Capital Gain Deduction can’t be denied on ground of Procedural Lapses: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Chennai bench has held that the benefit of section 54 of the Income Tax Act, being a beneficial provision, cannot be denied to the assessee due to non-compliance of procedural requirements. The assessee, an individual, and a senior citizen, received her share from the sale of an immovable property, […]

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ICAI Doctoral Scholarship Scheme 2020: Date Extended

The Institute of Chartered Accountants of India (ICAI)has extended the deadline of the ICAI Doctoral Scholarship Scheme 2020 till September 15, 2020. The ICAI, through its Research Committee, is bringing out a new scholarship scheme, ICAI Doctoral Scholarship Scheme, for perusing Ph.D.The ICAI- Doctoral Scholarship Scheme seeks to provide requisite support to the eligible candidates […]

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Gujarat High Court imposes cost of Rs. 1 Lakh against Excise Officer for not issuing Refund [Read Order]

The Gujarat High Court ordered a cost of Rs.1 Lakh against Excise Officer for not issuing a refund. The petitioner, M/s Century Copper Rod Pvt. Ltd. and one of its directors Mohammed Zenulbhai Vasi had won a case against the department in the Central Excise and Service Tax Appellate Tribunal (CESTAT) in May 2019. The […]

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Fairness should be applied while Interpreting Provisions of Dispute Resolution Scheme as Its Object is to reduce Legacy Tax Disputes: Madras HC [Read Judgment]

The Madras High Court, while granting relief to the assessee, held that the objective of the Dispute Resolution Scheme is to reduce legacy tax disputes and therefore, fairness should be there while interpreting the provisions of the scheme. The petitioner, M/s.Navin Housing and Properties (P) Ltd. is engaged in the construction and sale of residential […]

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Finance Ministry notifies CCI to disclose Information with Income Tax Department [Read Notification]

The Central Board of Direct Taxes (CBDT) on Thursday notified the Competition Commission of India (CCI) to disclose information to the Income Tax Department under section 138 of the Income-tax Act, 1961. The notification clarified that income-tax authority, as specified in Notification No. S.O. No. 731(E) dated July 28, 2000, shall, “furnish only relevant and […]

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Finance Officer vacancy in Nagaland University

Nagaland University is inviting applications from interested candidates to fill the roles of various nonteaching positions. The last date of receipt of application is 14th September, 2020. The University will not be responsible for postal delay. Nagaland University is a Central University established in the state of Nagaland by an Act of Parliament by the […]

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CA, CPA vacancy in WNS

The WNS has invited applications from eligible and interested candidates for the post of Manager. The WNS (Holdings) Limited (NYSE: WNS), is a leading Business Process Management (BPM) company. WNS combines our deep industry knowledge with technology and analytics expertise to co-create innovative, digital-led transformational solutions with clients across 10 industries. Job Role Handling reports […]

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33 Legal Research Assistant vacancy in Kerala High Court

The Kerala High Court is inviting applications from qualified Indian Citizens for the role of Research Assistant. The appointment will be for a period of 2 years only. Interested candidates are requested to apply through their online portal (https://ift.tt/2VXf4mx). No other modes of application will be accepted. Job Descriptions No of vacancies: 33 Qualification: Law […]

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CA/CMA vacancy in Institute for Stem Cell Science and Regenerative Medicine

The Institute for Stem Cell Science and Regenerative Medicine invites online applications from eligible and interested candidates for the post of Senior Administrative Officer on Direct Recruitment/ Deputation /Absorption basis. The Institute for Stem Cell Science and Regenerative Medicine is an autonomous Research Institute of the Department of Biotechnology, Ministry of Science and Technology, Government […]

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No Income Tax on Revenue from IDC, Management and Referral Agreements as per India-Singapore DTAA: ITAT

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has recently held that the income tax cannot be levied on the revenue received from IDC agreement, management agreement, and referral agreement as per the Double Taxation Avoidance Agreement (DTAA) India-Singapore. The appellant, a Singapore based Company, engaged in providing the following services to its […]

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Law and Finance/Accountant Officer vacancies in NCRPB

The National Capital Region Planning Board(NCRPB) is inviting applications from willing and eligible candidates for the role of Law Officer and Finance/Accountant Officer. Job Descriptions Law Officer No of Posts available: 1 Classifications of posts: Group ‘A’ Pay Scale: Level-12 (₹78800- 209200) {pre revised scale PB-3, ₹15600-39100 and Grade Pay ₹7600 in 6th CPC} Age […]

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Legal Research Associate vacancy in Delhi NLU

The National Law University( NLU) Delhi is calling for application for the role of Research Associate. Applications are invited from interested candidates preferably holding a Master’s Degree in Law. National Law University, Delhi (NLUD) is a National Law University in India, offering courses at the undergraduate and postgraduate levels. Situated in Sector-14, Dwarka, New Delhi […]

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Legal Researcher vacancy in RSLSA

Rajasthan State Legal Services Authority(RSLSA) is inviting application from eligible candidates having requisite qualifications for Contractual engagement as legal Researcher for deputing with Rajasthan State Legal Services Authority for a term up to 2 years. The Scheme for engaging Legal Researcher in Rajasthan State Legal Services Authority and Application Form may be downloaded from the […]

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ICAI launches of 2 New Chapters in Luxembourg & Fujairah and 12 Representative Offices in a Virtual Event

The Institute of Chartered Accountants of India (ICAI launches of 2 New Chapters & 12 Representative Offices in a Virtual Event Continuing its efforts to expand its global presence and footprints, the Institute of Chartered Accountants of India (ICAI) inaugurated its 2 new Chapters and 12 Representative Offices (nodal point) in a virtual event held on July […]

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New Invoice in GST I CA satbir Singh

Offence of Money Laundering is nothing but a Financial Terrorism: Orissa HC refuses to Release Accussed on Bail [Read Order]

The Orissa High Court, while dismissing the bail application said that the offense of Money Laundering is nothing but a financial terrorism. The petitioner, Amit Beriwal who is in custody, has filed the instant bail application under Section 439 of the Cr.P.C. in connection with the commission of offenses punishable under Section 132(1)(b)(c) and (l) […]

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Chartered Accountant vacancy in Rajkot Nagarik Sahakari Bank Ltd.

The Rajkot Nagarik Sahakari Bank Ltd. has invited applications from interested candidates for the post Branch Manager on a contractual basis. The Rajkot Nagarik Sahakari Bank Ltd. is a leading co-operative bank, having its headquarters at Rajkot city of Gujarat State in India. The Bank was established on 5th October 1953 under the leadership of […]

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DGFT amends Import Policy of Colour Television sets from ‘Free’ to ‘Restricted’

The Director-General of Foreign Trade (DGFT) on Thursday amended the import policy of color television sets from “free” to “restricted”. In exercise of powers conferred by Section 3 of FT (D&R) Act, 1992, read with paragraph 1.02 and 2.01 of the Foreign Trade Policy, 2015-2020, as amended from time to time, the Central Government amended […]

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NHFDC hiring Finance Manager

The National Handicapped Finance and Development Corporation hiring for suitable result-oriented persons for the post of Manager (Finance). The National Handicapped Finance and Development Corporation a company registered under Section 8 of the Companies Act, 2013 (not for profit) has been set up with the objective to provide financial assistance to Persons with Disabilities for […]

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Senior Auditor vacancy in Buchprufer

The Buchprufer has invited applications from eligible candidates for the post of Senior Auditor. The Buchprufer is a market leader among all business consulting firms that was established in the year 2007. For the past decade, they are providing re-invented offshore services to many of the leading companies across the globe Job Role Reviewing the […]

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CBIC notifies Second Phase of All India roll-out of Faceless Assessment [Read Circular]

The Central Board of Indirect Taxes and Customs (CBIC) on Thursday notified the second phase of All India roll-out of Faceless Assessment. The first phase was begun from June 08, 2020, at Bengaluru and Chennai Customs Zones for items of import primarily covered by Chapters 84 and 85 of the Customs Tariff Act, 1975. As […]

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Chartered Accountant openings in RBI

The Reserve Bank of India (RBI) has invited applications from all the eligible candidates for various posts on a contractual basis. The Reserve Bank of India is India’s central bank, which controls the issue and supply of the Indian rupee. RBI is the regulator of the entire Banking in India. RBI plays an important part […]

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Service provided by Intermediary in India at location of Supplier of Service subject to GST: Gujarat High Court

The Gujarat High Court, while upholding the validity of section 13(8)(b) read with Section 2(13) of the IGST Act, 2017 held that the service provided by intermediary in India cannot be treated as “export of services” under the IGST Act, 2017. It was observed that it is rightly included in Section 13(8) (b) of the […]

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GST: CBIC notifies Schema for E-Invoice, SEZ units are excluded from E-Invoicing [Read Notification]

The Central Board of Indirect Taxes and Customs ( CBIC ) on Thursday notified the Schema for E-Invoice for implementing e-invoicing, a form of electronically-authenticated invoices, from October 1 only for businesses with a turnover of Rs 500 crore or more under GST. The Government empowered under Rule 48(4) of the Central Goods and Services […]

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DGFT notifies Procedure & Criteria for Submission of Application for Export of Diagnostic Kits; ⅔ Ply Surgical Masks & Medical Goggles

The Director-General of Foreign Trade (DGFT) on Thursday notified the procedure and criteria for submission of application for the export of Diagnostic Kits; ⅔ Ply Surgical Masks and Medical Goggles. The Government has fixed the export quota for the purpose of the diagnostic kits wherein the 238 Lakh units of VTM Kits; 149 Lakh of […]

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ICAI issues FAQs on SEBI Settlement Scheme, 2020

The Institute of Chartered Accountants of India ( ICAI ) has issued Frequently Asked Questions ( FAQs ) on the SEBI Settlement Scheme, 2020 – One Time Settlement Scheme issued by the Securities Exchange of India on 27th July 2020. The Securities Exchange Board of India had introduced a new scheme vide Public Notice dated […]

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CA Inter / ICWA Inter vacancy in Genpact

The Genpact has invited applications from eligible candidates for the post of Senior Manager. The Genpact began in 1997 as a unit within General Electric. Its charter was to provide business process services to GE’s businesses. During the eight years that followed, it began to manage a wide range of processes across GE’s financial services […]

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Govt. notifies Foreign Exchange Management (Non-debt Instruments) (Third Amendment) Rules, 2020

The Central Government vide notification dated 27th July, 2020 has issued the Foreign Exchange Management (Non-debt Instruments) (Third Amendment) Rules, 2020. The amendment seeks to empower the Reserve Bank of India (RBI) to issue such directions, circulars, instructions, clarifications necessary for effective implementation of the provisions of these rules, without consulting the central government. In […]

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Gujarat HC reads down Explanation to GST Rule denying Refund of ‘Unutilized Input Tax’ paid on ‘Input Services’ as part of ITC [Read Judgment]

A two-judge bench of the Gujarat High Court has categorically held that the Explanation (a) to Rule 89(5) of the CGST Rules which denies the refund of “unutilized input tax” paid on “input services” as part of “input tax credit” accumulated on account of inverted duty structure is ultra vires the provision of Section 54(3) […]

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CESTAT allows Cenvat Credit Plea of Tata Steels [Read Order]

