Income Tax Return Due Date Extended to till August 5, 2013

Income Tax Return Due Date Extended to till August 5, 2013 Posted: 31 Jul 2013 02:01 AM PDT As a Measure of Taxpayers Convenience, Last Date of Filing of Returns Extended to 5th August, 2013 There is an unprecedented surge in number of returns being e-filed during this year. 92.03 lakh returns have been e-filed up to 30th July, 2013 which is 46.8 % higher than the returns e-filed during...

Trouble Shooting Guide for Problems in accessing www.incometaxindiaefiling.gov.in Posted: 31 Jul 2013 01:57 AM PDT TROUBLE SHOOTING GUIDE FOR PROBLEMS IN ACCESSING WWW.INCOMETAXINDIAEFILING.GOV.IN Since ICAI was reported of the difficulties being faced while uploading the income tax returns in the e-filing website, the matter was taken up with appropriate authorities. The authorities have shared a Trouble...

Download Service Tax return (ST-3) for Oct,12 to March,13 Posted: 31 Jul 2013 01:36 AM PDT Service Tax return (ST-3) for the period October'12 to March'13 is now available for e-filing. Please download the offline utility from http://acesdownload.nic.in/ or from 'DOWNLOADS' Section of ACES website. The online version of the return will be made available shortly and the exact date will be...

Should CBDT extend the Due Date of Return Filing?

Should CBDT extend the Due Date of Return Filing? Posted: 30 Jul 2013 08:46 PM PDT Today is the last date for Return Filing for the Assessee Including Individual, HUF, partnership Firm Etc whose Accounts are not required to be audited under the Income Tax Act or any other law and also for a working partner of a firm whose accounts are not required to be audited under the Income...

e-filing of Income Tax Returns got Overwhelming Response Posted: 30 Jul 2013 08:22 PM PDT Overwhelming Response for e-filing from Every Corner of the Country; More than 82 Lakh Returns E-Filed till 29th July, 2013 which is More than 40% of the Returns e-filed during the Same Period Last Year; Record Peak of more than 85,000 Returns Per Hour Achieved . The due date for filing of Income...

Non-Applicability of SA 700 on Tax- Audit Reports Posted: 30 Jul 2013 08:16 PM PDT As the members are aware that all audit reports in respect of audits of financial statements for period beginning on or after 1st April 2012 are to be issued in accordance with the requirements of SA 700 (Revised) - Forming an Opinion and Reporting on Financial Statements. We were receiving...

ICAI expected to declare today result of (IPC) Examinations held in May, 2013 Posted: 30 Jul 2013 08:11 PM PDT Result of the Chartered Accountants Intermediate (IPC) Examinations held in May, 2013 are likely to be declared on today, the 31st July, 2013. Results will be available on the following website: http://www.caresults.nic.in Read More on – Result of CA Intermediate (IPC) Examinations held in...

EPFO must give Priority to timely Settlement of Claims for Provident Fund Posted: 30 Jul 2013 12:22 PM PDT Union Labour & Employment Minister Shri Sis Ram Ola has emphasized that the Employee Provident Fund Organization (EPFO) must give priority to timely settlement of claims for provident fund. In a meeting with the senior officers of EPFO the minister has also emphasized that due to improvement...

ICAI extends time to complete GMCS-I Course Posted: 30 Jul 2013 12:16 PM PDT The Council at its 326th Meeting being held from 27th-29th July, 2013 at ICAI Bhawan, New Delhi has decided to grant one time extension to students, who were registered for practical training between 1st May, 2012 and 31st December, 2012 to complete GMCS-I Course latest by 31st December, 2013.

RBI – First Quarter Review of Monetary Policy 2013-14 Posted: 29 Jul 2013 09:41 PM PDT On the domestic front, the foreign exchange market came under severe stress starting late May, prompting the Reserve Bank to initiate liquidity tightening measures to contain the volatility. As regards economic activity, risks to growth have increased notwithstanding the robust onset and spread of...

Notifies rate of interest in respect of rupee denominated bond of an Indian company – section 194LD(2) Posted: 28 Jul 2013 11:25 PM PDT NOTIFICATION No. 56/2013, Dated-  29th day of July, 2013 S.O. 2311(E) – In exercise of the powers conferred by the proviso to sub-section (2) of section 194LD of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies the following rates of interest in respect of rupee...

