infrastructure and Development Act, 2021  How to divide your investment in insurance products to save tax  Here s what to know on Tax Day if you still haven t filed your return By M. George As of April 8, the IRS had received more than 103 million returns and sent 70 million refunds, totaling over $222 billion. But that still leaves millions to be filed with limited time remaining.  Save tax by investing in your child s name Tax talk By Sandy Mash Either of the parents can open a PPF account on behalf of the minor and avail tax exemption under Section 80C of the Income Tax Act.  Income-tax (8th Amendment) Rules, 2022 By Thomas T. Rucks In exercise of the powers conferred by clause (48) of section 2 and clause (47) of section 10 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 More » Continuing Prof. Edu.   RSS Feeds   Interplay of GST law with other law & Emerging litigations under GST law  SEMINAR ON BASICS OF NON RESIDENT TAXATION INCLUDING TDS U/S 195 OF THE INCOME TAX ACT  Interplay of GST law with other law & Emerging litigations under GST law  Latest Developments and e-Assessment and Reassessment under Income Tax Act, 196  Latest Developments and e-Assessment and Reassessment under Income Tax Act, 1961  VCM on Auditor s Responsibilities Relating to Fraud in Audit of Financial Statements and Communication with Those Charged with Governance and Related Parties  VCM on How to file & Handle Appeal before the Commissioner of Income Tax More » GST - Goods and Services Tax   RSS Feeds   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  Finance Ministers faces queries from students on GST, Income Tax relief to defence personnel By Thomas T. Rucks Finance Minister Nirmala Sitharaman on Sunday faced queries on Goods and Services Tax (GST) and Income Tax relief to Army personnel.  Coming soon, a structural revamp of GST By Sandy Mash The Union government and states will implement a proposed structural revamp of the goods and services tax (GST) in phases, keeping in mind the impact tax rate changes can have on consumption, according to two officials.   The Top Five GST Changes Budget 2022 By Andrew F Thomas The much-awaited economic event of the year, Union Budget 2022 is finally out. Finance Minister Nirmala Sitharaman has given myriad reasons to dream about a better future. The budget speech and Economic Survey 2021 reflected the country's economic revival post the strenuous waves of Covid-19. Reduced deficits, improved foreign exchange reserves, impressive GDP growth gave the country and its polic  CAIT urges Centre to exempt GST registration for e-commerce sales By Henry Richards The Confederation of All India Traders has urged Union Finance Minister Nirmala Sitharaman to waive mandatory GST registration for selling products through e-commerce platforms.  AAAR ruling on salary to impact head office-branch GST dynamics By Moshe Pras Does the chief executive of a large corporation headquartered in Mumbai work for the whole company or just the head office?  How real is the GST boost? By Raul N Tiem The Modi government is elated over the steady improvement in the collection of goods and services tax (GST) in recent months. Along with the sharp growth in collections of other Union taxes, GST collections have also crossed the Rs 1-trillion mark for each of the last six months beginning July 2021. More » General   RSS Feeds  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.  If a senior citizen makes FD in name of his son, who will pay tax on interest? By Sandy Mash The transaction can either be treated as gift or a loan. In case you give this money as gift to him, there will not be any tax implications for you as gift received from specified relatives including parent are tax free in the hands of the recipient. The clubbing provisions will also not apply as your son is adult.  Your queries (Income Tax): Use ITR Form 2 to file tax on capital gains on sale of property By Henry Richards The long-term capital gains arising on transfer of immovable property are taxed at 20%. To ascertain the amount of capital gains, indexed cost of acquisition, improvement and expenses incurred in connection with the transfer are to be deducted from the sale proceeds.   Why you must verify your income tax returns 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  Implementation Guide on Reporting under Rule 11(e) and Rule 11(f) of the Companies (Audit and Auditors) Rules, 2014 issued by the Auditing and Assurance Standards Board By Henry Richards The Ministry of Corporate Affairs (MCA) issued the Companies (Audit and Auditors) Amendment Rules, 2021 on March 24, 2021 introducing inter alia new Rule 11(e) and new Rule 11(f) in the Companies (Audit and Auditors) Rules, 2014.  