Note for General procedure in Excise-Taxation-IPCC

 These are brief note on Small scale unit and general procedure under Excise Law for IPCC student who are going to appear in Nov-2014. 

write to us at  "ckbclasses@gmail.com" if you want PDF file of notes for your reference & preparation of the examination.

Please find below complete note:-

Change in new Form 3CD of Tax Audit report under Section 44AB

Central Board of Direct Taxes ‘CBDT’ has recently withdrawn the old format of Form 3CD (i.e. Annexure of Tax Audit report under section 44AB of the Income tax Act 1961) and introduced new Format in which some changes have been incorporated. Here I have made an effort to enlist the changes which have to be additionally reported while preparing the Tax Audit Report:

Due date for filing Tax audit report U/S 44AB Extended

CBDT extended due date for furnishing Tax Audit report u/s 44AB of the Income Tax Act, 1961 for AY 2014-15 from 30.09.2014 to 30.11.2014 in case of assessees who are not required to furnish report under section 92E of the Act

No CENVAT Credit for Invoice if old for more than Six months

As per amended rule 4 of the CENVAT Credit Rules , 2004, now manufacturer of a final product or provider of output service need to take cenvat credit within SIX months from the date  of  issue of any documents as specified in sub rule (1) of rule 9 of the CENVAT Credit Rules.

  As per Rule 9(1) of the CENVAT credit rules , following documents are eligible to take cenvat credit:-

Extension of due date of filing Return -Delhi VAT

Due date of Filing quarterly return has been further extended up to 19th August 2014 from 8th August 2014 for the quarter ending on 30th June 2014.

F’ Form requirement – Jobwork and goods Returned

The presumptions in law have very vital role and legislature has power to presume certain things under certain circumstances.

Section 6-A of the Central Sales Tax Act,1956 is exercise of such power by the Parliament of India.

The section was inserted in Central Sales Tax Act by CST (Amendment Act) 1972 with the following object

Enhancement of taxable value in works contract

Presently works contract for valuation purpose are categorized under three categories:-

(i) original work 

(ii) works contract relating to movable properties and 

(iii) other contracts

Service tax on the service portion involved in the execution of the works contract is presently determined in the following manner:-

E-Payment of service Tax- Made Compulsory to every Assessee

From 01^st April 2010, e-payment of service tax is mandatory for those assessee who had paid excise duty or service tax of Rs. 10 lakhs or more in the preceding financial year, whether

by cash or debit in Cenvat credit account or both [vide circular No. 919/09/2010-CX dated-23.03.2010]. But now Rule 6(2) of the Service Tax Rules, 1994 will be amended with effect from 1-10-2014.

Change in Point of Taxation Rule- Service Tax

At present Rule 7 of the Point of Taxation Rules 2011 has overriding effect over all rules.

However in the budget 2014-15 an amendment has been effected which will be effective from 1^st day of October 2014. Under service tax Return is filed on half yearly basis i.e. 1^st April to 30^th Sep and 1^st Oct to march that’s why change has been effected from 1st Oct to avoid any difficulty in implementation of the provision.

After change , Rule 7 will not override the Rule 5 which deals with point of taxation in relation to service tax on new services.

 Presently first proviso to Rule 7 provides that where the payment is not made within a period of 6 months of the date of invoice, the point of taxation shall be determined as if this rule does not exist.

But after amendment, the proviso would be 'where the payment is not made within a period of 3 months of the date of invoice, the point of taxation shall be the date immediately following the said period of 3 months.'

Personal taxation and filing your Income tax return (ITR)

It is my constant endeavor to share knowledge & information to increase the awareness about the provisions of taxation because lack of awareness is the main reason for low level of compliance towards tax laws.

The filing of ITR is a legal obligation of every person whose total income during the previous year ( i.e. F.Y.2013-14) exceeds the maximum amount which is not chargeable to income tax ( i.e. Rs.2,00,000/-).

Presently there is an emphasis on self compliance by the taxpayer and Income Tax department, except in few cases, accept your ITR as it is by intimation given under section of the 143(1) of the Income tax Act. Therefore it is expected that taxpayer should disclose correct & complete information while filing ITR.

  

As 31^st day July is last date for filing your “Income Tax return’ for the Financial year  2013-14 (i.e income earned during the period from 01^st April to 31^st march 2014), we are sharing here some tips on filing of ITR.