Capital Gain Deduction can’t be disallowed due to Non-Investment in Capital Gains Deposit Scheme: ITAT [Read Order]

In an assessee-friendly ruling, the Income Tax Appellate Tribunal (ITAT), Chennai bench has held that the capital gain deduction under section 54 of the Income Tax Act, 1961 cannot be disallowed to the assessee due to non-compliance of mere procedural requirement like non-investment in Capital Gains Deposit Scheme. The assessing officer rejected the deduction claim […]

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EY hiring ACCA qualified candidates

EY GDS has invited applications from qualified members of ACCA for the position of Manager. EY is a global leader in assurance, tax, transaction, and advisory services. EY Global Delivery Services (GDS) Assurance practice supports global EY client-serving teams with their reviews across the industry sectors, including financial services, manufacturing, and technology, among others. Through […]

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CBIC reviews Measures to Facilitate Trade during Lockdown [Read Circular]

The Central Board of Indirect Taxes and Customs (CBIC) on Friday issued the review of circular dated April 3, 2020, namely ‘measures to facilitate trade during lockdown period under Section 143AA of the Customs Act, 1962. In the view of the extension of the lockdown due to COVID-19 pandemic, the Board through this circular further […]

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Meeting of BRICS Heads of Tax Authorities held through Video Conferencing

Meeting of the Heads of Tax Authorities of the BRICS countries, namely the Federal Republic of Brazil, the Russian Federation, the Republic of India, the People’s Republic of China, and the Republic of South Africa was held on May 29, 2020. The meeting was hosted by the Federal Tax Service of Russia, which currently holds […]

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SEBI’s Compliance Framework for Investment Advisers

In 2013, SEBI issued Investment Advisers Regulations (IA Regulations) and prescribed a framework for the registration, compliance, disclosures, SEBI’s power for inspection, investigation, and adjudication. To start with, let us discuss a few important concepts under the said Regulations: Investment Adviser (IA): According to the said Regulations, means any person, who for consideration, is engaged […]

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ICAI issues Advisory on Changing Prospective Restoration to Retrospective Restoration of Membership

The Institute of Chartered Accountants of India ( ICAI ) has issued an advisory on changing prospective restoration to Retrospective Restoration of Membership / Certificate of Practice (CoP). The ICAI has said that, Further to ICAI Announcement dated 13th May 2020 regarding retrospective restoration for the year 2019-20, members who have already paid fees for […]

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Hostel Fee Income is ‘Income from Charitable Activities’, not Business Income: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Delhi bench has held that the hostel fee income received by a charitable Trust imparting education amount to “income from charitable activities” and the same cannot be treated as income from profit and gain from business and profession” under the Income Tax Act, 1961. The assessee was established to […]

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Maharashtra State Board Technical Education is ‘State’ under the Constitution, Immune from Taxation: ITAT [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has recently held that the Maharashtra State Board Technical Education comes within the meaning of “State” under Article 289 of the Constitution of India. For the assessment year 2011-12, the department has initiated assessment proceedings under section 143 r.w.s. 147 of the Income Tax Act, […]

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CA Exams July 2020: ICAI Re-Opens Online Correction Window for Seeking Change of Examination Centre

The Institute of Chartered Accountants of India ( ICAI ) has re-opened the On-Line Facility (Correction Window) for Seeking Change of Examination Centre for appearing in July 2020 CA Examinations. In an announcement issued by ICAI has said that, In view of the ongoing COVID-19 pandemic and in the interest of the well-being of students […]

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Addition merely based on Information from Investigation Wing on the basis of Justice M B Shah Commission report not Valid: ITAT [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that the addition made by the income tax department merely on the basis of the information from the investigation wing based on the report of Justice M B Shah Commission is invalid. The appellant-assessee is a listed public limited company engaged in the […]

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ITAT deletes Assessment Order against Nikon India [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) recently deleted an assessment order passed by the income tax department against Nikon India. The assessee, Nikon India Private Limited, was a wholly-owned subsidiary of Nikon Corporation, Japan. The assessee company is inter-alia engaged in import, sales, and distribution for Nikon Imaging products in India […]

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CBDT amends Return Forms and manner of Furnishing Return of Income for AY-2020-21 [Read Notification]

The Central Board of Direct Taxes (CBDT) on Friday amended the return forms and manner of furnishing return of Income for the Assessment Year 2020-21. The Board empowered under Section 139 read with section 295 of the Income-tax Act, 1961 amended the Income-tax Rules, 1962. The amendment came to be known as Income-tax (12th Amendment) […]

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ICAI postpones Special Examination for Chartered Accountants

The Institute of Chartered Accountants of India ( ICAI ) has Postponed Special Examination for Members of Institutions with whom ICAI had entered into Mutual Recognition Agreement (MRAs) / Memorandum of Understanding (MOUs), June 2020. It is hereby announced for general information that in view of the ongoing spurt of the COVID-19 pandemic and in […]

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COVID-19: ICAI extends the Validity of Peer Review Certificate

The Institute of Chartered Accountants of India ( ICAI ) has further extended the validity of the Peer Review Certificate in the wake of COVID -19 spurt across the country. This is in furtherance to the earlier Announcement dated 30.3.2020 hosted on the website. In the wake of COVID -19 spurt and the extension of […]

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GST on Related Parties & Distinct Persons Transactions I CA Satbir Singh

Adjudication Proceedings under Customs Act, 1962 can’t be solely based on Inculpatory Statements of Witnesses and Notice alone: Madras HC [Read Judgment]

The High Court of Madras held that adjudication proceedings under the Customs Act, 1962 cannot solely be based on the inculpatory statements of witnesses and notice alone. Such statements can be only used for corroborating the case which the Department proposes to establish before the quasi-judicial authorities. The petitioners, M/s.JetUnipex and Shri. P. Sanjay has […]

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Entire Amount of Pre-Deposit will be Relaxed, Only If Mandatory Deposit is Deposited before Tribunal within 30 days: Chhattisgarh HC [Read Order]

The High Court of Chhattisgarh while dismissing the petition held that if the appellant deposits mandatory deposit before the Tribunal within a period of 30 days from passing of this order, then he will be entitled to get the benefit of further directions issued by the Single Judge relating to the relaxation of the entire […]

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Dismissal of Appeal for want of E-Filing is justified considering Non-Serious Attitude of Assessee: ITAT [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has upheld the order of the Commissioner of Income Tax (Appeals) rejecting the appeal memo filed by the assessee since e-filing was not done due to non-serious attitude of the assessee. The assessee failed to file the appeal in electronic format before the Commissioner of […]

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Development Commissioner under the SEZ Act, 2005 not empowered to demand Excise Duty: Madras HC quashes SCN against DLF

The High Court of Madras, while quashing the show cause notice of the Development Commissioner held that Development Commissioner appointed under section 11 of the SEZ Act, 2005 is neither a “proper officer” within the meaning of Section 2(34) the Customs Act, 1962 nor a Central Excise Officer for the purpose of Section 11A of […]

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Maharashtra Govt. issues clarification on GST Appeals in regard to Non-Constitution of Appellate Tribunal [Read Circular]

The Maharashtra Government recently issued a trade notice pertaining to Maharashtra Goods and Services Tax (Ninth Removal of Difficulties) Order, 2019 dated January 6, 2020, wherein clarification in respect of GST Appeals in regard to non-constitution of Appellate Tribunal. The Government received various representations that have been received wherein the issue has been decided against […]

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CBDT notifies Norms to compute Remuneration by Eligible Fund Manager u/s 9A; Amends Rules [Read Notification]

The Central Board of Direct Taxes (CBDT) vide notification on Wednesday has issued the Income-tax (10th Amendment) Rules, 2020. The Rule 10V that provides the guidelines for the application of Section 9A has been amended. The Section provides that an eligible investment fund shall not be said to be resident in India merely because the […]

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Air France not Taxable in India for Profit derives from Pool Participation as per DTAA: ITAT [Read Order]

In a major relief to Air France, the Income Tax Appellate Tribunal (ITAT) has held that the Company is not liable to income tax in India for its services/activities and profit thereof derives from pool participation. The Assessing Officer noted that the assessee, through its Indian branch is deriving various income including profit from technical […]

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GST Council likely to meet on June 2nd week: COVID-19 Impact and Tax Measures in Agenda

According to media reports and sources, the apex indirect tax body, Goods and Services Tax (GST) Council is likely to meet in the second week of June to assess the impact of the COVID-19 pandemic on the economy and various tax measures to deal with the adverse effect. The council headed by Union Finance Minister […]

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CBDT replaces Annual Statement of TDS/TCS with new Annual Information Statement: Rules Amended [Read Notification]

The Central Board of Direct Taxes (CBDT) on Thursday notified Income Tax (11th Amendment) Rules, 2020. The CBDT empowered under Section 285BB read with amended the Income Tax Rules, 1962.Section 295 of the Income Tax Act 1961 As per Income Tax (11th Amendment) Rules, 2020, rule relating to Annual Statement of Tax Deducted or Collected […]

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Lockdown Period should be excluded from 90 Days Period to pronounce Tribunal Order, says ITAT [Read Order]

Dealing with an issue of delay in pronouncing order by the Income Tax Appellate Tribunal (ITAT), the Kolkata bench has held that since such delay was occurred due to lockdown because of COVID-19 pandemic, this period should be excluded from the 90 days- the time limit to pronounce the order by the Tribunal. The Assessing […]

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Delay in Receiving the Transshipment Application at Air Cargo Complex due to alleged arrest of Officers, shouldn’t be at the cost of Qatar Airways: Madras HC [Read Judgment]

The High Court of Madras held that there were only a few officers to handle the workload due to alleged arrest and the delay in receiving the transshipment application for being processed by the Commissioner of Customs (Air), which should not be at the cost of the Qatar Airways. The petitioner, Qatar Airways is an […]

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ACCA joins International Chamber of Commerce’s global call to action to save Small-to-Medium-sized Businesses

The ACCA (the Association of Chartered Certified Accountants) has signed a Memorandum of Understanding (MOU) with the International Chamber of Commerce (ICC) the United Kingdom. The MOU sees ACCA joining forces with ICC in its “Save Our SMEs” (SOS) global campaign, as well as sharing professional insights research. The SOS campaign highlights the challenges many […]

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CA vacancy in KPMG

The KPMG has invited applications from eligible candidates for the post of Manager. The KPMG is a leading professional services firm comprising over 174,000 professionals who work together to deliver value in more than 155 countries through in-depth industry insights in Audit, Tax & Advisory. Job Description Audit Service delivery Be a coach/mentor to a […]

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Chartered Accountant vacancy in Myntra

The Myntra has invited application from a qualified Chartered Accountant with post qualification experience between 1.5 to 2.5 years. The Myntra is an Indian fashion e-commerce company headquartered in Bengaluru, Karnataka, India. The company was founded in 2007 to sell personalized gift items. It mainly operated on the B2B (business to business) model during its […]

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CBDT notifies Income Tax Exemption to Uttarakhand Environment Protection and Pollution Control Board & ‘Cochin SEZ Authority [Read Notifications]

