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Monday , August 31, 2015 | Updated : Aug 31, 20:20 IST
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NEWS FLASH
 
Rs 1274 Cr income tax dues of AP Beverages Corp - RBI asked to release withheld fund to Telengana (See 'Mixed Buzz') Quota stir in Gujarat - CBDT extends due date of return filing till Sept 7, 2015 Expenditure Secretary R P Watal re-designated as Finance Secretary Tariff Value of Gold goes up & Silver goes down (See 'What's New') Shillong Customs seizes 14.4 kg charas worth about Rs 29 lakhs CBDT issues Guidance Note on reporting requirements under FATCA & New Global Standards on Automatic Exchange of Information CBDT lays down guidelines for compulsory manual selection of cases for scrutiny in current fiscal (See Instruction No 8) CX - MODVAT - Inputs were received in factory under cover of a triplicate copy of B/E which was subsequently misplaced - findings of fact have not been disputed by Revenue - authenticated exchange control copy of B/E obtained by assessee from bank could have been easily verified by authorities - Credit admissible: HC (See 'Breaking News') OROP - FM says NO to annual revision of pension Govt appoints retiring Secretary of Economic Affairs as Home Secretary ST - BAS - Agreement between HPCL & IGL for distribution of CNG through HPCL outlets - if Bench felt that agreement called for different interpretation, and that therefore decision of Coordinate Bench required reconsideration, then appropriate course should have been to refer matter to a LB: HC (See 'Breaking News') National Litigation Policy - Low value Appeals - Monetary limit - Board Instructions not retrospective (See 'DDT' Column) Income tax - Whether adducing of additional documents during course of hearing before Settlement Commission is to be construed as failure of assessee to make true and full disclosure of unaccounted income - NO: HC (See 'Breaking News') Section 67A vis--vis Point of Taxation - change in the rate of service tax (See 'ST se GST tak') Cus - Once there is a report of Agmark Lab clearly stating that samples did not conform to requirements of Basmati Rules inasmuch as presence of other rice exceeded max permissible limit of 20%, then Customs was bound by such report - Revenue's appeal allowed: HC (See 'Breaking News') CBDT Announces New Rewards Scheme for Informants for Tax Recovery (See 'DDT') I-T- Whether delay can be condoned and notice of motion can be allowed when Revenue has failed to explain why there was undue delay in removing office objections - NO : HC (See '2015-TIOL-2001-HC') Bank Holiday on Saturdays - No RTGS (See 'DDT') With inflation down RBI Governor explicitly hints at interest rate reduction Govt decides to let land Ordinance lapse; to amend Bill pending in Rajya Sabha Govt launches Sahaj, online release of new LPG connections Govt identifies 305 town for building houses for urban poor FM says best mind from legal profession should join judiciary; legal education needs huge manpower Cashless Payment: MoF seeks feedback from other Ministries on 30-Point suggestions to incentivise consumers Aviation Secretary reviews Action Plan to decongest Terminal 1D at IGIA (See 'Mixed Buzz') IRDA looking into proposal to digitalise all insurance policy documents Black Money Act - Addl CITs/JCITs to perform functions of AOs (See 'What's New') ACC goes for mega Secretary-level reshuffle; Dr Hashmukh Adhia is new Revenue Secretary (See 'Mixed Buzz') Unveil Comprehensive Strategy to tackle Black Money (See 'TIOL Edit') Rs 1274 Cr income tax dues of AP Beverages Corp - RBI asked to release withheld fund to Telengana (See 'Mixed Buzz') Quota stir in Gujarat - CBDT extends due date of return filing till Sept 7, 2015 Expenditure Secretary R P Watal re-designated as Finance Secretary Tariff Value of Gold goes up & Silver goes down (See 'What's New') Shillong Customs seizes 14.4 kg charas worth about Rs 29 lakhs CBDT issues Guidance Note on reporting requirements under FATCA & New Global Standards on Automatic Exchange of Information CBDT lays down guidelines for compulsory manual selection of cases for scrutiny in current fiscal (See Instruction No 8) CX - MODVAT - Inputs were received in factory under cover of a triplicate copy of B/E which was subsequently misplaced - findings of fact have not been disputed by Revenue - authenticated exchange control copy of B/E obtained by assessee from bank could have been easily verified by authorities - Credit admissible: HC (See 'Breaking News') OROP - FM says NO to annual revision of pension Govt appoints retiring Secretary of Economic Affairs as Home Secretary ST - BAS - Agreement between HPCL & IGL for distribution of CNG through HPCL outlets - if Bench felt that agreement called for different interpretation, and that therefore decision of Coordinate Bench required reconsideration, then appropriate course should have been to refer matter to a LB: HC (See 'Breaking News') National Litigation Policy - Low value Appeals - Monetary limit - Board Instructions not retrospective (See 'DDT' Column) Income tax - Whether adducing of additional documents during course of hearing before Settlement Commission is to be construed as failure of assessee to make true and full disclosure of unaccounted income - NO: HC (See 'Breaking News') Section 67A vis--vis Point of Taxation - change in the rate of service tax (See 'ST se GST tak') Cus - Once there is a report of Agmark Lab clearly stating that samples did not conform to requirements of Basmati Rules inasmuch as presence of other rice exceeded max permissible limit of 20%, then Customs was bound by such report - Revenue's appeal allowed: HC (See 'Breaking News') CBDT Announces New Rewards Scheme for Informants for Tax Recovery (See 'DDT') I-T- Whether delay can be condoned and notice of motion can be allowed when Revenue has failed to explain why there was undue delay in removing office objections - NO : HC (See '2015-TIOL-2001-HC') Bank Holiday on Saturdays - No RTGS (See 'DDT') With inflation down RBI Governor explicitly hints at interest rate reduction Govt decides to let land Ordinance lapse; to amend Bill pending in Rajya Sabha Govt launches Sahaj, online release of new LPG connections Govt identifies 305 town for building houses for urban poor FM says best mind from legal profession should join judiciary; legal education needs huge manpower Cashless Payment: MoF seeks feedback from other Ministries on 30-Point suggestions to incentivise consumers Aviation Secretary reviews Action Plan to decongest Terminal 1D at IGIA (See 'Mixed Buzz') IRDA looking into proposal to digitalise all insurance policy documents Black Money Act - Addl CITs/JCITs to perform functions of AOs (See 'What's New') ACC goes for mega Secretary-level reshuffle; Dr Hashmukh Adhia is new Revenue Secretary (See 'Mixed Buzz') Unveil Comprehensive Strategy to tackle Black Money (See 'TIOL Edit')
 
