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Showing posts from July, 2015

New ITR Forms 3,4,5,6 & 7 Notified

Income-tax NOTIFICATION New Delhi, the 29th day of July, 2015 

S.O. 2070 (E).─ 
In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:- 
1. (1) These rules may be called the Income-tax (Tenth Amendment) Rules, 2015. 
(2) They shall be deemed to have come into force with effect from the 1st day of April, 2015. 
2. In the Income-tax Rules, 1962, in Appendix-II, for FORM ITR-3, FORM ITR-4, FORM ITR-5, FORM ITR-6 and FORM ITR-7, the following FORMS shall respectively be substituted, namely:- 

Form No.:ITR-3 [For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship (Please see rule 12 of the Income-tax Rules,1962

Form No.:ITR-4 PDF For Individual having income from business and Profession 

Form No.:ITR-5 [For persons other than,- (i) individual, (ii) HUF, (iii) company and (iv)…

CBDT extends due date of filing wealth-tax return

CBDT extends due date of filing wealth-tax return from July 31, 2015 to Aug. 31, 2015July 27, 2015 SECTION 14 OF THE WEALTH-TAX ACT, 1957 - RETURN OF WEALTH - CLARIFICATION ON EXTENSION OF DUE DATE OF FILING RETURN OF WEALTH FOR A.Y. 2015-16 LETTER [F.NO.328/08/2015-WT], DATED 27-7-2015 In terms of Explanation to sub-section (1) of section 14 of the Wealth-tax Act, 1957, 'due date' of filing Return of wealth in relation to an assessee under the Wealth-tax Act shall be the same date as that applicable to an assessee under the Income-tax Act under the explanation to sub-section (1) of section 139 of the Income-tax Act. 2. Central Board of Direct Taxes vide order under section 119 of the Income-tax Act F.No.225/154/ 2015/ITA-II dated 10-6-2015 has extended the 'due date' for filing Return of Income for assessment year 2015-16 in respect of assessees falling under clause (c) of explanation 2 to sub-section (1) of section 139 of the Inc…

Excise Notifications

Dear Professional Colleague,
Mystery of Confusing Notifications on applicability of Excise Duty on Textiles, Mobile phone, Note books, Spectacles, Calculators, Water filters, Sauces and ketchups, Bicycles, etc. The Central Board of Excise and Customs ("the CBEC"or"the Board") has issued three Central Excise Notifications apparently to clarify when manufacturers can avail exemption or concessional rates of CE duty. ·Notification No.34/2015-Central Excise, Dated: July 17, 2015, amending Notification 30/2004-CE, which provides for an exemption for certain textile articles ·Notification No.35/2015-Central Excise, Dated: July 17, 2015, amending Notification 1/2011-CE, which prescribes an effective rate of 2% duty on certain goods ·Notification No.36/2015-Central Excise, Dated: July 17, 2015, amending Notification 12/2012-CE: -         Condition 16: Exemption for certain goods either wholly or partly – steel, Aluminium, Tablet Computer, Mobile handsets -          Co…

GST Report of Rajya Sabha Panel

Highlights of Report of 'Rajya Sabha Panel' on GST Bill
Band for GST-rates
The Bill empowered GST Council to make recommendations for the rates of goods and service tax including floor rates with bands. The Committee recommended that the word 'band' may be defined in GST laws as following:
"Band": Range of GST rates over the floor rate within which Central Goods and Service Tax (CGST) or State Goods and Service Tax (SGST) may be levied on any specified goods or services or any specified class of gods or services by the Central or a particular State Government as the case may be.
In its report, The Committee mentioned that it was aware that while discharging the functions conferred upon the GST Council, it would be guided by the need for a harmonized structure of goods and services tax and for the development of a harmonized national market for goods and services.
It can be said that while construing above definition of 'B…

MECHANISM TO MONITOR TENDERING

ICAI ANNOUNCEMENT - MECHANISM TO MONITOR TENDERING (22-07-2015)

With a view to contain the tendering system for attest functions, the Council at its special (338th) meeting considered the report of the Group constituted under the convenorship of CA. Tarun Jamnadas Ghia, Member, Central Council and decided as under:

1.  Tendering has been prohibited in the exclusive areas of practice of chartered accountants like audit and attestation services. i.e. those areas where the assignments can be performed only by chartered accountants. In those areas, where alongwith chartered accountants, the other professionals can also apply for the tender, there is no restriction for the chartered accountants to respond to the tenders floated by authorities from time to time.

2.  Members are advised to adhere to the recommended scale of fees prescribed by ICAI in the context of various professional assignments. To ensure such adherence, a member responding to a tender should be required to furnish to ICA…

- CBDT releases Java Utility for e-filing Form 6 to declare black money

FYI - CBDT releases Java Utility for e-filing Form 6 to declare black moneyThe Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 ('Black Money Act') has been enforced from July 1, 2015.The Black Money Act provides for 30% tax on the value of undisclosed foreign income or assets and a penalty of three times of tax so computed. It further provides for prosecution up to 10 years in case of willful attempt to evade tax on foreign income or assets held outside India.However, the Black Money Act allows one-time compliance window for the taxpayers to voluntarily disclose undisclosed foreign income or assets. The declaration can be made by September 30, 2015. Any person availing of benefit of compliance window is required to pay tax at the rate of 30% of value of undisclosed foreign income or asset and a penalty of 100% of tax. Such taxes and penalty are required to be paid by the declarant on or before December 31, 2015.The Government has notified Fo…

Multipurpose Empanelment Form 2015-16 hosted

Multipurpose Empanelment Form for the year 2015-16 is an on line application. Members can fill up the application form directly on the site itself and Submit it.