The Central Board of Direct Taxes (CBDT) on Wednesday issued 2 notifications wherein ‘Cochin Special Economic Zone Authority’, Kochi and ‘Uttarakhand Environment Protection & Pollution Control Board’, Dehradun were notified. The Uttarakhand Environment Protection & Pollution Control Board constituted by the Government of Uttarakhand, in respect of the specified income including consent fee; no objection […]

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Open Market Value in GST I CA Satbir Singh

Open Market Value in GST I CA Satbir Singh

CA/CPA vacancy in NetApp

The NetApp has invited applications from eligible candidates with 5-8 years of experience for the post of Accountant. The NetApp India Marketing and Services Private Limited is located in Bangalore, Karnataka, India, and is part of the Advertising & Marketing Services Industry. NetApp India Marketing and Services Private Limited have 98 total employees across all […]

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DCIT can’t Re-Open Assessment after 4 years to deny Deduction unless any Income Chargeable to Tax escaped Assessment: Madras HC [Read Judgment]

The High Court of Madras held that Deputy Commissioner of Income Tax (DCIT) cannot reopen assessment after 4 years to deny deduction unless any income chargeable to tax escaped assessment. The petitioner, M/s. International Flavours and Fragrances India Private Limited, is engaged in the manufacture of flavor essences, mixed seasoning powders, and formulated perfumery compounds, […]

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Finance Minister launches Facility of Instant PAN through Aadhaar based e-KYC

In line with the announcement made in the Union Budget, Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman formally launched the facility for instant allotment of PAN (on near to real-time basis) here today. This facility is now available for those PAN applicants who possess a valid Aadhaar number and have a mobile […]

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CBIC enables Facility for Registration of IRPs/ RPs on GST Portal

The Central Board of Indirect Taxes and Customs ( CBIC ) has enabled the facility for registration of Insolvency Resolution Professionals/ Resolution Professionals (IRPs/RPs) on the GST Portal. Insolvency Resolution Professionals/ Resolution Professionals (IRPs/RPs), appointed to undertake corporate insolvency resolution proceedings for Corporate Debtors, in terms of Notification. No 11/2020-CT, dated 21st March 2020 can […]

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Entire Purchases can’t be Disallowed as Bogus, If AO accepted Sales: Bombay HC [Read Judgment]

The High Court of Bombay held that though genuineness of the purchases and sales were not proved, yet it was noted that the Assessing Officer(AO) had accepted the sales and gross profit declared in the return of income. CIT(A) held that there can be no sales without purchases. When the sales were accepted, then the […]

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Excess ITC has to be Refunded back to Dealer, can’t be carried Forward for Adjustment of Future Tax Liability: Madras HC [Read Judgment]

The High Court of Madras held that excess Input Tax Credit (ITC) has to be refunded back to the dealer. There was no provision for carrying forward such Input Tax Credit for adjustment of tax liability for the subsequent period. The petitioner, Tvl.M.R.Motor Company is a dealer of Motor Vehicles who had claimed a refund […]

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12% GST applicable to Kraft Paper, Honeycomb Board or Paper Honeycomb Board: AAR [Read Order]

The Authority of Advance Ruling (AAR), Karnataka ruled that Kraft paper, honeycomb board, or paper honeycomb board is classified under the heading 48089000. The applicant, M/s LSquare Eco Products Private Limited is a manufacturer of Kraft paper honeycomb boards or paper honeycomb boards using the kraft paper, paper honeycomb core, and adhesives. The boards are […]

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18% GST applicable on Works Contract for NCBS: AAR [Read Order]

The Authority of Advance Ruling (AAR), Karnataka ruled that the works contract service provided by the applicant to the National Centre for Biological Science (NCBS) is liable to be taxed at the rate of 9% under Karnataka Goods and Service Tax (KGST) and 9% under Central Goods and Service Tax (CGST). The Applicant, M/s Homebale […]

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No Purchase Tax can be levied If Turnover is less than Rs. 300 Crores per year: Madras HC [Read Judgment]

The High Court of Madras while quashing the orders of the respondent authority held that the levy of Purchase Tax under Section 12 of the Tamil Nadu Value-added Tax Act, 2006 is not attracted if the petitioner’s turnover was also below Rs. 300 Crores during the year. The petitioner, Sunrise Foods Private Limited is a […]

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Supply services of Food and Drinks to Educational Institutions exempted from GST: AAR [Read Order]

The Authority of Advance Ruling (AAR), Karnataka ruled that the supply services of Food and Drinks to educational institutions are exempted from Central Goods and Service Tax (CGST) & State Goods and Service Tax (SGST). The applicant, M/s Mahalakshmi Mahila Sangha is engaged in providing catering services to educational institutions sponsored by State/ Central Union […]

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New update on GST Portal I CA Satbir Singh

ICAI launches Website to deal with Disciplinary Mechanism of Chartered Accountants

The Institute of Chartered Accountants of India ( ICAI ) has launched a website on Disciplinary Mechanism to deal with cases and complaints related to the conduct of Chartered Accountants. In an email sent by President CA Atul Kumar Gupta said that, the robust disciplinary mechanism which derives strength from the provisions of the Chartered […]

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ITAT Former President Vimal Gandhi passes away

Vimal Gandhi, the former President of the Income Tax Appellate Tribunal (ITAT) passed away on Sunday at the age of 75, officials of the ITAT said. Gandhi was president of the ITAT from October 31, 2003, to June 3, 2010, and is attributed to bringing down pendency of cases from 1.80 lakh to 47,000 as on […]

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Collector of Stamps erred in not Adverting to Sale Value approved by Charity Commissioner in case of Trust’s Sale Deed: Bombay HC [Read Judgment]

The High Court of Bombay, while setting aside the order passed by the Collector of Stamps and held that the Collector of Stamps committed a manifest error in not at all adverting to the fact that the Charity Commissioner had determined the value of the trust property by following requisite process to ensure the best […]

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Outstanding Sum of Invoices akin to Loan Advanced by assessee to Foreign AE is an International Transaction, AO can’t make Separate Additions: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Bangalore ruled that outstanding sum of invoices is akin to the loan advanced by the assessee to foreign AE, so it is an international transaction as per explanation to Section 92B of the Income Tax Act, 1961 and no separate additions can be made by the Assessing Officer (AO). […]

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One Turnover cannot be Taxed in the hands of Two Assessees: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Delhi bench has held that two entities/persons cannot be subject to tax for the same business turnover as the same is against the provisions of the Income Tax Act, 1961. The original assessment completed against the assessee, an individual has been re-opened on the ground that the Investigation Wing […]

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RTA Registration Fee collected from Vehicle Buyers Taxable only If Dealer does not discharge Statutory Liabilities: ITAT [Read Order]

The Chennai bench of the Income Tax Appellate Tribunal (ITAT) has recently held that the provisions of section 43B of the Income Tax Act, 1961 will not apply to RTA Registration Fee collected by vehicle dealers from the customers. The Tribunal also clarified that such sum is taxable only if the dealer does not discharge […]

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SC directs DRT to Transmit Rent received from Property attached to the Amrapali Account [Read Order]

The Supreme Court of India recently directed the Debt Recovery Tribunal (DRT) to transmit the rent which they have received from property that has been attached to the Amrapali Account maintained by the Registry of this Court. The Receiver, in this case, has pointed out that GST should be waived by the Government of India […]

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28% GST is applicable on Retrofitted Vehicle: Karnataka AAR [Read Order]

The Authority of Advance Ruling(AAR), Karnataka ruled that the retrofitted vehicle merits classification under heading 8711 20 19 and hence attracts GST @ 28% and the applicant is entitled to Input Tax Credit (ITC) of tax paid on the purchase of vehicle i.e. scooter. The applicant, M/s Sai Motors is a proprietary concern registered under […]

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Financial Analyst vacancy in Capita India

The Capita India is hiring eligible candidates for the post of Financial Analyst/Assistant Manager. The Capita India is Capita’s largest multi-client service center, partnering with clients to transform and streamline their business processes by adding valuable insights. Job description To support the FP&A and wider Group Finance teams with timely and accurate P&L, Cashflow and […]

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Capital Gain Tax attracts despite Assessee signed a Release Deed waiving his Beneficiary Interests/Title: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Hyderabad bench has recently held that liability to pay capital gain tax would attract despite the fact that the assessee signed a release deed waiving all his rights, title and interests in the property. The Tribunal further clarified that the deduction under section 54F of the Income Tax Act, […]

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No ITC can be claimed on Tax Invoice addressed to Foreign Buyer, If the Applicant is not Recipient of Goods: AAR [Read Order]

The Authority of Advance Ruling (AAR), Karnataka ruled that no Input Tax Credit (ITC) can be claimed on the tax invoice addressed to foreign buyers, if the applicant is not the recipient of goods. The applicant, M/s Dolphine Die Cast Pvt. Ltd. is a manufacturer and exporter of Aluminium and Zinc die Castings. The applicant […]

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CA/CWA/CPA/ACCA vacancy in Randstad

The Randstad India Private Limited is hiring eligible candidates for a fund accounting organization in Kharadi – Pune, for the post of Financial manager into month-end closing activities. The Randstad NV, commonly known as Randstad and stylized as Randstad, is a Dutch multinational human resource consulting firm headquartered in Diemen, Netherlands. It was founded in […]

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Chartered Accountant vacancy in HCL

The HCL Technologies has openings in Noida for the post of Associate Manager and invited application from eligible candidates. The HCL Technologies Limited is an Indian multinational information technology service and consulting company headquartered in Noida, Uttar Pradesh. It is a subsidiary of HCL Enterprise. Job description Preparation of Several Disclosures in Financial Statements ( […]

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MCA amends Schedule VII of Companies Act, 2013 by inserting ‘PM CARES’ as CSR [Read Notification]

The Ministry of Corporate Affairs (MCA) on Thursday amended Schedule VII of the Companies Act, 2013 by inserting ‘Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund)” as Corporate Social Responsibility (CSR). The Government of India has set up the Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund’ (PM […]

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Audit Manager opening in Deloitte

The Deloitte Touche Tohmatsu Limited has invited applications from eligible candidates for the post of  Audit Manager. The Deloitte is the brand under which tens of thousands of dedicated professionals in independent firms throughout the world collaborate to provide audit, consulting, financial advisory, risk management, and tax services to selected clients. These firms are members […]

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Transfer Input Tax Credit on GST Portal I ITC 2A enabled I CA Satbir Singh

Voluntary Transfer Pricing adjustment eligible for Income Tax Deduction u/s 10AA: ITAT grants Relief to EY [Read Order]

Granting relief to EYBGS India Pvt. Ltd, an IT Company, the Income Tax Appellate Tribunal (ITAT), Bangalore bench has held that the amount of voluntary Transfer pricing adjustment shall be eligible for deduction under section 10AA of the Income Tax Act, 1961. The assessee, a 100% subsidiary of EYGI B.V., Netherlands, engaged in the business […]

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Chartered Accountant vacancy in Mastercard

The Mastercard has invited applications from eligible candidates for the post of Manager. Master Card is the global technology company behind the world’s fastest payments processing network. They are the vehicle for commerce, a connection to financial systems for the previously excluded, a technology innovation lab, and the home of Priceless. They ensure every employee […]

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Rajasthan HC denies Bail to person alleged for Wrongful availment of ITC until Investigation is complete [Read Order]

The High Court of Rajasthan has rejected the bail application of the person accused of wrongful availment of Input Tax Credit (ITC) until the investigation is complete. The court directed that investigation be completed within a period of three months from that day and in case investigation is not completed within three months, then the […]

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Do Lottery Winnings in India have to be Taxed?

