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Setting the stage for the roll out of the Goods and Services Tax, the GST Council today finalised the rates of taxation on the last six items. With this, the council completed the work of bringing all items under the four-slab GST structure. Last month, during its meeting in Srinagar, the Arun Ja...

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Category : GST | Comments : 0 | Hits : 400

The government has started its media blitzkrieg to tell the common man that the upcoming GST will reduce prices of most goods. The Central Board of Excise and Customs (CBEC) in advertisements in leading dailies gave pictorial representations of items which are exempt from Goods and Services Tax a...

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Category : GST | Comments : 0 | Hits : 222

The Institute of Chartered Accountants of India (ICAI) has formulated the Revised Scheme of Education and Training in lines with International Education Standards issued by International Federation of Accountants (IFAC) after considering the inputs from various stakeholders. The Revised Scheme of Ed...

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Category : CA Exams | Comments : 0 | Hits : 575

The Delhi Assembly passed the state Goods and Services Tax (GST) Bill even as Chief Minister Arvind Kejriwal pitched for capping the tax rate at a maximum of 10 per cent.  A special session of the Assembly cleared the bill with voice vote after an extensive discussion and also adopted a reso...

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Category : GST | Comments : 0 | Hits : 392

The Income Tax Department on Wednesday urged taxpayers to link their Aadhaar with their Permanent Account Number (PAN), using a SMS-based facility. The department issued advertisements in leading national dailies and described how both the unique identity numbers of an individual can be linked by...

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Category : PAN | Comments : 0 | Hits : 1426

It may be observed that currently Paper 4 Taxation of Intermediate (IPC) examination covers questions from both Direct and Indirect Taxes. Candidates are required to write their answers thereon on a single answer book.  It has now been decided to bifurcate the above mentioned Paper 4- Taxati...

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Category : CA Exams | Comments : 0 | Hits : 466

CBDT has extended the date of furnishing of the statement of financial transacation under Rule 114(5) of the Rules, read with sub section (1) of section 285BA of the Act for the Assessment Year 2017-18 from 31st May 2017 to 30th June 2017 in case of person throughout india who are liable to furnish ...

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Category : Income Tax | Comments : 0 | Hits : 2954

Customers may soon get to seamlessly switch to another bank with the same account number without losing any transaction details such as credit/debit history — all thanks to Reserve Bank of India's push. With increase in Aadhaar enrollment and technology advancements, banks and stakehold...

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Category : RBI | Comments : 0 | Hits : 388

Dr. Hasmukh Adhia, Revenue Secretary, Ministry of Finance, Government of India categorically stated that the Goods and Services Tax (GST) will be implemented from July 1, 2017. Dr Adhia was speaking at a Town Hall Meeting with GST stakeholders including Tax Assesses, Traders and representatives of T...

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Category : GST | Comments : 0 | Hits : 302

Chartered accountants' apex body ICAI has set up desks to help small businessmen and traders on Goods and Services Tax (GST), which is set to be rolled out from July 1.  ICAI GST Sahayata Desks have been made operational, without any charge, at all major cities to facilitate small busine...

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Category : GST | Comments : 0 | Hits : 1174

The apex body of chartered accountants, the Institute of Chartered Accountants of India (ICAI), sought information from the Reserve Bank of India (RBI) regarding divergence in bad loan estimates by the top private sector banks, reports livemint.com. The report said that the 2015-16 financial stat...

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Category : ICAI | Comments : 0 | Hits : 595

The Delhi high court on Monday upheld the validity of one of the first post-demonetisation raids and seizures carried out by Income Tax authorities in the capital this year. A bench of Justices S Muralidhar and Chander Shekhar also said the department had powers to seize unexplained funds lying i...

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Category : Income Tax | Comments : 0 | Hits : 397

The Goods and Services Tax, to be rolled out in just over a month, will not only check evasions but also help India evolve as a more tax-compliant society, Finance Minister Arun Jaitley said on Monday. "It certainly will be a more efficient tax and one of the important changes it will bring ...

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Category : GST | Comments : 0 | Hits : 156

Markets regulator Sebi today issued a new framework for listing of non-convertible debentures (NCDs) and non-convertible redeemable preference shares (NCRPS) following mergers and acquisitions (M&As).  A listed company may seek listing of NCRPS/NCDs issued pursuant to a scheme of arrange...

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Category : SEBI | Comments : 0 | Hits : 156

Announcement CPT June 2017 Examination Admit Cards Admit cards in respect of candidates admitted to the CPT June 2017 examination, with their photographs and signatures on them, are hosted on icaiexam.icai.org No physical admit cards will be sent to any candidate. Candidates are required ...

