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Top Headlines   RSS Feeds
 MEF 2024-25 Now Open: Submit Your Multipurpose Empanelment Form at MEFICAI.org Before October 7
By Orion M.
The Professional Development Committee (PDC) is pleased to announce that the Multipurpose Empanelment Form (MEF) for the year 2024-25 is now available at meficai.org. Before filling out the MEF 2024-25, members are advised to thoroughly review the advisory. The information submitted through the MEF will be shared with authorities such as ICAI, RBI, NABARD, and others for professional empanelment.
 Best Tax Saving Investments for Senior Citizens in 2024
By Jude Marg
There are several government savings schemes that offer good returns along with tax benefits. These investment options cater to different needs of senior citizens.
 60 LPA Opening Manager - Business Finance
By Raul N Tiem
Experience: 3 - 7 years, Salary: 18-25 Lacs P.A., Department: Finance & Accounting
 Didn't Receive the Income Tax Refund? This Might Be the Reason
 Why we need a new Income-Tax Act
By Moshe Pras
In her budget speech in July 2024, finance minister Nirmala Sitharaman had said that the government would be undertaking a comprehensive review of the Income-Tax Act.
 ITR 2024: No tax refund yet? Here's why it's delayed and how to check
By M. George
More than 7 crore ITRs were filed by the deadline, but as of August 23, 2024, the Income Tax Department has processed only 5.34 crore of these returns.
 ITR Filing: Income Tax Refund Not Received Yet? Here's What to Do Now
By Sandy Mash
ITR Refund Not Received: As the deadline for filing income tax returns (ITR) for the assessment year (AY) 2024-25 passed on July 31, many taxpayers are eagerly waiting for their refunds. While the income tax department has streamlined the refund process over the years, delays can still occur.
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Continuing Prof. Edu.   RSS Feeds
 Seminar on Sec 206-Inquiry notices by ROC- Issues, Consequences,Penalties & Remedial measures and How to avoid ROC Notices
  Seminar on Accounting Standards for Non-company entities with regard to Tax Audit & Audit Trail FAQs
 Seminar on Accounting Standards for Non-company entities with regard to Tax Audit & Audit Trail FAQs
 Seminar on Key Changes / Amendments relevant for filing ITRs of AY 2024-25
  Seminar on Audit Trail, Critical issues in sec 43B(h) & PMLA
 Seminar on Audit Trail, Critical issues in sec 43B(h) & PMLA
 Seminar on Standards on Auditing & Different Dimensions to Practice and Mastering Project Financials
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GST - Goods and Services Tax   RSS Feeds
 Should You File ITR 4 Sugam? Check Eligibility For FY 2023-24 Income Tax Return
By Raul N Tiem
Income Tax Return Form Filing: Income taxpayers are now able to initiate the filing process for their Income Tax Returns (ITR) for the financial year 2023-24 (or assessment year 2024-25), as the Income Tax Department has activated online filing options for ITR-1, ITR-2, and ITR-4. These forms cater to individuals, professionals, and small businesses.
 State government extends due date for filing GST returns for November
By M. George
The Tamil Nadu government on Wednesday announced extension of due date for filing GST returns for November, as a relief measure to those who were severely impacted by the Cyclone Michaung.
 GSTN Introduces the e-Invoice Verifier App: All You Need to Know
By Thomas T. Rucks
The GSTN has launched a new e-invoicing verification app to provide businesses with a convenient solution for verifying e-invoices and other related details. The e-invoice verifier app will ensure quick and accurate e-invoice authentication and does not require the user to log in to be able to use the same.
 Income tax return filing: What is ITR 1 Sahaj form? Check eligibility and steps to file online
By Henry Richards
ITR 1 Sahaj Form: ITR 1 form is the most commonly used form for ITR filing. ITR 1 is filed by taxpayers whose income is up to Rs 50 lakh.
 GST council may consider setting up tribunal for indirect tax litigation
By M. George
It is expected that the tribunal will be a common forum that will ensure uniformity across the country in redressal of disputes arising under the GST regime, officials said
 GST Council may lower tax on health insurance
 GST Annual Return: CBIC amends GSTR-9 to Allow IRC Claims and Amendment of Invoices till 30th Nov
By Orion M.