The Indian government has full control over how lottery winnings can be taxed. The state legislature can produce laws surrounding these taxes. The terms are according to Entry 62 in the State List. The Public Gambling Act 1857 allows various gambling activities around India, although each state has different rules of note. You can play […]

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Accidental Recovery of Narcotic Drug by Income Tax Officers would not constitute “Seizure” under NDPS Act: Bombay HC grants relief to Top Birla Executive [Read Judgment]

The Bombay High Court on Friday refused to grant relief to Varthan Pathak, President of Corporate Affairs, Yash Birla Group and held that stumbling of officer upon Contraband like Cocaine during Income Tax Search doesn’t amount to seizure under the Narcotic Drugs and Psychotropic Substances Act, 1985 (NDPS Act). The applicant, Vardhan Pathak is arraigned […]

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Discounts in GST I जी स टी में डिस्काउंट I CA Satbir Singh

Fraudulent Trading in Mindvision Capital Shares: SAT affirms Penalty imposed by SEBI [Read Order]

The Security Appellate Tribunal (SAT), Mumbai rejected the appeal made by the petitioner, who was involved in the case of fraudulent trading in Mindvision Capital Share. The appeal was made on the grounds of delay as the proceedings were launched by the respondent, Security, and Exchange Board of India (SEBI) after a period of seven […]

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Professional Fee received in Cash Deposited to bank Account cannot be suspected: ITAT [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has recently held that no addition under the Income Tax Act, 1961 can be made towards the deposit of cash received as a professional fee received by the assessee, a medical practitioner. The assessee is a medical practitioner and a partner in Priyadarshi Hospital. The […]

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Depreciation can’t be claimed on Undivided Share of Land: ITAT [Read Order]

In a significant ruling, the Income Tax Appellate Tribunal (ITAT) has held that depreciation under section 32 of the Income Tax Act, 1961 cannot be allowed on an undivided share of land. The assessee, in its income tax return, shown addition to building amounting to R.1,36,67,500/-. After verifying the documents, the Assessing Officer noticed that […]

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Assam Excise Officials have Power to Search and Seize consignments were exported from a State and imported to another: Gauhati HC [Read Order]

The Gauhati High Court has recently upheld the search and seizure proceedings by the Assam Excise officers holding that such powers are included under the Assam Excise Act, 2000 even if the consignments were exported and imported in two different States. The petitioners, in the instant case, possessed a valid license for wholesale vend of […]

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ICAI to set up Centre for Audit Quality

The Institute of Chartered Accountants of India ( ICAI ) is to set up Centre for Audit Quality at Centre of Excellence, Jaipur. The Centre for Audit Quality will aim at the continuous investment in the contemporary education and training for prospective accountants and auditors, developing guidance and training programmes to assist audit teams and […]

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Income from Maintenance Services Taxable as ‘Other Income’ can’t be included in Rental Income: ITAT [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has recently held that the income from maintenance services received along with rental income cannot be included under the head “income from house property” and the same is taxable as “Other Income” for the purpose of imposing an income tax. The assessee company is a […]

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Bombay HC permits NAA to visit premises of Company to Obtain Records amid COVID-19 Lockdown [Read Order]

The High Court of Bombay granted permission to the National Anti-Profiteering Authority (NAA)  to visit the premises of the company to obtain records amid COVID-19 Lockdown. Although several reminders have been issued by the respondent-authority from time to time, the petitioner has not submitted the information. The petitioner contended that some of the information is […]

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Submission of Soft Copies of Appeal Memos is Optional: CESTAT Temporarily Suspends Amendments in Rules [Read Notification]

The Customs, Excises, Service Taxes Appellate Tribunal (CESTAT), on Saturday after considering the difficulties faced by the Bar Association, the CESTAT directed that the amendments in Rule 9(5), Rule 16(8) and last sentence of Rule 28A(5) of theCustoms, Excises, Service Taxes Appellate Tribunal (Procedure) Rules brought by the Notification dated May 11, 2020, are suspended […]

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Purpose of ‘Provisional Order of Attachment’ for Pending Adjudication is to Ensure No Third Party Interest is created over Property: Chhattisgarh HC [Read Judgment]

The High Court of Chhattisgarh while upholding the decision of the Single Judge Bench held that the very purpose of passing ‘provisional order of attachment’ for pending adjudication, is only to see that no third party interest is created over the property. The Appellants, Tulsiram, and Manki Bai are husband and wife and they own […]

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Facilitation of Clearance of Import Cargo extended till June 3, 2020 due to extension in COVID-19 Lockdown: CBIC

The commissioner of Custom (Imports) on Friday amended the Public Notice No. 54/2020 dated March 27, 2020, where the date for the facilitation of Clearance of Import Cargo extended till June 3, 2020, due to extension in COVID-19 Lockdown. In the view of further extension of the lockdown period till 31 May 2020 para 3 […]

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Non-Appearance before CIT (A) can be excused since Assessee is Senior Citizen and Computer Illiterate: ITAT [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) recently nullified an ex-parte order passed by the CIT (A) on the ground that the notices for appearances were sent through e-mail and the assessee, being a senior citizen and computer illiterate could not act accordingly. The assessee is a HUF where Karta is the […]

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IT Dept erred in denying Registration to School on suspicion without further Verification: ITAT [Read Order]

Overruling the decision of the Commissioner of Income Tax (Exemptions), the Delhi bench of the Income Tax Appellate Tribunal (ITAT) held that the officer cannot reject the plea for registration under section 12AA of the Income Tax Act, 1961 merely on suspicion that the cash from undisclosed sources is being introduced in the society in […]

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Tamil Nadu extends various GST Returns Due Dates

In view of the difficulties faced due to the COVID-19 outbreak, the Tamil Nadu State Government has notified amendment to the Tamil Nadu Goods and Services Tax Act, 2017 (Tamil Nadu Act 19 of 2017) extending various due dates for returns under GST regime. According to the ordinance promulgated by Governor Banwarilal Purohit, extended the […]

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GST RCM on Unregistered dealer Purchases I CA Satbir Singh

NCLAT directs SBI to substitute IRP who was an Ex-employee of Bank [Read Order]

The National Company Law Appellate Tribunal ( NCLAT ) has upheld the order directing State Bank of India ( SBI ) to the substitution of a financial creditor’s ex-employee as the proposed interim resolution professional in a CIRP initiated by the financial creditor, on the ground of apprehension of bias. The appellant, State Bank of […]

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ICAI issues Guidance Note on Subsequent Events-Key Audit Considerations amid COVID-19

The Institute of Chartered Accountants of India (ICAI) has released an Auditing Guidance on “Subsequent Events-Key Audit Considerations amid COVID-19” for the benefit of the members. The Institute comes out with an advisory and guidelines for financial statement preparers and auditors. The guidance note highlights the key areas where the focus is desired due to […]

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Disallowance under section 40A(3) – Whether Automatic?

Introduction Section 40A of the Income Tax Act, 1961 was inserted by the Finance Act, 1968 w.e.f. 01st April 1968 provides for disallowance of expenses or payments not deductible in certain circumstances while computing the income under the head Profit & Gains of Business or Profession. Another facet and part of the main provision in […]

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Impact of Covid 19 on Audit of Financial Statements I ICAI Guidance Notes

Impact of Covid 19 on Audit of Financial Statements I ICAI Guidance Notes

No TDS on Sale of Recharge Vouchers and Pre-Paid Vouchers to Distributors: ITAT grants relief to Vodafone [Read Order]

In a ruling granting TDS relief to the telecom giants, Vodafone, the Chennai bench of the Income Tax Appellate Tribunal (ITAT) held that TDS provisions under section 194H of the Income Tax Act, 1961 is not applicable on the sale of recharge vouchers and pre-paid vouchers to the sole distributors. During the relevant assessment proceedings, […]

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Assessee can Challenge the Inclusion of Comparable even If it Clears the Filters: Delhi HC [Read Judgment]

The High Court of Delhi, while upholding the ruling of Income Tax Appellate Tribunal (ITAT) held that since none of the comparables have been excluded on the ground of high turnover alone, the test of functional similarity applied by the Tribunal is in consonance with the legal position and resultantly, the assessee cannot be denied […]

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Holding Annual General Meeting Amid Covid-19 Pandemic : A Critique to MCA Circular

Introduction Holding of Annual General Meeting (AGM) is a statutory obligation on every company. Pursuant to the provisions of Section 96 of the Companies Act, 2013 (hereinafter referred to as ‘2013 Act’) every company shall hold its AGM other than the first AGM within a period of 6 months from the closure of its date […]

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Impact of COVID-19 on the Financial Reporting Ecosystem

The COVID-19 pandemic is affecting major economic and financial markets and almost all industries. The virus has hit not just people, but businesses and financial markets too – the extent of which is yet unstipulated. The financial reporting ecosystem is not spared either and the professional accountants are vying to understand better what the implications of […]

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Satisfaction Note by AO that Documents belong to Other Person is enough to proceed against such Person u/s 153C: SC [Read Judgment]

In a significant ruling, the Apex Court, while upholding the view of the High Court held that the satisfaction note by the Assessing Officer(AO) clearly states that the documents so seized belonged to the other person i.e. the assessee and not the searched person, so the requirement of Section 153C of the Income Tax Act, […]

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Capita India hiring Financial Analyst

The Capita India is hiring eligible candidates for the post of Financial Analyst/Assistant Manager. The Capita India is Capita’s largest multi-client service center, partnering with clients to transform and streamline their business processes by adding valuable insights. Primary Responsibility: -Financial Planning, Budgeting, Forecasting, and Variance Analysis. -Responsible for effective management, control, and reporting of Business […]

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Grant Thornton hiring Accounts Manager

The Grant Thornton has invited applications from eligible candidates for the post of accounts Manager. Grant Thornton is the world’s fifth-largest professional services network of independent accounting and consulting member firms that provide assurance, tax and advisory services to privately held businesses, public interest entities, and public sector entities. Grant Thornton International Ltd. is a […]

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Big change on GST portal I File Amendment Return I CA Satbir Singh

CBDT releases Refunds amounting to Rs. 26,242 cr since 1st April, 2020

The Central Board of Direct Taxes ( CBDT ) has released has issued tax refunds worth Rs. 26,242 crores to 16,84,298 assessees from 1st April 2020 to 21st May 2020. The Income Tax refunds amounting to Rs. 14,632 crore have been issued to 15,81,906 assessees and corporate tax refunds amounting to Rs. 11,610 crore have […]

