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Archive: 24 June 2015

Posts in 24 June 2015

Draft Taxonomy for C&I Companies based on notified provisions of Companies Act, 2013

June 24, 2015 1126 Views 0 comment Print

The taxonomy for the Commercial and Industrial Companies have undergone a change owing to the requirements under the Companies Act 2013, and the rules notified thereunder. Accordingly, the Taxonomy Development and Review Committee of XBRL India has finalised the draft taxonomy for Commercial and Industrial Companies based on the notification of the sections under Companies Act 2013, new rules and forms thereunder.

Income Tax Return Filing Season On! All the Best!

June 24, 2015 10497 Views 0 comment Print

1. NOTIFICATION OF NEW ITR FORMS: CBDT has notified ITR 1, ITR 2, ITR 2A & ITR 4S for AY 2015-16 and amended Rule 12. These forms will substitute the previously notified ITR 1, 2 and 4S forms [Refer Notification No: 49/2015 dated 22/06/2015].

ITR 4S –Validation Rules for AY 2015-16

June 24, 2015 4657 Views 0 comment Print

Return data will be allowed to be uploaded but the taxpayer uploading the return will be informed of a possible defect present in the return u/s 139(9). Appropriate notices/ communications will be issued from CPC.

ITR 1 – Validation Rules for AY 2015-16

June 24, 2015 30624 Views 9 comments Print

The Income Tax Department has provided free return preparation software in the downloads page as well as facility for online ITR submission for ITRs 1 & 4S which are fully compliant with data quality requirements. However, there are commercially available software or websites that offer return preparation facilities as well.

Online Payment of EPF not Mandatory for employers remitting contribution below Rs. 1 lakh per month

June 24, 2015 13325 Views 4 comments Print

The Central Government in exercise of the powers conferred by section 5 read with sub-section (1) of section 7 of the EPF&MP Act 1952 has notified amendments in Paras 38(1) and 48 of EPF Scheme, 1952 making it mandatory for employers to pay the statutory

Online Payment of EPF Mandatory with effect from 5th May, 2015

June 24, 2015 7887 Views 0 comment Print

This Scheme may be called the Employees’ Provident Funds (Second Amendment) Scheme, 2015. In the Employees’ Provident Funds Scheme, 1952 (hereafter referred to as Principal Scheme), in sub-paragraph ( ) of paragraph 38,‑ (i) for the words by separate hank drafts or cheques, the words electronic through internet banking of the State Bank of India or any other Nationalised Bank authorized for collection shall be substituted.

Applicability of Contempt of Court Act in Taxation Matters

June 24, 2015 3525 Views 0 comment Print

In this article, I am trying to analyses whether this section 2(b) of Contempt of Court Act is applicable to taxation matters (Direct and Indirect Taxes). There are so many cases, where Adjudicating Authority did not follow the decision given by various jurisdictional Tribunals, High Courts and even Supreme Court or did not follow the binding precedents as decided by the above various courts.

Sec.10(23C)(iiiad) Receipts from more than one educational institutions cannot be clubbed

June 24, 2015 67994 Views 0 comment Print

For the purpose of limit prescribed in section 10(23C)(iiiad), Rs. One crore limit has to be considered for each institution separately and not for the assessee as a whole. This is very important to mention that as per section 10(23C)(iiiad) also, the term used is any university or other educational institution

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