Auditing and Assurance Standards Board - Expert Panel for Addressing queries related to Statutory Audit pertaining to Auditing Aspects   1 Cr LPA Opening Associate Vice President - Business & Support process Audit By Raul N Tiem Experince: 12 - 22 years, Salary: 75,00,000 - 1 Cr and above P.A., Functional Area: Finance & Accounting  95 LPA Opening Hiring For CFO Manufacturing Industry Only By Henry Richards Experince:12 - 20 years, Salary: 60,00,000 - 95,00,000 P.A., Functional Area: Finance & Accounting  Postponement of Launch of National CSR Exchange Portal by the Ministry of Corporate Affairs. By Jude Marg We regret to inform you that due to some unforeseen circumstances, launch of National CSR Exchange Portal has been postponed.  Invitation for Expression of Interest for Empanelment as Subject Matter Expert in the Statutory Audit of Entities pertaining to Auditing Aspect  Sustainability Reporting Standards Board (SRSB) of ICAI announces 10th batch of Online Certificate Course on Business Responsibility and Sustainability Reporting (BRSR) commencing from May 4, 2022, for members of ICAI. By Raul N Tiem The duration of the course is 4 hours each for 5 days (including half an hour for Q&A session). The details are as under More » From the Courts   RSS Feeds  ITAT refuses to stay tax demand on former owner of Raw Pressery brand By Orion M. An income tax appellate panel has refused to grant a stay on Rs 123 crore of taxes demanded by the authorities on share transfer by a fruit juice start-up to Mauritius based entities and actress Jacqueline Fernandes for huge premiums.  Bombay HC sets aside rejection of refund claims by GST authorities By Thomas T. Rucks Claim had been rejected as it was filed after 2 yrs; Court sets rejection aside as authorities had not considered earlier SC relaxation on time limit due to Covid  [Income Tax Act] Faceless Assessment Scheme does not take away right to personal hearing: Delhi High Court  Rajasthan High Court directs GST Authority to Unblock Input Tax Credit availed in Electronic Credit Ledger By Henry Richards The Rajasthan High Court in the case of Vinayak Plylam Marketing Vs Superintendent, Central Goods, and Service Tax and Ors. directed the GST Authority to forthwith unblock the Input Tax Credit availed in the Electronic Credit Ledger by the Petitioner since, the statutory time limits mentioned in Rule 86A of the Central Goods and Services Tax Rules, 2017 has expired.  Sebi-taxman fight over service tax dues reaches Supreme Court By Henry Richards The Securities and Exchange Board of India (Sebi) has moved the Supreme Court against a service tax demand raised by the Central Goods and Services Tax (CGST) department. The Supreme Court registered the case on December 2, the official website showed.  Delhi High Court Seeks Status Report from Centre for Appointments of Chairperson & Members in Adjudicating Authority Under PMLA By M. George The Delhi High Court sought the Status Report from Centre for Appointments of Chairperson & Members in Adjudicating Authority Under Prevention of Money Laundering Act.  Delhi High Court allows Income Tax Exemption to Charitable Society running Printing Press and uses Profit so generated for Charitable Purposes 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  Minutes of the Monetary Policy Committee Meeting, April 6 to 8, 2022  Auction of Government of India Dated Securities Apr 25, 2022 By Raul N Tiem Government of India (GOI) has announced the sale (re-issue) of four dated securities for a notified amount of ₹33,000 crore as per the following details  Creation of Honorary Designations at Board level in Urban Co-operative Banks By Raul N Tiem It has been observed during the course of supervisory reviews that some of the Urban Co-operative Banks (UCBs) have adopted the practice of creating honorary designations (remunerated or otherwise)/conferring titles at Board level, such as Chairman Emeritus, Group Chairman, etc., which are not recognised in applicable statutes or regulations.  Master Direction Credit Card and Debit Card Issuance and Conduct Directions, 2022 By Henry Richards In exercise of the powers conferred by Sections 35A and Section 56 of the Banking Regulation Act, 1949 and Chapter IIIB of the Reserve Bank of India Act, 1934, the Reserve Bank of India being satisfied that it is necessary and expedient in the public interest so to do, hereby, issues the Directions hereinafter specified.  