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RBI announces Nine Additional Measures for Strengthening the Economy

RBI Governor Shaktikanta Das drew hope and inspiration from the 1929 statement of the Father of the Nation, as he announced yet another set of nine measures to smoothen the flow of finance and preserve financial stability in the turbulent and uncertain times ushered in by the COVID-19 pandemic. This follows the earlier sets of […]

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Misuse of DFCE Scheme: Delhi HC imposes One Lakh Rupees Cost on Exporter to deposit in ‘PM CARES’ Fund [Read Judgment]

The Delhi High Court has recently imposed a cost of one lakh rupees on an exporter for the blatant violation of the Duty-Free Credit Entitlement Scheme (DFCE) and directed them to deposit the same in ‘PM CARES’ Fund. The petitioner, M/s Kanak Exporter challenged the order passed by the respondent-authority holding the petitioner as ineligible […]

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Chartered Accountant opening in Tata AIA Life

The Tata AIA Life Insurance Company Limited (Tata AIA Life) has invited applications from eligible candidates for the post of IT Auditor. The Tata AIA Life Insurance Company Limited (Tata AIA Life) is a font venture company, formed by Tata Sons and AIA Group Limited (AIA). Tata AIA Life combines Tata’s preeminent leadership position in […]

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Anti Profiteering: NAA asks Emaar Subsidiary to Refund 13.35 Crores to Home Buyers of Gurugram Project [Read Order]

The National Anti Profiteering Authority (NAA) has found real estate firm Emaar MGF, a subsidiary of the biggest UAE property developer guilty of profiteering of Rs. 13.35 crore and directed it to return the amount to 1,239 homebuyers of the Gurugram project with 18 percent interest. The matter involves a complaint from a flat buyer […]

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Kerala Cooperative Development & Welfare Fund Board eligible for Income Tax Exemption: CBDT Notifies

The Central Board of Direct Taxes (CBDT) has notified the Kerala Cooperative Development & Welfare Fund Board on Thursday eligible for Income Tax exemption under Section 10(46) of the Income Tax Act, 1961 for five Assessment Years 2019-20 to 2023-24. The Kerala Cooperative Development & Welfare Fund Board is constituted by the Government of Kerala, […]

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CA/CWA/CPA/ACCA vacancy in Randstad

The Randstad India Private Limited is hiring eligible candidates for a fund accounting organization in Kharadi – Pune, for the post of Financial manager into month-end closing activities. The Randstad NV, commonly known as Randstad and stylized as Randstad, is a Dutch multinational human resource consulting firm headquartered in Diemen, Netherlands. It was founded in […]

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ICAI announces One Time Measure for CA Students for Completion of MCS Course and Advanced IT Course through Virtual Mode

The Institute of Chartered Accountants of India ( ICAI ) has announced the one-time measure for Completion of MCS Course and Advanced IT Course through Virtual Mode for students who have passed Final Exam /result withheld (May 2019 & November 2019) and students of Final course exam (July 2020 & November 2020). In a Communication […]

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RBI extends Loan Moratorium by 3 Months from June 1

The Reserve Bank of India ( RBI ) has extended the Loan Moratorium by three months from June 1st, 2020. In his third such address since the coronavirus outbreak began on March 25, RBI Governor Shaktikanta Das today cut the repo rate by 40 basis points to 4% and also extended a moratorium on all […]

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ICAI extends Time Period for Commencement of Practical Training for CA Students appearing Final Examination in Nov 2022

The Institute of Chartered Accountants of India ( ICAI ) has extended the time period for commencement of Practical Training on or before 31st May, 2020 to 31st July, 2020 for appearing in the Final examination to be held in November, 2022. This is in continuation of the announcement dated 4th April, 2020 on the […]

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Appeal filed by Non-Resident Company shall be Signed and Verified by PoA Holder Authorized to Verify Return: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Delhi bench has held that when a non-resident company files an appeal before the Tribunal, the appeal memo shall be signed and verified by the same person who is authorized to verify the income tax return through a Power of Attorney from such Company as per section 140(c) of […]

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COVID-19: SEBI reviews Post-default curing Period for Credit Rating Agencies [Read Circular]

The Security and Exchange Board of India (SEBI) on Thursday asked Credit Rating Agencies (CRAs)  to upgrade the rating of a paper post a period of 90 days after payments are regularised. The Market Regulator, SEBI has noted in a few recent cases of defaults that even though the rated entity was able to correct […]

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Public Notice Restricting Issuance of Advance Authorisation for Gold Medallions & Coins is beyond the Power of DGFT: Delhi HC [Read Judgment]

The High Court of Delhi held that the powers exercised by the Director-General of Foreign Trade (DGFT) while issuing the public notice, which puts restrictions upon the issuance of the advance authorization for the Gold Medallions and Coins is beyond the power, jurisdiction, and authority of DGFT. The Petitioner, M.D. Overseas Limited is an incorporated […]

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Taxation of Casino Winnings for Indian Gamblers

Casino play continues to be hugely popular in India. Even though only the states of Goa, Daman, and Sikkim have legalized land-based casinos, many people choose to play at casinos online. This is the case despite the fact that the legality of online casino gambling is a grey area. The government is yet to regulate […]

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SEBI directs Listed Entities to Disclose Investors Impact of COVID-19 on Businesses [Read Circular]

The Securities and Exchange Board of India (SEBI) on Wednesday asked companies to tell investors the impact of COVID-19 on their businesses. The capital markets regulator said that the companies will now have to evaluate and disclose the impact of the pandemic on their performance and financials, both qualitatively and quantitatively. “Listed entities should evaluate […]

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MCA extends Period for Filing of Names for Companies and Re-Submission of Forms

The Ministry of Corporate Affairs (MCA) has extended the period for filing of names for companies and resubmission of forms. For names reserved for 20 days for new company incorporation, SPICe+ Part B needs to be filed within 20 days of name reservation. MCA has said that the names expiring any day between March 15, […]

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Novartis hiring Chartered Accountants for Senior Manager

The Novartis has invited applications from eligible candidates for the post of Senior Manager. The Novartis was created in 1996 through the merger of Ciba-Geigy and Sandoz and has a rich history spanning over 200 years. Novartis apply our expertise in science and innovation to society’s biggest health challenges. Responsibility is a core part of […]

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Petition in Rajasthan HC challenges the Constitutional validity of AAR bench of Tax Officers [Read Order]

The Rajasthan High Court has issued a notice on a petition challenged the constitutional validity of Section 96(2) of the Rajasthan Goods and Service Tax Act, 2017 and Section 96 of the Central Goods and Services Tax Act, 2017 to the extent they prescribe for the constitution of the Authority for Advance Ruling (AAR) consisting […]

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Maharashtra Govt. issues Clarification for Speedy Refund, Relaxes Monetary Limit for ‘approval’

The Government of Maharashtra issued the circular clarifying the procedure to be followed for approval of the speedy Goods and Service Tax (GST) refunds and also relaxes the monetary limit for ‘approval’. Maharashtra Commissionerate issues circular for speedy GST refund noting that seeking approval through e-mail is delaying the process as Departmental authorities are working-from-home […]

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Chartered Accountant vacancy in Ericsson

The Telefonaktiebolaget LM Ericsson has invited applications from eligible candidates for the post of CA Manager. The Telefonaktiebolaget LM Ericsson, doing business as Ericsson, is a Swedish multinational networking and telecommunications company headquartered in Stockholm. The company offers services, software, and infrastructure in information and communications technology for telecommunications operators, traditional telecommunications and Internet Protocol […]

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CBDT notifies Income Tax (9th Amendment) Rules, 2020: Safe Harbour Rules Extended [Read Notification]

The Central Board of Direct Taxes (CBDT) has notified Safe Harbour Rules as Rule 10TD, which shall apply for Assessment Year 2020-21. The Rule came into existence through the Income-tax (9th Amendment) Rules, 2020. The Board empowered under Section 295 read with Section 92CB (2) of the Income-tax Act, 1961, amended the Income-tax Rules, 1962 […]

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CBIC issues Changes in SOP for Verification of IGST and Other Related Aspects [Read Circular]

The Central Board of Indirect Taxes (CBIC) on Wednesday issued changes in Standard Operating Procedure (SOP) dated January 23, 2020, for the purpose of verification of Integrated Goods and Service Tax (IGST) and other related aspects. The objective of the Standard Operating Procedure (SOP) dated January 23, 2020, was to verify the existence of exporters […]

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COVID-19: Jharkhand Govt hikes VAT on Liquor by 25% [Read Notification]

The Jharkhand State Government has hiked the Value Added Tax ( VAT ) on Liquor by 25 percentage. Presently, the VAT on liquor to 75 percent across the state. The earlier rate of VAT on liquor in the state was 50 percent. According to a notification issued by the Commercial Taxes Department on Tuesday, the […]

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Late Filing of Bill of Entry: Customs extends waiver of Late Fee till 3 June

The Commissioner of Customs (Imports) on Tuesday extended the waiver of late fee for the belated filing of Bill of Entry till June 3, 2020, due to COVID-19 lockdown. The circular issued by the Commissioner of Customs amended the Public Notice dated March 23, 2020, which extended the waiver till May 20, 2020; however because […]

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ICAI issues Guidelines for Key Considerations by Auditors amid COVID-19

Chartered accountants‘ apex body ICAI has come out with detailed guidelines on Going Concern, Key Considerations for Auditors amid COVID-19. Business activities have been disrupted by the outbreak and the country is also on lockdown to curb the spreading of coronavirus infections. Under the current circumstances, the ICAI said auditors, “timely and effective communication between […]

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Central Govt. releases ₹15,340 cr GST Compensation to States

The Central Government has released the rupees 15,340 crores as Goods and Services Tax (GST) Compensation to State Governments / Union Territories. The Goods and Services Tax (Compensation to States) Act, 2017 was enacted to levy Compensation cess for providing compensation to the States for the loss of revenue arising on account of implementation of […]

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COVID-19: Punjab Govt extends Deadline for Outstanding House Tax, Property Tax

The Punjab State Government has extended the deadline to pay the outstanding house tax or property tax without any penalty till June 30, 2020. Likewise, the time limit of the “One Time Settlement Policy” for recovery of arrears of water and sewerage charges in the Urban Local Bodies of the state has also been extended […]

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ICAI issues Rules for Audit of Going Concern amid COVID-19

The Institute of Chartered Accountants of India (ICAI) has issued detailed guidelines for audits to assess the going concern nature of the company and key audit considerations amid COVID-19. Auditor reporting and transparency about the entity’s financial condition is information critical to our turbulent economy. Amid the economic turmoil related to the coronavirus pandemic, going […]

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ITAT upholds Re-Assessment Proceedings against Former Indian Cricket Team Captain [Read Order]

The Income Tax Appellate Tribunal (ITAT), has recently upheld the proceedings for re-opening of assessment by the income tax department against former Indian Cricket Team Captain Krishnamachari Srikanth. The former Captain, the assessee is now engaged in the business of Modelling, Cricket Commentary, Journalism, and Consulting & BPCL Dealership. During the relevant year, the Assessing […]