Delhi VAT – Vigilance Set up for Department of Trade & Taxes Posted: 28 Jul 2013 08:05 PM PDT Any information related to corruption, malpractice or misconduct on the part of public servants, from whatever source, would be termed as complaint. Accordingly, the petitions/ complaints/ source reports sent by the Central Vigilance Commissions CBI/ Directorate of Vigilance, Govt. of NCT of Delhi...

Delhi VAT – Filing of information in Form T-2 by all VAT dealers kept in abeyance Posted: 28 Jul 2013 07:49 PM PDT Form T-2 was prescribed for dealers (except the dealers exclusively dealing in tax free goods) whose gross turnover exceeded Rs. 10 crore during the year 2011-12 or any future date on which the dealer attains the lower limit of GTO of RS.10 Cr., vide notification No....

Seeks to exempt central excise duty on the scheduled formulations as defined under the Drugs Price Control Order (DPCO), 2013 Posted: 28 Jul 2013 07:03 PM PDT Seeks to exempt central excise duty on the scheduled formulations as defined under the Drugs Price Control Order (DPCO), 2013 and which are subjected to re-printing, re-labeling, re-packing or stickering, in pursuance of the provisions contained in the said Order, in a premises which is not...

Income Tax Department cautioned on use of Mobile applications for Filing

Income Tax Department cautioned on use of Mobile applications for Filing Posted: 29 Jul 2013 08:29 PM PDT There are Mobile applications which are not approved by the Income Tax Department. Users are advised that they may not be according to Department data structure. Filers using them are doing at their own risk. Source- Incometaxindiaefiling.gov.in

No s. 271(1)(c) penalty if explanation given by the assessee is unproved but not disproved Posted: 29 Jul 2013 08:10 PM PDT Addition u/s 68 of the Act was made by the Assessing Officer when the assessee himself offered to include this amount in his total income and consented to pay the tax. Another addition of Rs. 1 lakh was also made when the assessee voluntarily preferred to include Rs. 1 lakh to his total income. The...

Initiation of proceedings u/s 153C based on document seized from third party which neither mentions the name of the assessee or bears his signature is not justified Posted: 29 Jul 2013 07:49 PM PDT This document was seized from the business premises of D. Nagarjuna Rao in course of action u/s 132 of the Act against him. In the impugned assessment order the AO has also observed that the said D. Nagarjuna Rao had admitted that entries in the seized documents were made by him in his own...

S. 68 Addition cannot be made in the absence of books on the basis of mere bank statement Posted: 29 Jul 2013 07:26 PM PDT In the instant case, it is an undisputed fact that the assessee has not maintained any books of account and whatever credit entries are found by the Assessing Officer, it was from the bank accounts of the assessee in which deposits were made at different point of time. Even the passbook issued by...

The Department can't force assessee to avail a particular exemption Notification when benefit of other exemption Notification is available Posted: 29 Jul 2013 08:36 AM PDT M/s Winsome Yarns Ltd. is manufactures of Yarn. During the period from September, 2009 to May, 2010, the Appellant were availing the exemption Notification No. 29/2004-CE dated July 9, 2004 in respect of the yarn manufactured and cleared for export as well Notification No. 30/2004-CE dated July 9,...

Clarifications on Services Provided by Restaurants Posted: 29 Jul 2013 08:29 AM PDT Issue No 1 : Is the VAT imposed by States required to be included for the Purpose of Service Tax? Answer: For the Purpose of Service Tax State VAT has to be excluded from the Taxable Value. issue No 2: Is the Serving of Food And/or Beverages by way of Room Service liable for Service Tax?

Right to receive retention money accrues only after the obligations under the contract are fulfilled Posted: 29 Jul 2013 07:52 AM PDT It has been held that the right to receive retention money accrues only after the obligations under the contract are fulfilled. Therefore, it will not amount to income of the assessee in the year in which amount is retained.

