Income Tax, Wealth Tax and Direct tax Code Related News

  • Apr
  • 18
  • 2014

ICAI expresses concern on proposed definition of “Accountant” in DTC

Added In Income Tax
Direct Taxes Code, 2013 has proposed to widen the scope of the definition Accountant” to include other professionals as well. It is a fact that various provisions in the Income-tax Act, 1961 under which chartered accountants have been given the responsibilities to undertake audit and certification of accounts of various entities have the emphasis on audit of the relevant accounts which is the exclusive domain of Chartered Accountants.

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  • Apr
  • 17
  • 2014

Section 194H – TDS from Commission and Brokerage – FAQs

Added In Income Tax
Any person, (other than individual or a Hindu undivided family) who is responsible for paying, to a resident, any income by way of commission (not being insurance commission referred to in section 194D) or brokerage, shall, deduct income-tax thereon.

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  • Apr
  • 17
  • 2014

GOvt. invites Suggestions for Budget 2014-15 regarding changes in direct and indirect taxes

Added In Income Tax
In the context of formulating the proposals for the Union Budget 2014-15, the Ministry of Finance would like to be benefited by the suggestions and views of your Association. You may, therefore, like to send your suggestions for changes in the duty structure, rates and broadening of tax base on both direct and indirect taxes giving economic justification for the same. Suggestions may also be given for simplification and rationalization of duties and taxes.

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  • Apr
  • 16
  • 2014

Time to plan your Income and Taxes for 2014-15

Added In Income Tax
The last financial year ended a fortnight ago, and its right time for individual taxpayers to plan their Income and give the final touches to their tax planning and savings. There are many sections defined under the Income Tax Act that enable individuals to save tax by investing in various qualified instruments. Since your employer […]

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  • Apr
  • 16
  • 2014

Compliance – Income tax Return Filing- Why and how to reply ?

Added In Income Tax
The Mission of Our Income Tax Department is To promote Compliance with our direct tax laws, through caring taxpayer service and strict enforcement, and thus realize maximum resources for the Nation.

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  • Apr
  • 16
  • 2014

Tax Audit is exclusive domain of Chartered Accountants

Added In Income Tax
The requirements of Form 3CA/Form 3CB require the auditor to give a true and fair view on the accounts of the assessee which can be given only by persons having a high degree of training and competence in accounting. This level of knowledge in accounting is possessed only by chartered accountants acquired by virtue of […]

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  • Apr
  • 16
  • 2014

Act of Non CAs to Approach CAs to get Tax Audit report signed for Audit not conducted by them is unethical – ICAI

Added In Income Tax
In case of Corporates, chartered Accountants are getting fees in the range of Lakhs, but in non-corporates cases, they get fees in the range of Thousands only. Therefore, CA’s make best combination of tax audit assignments to sign tax audit reports under section 44AB to yield Revenue.

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  • Apr
  • 16
  • 2014

ICAI Clarification on Ceiling on number of tax audits

Added In Income Tax
In order to maintain the quality of tax audit to be conducted by our members. ICAI in the year 1989 imposed a limit on audits to be conducted by a practicing member in any financial year. At that time the limit was specified at 30. The process of fixation of ceiling on the number of […]

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  • Apr
  • 16
  • 2014

What if Employer refuses to issue TDS Certificate / Form 16

Added In Income Tax
The employee has a right to obtain the TDS certificate in form 16 from his employer. The certificate details should be filled in return of income, since no credit for TDS can be given without it. In case your employer fails to issue the TDS certificate, he shall be liable to a penalty of Rs. 100/- for each day of default u/s 272A(2)g). The Only remedy in case your employer refuse to issue you tds certificate or he is not issuing TDS certificate is that you can complain to the concerned Assessing Officer in writing, who will take appropriate action or initiate penalty proceedings against the employer.

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