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Digital Payment Facility: CBDT issues Clarification on New Section 269SU of Income Tax Act, 1961 [Read Circular]

The Central Board of Direct Taxes (CBDT) issued the clarification on Wednesday that the provisions of section 269SU of the Income Tax Act shall not be applicable to a specified person having only B2B transactions i.e. no transaction with the retail customer if at least 95% of the aggregate of all amounts received during the […]

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Big Change in ITC Claim in GST due to lockdown I CA Satbir Singh

CA / CMA vacancy in Genpact

The Genpact has invited applications from eligible candidates for the post of Senior Manager. The Genpact is an American professional services firm headquartered in New York City, New York. During the eight years that followed, it began to manage a wide range of processes across GE’s financial services and manufacturing businesses. Job description Candidate should […]

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Charted Accountant (ICAI/CPA/ACCA) vacancy in EY

The EY has invited application from a qualified Chartered Accountant with post qualification experience between 5 to 6 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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Cabinet approves Modifications in Existing Partial Credit Guarantee Scheme

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has approved the Sovereign portfolio guarantee of up to 20% of first loss for purchase of Bonds or Commercial Papers (CPs) with a rating of AA and below (including unrated paper with original/ initial maturity of up to one year) issued by NBFCs/ MFCs/Micro Finance […]

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Cabinet approves Special Liquidity Scheme for NBFCs/HFCs to address their Liquidity Stress

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has given its approval to the proposal of the Ministry of Finance to launch a new Special Liquidity Scheme for Non-Banking Financial Companies (NBFCs) and Housing Finance Companies (HFCs) to improve the liquidity position of the NBFCs/HFCs. Financial implication: The direct financial implication for […]

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CA/CMA vacancy in Siemens

Siemens AG has invited applications from eligible candidates for the post of the commercial project manager. Siemens AG is a German multinational conglomerate company headquartered in Munich and the largest industrial manufacturing company in Europe with branch offices abroad. The principal divisions of the company are Industry, Energy, Healthcare (Siemens Healthineers), and Infrastructure & Cities, […]

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Non-Recording of Satisfaction Note and Absence of Nexus between Reassessment, ITAT erred in remitting issues on Merit: Delhi HC [Read Judgment]

The High Court of Delhi held that the impugned order passed by the ITAT suffers from perversity in so far as it refused to allow the assessee to urge the grounds by way of an oral application under Rule 27 of the Income-tax (Appellate Tribunal) Rules, 1963. The revenue-initiated search action under Section 132 of […]

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CA/CPA/CWA vacancy in Amazon

Amazon has invited applications from eligible candidates for the post of FinOps Specialist. Amazon.com launched in 1995, it was with the mission “to be Earth’s most customer-centric company, where customers can find and discover anything they might want to buy online, and endeavors to offer its customers the lowest possible prices.” RESPONSIBILITIES Identifying root causes […]

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GST: Why Section 129 of the Central Goods & Service Tax Act become Unconstitutional

SECTION 129. DETENTION, SEIZURE, AND RELEASE OF GOODS AND CONVEYANCES IN TRANSIT Section 129(1) of the Central Goods & Service Tax Act, 2017 (CGST Act for short) as well as the same section in the various State Goods & Service Tax Acts, 2017 (SGST Acts for short) / Union Territory  Goods & Service Tax Acts, […]

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No Income Tax on Compensation Paid for Govt Acquired Land: Kerala HC [Read Judgment]

The Kerala High Court ruled that, Income Tax cannot be charged on Compensation paid for Acquired land. The petitioner is the absolute owner, titleholder of land to the extent of 7.33 cents with three shop rooms, and a residential building in Ernakulam District. The market value of the land on announcement of Smart City Project, […]

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Something You Need to Know About MSME

What’s MSME  Definitions of Micro, Small & Medium Enterprises In accordance with the provision of Micro, Small & Medium Enterprises Development (MSMED) Act, 2006 the Micro, Small and Medium Enterprises (MSME) are classified in two Classes: Manufacturing Enterprises-The enterprises engaged in the manufacture or production of goods pertaining to any industry specified in the first schedule […]

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GST & Other Indirect Tax Appeals to be Heard through Whatsapp: Dept issues Guidelines [Read Circular]

The Commissioner of Central Goods and Service Tax (CGST) on Monday issued guidelines for the virtual hearing of appeals and adjudication of indirect tax cases under the provisions of Central Excise Act, 1944; the Finance Act, 1994 and Central Goods and Service Tax Act. addressing all the trade associations of the assessee in Thane commissioner, […]

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COVID-19: ICSI requests Nirmala Sitharaman to amend GST Law [Read Letter]

The Institute of Company Secretaries of India (ICSI) on Monday wrote a letter to the Finance Minister, Nirmala Sitharaman requesting the amendment in Goods and Service Tax (GST)  due to COVID-19. The letter while emphasizing the consequences of COVID-19 borne by the economy said that the coming months may witness huge liquidity problems in the […]

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Virtual CFO Services: An Opportunity for Chartered Accountants and Finance Consultants

Virtual CFO (or CFO for short) stands for the virtual chief financial officer. A virtual CFO is an outsourced service provider offering high skill assistance in the financial requirements of an organization, just like a chief financial officer does for large organizations. In the present scenario, many challenges are being faced by the organizations in […]

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GST on Sales of Residential Plots by Developers: Advance Rulings Issued but Disputes Looming Large

Nobody has any doubt as to whether selling land does attract any tax under the Goods and Services Tax Law. GST is not applicable to the sale of land because it is neither treated as supply of goods nor the supply of services as per Schedule III of the CGST Act, 2017. The land is identified as immovable property, and […]

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ESIC extends Time Limit for Filing Return of PF Contribution for the period October 2019 to March 2020 [Read Circular]

The Employees State Insurance Corporation (ESIC) has extended the time limit for filing the Return of Provident Fund(PF) Contribution for the period of October 2019 to March 2020. In a Circular issued by ESIC said that, In continuation of this office letter of ex. number dated 17.03.2020 on the subject noted above. it is informed […]

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ITC can be availed on Detachable Sliding and Stackable Glass: AAAR [Read Order]

The Appellate Authority of Advance Ruling (AAAR) ruled that Input Tax Credit (ITC) of Goods and Service Tax (GST) can be availed by the applicant on the detachable sliding and stackable glass which is movable in nature. The applicant, M/s We work India Management Private Limited is in the business of supplying shared workspace and […]

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CA/ICWA openings in NRETP

The Assam State Rural Livelihoods Mission Society has invited online applications for the engagement of following professionals, on a contractual basis in, the project period of the National Rural Economic Transformation Project (NRETP). State Project Manager (Enterprise Promotion) Experience Minimum 7 years post qualification experience in non-farm livelihoods sector like microenterprises development, Collectives and Producer […]

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Scrutiny Assessment without Notice is Defective in Law: ITAT [Read Order]

While upholding an order passed by the Commissioner of Income Tax (Appeals), the Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that scrutiny assessment under section 143(2) cannot be passed without serving notice to the assessee. The assessee is a farmer and sold agricultural land through two sale deeds. The total cash […]

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CA vacancy in RECPDCL

The RECPDCL has invited applications from experienced professionals on All India Basis in Management & Technical Services to be engaged purely on Fixed Term Basis initially for a period of three years which may be extended further for a period of One year and Six Months maximum. The REC Power Distribution Company Ltd. (RECPDCL) is […]

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CA / CMA openings in NCRTC

The NCRTC has invited applications from experienced Finance Officers, working with Railways/ Railways’ CPSEs/PSUs/ Metro Companies/ other Central/ State Govt. undertakings or their instrumentalities, on Deputation/ Absorption basis for its RRTS project in NCR. The National Capital Region Transport Corporation (NCRTC) – a Joint Sector Company of Govt. of India and States of Delhi, Haryana, […]

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Raymond not Passed the Benefit of Tax Reduction to Customers: NAA [Read Order]

The National Anti-Profiteering Authority (NAA) has observed that M/s Raymond has not passed on the benefit of tax reduction and has violated the provisions of Section 171(1) of the Central Goods and Service Tax (CGST), Act, 2017. M/s Raymond Ltd. had not passed on the benefit of tax reduction from 28% to 18% on ‘After‑Shave […]

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CBIC defers Electronic Sealing for Deposit and Removal of Goods from Warehouses [Read Circular]

The Central Board of Indirect Taxes and Customs (CBIC) has deferred electronic sealing for deposit in and removal of goods from customs bonded warehouses. The customs department has deferred the implementation of mandatory electronic sealing for deposit and removal of goods from customs warehouses after it received representations from stakeholders. In an official notification dated […]

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Big Change in GSTR 1 I CA Satbir Singh

Big Change in GSTR 1 I CA Satbir Singh

Applicant executing Independent Work can’t be treated as Sub-Contractor: AAR [Read Order]

The Authority of Advance Ruling (AAR) ruled that an applicant who is supposed to execute an independent work can not be treated as a sub-contractor of the main contract. The construction services undertaken by the applicant does not fall under entry no. (iv)(a) and (ix) of the Notification No. 11/2017 dated June 28, 2017. The […]

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Financial Analyst vacancy in Oracle

The Oracle Corporation has invited applications from eligible candidates for the post of Financial Analyst. The Oracle Corporation is an American multinational computer technology corporation headquartered in Redwood Shores, California. The company sells database software and technology, cloud engineered systems, and enterprise software products—particularly its own brands of database management systems. Job Requirements Financial support […]

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CBIC brings onboard e-SANCHIT App, RNI as one more PGA with its LPCOs [Read Circular]

The Central Board of Indirect Taxes and Customs (CBIC) issued a circular which, has brought onboard e-SANCHIT App one more Participating Government Agencies (PGA) namely Registrar of Newspapers of India (RNI) with its Licenses/Permits/Certificates/Other Authorizations (LPCOs). The eSANCHIT application provides facility to upload digitally signed Licenses/Permits/Certificates/Other Authorizations (LPCOs) through Participating Government Agencies (PGAs) at all […]

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KPMG is hiring CA with Statutory Audit Experience

The KPMG has invited applications from eligible candidates for the post of Assistant Manager. The KPMG is a leading professional services firm comprising over 174,000 professionals who work together to deliver value in more than 155 countries through in-depth industry insights in Audit, Tax & Advisory. Job description The manager will be predominantly responsible for […]

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CA / ICWA / CS vacancy in Bank of America

The Bank of America has invited applications from eligible candidates for the post of Manager. The Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. […]

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Legal Status of Online Gambling in India

One of the most popular questions of new players is whether online gambling is legal in the residing country. Asking the question is very relevant and it makes sense to go deeper into it, as the answer is often a bit more complex than just yes or no. In some countries, the answer is relatively […]

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CA vacancy in Thomson Reuters

The Thomson Reuters has invited applications from eligible candidates for the post of Assistant Controller. Thomson Reuters was created by the Thomson Corporation’s purchase of the British company Reuters Group in April 2008 and is majority-owned by The Woodbridge Company, a holding company for the Thomson family. Thomson Reuters was ranked as Canada’s “leading corporate […]

