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May 15, 2013

Service Tax Reverse Charge Mechanism – Chart, Accounting Entries & issues

Download ITR- 4S Sugam for E-filing of AY 2013-14 with Instructions

Posted: 15 May 2013 08:39 PM PDT

We have uploaded ITR-4S Sugam as applicable for AY 2013-14 / FY 2012-13 for online filing of Income Tax Returns for Presumptive Income Tax Return. This Return Form is applicable for assessment year 2013-2014 only, i.e., it relates to income earned in Financial Year 2012-13. We have also discussed...

Dos & Don't for filing of Income Tax Return (ITR) for AY 2013-14

Posted: 15 May 2013 08:38 PM PDT

Impact of Errors made while filing returns Returns can be classified as defective u/s 139 (9) and in some scenarios the return can be declared in valid / Non Est. ITD is not introducing this concept to cover certain types of errors in order to prevent future grievances. Computation Errors –...

Solution to Problems in Registering DSC on Income Tax Website

Posted: 15 May 2013 08:38 PM PDT

Register DSC Problem Description : I am not able to register my Digital Signature Certificate. Corrective Action:This occurs due to the following reasons: Check if Java Runtime Environment 1.7 or above is installed in your PC. If it is not installed, click here. to download. If Java Runtime...

Common mistakes in filling of Income Tax Return (ITR) form – AY 2012-13

Posted: 15 May 2013 08:38 PM PDT

Reasons for mistakes in calculation of Income – The accurate and complete filling up of the relevant column or detail in the Income Tax Return (ITR) form is most crucial for correct calculation of income. In case the computation of Income or refund is different than what had been entered or...

Govt ratifies 8.5% interest on PF deposits for 2012-13

Posted: 15 May 2013 08:30 PM PDT

I am directed to inform that Ministry of Labour and Employment, Govt. of India, vide its letter No. R-11018/1/2013.SS-II dated 15.05.2013 has conveyed the approval of the Central Government under para 60(1) of Employees' Provident Fund Scheme, 1952 for crediting interest @ 8.50% on EPF accumulation...

Service Tax Reverse Charge Mechanism – Chart, Accounting Entries & issues

Posted: 15 May 2013 07:33 PM PDT

The Reverse Charge was introduced in Service Tax vide Budget of the year 2005-2006. At that point of time there was only one service which was covered under Reverse Charge. However, with the passage of time this list has been expanded and at present this list contains 11 services into it which...

Summary of Service Tax Voluntary Compliance Encouragement Rules, 2013

Posted: 15 May 2013 05:59 PM PDT

The finance bill 2013 has announced the voluntary compliance scheme to be introduced to encourage voluntary compliance and broaden the tax base. However the actual rules and scheme were to be announced later. With the passing of bill on 10.05.2013, central government on 13.05.2013 has come up with...

Postponement of IPCC IT Paper May 2013 – An Avoidable Act of Shame

Posted: 14 May 2013 08:45 PM PDT

Students appearing for IPCC paper 5-Auditing & Assurance-on 13th May 2013 , were shocked to know , after coming out of the exam centre, that the exam for SM/IT paper -7 due to be held on 15th May 2013 has been postponed to 24th May 2013 due to unavoidable circumstances.

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