The present restriction on Cash Withdrawals either from ATM or from the Bank Cash counter is to be relaxed immediately taking cognizance of the untold misery of the common man and the small business entities. As of now one can withdraw Rs. 10,000/- only from Bank on a day subject to an overall limit of Rs. 20,000/- per week
While assessee logs in the ACES site for filing the Service tax Return of the I half of 2016-17 i.e. for the 6 months ended 30.09.2016 and clicks RET, in ‘drop down’ menu following options appear:
While filling the required details in Form No. 3 CD for assessees, who are subject to Compulsory Audit under various sections, the correct details could not be furnished if the assessee has got income from more than one business and separate books are maintained for such businesses.
In order to curb the black money by way of dealings in cash in immovable property transactions, sections 269 SS & T were amended (in the last budget itself) with effect from 01.06.2015 to the effect that no person shall accept from any person any loan or deposit or any sum of money, whether as advance or otherwise in relation to transfer of an immovable property
The newly elected State Government in Tamilnadu has started the process of waiver of Agricultural Loans in order to fulfill its election promise. Many states may follow. But care should be taken while drafting the conditions for waiver so that non-agri. loans are not waived. Almost all Banks are lending money as agri. gold loans up to Rs. 2 Lakhs without asking for any proof of agri. land holdings and these loans are obtained by non-agriculturists also to a great extent.
In the budget it is proposed to tax dividends @ 10% in the hands of shareholders if the same exceeds Rs. 10 Lakhs. Already the companies are paying income tax @ 30% with Eduction Cess @ 2% Secondary & Higher Education Cess @ 1% on the tax and in addition Surcharge is payable is @ 7% if the Taxable Income exceeds Rs 1 Crore and @ 12% if the Taxable Income exceeds Rs. 10 Crores.
At the end of May the Income Tax Return forms are released for the Assessment Year 2015-16 and same been held back by finance minister due to complicated nature of Return Forms. It was further informed by the CBDT that department will release new simplified ITR forms with return filing utility by 3rd week of June 2015.
E-filing of I.T. Returns has become mandatory for majority of the assessees and the procedure has undergone a lot of changes right from registration till filing rectification and put up ‘ Request for Re-issue of Refund’. Likewise the procedure for registration of legal heir, registration of DSC of the assessee and that of the CA, uploading of Audit Reports, Financial Statements etc., are to be meticulously followed by those who directly e-file the returns (without using readymade software).
CA. M. Lakshmanan Payment of Service Tax on the last day of the Financial Year viz. on the 31st March is more cumbersome and the assessees are put to lot of practical problems in paying the same. Since all are trying to pay the same on the last day including the service tax they have […]
In the budget Explanation (a) to Section 67 is amended to specifically include ‘any reimbursable expenditure or cost incurred and charged by the service provider’ in the definition of the term ‘Consideration’ in order to overcome the Delhi High Court’s ruling in the case of Intercontinental Consultants and Technocrats Private Limited vs. Union of India