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A Look at the Gambling Licenses that Regulate Online Casinos Around the World

The online gambling market was estimated to be worth $53.7 billion in 2019 and it is expected to grow at a steady rate for the near future. Today, there are tons of online casinos that allow players from all over the world to enjoy the thrill of gambling at any time and on any device […]

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Analysis & Summary of Special Measures for MSMEs amid COVID-19 Outbreak

Background: The Micro, Small, and Medium Enterprises (MSME) sector has emerged as a highly vibrant and dynamic sector of the Indian economy over quite a few years. The sector has played a crucial role in providing large employment opportunities at comparatively lower capital costs. It has also helped in the industrialization of rural & backward […]

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Financial Controller – Associate vacancy in JP Morgan

The JP Morgan has invited eligible candidates for the post of Financial Controller. The JPMorgan Chase & Co. is an American multinational investment bank and financial services holding company headquartered in New York City. JPMorgan Chase is ranked by S&P Global as the largest bank in the United States and the sixth-largest bank in the […]

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Society collecting Rent on behalf of Govt eligible for Receiving Credit of TDS: ITAT [Read Order]

In a significant ruling, the Income Tax Appellate Tribunal (ITAT), Delhi bench has held that the income tax department should allow credit of TDS paid by the society who collects rent on behalf of the Government since such rent its income and the amount of rent paid back to the Government is its expenses. The […]

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Activity of Development and Sale of Land attracts GST: AAAR [Read Order]

The Appellate Authority of Advance Ruling (AAAR) upheld the ruling of AAR and ruled that Goods and Service Tax (GST) is payable on the development of land into residential layout and sale. The Applicant, Maarq Spaces Private Limited is a Private Limited Company, registered under the Goods and Services Act, 2017, engaged in the business […]

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Depositing Timber with Govt. Timber Depot for Disposal Amounts to Supply, Taxable under GST: AAAR [Read Order]

The Appellate Authority of Advance Ruling (AAAR) in Karnataka, while upholding the ruling of the AAR ruled that the transaction of depositing timber with the Government Timber depot for disposal would amount to “supply” within the meaning assigned to it under the GST Act and GST is chargeable on the value of such supply. The […]

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Religious Trust shall pay GST on providing Temporary Stay for Pilgrims: AAAR [Read Order]

The Appellate Authority of Advance Ruling (AAAR) while upholding the ruling of the  Authority of Advance Ruling (AAR) ruled that Goods and Service Tax (GST) is applicable to the religious Trust while providing temporary stay for the pilgrims. The Appellant, Acharya Shree Mahashraman Chaturmas Pravas Vyvastha Samiti Trust is a religious charitable trust registered under […]

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GST is applicable on Landscape Development & Maintenance of Garden Work for Govt. undertakings: AAAR [Read Order]

The Appellate Authority of Advance Ruling (AAAR) in Karnataka ruled that Goods and Service Tax (GST) is applicable to landscape development and maintenance of garden work for government undertakings as it is covered under subcontract work. The applicant, M/s The Nurserymen Co-operative Society s is in the business of maintaining the gardens and landscape development […]

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Adverse Exchange Rate of Rupee is part of Export Turnover, Eligible for Relief: Calcutta HC [Read Order]

The High Court of Calcutta held that extra realization made in rupees for export sale proceeds in foreign exchange due to adverse exchange rate of rupee would be part of the export turnover in the year of receipt and export sale proceeds received in accordance with and in terms of the contract and with the […]

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Govt. allows direct Listing of Securities by Indian Public Companies in Permissible Foreign Jurisdictions

In a Press Conference held yesterday, the Minister for Finance and Corporate Affairs Nirmala Sitharaman said that the Central government will allow direct listing of Securities by Indian Public Companies in Permissible Foreign Jurisdictions. The Finance Minister also said that It will help to Improvement in rankings in ‘starting a business’ and ‘insolvency resolution’ have […]

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COVID-19: Kerala Government extends Time Limit of Payment of License Fee and Renewal of Registration under various Acts [Read Circular]

The Kerala Government has extended the time limit of Payment of License Fee and Renewal of Registrations under Kerala Money Lenders’ Act, 1958, and Kerala General Sales Tax Act, 1963. In a Circular issued by Kerala GST Department said that, In view of the unprecedented spread of pandemic COVID -19, it is found necessary to […]

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CA openings in Accenture Solutions Pvt Ltd

The Accenture Solutions Private Ltd has invited applications from eligible candidates. The Accenture is a leading global professional services company, providing a broad range of services in strategy and consulting, interactive, technology, and operations, with digital capabilities across all of these services. We combine unmatched experience and specialized capabilities across more than 40 industries powered […]

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Govt. to decriminalise Minor Technical and Procedural Defaults under the Companies Act

The Central Government to decriminalise the violations involving minor technical and procedural defaults (shortcomings in CSR reporting, inadequacies in board report, filing defaults, delay in holding AGM) under the Companies Act. In a press conference held on Sunday, the Minister for Finance and Corporate Affairs said that, Majority of the compoundable offenses sections to be […]

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Finance Ministry suspends Fresh Initiation of Insolvency Proceedings up to One, Debts incurred due to COVID-19 not ‘Default’ for IBC

The Ministry of Finance has suspended the fresh initiation of insolvency proceedings up to one year depending upon the COVID-19 pandemic situation. The Minister for Finance and Corporate Affairs said that, Minimum threshold to initiate insolvency proceedings raised to Rs. 1 crore from Rs. 1 lakh, which largely insulates MSMEs. The Central Government will also […]

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Madras HC directs Insurance Company to Deposit entire Award Sum without applying TDS till further orders of Larger Bench

The High Court of Madras directed the Registry to place this matter before the Hon’ble Chief Justice for considering the issues for resolution by a larger bench. Meanwhile, the insurance company was directed to deposit the entire award sum of Rs. 10,46,200/- with interest at 9% per annum with a cost of Rs. 27,332/- and […]

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GST TRAN-1: Delhi High Court Judgment is Nullified by Finance Act, 2020

GST TRAN -1 is filed by those taxpayers who are eligible to claim the credit on the tax already paid in the pre-GST regime as per section 140 of the CGST Act, 2017 read with Rule 117 [CHAPTER – XIV- TRANSITIONAL PROVIISONS] of the CGST Rules, 2017. The credit can be by way of VAT/Service […]

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CBIC notifies Provision to Disallow Belated Transitional Credit Claims Retrospectively [Read Notification]

The Central Board of Indirect Taxes and Customs (CBIC) on Saturday issued a notification announcing May 18, 2020, to be the effective date for the implementation of the provisions pertaining to Transitional credit for unavailed CENVAT – Amended under Section 128 of the Finance Act, 2020. The Budget 2020 inserted section 128 in the Finance […]

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Delhi HC allows Bail to Accused of Corporate Fraud Case since Trial not possible due to Lockdown [Read Order]

The High Court of Delhi granted the bail to the Director accused of fraud on grounds that he was not the signatory to the alleged False Statement in the balance sheet of the Company quoting a reason that the trial proceedings cannot be completed within the reasonable time because of lockdown due to COVID-19 outbreak […]

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SEBI relaxes Procedural Rules pertaining to Takeovers and Buy-back [Read Circular]

The Securities and Exchange Board of India (SEBI) on May 14, 2020, has granted one-time relaxations pertaining to open offers and buy-back tender offers opening up to July 31, 2020, under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 and SEBI (Buy-back of Securities) Regulations, 2018. The Board empowered under Section 11(1)  of […]

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SEBI eases Action on Non-Compliance of Companies with Minimum Public Shareholding Requirements [Read Circular]

The Securities and Exchange Board of India (SEBI) has granted a reprieve to companies from complying with the 25 percent minimum public shareholding (MPS) norms. In a circular on Thursday, the market regulator said: “It has been decided to grant relaxation from the applicability of the October 10, 2017 circular for listed entities for whom […]

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No Jurisdiction of AO in Reopening of Assessment after 4 years by Reason of Failure on part of assessee: Madras HC [Read Judgment]

The High Court of Madras held that there is no jurisdiction of Assessing officer (AO) in the reopening of Assessment after 4 years by reason of failure on part of the assessee. The Assessing Officer, vide Assessment Order pertains to the Assessment Year, dealt with the Return of Income filed by the respondent Company, M/s.SKI […]

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COVD-19: Commerce Ministry clarifies Issues relating to SEZ and EOUs [Read Circular]

The Ministry of Commerce on Friday issued a circular where the Director-General of Export Promotion (DGEP) clarified all the issues pertaining to Special Economic Zones (SEZs) and Export Oriented Units (EOUs) raised by Stakeholders during the COVID-19 lockdown. The Department of Revenue undertook to answer both the aspects of issues that require immediate action and […]

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DGFT issues Amendment in Export Policy of Masks [Read Notification]

The Director-General of Foreign Trade (DGFT), Amit Yadav on Saturday issued the amendment in the export policy of masks. The government prohibits the export of all kinds of masks made of cotton, silk, wool, and knitted except non-surgical or non-medical. Masks as part of India’s preparedness to face new coronavirus threats, the government has slightly […]

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Online Internship Program in SEBI

The SEBI has invited applications from eligible candidates for the legal internship program which shall be held in April 2020. In view of the advisory issued by the Government announcing complete ban/partial lock-down on account of COVID-19, the internship program in the Legal Department of SEBI has made modifications to the advertisement circulated on the […]

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ICMAI offers ICMR for costing of COVID-19 Tests on Voluntary basis

The Institute of Cost Accountants of India (ICMAI) has offered Indian Council Medical Research ( ICMR ) for the costing of COVID-19 tests on a voluntary basis. The ICMAI President, CMA Balwinder Singh said that “We all are aware that the entire world is grappling with the COVID-19 disease and Government is taking all possible […]

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Big Changes in GST from 18.05.2020 I New GST Notification I CA Satbir Singh

Transfer of Shares being a Family Arrangement can’t be treated as Gift or Perquisites: ITAT deletes Addition [Read Order]

The Income Tax Appellate Tribunal (ITAT), Delhi bench, in a significant ruling, held that the transfer of shares, being a family arrangement, cannot be treated as a gift or prerequisite for the purpose of taxation and the same would not constitute a sham transaction. The income tax return filed by the assessee, an investment company […]

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Maharashtra Govt. issues Guidelines for Filing Appeal against Assessment Orders passed Manually [Read Circular]

The Commissioner of State Tax, Maharashtra on Friday issued the trade circular wherein guidelines for filing appeal against assessment orders passed manually, apart from the SAP system, were elaborated. The Maharashtra Government issued the guidelines on the representations received that in some cases the Rectification Applications filed by the dealers are not being taken up by […]

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SEBI relaxes Timelines for Compliance with Regulatory Requirements [Read Circular]

