rejected by the application, the date of uploading of the rejected return will not be considered as the date of filing, rather the date of uploading of the successfully filed, return (after the assessee carries out necessary corrections and uploads it again) will be considered as the actual date of filing.
Penalty u/s 271B is imposed on two grounds i.e for not getting the books of accounts audited within due date and for not furnishing the audit report within due date of filling of return of income. Now as per above circular furnishing of audit report has been done away with after the introduction of annexure less forms. The only thing that is required is to obtain the audit report within due date and fill the relevant audit columns of the ITR, if it is done no penalty can be initiated u/s 271B.
Login on MCA website. Click on the link ‘GET CERTIFIED COPIES’ which is on the left hand side of screen under the head ‘QUICK LINKS’ Enter Company name or CIN no. and search for the company on MCA web portal. It will display the company name and its CIN no. Click on the CIN no.
DCIT v. Bank of America NT & SA (ITAT Mumbai) – Tribunal held that interest received on income tax refund can be set-off against the interest paid on delayed payment of income tax and only net amount is to be taxed. The issue before the tribunal was that Whether interest income received by the taxpayer on income tax refund can be set-off against delayed payment on income tax? Whether the taxpayer can offer the net interest received as income?
ICAI has released Book titled ‘Quick Insight on CA profession’ to be circulated to all CA firms/ practitioners for ready reference and it includes matters relating to direct and indirect tax, accounting standards, list of mandatory statements and standards on auditing, peer review, information regarding forms relevant to students, websites, contact e-mail ids of Committees of the Institute and that pertaining to the Companies Act, 1956 and LLP.
Since inception year 1997, Goods Transport Agency (GTA) Service is caught by bundles of controversies like a celebrity always stay for the publicity stunt. Service Tax Legislation was just 3 years old and one can forget the childish introduction of GTA Service. However, even after sequential amendments the levy has ended up being a migraine for tax payers.
It is very important to have the knowledge of provisions of deemed dividend under section 2(22)(e) of the Income tax act, 1961 before making any transaction with the closely held companies.
Govt notifies new duty drawback rates for 4000 export items -Directorate of Drawback has notified the revised All Industry Rates of Duty Drawback or tax refunds on 4,000 export items for the current fiscal which have also been extended to all the DEPB items. The rates are slightly lower than what was provided in 2010-11.The CBEC has notified it vide Notifications No 68 & Notifications No 69, Drawback Schedule for 2011-12 and List of DEPB items and Customs Circular 42/2011.
Finance ministry has made it mandatory for taxpayers to file their central excise (Circular No.955/16/2011-CX, Dated-15th Sept., 2011) and service tax returns (Notification No. 43/2011 – Service Tax, DATED 25-8-2011) electronically from October 1, 2011. E-filing through the Centre’s online tax payment application Automation of Central Excise and Service Tax will be a must not only for returns due after October 1, but also for returns of past periods which have not been filed yet or are to be revised.
In this Article Author has discussed latest Provisions related to Compulsory E-Filing of service tax Return , Pr-requisite for e-filing, How to file Return electronically, Methods of filling the return electronically, Penalty for Late Filing of ST -3 (Service tax Return) , Due Date for Payment of Service tax Electronic and Procedure involved in making e-payment of service tax.