The Central Board of Indirect Taxes and Customs (CBIC) has issued a notification to allow Input Tax Credit (ITC) claims and amendment of invoices till 30th November 2022.
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General   RSS Feeds
 How to calculate capital gains tax on sale of land?
By Andrew F Thomas
Individuals and Hindu Undivided Families (HUFs) have two options for calculating their long-term capital gains (LTCG) tax on sale of property - either pay a 12.5% tax on LTCG without indexation benefits or a 20% tax with indexation benefits.
 Don't fall for fake notices! How to verify your income tax communication
By Orion M.
Ever receive a notice from the Income Tax department and wonder if it's legitimate? You're not alone. Scammers often try to imitate official communication to steal personal information or money. But fear not, taxpayers! The Income Tax department offers a user-friendly online tool to help you verify the authenticity of any notice or order you receive in seconds. The Income Tax department's online tool empowers you to verify any notice or order you receive. This free service is available to everyone, regardless of whether you're registered on the e-filing portal.
 I decided to shift to the new tax regime. Will I lose benefit on interest income of my PPF account?
By Moshe Pras
It's important to note that the Standard Deduction of Rs 50,000, available to salaried individuals and pensioners, remains applicable in both the New and Old Tax regimes.
 Income Tax Return: How to prepare for hassle-free tax compliance? Here is a 10-point checklist
By Sandy Mash
Tax filing season is coming and just like summer individuals must plan to beat the heat. To avoid last-minute hassles and make sure that tax benefits and claims are correctly reported and documentation is proper, enclosed below is a ten-point checklist.
 Filing ITR On Your Own? Salaried Taxpayers Need To Know These Things
 New vs Old Tax Regime: How is one taxed under the New Regime and how to make a switch between the two regimes?
By Moshe Pras
In case any employee has failed to specify their choice of the tax regime, can the concessional/ new tax regime would be applicable as a default tax regime?
 New tax regime vs old tax regime: What's point at which tax outgo is the same in both regimes? Check salary and deduction levels
By Andrew F Thomas
New Income Tax Regime Vs Old Income Tax Regime 2024-25: Selecting the most tax-efficient income tax regime, either the old or new, can be a challenging decision for many salaried taxpayers. April is the first month of the new financial year, and employers would have asked salaried individuals to share their choice of preferred income tax regime for the purpose of TDS.
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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
 Do you need Form 26AS? Know how to download & why it is mandatory for you
By Raul N Tiem
ITR Filing 2024: Form 26AS is the total summary of income, taxes deducted at source (TDS), taxes paid, and other related information of the individual or entity.
 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.
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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.
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Professional Updates   RSS Feeds
 The AI Committee of The Institute of Chartered Accountants of India (ICAI) invites unconditional Expressions of Interest (Technical Proposals) from experienced AI companies that have developed AI tools for finance, accounting, tax compliance, legal document drafting, and AI similar services
By Jude Marg
The Institute of Chartered Accountants of India (ICAI) is a statutory body established by an Act of Parliament, namely, The Chartered Accountants Act, 1949 (Act No. XXXVIII of 1949). It is responsible for regulating and developing the profession of Chartered Accountants in the country. The Institute operates under the administrative control of the Ministry of Corporate Affairs, Government of India. As the largest professional body of Chartered Accountants in the world, the ICAI has a long-standing tradition of serving the Indian economy in the public interest. With approximately 4 lakh members and over 9 lakh students, the ICAI boasts 176 branches across India and 50 overseas chapters globally.
 Important Announcement - Stringent Action against candidates for adopting Unfair Means during CA Examination
By Raul N Tiem
As per the policy of Examination Department of the Institute of Chartered Accountants of India, among others, possession of Mobile Phone or any other electronic device / gadgets are strictly prohibited inside the examination centre during Chartered Accountants Examinations.
 Important Announcement - Launch of Self-Paced Module Test (SPMT) Portal
By Henry Richards
The Examination Department of ICAI has launched Self-Paced Module Test
 Taxpayers alert! Major changes made in ITR-1 for AY2024-25
By Jude Marg
ITR filing for AY2024-25: The income tax return filing season is currently underway, with the deadline for filing tax returns for FY2023-24 set for July 31, 2024. Taxpayers falling into the categories of individuals, bodies of individuals, or associations of persons can file their income tax returns by July 31, 2024, without any late fees.