The Security and Exchange Board of India (SEBI), on Friday, issued a circular relaxing the timelines for compliance with regulatory requirements. In view of the situation arising due to  COVID-19  pandemic,  lockdown imposed by the Government and representations received from  Stock  Exchanges, the Board decided to further extend the timelines for compliance with the regulatory […]

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CA / ACCA / CPA vacancy in Deloitte

The Deloitte Touche Tohmatsu Limited in the Middle East region is seeking to recruit outstanding national and Arabic speaking individuals. The Deloitte is the brand under which tens of thousands of dedicated professionals in independent firms throughout the world collaborate to provide audit, consulting, financial advisory, risk management, and tax services to selected clients. These […]

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Statutory Benefits to Assessee can’t be denied on Technicalities: Karnataka HC on rejection of C-Forms due to Late Submission

The High Court of Karnataka held that merely for the reason that C-Forms are filed belatedly, it cannot be rejected since the aim of the legislature is to provide a concessional tax benefit to the assessee and the same cannot be rejected on the ground of technical errors. The Court accordingly asked the Appellate Tribunal […]

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Chartered Accountant vacancy in RECPDL

The RECPDCL is hiring experienced professionals on All India Basis in Management & Technical Services to be engaged purely on Fixed Term Basis. The RECPDCL is rendering expert consultancy services in the power sector in the general and Distribution sectors in particular across the country. The spectrum of consultancy services includes inter-alia, Project Management Consultancy […]

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Legal vacancy in MoSPI

The Ministry of Statistics &Programme Implementation (MoSPI) invites applications from willing and eligible candidates for 3 positions of Young Professionals (YPs) and 3 positions of Consultants in the Legal field. The Ministry of Statistics and Programme Implementation is a ministry of Government of India concerned with coverage and quality aspects of statistics released. The surveys […]

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GST Dept. Chennai activates Whatsapp Number for Assessees to Ease Communication

The Revenue Department, Chennai on Friday issued a trade notice wherein the taxpayers falling under the Central Jurisdiction within the State of Tamil Nadu and the Union Territory of Puducherry are requested to avail the facility of the WhatsApp number i.e. 94444 02480 for redressal of their Grievances and resolution of Queries and bring to […]

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CCI invites comments on Examination of Non-Compete Restrictions under Regulation of Combinations

The Competition Commission of India (CCI) has been looking at non-compete restrictions stipulated in mergers and acquisitions while reviewing combinations. Notifying parties are required to furnish information on non-compete restrictions for the purpose of its examination. The CCI has issued a Guidance Note explaining the circumstances under which a non-compete restriction would be regarded as […]

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Revisional Assessment is invalid If not passed within Two Years of Original Assessment: ITAT grants Relief to Jindal Steel [Read Order]

In a Relief to Jindal Steel and Power, the Delhi bench of the Income Tax Appellate Tribunal (ITAT) has quashed a revisional assessment passed under section 263 of the Income Tax Act, 1961, for the reason that the same is passed beyond two years of the conclusion of the original assessment. The original assessment against […]

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Chartered Accountant vacancy in AIIMS

The AIIMS has invited applications from eligible candidates for the post of Accounts Officer. The AIIMS Bhopal is a premier Institute of National Importance (INI) established by the Ministry of Health & Family Welfare, Government of India under the Pradhan Mantri Swasthya Suraksha Yojna (PMSSY) with the aim of correcting regional imbalances in quality tertiary […]

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GSTR 3B Last Date for April 2020 I CA Satbir Singh

Hotel, Bars and eating places will pay Annual Licence Price by June 1: Bombay HC [Read Order]

The Bombay High Court on Tuesday prolonged the deadline for renewal of the annual licence price for the allowed bars Licence holders in Maharashtra until June 1 amid the coronavirus illness (Covid-19) outbreak, which is inflicting havoc to financial actions throughout the nation. The order came on a petition filed by Hotel and Restaurant Association […]

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Misuse of Client Code Modification for Tax Evasion: ITAT upholds Addition [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal (ITAT), in a matter involving misuse of client Code Modification, confirmed the addition against the assessee finding that the assessee could not prove the allegations of the tax department as wrong and could not substantiate the genuineness of the transactions with adequate proof. The assessment against […]

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No Exempt Income Received or Receivable, No Disallowance under Section 14A: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai held that Section 14A of the Income Tax Act, 1961 will not apply if no exempt income is received or receivable during the relevant previous year. The assessee raised the grievance that the Assessing Officer has erred in restricting the disallowance under section 14A of the Income Tax […]

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No Service Tax on Goods Components involved in ‘Photography Services’ for which VAT already paid: Madhya Pradesh HC [Read Judgment]

The High Court of Madhya Pradesh held that photography services, which has both the elements of goods and services, is covered under works contract and service tax cannot be levied on the goods component when VAT is already paid on the same. The appellant is engaged in the business of processing, printing, and exposure of […]

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No Ex-Parte orders during Pandemic, Andhra Pradesh HC clarifies [Read Order]

The High Court of Andhra Pradesh reiterated the order of the Apex court and said that deferring time barring under all statutes is applicable to all citizens, tribunals, and courts including quasi-judicial authorities, so no ex-parte orders can be passed during a pandemic. The petitioner which is an industry, based at Pune was asked to […]

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Bonus allocated to Policyholders is not Taxable as Income from Insurance Company: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), while granting relief to Max New York Life Insurance Company Ltd, held that the addition made by the income tax department treating bonus allocated to the policyholders as taxable income under section 44 of the Income Tax Act, 1961 is liable to be quashed. The assessee, Max New York […]

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Vertical Restraints imposed by OPs not likely to have any Adverse Effect on Competition in India: CCI

The Competition Commission of India (CCI) observed that the market for car audio products is fragmented with the presence of a large number of players without any entity enjoying a significant market power. The presence of such players exerts competitive constraints on Opposition Parties (OPs). So, the purported vertical restraints imposed by OPs are not […]

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CCI closes Complaint against West Bengal Lotteries Directorate Stockist [Read Order]

Fairtrade regulator Competition Commission has closed a complaint alleging unfair business practices by the Directorate of State Lotteries, West Bengal, and West Bengal Lottery Stockists Syndicate. The complainant had alleged that an agreement between the Directorate of State Lotteries West Bengal Lottery Stockists Syndicate allowed the latter to purchase paper lotteries at credit and discount, […]

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Appeal cannot be disposed Ex-parte without discussing Merits of the Case: ITAT [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has recently held that the Commissioner of Income Tax (Appeals) shall discuss the merits of the case while passing an ex-parte order. Coming to the facts of the case, the assessee did not file the return of income for Assessment Year 2009-10. Return declaring total […]

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No Service Tax on Clubs / Associations incorporated prior to July 1, 2012: Karnataka HC [Read Judgment]

The High Court of Karnataka held that the companies and co-operative societies which are registered under the respective Acts can be said to be constituted under those Acts and the clubs or associations incorporated prior to July 1, 2012, were not included in the service tax net. The respondent, Sobha Developers Limited is engaged in […]

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Delhi Customs issues Covid-19 Facilitation Measures: Relaxation in Procedure for Inbonding of Cargo Import under Warehouse Bill of Entry

The Delhi Customs, on Wednesday, issued relaxation in the procedure for Inbonding of Cargo import under Warehouse Bill of Entry as one of the COVID-19 facilitation measures. The Board has extended the facility of accepting undertaking in lieu of bond vide Circular No. 23/2020 dated May 11, 2020. Public Notice No. 22/2020 dated April 3, […]

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COVID-19: Kerala to hike Excise Duty on Liquor

Amidst the struggles due to the COVID-19 pandemic, the Kerala State Government has decided to increase 10 to 35 percent of the excise duty to boost the economy. The State cabinet on Wednesday decided to bring out an ordinance to the effect. Prices of both Indian Made Foreign Liquor and beer, concurrently taxed at 202-212 […]

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Delhi Customs issues Procedure for Assessment in cases of Non-Submission of Original Country of Origin Certificates [Read Circular]

The Delhi Customs, on Wednesday issued procedure for assessment in cases of nonsubmission of Original Country of Origin Certificates. In the wake of COVID-19 facilitation measures amended the Public Notice dated April 9, 2020, addressing all the importers, customs brokers, members of the trade, and all other stakeholders. “Other contents of Public Notice No. 24/2020 […]

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ICAI cautions Chartered Accountants and Students from Fake Social Media Pages

The Institute of Chartered Accountants of India ( ICAI ) has cautioned the Chartered Accountants, Students, and Public at Large in respect of Fake Social Media Pages. In an Advisory issued by ICAI said that This is to inform all the Members and Students of ICAI and public at large that it has come to […]

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CBIC extends Time limits for Furnishing various Forms, Statements and Payment of Dues under Sabka Vishwas Scheme [Read Notification]

The Central Board of Indirect Taxes and Customs ( CBIC ) has extended the Time limits for Furnishing various Forms, Statements, and Payment of Dues under Sabka Vishwas (legacy Dispute Resolution) Scheme. The CBIC has extended the time limit of Estimate of the amount payable by the declarant (SVLDRS-2) 1st May, 2020 from the Thirty […]

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ICWA vacancy in Rian Placements

The Rian Placements has invited applications from eligible candidates for the post of Cost Accountant. The Rian Placements is a professionally managed leading manpower consultancy operating in end-to-end recruitment solutions designed to meet customer needs throughout the recruitment cycle, across multiple industries. Job description SAP – CO Module Product costing Budgeting Inventory valuation FI – […]

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ICAI announces Retrospective Restoration of Membership / COP

The Institute of Chartered Accountants of India ( ICAI ) has announced the Retrospective Restoration of Membership / Certificate of Practice (COP) for the year 2019-2020. The ICAI said that the sudden developments in regard to coronavirus pandemic in the country have resulted in an extended lockdown, since 22nd March 2020 by the Government of […]

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COVID-19: BCI exempts Lawyers across India from Black Robes [Read Circular]

A day after the Supreme Court exempted lawyers from wearing black robes in view of COVID-19, the Bar Council of India (BCI) on Thursday said lawyers across the country were not required to wear the customary black coats, gowns or robes. A regulator of the legal profession in India, BCI said the administrative order will […]

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Rajasthan HC grants Bail to Chartered Accountant creating Bogus Firms to grab GST Refunds [Read Order]

The High Court of Rajasthan allowed the bail application of the Chartered Accountant (CA), who is accused of creating bogus firms to grab GST refunds. The petitioner has devoured a huge amount of Rs.17 crores by fraudulent transactions and to date, only around one crore has been recovered in the matter. The petitioner is further […]

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CMA / CA vacancy in Bayer Pharmaceutical Pvt. Ltd

The Bayer Pharmaceutical Pvt. Ltd has invited applications from eligible candidates to support the routine Accounting Operations in the area of Cost Accounting. Bayer AG is a German multinational pharmaceutical and life sciences company and one of the largest pharmaceutical companies in the world. Headquartered in Leverkusen, Bayer’s areas of business include human and veterinary […]

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Chartered Accountant vacancy in EY

The EY has invited application from a qualified Chartered Accountant with post qualification experience between 7 to 8 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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All You Need to Know about the Reduction in Rate of TDS & TCS

