Direct Taxes Committee of ICAI by providing a handbook on the PROCESS OF E-FILING OF INCOME TAX RETURNS. This handbook would act as a ready referencer for our members for e-filing the income tax returns. The same can be downloaded from the link given below:-
The finance ministry has been working on a negative list of services even as it prepares for a transition to the proposed Goods and Services Tax (GST). The list is now ready and the ministry plans to post the details on its website for seeking public comments. Officials said that all other services, except those specified in the negative list, will be taxed at the normal service tax rate. The Centre has short-listed about 19 services, including interest paid on deposits by banks, dividend paid by companies on shares, transport of passengers in public transport, and funeral and burial agencies, which will be exempt from paying tax. At present, the Centre imposes a 10 per cent tax on 119 services.
The Union Cabinet today gave its approval for introducing a Legislative Amendment Bill to amend Section 28 of the Customs Act, 1962 (52 of 1962) to retrospectively recognize specified Customs officers as ‘proper officers’ for assessment of Customs duty thereby validating large number of Show Cause Notices involving substantial Customs revenue that are otherwise rendered invalid as a consequence of a judgement of the Hon’ble Supreme Court.
General Circular No. 49 /2011, In order to give ease to the corporate world to carry business in India, the Ministry of Corporate Affairs has been simplifying the procedures under the Companies Act, 1956. As another step in this direction, the Ministry is modifying the incorporation procedures to enable promoters to get their companies incorporated online within 24 hours.
The toppers of Chartered Accountants Final Examinations held in May, 2011 are from Bikaner, Mumbai and Pune. The details of the top three rank holders on all India basis for Chartered Accountants Final along with the marks secured by them are mentioned at Annexure-A. The result analysis of the Final examination in terms of gender wise and region wise pass percentage is mentioned at Annexure-B. The toppers of Common Proficiency Test (Paper-Pencil Mode) held on 19th June, 2011 are from Tirupathi, Pune, Hyderabad, Guntur (Andhra Pradesh), Mumbai & Amritsar (Punjab).
Retirement fund manager EPFO will seek the legal opinion on implementation of the order of the MP High Court throughout the country under which employers and employees will be required to increase their contributions to the provident fund. ‘We will seek legal opinion and also the opinion of Ministry of Law and Justice Ministry, through Labour Ministry, on the MP High Court order throughout the country,’ Central Provident Fund Commissioner Samirendra Chatterjee said.
The Concluding Ceremony for 150 years of Income Tax in India was celebrated on 15-07-2011 at a solemn function graced by H.E. Smt. Pratibha Devi Singh Patil, President of India at Vigyan Bhawan, New Delhi. The first copy of a book titled ‘A Celebration through Art: 150 Years of Income Tax in India’ comprising of artworks on the theme of ‘Income Tax in Nation Building’, executed by some of India’s top artists and the artistically gifted personnel of the Income Tax Department in the course of celebration of 150 years, was presented to Mahamahim Pratibha Devisingh Patilji, President of India by Shri Pranab Mukherjee, Union Finance Minister after it was released in the presence of Honourable Shri S.S. Palanimanickam, Minister of State for Finance (Revenue), Honourable Shri Namo Narain Meena, Minister of State for Finance (Expenditure), Shri R.S. Gujral, Revenue Secretary, Shri Prakash Chandra, Chairman, CBDT, other Members of the CBDT and a distinguished audience. The preview of the film titled ‘150 years of Income Tax- A Journey Across Three Centuries’ was screened and an informative brochure, ‘A Journey across Three Centuries’, depicting the evolving role of Income Tax since 1860, was also released.
Empanelment with UCO Bank for Concurrent Audit for CAs – Last Date 31.07.2011 UCO Bank invites applications from practicing firms of Chartered Accountants of India, in the prescribed format, who are willing to have their firm empanelled as Concurrent Auditors, in the Bank. CA firms should preferably be a partnership concern having experience in the field. The Bank may also consider the sole proprietorship concerns and in that case they would be required to submit a declaration that they are full time practicing Chartered Accountants and not employed elsewhere and do not have any other business interest.
July is the month of the year which provides us lots of rains after dry hot days, when freshness and life retunes to schools and college, when mangos are in plenty and there is happiness all around. July is also the month when one has to file his or her annual income tax returns for the previous year ended in March. 31st July is the last date to file tax returns for individuals and those whose accounts are not subject to any audit. The options available to assessee is to do it himself or to call on his chartered accountant who can file the tax returns by just asking for few informations and papers. Tax returns are however, now a days an easy job as returns can be filed with case and online.
The results of the Chartered Accountants Final Examination held in May, 2011 and Common Proficiency Test (CPT) held in June, 2011 are likely to be declared on Tuesday, the 19th July, 2011 around 2:00 PM and the same as well as the merit list (candidates securing a minimum of 55% and above marks and upto the maximum of 50th Rank in the case of Final Examination and candidates securing a minimum of 60% and above marks and upto the maximum of 10th Rank in the case of Common Proficiency Test and in accordance with the decision of the Examination Committee) on all India basis will be available on the following website:
