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Showing posts from September, 2015

I-T department to use email for issuing notices

The IT department has decided to launch a new system of issuing email notices to which an assessee can respond electronically, obviating the need for a physical interface with the taxman which often led to complaints about harassment. The Central Board of Direct Taxes, the apex policy-making body of the IT department, is working on a strategy to create the required processes and capacity in this regard. Explaining the procedure,CBDT Chairperson Anita Kapur said if a taxpayer provides the department with a bonafide email address in his Income Tax Return (ITR), the Board will be able to send him an e-notice and not a paper document dispatched through post for which he usually has to travel and meet the Assessing Officer (AO). "The taxpayer can respond through the email and if we have some more queries we give you another notice by the electronic medium so that both the AO and the taxpayer remain in an e-environment and, may be, during the final hearing when the AO want…

Company law update

MCA amends Companies Deposit Rules to exclude loans from relatives of directors by private company from definition of depositsImportant amendments applicable from 15th September 2015 includes:
• Loans from relatives of directors of a private company only
• Such money should not be out of borrowed funds
• Details of deposits from directors and their relatives to be given in Board Report
• All Limits under rule 3 for accepting deposits to include share premium

CBDT has issued a press release stating that no extension of due date for filing Tax Audit and I T Returns for the A.Y. 2015-16. CA Yashu Goel

CA Yashu Goel