Large Exposures Framework for Non-Banking Financial Company - Upper Layer (NBFC-UL) By Thomas T. Rucks Prudential guidelines on exposure norms aim at addressing credit risk concentration in NBFCs. These instructions set out to identify large exposures, refine the criteria for grouping of connected counterparties and put in place reporting norms for large exposures.  Issue and regulation of share capital and securities - State Co-operative Banks and District Central Co-operative Banks By M. George The Banking Regulation (Amendment) Act, 2020 (No. 39 of 2020), notified in the Gazette of India on September 29, 2020 (vide Notification No. 64 of that date), has come into force with effect from April 01, 2021 for Rural Co-operative Banks (RCBs), i.e. State Co-operative Banks (StCBs) and District Central Co-operative Banks (DCCBs).  Basel III Framework on Liquidity Standards Liquidity Coverage Ratio (LCR) 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  Payment for Facebook Ads and Other Digital Advertising Companies not subject to TDS as per DTAA: ITAT  No Service Tax Leviable on Goods component of Composite Works Contract as VAT has been paid: CESTAT By Orion M. The Chennai Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) held that no Service Tax is leviable on goods component of composite works contract as VAT has been paid.  ITAT deletes Addition on Account of Investment made from Undisclosed Sources as all Transactions were made through Banking Channels By Jude Marg The Chandigarh Bench of Income Tax Appellate Tribunal (ITAT) deleted the addition on account of investment made from undisclosed sources as all transactions were made through banking channels.  Relief to Honda: ITAT directs AO to delete Addition on account of Capitalisation of Royalty Expenses by Holding it to be Revenue in Nature By Raul N Tiem In a major relief to Honda Motorcycle and Scooter India Pvt. Ltd, the Delhi Bench of Income Tax Appellate Tribunal (ITAT) directed the AO to delete Addition on account of capitalisation of royalty expenses by holding it to be revenue in nature.  Minimising tax liabilities by lawful means not illegal, says ITAT  Interest paid on Late Payment of Service Tax is a Deductible Business Expenditure: ITAT By Andrew F Thomas Income Tax Appellate Tribunal (ITAT), Delhi bench has held that the amount of interest paid for the delayed payment of services tax shall be treated as a permissible deduction from the Business Income for the purpose of section 37 of the Income Tax Act, 1961.  ITAT upholds Addition on Account of Unaccounted Cash as no mention of Agricultural Land on Translated Document By Raul N Tiem The Income Tax Appellate Tribunal (ITAT), Hyderabad Bench upheld addition on account of unaccounted cash towards sale of land as no mention of agricultural land on translated document. 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  80 LPA Opening Hiring For Director (Indirect Taxation ) MNC Delhi NCR/ Chennai By Henry Richards Experince: 15 - 22 years, Salary: 60,00,000 - 80,00,000 P.A., Functional Area: Finance & Accounting  65 LPA Opening Senior GM Finance By Moshe Pras Experince: 17 - 22 years, Salary: 55,00,000 - 65,00,000 P.A., Functional Area: Finance & Accounting  1 Cr LPA Opening US taxation Manager San Francisco By Moshe Pras Experince: 10 - 20 years, Salary: 75,00,000 - 1 Cr and above P.A.,Functional Area: Finance & Accounting  85 LPA Opening VP Finance Bellary By Thomas T. Rucks Experince: 20 - 25 years, Salary: 70,00,000 - 85,00,000 P.A., PG : CA in CA  The Braithwaite Burn & Jessop Construction Co. Ltd, Kolkata, West Bengal  70 LPA Opening Chartered Accountant 2 Positions By Andrew F Thomas Experince: 5 - 10 years, Salary: 60,00,000 - 70,00,000 P.A.,Functional Area: Finance & Accounting  80 LPA Opening Vice President/General Manager Taxation By Orion M. Experince: 20 - 25 years, Salary: 40,00,000 - 80,00,000 P.A., Functional Area: Finance & Accounting More » Markets   RSS Feeds  Market Top Losers 25/04 /2022 By M. George Market Top Losers 25/04 /2022  Market Top Gainers 25/04 /2022 By Sandy Mash Market Top Gainers 25/04 /2022  Top Ranked Mutual Funds 25/04/2022 By Andrew F Thomas Top Ranked Mutual Funds 25/04/2022  Market Top Losers 20/04 /2022 By Jude Marg Market Top Losers 20/04 /2022  Market Top Gainers 20/04 /2022 By Raul N Tiem Market Top Gainers 20/04 /2022  Top Ranked Mutual Funds 20/04/2022 By Henry Richards Top Ranked Mutual Funds 20/04/2022  Market Top Losers 1504 /2022 By Andrew F Thomas Market Top Losers 1504 /2022 More » Direct Tax   RSS Feeds   Here s how to check your refund status online Income Tax Refund By Thomas T. Rucks A person is eligible for a tax refund if they have made an excess payment of income tax in comparison to their tax burden for a particular year. The Income Tax Department refunds the excess tax to the taxpayer following due assessment.  