Untitled Document

TIOL PROFILE

Taxindiaonline.com ("TIOL"), established in May 2000, is a reputed and FIRST Govt of India (Press Information Bureau) recognised ONLINE MEDIA and resource company providing business-critical information, analyses, expert viewpoints, editorials and related news on developments in fiscal, foreign trade, and monetary policy domains.  Our business has enabled our growing audience and subscriber-base, comprising of multinational and domestic corporations; service providers such as lawyers, consultants, and accounting firms; Governmental ministries and departments; officials connected to revenue, taxation, and commerce; and a growing number of foreign users who are active or keen to do business with India, to have access to accurate, and understandable analyses of essential but otherwise complicated and difficult-to-obtain information. 

TIOL’s salient feature has been its ability to bridge ongoing communication gaps that exist between policymaking, policy interpretation, and policy application.  We interpret, simplify, and effectively disseminate in-depth analyses of not only policies and notifications from the various fiscal departments of the Government, but also of precedent-setting tax and trade case judgments from the various courts and tribunals in the country. Due to the widening net of taxation and compliance, ongoing modifications in trade policies, and onerous penalties for non-compliance, the durability of our core business proposition continues to be strengthened. Our business is positioned to grow in tandem with the urgent requirements of a rapidly enlarging audience not only in India, but abroad as well.

We are the acknowledged pioneers in our field, regarded as the legitimate online resource provider in our domain. Our credibility and leadership position has been steadily earned over almost one-and-half decade since we commenced operations, and has been achieved through our proven ability to deliver resource information on a timely basis, along with meaningful editorial content which includes commentaries by a number of high-ranked experts available on TIOL Panel. Our approach emphasizes good ethics, characterized by its neutrality and fairness; this key ingredient has contributed to our loyal viewer-ship, our growing base of customers, and our overall business reputation. Much of our audience and customers believe, on account of the wide compass and depth of our coverage and services, that we are a large corporate entity - our public perception is indeed larger than our actuality.

Underscoring the value of our business premise is the fact that we have amongst the active users of our services, the Ministry of Finance which sets the fiscal policies for the country, The Ministry of Commerce which sets the trade policies for the country, the Reserve Bank of India which tailors the Monetary Policy, and the Big accounting firms, including the 'Big Four' who subscribe to our information packages and use these as a critical resource tool in order to effectively provide their services.  Our services are used by key policy decision makers for inputs on policy-making; by corporate management for airing their grievances caused by flawed policies; and by journalists and other media companies as a research tool.

We pride ourselves as a dynamic, adaptive & learning organization. As individuals and as a company we operate within our values, on account of which we have enjoyed our ten-year journey, and have made an impact. Our values may be encapsulated as follows:

  • To build and maintain an environment of trust, everyone counts, everyone contributes;

  • To drive innovation to results through teamwork.

  • To form strategic relationships with partners who share our values, bring intellectual capital to support our vision and ideals;

  • Above all, always take the high road.