 Important Announcement for September 2024 CA Examinations
By Orion M.
In pursuance of Regulation 22 of the Chartered Accountants Regulations, 1988, the Council of the Institute of Chartered Accountants of India is pleased to announce that the next Chartered Accountants Foundation and Intermediate Examinations will be held on the dates and places which are given below provided that sufficient number of candidates offer themselves to appear from each of the below mentioned places.
 Inviting Public Comments on Review of Rules specified under the Chartered Accountants Act, 1949
By Thomas T. Rucks
This is to bring to your attention an important initiative by the Ministry of Corporate Affairs regarding the review of rules specified under the Chartered Accountants Act, 1949.
 Guidance on Non-Compliances Observed by Quality Review Board During Quality Reviews (Volume 1)
By M. George
Guidance on Non-Compliances Observed by Quality Review Board During Quality Reviews (Volume 1)
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From the Courts   RSS Feeds
 Attachment on Cash Credit of Assessee under GST Act: Delhi HC directs Bank to Comply Instructions to Vacate
 Income Tax Addition Made Towards Unsubstantiated Share Capital Is Eligible For Section 80-IC Deduction: Delhi High Court
By Sandy Mash
The Delhi High Court has held that income tax additions made towards unsubstantiated share capital are eligible for deduction under Section 80-IC of the Income Tax Act.
 Inordinate delay in income tax appeal hearings
 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.
 Supreme Court invoked its power under Article 142 of Constitution to validate notices issued under section 148 as notices issued under section 148A. However the same shall be subject to amended provisions of section 149.
 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
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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
 Auction of State Government Securities Feb 23, 2024
By Andrew F Thomas
The auction will be conducted on the Reserve Bank of India Core Banking Solution (E-Kuber) system on February 27, 2024 (Tuesday).
 RBI imposes monetary penalty on The Adinath Co-Operative Bank Limited, Dist. Surat, Gujarat
 The Relevance of SEACEN in a Turbulent World (Closing remarks by Michael Debabrata Patra, Deputy Governor, Reserve Bank of India - February 15, 2024 - at the 59th SEACEN Governors' Conference
By Moshe Pras
Honourable Governors, Deputy Governors, Managing Directors, delegations from SEACEN central banks, distinguished experts, and panellists, Dr. Mangal Goswami and the SEACEN team, and my colleagues from the Reserve Bank of India.
  Business restrictions imposed on Paytm Payments Bank Limited vide Press Releases dated January 31 and February 16, 2024
By Sandy Mash
I have a savings or current account with Paytm Payments Bank. Can I continue to withdraw money from this account after March 15, 2024? Can I continue to use my debit card issued by Paytm Payments Bank?
 Extension of validity of Directions under Section 35A read with section 56 of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) - HCBL Co-operative Bank Ltd., Lucknow (U.P.)
By Andrew F Thomas
The Reserve Bank of India, vide Directive: LKO.DOS.SED.No.S842/10.12.133/2022-23 dated February 23, 2023 issued under section 35A read with section 56 of the Banking Regulation Act, 1949 (AACS), had placed the HCBL Co-operative Bank Ltd., Lucknow (U.P) under Directions from the close of business on February 24, 2023.
 Business restrictions imposed on Paytm Payments Bank Limited vide Press Releases dated January 31 and February 16, 2024
By Moshe Pras
I have a savings or current account with Paytm Payments Bank. Can I continue to withdraw money from this account after March 15, 2024? Can I continue to use my debit card issued by Paytm Payments Bank?
 Directions under Section 35 A read with section 56 of the Banking Regulation Act, 1949 Shimsha Sahakara Bank Niyamitha, Maddur, Mandya District Extension of Period
By Thomas T. Rucks
The Reserve Bank of India issued Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 to Shimsha Sahakara Bank Niyamitha, Maddur, Mandya District vide Directive BLR.DOS.SSMS.No.S2174/12-08-295/2022-23 dated February 23, 2023 for a period of six months up to August 24, 2023
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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
 ITAT upholds Possession Date for Capital Gains Tax Exemption
By Jude Marg
In this article, we delve into the joint appeal case filed by Sunil Amritlal Shah and Rita Sunil Shah (appellants) against the Income Tax Officer (ITO) for the Assessment Year (AY) 2011-12. The crux of the matter lies in interpreting Section 54 of the Income Tax Act, 1961 (ITA), specifically regarding the crucial date for claiming tax exemption on capital gains from selling residential property.