Extension of time period to complete ITT and Orientation Course by students registered under Direct Entry Scheme Posted: 28 Jul 2013 06:33 PM PDT It has been brought to the notice of the Council that some students of the Direct Entry Scheme, who were registered between 01.08.2012 and 31.01.2013 for the Intermediate (Integrated Professional Competence) Course and were required to complete ITT and Orientation Course by 31.05.2013, could not...

SEBI Circular for Operational, Prudential and Reporting Norms for Alternative Investment Funds (AIFs) Posted: 28 Jul 2013 06:26 PM PDT i.        SEBI has issued a circular No. CIR/IMD/DF/10/2013 dated July 29, 2013 for Operational, Prudential and Reporting Norms for Alternative Investment Funds (AIFs). ii.        In accordance with the said circular, all AIFs shall be required to comply reporting norms to SEBI on a quarterly basis...

Inclusion of Kattupalli Sea Port as a Port of Registration under Para 4.19 of HBP (Vol. I) Posted: 28 Jul 2013 12:13 PM PDT PUBLIC NOTICE No. 20 (RE-2013)/2009-2014 In exercise of powers conferred under Paragraph 2.4 of the Foreign Trade Policy 2009-2014, the Director General of Foreign Trade hereby amends para 4.19 of Handbook of Procedures (v1):, 2009-14(RE 2012) to include Kattupalli Sea Port, Tamil Nadu as Port of...

Regarding inclusion of Foreign Post Office, New Delhi, as port of export for the purpose of Export Promotion benefits Posted: 25 Jul 2013 06:40 PM PDT  Notification No. 38/2013 – Customs New Delhi, dated 26th July   2013        G.S.R. 509(E) In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do,...

Two Officials of Mumbai Customs Department Sentenced In a Bribery Case Posted: 25 Jul 2013 06:23 PM PDT   The Special Judge for CBI cases, Mumbai has convicted Smt. Kirti Rajesh Singh, then Senior Tax Assistant and Shri Rajesh Harbans Singh, then Tax Assistant of Customs(Preventive), Mumbai and sentenced them to undergo one year Rigorous Imprisonment with total fine of Rs.20,500/- in a bribery case....

Validity of IEC for EOU or units in SEZ/(EHTP/STP/BTP after de-bonding Posted: 25 Jul 2013 06:06 PM PDT Validity of IEC for Export Oriented Unit (EOU) or units in Special Economic Zone/Electronics Hardware Technology Park(EHTP)/Software Technology Park(STP)/Bio-Technology Park(BTP) after de-bonding: Review of Policy Circular 26/ dated 11.8.2008.

PPT on Service Tax Voluntary Compliance Encouragement Scheme, 2013

PPT on Service Tax Voluntary Compliance Encouragement Scheme, 2013 Posted: 28 Jul 2013 12:37 AM PDT CA Bimal Jain Eligible Person: - • Non Filers/ Stop Filers • No Notice or an Order U/S 72 (Best Judgment) or U/S 73 (Taxes not levied/ not paid or short levied/ short paid or erroneously refunded) or U/S 73A (ST collected to be deposited with CG) has been issued or made before the 1-3-2013 [...]

Regarding Revised allocation of subjects amongst five Branches of Investigation Division of CBDT Posted: 28 Jul 2013 12:16 AM PDT It has been decided with the approval of the Competent Authority to revise allocation of subjects amongst the five Branches of Investigation Division. The revised work allocation chart is enclosed herewith.

Check list for filling of applications of managerial personnel under Companies Act, 1956 Posted: 28 Jul 2013 12:07 AM PDT CHECK LISTS While examining the statutory applications received from companies u/s 259, 269, 269, 309, 310 and 314(1B) and other applicable provisions of the Companies Act, 1956, it has been observed that requisite information / documents are not furnished by the companies at the time of making...

FAQs on Practical Issues in Section 44AA, 44AB, 44AD, 44AE

FAQs on Practical Issues in Section 44AA, 44AB, 44AD, 44AE

Posted: 27 Jul 2013 08:23 PM PDT

CA. Rajesh Condoor S. 44 AA 1.      Who are the persons that are required to compulsorily maintain books of account ?Every person carrying on legal, medical, engineering or architectural profession, or profession of accountancy or technical consultancy or interior decoration or any other profession...