The Customs, Excises, Service Taxes Appellate Tribunal (CESTAT) held that the appellant, Tata Steel, was entitled to avail option under Rule 6(3)(ii) of the Cenvat Credit Rules. The appellant, M/s Tata Steel is a manufacturer of various types of dutiable iron and steel products, uses Several duty paid input materials and avails various input services, […]

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DGFT allows Export of PPE Kits, Masks with certain limitations [Read Notification]

The Director-General of Foreign Trade (DGFT), Amit Yadav on Tuesday amended the Export Policy of Personal Protection Equipment (PPEs) or Masks such as  Medical Coveralls; Medical Goggles; Ply Surgical Masks; Nitrile/NBR Gloves and Face Shields. The DGFT vide Notification No. 21/2015-20 dated July 28, 2020, which further amends the Export Policy of Personal Protective Equipment/Mask. […]

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ICMAI extends deadline of Admission / Registration / Enrollment for Foundation, Intermediate and Final Course Students for Dec 2020 Exams

The Institute of Cost Accountants of India ( ICMAI ) has extended the last date of admission /registration /enrolment for Foundation, Intermediate and Final Course Students for December 2020 term of Examinations. In pursuance of Regulation 20B of The Cost and Works Accountants Regulations, 1959, the last date for registration/admission/enrolment to Foundation, Intermediate, and Final […]

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Delhi HC dismisses PIL to include ‘Profession of Advocates’ under MSME Act [Read Order]

The Delhi High Court on Wednesday dismissed a public interest litigation (PIL) challenging the eligibility criteria to access the development and promotional schemes under the aegis of Micro, Small and Medium Enterprises Development Act (MSME), 2006, so as to be eligible for the beneficial credit facility. The PIL, filed by one Abhijit Mishra, said that […]

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CA / ACCA / CPA vacancy in BDO India

The BDO India has invited applications from eligible candidates for the post of Associate Manager. The BDO is an international network of accounting, tax, and advisory firms that perform professional services to clients throughout the country and around the globe. The local knowledge of network member firms combined with the international expertise and strength of […]

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ICMAI issues FAQs on Standards on Cost Auditing

The Institute of Cost Accountants of India (ICMAI) has issued Frequently Asked Questions (FAQs) on Standards of Cost Auditing. The Ministry of Corporate Affairs in terms of provision to Section 148(3) of the Companies Act, 2013 approved the Standards on Cost Auditing (SCAs 101 – 104) for mandatory compliance by the cost auditor in the […]

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CBDT extends Due date of filing Income Tax Returns for FY 2018-19 [Read Notification]

The Central Board of Direct Taxes ( CBDT ) has extended the due date of filing Income Tax Returns for the Financial Year 2018-19 to 30th September 2020. The CBDT said that In view of the constraints due to the COVID-19 pandemic and to further ease compliances for taxpayers, the CBDT has extended the due […]

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Opportunities for ICAI members in World Bank Projects: ICAI launches 30 initiatives for Chartered Accountants

The Institute of Chartered Accountants Indian (ICAI) has launches 30 initiatives for Chartered Accountants in World Bank Projects. The Institute of Chartered Accountants Indian (ICAI) has informed about the various initiatives of the Committee for Members in Practice for the benefits of the profession. The ICAI members can find the appended brief details of the […]

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Financial Analyst vacancy in Thomson Reuters

Thomson Reuters has invited applications from eligible candidates for the post of financial analyst. Thomson Reuters is the leading source of intelligent information for the world’s businesses and professionals, providing customers with competitive advantage. Intelligent information is a unique synthesis of human intelligence, industry expertise and innovative technology that provides decision-makers with the knowledge to […]

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LLB/CA/ICWA openings in Indian Institute of Corporate Affairs

The Indian Institute of Corporate Affairs has invited Interested and eligible candidates to submit applications for various positions purely on contractual basis. The Indian Institute of Corporate Affairs is a subordinate office under the aegis of the Ministry of Corporate Affairs, Government of India. Handling and dealing with various subjects, matters, and affairs in the […]

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Merging of June 2020 to December 2020 CS Examination: ICSI issues FAQs

The Institute of Company Secretaries of India( ICSI ) has issued Frequently Asked Questions (FAQs) on Merging of June 2020 to December 2020 CS Examination. In continuation to Important Announcement of December 2020 Session of Examination, students who have made applications for appearance in December 2020 examinations. Q) Will December 2020 be the last attempt […]

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5 Chartered Accountants opening in Air India Express Limited

The Air India Express Limited invites applications from Indian Citizens (wherever domiciled) fulfilling the requirements as on July 01, 2020, for various posts, on a contractual basis. The Air India Express is an Indian low-cost airline headquartered in Kochi, Kerala. It is operated by Air India Express Limited, a wholly-owned subsidiary of the Indian flag […]

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Individuals must Deduct TDS on Payments to Contractors even in Absence of Contract: Supreme Court

The Supreme Court held that the individuals must deduct TDS on payments to contractors even in the absence of a contract. The assessee-appellant, Choudhary Transport Company is a partnership firm, had entered into a contract with M/s Aditya Cement Limited, Shambhupura, District Chittorgarhfor transporting cement to various places in India. As the appellant was not […]

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GST impact on Merchant Trade Transaction

In a general sale transaction, goods are exchanged between seller and purchaser. Often the buyer comes to sellers’ place and buys the goods. When the transaction goes to the next level, the seller delivers the goods at the place of the buyer. Further enhancing the transaction is where the seller delivers the goods to a […]

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COVID 19 – Tax Losses – Back for a Better Future

Tax Losses Carryback (‘TLCB’) is a system that allows taxpayers to set-off losses of the current year against the profits of past years. Globally, at least 20 countries have some form of TLCB system in place (for example Canada, Singapore, UK), while many have introduced the same as a response to the pandemic (for example […]

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Annual Return on Foreign Liabilities and Assets (FLA Return) Under FEMA 1999

As more companies involve themselves with foreign investments, the importance of the Foreign Exchange Management Act (FEMA) regulations and their compliance becomes a major part of the company’s operations. FLA return is one of the compliances that have to be met by the companies that have either received FDI or made ODI. What is FLA […]

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GST vigilance team searches on Aurangabad and Nashik based Breweries

Simultaneous searches were conducted on 24th/25th July 2020 by the officers of DGGI, Aurangabad Regional Unit, and Nashik Regional Unit on the premises of a Multinational Brewery located at Aurangabad and a prominent Molasses based Distillery located at Nashik. During the searches, it was revealed that while the Molasses based Distillery was paying GST on […]

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MCA designates Special Court in Gauhati for Speedy Trial of Offences under Companies Act, 2013 [Read Notification]

The Ministry of Corporate Affairs (MCA) has designated the Court of Chief Judicial Magistrate, Kamrup (M) at Gauhati as Special Court for the purposes of providing speedy trial of offenses under clause (b) of sub-section (2) of section 435 of the Companies Act, 2013. “In exercise of the powers conferred by section 435 of the […]

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Statement of Income of Investment Fund to unit holders u/s 115UB to be in Electronic Form: CBDT notifies Income-tax (18th Amendment) Rules, 2020 [Read Notification]

The Central Board of Direct Taxes (CBDT) Tuesday notified the amendment wherein the statement of income of investment fund to unitholders under section 115UB to be in electronic form. The CBDT further amended Form 64C and 64D. The Board sought to amend the Income-tax Rules, 1962 and the amendment came to be known as the […]

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Chartered Accountant vacancy in Citi Bank

The Citi bank has invited applications from eligible candidates for the post of Fund Accounting Senior Supervisor. Citibank is the consumer division of financial services multinational Citigroup. Citibank was founded in 1812 as the City Bank of New York, and later became First National City Bank of New York. Job role The Fund Accounting Senior […]

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Tax Audit Analyst vacancy in Amazon

Amazon is seeking a Tax Audit Analyst to join its SALT Income Tax Controversy (Audit) team in Hyderabad. Amazon.com, Inc., is an American multinational technology company based in Seattle and Arlington that focuses on e-commerce, cloud computing, digital streaming, and artificial intelligence. It has been referred to as one of the top four or five […]

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Assessment against a Non-Existent entity is nullity in the Eyes of Law: ITAT deletes addition of Rs. 2,625 Cr against Genpact India

The Income Tax Appellate Tribunal (ITAT), Delhi Bench held that framing of an assessment against a non-existent amalgamating entity was not procedural irregularity but a jurisdictional defect not covered under section 292B, so, assessment made by AO was a nullity in the eyes of law. The erstwhile entity ‘Genpact India Private Limited’ was amalgamated with […]

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Commission or Agency Fee remitted to entities for Handling Vessels outside India are Exempt from Taxation: CESTAT

The Customs, Excises, and Service Taxes Appellate Tribunal (CESTAT), while setting aside the penalties under Section 78 of Finance Act, 1994 held that the commission or agency fee remitted to entities for handling vessels outside India are exempt from taxation. The appellant, M/s Bharat Petroleum Corporation Ltd. is among the leading oil and gas companies […]

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New update on GST Portal I GSTR 4 I CA Satbir Singh

Assessing Officer can’t Reopen Assessment merely on the basis of Change of Opinion: ITAT

The Income Tax Appellate Tribunal (ITAT), Mumbai Bench held that the Assessing Officer (AO) cannot reopen the assessment merely on the basis of change of opinion and directed the AO to restrict the disallowance in respect of excess raw material wastage. The assessee company, M/s Medley Pharmaceuticals Ltd. which is engaged in the business of […]

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AO not justified when the reasons for initiation of proceedings Seized to Survive: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Delhi Bench held that the AO exceeded his jurisdiction in reassessing issues other than the issues in respect of which the proceedings are initiated and reasons for the initiation of those proceedings cease to survive. The assessee, Raj Bala is an individual and filed her return of income declaring […]

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21 New GST and Income Books for Tax Professionals, Accountants and Busin...