 ITAT deletes addition of Cash Deposit against Opening Balance during demonetization
By Henry Richards
The assessee filed her return of income for the assessment year 2017-18, declaring a total income of Rs. 4,10,500/-. The case was selected for scrutiny under the Computer Assisted Scrutiny System (CASS) under section 143(3) of the Income Tax Act. The scrutiny primarily focused on the cash deposits made during the demonetization period.
 Mere Securing a House on Rent in USA is not conclusive fact that Assessee is US Resident to Allow DTAA Benefit: ITAT
By M. George
The Hyderabad bench of the Income Tax Appellate Tribunal (ITAT) held that mere securing a house on rent in the USA is not the conclusive fact that the assessee is a US resident to allow DTAA benefit.
 20 LPA Opening Hiring Qualified CA For Assurance Manager Profile
By M. George
Experince: 3 - 8 years, Salary: 10,00,000 - 20,00,000 P.A., Functional Area: Finance & Accounting
 Non-Filing of Income Tax Return amounts to Escapement of Income: ITAT upholds Reassessment u/s 147
By Sandy Mash
The Income Tax Appellate Tribunal (ITAT), Mumbai Bench, has recently, in an appeal filed before it, while upholding the reassessment under section 147 of the Income Tax Act, 1961, held that non filing of income tax return amounts to escapement of income.
 Non Appreciation of facts in true perspective: ITAT sets aside Revision Order
By Sandy Mash
The Income Tax Appellate Tribunal (ITAT), Kolkata bench consisting of Rajpal Yadav, Vice-President and Rajesh Kumar, Accountant Member held that there was no appreciation of facts in true perspective and thereby set aside the revision order.
 No Evidence of Tax Evasion by showing Fictitious or False Transactions: ITAT deletes Addition of Expenditure u/s 40A(3)
By Thomas T. Rucks
The Income Tax Appellate Tribunal (ITAT), Patna Bench has held that no evidence of tax evasion by showing fictitious or false transactions and deleted the addition of expenditure under section 40A(3).
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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
 60 LPA Opening Director Credit
By Thomas T. Rucks
Experience: 13 - 22 years, Salary: 35-60 Lacs P.A., Role: Accounts Receivable Manager
 40 LPA Big Opening Financial Controller
By Andrew F Thomas
Experience: 10 - 20 years, Salary: 65 Lacs-1 Cr P.A., Department: Finance & Accounting
 40 LPA US TAX - Manager - Work From Office
By Raul N Tiem
Experience: 8 - 13 years, Salary: 30-40 Lacs P.A., Department: Finance & Accounting
 30 LPA Finance Manager
By Thomas T. Rucks
Experience: 3 - 8 years, Salary: 15-30 Lacs P.A., Department: Finance & Accounting,
 30 LPA Chief Financial Officer
By Raul N Tiem
Experience: 12 - 20 years, Salary: 30-40 Lacs P.A., Department: Finance & Accounting
 30 LPA ASM - Emerging Corporates (Working Capital)- Leading NBFC
By Moshe Pras
Experience: 5 - 10 years, Salary: 16-30 Lacs P.A., Employment Type: Full Time, Permanent
 35 LPA Unit Finance Controller - CA
By Andrew F Thomas
Experience: 8 - 10 years, Salary: 30-35 Lacs P.A., Department: Finance & Accounting
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Markets   RSS Feeds
 Market Top Losers 18/5/2023
By Sandy Mash
Market Top Losers 18/5/2023
 Market Top Gainers 18/5/2023
By Andrew F Thomas
Market Top Gainers 18/5/2023
 Top Ranked Mutual Funds 18/5/2023
By Orion M.
Top Ranked Mutual Funds 18/5/2023
 Market Top Losers 4/5/2023
By Sandy Mash
Market Top Losers 4/5/2023
 Market Top Gainers 4/5/2023
By Andrew F Thomas
Market Top Gainers 4/5/2023
 Top Ranked Mutual Funds 4/5/2023
By Orion M.
