"18 June 2014" Archive

Union Budget on 10th July 2014, Rail Budget on 8th July 2014

As per News Received by us Union Government to Present Rail Budget on 8th July 2014 and Union Budget on 10th July 2014. Schedule of Budget Related Government Activities is as follows :- Budget 2014 session to begin on 7th July 2014, 8th July2014- Rail Budget, 9th July 2014-  economic. Survey, Union budget on 10th […]...

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Posted Under: Income Tax |

ITR-5 for AY 2014-15- Who are required to file & mode of filing?

1. Who can use this Return Form? This Form can be used a person being a firm, LLPs, AOP, BOI, artificial juridical person referred to in section 2(31)(vii), cooperative society and local authority. However, a person who is required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) shall […]...

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Posted Under: Income Tax |

Taxpayers helpless against rude or arbitrary behaviour of Tax officers – TARC

Taxpayers express helplessness against rude or arbitrary behaviour of officers with little assigned accountability in practice: The continuing impact on the taxpayer who has been relegated to a position of helplessness is unprecedented internationally. The confusing, if not arrogant, environment that they have to face on a daily basis was...

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Posted Under: Income Tax |

Implement Passbook scheme for TDS, Timley Income Tax Refund – TARC

Tax deducted at source o   The insistence on manual filing of TDS certificates before AO for verification of refunds claim should be done away with. o   The tax deductor’s duties and obligations in terms of making information compliance and also depositing the deducted amount is onerous and they are not compensated for that. Therefo...

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Posted Under: Income Tax |

TARC recommendations on Scrutiny in direct taxes and audit in indirect taxes

Scrutiny in direct taxes and audit in indirect taxes o   Hearing in all tax cases by personal presence should be avoided, and data can be sought through an e-system. The taxpayer can upload the data on the e-system. Personal hearing should be sought only in complex cases. o   There should be specialization in scrutiny/audit work [&hel...

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Posted Under: Income Tax |

I-T returns should also include wealth tax returns – TARC

Filing of tax returns o    I-T returns should also include wealth tax return so that the taxpayer need not separately file wealth tax returns. These returns should also be processed together in the CPC at Bengaluru. o    The disclosures in the return should include a brief mention of the issues on which there has been […]...

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Posted Under: Income Tax |

Companies (Share Capital and Debentures) Amendment Rules, 2014

Notification No. G.S.R. 413.(E) (18/06/2014)

‘Infrastructure Finance Companies’ as defined in clause (viia) of sub-direction (1) of direction 2 of Non-Banking Financial (Non-deposit accepting or holding) Companies Prudential Norms (Reserve Bank) Directions, 2007...

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Service Tax and VAT Jargon on Softwares & Software Licensing

Softwares due to its very inherent nature of intangibility & deliverability have always been a matter of grey area for tax professionals and trade. This article intends to discuss the complexities surrounding the Software Industry in regard to Service tax & VAT in a simplified yet exhaustive approach. ...

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Posted Under: Income Tax |

Appointment of Key Managerial Personnel (KMP) – Companies Act, 2013

Every listed company and every other public company having paid up share capital of Rs.10 Crores or more shall have the following whole-time Key Managerial Personnel (KMP),—(i) Managing Director (MD) or Chief Executive Officer (CEO) or manager and in their absence, Whole- Time Director(WTD) (ii) Company Secretary; and (iii) Chief Finan...

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Posted Under: Income Tax |

How to check your Income Tax Refund online

Many people are not aware about that their Income Tax Refund status. The Refund status can be easily ascertained online with a few simple and easy steps. The ‘Refund Banker Scheme', which was first introduced by the Income Tax Department in Jan 2007, can be used by tax payers all over the nation to view the exact status of their refunds...

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