In order to provide more funds at the disposal of the taxpayers for dealing with the economic situation arising out of COVID-19 pandemic, the rates of Tax Deduction at Source (TDS) for the following non-salaried specified payments made to residents has been reduced by 25% for the period from 14th  May 2020  to 31st March […]

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KPMG is hiring CA/CA-Inter/CMA/ICWA

The KPMG has invited applications from eligible candidates for the post of Assistant Manager. The KPMG is a leading professional services firm comprising over 174,000 professionals who work together to deliver value in more than 155 countries through in-depth industry insights in Audit, Tax & Advisory. Candidate Requirements: Should have at least 1 end to […]

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Madhya Pradesh HC quashes CST Assessment since No Opportunity of Cross-Examination was allowed to Dealer [Read Judgment]

The Madhya Pradesh High Court held that reasonable opportunity of being heard is a prerequisite for best judgment assessment and quashed assessments made under the Central Sales Tax Act by finding that the dealers were denied the right to cross-examine the third parties during the assessment proceedings. The petitioner firm, M/s Munesh Enterprises which is […]

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LIC Maturity Sum exempted from GST: AAR [Read Order]

The Authority for Advance Rulings (AAR), Karnataka bench has recently held that the salary of a director is not subject to Goods and Services Tax (GST). While delivering a significant ruling, the authority observed that the same is not a service. The applicant, M/s Anil Kumar Agarwal is an unregistered person and is in receipt […]

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SEBI allows e-KYC using Aadhaar Authentication Service to 8 entities in Securities Market [Read Circular]

The Security and Exchange Board of India (SEBI), on Tuesday, issued a circular permitting 8 entities to undertake e-KYC Aadhaar Authentication service of UIDAI in the Securities Market. The move is aimed at keeping money laundering in check. It comes after the government on 22 April notified certain stock/securities-related entities, as per the recommendation by […]

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RBI extends Interest Equalisation Scheme on Pre and Post Shipment Rupee Export Credit

The Reserve Bank of India ( RBI ) has extended the Interest Equalisation Scheme on Pre and Post Shipment Rupee Export Credit. A notification issued by RBI said that, In this connection, the Government of India has approved the extension of the Interest Equalization Scheme for pre and post-shipment Rupee export credit, with the same […]

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COVID-19: SC relaxes Dress Code for Lawyers [Read Circular]

The Supreme Court on Wednesday issued two circulars relaxing the dress code for lawyers appearing before it via video conferencing and eliminating filings on A4 size sheets, in light of the medical exigencies existing due to COVID-19. In a circular issued today, the Supreme Court has said that on receiving medical advice, it is relaxing […]

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Commerce Ministry issues Interim Relief to SEZ units in Lease Rent amid COVID-19 [Read Circular]

The Ministry of Commerce and Industry on Monday issued interim relief to the Special Economic Zone (SEZ) units in lease rents due to the COVID-19 outbreak. The Union Government has said that there will be no increase in lease rent for the Special Economic Zone, SEZ units for the financial year 2020-21. The decision has […]

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CA/CWA vacancy in Eaton

The Eaton has invited applications from eligible candidates for the post of Senior Analyst– Finance. The Eaton is a power management company with 2015 sales of $20.9 billion. Eaton provides energy-efficient solutions that help our customers effectively manage electrical, hydraulic, and mechanical power more efficiently, safely, and sustainably. Eaton has approximately 97,000 employees and sells […]

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Rajasthan HC grants Bail to Chartered Accountant accused of Corruption and Money Laundering [Read Order]

The High Court of Rajasthan has allowed the bail application of the Chartered Accountants (CAs), who were accused of corruption and Money Laundering. The High Court while dealing with the application taking into consideration the three factors relating to running away of the accused, tampering with the evidence, and influencing witnesses. A raid was conducted […]

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CBIC issues Instruction on Incidence of NCCD for Calculation of Brand Rate of Duty Drawback [Read Circular]

The Central Board of Indirect Taxes and Customs (CBIC), on Tuesday, issued an instruction on the incidence of National Calamity Contingent Duty (NCCD) for calculation of Brand Rate of duty drawback. The incidents are elaborated in the Board’s Instruction No. 4/2019- Customs dated October 11, 2019, clarifying the position regarding Education Cess, Secondary and Higher […]

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Kerala Govt. extends filing ‘Flood Cess Return’ for period February 2020 to May 2020 [Read Notification]

The Kerala Government has extended the last date for filing Kerala Flood Cess Return for the period of February 2020 to May 2020, in view of practical difficulties faced by taxpayers due to the unprecedented spread of pandemic COVID-19. As per the notification dated June 29, 2019, and published in the Kerala Gazette dated July […]

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Govt. extends Registration and Completion Date of Real Estate Projects under RERA

The Central Government has extended the Registration and Completion Date of Real Estate Projects under RERA. The Finance Minister said that Adverse impact due to COVID-19 and projects stand the risk of defaulting on RERA timelines. Timelines need to be extended. The Central Government directed to advise States/UTs and their Regulatory Authorities to the following […]

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TDS / TCS Rates reduced 25% till March 31, 2021: Finance Minister

In order to provide more funds at the disposal of the taxpayers, the rates of Tax Deduction at Source ( TDS ) for non-salaried specified payments made to residents and rates of Tax Collection at Source (TCS) for the specified receipts shall be reduced by 25% of the existing rates. The Finance Minister Nirmala Sitharaman […]

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Govt. extends Due Dates of all Income Tax Returns for FY 2019-20

The Central Government has extended the all due dates of all Income Tax Returns for the Financial Year 2019-20 amid COVID-19 outbreak. Due date of all income-tax return for FY 2019-20 will be extended from 31st July, 2020 & 31st October, 2020 to 30th November, 2020 and Tax audit from 30th September, 2020 to 31st […]

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CA vacancy in Barclays

The Barclays has invited applications from the candidates who will work with a senior analyst as part of the sector research team and will be expected to gather, track and analyze relevant data, update models/analysis, present findings to internal clients, etc. The Barclays plc is a British multinational investment bank and financial services company, headquartered […]

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Litecon Industry found Guilty of not passing GST Benefits to Consumer: NAA [Read Order]

The National Anti-Profiteering Authority (NAA) held Litecon Industry to be guilty of not passing Goods and Service Tax (GST) benefits to consumers. The applicant filed an application before the Standing Committee on Anti-profiteering, under Rule 128 (1) of the CGST Rules, 2017, alleging profiteering by the Respondent in respect of “Fly Ash Blocks” which was […]

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Discount given for Non-provision of Warranty to Foreign buyers not BAS, no liability of Service Tax: CESTAT [Read Order]

The Customs, Excises, Service Taxes Appellate Tribunal (CESTAT) held that the discount given for non-provision of certain services such as warranty to foreign buyers is not liable under Business Auxiliary Service (BAS) and therefore, no liability of service tax arises. The Appellant, M/s. MAN Trucks India Pvt. Ltd. is engaged in the business of manufacture […]

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Scope of Reasons vis-à-vis Reassessment under Section 148

Introduction The Income Tax Act, 1961 is in itself a complete code concerning the procedure of completing assessments/reassessments qua the assessees subject to the embedded riders in forms of sanctions/approvals of the competent authority, time-constraints subject to residential status/ location of the source of income and monetary ceilings applicable. Recording of reasons to believe that […]

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CA/CPA openings in Deloitte

The Deloitte Touche Tohmatsu Limited has invited applications from eligible candidates for the post of Senior External Audit. The Deloitte is the brand under which tens of thousands of dedicated professionals in independent firms throughout the world collaborate to provide audit, consulting, financial advisory, risk management, and tax services to selected clients. These firms are […]

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Carbonated Fruit Juices are Aerated Drinks, 28% GST applicable: AAAR [Read Order]

The Tamil Nadu Appellate Authority of Advance Ruling (AAAR) upheld the order of the Authority of Advance Ruling (AAR) and held that the carbonated fruit juices such as ‘Richyaa Darner Lemon’ and ‘Licta Lemon’  supplied by the applicant are classifiable under CTH 22021020 and all others i.e. ‘Richyaa Darner Cola’, ‘Licta Cola’, ‘Richyaa Darner Jeera […]

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CESTAT amends Appeal Rules to encourage Online Filings [Read Notification]

The customs, Excises, Service Taxes Appellate Tribunal (CESTAT), on Monday, amended the Customs, Excise, and Service Tax (Procedure) Rules, 1982 with immediate effect where the Tribunal amended the rules relating to online filing of appeals and cross-objections. The tribunal substituted Rule 8 (1) as, “Every Memorandum of Appeal or Cross Objection shall set forth concisely […]

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NAA finds Company Guilty for Profiteering for not reducing Bases Price post-GST Rate Reduction [Read Order]

The National Anti-Profiteering Authority (NAA), while imposing a penalty on a Company for not reducing the base price despite the GST rate reduction, held that customers are entitled to benefit from tax rate reduction by way of reduced prices. The Applicant had purchased an imported “Used Heidelberg Offset Press SM 74-5 +LX, Mfg. The year […]

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Is your Business ready for these 5 Actions post-lock down? GST Context

Overview of the current situation of Businesses amid the Lockdown Let us sum up the current situation of Businesses during the Lockdown due to the Pandemic in one word: Improvise. People usually talk about thriving even in tough situations, high time we start taking actions on our words. The Pandemic & the severity of its […]

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CPA/CA/CFA vacancy in BNY Mellon

The BNY Mellon one of the safest, most trusted and admired companies has invited applications from eligible candidates for the post of Specialist, Financial Planning & Analysis For over 230 years, the people of BNY Mellon have been at the forefront of finance, expanding the financial markets while supporting investors throughout the investment lifecycle. BNY […]

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CA/CPA openings in Accenture

The Accenture Solutions Pvt Ltd has invited applications from eligible candidates. The Accenture is a leading global professional services company, providing a broad range of services in strategy and consulting, interactive, technology, and operations, with digital capabilities across all of these services. We combine unmatched experience and specialized capabilities across more than 40 industries powered […]

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Samsonite denied benefit of reduction of GST to Consumers: NAA [Read Order]

The National Anti-Profiteering Authority (NAA) held that Samsonite has denied the benefit of reduction of Goods and Service Tax (GST) to its consumers, in contravention of Section 171 of Central Goods and Service Tax (CGST), 2017. The applicant filed an application before the Standing Committee on Anti-profiteering, under Rule 128 (1) of the CGST Rules, […]

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Full-time Directors Salary exempted from GST: AAR [Read Order]

The Karnataka bench of the Authority for Advance Rulings (AAR) held that the salary of a director is not subject to Goods and Services Tax (GST). The ruling is contradictory to the Rajasthan bench where the authority recently ruled that all directors are liable to pay GST. The applicant, M/s Anil Kumar Agarwal is an […]

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CA / CPA / ACCA vacancy in EY

The EY has invited applications from eligible candidates for the post of Audit Quality Monitoring (AQM) Manager. The EY is a global leader in assurance, tax, transaction, and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding […]

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