CA Sharad Jain, Ujjain's Posts - Page 4

Need To Have A Policy of One Person – One Bank Account

Presently, in our country, there is no limit on number of accounts which a person / entity can have with banks / Post Offices. A person / entity can open, keep and operate numerous saving accounts, current accounts and many other type of deposit accounts in various branches of one or more banks and in post offices (P.O.s) ....

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Posted Under: Income Tax | ,

How to remove Password from ITR V Acknowledgement

On e filing of income tax return, an acknowledgement is generated by the Income Tax Department in a form named as ITR V. This ITR V is issued in pdf format and remains password protected. The password remains Permanent Account Number of the assessee in short case followed by his date of birth / its date of formation....

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Posted Under: Income Tax | ,

Refund of Excess amount paid- Dispute Resolution Scheme, 2016

The Dispute Resolution Scheme, 2016 has been introduced through Union Budget, 2016. The scheme has been brought with the object to collect tax arrears, clear pendency of appeals, achieve reduction in administrative costs etc. In most of the cases apart from filing appeal, the demand amount, either partly or fully, is generally deposited ...

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Posted Under: Income Tax |

TCS on Receipt of Sale Consideration In Cash- Controversy Ends?

t has remained a matter of great debate that whether as per the provisions of section 206C(1D), the TCS in respect of bullion, jewellery, any other goods and provision of service is leviable :...

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Posted Under: Income Tax |

Some issues related to TCS Provisions W.E.F. 01st June 2016

Introduction: From 01st June, 2016 TCS is to be collected by seller from the buyer in respect of : (i) sale of motor vehicle of the value exceeding Rs. 10 lakhs (on receipt of sale consideration through any mode ) and also in respect of ;...

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Posted Under: Income Tax |

Excel Sheet Office Management Tool for Tax Audits

Every tax audit assignment involves numerous steps since commencement to its completion. Further, during tax audit season, various tax audit assignments remains in process in our offices at a similar point of time. Similarly, various staff persons remains involved in doing different steps of tax audit work. ...

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Posted Under: Income Tax | ,

Electronic Filing of Appeal before CIT (Appeals)

CA Sharad Jain Introduction: The CBDT has vide press release dated 30.12.2015 made announcement regarding electronic filing of appeal before the Commissioner of Income Tax (CIT (A)). Thereafter, vide notification no. 11/2016 dated 01/03/2016, the concerned rule (i.e., new rule 45 substituted for old rule 45) has been notified. Object Behi...

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Posted Under: Income Tax |

Give CBDT Powers to Grant Immunity From Penalty U/S.271B

Suggestion For Union Budget 2016-17 For Amendment In Section 119(2)(A) To Give CBDT Specific Powers For Granting General Immunity From Penalty U/S.271B (As An Effective Alternative Remedy For Extension Of Due Date For Obtaining And Furnishing Of Tax Audit Reports)...

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Posted Under: Income Tax |

Time to Remind for Timely Issue of TAR / ITR Forms & Utilities for A.Y. 2016-17

It is generally expected that the Income Tax Return (ITR) forms and Tax Audit Report (TAR) form and utilities for uploading them on the website of the Income Tax Department should become finally available for public use, as on the Ist day of the Assessment Year e.g., for AY 2016-17 on 01st April, 2016 and, thereafter there should not be a...

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Posted Under: Income Tax |

Hurdles in Extension of Due Dates of Filing of ITR & Tax Audits- Suggestions

SUGGESTIONS FOR UNION BUDGET 2016-17 - FOR AMENDING SECTION 140A & 234A OF INCOME TAX ACT FOR REMOVAL OF HURDLES IN EASY EXTENSION OF DUE DATES OF FILING OF INCOME TAX RETURNS AND TAX AUDITS...

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