CIC rejects RTI filed by Wife seeking Income Tax Return details of Husband [Read Order]

The Central Information Commission has observed that the wife is not entitled to seek the information of Income Tax Returns filed by her husband through an application under the Right to Information (RTI) Act, 2005. The appellant, Basavantamma filed an application under the Right to Information Act, 2005 before the Central Public Information Officer (CPIO), […]

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ICAI to provide Medical Financial Assistance of Rs. 1.5 Cr. to Members & their dependents suffering from COVID-19

The Institute of Chartered Accountants of India (ICAI) on Sunday announced to provide Medical Financial Assistance of Rs. 1.5 Cr. to Members and their dependents suffering from COVID-19. ICAI is sanctioning the COVID-19 grant of up to Rs 1.50 lacs to those CA members who are Corona positive. However, the financial assistance will be up […]

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EPFO updates KYC for 73.58 lakh Subscribers during April-June 2020

To extend the availability and reach of its online services, which have become crucial in the wake of the COVID-19 pandemic, EPFO updated Know your Customer (KYC) data for its 73.58 lakh subscribers during the month of April to June 2020. This includes Aadhaar seeding for 52.12 lakh subscribers, mobile seeding (UAN activation) for 17.48 […]

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ICAI to conduct Home based Test for Advanced ICITSS

The Institute of Chartered Accountants of India (ICAI) has been decided to conduct advanced Integrated Course on Information Technology and Soft Skills (Advanced ICITSS) – Home Based Mode for candidates registered with the Board of Studies in the Final (Old/New) Course should and have successfully undergone the Advanced ICITSS – Advanced IT course on or […]

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CA / ICWA vacancy in Jio

The Jio has invited applications from interested and eligible candidates for the post of State Manager. THE Jio is an Indian telecommunications company and a subsidiary of Jio Platforms, headquartered in Mumbai, Maharashtra, India. It operates a national LTE network with coverage across all 22 telecom circles. Responsibilities Review of adherence to various compliances relating […]

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CA Exams November 2020: ICAI announces Cut-off date for conversion from Earlier Scheme to Revised Scheme

The Institute of Chartered Accountants of India ( ICAI ) has announced the cut-off date for conversion from Earlier Scheme to Revised Scheme of CA Final Exams and Intermediate Examinations. In a statement issued by ICAI said that Students who are wishing to convert themselves from Earlier Scheme to Revised Scheme of Education and Training […]

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Centre releases Rs. 1,65,302 Crore as GST Compensation to States/UTs for the FY 2019-20 against Cess collection of Rs. 95,444 cr

The Central Government has recently released the GST Compensation of Rs. 13,806 crore to States for March’2020. Taking this amount into account, entire compensation up to 2019-20 has been released to States. The total amount of compensation released for the year 2019-20 is Rs. 1,65,302 crore whereas the amount of cess collected during the year […]

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Chartered Accountant / Cost Accountant vacancy in WBSETCL

The West Bengal State Electricity Transmission Company Limited (WBSETCL) has invited experienced Finance Professionals with impeccable performance history, outstanding professional competence, and observable leadership traits for the post of Director (Finance). The West Bengal State Electricity Transmission Company Limited (WBSETCL), is a professionally managed, Government-owned, multi-sited Power Transmission Company of West Bengal with an annual […]

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No TDS on Payment to Non-Resident Indian for Purchase of Raw Material: ITAT grants relief to Honda Cars India

The Income Tax Appellate Tribunal (ITAT), Delhi bench has recently deleted an addition against Honda Cars India holding that the provisions of deduction of tax at source (TDS) would not be applicable in case of payments made to non-resident Indian for the purchase of raw materials. Earlier, the Transfer Pricing Officer, Kanpur passed an order […]

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Charted Accountant vacancy in EY

The EY has invited application from a qualified Chartered Accountant with post qualification experience between 5 to 7 years. The Ernst & Young Global Limited, commonly known as Ernst & Young or simply EY, is a multinational professional services firm headquartered in London, England, United Kingdom. EY is one of the largest professional services firms […]

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Project Manager vacancy in Barclays

The Barclays has invited applications from eligible candidates for the post of Project Manager. The Barclays plc is a British multinational investment bank and financial services company, headquartered in London, England. Apart from investment banking, Barclays is organized into four core businesses: personal banking, corporate banking, wealth management, and investment management. Responsibilities Responsible for the […]

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Decision based on a Debatable point of View can’t be subject to Rectification: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai bench has recently held that a decision based on a debatable point of view cannot be treated as a mistake apparent from the record, against which, the power of rectification under section 154 of the Income Tax Act, 1961. The Assessing Officer, while completing the assessment proceedings against […]

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ITAT imposes Rs.1000 Cost on Assessee for being Negligent in Handling Appeal [Read Order]

The Income Tax Appellate Tribunal (ITAT), Jabalpur bench has recently imposed a cost of Rs. 1000 on the assessee for being negligent in handling the appeal proceedings and failed to ensure the representation. The assessee filed an appeal challenging the rectification order passed under section 154 of the Income Tax Act in the year 2010. […]

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Big Changes in GST I CA Satbir Singh

Service Tax not applicable on Collection of Octroi for Entry of Goods in discharge of Sovereign Privilege: CESTAT [Read Order]

The Customs, Excise s, Service Taxes Appellate Tribunal (CESTAT), Mumbai Bench held sovereign privilege that the service tax is not applicable to the collection of Octroi for entry of goods by the appellant in the discharge of sovereign privilege. Mumbai Port Trust, along with Central Excise authorities and Central Railway, was vested with the responsibility under Mumbai Municipal […]

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Senior Associate vacancy in PWC

The PricewaterhouseCoopers(PWC) has invited applications from eligible candidates for the post of Senior Associate. The PricewaterhouseCoopers is a multinational professional services network of firms headquartered in London, United Kingdom, operating as partnerships under the PwC brand. PwC ranks as the second-largest professional services firm network in the world and is considered one of the Big […]

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CA / ACCA vacancy in Google

Google has invited applications from interested candidates for the post of Financial Controller. Google LLC is an American multinational technology company that specializes in Internet-related services and products, which include online advertising technologies, a search engine, cloud computing, software, and hardware. Responsibilities Manage accounting, reporting, and tax and regulatory compliance, as well as providing support […]

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GST Officers cannot reject Refund Application after 15 Days: Delhi High Court [Read Order]

The Delhi High Court said that the officers have no right to find a deficiency in refund application after 15 days. The writ petition had been filed by the petitioner Jian International seeking a direction to the respondent, Commission of Delhi Goods to grant refund claimed under Section 54 of the CGST Act, 2017 as […]

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Delhi HC Grants Bail to Former Religare Promoter Shivinder Mohan Singh Accused In PMLA Case [Read Order]

The Delhi High Court granted bail to former Religare promoter Shivinder Mohan Singh in connection with a money laundering case related to alleged fraud in the Religare Finvest Ltd (RFL). In this matter, there are four accused, Shivinder Mohan Singh; applicant’s brother, MalvinderMohan Singh; Sunil Godhwani, and M/s RHC Holding Pvt. Ltd. The ED had, […]

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Amount on which TCS not collected from buyer to be reported: CBDT notifies Income-tax (17th Amendment) Rules, 2020 [Read Notification]

The Central Board of Direct Taxes (CBDT) on Friday amended the Income-tax Rules, 1962, which came to be known as the Income-tax ( 17th Amendment) Rules, 2020. The Board seeks to amends Tax Collected at Source (TCS) Rules. The amount received or debited on which TCS was not collected from the buyer is to be […]

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Illegal and Unauthorized use of the acronym ‘ICAI’ by the Institute of Cost Accountants of India, says ICAI

The Institute of Chartered Accountants of India (ICAI) on Sunday, said that the acronym ‘ICAI’ is a registered Trade Mark of the Institute of Chartered Accountants of India (ICAI) with user date July 01, 1949. The ICAI, being its registered proprietor or owner and prior user, is exclusively entitled to use the acronym ‘ICAI’ to […]

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Capital Gain benefit available to Only One House Post-Amendment to Section 54F: ITAT [Read Order]

The Bangalore bench of the Income Tax Appellate Tribunal (ITAT) has held that the capital gain deduction benefit is restricted to only one residential property under section 54F of the Income Tax Act, 1961 after its amendment in the year 2015. The deceased assessee was represented by her legal heir. During the relevant year, the […]

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ITAT directs AO to allow Depreciation on Actual Cost of Assets without reducing the amount of Subsidy to Nestle India [Read Order]

The Income Tax Appellate Tribunal (ITAT), Delhi Bench directed AO to allow depreciation on the actual cost of assets without reducing the amount of subsidy to Nestle India. The assessee company, Nestle India is a manufacturer of a wide range of food items covering beverages, baby food powders, chocolates and confectionery, culinary products, etc. The […]

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Madras HC asks Govt to regulate Virtual Games like Online Rummy, Spartan Poker, Ace2Three [Read Order]

The Madras High Court raised concerns over why the State does not have a law to regulate virtual games and online gambling and said that there should be a regulatory body to monitor and regulate legal gaming, both in the real and virtual spaces. The petitioner, D.Siluvai Venance had participated in gambling by way of […]

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MCA notifies Companies (Indian Accounting Standards) Amendment Rules, 2020

The Ministry of Corporate Affairs on Friday, notified the Companies (Indian Accounting Standards) Amendment Rules, 2020. The Rules seek to amend the Companies (Indian Accounting Standards) Rules, 2015. The Amendments have been made to the IndAS 1 related to Presentation of Financial Statements; IndAS 103 related to Business Combinations; IndAS 107 related to Financial Instruments […]

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Big Change in GSTR 3B I ITC I Reversal of ITCI Ineiligible ITC I CA Sat...

Govt. relaxes PMLA operation of small bank accounts of trusts till Sept 30, 2020

The Government on Friday notified the relaxation under the Prevention of Money Laundering Act (PMLA), 2002  operation of small bank accounts of trusts till September 30, 2020. “In exercise of the powers conferred by clause (iii) of sub-rule (5) of rule 9 of the Prevention of Money-laundering (Maintenance of Records) Rules, 2005, the Central Government […]

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ACCA to conduct Remote Proctored Exams in India: Do’s and Don’ts

The Association of Chartered Certified Accountants (ACCA) cancelled the centre based exams in India and has confirmed the remote session Computer Based Exams (CBEs) for September 2020. As has been committed by the ACCA to ensure that all the students may sit in the exams as planned and support students who need an alternative to […]

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No Cancellation Charges on Consumers cancelling after confirming purchase: Central Govt. notifies New E-Commerce Rules, 2020

The Central Government on Monday notified the new Consumer Protection Rules of 2020 for e-commerce termed as the Consumer Protection (E-Commerce) Rules, 2020. The Consumer Protection (E-Commerce) Rules, 2020 says that platforms can not charge cancellation fees if a consumer chooses to cancel an order after confirming the purchase, which althemore made the lives of […]

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GST: Delhi HC stays Penalty proceedings of 75 Cr. against Patanjali Ayurved by Anti-Profiteering Authority [Read Order]

The Delhi High Court on Friday stayed the penalty proceedings initiated against Patanjali Ayurved for allegedly profiteering Rs 75 crore through sale of its products. The stay was subjected to the condition that it deposits the amount in question in the consumer welfare fund in six monthly installments. The high court issued notice to the […]

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GST: Kerala Govt. issues Guidelines to file periodic Return in GSTR-3B to avoid Incorrect Disclosure of ITC [Read Circular]

The Commissioner of Kerala Goods and Service Tax issued the detailed guidelines in the form of a circular so as to guide people to file the periodic return in GSTR-3B to avoid incorrect disclosure of Input Tax Credit (ITC). The fund transferred from the center (IGST) on account of settlement and appointment of IGST is […]

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Centre notifies Establishment of Central Consumer Protection Authority [Read Notification]

The Central Government establishes the authority for the Consumer Protection as a body corporate namely Central Consumer Protection Authority (CCPA). The CCPA is established under the provisions of Chapter III of the Consumer Protection Act, 2019. The  Central Consumer Protection Authority having perpetual succession and a common seal, with power, subject to the provisions of […]

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Senior Manager vacancy in Genpact

The Genpact has invited applications from eligible candidates for the post of Senior Manager. The Genpact began in 1997 as a unit within General Electric. Its charter was to provide business process services to GE’s businesses. During the eight years that followed, it began to manage a wide range of processes across GE’s financial services […]

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Major Relief to Tata Education and Development Trust for spending in Charitable objectives outside India: ITAT disallows CIT’s demand of over 100 Cr [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai bench on Friday ruled in favor of the Tata Education and Development Trust in their appeal against commissioner income tax (CIT) appeal order wherein demand of more than Rs.220 crore was levied by the tax department. The tribunal allowed the exemption to the Tata Education and Development Trust […]

