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. Therefore, some […]
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 […]
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 […]
‘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
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 Financial Officer (CFO)
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 on line at the site. The only requirement is PAN No to view the status.
Contribution to Corpus of a Trust /society/ section 8 companies etc. will qualify as CSR expenditure as long as (a) the Trust/ society/ section 8 companies etc. is created exclusively for undertaking CSR activities or (b) where the corpus is created exclusively for a purpose directly relatable to a subject covered in Schedule VII of the Act.
A taxpayer is the entity that approaches the tax administration and thus comprises the latter’s customer. Yet the prevailing treatment of the taxpayer by the tax administration requires much to be improved in reflection of global practice. Customer Focus reform therefore is the first need.
We have Compiled the Format of Statutory Audit Report of Companies for Financial Year 2013-14. The report has considered the certain changes as prescribed by Institute of Chartered Accountants of India (ICAI) consequent to notification of certain sections under Companies Act, 2013. We have highlighted the changes introduced in blue for your reference :-
Form No.15G/15H is a form of declaration that has been prescribed for those persons who desire to receive certain specified income without deduction of tax at source. These forms can be used only if the aggregate income of the person making declaration does not exceed the maximum amount not chargeable to tax.