Top Ranked Mutual Funds 4/5/2023
 Market Top Losers 19/04/2023
By Jude Marg
Market Top Losers 19/04/2023
More »
Direct Tax   RSS Feeds
 Tax filing: How to choose the right ITR form
By Jude Marg
Income tax return guide: For individuals with income from salary or pension, the applicable forms are ITR-1 and ITR-2. For self-employed businesspersons or professionals, ITR-3 or ITR-4 will be the relevant form.
 Income Tax Return: How to maximise your tax refunds while filing ITR?
 Last date for filing income tax return (ITR)
By Sandy Mash
Individuals, companies and other taxpayers have to file income tax returns (ITRs) every financial year to inform the government of the income earned by them and the tax they have paid on this income.
 Income Tax Return: How to get maximum tax refunds on filing ITR Check out these 5 ways!
By Andrew F Thomas
Every taxpayer should make an effort to mitigate their tax liability by claiming all the available deductions and exemptions at the time of furnishing their tax returns. However, such deduction/ exemption amount should be correctly computed after considering the tax regime, residential status etc.
 ITR Filing: Exemptions and deductions that senior citizens can claim for FY24
 Income tax return scrutiny: CBDT issues notification on selection of cases for tax scrutiny. Check details
By Sandy Mash
Experts highlight that CBDT's focus is on potential tax evasion cases through information sharing from other agencies, aligning with past guidelines.
 CBDT signs record number of 125 Advance Pricing Agreements in FY24
By Raul N Tiem
The Central Board of Direct Taxes (CBDT) has entered into a record 125 Advance Pricing Agreements (APAs) with Indian taxpayers in 2023-24.
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Tenders   RSS Feeds
 Mahanagar Telephone Nigam Limited, Lodhi Road, New Delhi
By Jude Marg
The tender shall be submitted through Central Public Procurement Portal website https://eprocure.gov.in/eprocure/app developed by National Informatics Centre (NIC), Ministry of Electronics & Information Technology, GOI. Your offer complete in all respects as per enclosed documents must be submitted as per schedule given under Section-I.
 Raipur Smart City Ltd., Raipur (C.G.)
By Raul N Tiem
That the particulars given are complete and correct and that if any of the statements made or the information so furnished in the application form is later found incorrect or false or there has been suppression of material information, the firm would not only stand
 Andhra Pradesh Capital Region Development Authority, Vijayawada, A.P.
 Odisha Power Generation Corporation Limited, Bhubaneswar, Odisha
 Corrigendum Syama Prasad Mookerjee Port, Kolkata, West Bengal
By Thomas T. Rucks
Chartered Accountants / Cost Accountants for Internal Audit as per scope of work for a period of 3 years. In accordance with the General Conditions of Contract, Special Conditions of contract, General Instructions to Bidder etc.
 Jharkhand Bijli Vitran Nigam Limited, Ranchi, Jharkhand
By M. George
Jharkhand Bijli Vitran Nigam Limited (JBVNL), a wholly owned subsidiary of Jharkhand Urja Vikas Nigam Limited (JUVNL), hereinafter referred to as Company is engaged in Distribution of power in the state of Jharkhand. JBVNL has its Head Office (HO) at Ranchi (Jharkhand)
 Assam Health Infrastructure Development and Management Society, Guwahati, Assam
By Henry Richards
Internal audit is an important tool of management to keep watch and exercise control over activities of the Organization. With the specialized knowledge of professional firms of Chartered Accountants, AHIDM Society endeavors to significantly improve not only finance & accounting related performance but also exercise management control over non- financial activities with the help of efficient Internal Audit mechanism.
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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
 When will ITR1 forms become available for tax filing. Check details
By Moshe Pras
The Income Tax department has made it easier for taxpayers to file their taxes for the financial year 2023-24 (FY24) by rolling out online forms ITR-1, ITR-2, and ITR-4, on its website.
 How to reduce tax on rent from vacant houses
By Sandy Mash
Rent earned from real estate property, both residential and commercial, is added to the total income and taxed at applicable tax slab. As per Income Tax (I-T) laws, a taxpayer is required to pay tax on the rent actually earned on a let out property and also on notional rent applicable to properties that are not let out but cannot be classified as self-occupied.
 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.
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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
 ROC Forms
 ROC Circulars
 ROC Notifications
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