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ITAT stays Recovery of demand from Infosys for a period of 180 days [Read Order]

The Income Tax Appellate Tribunal (ITAT), Bangalore Bench stayed the recovery of demand from Infosys for a period of 180 days. The assessee, M/s Infosys Ltd. filed this stay application seeking an extension of the stay granted by the Tribunal for the assessment year 2012-13. The assessee submitted that the appeal had been fixed for […]

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High Court to formulate Substantial Question of Law & only thereafter hear Appeal on Merits: Supreme Court [Read Judgment]

The Supreme Court, while setting aside the judgment of the Delhi High Court held that the High Court must formulate the substantial question of law and only thereafter hear an appeal on merits. The revenue preferred an appeal under Section 260-A of the Income Tax Act, 1961 to the High Court. In its grounds of […]

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Delhi Customs seizes smuggled cigarettes worth more than Rs 66 Lakhs at IGI Airport

The Delhi Customs, IGI Airport, has booked a case of smuggling of Foreign Cigarettes (3700 Dundas) without pictorial warning imprinted on them on 23rd  July 2020 by 13 Indian passengers stranded in Dubai due to COVID-19. The passengers were traveling from Dubai to Delhi via Flight No. EK-510 and arrived at 09:05 am on 23.07.2020 at […]

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Senior Research Analyst vacancy in CRISIL

The CRISIL has invited applications from interested candidates for the post of Senior Research Analyst. The CRISIL is a global, agile, and innovative analytics company that is driven by its mission of making markets function better. CRISIL is India’s foremost provider of ratings, data, research, analytics, and solutions. A strong track record of growth, a […]

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ITAT deletes Addition since AO combined Value of Gold and Silver together, ignored CBDT Circular [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has recently deleted the addition made by the income tax department since it is found that the Assessing Officer while making the addition, combined the value of gold and silver together. The income tax department seized gold worth 831.74 gms and silver worth 7433.65gms, pursuant […]

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Amendment in processing of Statement of TDS under Section 200A can’t be applied retrospectively to previous TDS instances: ITAT

The Income Tax Appellate Tribunal (ITAT) held that the Amendment dated June  01, 2015, in the processing of statement of tax deducted at source under Section 200 A of the Income Tax Act, 1961 is prospective in nature and cannot be applied retrospectively to previous TDS instances. The appellant was required to file the statement […]

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Finance Minister Nirmala Sitharaman lauds IT Department for being responsive to people as CBDT observes 160th Income Tax day

The Central Board of Direct Taxes (CBDT) and all its field offices across India today observed the 160th anniversary of Income Tax Day. In her message on the 160th Income Tax Day, Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman appreciated the continuous efforts of the Income-Tax Department towards making the tax administration taxpayer-friendly, […]

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Govt. extends Anti-Dumping Duty on Fluoroelastomers [Read Notification]

The Government of India, on Tuesday, extended Anti-Dumping duty on Fluoroelastomers (FKM). The department of revenue sought to amend notification No. 6/2019-Customs (ADD) dated 28th January 2019 to extend the levy of Anti-Dumping duty on Fluoroelastomers (FKM) originating in or exported from China for a further period of three months. In the notification, for the […]

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Govt. likely to announce Advance version of existing GST Return Filing system by October 1, 2020

The Central Government plans to improve the existing GST return filing system instead of rolling out a new model. The new system was supposed to be launched on 1 October this year. “The move is aimed at making compliance much easier,” Yogendra Garg, Principal Commissioner, GST Policy at CBIC, while speaking at a webinar hosted […]

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New e-Commerce Rules 2020 Notified for Online Sale I CA Satbir Singh

CBIC revises Testing Requirement under Regulation of Import of Livestock products and Livestock Importation Act, 1898

The Central Board of Indirect Taxes and Customs (CBIC), on Monday, issued the instruction wherein it revised the Testing Requirement under Regulation of Import of Livestock products and Livestock Importation Act, 1898 and amendments made from time to time. The department has decided to reiterate the 3 parts of the office memorandum issued on July […]

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CBIC invites suggestions for Review of Customs Duty Exemption Notifications/Laws & Procedures at MyGov Innovate portal

The Central Board of Indirect Taxes and Customs (CBIC) on Tuesday invited the suggestions for review of Customs duty exemption notifications/laws & procedures at MyGov Innovate portal. The last date to submit the suggestions august 21, 2020. In the Budget 2020-21 Speech of the Finance Minister wherein it was proposed to crowdsource suggestions for review […]

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Section 40A(2)(b) cannot be invoked merely for Unregistered Agreement: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Delhi Bench held that Section 40A(2)(b) cannot be invoked merely for Unregistered agreement. The assessee company, DE Diamond Electric India Pvt Limited was engaged in the business of manufacturing and trading of ignition coils for motor vehicle engines. For the year under consideration, the assessee filed return of income […]

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New GSTR3B Changes and GSTR 2B New Return I CA satbir singh

New GSTR3B Changes and GSTR 2B New Return I CA satbir singh

Senior Manager vacancy in Standard Chartered

The Standard Chartered has invited applications from eligible candidates for the post of Senior Manager. The Standard Chartered PLC is a British multinational banking and financial services company headquartered in London, England. It operates a network of more than 1,200 branches and outlets across more than 70 countries and employs around 87,000 people RESPONSIBILITIES The […]

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ACCA confirms remote session CBEs for September 2020: All You Need to Know

Due to COVID-19, the Association of Chartered Certified Accountants (ACCA) cancelled the centre based exams in India and has confirmed the remote session computer-based exams (CBEs) for September 2020. The Association further clarified that the students who have already registered for the centre based exams will have to be re-registered for remote exams, which will […]

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DGFT amends Export Policy of PPEs or Masks [Read Notification]

The Director-General of Foreign Trade (DGFT), Amit Yadav on Tuesday amended the Export Policy of Personal Protection Equipment (PPEs) or Masks. As per the amendment in the Schedule 2 of the ITC (HS) Export Policy 2018 related to the export of Personal Protection Equipments (PPEs) including the Medical Coveralls of all Classes/Categories (except Surgical drapes, […]

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Senior Consultant vacancy in Cognizant

The Cognizant has invited applications from eligible candidates for the post of Senior Consultant. The Cognizant is one of the world’s leading professional services companies, transforming clients’ business, operating, and technology models for the digital era. Our unique industry-based, consultative approach helps clients envision, build, and run more innovative and efficient businesses. Headquartered in the […]

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Senior Executive vacancy in BPPI

The Bureau of Pharma Public Sector Undertakings of India (BPPI) has invited interested and eligible candidates for the post of Senior Executive on a contractual basis. The Bureau of Pharma PSUs of India (BPPI) has been established on the 1st of December 2008 comprising all the Pharma CPSUs under the Department of Pharmaceuticals. The Bureau […]

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Hindalco Industries is justified in reducing Assessable Value to Actual Cost of production in Inter unit Transfer of Goods: CESTAT

The Customs, Excises, and Service Tax Appellate Tribunal (CESTAT) held that M/s. Hindalco Industries Ltd. is justified in reducing the assessable value to the actual cost of production in the inter-unit transfer of goods. The Appellant, M/s. Hindalco Industries Ltd. is engaged in the manufacture of Aluminium Rolled products falling under Chapter Heading No. 7606/7607 […]

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Office of Samsung Heavy Industries established in India merely for communication isn’t PE under India-Korea DTAA: Supreme Court

The Supreme Court while quashing the order of the ITAT, held that the office of Samsung Heavy Industries at Mumbai, India which is established merely for the sake of communication is not covered under the character of Permanent Establishment (PE) under India-Korea Double Taxation Avoidance Agreement (DTAA). The Oil and Natural Gas Company (ONGC) awarded […]

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Accountant vacancy in State Street

State Street is hiring candidates with accounting experience for the role of Global Accounting Operations – Emerging Lead at their Bangalore location. Candidates with 6-8 years of progressive experience in Project Accounting areas with major financial institutions are required. State Street is one of the largest custodian banks, asset managers, and asset intelligence companies in […]

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Treasury – Sr Associate vacancy at State Street

State Street is hiring candidates with accounting experience for the role of the treasury – Senior Associate at their Bangalore location. Candidates with 3 to 4 years’ experience in related accounting or finance field are required. State Street is one of the largest custodian banks, asset managers, and asset intelligence companies in the world. From […]

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Allow TRAN-1 & TRAN-2 Return Filing If failure of Appellant was due to Technical Glitches on Common Portal: Chhattisgarh HC directs Commissioner to refer matter to GST Council

The Chhattisgarh High Court directed the Commissioner to refer the matter to the GST Council so as to allow TRAN-1 & TRAN-2 return filing if failure of Appellant was due to technical glitches on the common portal. After the new tax regime that is the GST law came into force, the last date for submission […]

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How Can You Keep Your Finances Secure During the Coronavirus Crisis?

Coronavirus has everyone worried about many things – your health, the health of your family, friends, job, and mainly money. With the economy taking a hit, many of us have been affected financially. Now is the time for us to be smart about managing personal finances. Let’s see how you can keep your finances secure […]

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Chartered Accountant vacancy in Chennai Port Trust

Chennai Port Trust is inviting applications from Chartered Accountant to fill in the role of senior Accounts Officer (Class I) in the Finance Department through Absorption/Deputation basis. Candidates with Five years in Executive Cadre in the field of finance are preferred. Eligible candidates are directed to apply before 31st August 2020 through their Online Application […]

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Accounts Officer vacancy in IGRUA

The Indira Gandhi Rashtriya Uran Akademi(IGRUA) has invited applications from eligible candidates for the post of Account Officer on a contractual basis. The Indira Gandhi Rashtriya Uran Akademi is a pilot training institute located at Fursatganj Airfield, in Amethi district of Uttar Pradesh, India. Established in 1985, it was the first such institute in India. […]

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Deputy Manager vacancy in Balmer Lawrie

The Balmer Lawrie has invited applications from eligible candidates for the post of Deputy Manager. The Balmer Lawrie, a public sector company under the Ministry of Petroleum & Natural Gas, is a professionally managed, multi-location, diversified conglomerate having a presence in manufacturing as well as services sectors, with a consistent track record of growth and […]

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ACCA/CMA/CPA vacancy in Micheal Page

Micheal Page is recruiting Certified Public Accountants as the Head of Financial Reporting and Control for a growing subsidiary of one of the largest airlines in the Middle East region. Candidates with experience in airlines are preferred. Michael Page is one of the world’s leading professional recruitment consultancies, specializing in the placement of candidates in […]

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18% GST applicable on Renting Non A/c Buses in the name of APSRTC: AAR [Read Order]

The Authority for Advance Ruling(AAR) of Andhra Pradesh ruled that 18% Goods and Services Tax (GST) applicable on renting the Non-Air conditioned buses under the name & style of Andhra Pradesh State Road Transport Corporation ( APSRTC). The Andhra Pradesh State Road Transport Corporation is a public sector undertaking established under the RTC Act, 1950 […]

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Finance Analyst vacancy in BNY Mellon

