No Interfere by Hon'ble H.C in extension of due date

a) The petitioner claims to be entitled to extension of due date of filing income-tax return (‘ITR’) (i.e., September 30, 2015) due to the delay on the part of the respondents in prescribing the ITR forms.

b) It was contended that the said forms were prescribed only vide Notification dated 29th July, 2015 and were made available only with effect from August 7, 2015. The argument of the counsel for the petitioner was that since the Assessment Year 2015-2016 commenced on 1st April, 2015 and the due date for filing the return is 30th September, 2015, so 180 days are to be made available to the assessee to file the return.

The Delhi High Court held as under:

Compliance window under Black Money Act

The Hon'ble Finance Minister in his budget speech for 2015-16 had proposed introduction of Black Money Bill in the Parliament. The Bill was passed by the Parliament in its budget session. The Bill received the assent of the President on May 26, 2015 and it became the law. It is to be called as "The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015" ("the Black Money Act"). It has been clarified by the Government that such Black Money Act would be applicable from July 1, 2015.

NO TDS on payments made to corporations whose income is exempt u/s-10(26BBB) of the Income Tax Act,1961

The CBDT has issued Circular No. 07 dated 23.04.2015 stating that the CBDT has decided that since corporations covered under Section 10(26BBB) satisfy the two conditions of Circular No. 4/2002 i.e. unconditional exemption of income under Section 10 and no statutory liability to file return of income under Section 139, therefore any corporation whose income is exempted under Section 10(26BBB) of the Act will also be entitled to the benefit of the said Circular. Hence there would be no requirement for tax deduction at source from the payments made to such corporations since their income is anyway exempted under the Act.
copy of circular can be find under link below
Circular

A note on DUTY DRAWBACK

DEFINITION AND OBJECTIVES

The term drawback is applied to a certain amount of duties of Customs/central excise, some times the whole, some times only a part remitted or paid by Government on the exportation of the commodities on which they were levied. To entitle goods to drawback, they must be exported to a foreign port, the object of the relief afforded by the Drawback being to enable the goods to be disposed of in the foreign market as if they had never been taxed at all. For Customs purpose drawback means the refund of duty of customs and duty of central Excise that are chargeable on imported and indigenous materials used in the manufacture of Exported goods.

GOODS ELIGIBLE FOR DRAWBACK

This scheme applies to

a.       export goods imported into India as such

b.      export goods imported into India after having been taken for use

c.       export goods manufactured / produced out of imported material

d.      export goods manufactured / produced out of indigenous material

e.       Export goods manufactured /produced out of imported or and indigenous materials.

it is not open to the assessee to bifurcate Depreciation into current & C/F depreciation to claim u/s 32 of I.T.Act

S. 32: The assessee has the right to disclaim depreciation in its entirety. However, it cannot claim depreciation for the current year and disclaim unabsorbed depreciation

The assessee claimed the depreciation allowance insofar as it pertained to the current year. At the same time, it did not want to claim the set off of the unabsorbed depreciation allowance of the previous years. The Supreme Court had to consider whether it is open to the assessee to invoke the provisions of Section 32 of the Act by claiming depreciation of the current year, but at the same time choose not to make a claim of set off of unabsorbed depreciation allowance of the previous years. HELD by the Supreme Court rejecting the plea:

Gold Monetization Scheme

The Finance Minister in his budget speech for the Union Budget 2015 - 16 made the following announcement:

"India is one of the largest consumers of gold in the world and imports as much as 800-1000 tonnes of gold each year. Though stocks of gold in India are estimated to be over 20,000 tonnes, most of this gold is neither traded, nor monetized. Keeping this in view, the government in Budget 2015-16 has announced the Gold Monetization Scheme which will replace both the present Gold Deposit and Gold metal Loan Schemes. The new scheme will allow the depositors of gold to earn interest in their metal accounts and the jewellers to obtain loans in their metal account. Banks/other dealers would also be able to monetize this gold".

For the purpose, a draft of the Scheme has been prepared and released on Tuesday and comments & suggestions have been invited by the government on the draft and same can be posted by accessing the link below:-

http://mygov.nic.in Portal. 

The main objective of the Scheme is to mobilize gold held by the households in lieu of interest and to make it available to the gems and jewellery sector as raw material on loan. This scheme aims at reducing reliance on import of gold to meet the domestic demand. A brief FAQ is given below to understand the scheme:-

New Rate of Service Tax will be effective from 01st June 2015

Notification notifying the applicability of new service tax rate has been issued.
New Rate of Service Tax i.e @14% (including Education Cess) will be effective from 1st June, 2015 as per Notification No. 14/2015 issued on 19th May, 2015. Swach Bharat cess @ 2 % will not applicable form 01 st, June, 2015. Date of applicability of Swach Bharat Cess will notified soon.

Indirect Taxes-Budget 2015-Changes Effective from 14th May 2015

Changes which are become effective from 14^th May 2015 (i.e. the date on which Finance Bill received Presidential Assent) are summarised below:-

Amendments in the Central Excise Act, 1944

1. Section 11A stands amended as follows:

(i) category of cases where extended period of time applies but the transactions are recorded in the specified record, will be removed from the statute,

(ii) provision relating to relevant date also amended to provide definition of relevant date in respect of cases where a return is not filed on the due date and where only interest is required to be recovered,

(iii) provisions of section 11A will not apply to cases where the non-payment or short payment of duty is reflected in the periodic returns filed and that in such cases recovery of duty will be made in such manner as may be prescribed in the rules.

Sukanya Samariddhi Yojna - Part-II

These FAQs are the continuation of the post on "Sukanya Samriddhi Yojna" posted on 18-03-2015,

1.     Where can the account be opened?

As per Sukanya Samriddhi Account Rules, 2014 account can be opened in any branch of the Commercial Banks as autorised by the Government or in any branch of the Post Office in India.

2.     With what amount, account can be started/opened?

The account may be opened with an initial deposit of one thousand rupees (Rs.1000/-), and a maximum amount of Rs. One lakhs fifty thousand can be deposited in a year.

3.     How many times a person can deposit in the account in a particular year?

Sukanya Samariddhi Yojna

P.M.Shree Narendra Modi with a vision to provide for education and marriage expenses of a girl child, has announced a scheme i.e. “Sukanya Samriddhi Yojna’.

Under this scheme an account shall be allowed to get open with Banks or post office and amount deposited such accounts will be eligible for deduction U/S 80C of the Income Tax Act,1961

As it is new announcement and financial year is near to close, many of the taxpayers are rushing to invest under various schemes eligible for deduction to save tax.

I have just tried to sum up FAQs for clarification on the scheme based on Notification and rules notified so far.

Mandatory Documents Required For Export And Import Reduced To Three Each

India took a leap forward in improving 'Ease of Doing Business' today by reducing the mandatory documents required for import and export of goods to three documents each. The Directorate General of Foreign Trade (DGFT) issued a Notification to this effect today (Notification Link below).

Date extended for filing of online DVAT Return for third quarter of 2014-15

Due date for filing Return under DVAT has been extended further upto 15-02-2015 from 02-02-2015.

Originally it is due on 25th of Jan-2015.

 Extract of Circular by the Department

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.

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;

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

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. 

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.

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

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.