In case of Corporates, chartered Accountants are getting fees in the range of Lakhs, but in non-corporates cases, they get fees in the range of Thousands only. Therefore, CA’s make best combination of tax audit assignments to sign tax audit reports under section 44AB to yield Revenue.
In order to maintain the quality of tax audit to be conducted by our members. ICAI in the year 1989 imposed a limit on audits to be conducted by a practicing member in any financial year. At that time the limit was specified at 30. The process of fixation of ceiling on the number of […]
DOWNLOAD INCOME TAX CALCULATOR IN EXCEL FORMAT FOR ASSESSMENT YEAR 2015-16 / FINANCIAL YEAR 2014-15. Salient features of the Simple tax calculator. Simple tax calculator for the use of salaried employees of govt and private sector.Easy use of calculator- Key in the salary details and investment/tax saving details yellow colored cell to compute the tax.
Where the element of service has been declared and brought to tax vide notification dated 6 June 2012, by which Service tax is levied on 40% of the billed value in restaurant, no VAT can be imposed thereon on such amount. Copy of the decision is enclosed herewith.
Bombay HC dismisses writ filed by Indian Hotels and Restaurant Association and upholds validity of service tax levy on air-conditioned restaurants serving liquor u/s 65(105)(zzzzv) of Finance Act.
The respondents have not disputed this before us. It is true that the assessee had not deposited the long term capital gain in the capital gain account, and he had deposited the said amount in his savings account with Vijaya Bank.
CA Sandeep Kanoi CBDT has vide Notification No. 24/2014 dated 01.04.2014 amended rule 12 of Income Tax Rules 1962. Prior to amendment of Rule 12 and upto A.Y. 2013-14 All Political Parties were allowed to Furnish ITR 7 in any of the following mode :- (i) furnishing the return in a paper form; […]
CA Sandeep Kanoi CBDT has vide notification NOTIFICATION NO. 24/2014, Dated: April 1, 2014 amended the rule 12 of Income Tax Rules, 1962 and provided that notice under clause (a) of sub-section (2) of section 11 of the Act, shall be furnished electronically in form No. 10 w.e.f. Assessment year 2014-15 before expiry of time […]
CA Sandeep Kanoi Up to A.Y. 2013-14 Partnership Firms to whom provisions of section 44AB (i.e. those Under Tax Audit) were required to furnish the return for assessment year 2011-12 and subsequent assessment years electronically under digital signature but the Partnership firms to whom Provisions of section 44AB were not applicable they were allowed to […]
Tax Audit under the Income Tax Act is currently allowed to be conducted only by the Chartered Accountant but Proposed Direct Tax Code 2013 allows Tax Audit not only by Chartered Accountant but also by Company Secretaries and Cost Accountants.