PPT Presentation on TDS

Posted: 27 Jul 2013 08:03 PM PDT

The provisions of the Income Tax Act relating to Tax Deduction at source (TDS) are of very important in the present scenario when TDS collections contribute almost 39% of total collection of Direct Taxes. The Income Tax Act also provides for penalty & prosecution for any default in respect of...

AO To Decide If Deloitte Haskins Is a Valid Partnership Firm

AO To Decide If Deloitte Haskins Is a Valid Partnership Firm Posted: 25 Jul 2013 08:40 PM PDT M/s Deloitte Haskins & Sells V/s. Deputy Commissioner of Income Tax (ITAT Delhi) 2. Facts apropos are that assessee, a firm of Chartered Accountants, filed its return for impugned assessment year on 30th September, 2008, declaring a total income of ~ 17,70,69,972/-. The assessment was completed...

Pen drive is admissible evidence in Income Tax Proceedings Posted: 25 Jul 2013 07:59 PM PDT Contention of the Assessee :- The alleged Pen drive is not an admissible evidence, therefore the recording of reasons and consequent 148 proceedings based on the reasons of such unreliable evidence are bad in law. Held by ITAT 6.1. It is apparent that many of the transactions recorded in the...

No waiver of arrears of penalties on individuals who are no more Posted: 25 Jul 2013 06:10 PM PDT As you may be aware, during the Conference of Chief Commissioners and Directors General on 28th August, 2012, a point was raised that the arrears of penalties imposed on individuals, who are no more, may be waived off.

Result of CA Intermediate (IPC) Examinations held in May, 2013 likely to be declared on 31st July, 2013 Posted: 25 Jul 2013 06:03 PM PDT The result of the Chartered Accountants Intermediate (IPC) Examinations held in May,2013 are likely to be declared on Wednesday, the 31st July, 2013 around 4.00 P.M. and the same as well as the merit list (candidates securing a minimum of 55% and above marks and upto the maximum of 50th Rank on all...

Income Tax Deptt. Sends Letters to Another Batch of 35,000 Non-Filers Tax Payers Posted: 25 Jul 2013 05:56 PM PDT As part of its ongoing initiative, the Income Tax Department has, on 22nd July, 2013 sent letters to another batch of 35,000 non filers. These persons were part of the around 12 lakh non-filers identified as a result of data matching exercise. With this latest batch, the Department has now issued...

No Penalty despite unsustainable/ non-debatable claim by the Assessee if duly disclosed by the Assessee Posted: 25 Jul 2013 12:09 PM PDT Issue – Whether in the facts and in the circumstances of the case and in law, the ITAT was right in holding that the wrong claim made by the assessee is not filing of inaccurate particulars, ignoring the fact that the assessee has knowingly claimed the setting off of loss against other source...

CENVAT credit can be utilized for payment of Service Tax under Reverse Charge Posted: 25 Jul 2013 11:39 AM PDT Issue – Whether a person who is not a actual service provider, but discharges the service tax liability on the Taxable Services, under Section 68(2) of Finance Act, 1994, as a deemed service provider, is entitled to avail the CENVAT credit on inputs/input services/capital goods for payment of...

Whether CENVAT credit is allowed to the assessee, if the assessee was not registered during relevant time? Posted: 25 Jul 2013 11:32 AM PDT It is settled law that the dutiability of the final products or inputs, the benefit of cenvat credit in respect of inputs and input services is made available, provided the assessee has necessary documentary evidence and necessary evidence to show utilisation of such input services and in this...

Delhi VAT – What is the rate of DVAT on cups/glasses of paper containing printed name? Posted: 24 Jul 2013 10:41 PM PDT He submitted that prior to amendment in entry no. 98 of Schedule III appended to DVAT Act, 2004 'cups and glasses both made of paper and plastics' were included. However, with effect from 21.06.2012 the word 'plastics' was deleted from entry no. 98 and due to the said amendment 'cups and glasses of...

Delhi VAT – What is the rate of tax on 'Steam Radiator'? Posted: 24 Jul 2013 10:35 PM PDT The applicant is actively involved in the manufacturing and sale of steam radiators, which are used in dye industries and laundries in hotels for drying. He further stated that his client is charging 12.5% rate of VAT on the sale of this item whereas others manufactures of the said item are...

