Due date of filing return under DVAT for IInd Quarter further upto 17 Nov 2014
DUE DATE EXTENDED FOR FILING DVAT RETURN FOR IInd QUATER
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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.
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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.
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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
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
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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.
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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
Government of India
Ministry of Finance
26-September-2014 18:47 IST
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.
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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?"
"What is the rate of VATon Diesel Generating sets?"
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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.
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No Need to Open Another Bank Account to Avail of Benefits Under Pradhan Mantri Jan Dhan Yojana (PMJDY)
Anybody Desirous of Opening an Account Can Take One Page Application
form to the Nearest Bank Branch/Bank Mitr for Opening the Account;
People Who do not Have Officially Valid Documents or Aadhaar Numbers Can
Still Get Bank Accounts Opened by Submitting Two Copies of Signed
Photographs at the Bank Branch;
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Guidelines for scrutiny of Income tax cases for F.Y. 2014-15
The CBDT has issued recently Instruction No. 6 of 2014 dated
02.09.2014 and announced the procedure and criteria for
compulsory manual selection of cases for scrutiny for FY
2014-15.
The guidelines can be downloaded from the link below
LINK
Last year, in case of Joginder Pal Gulati Vs. OSD-CPIO, Honourable Delhi High Court instructed to the department to provide scrutiny guidelines to the petitioner and asked for uploading the guidelines in its website also so that it could available easily to public.
Complete case law can be downloaded from link below:-
JoginderPal Gulati vs. OSD – CPIO
The guidelines can be downloaded from the link below
LINK
Last year, in case of Joginder Pal Gulati Vs. OSD-CPIO, Honourable Delhi High Court instructed to the department to provide scrutiny guidelines to the petitioner and asked for uploading the guidelines in its website also so that it could available easily to public.
Complete case law can be downloaded from link below:-
JoginderPal Gulati vs. OSD – CPIO
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Reversal of Input Tax Credit U/S 10 of the DVAT Act, 2004 in respect of Credit Note/Debit Note related to discounts
1.
Under Section 10(1) of the DVAT Act, 2004, where any purchaser has been
issued with a
credit note or debit note in terms of section 51 of this Act or if he
returns or rejects goods purchased, as a consequence
of which the tax credit
claimed by him in any tax period in respect of which the purchase of goods
relates, becomes short or excess, he shall
compensate such short or excess by
adjusting the amount of the tax credit allowed to
him in the tax period in
which the credit note or debit note has been issued.
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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:-
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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:
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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
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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:-
As per Rule 9(1) of the CENVAT credit rules , following documents are eligible to take cenvat credit:-
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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.
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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
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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:-
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E-Payment of service Tax- Made Compulsory to every Assessee
From 01st
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.
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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 1st day of October 2014. Under service tax Return is filed on
half yearly basis i.e. 1st April to 30th Sep and 1st
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.'
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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
31st
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 01st April to 31st march
2014), we are sharing here some tips on filing of ITR.
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Changes in Custom Tariff under Budget 2014-15
SAD on Inputs/components used in manufacture of Personal Computers (laptops/desktops) and tablet computers has been exempted.
Export duty on Bauxite (natural), calcined or not, increased from 10% to 20%
Government has amended the provisions dealing with levy of Safeguard Duty to provide for such levy on inputs/raw material imported by EOU/SEZ and cleared into Domestic tariff Area(DTA )as such or for use in manufacture of final products which are cleared into DTA.
Exemption provided from levy of Education Cess and Secondary and Higher Education Cess on CVD portion of duty leviable on import of various electronic goods such as mobile phones, computers, parts and accessories of computers, etc. has been withdrawn
Export duty on Bauxite (natural), calcined or not, increased from 10% to 20%
Government has amended the provisions dealing with levy of Safeguard Duty to provide for such levy on inputs/raw material imported by EOU/SEZ and cleared into Domestic tariff Area(DTA )as such or for use in manufacture of final products which are cleared into DTA.
Exemption provided from levy of Education Cess and Secondary and Higher Education Cess on CVD portion of duty leviable on import of various electronic goods such as mobile phones, computers, parts and accessories of computers, etc. has been withdrawn
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Be sincere to your statutory dues or bear the cost of insincerity.-Interest on delayed payment of service tax
Be sincere & serious to your statutory
dues or bear the cost of insincerity.
In Union budget 2014-15, it has
been proposed to increase the rate of interest to the extent
of period of delay in
payment of service tax.
It means that rate of interest would
vary on the extent of delay in payment of service tax.
