N K GOEL AND BROS.

-- M/s N.K. Goel & Bros. Chartered Accountants CA Yashu Goel 9899263490

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. F...

CST Reconciliation Return (Form 9) has been made available online.

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 Restriction of 4 mail id and mobile number has been withdrawn..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.

Please find copy of circular attached -- www.taxingnarad.com

QUERY: ·          While filing Annual Return (AR) of a Company under The Companies Act for the financial year ended on or before 01-04-2014: §   Should we use old format §   Or should we use new format as per Companies Act 2013 ? SOLUTION: Circular No. 22/2014 dated 25-June-2014 (Please find attached a copy) v   In all such cases where FY ended on or before 01-04-2014, v   We have to use old format of AR given under Companies Act 1956.   QUERY: Whether fees to be charged by Companies for allowing Inspection of Records? SOLUTION: Circular No. 22/2014 dated 25-June-2014 (Please find attached a copy) v Clarified that until the requisite fee is specified by companies, inspections could be allowed wlthout lely of fee.