"12 April 2015" Archive

PANIC due to PAN! If used as an Identity Proof

Krishna, Nowadays PAN card is generally used for many things. Finance Minister Mr. Arun Jaitly is insisting the usage of PAN in many financial transactions, to curb black money. People even use PAN card as Identity Proof, is it correct?...

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Posted Under: Income Tax |

Impact of proposed amendment in definition of Accountant under Income Tax Act, 1961

Under the Income tax Act, 1961, the power of conducting Tax Audit u/s 44AB and various others certification/attestation work is conferred upon an Accountant, the term Accountant is defined under explanation to sub-section (2) of section 288 of Income tax Act, 1961 as under:...

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Posted Under: Income Tax |

Tax effect in case of premature closure of PPF Account

Tax Relief on contributions to Public Provident Fund (PPF) Account in case of premature closure of the Account:- A point was raised by the State Bank of India Main Branch Bombay as to whether a partial withdrawal in excess of the prescribed limits or premature closure agreed to by the competent authority would have any effect on the relie...

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Posted Under: Income Tax |

Empanelment of CA Firms with SBBJ for Concurrent Audit

Applications are invited from Chartered Accountants firms/ LLP as per gradation by RBI for carrying out Concurrent Audit on full time, contractual basis (renewable every year, at Bank's discretion) at its selected Branches / Offices / Credit Processing Centers (CPCs). Last date for receipt of Applications: 30.04.2015...

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Posted Under: Income Tax |

No Deduction U/s. 80C on deposits made after 15 years in PPF A/c without exercising option for continuance of A/c

Tax-deduction under Section 80C of Income Tax Act on deposits made after 15 years in PPF account without exercising option for continuance of account:- Paragraph 9(3A) of PPF Scheme, 1968 provides for continuance of account on the expiry of 15 years for a block period of 5 years and so on, if the subscriber exercises an […]...

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Posted Under: Income Tax |

Brief Comparison between CARO, 2003 & CARO, 2015

MCA have issued an order to be called as Companies (Auditor's Report) Order, 2015 (referred to as CARO, 2015) dated 10th April, 2015 specifying only 13 matter required to be specified in the Auditor’s Report for the financial year ending 31st March, 2015. ...

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Posted Under: Income Tax |

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