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Category : CA CPT | Comments : 0 | Hits : 173

Section 285BA of the Income-tax Act, 1961 requires furnishing of a Statement of Financial Transaction (SFT) for transactions prescribed under Rule 114E of the Income-tax Rules, 1962. The due date for filing such SFT in Form 61A is 31st May 2017. In case there are reportable transactions for the y...

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Category : CBDT | Comments : 0 | Hits : 3612

The Reserve Bank of India (RBI) on Wednesday released a public notice inviting applications for the post of a Deputy Governor. This is the first time that RBI may be inviting applications from the private sector. Currently, the RBI has four Deputy Governors of whom two are internal appointees. Th...

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Category : RBI | Comments : 0 | Hits : 262

Proposed GST Tax rates would be lesser than the prevailing taxes in case of Sugar, Tea and Coffee (other than instant coffee) and Milk Powder; Present incidence of taxes on sugar is 8% while proposed GST rate on Sugar is only 5% i.e. 3% less;  Similarly, present incidence of taxes on Milk Po...

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Category : GST | Comments : 0 | Hits : 365

Union Cabinet today approved abolition of Foreign Investment Promotion Board (FIPB) which currently vets FDI proposals requiring the government approval.  Currently, FDI in 11 sectors including defence and retail trading requires FIPB approval. Now, the processing and approval of FDI proposa...

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Category : International Business | Comments : 0 | Hits : 184

Finance minister Arun Jaitley, while attending the African Development Bank’s annual meet, on Tuesday said that consensus building in the 14 meetings of the GST Council has been such that apart from six items there had not been a single vote against any issue and there was no doubt in the impl...

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Category : GST | Comments : 0 | Hits : 516

The Reserve Bank of India (RBI) has refused to make public the list of loan defaulters with public sector banks despite an order of the Supreme Court in 2015 to make this information public. The case relates to an RTI application filed by activist Subhash Agrawal who had sought to know the list o...

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Category : RBI | Comments : 0 | Hits : 143

Lower Tax Incidence on Entertainment Services under Goods and Services (GST) Tax  Service providers shall be eligible for full Input Tax Credits (ITC) of GST paid in respect of inputs and input services    Taxes on entertainments and amusements (covered by the erstwhile entry...

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Category : GST | Comments : 0 | Hits : 153

The Reserve Bank said it will reconstitute the oversight committee (OC) under its aegis to operationalise the banking ordinance for resolving the issue of bad loans that have soared to over Rs 8 lakh crore. The central bank said it has been decided to reconstitute the OC under the aegis of the ce...

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Category : RBI | Comments : 0 | Hits : 187

The Central Board of Direct Taxes (CBDT) has entered two unilateral Advance Pricing Agreements (APAs) pertaining software and information technology sectors. "The CBDT has entered into two Unilateral Advance Pricing Agreements (APA) on May 4, 2017, and May 11, 2017, respectively, with Indian...

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Category : CBDT | Comments : 0 | Hits : 135

The income tax department has launched an online facility to correct errors in names and other details in permanent account number (PAN) and Aadhaar document. Alongside the facility to link biometric identifier Aadhaar with PAN, the department has also put two separate hyperlinks on its e-filing ...

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Category : Income Tax | Comments : 0 | Hits : 1108

There is a need for a single redressal mechanism for all types of financial transactions in the country , feels Ranjana Sahajwala, ban of the RBI. king ombudsman of the RBI. The RBI created the office of banking ombudsman (OBO) to act as a mediator or adjudicator between the customer and the bank...

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Category : RBI | Comments : 0 | Hits : 204

Commerce Minister Nirmala Sitharaman today assured exporters that they would get their refund tax claims within seven days under the new goods and services tax (GST) regime. She also said that the GST Council has been fairly seized of the tax refund issue under the new indirect tax regime, to be ...

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Category : GST | Comments : 0 | Hits : 224

The Finance Minister Arun Jaitley has said that healthcare and education will remain exempted from the GST. Addressing a press conference after the two-day 14th GST council meeting in Srinagar today, Mr. Jaitley said, services to be taxed at 5, 12, 18, 28 per cent.  He said, restaurants with...

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Category : GST | Comments : 0 | Hits : 288

The Goods and Services Tax (GST) Council on Friday finalised tax rates for all services, except lottery, under the new indirect tax regime to be rolled out from July 1. Those services already exempted from tax, such as healthcare and education, will continue to enjoy the concession. The tax rate ...

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Category : GST | Comments : 0 | Hits : 486

Foodgrains and common-use products like hair oil, soaps, toothpaste and also the electricity will cost less from July first after the implementation of nation-wide Goods and Service Tax.  The GST rates for all 1,211 items but six were finalised, yesterday, at the first day of the two-day mee...

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Category : GST | Comments : 0 | Hits : 1184