Saturday, 28 December 2013

Implementation of Advance Information to be furnished by banquet halls, etc extended

The department of trade & taxes, Delhi has extended the date of implementation regarding furnishing of advance information in respect of functions organised in Banquet Halls, Farm Houses, Marriage/ Party Halls, Hotels and Open Grounds etc. as 2nd fortnight of January, 2014 instead of 1st fortnight of January, 2014.

Copy of Notification available


Last Date for filing of AR-1 Extended

The department of trade and Taxes, Delhi has extended the last date for filing of AR-1 from 31-12-2013 to 10-01-2014.

Copy of  Notification is available Here

Tuesday, 24 December 2013

Reversal of Input Tax credit in respect of Credit/ Debit Note

The VAT department, Delhi has clarified its stand on the reversal of input tax credit in respect of credit/ Debit Note vide circular no.30 dated 19/12/2013

Saturday, 14 December 2013

Due Date for Deposit of Advance Income Tax extended

The CBDT vide its  Order dated 13.12.2013 under section 119(2)(a) of the Income-tax Act, 1961 has extended the last date of payment of the December Quarter Instalment of Advance Tax for the financial year 2013-14 from 15th December 2013 to 17th December 2013 for all the assessees, Corporate and other than Corporates.

Copy of Order is available here

Thursday, 12 December 2013

Last Date for Filing of R.10 block of Form1 for 2009-10, 2010-11, 2011-12 and 2012-13 and 2nd Quarter return of 2013-14 extended

The department of Trade & Taxes, Government of NCT Delhi has extended the Last Date for Filing of return for 2nd Quarter of 2013-14, including  block R.10 of CST Return in Form1 for 2009-10, 2010-11, 2011-12 and 2012-13, upto 31st December, 2013. The print/ hard copy of the acknowledgement in Form DVAT 56 should be submitted upto 3rd January, 2014. The dealer who have filed the 2nd Quarter return of 2013-14 in the old format shall also file the return in the amended format for 2nd Quarter return by the aforesaid dates.

Copy of Circular No. 29 of 2013-14

Tuesday, 10 December 2013

Procedure for Voluntary Disclosure of Tax Deficiency u/s 87(6) of the DVAT Act 2004.

 DVAT amendment Act 2013 dated 28/03/2013 wef 01/04/2013 inserted section 87(6) this sub-section gives AUTOMATIC MITIGATION (Reduction) of 80% penalty u/s 86 if:

          ·         A person liable to pay penalty
          ·         Voluntarily discloses IN WRITING
– Existence of tax deficiency
– During the course of proceeding u/s 60 ie. Survey etc.
Condition for mitigation
·         Pay such tax deficiency
·         within 3 working days of
·         Conclusion of the proceeding u/s 60.
·         80% penalty against the
·         admitted and paid tax
·         shall be mitigated/Reduced AUTOMATICALLY

     Now, govt. has issued Circular No. 28 of 2013-14 dtd. 03/10/2013 which prescribes the procedure for      this voluntary disclosure u/s 87(6) discussed above, which is as follows:-
          1.      Admit the amount of cash variation, Stock variation and other discrepancies during the course of proceedings u/s 60.
          2.       Show the admitted amount as un-vouched/ unaccounted, retail cash sale,
·          for one or more tax periods
·         prior to the tax period during which proceeding u/s 60 is being carried out.
          3.       Make payment of the admitted tax within 3 working days of the conclusion of proceeding u/s 60.

          4.       Dealer can pass an accounting entry:
·         Cash a/c               Dr.          ………….
            To Sales A/c.                      ………….
(Being un-vouched/ unaccounted retail cash sale effected during the tax period from……. to……)

         5.       File Revised returns U/s 28 for earlier tax periods in which un-vouched/ unaccounted sale is admitted.

·      Now, once the A.O. (Enforcement) is satisfied with the revised return,
·     there shall be no need for DEFAULT ASSESSMENT of the dealer consequent to survey.