You can disclose capital gains from mutual funds and shares in ITR-4 Your Queries - Income Tax By Andrew F Thomas TR-4 can be filed by individuals with income up to Rs 50 lakh from business or profession and have opted for presumptive taxation scheme.   With the notification of ITR Forms, can you file your return for AY 2022-23 now? By M. George Although Form 26AS, AIS and TIS are available on the Income Tax Portal for the AY 2022-23 (FY 2021-22), they may not be fully populated yet.  Know cryptocurrency tax rules in detail Filing ITR By Sandy Mash With regards to cryptocurrency taxation from April 1, 2022, investing in cryptocurrency will less profitable than before. However, the government is working on a set of frequently-asked questions (FAQs) to clear the grey areas with respect to the taxation of cryptocurrencies.  Direct tax collections top revised estimates in FY22 at nearly By Thomas T. Rucks Direct tax collections touched nearly ₹14 trillion in the just-ended fiscal, exceeding the revised estimates (RE) by ₹1.5 trillion and nearly hitting the estimates for the next fiscal, an unprecedented level of mop-up that gives the government more spending options amid a high deficit and galloping prices.   Changes and other details in ITR forms for 2021-22 New income tax forms By M. George New income tax forms: The finance ministry has notified new Income Tax Return (ITR) forms for the assessment year 2022-23 to file a return of income for the financial year 2021-22. The Central Board of Direct Taxes (CBDT) has notified the forms ITR-1 to ITR-5. Largely all the ITR forms have been kept unchanged from the last year, except for a few small changes.  Framework for Geo-Tagging of Payment System Touch Points By Sandy Mash RBI is focused on deepening of digital payments and providing inclusive access to all citizens of the country. To achieve this objective, it is imperative that robust payment acceptance infrastructure is available and accessible across the length and breadth of the country. More » Tenders   RSS Feeds   National Textile Corporation Limited, New Delhi, Delhi By Henry Richards National Textile Corporation Limited intends to appoint Chartered Accountant/Cost Accountant firm as Internal Auditors for undertaking the Internal Audit work of our 23 Mills and 2 Regional Offices i.e. WRO and SRO across India and one Central Internal Auditor for the FY 2021-22 and FY 2022-23.  Export Credit Guarantee Corporation of India Limited, Mumbai, Maharashtra  Haryana Forest Development Corporation Limited, Panchkula, Haryana By Moshe Pras The tender document and e-service charges of Rs. 2360/- (Rs. 1180/- cost of tender document + Rs. 1180/- e-service charges) and Earnest Money of Rs. 50,000/- (Rs. Fifty Thousand Only)- Refundable are to be paid online through portal https://etenders.hry.nic.in & the tender documents are available on the website www.hfdc.gov.in from 11.04.2022. Last date for submission of e-Tender is 26.04.2022.  Department of Trade and Taxes, New Delhi, Delhi By Thomas T. Rucks On behalf of the Government of NCT of Delhi, Department of Trade and Taxes (DoT&T), invites eTender for engaging 2(two)Chartered Accountancy Firms for engaging 20 Chartered Accountants.  Airport Authority of India, New Delhi, Delhi   CSIR-National Environmental Engineering Research Institute, Nagpur, Maharashtra By Orion M. The Director, CSIR-National Environmental Engineering Research Institute, Nagpur (a constituent laboratory of Council of Scientific & Industrial Research, New Delhi, an autonomous organization under Ministry of Science & Technology, Government of India) with Zonal Centres at Mumbai, Chennai, Kolkata, Hyderabad and Delhi invites online tender through CPP portal i.e. www.etender.gov.in from reputed Chartered Accountant Firm having office/ branch office at Nagpur, for Direct and Indirect Taxes related activities for the Financial Year 2022-2023 and 2023-2024, which may be extended for the third year 2024-2025 on satisfactory completion of the work with mutual consent .  The Cotton Corporation of India Limited, Warangal, Telangana By Henry Richards The Cotton Corporation of India Limited invites Sealed Tenders in two bidsystems from the competent Auditing firms in the State of Telangana for carrying out physical verification of its stocks of all kinds of cotton bales, kapas, Lint Cotton, cotton seed, hessian/grey cloth, tarpaulins etc., as on 31st March 2022 stored in various centers under the jurisdiction of Branch Office Warangal. 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 »