Recently, the Income Tax Department has allowed quick filing of ITR 1 by salaried class assessees on its e-filing website itself, thereby reducing the burden of uploading the XML file. This happens to be one of the most easiest and convenient way of filing the return electronically.
CA Abhijit Sawarkar The LLP structure is available in most of the developed countries like United Kingdom, United States of America, Gulf countries, Australia and Singapore. Indian Limited Liability Partnership Act, 2008 was enacted on January 7, 2009. Indian LLP Act is broadly based on UK LLP Act 2000 and Singapore LLP Act 2005. According to both of […]
CA Hardik Mehta Point wise checklist on preparation of form 3CB/CD audit report to be filed with Income Tax Department. We are attaching herewith a Form 3CB/3CD Checklist as applicable for A.Y. 2013-14 and onwards. The checklist is useful in preparation of Tax Audit Report. Download Point wise checklist on preparation of form 3CB/CD online […]
Assessing Officer ignored the very fact that there was a temporary lull in the business of the assessee and it was not a cessation of business of activity. Therefore, the Assessing Officer disallowed the expenses incurred by the assessee for continuation of its business which deserve
The newly introduced provision, briefly stated, mandates withholding of 1 % tax (TDS) by a transferee of an immovable property, on payment of consideration to transferor, if the consideration exceeds 50 lakhs rupees.
Shri Kapil Sibal, Union Minister for Communications and IT released the National Cyber Security Policy, here today. Speaking on the occasion, he underlined that this policy should be seen as about protecting of information, such as personal information, financial/banking information, sovereign data etc.
Please refer to paragraph 99 of the Monetary Policy Statement for 2013-14 (Extract annexed). Unhedged foreign currency exposures of the corporate are an area of concern not only for individual corporates but also to the entire financial system. Corporates who do not hedge their foreign currency exposures can incur significant losses due to exchange rate movements. These losses may reduce their capacity to service the loans taken from the banking system and thereby affect the health of the banking system.
Please refer to the paragraph 77 (extract enclosed) of the Monetary Policy Statement for 2013-14 announced on May 3, 2013. It was indicated therein that the final guidelines on capital requirements for banks’ exposures to central counter parties, based on the interim framework of the Basel Committee on Banking Supervision (BCBS), will be issued by end-June 2013.
We have considered the provisions of Section 194J of the Income Tax Act, in the light of Circulars dated 28.04.2008 and 30.06.2008. The words, “any sum paid”, used in Section 194J of the Act, relate to fees for professional services, or fees for technical services.
Commissioner of Sales Tax, Maharashtra State hereby provides that the dealers, who are liable to file return as per the provisions of clause (d) of sub-rule (1) of rule 40 of the Maharashtra Value Added Tax Rules, 2005 shall electronically upload the return in Form 424 provided on the web-site of the Sales Tax Department.
