UNION BUDGET 2017 Click Here

Analysis of Union Budget 2017 provisions of Income Tax Service Tax Excise Duty Custom Duty with Budget Highlights Commentary Speech, Notification, News & Articles.

Latest Tax News & Updates

Comparison of Format of Profit & Loss Account and Balance Sheet of IND AS Compliant & Other Companies

Company Law - MCA notified amendments to existing Schedule III by way of notification on 6th April 2016. Revised Schedule III is divided into DIVISION I and DIVISION II. The purpose of notification was to prescribe new format of P&L and Balance Sheet for IND AS Compliant Companies....

Read More

Security deposits (given or taken): “Fair Value” – Ind-As/ IFRS

Finance - As per the current accounting system in India, there is no specific treatment defined for any kind of security deposits which are being taken/ given in normal course of business by an entity and all such deposits that are refundable shown at their respective transaction values....

Read More

Tax Treatment of Gold Investments in India

Goods and Services Tax - We Indians do love the shiny yellow metal. So much so, that between March and December 2016, gold imports in India had reached the hereto unmatched level of Rs. 2295 billion (approx.). Though a majority of the imported gold actually makes its way to the jewelry store, a relatively smaller number look at gold as an investment....

Read More

Other Comprehensive Income with regard to IndAS 16

Finance - Other comprehensive income comprises items of income and expense (including reclassification adjustments) that are not recognized in profit or loss as required or permitted by other Ind ASs....

Read More

Cash Receipt!! Is it really a Receipt??

Income Tax - Central Government is putting all efforts to curb use of cash which is focused on un-accounted transactions. As we all know, not all transactions that are transacted in cash hold the colour of un-accounted money, the contrary is that all the un-accounted transactions takes place in cash....

Read More

Join Certification Course on GST by Ministry of MSME

Goods and Services Tax - With immense pleasure, we would like to invite the readers for the certification course on GST by Ministry of Micro, Small & Medium Enterprises (MSME), Govt. of India, specially designed to cater the need of professionals and businesses at large....

Read More

GST Outreach programme

Goods and Services Tax - As part of the GST : MISSION ALL project whereby awareness on GST law was sought to be spread far and wide in the jurisdiction of Tirupati Commissionerate, a novel idea of broadcasting GST awareness programmes over AIR Tirupati was thought of. The station Director of AIR., Tirupati was contacted who readily agreed to cover GST awareness p...

Read More

Empanelment of CA firms for concurrent audit of Andhra Bank

CA, CS, CMA - Andhra Bank invites applications from practicing Firms of Chartered Accountants, who are willing to have their Firm empanelled as Concurrent auditor of the bank. Period of the assignment is from April 2017 to March 2018 and the last date for submission of application online is 28.02.2017 ....

Read More

Food processing sector to generate 9 million jobs by 2024: study

Corporate Law - Indian food processing sector has potential to attract US$ 33 billion of investment and generate employment of 9 million persons days by FY 2024, said an ASSOCHAM-Grant Thorton Research paper....

Read More

IRS Summarizes “Dirty Dozen” List of Tax Scams for 2017

Income Tax - The Internal Revenue Service today announced the conclusion of its annual Dirty Dozen list of tax scams. The annual list highlights various schemes that taxpayers may encounter throughout the year, many of which peak during tax-filing season. ...

Read More

Transfer Pricing adjustment has to be done only in respect of International Transactions with Associated Enterprises

CIT Vs ALSTOM Projects India Limited (Bombay High Court) -  We also note that the Delhi High Court in Commissioner of Income Tax Vs. Keihin Panalfa Ltd. (ITA No.11 of 2015) decided on 9th September, 2015 has while dealing with transfer pricing adjustment in the absence of segmental accounts held that adjustments have to be restricted only to transactions wit...

Read More

Leave encashment provision based on actuarial valuation is not unascertained liability

Torm Shipping India Pvt Ltd Vs ITO (ITAT Mumbai) -  It is an admitted fact that provision for leave encashment has been made on the basis of actuarial valuation report. Relevant notes in this regard have also been given by the assessee in its annual financial statements....