The BNY Mellon Mellon has invited applications from eligible candidates for the post of Finance Analyst. The Bank of New York Mellon Corporation is an American worldwide banking and financial services holding company headquartered in New York City. BNY Mellon was formed from the merger of The Bank of New York and the Mellon Financial […]

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Shatamrut Chayavan is an exempted Good, attracts no GST: AAR [Read Order]

The Maharashtra Authority of Advance Ruling (AAR) ruled that Shatamrut Chayavan is an exempted good, attracts no GST. The Applicant, M/s Madhurya Chemical is engaged in the supply of Shatamrut Chyavan which is a complete animal feed supplement and is used as a supplementary product to increase the nutritional value of molasses. In other words, […]

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DGGI busts racket for Tax Evasion worth more than Rs 72 cr of clandestine Clearance of Cigarettes

Acting on specific intelligence the Directorate General of Goods and Service Tax Intelligence, Headquarters (DGGI, Hqrs) has unveiled a racket of clandestine clearance of cigarettes through a factory run in Kota. Searches were conducted at various places in Kota and Nagaur on 17.07.2020, including the factory, trading firms, godowns, secret offices, and residences of beneficiaries. […]

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GST: No Input Tax Credit can be claimed on Purchase of Paver Blocks laid on Land, rules AAR [Read Order]

The Maharashtra Authority of Advance Ruling (AAR) ruled that Input Tax Credit (ITC) cannot be claimed on the purchase of paver blocks laid on land. The Applicant, M/s Sundharams Private Limited, is engaged in providing warehousing, storage, and support services to the Original Equipment Manufacturers (OEMs) of the automobile industry, transports cars tractors using its […]

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Transition to Digital Space – Impact on Auditing and Taxation

The impact of technology is so pervasive in all spheres of our lives and we may like it we may hate it, we may even dread it, but we just can’t miss it. Innovative technologies and ideas have brought in a fee of convenience, for the common be it transportation like Uber, shopping like Flipkart, […]

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Advertisement Charges to News Paper Agency attracts TDS: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai bench has held that the advertisement charges paid to an agency which is a franchisee of a newspaper would attract TDS under section 194 of the Income Tax Act, 1961. The assessee, Harsha Agencies, is a franchisee of ‘The Hindu’, paid a certain amount to “The Hindu” newspaper […]

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Gaurav Sharma Food Industry denied Benefit of Tax Reduction to Consumers: NAA imposes Penalty [Read Order]

The National Anti-Profiteering Authority (NAA) found M/s Gaurav Sharma Food Industry denied the benefit of tax reduction to consumers and imposed penalty and directed the respondent to deposit the profiteered amount to the Consumer Welfare Funds. It was alleged that despite the reduction in the rate of GST from 18% to 5% with effect from  […]

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New GST Portal Advisory & GSTR 4 Live Filing FY 2019-20 I CA Satbir Singh

Chartered Accountant vacancy in Yes Bank

The Yes Bank has invited applications from eligible candidates for the post of Senior Manager. The Yes Bank Limited is an Indian Private Sector Bank headquartered in Mumbai, India and was founded by Rana Kapoor and Ashok Kapur in 2004. It offers a wide range of banking and financial products for corporate and retail customers […]

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Delhi HC stays NAA order to Reckitt Benckiser to deposit in consumer fund Rs. 63 Lakhs profiteered from Dettol Handwash

The Delhi High Court Monday stayed the National Anti-profiteering Authority (NAA) order directing pharma major Reckitt Benckiser to deposit in the consumer welfare fund over Rs. 63 lakh, which it allegedly profiteered from the sale of Dettol handwash between 2017 to 2019. The DGAP, in its investigation, had found that Reckitt Benckiser had between November […]

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CA -Articleship opportunity in Deutsche Bank

Deutsche Bank has invited applications from ca- interns for doing Articleship. The Deutsche Bank AG is a multinational investment bank and financial services company headquartered in Frankfurt, Germany, and dual-listed in New York Stock Exchange and Frankfurt Stock Exchange. The bank’s network spans 58 countries with a large presence in Europe, the Americas and Asia. […]

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CBIC enables Filing Form GSTR-4 Annual Return by Composition Taxpayers on GST Portal

The Central Board of Indirect Taxes and Customs ( CBIC ) has enabled the Filing Form GSTR-4 Annual Return by Composition Taxpayers on GST Portal. What is Form GSTR-4 Annual Return: With effect from 1st April 2019, all Composition Taxpayers are required to file Form GSTR-4 Annual Return, on an annual basis, for each financial year. Who is […]

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Expenses Received as Reimbursement of Expenses made on behalf of Service Recipient can’t form part of Assessable Value, No Service Tax: CESTAT

The Customs, Excises, and Service Tax Appellate Tribunal (CESTAT) held that expenses received as reimbursement of expenses made on behalf of service recipients by the appellant can’t form part of the assessable value, so service tax cannot be charged. The appellant, Awasthi Brothers is a partnership firm registered with the Service Tax department for the […]

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18% GST on Coal Handling and Distributor Charges whenever Supply is made to Consumers: AAR

The Authority of Advance Ruling (AAR) Madhya Pradesh ruled that 18% of GST on coal handling and distributor charges whenever the supply of such service is intended to be made expressly to the consumers. The applicant, M/s Agarwal Coal Corporation Private Limited is engaged in the business of trading of coal in India and for […]

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18% GST applicable on Fabrication of Body on Chassis provided by Customer: AAR [Read Order]

The Authority of Advance Ruling (AAR) Madhya Pradesh ruled that 18% of GST applicable to the fabrication of the body on chassis provided by the customer. The applicant, M/s VE Commercial Vehicle Limited is engaged in the various businesses including manufacturing of Chassis, Trucks & Buses, Engines, Bus body, and automotive components. The applicant has […]

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GST: Input Tax Credit can’t be claimed on Lift procured and Installed in Hotel Buildings, says AAR [Read Order]

The Authority of Advance Ruling (AAR) Madhya Pradesh ruled that the Input Tax Credit (ITC) can be claimed on the lift procured and installed in hotel buildings. The applicant, Jabalpur Hotels Pvt. Ltd. was established with an objective to construct a Hotel in Jabalpur. The company started construction of the Hotel and completed a major […]

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CBIC &CBDT sign MoU to Facilitate Smoother Bilateral Exchange of Data

A Memorandum of Understanding (MoU) was signed between the Central Board of Direct Taxes (CBDT) and the Central Board of Indirect Taxes and Customs (CBIC) today, for data exchange between the two organizations. The MoU was signed by Shri Pramod Chandra Mody, Chairman, CBDT, and Shri M. Ajit Kumar, Chairman, CBIC, in the presence of […]

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SC refuses to stay Criminal Proceedings by IT Authorities against former Karnataka Minister D K Shivakumar

The Supreme Court on Monday refused to stay the criminal proceedings initiated by the IT authorities against former Karnataka minister and state Congress President D K Shivakumar for alleged recovery of undisclosed wealth following a raid conducted at his premises in 2017. In his plea, the petitioner, D K Shivakumar challenged the validity of the […]

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ICAI to conduct Questionnaire Survey on Application of Accounting Standards

The Institute of Chartered Accountants of India( ICAI ) – Accounting standard board is conducting a Questionnaire Survey on the Application of Accounting Standards by Micro and Small Corporate entities. The survey will set off from August 10, 2020, for two unstructured CPE Hours. While doing the survey, the ICAI members are required to ensure […]

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Income Tax Dept to Share Information with Ministry of MSMEs [Read Notification]

The Central Board of Direct Taxes (CBDT) on Tuesday notified that the Additional Secretary and Development Commissioner, Ministry of Micro Small and Medium Enterprise(MSMEs), Government of India would be a competent authority to share information under Section 138 of the Income-tax Act, 1961. “In pursuance of sub-clause (ii) of clause (a) of sub-section (1) of […]

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TDS on Cash Withdrawals: CBDT clarifies on Validity of Exemption Notifications [Read Circular]

The Central Board of Direct Taxes ( CBDT ) on Monday notified clarification in relation to the notification issued under clause (v) of the proviso to section 194N of the Income Tax Act, 1961 prior to its amendment by Finance Act, 2020. Section 194N of the Act as inserted by Finance ( No. 2 ) […]

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GST: ITC can be claimed on Water Slides but not on Site Development and Swimming Pools, rules AAR [Read Order]

The Authority of Advance Ruling (AAR) Madhya Pradesh ruled that the Input Tax Credit (ITC) under GST can be claimed on the water slides as it is covered under the terms apparatus, equipment, and machinery. However, the authority denied the ITC claims on the site development and the swimming pool or wave pool as they […]

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Mahindra Lifespace denied benefit of ITC to Flat Buyers under Project ‘Avadi’: NAA imposes Penalty and 18% Interest

The National Anti-Profiteering Authority (NAA) imposed a penalty on M/s Mahindra Lifespace Pvt. Ltd., under Project ‘Avadi’ denied the benefit of Reduced Input Tax Credit (ITC) to the flat buyers. The Applicant, S. Ganapathi Subramanian alleged profiteering by the Respondent, M/s Mahindra Lifespace Pvt. Ltd. in respect of the purchase of a flat in the […]

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CESTAT allows Benefit of Duty Exemption on Import of ‘GoPro HERO5 Black’ Action Camera [Read Order]

The Customs, Excises, and Service Tax Appellate Tribunal (CESTAT), while quashing the impugned order, allowed the benefit of Duty exemption on the import of ‘GoPro HERO5 Black’ Action Camera. The appellant, M/s Creative Peripherals & Distribution Ltd, imported ‘GoPro HERO5 Black’ Action Camera through Air Cargo Complex, Mumbai, and filed the Bills of Entry for […]

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Rajasthan Govt appoints Arvind Mishra as an Additional Commissioner at State Level Screening Committee on Anti-Profiteering

The Government of Rajasthan on Thursday appointed Arvind Mishra as an Additional Commissioner, State Tax to act as an officer of state government in the state level Screening Committee on Anti-Profiteering. The Chief Commissioner, State-Tax, Rajasthan nominated Arvind Mishra as an Additional Commissioner, State Tax. “In exercise of the powers conferred by sub-section (2) of […]

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ICAI issues Technical Guide on Easy Incorporation of Companies through SPICE+

The Institute of Chartered Accountants of India ( ICAI ) has issued a technical guide on Easy Incorporation of Companies through an integrated Web form called SPIC Plus. Since the enactment of the Companies Act, 2013, several reforms have been brought out by the Ministry of Corporate Affairs, Government of India in line with the […]

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Adarsh Thought Works denied benefit of ITC to Flat Buyers under Project ‘Sky Terraces’: NAA imposes Penalty

The National Anti-Profiteering Authority (NAA) imposed a penalty on M/s Adarsh Thought Works Pvt. Ltd., under Project ‘Sky Terraces’ denied the benefit of Reduced Input Tax Credit (ITC) to Flat Buyers. The Applicant, Jai Prakash Garg alleged profiteering by the Respondent, M/s Adarsh Thought Works Pvt. Ltd. in respect of the purchase of a flat […]

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Big change in Invoice to Customer I B2C I B2B I CA Satbir Singh

Staff Accountant vacancy in Amazon

Amazon is hiring CA qualifiers for the role of Staff Accountants at their Bangalore location. Candidates with 3 or more years of relevant post qualification experience are required. Amazon.com Inc is an American multinational technology company based in Seattle that focuses on e-commerce, cloud computing, digital streaming, and artificial intelligence. It has been referred to […]

