Income Tax, Wealth Tax and Direct tax Code Related News

  • Sep
  • 16
  • 2014

Extend ITR due date ; Release Audit Forms & ITR before 1st April every year – ICAI to CBDT

Added In Income Tax
In the interest of the nation as a whole we suggest and request that: a) the due date of filing return of income under section 139(1) for assessees mentioned under clause (a) of Explanation 2 to section 139 (1) be extended in line with the extension granted for submission of tax audit report under section 44AB of the Act. b) Since the provisions applicable to every Assessment year are clarified by the relevant Finance Act well in advance, it is further suggested that all ITR forms and forms of Audit reports be notified well in advance by 1st April every year, to avoid such situations.

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  • Sep
  • 16
  • 2014

Update on TAR Extension / Deferment Cases Pending before HCs

Added In Income Tax
CA Sandeep Kanoi There was hearing of cases related to Tax Audit Report deferment or ITR Due Date extension on 15.09.2014 before Delhi and Gujarat High Court. We are giving below the status of these two appeals – Rajni Mangaldas Shah V/S Central Board Of Direct Taxes(Gujrat High Court),   SCA/12571/2014   In this case […]

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  • Sep
  • 15
  • 2014

In “PitruPaksha” memorizing ancestors & their property taxation

Added In Income Tax
Arjuna (Fictional Character): Krishna, the fortnight starting from9th September to 23rd September is called as ‘pitrupaksha’ or ‘shraddhapaksha’. In these days our ancestors are remembered and rituals and offerings are made on this occasion. Let’s discuss, what care should be taken by the heirs regarding ancestral property under Income Tax Act?

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  • Sep
  • 15
  • 2014

CPC-Send Signed ITR -V Acknowledgements for AY 2013-14 by 31st Oct’2014

Added In Income Tax
The Centralised Processing Cell (CPC) of the Income Tax Department has started a special campaign where it is reminding those who have filed their income tax returns for the AY 2013-14 without digital signature and have not sent the signed copy of the Acknowledgement to CPC Bangalore, to send the same to CPC Bangalore.

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  • Sep
  • 14
  • 2014

Reopening of assessment Beyond a period of 4 years without Approval of Joint Commissioner not valid

Reassessment proceedings are bad in law in as much as the AO sought to reopen the assessment beyond a period of four years and not followed the procedures laid down in section 151(2) of the Act for issuing notice under section 148 of the Act.

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  • Sep
  • 12
  • 2014

Presentation on Revised Tax Audit 3CD Forms

Added In Income Tax
It contains the followings 1. Changes in Form 3CD as per the revised circular; 2. Details of the Notifications issued by the Department 3. Screen Shots of the Items required to be filled up in Form 3CD; and 4. Comparative Changes in respect of Form 3CD with earlier versions.

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  • Sep
  • 12
  • 2014

TDS-CPC Handbook

Added In Income Tax
Background Tax Deduction at Source (TDS) is one of the means of collection of direct taxes. TDS constitutes nearly 40% of the direct tax collections. LEGACY In the legacy system, the deductees claimed TDS credits based on manual TDS certificates, issued by the deductors. There was no correlation between tax deductions, tax payments and issuance […]

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  • Sep
  • 11
  • 2014

One TDS challan for Payment Under Diffrent sections & Years

Added In Income Tax
Advisory to deductors making TDS payment through multiple challans in a month For Deductor’s convenience, CPC(TDS) has established processing logic in the system that can accept a Single Challan for reporting of Tax Deposited in following circumstances : 1. Payment of Tax Deducted under different sections of the Income Tax Act, 1961:  The CPC(TDS) system […]

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  • Sep
  • 11
  • 2014

Use of single TDS challan for all purposes-Analysis

Added In Income Tax
CA Pratik Anand CPC (TDS) Website has made a communication dated 10th Sept’ 2014 in which it has issued advisory for deductors using multiple challans in a month, for payment of Tax Deducted. In this advisory it has discussed the following three key areas- Payment of Tax Deducted under different sections of the Income Tax […]

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