Read More

Mere client code modification by broker does not mean that any income has escaped assessment

Coronation Agro Industries Ltd Vs DCIT (Bombay High Court) -  This petition challenges notice dated 31st March, 2016 issued under Section 148 of the Income Tax Act, 1961. The impugned notice seeks to reopen the assessment for Assessment Year 2009-­10. The regular assessment proceedings were completed on 28th December, 2011 under Section 143(3) of the Act....

Read More

AO to issue show cause notice before making reference to TPO

Alpha Nipon Innovatives Ltd vs. DCIT (Gujarat High Court) -  Rule. Mrs. Mauna N. Bhatt, learned advocate waives service of notice of rule on behalf of the respondents. In the facts and circumstances of the case and with the consent of the learned advocates appearing for the respective parties, the present petition is taken up for final hearing today....

Read More

Reopening on mere audit party info without application of mind is invalid

Elecon Engineering Co Ltd Vs ACIT (Gujarat High Court) -  The petitioner has challenged a notice dated 29.3.20 14 by which the respondent no.1 Assessing Officer sought to reopen the assessment of the petitioner for the assessment year 2009-­2010....

Read More

Reg. Service Tax Exemption-Common Effluent Treatment Plant Operators

Notification No. 08/2017-Service Tax - (20/02/2017) -  Central Government is satisfied that in the period from 01.07.2012 to 31.03.2015 1 according to a practice that was generally prevalent, there was non levy of service tax, on the services by the operators of Common Effluent Treatment Plant by way of treatment of effluent and this service was liable...

Read More

Govt. notifies protocol to amend India-Israel DTAA

Notification No. 10/2017-Income Tax - (14/02/2017) -  Protocol amending the Convention and the Protocol between the Republic of India and the State of Israel for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income and on capital was signed at Jerusalem, Israel on the 14th day of October, 2015 (herei...

Read More

Amendment in foreign investment policy in Indian Stock Exchanges

Press Note No. 1 (2017 Series) - (20/02/2017) -  Infrastructure companies in Securities Markets, namely, stock exchanges, commodity exchanges, corporations, Regulations depositories and clearing in compliance with SEBI...

Read More

Order No. 26/2017: Promotion of officers to grade of Principal CIT

Order No. 26 of 2017 - (20/02/2017) -  Consequent upon the approval of ACC and in continuation of order No.15 of 2015 dated 30.01.2015 and order No. 55 of 2015 dated 27.04.2015 the following officers are, hereby, promoted to the grade of Principal Commissioner of Income Tax (HAG scale of pay ...

Read More

Participation in derivatives market by Mutual Funds

Circulars No. SEBI/HO/IMD/DF2/CIR/P/2017/13 - (20/02/2017) -  EBI has received representations that for existing schemes’ whose SIDs do not currently envisage investments in derivatives, obtaining positive consent from majority of unit holders as mandated above is challenging on account of vast geographical spread of unit holders and hence the request for do...

Read More

FAQs

Withdrawal of Legal Tender Character of the Old Bank Notes in the denominations of Rs. 500 and Rs. 1000 and The Specified Bank Notes (Cessation of Liabilities) Ordinance 2016...
Read More
These FAQs attempt to put in place the common queries that users have on the subject in an easy to understand language. However, for conducting a transaction, the Foreign Exchange Management Act, 1999 (FEMA) and the Regulations made or directions issued thereunder may be referred to. The relevant principal regulations are the Foreign Exch...
Read More
If the information displayed under "cash transactions 2016" does not belong to me, what should I do? Ans: In that case, you can select the response The account does not relate to this PAN and click on submit button. Your feedback will be sent to the information source for confirmation....
Read More
How to apply for Incorporation of Company with Foreign Subscribers, without violating the Rule 13 of the Companies (Incorporation) Rules, 2014? Solution: Rule 13 provide manner of signing of MOA & AOA. Like: in case of foreign subscribers MOA & AOA should be notary in the country of origin, apostillised, authenticated by a Diplomatic or C...
Read More
The composition of the Cost Auditing & Assurance Standards Board [CAASB] is broad based to ensure participation of all interest groups in the standard setting process which includes nominated members of the Council and representatives of C&AG, MCA, Industry Associations, Regulatory Bodies and other professional Institutes....
Read More