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CA/CPA /CWA vacancy in Amazon

Amazon has invited applications from eligible candidates for the post of Accounting Assistant. Amazon.com, Inc., is an American multinational technology company based in Seattle that focuses on e-commerce, cloud computing, digital streaming, and artificial intelligence. It is considered one of the Big Four technology companies, along with Google, Apple, and Microsoft. Responsibilities Identifying root causes […]

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ICMAI extends deadline for Submitting CAT Examination Application

The Institute of Cost Accountant India (ICMAI) has issued a notification extending the last date for submitting the online Examination Application Form for CAT Foundation Course (Entry Level) Part- I. The Institute of Cost Accountants of India, previously known as The Institute of Cost & Works Accountants of India, is a premier statutory professional accountancy […]

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MCA extends term of office of Judicial Member as Acting President, at NCLT for 1 month [Read Notification]

The Ministry of Corporate Affairs (MCA) on Friday notified the extension of the term of office of Shri BethalaShantha Vijaya Prakash Kumar, Member (Judicial), as Acting President, National Company Law Tribunal (NCLT) for a period of one month until a new President is appointed. “In continuation of this Ministry’s notifications S.O. No.72(E) dated 03rd January […]

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GSTN issues Advisory on Interim measure for Filing Revocation of Cancellation Order in Appeal Channel

The Goods and Services Tax Network ( GSTN ) has issued an advisory on the interim measure for filing revocation of cancellation order in appeal channel. In case your application for revocation of cancellation of registration was rejected by the tax authorities before 12/6/2020 and you wish to avail the benefit of RoD order 01/2020 […]

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One More attempt for CS Exams Old Syllabus: Read Important decisions taken by ICSI Council

The Institute of Company Secretaries of India (ICSI) on Saturday notified all the important decisions taken by ICSI Council at its meeting held on June 29, 2020, and July 13, 2020. The council in the meeting decided to grant one more attempt to Executive Programme (2012 old Syllabus) and Professional Programme (2012 Old Syllabus) Students […]

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No Capital Gain Tax on Conversion of Land held as Stock, Transferred upon HUF-partition: Karnataka HC [Read Judgement]

The Karnataka High Court held that the land held as stock, transferred upon HUF-partition, doesn’t tantamount to conversion into “capital asset” for the purpose of imposing a capital gain tax under the Income Tax Act, 1961 The assessee-Individual, C. Ramaiah Reddy was engaged in real estate business. The assessee filed return of income declaring total […]

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Finance Minister Nirmala Sitharaman attends the 3rd G20 Finance Ministers and Central Bank Governors Meeting

Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman participated in the 3rd G20 Finance Ministers and Central Bank Governors (FMCBG) meeting under the Saudi Arabian Presidency through Video Conferencing here today to discuss the global economic outlook amid evolving COVID-19 pandemic crisis along with other G20 Finance Track priorities for the year 2020. The […]

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Ultratech Cement avails excessive Subsidies under Rajasthan Investment Promotion Scheme-2003: SC directs Authority to Recover 12% interest per Annum

The Supreme Court held that the Ultratech Cement availed excessive subsidies of 25% under Rajasthan Investment Promotion Scheme-2003 and so interest of 12% per annum is applicable until the whole excessive subsidies are recovered. The appellant, M/s Ultratech Cement Limited, is a public limited company registered under the Companies Act, 1956 and engaged in the […]

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Senior Accountant vacancy in Swiss Reinsurance Company Ltd

Swiss Reinsurance Company Ltd has invited applications from eligible candidates for the post of Senior Accountant. The Swiss Reinsurance Company Ltd, commonly known as Swiss Re, is a reinsurance company based in Zurich, Switzerland. It is the world’s second-largest reinsurer. It acquired GE Insurance Solutions in 2006. Founded in 1863, Swiss Re operates through offices […]

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CFO vacancy in Bank of Baroda

The Bank of Baroda has invited applications from eligible candidates for the post of Chief Financial Officer. The Bank of Baroda is an Indian multinational, public sector banking, and financial services company. It is the third-largest public sector bank in India, with 131 million customers, total business of US$ 218 billion, and a global presence […]

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CA fresher vacancy in ITC Limited

ITC Limited is inviting applications from Chartered Accountants to their Finance Department. Applications from fresher candidates are also invited. The applications will be closing on 31st August 2020. ITC Limited is an Indian multinational conglomerate company headquartered in Kolkata, West Bengal. Established in 1910 as the Imperial Tobacco Company of India Limited, the company was […]

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ITAT allows Tax Relief to Confederation of Indian Textile Industry [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai allowed exemption under Section 11 of the Income Tax Act, 1961 in respect of interest income, exchange gain, and miscellaneous income to the Confederation of Indian Textile Industry. The assessee, M/s Confederation of Indian Textile Industry is a non-profit organization registered under section 25 of the Companies Act, […]

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CBDT to start E-Campaign on Voluntary Compliance of Income Tax for FY 2018-19 from 20th July, 2020

The Income Tax Department is all set to start an e-campaign on the voluntary compliance of Income Tax for the convenience of taxpayers from Monday, the 20th of July, 2020. The 11 days campaign ending on 31st July 2020 focuses on the assessees/taxpayers who are either non-filers or have discrepancies/deficiency in their returns for the […]

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Relief to Star India: ITAT directs AO to delete the Disallowance made on Account of Depreciation on Payment of Brand License Fees [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai Bench, in its recent order directed the Assessing Officer (AO) to delete the disallowance made on account of depreciation on payment of brand license fees. The assessee, M/s. Star India Pvt. Ltd. is engaged in producing and promoting television programs, movies, and broadcasting of the same on satellite […]

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COVID-19: CBIC to clear pending GST Registrations under ‘Special Drive’ by July 30

The Central Board of Indirect Taxes and Customs (CBIC) on Friday notified to clear pending GST registrations under ‘special drive’ by July 30, 2020. The Board issued the circular in respect to clear the pending GST registrations so as to help in the processing of a swathe of pending applications for goods and services tax […]

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DGFT amends Import Policy and Procedure for allocation of Import Authorization of Power Tillers [Read Notification]

The Director-General of Foreign Trade (DGFT) on Wednesday issued two notifications related to the Amendment in import policy and policy conditions of items under Chapter 84 of ITC (HS), 2017, Schedule – I and the procedure for allocation of import authorization of Power tillers. In exercise of powers conferred by Section 3 of Foreign Trade […]

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GST Class on ITC Utilization I CA Satbir Singh

Income Tax Return 2020: CBDT amends Form 26AS from this year

The Central Board it Direct Taxes ( CBDT ) has amended the Form 26AS from this year onwards. The new Form 26AS is the faceless hand-holding of the taxpayers to e-file their income tax returns quickly and correctly. From this Assessment Year, taxpayers will see an improved Form 26AS which would carry some additional details […]

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New and Big Change in Income Tax I CA Satbir Singh

ITAT confirms Addition of Rs.1.96 lakh cr in respect of Renu T. Tarani account with HSBC Private Bank Geneva [Read Order]

The Income Tax Appellate Tribunal (ITAT), while upholding the conclusions arrived at by the CIT(A), confirmed the addition of Rs.1.96 lakh crores in respect of assessee Renu T. Tarani account with HSBC Private Bank (Suisse) SA, Geneva. The assessee, Renu T Tharani, an elderly lady, now in her late eighties, filed her income tax return, […]

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CA vacancy in Siemens

Siemens Limited is hiring Chartered Accountants for the role of Controlling Professional (Development and Transaction Project Controlling) at their Mumbai location. Candidates with at least 10-12 years of relevant experience are required. Siemens Real Estate (SRE) is responsible for the professional management of Siemens’ real estate portfolio worldwide. SRE manages the real estate portfolio, operates […]

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Finance Commission holds meeting with MoHUA on Property Taxation by Urban Local Bodies

The Fifteenth Finance Commission today held a meeting with Union Minister Shri Hardeep Singh Puri and senior officials of the Ministry of Housing & Urban Affairs (MoHUA) on issues including property taxation by Urban Local Bodies (ULBs). This was in context with the Commission’s recommendations for 2020-21 which had mandated the States to notify floor […]

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Finance Manager vacancy at Intel

Intel is hiring Chartered Accountants for the role of Finance Manager at their Bangalore location. Intel Corporation is an American multinational corporation and technology company headquartered in Santa Clara, California, in Silicon Valley. It is the world’s largest and highest valued semiconductor chip manufacturer based on revenue and is the inventor of the x86 series […]

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New Change on GST Portal I CA Satbir Singh

Provisions of Deemed Valid Notice not applicable to Legal Representatives: Delhi HC quashes Notice issued to Dead Person [Read Judgment]

The Delhi High Court, while quashing the notice issued to the dead person under Section 148 of the Income Tax Act, 1961, held that the provisions of section 292BB of the Income Tax Act, 1961 prescribing the conditions for assuming a notice as valid is applicable on assessee only and not to legal representatives. Information […]

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Tender for CA Services by IDBI Bank I Last Date 27.07.2020 I CA satbir s...

Transitional ITC can’t be availed of except within the stipulated Time Limit: Madras HC [Read Order]

The Madras High Court held that the transitional Input Tax Credit (ITC) can’t be availed of except within the stipulated time limit. The Petitioner, M/s.P.R.Mani Electronics is a proprietary concern involved in the retail trade of mobile phones, electrical, electronic, and other items. When the CGST and SGST Acts were introduced, as a transitional measure, […]

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COVID-19: CBDT issues Refund of Rs. 71,229 cr so far to help Taxpayers

The Central Board of Direct Taxes (CBDT) has issued refunds worth Rs 71,229 crore in more than 21.24 lakh cases up to 11th July, 2020, to help taxpayers with liquidity in Covid-19 pandemic days, since the Government’s decision of 8th April, 2020 to issue pending income tax refunds at the earliest. Income tax refunds amounting […]

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Madras HC directs Customs Authority to Refund entire Excess Amount paid as enhanced Duty within 2 months [Read Order]

The Madras High Court, while allowing a petition, directed the Custom Authority to refund the entire excess amount paid as enhanced under protest, including the IGST amount duty within two months. The petitioner, M/s. Ruchi Soya Industries Limited is a public limited company, challenged the Notification issued by the respondent Customs Department dated March 1, […]

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Taxpayer should not be denied of Hearing Opportunity due to Lockdown: Gujarat HC grants relief [Read Order]

The High Court of Gujarat has recently granted an opportunity of personal hearing to the taxpayer observing that the taxpayer could not be said to have got a fair opportunity of hearing before the concerned respondent authority.  Accordingly, the Court said that one opportunity should be given to the writ applicants to put forward their […]

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CBIC notifies Amendments to the All Industry Rates of Duty Drawback effective from July 15, 2020

The Central Board of Indirect Taxes and Customs (CBIC) on Wednesday, notified Amendments to the All Industry Rates of Duty Drawback effective from July 15, 2020. All Industry Rates of Duty Drawback has been enhanced on certain footwear items and gold jewelry and rationalized for silver jewelry. “Vinyl Sulphone Ester is currently classified for duty […]

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Senior Financial Analyst vacancy in Amazon

