Avinash Gupta V/s Union of India and Ors (Delhi High Court) , W.P.(C) 9032/2015 As per information received from Appellant CA Avinash Gupta, While hearing the above case on the matter of extension of due date of Tax Audit Report and Income Tax Return Filing, Hon;ble High Court has interalia issued directions to CBDT To notify ITR Forms on or before 1st day of the assessment year and to record reason for delayed release of ITR if it fails to release ITR on time.
Persons Holding Undisclosed Foreign Assets are Advised to file Their Declarations well in Time as Provided Under the Compliance Window of the New Black Money Act; One-Time Compliance Opportunity will End on 30th September, 2015; Information Contained in the Declaration will be Kept Confidential; Process of Filing Declaration is Simple and can be Filed Online […]
Facilities for Women Passengers for buying Train Tickets at Reservation Counters Ministry of Railways has been providing special facilities to women passengers for conveniently buying tickets at railway reservation counters. The Ministry has further elaborated facilities as follows: – (a) At computerized reservation office, a separate reservation counter should be earmarked for ladies if the […]
It is hereby announced that the Council at its 345th Meeting held on 14th – 16th August, 2015 decided to amend the ICAI Website Guidelines, based on the recommendations of the Ethical Standards Board. The amendment has been carried out between paras 6(ix) and (7) of the Website Guidelines, and is shown in bold hereunder:-
ICAI President CA Manoj Fadnis suggested that The ‘specified date’ for the purpose of audit of accounts and furnishing report of such audit under section 44AB is the due date of filing return of income under section 139(1). Therefore, in the interest of the stakeholders and the Revenue, the said date for A.Y. 2015-16 for assessees mentioned Under clause (a) of Explanation 2 to section 139(1) be extended from 30th September, 2015 to atleast 31st October, 2015.
In continuation of its efforts to serve the profession, Tax Research Foundation has today filed a Writ petition titled as ‘Avinash Gupta & Ors Vs Union of India and Ors’ , seeking extension of due date of furnishing Tax Audit Report.
Government of India, Ministry of Corporate Affairs, vide their letter no. 52/33/CAB/2013 dated 10th September, 2015 has, under section 148(3) of the Companies Act, 2013, granted Central Government’s approval to the following Cost Auditing Standards:
India adopted a new economic order in the early 1990s. This empowered the invisible hands of the market, namely, demand for and supply of goods and services to determine two major outcomes, namely, quantities to be produced/supplied in the economy and prices at which these are to be exchanged. The invisible hands may occasionally malfunction in the presence of information asymmetry, externalities or market power.
It has been the constant endeavor of the Income-tax Department to make compliance simpler for the taxpayer through the use of technology. E-filing of returns, refund banker scheme and the newly introduced e-verification of Income-tax returns for the Assessment year 2015-16 are some of the key initiatives undertaken by the Department for making filing of returns simple and easy for the common taxpayer.
In the Financial Year (F.Y.) 2015-16, Department of Income Tax Receives 2.06 Crore Returns on the E-Filing Portal as on 07.09.2015 Registering an Increase of 26.12% over the Corresponding Period of the Preceding F.Y. 2014-15; 32.95 Lakh E-Returns Verified Through Electronic Verification Code;
