Advance by Partner to Firm & Section 269SS

Whether advances given by partner of a partnership firm to the firm violates the provisions of section 269SS and liable to penalty u/s 271-D? 

Held: No. 

Clarifications regarding Mandatory pre-deposit of duty or penalty for filing appeal

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Clarifications regarding Mandatory pre-deposit of duty or penalty for filing appeal
Section 35FF of the Central Excise Act, 1944 and Section 129EE of the Customs Act, 1962 prescribe mandatory pre-deposit as a percentage of the duty demanded where duty demanded is in dispute or where duty demanded and penalty levied are in dispute.In this regard, CBEC vide Circular No. 993/17/2014-CX., Dated: January 05, 2015 has provided the following:

DUE DATE EXTENDED FOR FILING DVAT RETURN FOR IInd QUATER

Due date of filing return under DVAT for IInd Quarter further upto 17 Nov 2014

File your ITR if not filed so far otherwise you may get Notice for Non-Filing

Directorate of Income Tax (system) has observed that there Five lakhs Nine thousands Eight Hundreds Nity Eight taxpayers who had taxable income more than Rs. 10 Lkahs in the earlier previous years but during the Assessment Years these Tax payers has not filed their Income Tax Return so far.

Now All principal CCIT, CCIT and CIT has been advised by the Directorate to monitor these cases personally.

Therefore Tax payers who has income more than maximum exemption limit in the AY in 2014-15 should file their ITR if not filed so far  otherwise there is chance to have Notice from the department for Non-filing of ITR.  

Service Tax Return (ST-3) for the period from April-14 to September-14 is now available for e-filing

Service Tax Return (ST-3) for the period from April-14 to September-14  is now  available for e-filing by the assesses. The last date for filing the returns for the said period is 25th October, 2014. The assesses can file return online or use the offline utility by downloading the latest version from http://acesdownload.nic.in/ or from DOWNLOADS Section of ACES website.  For details on how to e-file in ACES or for any other information/assistance, you may visit www.aces.gov.in or contact your jurisdictional Service Tax Officer or the nearest ACES Certified Facilitation Centers (CFCs). Please file your returns in ACES well in advance to avoid rush and inconvenience at the last moment.

Due Date of Deposit of TDS/TCS during the Month of September, 2014 extended

Considering the consecutive holidays owing to the festive season and weekend during the first week in the month of October, 2014, the Central Board of Direct Taxes (CBDT) has issued an order to extend the last date of deposit of tax deducted at source/tax collected at source during the month of September, 2014 from 7th October, 2014 to 10th October, 2014 without entailing any consequential interest.
However, the due date for filing of TDS/TCS statements for the 2nd Quarter of the F.Y. 2014-15 shall remain the same.


Source:- Press release of GOI

Annual Return Under UP VAT is required to file online

Dealer under UPVAT whose turnover is more than Rs.50 Lacs during the Financial year, are required to file his annual return online on or before 31st October.

Due Date for filing of return of Income for Assessment Year 2014-15 Extended from 30th September, 2014 to 30th November, 2014 in Specified Cases

Press Information Bureau
Government of India
Ministry of Finance

26-September-2014 18:47 IST

 

 

 

 

 

As per the provisions of the Income-tax Act, 1961 (‘the Act’), for an assessee, who is required to obtain Tax Audit Report (TAR) under section 44AB of the Act, the due date for furnishing his return of income is 30th September of the Assessment Year.

The Central Board of Direct Taxes (‘the Board’) vide order dated 20th August, 2014 extended the due date for obtaining and furnishing of Tax Audit Report under section 44AB of the Act for Assessment Year 2014-15 from 30th September, 2014 to 30th November, 2014.

Rate of VATon Diesel Generating sets under Delhi VAT

An application filed under section 84 of Delhi Value Added Tax Act, 2004and the question put up for determination under the aforesaid provision of law is as under: -
"What is the rate of VATon Diesel Generating sets?"

Accounting Standard -1 useful for CA/CMA Student

Contributed by CA Rahul Surya a well known faculty for Accounts for last many years.  For more reading please click here

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Accounting Standard – 1

Disclosure of Accounting Policies

1.       Applicability and Nature : This AS is applicable from 01-04-1993 onwards and Mandatory for SMC, NON-SMC and Level-I,II & III (It means mandatory for all)

2.       Objective:- The main objective of this AS is to provide better understanding of the F/S by disclosing the significant accounting policies used in preparation of F/S. This also helps meaning full comparison between F/S s of different enterprises.