Guidelines for Institution of prosecution & compounding of offences u/s. 78 of MVAT Act, 2002 Posted: 24 Jul 2013 11:55 AM PDT Section 74 of the Maharashtra Value Added Tax Act, 2002 provides for the offences and penalties. Clause (f) of sub-section (3) of section 74 provides that if any dealer fails without sufficient cause, to furnish any return as required under section 20 by the prescribed date and manner shall, on...

Delhi VAT – Last Date to Submit DP- 1 online by all the dealers Posted: 24 Jul 2013 11:50 AM PDT I, Prashant Goyal, Commissioner, Value Added Tax, Government of National Capital Territory of Delhi, in exercise of the powers conferred on me by sub-section (1) read with sub-section (2) and (3) of section 70 and sub-section-2 of section 59 of Delhi Value Added Tax Act, 2004, notify that the Form...

Delhi VAT – Due date for Filing of online returns for the First Quarter of 2013-14 Posted: 24 Jul 2013 11:46 AM PDT In order to facilitate the filing of online DVAT/CST returns, in exercise of the powers conferred under Rule 49A of the DVAT Rules 2005, the last date of filing of return, excluding Annexure 2C and Annexure 2D, for the quarter ending 30.06.2013 for dealers, including composition dealers, shall be...

Appoints ICD under Sec 7 (aa) of Customs Act, 1962 – Notification No. 79 /2013 – Customs (N.T.) Posted: 23 Jul 2013 05:20 PM PDT Notification No. 79 /2013 – Customs (N.T.) New Delhi, dated the  24th  July, 2013             G.S.R…..(E).- In exercise of the powers conferred by clause (aa) of sub-section (1) of section 7 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs, hereby makes the...

MEF empanelment for Bank Branch Auditors for year 2013-14 started

MEF empanelment for Bank Branch Auditors for year 2013-14 started Posted: 24 Jul 2013 08:29 PM PDT This is to inform that Multipurpose Empanelment form for the year 2013-14 (including form for empanelment of Bank Branch Auditors' for the year 2013-14) has been hosted on the website www.meficai.org on 24.07.2013. Last date for submission of online applications on www.meficai.org is 26th August,...

Free E-book on 'Assessment of Income From House Property' in Hindi Posted: 24 Jul 2013 08:29 PM PDT Income from house property is one of the important heads of income under the Income Tax Act. The taxpayers have been, in particular, keen to know about the exemptions and deductions available to them on repayment of interest and principal of loan obtained to purchase the house property, if that...

DIN Approval by Professionals: A Wrong Initiative of MCA (Personal View Point) Posted: 24 Jul 2013 07:48 PM PDT I am writing this article on approval of DIN after two years of notification by MCA regarding approval of DIN by Professionals. I am not against the process of MCA to simplify the incorporation procedure as these simplified procedures are assisting us to cope up with the developing world and I know...

Amendment in Exemption from Service Tax/Refund of Tax Paid by SEZ –Developers/Units Posted: 24 Jul 2013 07:35 PM PDT CA Jinesh P. Gada Central Board of Excise and Customs, Ministry of Finance has rescinded Notification No. 40/2012-ST dated 20th June 2012 and introduced new Notification No. 12/2013-ST dated 01-07-2013. 1. As per this Notification where the specified services received by the SEZ unit or the...

Tax Implication of Stock Split Posted: 24 Jul 2013 06:01 PM PDT As stock market investors, we are beneficiaries to various corporate actions like bonus, rights and stock splits. These corporate actions are accompanied by stock price movements in short and long run affecting capital gains whenever we sell shares. As there is an effect on capital gains, tax...

How to Get Your Pending Income Tax Refund: Tax Ombudsman Posted: 24 Jul 2013 05:58 PM PDT Delays in income tax refunds, even after the stipulated number of months, are faced by many tax payers. Running from pillar to post at the income tax office, having to deal with impolite income tax officials become a part of the ordeal. At such times tax payers often feel helpless with absolutely...

