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Wednesday, 31 July 2013

DUE DATE FOR FILING INCOME TAX RETURNS EXTENDED


  
LAST DATE FOR FILING INCOME TAX RETURN FOR NON-AUDIT and salary returns for AY 2013-14 EXTENDED


The CBDT has issued a Press Release stating that the due date for filing of returns u/s 139(1) of the Income-tax Act, 1961 is extended to August 5, 2013


TEXT OF THE PRESS RELEASE

PRESS INFORMATION BUREAU
GOVERNMENT OF INDIA
AS A MEASURE OF TAXPAYERS CONVENIENCE, LAST DATE OF FILING OF RETURNS EXTENDED TO 5TH AUGUST, 2013
New Delhi: July 31, 2013
Shravana 9, 1935
There is an unprecedented surge in number of returns being e-filed during this year. 92.03 lakh returns have been e-filed up to 30th July, 2013 which is 46.8 % higher than the returns e-filed during the corresponding period of the last fiscal year.
Due to large number of taxpayers accessing e-filing website on due date of filing, some cases of taxpayers not being able to access the e-filing portal have been reported. These problems are primarily due to network constrains of the local internet service providers (ISPs).
However, as a measure of taxpayers convenience, it has been decided to extend the due date of filing of returns from 31st July, 2013 to 5th August, 2013.
Taxpayers are requested to avail of this extension of time and file their returns after paying due taxes.
www.finmin.nic.in


Thursday, 25 July 2013

DATE FOR FILING VAT RETURN EXTENDED



LAST DATE FOR FILING VAT RETURN FOR FIRST QUARTER OF 2013-14 EXTENDED


The Value Added Tax Department has vide Circular dated 25.07.2013 extended the last date for filing online Return for the first quarter 2013-14.



Class of Return
Last date for online filing
Last date for Hard Copy
Returns - DVAT 16, DVAT 17
07/08/2013
10/08/2013
Annexure 2C and 2D which form part of the return.
07/09/2013
10/09/2013



However it may be noted that the due date for depositing tax is not changed.

Wednesday, 24 July 2013

No More Exemption from Return Filing to Salaried Persons

No more exemption from return filing to salaried persons having income upto Rs. 5,00,000/- for the A.Y. 2013-14


CBDT has vide its 
press release dated 22.07.2013 clarified that exemption from filing return of income for salaried employees having total income upto Rs. 5 lakhs including income from other sources upto Rs. 10,000/- was only for assessment year 2011-12 and 2012-13 respectively.  The exemption was given considering ‘paper filing of returns’ and their ‘processing through manual entry’ on system.However, this year the facility for online filing of returns has been made user-friendly with the advantage of pre-filled return forms. These E-filed forms also get electronically processed at the central processing centre in a speedy manner. Hence, the exemption provided during the last two years is not being extended for assessment year 2013-14.


Taking note of the above fellow practitioners and tax payers falling under the said category may plan accordingly as due date of filing of return is only a week away.  


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Wednesday, 17 July 2013

Update on newly amended DVAT 16 DVAT 17 and Filing of form Form T2





Circular No. 6 of 2012-13
Newly amended form DVAT 16 and DVAT 17 shall be applicable from IInd qtr of 2013-14.
Update
on T2

·      In case if the Goods Receipt Number (GR)
·      is not available in advance,
·      Form T-2 would need to be filed
·      without Goods Receipt Number.
·      However, the GR Number would need to be updated
·      within 24 hours of
·      receipt of the goods by the Delhi dealer.
·      In such cases the Delhi dealer shall not
·      dispose of/sell/dispatch such goods
·      till the GR number in Form T-2 is updated online.


Monday, 15 July 2013

CST- DELHI AMENDMENT RULES 2013

The Value Added Tax Department has issued notification no. F3(6)/Fin.(Rev-I)/2013-14/dsVI/499 dated 04/07/2013 thereby amending the rules and introducing changes in Form 1 CST. The details of the changes are available in a presentation which can be downloaded. 

For Presentation CLICK HERE

For copy of Amendment Rules CLICK HERE 

Saturday, 13 July 2013

Income Tax - Demands not recoverable if Intimation u/s 143(1) not served


         
CBDT Instructions on Identification of Unserved intimations under section 143(1) of Income Tax Act for cases processed prior to 31.03.2010-Reg.

The CBDT has issued Instruction No. 04/2013 dated 05.07.2013  with regard to the directive issued by the Delhi High Court in Court on Its Own Motion vs. UOI 352 ITR 273

  •      that the demand should not be enforced in cases
  •      where no intimation u/s 143(1) was sent
  •      by the field authorities in respect of returns
  •      which were processed prior to 31.03.2010.
Which means that if a demand was raised prior to 31.03.2010 and the intimation u/s 143(1) was not sent to the assessee, then such a demand can not be enforced by the department.
It is also important to note here that the onus to show that the order was communicated and was served on the assessee is on the Revenue and not upon the assessee.

Directions have been issued to the Assessing Officers to strictly followed while dealing with such matters and compliance within the time frame

FULL COPY OF INSTRUCTION



Wednesday, 10 July 2013

INCOME TAX - Credit of TDS


CBDT Directive Regarding Grant Of TDS Credit In Mismatched Cases 

  • Pursuant to the judgement of the Delhi High Court in Court on Its Own Motion vs. UOI 352 ITR 273,
  • the CBDT has issued Instruction No. 5/2013 F.No.275/03/2013-IT(B), dated 8.07.2013
  • stating that:
  • When an assessee approaches the AO
  • with requisite details and particulars in the form of TDS certificate
  • as evidence against any mismatched amount,
  • the AO will grant credit of TDS to the assessee
  • after ascertaining whether
  • the deductor has made payment of the TDS to the Government.