Amazon seeks a Senior Financial Analyst to be a key member of its category finance team. This position will be a critical business partner and will own the P&L for one of our product categories. This includes, among other things, responsibility for financial metrics, reporting, forecasting, and analysis. Amazon.com, Inc., is an American multinational technology […]

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Chartered Accountant vacancy at Flipkart

Flipkart is hiring CA qualifiers for the role of Senior Manager at their Bangalore location. Candidates with 9 to 11 years of relevant work experience are required. Flipkart is an Indian e-commerce company based in Bangalore, Karnataka, India. It was founded by Sachin Bansal and Binny Bansal in 2007. The company initially focused on book […]

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RBI issues Fair Practices Code for Asset Reconstruction Companies

The Reserve Bank of India (RBI) on Thursday issued the Fair Practices Code for Asset Reconstruction Companies (ARC),  stating that these entities must follow transparent and non-discriminatory practices in the acquisition of assets. Asset Reconstruction Companies buy bad loans from banks to turn them around. In order to enhance transparency in the process of the […]

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CS Exams: ICSI to Merge June, 2020 Session Examinations with December, 2020 Session

The Institute of Company Secretaries of India ( lCSl ) on Thursday announced the merging of June, 2020 Session Examinations with December, 2020 Session to be conducted by ICSI, which will commence from December 21, 2020. The lCSl had postponed the Company Secretaries June, 2020 session Examinations for Foundation Programme, Executive Programme (Old and New […]

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CA Exam November 2020 Date Sheet issued by ICAI I CA Satbir Singh

4 Judicial Member vacancies in CESTAT

The applications are invited for 3 existing and 1 anticipated vacancies for the post of Judicial Member. The CESTAT was created to provide as an independent forum to hear the appeals against orders passed by the Commissioners of Customs and Excise and Service Tax under the Customs Act, 1962, Central Excise Act, 1944, and Finance […]

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MCA enables Form PAS-6 for E-Filing

The Ministry of Corporate Affairs ( MCA ) has enabled the Form PAS-6 for E- filing with effect from July 15, 2020. Form PAS -6 is a half-yearly audit report on reconciliation of Share Capital which is signed by a PCS/ CA, i.e. all information shall be furnished within 60 days from the end of […]

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Money Laundering is an act of Financial Terrorism: Orissa HC denies Bail to Accused [Read Order]

The High Court of Orissa, while refusing to grant bail to a person accused of involvement in money laundering said that the offence of money-laundering is nothing but an act of financial terrorism that poses a serious threat not a financial system of the country but also to the integrity and sovereignty of a nation. […]

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Sourcing Analyst vacancy in Deutsche Bank

The Deutsche Bank has invited applications from eligible candidates for the post of sourcing analyst. The Deutsche Bank AG is a multinational investment bank and financial services company headquartered in Frankfurt, Germany, and dual-listed in New York Stock Exchange and Frankfurt Stock Exchange. The bank’s network spans 58 countries with a large presence in Europe, […]

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State to decide If Lawyers are ‘Essential Services Provider’: Bombay HC dismisses plea to Exempt Lawyers from COVID-19 Lockdown [Read Order]

The High Court of Bombay dismissed a petition seeking exemption for lawyers and legal service staffers from lockdown restrictions which were imposed to contain the spread of the disease, and seeking directions to include legal services as essential. The principal grievance raised in the Petition is that the advocate’s services have not been included in […]

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ICAI to conduct second round of Campus Placement Programme

The Institute of Chartered Accountants of India (ICAI) is conducting a second round of Campus Placement Programme on 30 and 31st July 2020 at Bangalore, Chennai, Delhi, Kolkata and Mumbai centres. No participation fee is required. It is being organized by the Committee for Members in Industry & Business (CMI&B). Second Round Campus Placement Programme is […]

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CBDT notifies Income Tax Exemption to Goa and Telangana State RERA [Read Notification]

The Central Board of Direct Taxes (CBDT) on Monday notified income tax exemption to the Goa Real Estate Regulatory Authority (RERA) and Telangana State Real Estate Regulatory Authority. The Central Government notified the ‘Real Estate Regulatory Authority’ for the state of Goa and Telangana, constituted by Government empowered under Section 20(1) of the Real Estate […]

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India-US CEO Forum 2020 held

The India-U.S. CEO Forum was held on 14th July 2020, through a telephonic conference. This is the fifth time the Forum has been convened since its reconstitution in December 2014 by the Governments of India and the USA. The Forum is an effective platform to highlight key issues that affect business entities and to identify […]

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ICAI announces CA Exams November 2020 Schedule

The Institute of Chartered Accountants of India ( ICAI ) has announced the Chartered Accountants examination ( CA Exams ) schedule of November 2020. The Council of the Institute of Chartered Accountants of India has announced that the next Chartered Accountants Foundation Course {Under New Scheme}, Intermediate (IPC) {Under Old Scheme}, Intermediate {Under New Scheme} […]

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Big Change I ITC Claim of FY 2017-18 ,2018-19 & 2019-20 in GST Return fi...

CA, CMA Coaching Institutes are not exempted from GST: AAR [Read Order]

The Andhra Pradesh Authority of Advance Ruling (AAR) ruled that Supply of services of education to students for obtaining qualifications of CA and ICWA exams are not exempted services under Entry no.66 of Notification No.12/2017-Central Tax (Rate) dated June 28, 2017, as amended by Notification No.2/2018-Central Tax (Rate) dated January 25, 2018. The ruling would […]

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Accountant vacancy in Credit Suisse

Credit Suisse has invited applications from eligible candidates for the post of accountant. Credit Suisse is a leading global wealth manager with strong investment banking capabilities. Headquartered in Zurich, Switzerland, we have a global reach with operations in about 50 countries and employ more than 45,000 people from over 150 different nations. Embodying entrepreneurial spirit, […]

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Burden of proving Foreign Assessee has a PE in India to levy Income Tax is on the Dept: ITAT grants relief to KFC Franchise [Read Order]

The Income Tax Appellate Tribunal (ITAT), while dismissing the appeal by the revenue held that Burden of proving foreign assessee has a Permanent Establishment (PE) in India, so to be taxed on the business generated by such PE is on the Revenue Department. The assessee, M/s. Yum! Restaurants (Asia) Pte. Ltd. is a company incorporated […]

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CBDT notifies Income Tax Exemption to ‘National Aviation Security Fee Trust’ [Read Notification]

The Central Board of Direct Taxes (CBDT) on Monday notified income tax exemption to the National Aviation Security Fee Trust. The National Aviation Security Fee Trust is established by the Central Government in respect of the specified income arising to the trust. As per the notification issued by the Board today, the following income is […]

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Rajasthan HC allows Bail to Chartered Accountant accused of Rs. 100 Cr GST Scam [Read Order]

The High Court of Rajasthan allowed the bail to the person alleged to have created fake invoices to wrongfully availing input tax credit (ITC). The matter pertains to claims of the wrong input tax credit on the basis of fake bills. The allegation against the petitioner, Anup Ashopa who is a Chartered Accountant is of […]

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Services provided are Exempted Services as TSCCL is a Government Authority: AAR [Read Order]

The Andhra Pradesh Authority of Advance Ruling (AAR) ruled that Services provided are exempted services as the Tirupati smart city corporation Limited (TSCCL) is a Government Authority. The applicant, M/s Zigma Global Environ Solutions Private Limited, are the service providers of Municipal Solid Waste (MSW) Management solutions. As an MSW Management company, Zigma Global offers […]

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Govt. amends Notification providing deeper Tariff Cuts as agreed under India-Korea CEPA and effects HSN changes as well affecting Imports of ‘Polybutadiene Rubber’

The Central Government has amended the notification providing deeper tariff cuts as agreed under India-Korea CEPA and effects HSN changes as well, affecting imports of “Polybutadiene Rubber”. The matter concerning imports of “Polybutadiene Rubber” falling under tariff item 4002 20 00 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), the […]

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New GST Clarification by CBIC Press Release 15 .7.2020

New GST Clarification by CBIC Press Release 15 .7.2020

IRDAI enables Cashless Facility for COVID-19 Treatment [Read Circular]

The Insurance Regulatory Development Authority of India (IRDAI) has notified all General and Health Insurers (Except ECGC and AIC) to allow the cashless facility for COVID-19 treatment. It has been brought to the notice of IRDAI authority that certain hospitals are denying cashless facility to policyholders for treatment of COVID-19. In this regard, insurance companies […]

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Account Executive – Finance Ops vacany in OLX Group

OLX Group is hiring CA qualifiers for the role of Account Executive – Finance Ops at their Bangalore location. Candidates with at least 2 or more years of experience in Accounts and Finance are required. Online Exchange also known as OLX Group is a global online marketplace headquartered in Amsterdam and owned by Proses a […]

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New GST Clarification by CBIC Press Release 15 .7.2020

CBIC issues clarification on GST on Hand Sanitizers

The Central Board of Indirect Taxes and Customs ( CBIC ) has issued a clarification on Goods and Services Tax ( GST ) on Hand Sanitizers. The issue of the GST rate on alcohol-based hand sanitizers has been reported in a few sections of media. It is stated that hand sanitizers attract GST at a […]

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Apple wins $14.9 billion Tax Bill Court fight in EU

Apple has won its court fight over a record $14.9 billion Irish tax bill in what is being described as a serious blow to European Union antitrust chief Margrethe Vestager’s crackdown on preferential fiscal deals to selected companies. The EU General Court sided with the iPhone maker, arguing that the European Commission had failed to […]

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CA Inter vacancy in EXL Service

The EXL Service is an American multinational professional services company mainly involved in operations management and analytics. EXL offers insurance, banking, financial services, utilities, healthcare, travel, transportation, and logistics services. Roles and Responsibilities Responsible for timely and accurate delivery of GAAP & STAT reporting, disclosures, MD&A, Surveys, etc. Support the preparation of the consolidated fair […]

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Commissioner UTGST of Dadra & Nagar Haveli & Daman & Diu issues Trade Notice declaring New GSTIN with UT Code 26

The Commissioner of Dadra and Nagar Haveli and Daman and Diu on Monday issued the trade notice stating that upon Merger of Union Territories of Dadra and Nagar Haveli and Daman and Diu with effect from January 26, 2020, there arises a need to declare a single State Code for Persons Registered under Goods and […]

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ICAI releases Educational Material on IndAS

The Institute of Chartered Accountants of India ( ICAI ) released Educational Material on Intangible Assets. IndAS 38 prescribes the accounting treatment for intangible assets that are not dealt with specifically in another IndAS. It sets out the criteria for recognizing and measuring intangible assets and requires disclosures about them. The standard provides guidance on […]

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Chartered Accountant vacancy in IFCI

The IFCI has invited applications from eligible candidates for the post of Associate (Account) on contract basis IFCI Limited is a Government of India undertaking company. IFCI has been awarded the following two schemes from the Ministry of Electronics and Information Technology (MeitY) as Project Management Agency (PMA). Responsibility The key responsibilities will include a […]

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ITAT allows Taxmann Publication claim of Depreciation on Intangible CMS Software

The Income Tax Appellate Tribunal (ITAT), Delhi directed the Assessing Officer (AO) to allow the assessee, Taxmann Publication to claim depreciation on the intangible CMS software. The Assessee, Taxmann Publication Pvt. Ltd is a company which is stated to be engaged in the business of publication of books on taxation, corporate laws, and trading in […]