How is VAT Imposed in India? Posted: 24 Jul 2013 05:53 PM PDT We have always seen this word VAT mentioned in our bills when we purchase a consumer durable or service. So what does this exactly mean? VAT simply means Value Added Tax. Why the word Value Added? For this answer, let us go back in time and see how taxation was earlier.

Tax dodgers should be punished, not pampered with pardons Posted: 24 Jul 2013 11:31 AM PDT ISLAMABAD – The Islamabad High Court (IHC) has issued its detailed judgement on a petition challenging government's amnesty scheme introduced by the previous government for smuggled vehicles, calling it illegal. Justice Shaukat Aziz Siddiqui of the IHC declared the SRO issued by the...

Income tax Return Filing Date in Uttarakhand extended to 31st October, 2013 from 31st July, 2013 Posted: 24 Jul 2013 03:30 AM PDT Considering the large-scale devastation due to recent natural calamity in the State of Uttarakhand, the Central Board of Direct Taxes, in exercise of powers conferred under section 119 of the Income-tax Act, 1961, hereby extends the 'due-date' for filing Returns of Income required to be...

Corporate mobile numbers can be ported to another service provider – TRAI Posted: 23 Jul 2013 08:20 PM PDT After implementation of Mobile Number Portability, the Authority had received complaints from the subscribers of corporate mobile numbers that their porting requests have been rejected by the donor operators under the category Contractual Obligation for want of permission/authorization from the...

Extension of exemption granted by one more examination for students who switched over to IPC Course under Direct Entry Scheme before 30.09.2012 Posted: 23 Jul 2013 08:12 PM PDT Extension of the validity of exemption granted in a paper(s) (on the basis of securing a minimum of 60 per cent marks) by one more examination in respect of students who opted to switch over to the Intermediate (Integrated Professional Competence) Course, under the Direct Entry Scheme before 30th...

Delhi VAT – Dropping from audit proceedings in r/o dealers dealing exclusively in exempted/tax free items Posted: 23 Jul 2013 08:07 PM PDT The VAT Audit Branch, KCS Branch, Spl. Zone Branch and other Wards have been assigned the audit of the business affairs of dealers u/s 58 of DVAT Act, 2004 based on the risk profile of the dealers. Amongst such selected cases, some cases pertain to the dealers who are engaged exclusively in...

Applicable excise duty on Sedan cars like Maruti SX4, Honda Civic, Toyota Corolla Altis under notification No. 12/2013-CE dated 1st March, 2013 – regarding Posted: 23 Jul 2013 08:04 PM PDT I am directed to invite your attention to the above mentioned subject and to say that references have been received from motor vehicle manufacturers, seeking clarification as to whether the excise duty of 30% is applicable on sedan cars like Maruti SX4, Honda Civic and Toyota Corolla Altis.

Banks not to accept fresh/additional PDV / EMI Cheques if ECS Services are available Posted: 23 Jul 2013 11:35 AM PDT We invite a reference to our circular DPSS.CO.CHD.No.1622/04.07.05/2012-13 dated March 18, 2013 wherein all lending banks have been advised not to accept any fresh Post Dated Cheques (PDC)/Equated Monthly Installment (EMI) cheques in locations where the facility of ECS/RECS (Debit) is available and...

Every credit institution has to become a member of at least one Credit Information Company – RBI Posted: 23 Jul 2013 11:34 AM PDT RBI/2013-14/157 RPCD.CO.RRB.BC.No.14/03.05.33/2013-14 July 23, 2013 The Chairman All Regional Rural Banks (RRBs) Dear Sir, Credit Information Companies (Regulation) Act, 2005 – Compliance Please refer to our circular RPCD.CO.RRB.No.32/03.05.33/2009-10 dated October 20, 2009 advising RRBs, that in...

Customs- Instructions regarding 'Handling of Cargo in Customs Area Regulations (HCCAR) 2009′ Posted: 22 Jul 2013 08:01 PM PDT Ministry of Agriculture has raised the issue of temporary ban on Import of Rice and Peanuts from India due to detection of quarantine pest in an import consignment and highlighted that CFSs conducting phytosanitary measures have no designated area for fumigation and separate storage for keeping...