CBEC constituted, in 2004, a Centralised Task Force (CTF) to co-ordinate, facilitate, monitor and oversee the efforts of Customs and Central Excise field formations in recovery of arrears. We observed that though the Task Force was entrusted with finalising and implementing strategies for realisation of arrears it did not take any such action for realisation of arrears.
CAG in its Report No. 2 of 2017 (Direct Taxes) pointed out mistake in business rules relating to matching of TDS with offered income. Full potential of CPC such as AST-CPC interface for accessing demand/refund information, information available with AO not used in processing returns, non-linking of previous years’ ITRs resulting in excess deduction, was not realised due to not changing the definition of ‘processing’.
Report No.1 of 2017 – Union Government (Indirect Taxes – Customs) has 101 paragraphs with revenue implication of Rs. 495 crore and two subject specific compliance paragraphs of Rs. 568 crore. In addition systemic and internal control deficiencies involving revenue of Rs. 6430 crore have been included in the report.
CBDT has vide notification No. 21/2017 released ITR forms for Assessment Year 2017-18 / Financial Year 2016-17. The number of ITR Forms have been reduced from the existing nine to seven forms. The existing ITR Forms ITR-2, ITR-2A and ITR-3 have been rationalized and a single ITR-2 has been notified in place of these three forms. Consequently, ITR-4 and ITR-4S (Sugam) have been renumbered as ITR-3 and ITR-4 (Sugam) respectively.
India’s First Fully Sharia Compliant Company, Octaware Technologies Limited, lists on the Bombay Stock Exchange – SME Platform. Octaware Technologies is a highly experienced software development, enterprise solution and consulting firm engaged in the business of providing a range of Information Technology
A new section 269ST has been introduced, no person (except banking company, Government, post office co-operative & other as may notify by Government) shall receive an amount of Rs. 2 lakh or more –
CBEC has recently released following 8 GST namely 1. Input Tax Credit Rules 2.Valuation Rules 3.Transition Rules 4.Composition Rules 5.Revised Invoice Rules 6.Revised Payment Rules 7.Registration Rules and 8.Refund Rules for comments by general public and other stakeholders on or before 10-April-2017 by email on [email protected]. The Institute of Cost accountants of India has done […]
In order to curb the practice of declaring unaccounted income as exempt long term capital gain by entering into sham transactions, the Finance Act, 2017 amended the provisions of section 10 (38) of the Act to provide that exemption under this section for income arising on transfer of equity share acquired or on after 1st day of October, 2004 shall be available only if the acquisition of share is chargeable to STT.
Limited Revision 2017 on account of IndAs The Revised Cost Accounting Standards (CAS-6, CAS-7, CAS-12, CAS -16 and CAS 17) are as follows: CAS-6 (Revised 2017)- Cost Accounting Standard on Material Cost CAS-7 (Revised 2017)- Cost Accounting Standard on Employee Cost CAS-12 (Revised 2017) – Cost Accounting Standard on Repairs and Maintenance Cost CAS -16 […]
Rule 19AB. Form of report for claiming deduction under section 80JJAA. Report of an accountant which is required to be furnished by the assessee along with the return of income under clause (c) of sub-section (2) of section 80JJAA shall be in Form No. 10DA.