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CA / ICWA vacancy in Tripura Power Generation Limited

The Tripura Power Generation Limited has invited applications from eligible candidates for the post of General Manager. The Tripura Power Company is also known as Palatana Power Plant, is a thermal power plant station in Palatana, Udaipur in the Gomoti district of the northeastern Indian state of Tripura. It is ONGC’s first power plant in […]

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ITAT grants Tax Exemption to Charitable Trust engaged in providing Mid-Day Meal to School Students [Read Order]

The Income Tax Appellate Tribunal (ITAT), Jodhpur has recently allowed income tax exemption to a charitable Trust engaging in the activity of providing mid-day meals to school children and held that the assessee trust has spent more than 85% and no amount has been set apart for future years. The surplus generated by the assessee […]

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Senior Internal Auditor vacancy in Amazon

Amazon Inc is hiring CA qualifiers for the role of Senior Internal Auditor at their Bangalore location. Candidates with 5 or more years of relevant experience are required. Amazon.com Inc is an American multinational technology company based in Seattle that focuses on e-commerce, cloud computing, digital streaming, and artificial intelligence. It has been referred to […]

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ICAI announces Advanced Integrated Course on IT and Soft Skills

The Institute of Chartered Accountants of India (ICAI) has decided to conduct Advanced Integrated Course on Information and Soft Skills (Advanced ICITSS) – Adv. Information Technology Test – Home Based Mode. The submission of examination application forms starts from 15th July 2020. It is set to be conducted on 2nd August 2020 at 10.30 AM […]

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COVID-19 Lockdown Won’t Impact 3-month Cheque Validity, rules SC [Read Order]

In a suo moto petition, the Supreme court took up the period of limitation expiring under various laws that could possibly be hit due to the present COVID-19 situation across the country which had forced several parts of the country to come under lockdown. When the question came on an extension of the three-month period […]

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Chartered Accountant vacancy in PwC

PwC India is hiring CA qualifiers for the role of SAP_FICO Simple Finance Associate at their Bangalore location. Candidates with 3 to 6 years of relevant experience are required. At PwC, their purpose is to build trust in society and solve important problems. They are a network of firms in 157 countries with over 276,000 people […]

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GST applicable on Transfer of a Running Business along with Capital Assets: AAR [Read Order]

The Andhra Pradesh Authority of Advance Ruling (AAR) ruled that the business of the applicant, Shilpa Medicare Limited of Andhra Pradesh unit, as a whole along with the capital assets are being transferred as going concerned to Shilpa Medicare Limited of Karnataka Unit for a monetary consideration amounts to the supply of service on which […]

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Institute of Cost Accountant India designates Rajendra Bose, Joint Director as Director (Discipline) [Read Notification]

The Institute of Cost Accountant India in its 325th meeting held on June 28, 2020, designated Rajendra Bose, Joint Director as Director (Discipline). “In pursuance of sub-section (1) of Section 21 of the Cost and Works Accountants Act, 1959 as amended, it is hereby notified that the Council of the Institute at its 325th meeting […]

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HSD Oil issued Free of Cost by Service Recipient to applicant would form part of Value of Supply of Service by Applicant: AAR [Read Order]

The Andhra Pradesh Authority of Advance Ruling (AAR) ruled that HSD Oil issued free of cost by the service recipient to the applicant would form part of the value of supply of service by the applicant under Section 15(2)(b) of CGST Act, 2017. The applicant, M/s Pulluri Mining & Logistics private Limited is a service […]

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No GST on Services provided under Vocational Training Courses recognised by NCVT: AAR [Read Order]

The Andhra Pradesh Authority of Advance Ruling (AAR) ruled that no GST is applicable to the services provided under vocational training courses recognized by National Council for Vocational Training (NCVT). The applicant, Leprosy Mission was founded in 1874 as ‘the Missions to Lepers’ by an Irishman named Wellesley Cosby Bailey in Ambala, India. Subsequently, in […]

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12% GST applicable on Interest / Penalty collected for Delay in Payment of Monthly Subscription by Members of Chit Fund Company: AAR [Read Order]

The Andhra Pradesh Authority of Advance Ruling (AAR) ruled that 12% of GST is applicable on interest/penalty collected for the delay in payment of monthly subscription by the members of the chit fund company. The applicant, M/s. Ushabala Chits Private Limited is a company, engaged in conducting chit auctions for the past 36 years and […]

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Supply of Mud Engineering Services under Contract Qualify doesn’t Qualify as Composite Service, No GST applicable: AAR [Read Order]

The Andhra Pradesh Authority of Advance Ruling (AAR) ruled that the Goods and Service Tax (GST) is not applicable to the supply of mud engineering services along with the supply of imported mud chemicals and additives provided under the Contract does not qualify as composite service. The applicant, Halliburton Offshore Services Inc. is a global […]

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COVID-19: No Sitting of CESTAT including Regional Benches till 31st July 2020

The Customs Excise and Service Tax Appellate Tribunal (CESTAT) had issued an office order due to the restrictions and limitations caused by the COVID-19 Global Pandemic. In an office order issued by Justice Dilip Gupta, President of CESTAT said that there will be no sitting of Benches of the Tribunal including Regional Benches from 16 July […]

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New Tender for Hiring CA Services I CA satbir Singh

Income Tax Department carries out Search and Survey Operations in Rajasthan, Delhi and Mumbai

The Income Tax Department carried out search and survey operations on three groups on 13.07.2020. These operations are being carried out at 20 premises in Jaipur, 6 in Kota, 8 in Delhi, and 9 in Mumbai. One of the groups covered is involved in several business activities like hotels, hydropower projects, metal, and auto sectors. […]

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PayPal can’t be denied Refund of Cenvat Credit for mere Non-Registration of Premises: Madras HC [Read Order]

The High Court of Madras held that M/s PayPal India Pvt. Limited cannot be denied a refund of Cenvat credit for mere non-registration of Premises. The Revenue Department challenged the order of the Tribunal, by which it was held that the refund of the Cenvat credit claimed by the Assessee under Rule 5 of CCR […]

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New Job Opening

Group Manager (Finance & Accounts) vacancy in National Council for Cement and Building Materials

The National Council for Cement and Building Materials has invited applications from eligible candidates for the post of Group Manager. The National Council for Cement and Building Materials (NCB), then Cement Research Institute of India (CRI) was founded on 24th December 1962 with the objective to promote research and scientific work connected with cement and […]

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Goods supplied on behalf of Registered Person outside Goa to a place in Goa will be treated as Interstate Trade: Goa AAR [Read Order]

The Goa Authority of Advance Ruling (AAR) ruled that the goods supplied on behalf of a registered person outside Goa to a place in goa will be treated as Supply of Goods in the course of interstate trade or commerce and tax is to be charged accordingly. The Applicant, High Tech Refrigeration, and Air Conditioning […]

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18% GST on Renting of Dwelling for Commercial Purpose: AAR [Read Order]

The Andhra Pradesh Authority of Advance Ruling (AAR) ruled that 18% of GST is applicable on renting of dwelling for commercial purposes, as it is covered under ‘Rental or leasing services involving own or leased non-residential property”. The applicant, M/s Lakshmi Tulasi Quality fuel is engaged in the business of running, managing, and operating the […]

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CA/ICWAI vacancy in Indian Port Rail & Ropeway Corporation Ltd.

The Indian Port Rail & Ropeway Corporation Ltd has invited applications from eligible candidates for the post of General Manager (Finance). Indian Port Rail & Ropeway Corporation Limited is a Public incorporated on 10 July 2015. It is classified as Union Govt company and is registered at Registrar of Companies, Delhi. Its authorized share capital […]

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Finance Specialist vacancy in GE Health Care

The GE Health care has invited applications from eligible candidates for the post of Finance Specialist. GE Health care drives the world forward by tackling its biggest challenges. By combining world-class engineering with software and analytics, GE helps the world work more efficiently, reliably, and safely. GE people are global, diverse, and dedicated, operating with […]

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DGFT notifies Amendment in Export Policy of Textile Raw Material for Masks & Coveralls [Read Notification]

The Directorate General of Foreign Trade ( DGFT ) on Monday notifies the amendment in the Export Policy of textile raw material for masks and coveralls. The Central Government notified the amendment in the Notification No. 52 dated March 19, 2020, amending Schedule 2 of the ITCHS Export policy related to the export of textile […]

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Minimum Distance for Eway Bill in GST I CA satbir singh

NAA finds Neeva Food guilty of Profiteering for Non-Passing of GST Rate Reduction [Read Order]

The National Anti-profiteering Authority (NAA) found M/s Neeva Food Private Limited guilty for not passing the GST rate reduction benefit to the consumers. The complaint against the respondent-restaurant, M/s Neva Food Private Limited, was that after the GST rate reduction in November 2017 where the rates were decreased to 5% from 18%, they did not […]

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Senior Finance Analyst vacancy in Amazon

Amazon has invited eligible candidates for the post of Senior Finance Analyst. Amazon.com, Inc., is an American multinational conglomerate technology company based in Seattle that focuses on e-commerce, cloud computing, digital streaming, and artificial intelligence. It is considered one of the Big Four technology companies, along with Google, Apple, and Microsoft. Basic Qualification Bachelor’s degree […]

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Finance Manager vacancy in Amazon

Amazon has invited eligible candidates for the post of Finance Manager. Amazon.com, Inc., is an American multinational conglomerate technology company based in Seattle that focuses on e-commerce, cloud computing, digital streaming, and artificial intelligence. It is considered one of the Big Four technology companies, along with Google, Apple, and Microsoft. Responsibilities include Own financial reporting […]

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Finance Analyst vacancy in Amazon

Amazon has invited eligible candidates for the post of Finance Analyst. Amazon.com, Inc., is an American multinational conglomerate technology company based in Seattle that focuses on e-commerce, cloud computing, digital streaming, and artificial intelligence. It is considered one of the Big Four technology companies, along with Google, Apple, and Microsoft. Basic Qualification Completed 2 years […]

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Tax Analyst vacancy in Amazon

Amazon has invited eligible candidates for the post of Tax Analyst. Amazon.com, Inc., is an American multinational conglomerate technology company based in Seattle that focuses on e-commerce, cloud computing, digital streaming, and artificial intelligence. It is considered one of the Big Four technology companies, along with Google, Apple, and Microsoft. Responsibilities Review and prepare responses […]

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CBIC extends due date for filing GSTR-4 [Read Notification]

The Central Board of Indirect Taxes and Customs (CBIC) on Monday extended the due date for Financial Year 2019-20 to August 31, 2020, which earlier was July 15, 2020. GSTR–4 is a GST Return which is required to be filed by a GST composition dealer. A dealer opting for the GST composition scheme is required […]

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Lease Agreement between Hazari Bagh Builders and RLDA is not exempted from GST: Rajasthan AAR [Read Order]

The Rajasthan Authority of Advance Ruling (AAR) ruled that the Lease Agreement between Hazari Bagh Builders and the Railway Land Development Authority (RLDA) is not exempted from Goods and Service Tax (GST). The Applicant Company, Hazari Bagh Builders, and RLDA have entered into a long term Lease Agreement of 99 years with RLDA for undertaking […]

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