New Income tax return filing to create more hassles

New Income tax return filing to create more hassles Posted: 03 May 2012 06:29 PM PDT Union Budget 2012 proposes that, with effect from tax year 2011-12, every resident individual who has an asset outside India has to file the tax return mandatorily irrespective of income. In other words, income is not the only criteria to file an income tax return in India. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] DVAT – No more half yearly/yearly returns, compulsory on line 2A/2B Posted: 03 May 2012 06:00 PM PDT Delhi Value Added Tax - Notification for change in tax period wef F.Y. 2012-13. No more half yearly/yearly returns, compulsory on line 2A/2B [[ This is a content summary only. Visit my website for full links, other content, and more! ]] From 1st July inaccurate TDS returns may attract Penalty up to Rs. One Lakh Posted: 03 May 2012 05:53 PM PDT From July 1, government may impose penalty of Rs 10,000 and Rs 1,00,000 for inaccurate TDS returns and also for corrective filings after proposed amendments in the Finance Bill is cleared [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Guidelines for setting up Infrastructure Debt Fund for the purpose of exemption u/s. 10(47) Posted: 03 May 2012 05:46 PM PDT Income-tax (Fifth Amendment) Rules, 2012 - Insertion of rule 2F -Notification No. 16/2012 - 2F. (1) The Infrastructure Debt Fund shall be set up as a Non-Banking Financial Company conforming to and satisfying the conditions provided by the Reserve Bank of India in the Infrastructure-Development... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] CBDT – 'Vodafone was Warned' Posted: 03 May 2012 05:38 PM PDT Thus, Vodafone cannot say that it had received no communication from the tax department, about the chargeability of the transaction to tax in India. Further, it chose to ignore the advice, received before the conclusion of the transaction, that Vodafone or HTIL should approach the Assessing Officer... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] CBDT constitutes advisory group for International Taxation Posted: 03 May 2012 05:34 PM PDT The Central Board of Direct Taxes, CBDT, has constituted an advisory group for International Taxation and Transfer Pricing. The 13 members group will be headed by Revenue Secretary. A Finance ministry release says, the others members of the group include Chairman of CBDT, Director General of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] ICAI to start E-Diary in Articled Training Posted: 03 May 2012 05:30 PM PDT E-Diary in Articled Training: I am happy to inform our members as well as our students that we have approved the introduction of e-diary concept on all-India basis. To start with, it will be implemented from 1st May, 2012, on a recommendatory basis and, with effect from 1st July, 2012 it will be...