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Showing posts from October, 2013


A government panel, set up to overhaul the country's tax policies and laws, had its first meeting on Monday and promised
A government panel, set up to overhaul the country's tax policies and laws, had its first meeting on Monday and promised to set about recommending structural changes in tax administration and creating an even more conducive environment for voluntary compliance. The tax administrative reform commission (TARC) was announced by finance minister P Chidambaram in his FY14 Budget speech, in the backdrop of the controversy surrounding laws like general anti-avoidance rules (GAAR) last year and to avoid costly litigation against the government, especially after Vodafone dragged the government to court, regarding a $2-billion tax case. At a press conference in the finance ministry, TARC chairman and advisor to Chidambaram, Parthasarathi Shome, said that the main aim of the panel will be to suggest ways to better enforce tax compliance and to increase the base of taxp…

CBDT on Refund and Defective Returns

CBDT Directive On Issue Of Refunds Without Adjustment Of Demand The Directorate of Income-tax (Systems) has issued a letter dated 22.10.2013 stating that pursuant to the decision of the full Board the process has been initiated to issue refunds without adjustment of demand as an interim measure in certain cases. The AOs have been requested to carry out necessary verification following the procedure prescribed in s. 245 of the Act.
CBDT Directive Regarding Defective Returns For AY 2013-14 The Directorate of Income-tax (Systems) has issued a letter dated 22.10.2013 stating that about 1.46 lakh returns have been submitted for AY 2013-14 where the self-assessment tax was unpaid. It is stated that these returns are deemed defective under the law. The AOs have been requested to issue notices to the concerned assessees and follow-up to ensure that the unpaid self-assessment tax is deposited at the earliest.

A Complete Guide to sections 54 & 54F Exemptions - T.V. GANESAN CS

A Complete Guide to sections 54 & 54F Exemptions T.V. GANESAN CS If an individual transfers any long-term capital asset and plans to reinvest the sale proceeds in a new residential house property then he would be eligible to claim exemption under sections 54 and 54F of the Income-tax Act, 1961 subject to fulfilment of certain conditions. In the last couple of years there has been a phenomenal increase in the sale of properties resulting in capital gain including but not limited to the land owners giving the land to the developers and entering into Joint Development Agreement, receiving more than one flat from the builder and yet avoiding capital gains tax. In this article the author has enumerated various decisions and judgments of the Tribunals and the High Courts which have liberally interpreted the provisions of the Income-tax Act and extended the capital gains exemptions to the assessees. Introduction 1. Out of the various investment options available, investment in real estate …

Canteen -Exempted from Service Tax

NOTIFICATION NO 14/2013 - ST., Dated: October 22, 2013 In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994, (32 of 1994), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No.25/2012-Service Tax, dated the 20 th June, 2012, namely:- In the said notification, in the opening paragraph, after entry 19, the following entry shall be inserted, namely:- "19A. Services provided in relation to serving of food or beverages by a canteen maintained in a factory covered under the Factories Act, 1948 (63 of 1948), having the facility of air-conditioning or central air-heating at any time d…

IndianCAs: Audit Report and Income tax Return date Extended [1 Attachment]

[Attachment(s) from Ashwin Nagar included below]

In writ petitions filed by All India Chartered Accountants Forum etc. CBDT has agreed to extend the date of filing Tax Audit Report & I/Tax return upto 31/10/2013 for assessees whose due date of return filing was 30/9/2013 in view of difficulties pointed out in writ petitions & representation filed with CBDT as per Delhi High Court's direction..

Notification attached.

sent by-CA Hiren Mehta

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Attachment(s) from Ashwin Nagar
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No More NIL TDS Returns

"Nil TDS Return" no Need to submit after 01.10.2013  by CPC.
With effect from 01.10.2013 new version of FVU i.e. 4.00 is published by the TIN-NSDL in place of FVU 3.7 with latest new key features. The latest FVU Ver. 4.00 contains "NIL" TDS/TCS Return but while generating validation through FVU Ver. 4.00, TDS/TCS statement can'not be filed without quoting any valid Challan or deductee row. It means that NIL TDS Return no needs to submit TDS/TCS Return and thus CPC has also released important instructions on 07.10.2013 in the interest of deductors about submission of TDS/TCS return which is as under:

Dear Deductor,

You are the esteemed stakeholder of CPC (TDS). As the due date of filing of quarterly TDS statement for second quarter of Fin. Year 2013-14 is approaching fast, you are advised to file TDS statement well before due date (15th October for Non-Government deductors and 31st October for Government deductors). You are requested to make note of t…

CBEC on ST on Restaurants

Government of India
Ministry of Finance
Department of Revenue
Central Board of Excise & Customs
Tax Research Unit
North Block, New Delhi CIRCULAR NO 173/8/2013-ST., Dated: October 7, 2013 To Chief Commissioners of Central Excise and Customs (All),
Director General (Service Tax), Director General (Central Excise Intelligence), Director General (Audit),
Commissioners of Service Tax (All)
Commissioners of Central Excise (All),
Commissioners of Central Excise and Customs (All). Madam/Sir, Subject: Restaurant Service- clarification -regarding As part of the Budget exercise 2013, the exemption for services provided by specified restaurants extended vide serial number 19 of Notification 25/2012-ST was modified vide para 1 (iii) of Notification 3/2013-ST. This has become operational on the 1 st of April, 2013. 2. In this context, representations have been received. On the doubts and questions raised therein clarifications are as follows:
Doubts Clarifications 1. I…

Service Tax Return Due Date -25-10-2013

Service Tax Return (ST-3) for the period April -September' 13 is now available in ACES for e-filing by the assesses in both offline and online version. The last date of filing the ST-3 return for the said period is 25th October, 2013. The assesses can file return either online or use the offline utility by downloading the latest version from or from 'DOWNLOADS' Section of ACES website. For details on how to e-file in ACES or any further information/assistance, assessees may read the Instructions given in the return form and the FAQs under 'Help' Section of the ACES website ( or contact their jurisdictional Service Tax Officer.

164 Joint Commissioners of Income tax Appointed in India

Dear Members, CBDT Order On Appointment Of IRS Officers As Joint Commissioners The CBDT has issued Order No. 186 of 2013 dated 01.10.2013 stating that the President has appointed 164 officers of the India Revenue Service (Income Tax) to the grade of Joint Commissioner of Income-tax purely on Ad-hoc basis in the pay scale of Rs. 15,600-39,100 + 7,600/- with immediate effect and until further orders. We wish all the appointees good luck in their new posting.

TDS Credit must be given even if TDS Certificate is not available/ entry is not shown in Form26AS

TDS Credit must be given even if TDS Certificate is not available/ entry is not shown in Form26AS Citicorp Finance (India) Ltd vs. ACIT (ITAT Mumbai) The assessee claimed credit for TDS which was denied by the AO on the ground that the claim did not match the entries shown in Form No. 26AS and that there was a discrepancy. On appeal, the CIT(A) held that the assessee would be entitled to credit to the extent shown in the computer system of the department. On further appeal by the assessee to the Tribunal HELD: The AO is not justified in denying credit for TDS on the ground that the TDS is not reflected in the computer generated Form 26AS. In Yashpal Sahwney 293 ITR 539 the Bombay High Court has noted the difficulty faced by taxpayers in the matter of credit of TDS and held that even if the deductor had not issued a TDS certificate, still the claim of the assessee has to be considered on the basis of the evidence produced for deduction of tax at source. The Revenue is empowered to recover…