More delay more interest
burden.
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Personal Tax Exemption Limit Raised by Rs. 50,000
Personal Tax Exemption Limit Raised by Rs. 50,000/- ; No Change in the
Rate of Surcharge; 15% Investment Allowance to Manufacturing Companies,
to Incentivize Small Entrepreneurs and Income from Foreign Portfolio
Investors to be Treated as Capital Gains.
The General Budget 2014-15 presented by the Union Finance
Minister Shri Arun Jaitley has raised the personal income-tax exemption
limit by Rs. 50,000/- that is, from Rs. 2 lakh to Rs. 2.5 lakh in the
case of individual taxpayers, below the age of 60 years. Exemption
limit raised from Rs. 2.5 lakh to Rs. 3 lakh in the case of senior
citizens. However there is no change in the rate of surcharge either for
the corporates or the individuals, HUFs, firms etc. The budget proposes
to continue education cess at 3 percent. Investment limit under section 80C of the Income-tax Act has also been raised from Rs. 1 lakh to Rs. 1.5 lakh and Deduction limit on account of interest on loan in respect of self occupied house property raised from Rs.1.5 lakh to Rs.2 lakh. To incentivize small entrepreneurs an Investment allowance at the rate of 15 percent to a manufacturing company that invests more than Rs. 25 crore in any year in new plant and machinery. The benefit to be available for three years i.e. for investments upto31.03.2017. Investment allowance to manufacturing company investing more than Rs.100 crore announced last year to continue in parallel till 31.03.2015.
To bring greater certainty and to encourage fund manager to shift to India, income arising to foreign portfolio investors from transaction in securities will be treated as capital gains. Concessional rate of 15 percent on foreign dividends without any sunset date will be continued.
To augment low cost long term foreign borrowings for Indian companies, the eligible date of borrowing in foreign currency has been extended from 31.03.2015 to 31.03.2017 for a concessional tax rate of 5 percent on interest payments. Tax incentive extended to all types of bonds instead of only infrastructure bonds.
The budget proposes introduction of a “Roll Back” provision in the Advanced Pricing Agreement (APA) scheme so that an APA entered into for future transactions is also applicable to international transactions undertaken in previous four years in specified circumstances.To remove tax arbitrage, rate of tax on long term capital gains has been increased from 10 percent to 20 percent on transfer of units of Mutual funds, other than equity oriented funds.
60 more Ayakar Seva Kendras will be opened during the current financial year to promote excellence in service delivery. Net effect of the direct tax proposals will result in revenue loss of Rs.22,200 crore.
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PAN is required to mention if entered in transactions:-
In certain situation/transaction, quoting PAN is compulsory if you are entered in these situation.
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List of documents required while submitting application for PAN
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Update your Mobile Number and email for direct communication from IT Department
A valid Email ID and Mobile Number has to be
registered/ updated on the e-filing website of the Income Tax Department so
that direct communication with taxpayer can be possible.
The Department will send separate One Time
Passwords (OTP) also referred as PIN on the mobile and email provided by the
taxpayer. The OTPs have to be entered by the taxpayer after logging into their
e-filing account to authenticate the same.
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TDS Deductor cannot be held liable as ‘assessee in default’ if department has not proved that tax could not be recovered from the recipient of income.
TDS Deductor cannot be held liable as ‘assessee in default’
if department has not proved that tax could not be recovered from the recipient
of income.
Assesse, a public sector bank could not deduct tax on interest on deposit made thus held assessee in default u/s 201/210(IA), however ITAT Agra held that Assessee cannot be held liable unless department has discharged that tax could not be recovered from recipient of income or recipient has also failed to pay tax directly.
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Crdeit for TDS cannot be denied on the ground of discrepancy in Form 26AS filed by the deductor.
It is common problem faced by Income tax payers that they get demand notice along with penalty (sometime) for the grounds on which they don't have any control like :-
(i) TDS Deductor has committed some mistake while filing his TDS Return consequently figure shown in assessee ITR does not match with figure provided by the deductor to the department, or
(ii) Data given in ITR does not match with data of department because nodal agency ( NSDL or bank collecting Tax) not updated their files in time or not uploaded correctly.
In the situation , Income Tax payer either get demand notice or some time not getting refund for which he is very much eligible.
Last year, Honourable Delhi High Court in a Public Interest Litigation in Court On its Own Motion vs. Commissioner of Income Tax, 2013 (352) ITR 273 took it seriously and the Court noticed that:-
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