  For a copy of the Instructions click here


Friday, 5 July 2013

LAST DATE FOR FORM DP-1 FURTHER EXTENDED


LAST DATE FOR FILING OF FORM DP-1 ONLINE HAS BEEN further EXTENDED wIDE NOTIFICATION DATED 05-07-2013

In further modification to Notification No.F.3 (352)/Policy/ VAT/2013/231-241 dated 28.05.2013 and its modification wide Notification  dated 20.06.2013 regarding submission of Form     DP-1, the last date for filing the form online has been further extended as per the schedule as given below.



Class of Dealers
Last date for submission of information online in Form DP-1
Dealers having GTO more than or equal to Rs. 50,00,000/- (Rupees Fifty Lakhs)
07/08/2013
Dealers having GTO more than or equal to Rs.25,00,000/- (Rupees Twenty Five Lakhs) but less than Rs.50,00,000/- (Rupees Fifty Lakhs)
14/08/2013
Dealers having GTO less than Rs. 25,00,000/- (Rupees Twenty Five Lakhs)
21/08/2013

COPY OF NOTIFICATION 



Wednesday, 3 July 2013

DVAT - DP-1 WHAT TO DO


DVAT -Form DP 1
WHAT TO DO

TO SEE THE EXCEL UTILITY OF FORM DP-1 
PLEASE CLICK HERE

Information given in this form is very vital, as it is through this data that the department shall issue you a new RC with all your correct information currently updated, even if there is an amendment application lying pending with the department.
If you provide the current position of your firm up to date then your new RC shall reflect that correct information provided in this form.

WHO shall file
All dealers
registered with the VAT Department
as on 31.03.2013
HOW
ONLINE
using Login ID and Password.
WHAT INFORMATION IS ASKED FOR
The form DP-1 is divided into 4 parts i.e
Part-A General Information
Part-B Information of persons interested in business.
Part-C Additional Place of Information.
Part-D Information about Authorised Signatory.
Each part can be filled up separately and saved online.
LAST DATE TO FILE
The last date for filing Form DP-1 as extended based on the turnover of the Dealer in FY- 2012-13 is as under:
TURNOVER
LAST DATE
More than or equal to Rs. 50 Lakhs
7th July
More than or equal to Rs. 25 Lakh but less than Rs. 50 Lakh
14th July
Less than Rs. 25 Lakh
21st July
Areas of concern and their solution.
PART A
Point 1D
Date of original registration
On the RC there are 2 dates mentioned.
Date of liability and
The date of validity.
HERE WE HAVE TO MENTION THE DATE OF VALIDITY.
Point 2
Nature of Business
You can tick more than one applicable field.
Take note of the field Interstate Purchaser and Interstate Seller, do tick wherever applicable.
Point 5A
Turnover in Preceding year

Turnover for FY 2012-2013
Point 5B.
Whether dealt in only intrastate(local) sales/purchases transactions during:
The information asked here is that whether the dealer has dealt in only Local Sales and Local Purchases during these years
Point 6B.
If the name on PAN card is different from 1B, then Name appearing on PAN Card
Mention the PAN and the name very carefully as per NSDL database, PAN mentioned must be active as per IT dept. Records. A mistake in filling this field shall render your information incorrect.
Point 8- (l) & (m)
Address of Principal Place Of Business
Please mention the Approximate open area & covered area of Principal place of Business.
In case you choose “multiple floors
Then while mentioning area add the area of all the floors used e.g. area used is:
Ground      350 Sq Mtrs.,
Basement 125 Sq Mtrs..
Then you shall enter 475 Sq Mtrs. In the area field
Point 10
Details of all Bank Accounts
Give detail of ALL bank accounts of the Dealer.
Point 12
Commodities Details:
Based on information filled in this field commodities shall be mentioned on your RC
This is the most crucial field in the entire form:
If the dealer is registered under both Local and Central Acts:
Then each item has to be added twice
Once under Local tab
And then under Central Tab.
Under the Central Tab further information shall be asked i.e. PURPOSE (Resale, use in mining, etc.)
PART B
Particulars Of Person
[Proprietor/Karta/Partners/Directors in the Business/
Members Of Executive Committee of Societies, Clubs etc.]
Having Interest In Business.
Below
Point 7
If the Authorised signatory is one or more of these persons then tick Yes in the field below point 7, this shall help to auto fill Part D.
Director or Partner Outside India.
Select State outside India
For such person PAN is not Mandatory
However PASSPORT is mandatory
PART C
Point 5 Area In Sq Mtrs
Point 6 Area In Sq Mtrs
These fields are not mandatory for details of premises
OUTSIDE DELHI
IN PART C THERE IS NO PROVISION TO ADD PREMISES OUTSIDE INDIA
Point 9 Ward
Ward of the additional place according to geographical location is to be mentioned.
PART D
Information for Authorized Signatory
Information is to be provided for all the authorized persons . Please note that if you select authorized person status in Part B then this field shall be auto populated with details of those persons.

In Part C and Part D
The save button acts as
add button
for entering information for more than on premises or more than one authorized signatory.