Thursday, 31 July 2014
Clarification with regard to applicability of provisions of section 139(5) and 139(7) of the Companies Act,2013
Sunday, 27 July 2014
Saturday, 26 July 2014
Friday, 25 July 2014
Thursday, 24 July 2014
Tuesday, 22 July 2014
Saturday, 19 July 2014
M/s N.K. Goel & Bros.
CA Yashu Goel
M/s N.K. Goel & Bros.
CA Yashu Goel
Friday, 18 July 2014
Wednesday, 16 July 2014
Documents for govt work can now be self-attested
Citizens will no longer be required to get documents attested by a gazetted officer or file affidavits for government-related work.
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Friday, 11 July 2014
The Hon'ble CBDT has issued Instruction No 5/2014 dated 10.07.2014, by which the monetary limits for filing appeals to ITAT / HIGH COURT / SUPREME COURT have been revised.
The New limits are: Tax effect
Appeal before ITAT Rs. 4,00,000/-
High Court Rs. 10,00,000/-
Supreme Court Rs. 25,00,000/-
Copy of Instruction is attached for your information.
Monday, 7 July 2014
1. All taxpayers filing E-Returns will have to compulsorily update correct mobile number and E- Mail ID's. Otherwise there will be login issues before uploading of return on income tax Depts Website.
2. Now onwards Income Tax Refund will be issued directly in the bank account of the taxpayer through ECS only, cheques are discontinued. Therefore at most care should be taken while mentioning Bank Account Number and IFSC Code in the income tax returns.
3. From this year while claiming TDS in Income Tax return facility has been given to carry forward the TDS of previous year and brought forward TDS to next year. Due to this reconciliation of TDS claimed on Income and total available TDS as per Form 26 can be made. Tax payers which follow cash system of accounting will be benefited, like Doctors, Advocates, CAs and other professionals.
4. As per newly inserted Section 87A if annual income of the taxpayer is up to Rs. 5,00,000/- then Tax relief of maximum of Rs. 2,000/- is given. For claiming this relief separate space has been inserted in the return.
5. As per newly inserted Section 80EE if taxpayer has purchased house up to Rs. 40 Lakh and taken housing loan of Rs. 25 Lakh then taxpayer can claim deduction of interest up to Rs. 1 Lakh. For claiming this deduction separate space has been inserted in the return.
6. If income of the taxpayer is more than Rs. 1 crore then surcharge of 10% is applicable. For this separate space has been inserted in the return.
7. All salaries taxpayers will now have to give now separate details of LTA (Leave Travel Allowance) and HRA (House Rent Allowance) and other allowances separately. This will help Govt. to track proper claim of such deductions, recent HRA and LTA fallacious claimed by some MPs and Govt. taxpayers may have forced for such changes.
8. From this year the details of short and long term capital gain will have to be given in three parts viz.
a) sale of plot / flat
b) sale of STT paid shares and mutual funds
c) sale of other assets.
Further in case of sale of land or building Stamp Duty Value will have to be mentioned. Further if taxpayer is availing exemption under capital gains then value of newly purchased asset, date of acquisition of the asset and if invested in capital gain account then its details will have to be mentioned.
9. Corporate or LLP assessee will have to mention Corporate Identification Number or LLP Identification Number. Further Director or Designated Partner Identification Number will have to be mentioned. This will help in cross check of information with other legal departments by income tax dept or visa a versa.
10. If assessee carrying on business is taking deduction of bad debts of more than Rs. 1 Lakh of single person, then his PAN will have to be mentioned.
11. As per newly inserted section 43 CA if, taxpayer have sold other than capital assets below stamp duty value (eg. builders / developers) then the difference between the two will be considered as deemed income of the assessee and tax will have to be paid on it. For this separate space has been inserted in the return.
12. If there is more than one owner of the house then, while mentioning details in the schedule of Income from House Property the percentage of co ownership will have to be given.
13. From this year e-filing of wealth tax return is compulsory and in this return the details of all wealth whether taxable or not, will have to be given in depth.
N.K. Goel & Bros
CST Reconciliation Return (Form 9) has been made available online.
Saturday, 5 July 2014
CBDT releases Form BB (Return of Net Wealth) for AY 2014-15 for assessee being individual or HUF who is liable to audit u/s 44AB are required to furnish Form BB (Return of Net Wealth) electronically under digital signature for assessment year 2014‐15 and onwards. [Refer Notification No:32/2014 dated 23/06/2014].
CBDT has on 03.07.2014 released Java Utility of ITR 7 for online filing of ITR-7 for Assessment Year 2014-15 to furnish return under section 139(4A) etc.
Restriction of 4 mail id and mobile number has been withdrawn..
Now one mail ID and one mobile no. Is allowed for 10 tax payers instead of 4.
Attn CAs. Limit of 60 for Tax Audit applicable to Assessment Year & not Financial Year. Applicable wef AY 2014-15. ICAI Revised Council Guidelines.