Browse All Categories

CA, CS, CMA (3,263)
Company Law (3,156)
Custom Duty (6,337)
DGFT (3,291)
Excise Duty (3,955)
Fema / RBI (3,055)
Finance (3,228)
Income Tax (23,844)
SEBI (2,620)
Service Tax (3,236)

Income Tax Planning

Now is the time to attack! Start firing bullets at your taxes

Act before March-end, so that you don’t have to regret in July! So many clients put their palms on their head, when it is the time to pay taxes and file return, in July. Tax...

Read More

Tax Benefits on Home Loan

Article deals with Tax Benefit on Home loan under section 80C for Loan Principal Payment, Section 24 for Interest Payment, Tax planning of Home Loan & HRA....

Read More

Deduction under section 80C and Tax Planning

Section 80C replaced the existing Section 88 with more or less the same investment mix available in Section 88. The new section 80C has become effective w.e.f. 1st April, 200...

Read More

Income Tax Deductions

TDS Rates Chart for FY 2017-18 / AY 2018-19

TDS Rates Chart for Financial Year 2017-18/ Assessment Year 2018-19 vide Finance Act 2017 i.e Budget 2017-18. We have updated the TDS rate chart considering the amendments mad...

Read More

Allowability of Deduction U/s. 80-IB(10) on income from sale of Floor Space Index (FSI)

AO declined assessee's claim of deduction on the plea that the profit claimed as deduction u/s 80-IB(10) of the Act was not derived from the housing project but from sale of u...

Read More

Budget 2017: Section 80CCD limit for self-employed individual increased to 20%

Section 80CCD provides that employee or other individuals shall be allowed a deduction for amount deposited in National Pension System trusts (NPS). The deduction under sectio...

Read More

Calculators

Auto Income Tax Calculator for FY 2017-18 (AY 2018-19)

Auto Income Tax Calculator for Financial Year (FY) 2017-18 / Assessment Year (AY) 2018-19 in Excel Format after considering proposed amendment in Tax Rates, Deductions and Reb...

Read More

Income Tax Computation Utility for A. Y. 2018-19 (FY 2017-18)

It Is An Easy To Use Tax Computing Program Designed By Ca. Tejas K. Andharia (Bhavnagar, Gujarat). Which Is Specifically Designed For Computing Tax On The Income Of Individual...

Read More

Depreciation cum Asset Management Utility/Calculator

Some Key Features of Depreciation cum Asset Management Utility in Excel Format are as follows:- Line wise SLM and WDV Depreciation, as per Companies Act 2013, Calculatio...

Read More

Rate Charts

TDS Rates Chart for FY 2017-18 / AY 2018-19

TDS Rates Chart for Financial Year 2017-18/ Assessment Year 2018-19 vide Finance Act 2017 i.e Budget 2017-18. We have updated the TDS rate chart considering the amendments mad...

Read More

Income Tax Rate Chart for Financial Year 2017-18

CA Vinay Lunkad S Is it worthwhile to continue the business as a Partnership Firm / LLP or to run as a corporate , since the later one enjoys the benefit of paying tax @ lesse...

Read More

Updated Penalty Chart under Income Tax Act, 1961

Article discusses Income Tax Penalties for Failure to deduct TDS / TCS in full and part, Quoting false TAN in challan/ statements, Failure to apply for TAN, Failure to furnis...

Read More

Search Posts by Date

February 2017
M T W T F S S
« Jan    
 12345
6789101112
13141516171819
20212223242526
2728