Editor-in-Chief: Vijay K. Kumar enjoys a substantial reputation in issues pertaining to indirect taxation. He has written several articles on Central Excise, Customs, Service Tax and allied matters for the Excise Law Times and for TIOL. He has also authored popular books in their field titled "Guide To Excise Valuation" and "Excise on Textiles". Prior to joining TIOL, his experience includes 22 years with the Central Board of Excise & Customs. He is a practicing tax lawyer and assists TIOL in handling client issues pertaining to legal tax consulting as well.  He holds a Master in Arts, and Degree in Law. He also authors a Daily column, popularly known as DDT (Daily Dose of Taxation). His DDT Column has found a place in the Limca Book of Records as the longest running Daily Column on Taxation.

Limca Book of Records Limca Book of Records Limca Book of Records Limca Book of Records

CEO & Managing Editor: Shailendra Kumar, founder and CEO of TIOL started his career with The Indian Express Newspaper in 1990 and then moved on to The Economic Times where he worked for more than five years before taking the entrepreneurial route to launch TIOL, an idea based on business needs which he realized as a financial journalist. His vision was to create a knowledge-driven company which eased the burden on corporations & acted as a media watchdog for Indian tax and trade policies. He spearheads the business in all of its facets, including regular interactions with various policy makers and administrators, and managing the editorial and news gathering team at TIOL. Mr. Kumar holds a Bachelor of Economics Honours degree from the University of Delhi, and has a Post Graduate Degree in Mass Communication from the Indian Institute of Mass Communication. He was the recipient of the 2001 Outstanding Media Professional Award presented by the India International Professionals Forum. He is also the First Recipient of CERTIFICATE OF MERIT conferred by the World Customs Organisation headquartered at Brussels. He writes a much-awaited and widely-acclaimed weekly column for TIOL - The Cob(Web).

TIOL Awarded WCO Certificate of Merit
It's Raining Black

He has also authored a book "It's Raining Black! Chronicles of Black Money, Tax Havens and Policy Response" that talks about policy measures framed by the government to tackle the menace of illegal funds in the country and abroad. It also contains anecdotal incidents of action undertaken by various financial law enforcement agencies like the Central Board of Direct Taxes (CBDT), Enforcement Directorate (ED) and Department of Revenue Intelligence as part of their mandate. The book is a compilation of the articles he wrote on Black Money in his weekly column "The Cob(Web)" published every Thursday on Taxindiaonline.com. The book is published by LexisNexis has a foreword by the Chairman and Vice Chairman of the Special Investigative Team, Justice (retd) M B Shah and Justice (retd) Arijit Pasayat respectively.

Justice MB Shah releasing the book 'It's Raining Black'
Justice MB Shah releasing the book

Consulting Editor: Sunil Achutan, a Chemistry Graduate with a Diploma in Business Management and a Law degree is a prolific writer and has contributed erudite articles for TIOL as well as ECR & ELT. As a faculty member at NACEN, Bhandup, Mumbai, he has delivered lectures on the intricacies of the Central Excise law for the past many years. He was also a prominent speaker at the workshops conducted by the Settlement Commission, Customs & Central Excise. With a deep understanding of the indirect tax law and more than two decades of experience in the department, Sunil brings with him immense analytical skills to add value to the editorial worth of TIOL.

Consulting Editor: R. Raghavendra Rao, a graduate in Engineering and worked for twenty years in the Central Excise Department before joining TIOL. He is a prolific writer and has contributed many thought provoking articles in ELT and TIOL. He is the co-author of the book "Guide to Excise Valuation" with Vijay.K.Kumar. Known for his incisive analysis and precise conclusions, he has in-depth understanding of Central Excise, Customs and Service Tax laws. He also heads our consulting wing at Hyderabad.

Consulting Editor: Naresh Minocha has about 25 years of experience in reporting, analysing and commenting on a wide range of economic, business and technological issues. He has worked with various print and electronic media organisations in different capacities. The organisations include Financial Express, Indian Express, Business India, Business Standard and Nimbus. He has vast experience in doing specialised writing for global readers and is currently associated with Chemical News & Intelligence, Asian Chemical News, Asiatele.com.

Technical Head: Shikher Singh has been with TIOL since its inception and manages the technology issues of the company, constantly interacting with external software and web solutions companies to improve functionality, interactivity and qualitative aspects of taxindiaonline.com and it's group portals. He holds a Bachelor of Commerce degree from the University of Delhi and IBM certification in eBusiness Application Programming. He has also attended several IT courses related to internet and software exports technologies.

Marketing Head: Richa Nigam has been with TIOL since 2005, and is responsible for coordinating marketing and sales for the company. She has contributed significantly to revenue growth by achieving sales through the development and implementation of focused marketing efforts. Previously she was with India Bulls where her responsibilities included providing investment advice to clients for their investment portfolios. She holds a Masters in Commerce from Kanpur University and has an MBA from The Indian Institute of Planning and Management  (IIPM), Delhi.

 
 
 
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