Members can view the Application and can Edit the Application in different stages.

However after submission of the application form members will not be able to edit the application. They would be able to view the details submitted through the Application Form and take print out of declaration/ acknowledgement and of the whole application form.

Last date for submission of applications on the website www.meficai.org is 31st August, 2015

Validity of Sec 234E

G. Indhirani vs. DCIT (ITAT Chennai)S. 234E: Prior to the amendment to s. 200A w.e.f. 01.06.2015, the fee for default in filing TDS statements cannot be recovered from the assessee-deductor while processing the s. 200A statement. However, the AO is entitled to pass a separate order u/s 234E to levy the fee within the limitation period
The Assessing Officer has exceeded his jurisdiction in levying fee under Section 234E while processing the statement and make adjustment under Section 200A of the Act. Therefore, the impugned intimation of the lower authorities levying fee under Section 234E of the Act cannot be sustained in law. However, it is made clear that it is open to the Assessing Officer to pass a separate order under Section 234E of the Act levying fee provided the limitation for such a levy has not expired


New Guidelines on Concurrent Audit of Banks

RBI Issues New Guidelines on Concurrent Auditing at BranchesThe Reserve Bank on Thursday said the concurrent audit at bank branches should cover at least half of their advances and deposits.

The concurrent audit system is regarded as part of a bank's early warning system to ensure timely detection of irregularities and lapses.

"Concurrent audit at branches should cover at least 50 per cent of the advances and 50 per cent of deposits of a bank," RBI said in a notification.

It said branches rated as high risk or above in the last risk-based internal audit (RBIA) or serious deficiencies found in internal audit are subject to concurrent audit.

The audit will also be applicable on all specialized branches like large corporate, mid corporate, exceptionally large/very large branches, SMEs and all centralised processing units like loan processing units (LPUs).

Besides, it would include service branches, centralized account opening divisions, wealth and portfolio managem…

CBDT introduces Electronic Verification Code (EVC) system

CBDT introduces Electronic Verification Code (EVC) system as an alternate mode of verification to manually signed ITR-V (acknowledgment).
CBDT Notification No. 2/2015 Dated 13-July-2015 regarding
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EVC, a ten digit alpha-numeric code, to be provided using any of the 4 methods, namely –
a) internet banking ,
b) AADHAR authentication ,
c) Bank ATM card and
d) combination of registered email and mobile number (where income is below Rs 5 lakhs).

EVC to be generated from E-filing website, generation process may vary based on risk category of taxpayer.

EVC unique to an assessee's PAN, one EVC can be used to validate one return of the assessee irrespective of the AY or return types.

EVC to be stored against assessee’s PAN and shall be valid for 72 hours (except in case of Aadhaar authentication)

The Notification is available at
https://incometaxindiaefiling.gov.in/eFiling/Portal/StaticPDF/EVC_notification.pdf.

Fur…

Notification No. 2/2015 regarding Electronic Verification Code (EVC)

Notification No. 2/2015 regarding Electronic Verification Code (EVC) for electronically filed Income Tax Return as an alternative mode of verification released. [Refer Notification No. 2/2015 dated 13/07/2015] https://incometaxindiaefiling.gov.in/eFiling/Portal/StaticPDF/EVC_notification.pdf
EVC would verify the identity of the person furnishing the return of income .To know more about the modes and process for generation and validation of EVC https://incometaxindiaefiling.gov.in/eFiling/Portal/StaticPDF/e-Verification_User_Manual.pdf

FATCA-USA

Press Information Bureau
Government of India
Ministry of Finance
09-July-2015 16:55 IST India and United States Signs Inter Governmental Agreement (IGA) to Implement the Foreign Account Tax Compliance Act (FATCA) to Promote Transparency on Tax Matters

Mr. Shaktikanta Das, Revenue Secretary of India and Mr. Richard Verma, U.S. Ambassador to India signed here today , an Inter Governmental Agreement (IGA) to implement the Foreign Account Tax Compliance Act (FATCA) to promote transparency between the two nations on tax matters. The agreement underscores growing international co-operation to end tax evasion everywhere. The text of the signed agreement will be available on the website of the Indian Income Tax Department (www.incometaxindia.gov.in) and the website of U.S. Treasury (www.treasury.gov).The United States (U.S.) and India have a long standing and close relationship. This friendship extends to mutual assistance in tax matters and includes a desire to improve in…

Electronic Records-DSC

Dear All, The CBEC has issued Notification for maintenance of electronic records and issuing invoices with Digital Signature.Rule 10The assessee can now maintain the records on daily basis in respect of goods produced or manufactured, opening balance, quantity removed etc. In the electronic format and can also be preserved in electronic format provided every page of the records maintained has digital signature.Rule 11(8)Invoice issued under this rule may be authenticated by means of digital signature provided the duplicate copy of the invoice meant for transporter is digitally signed and a hard copy of such transporter copy of the invoice duly self attested by the manufacturer is used for transport of goods.

Black Money Rules Notified

Black money: rules for valuation of foreign assets notified
Anyone having an undisclosed bank account abroad will now have to pay tax and a penalty on the sum of deposits made since opening the account, according to the rules notified for implementation of a one-time compliance window under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. The rules also prescribe valuation norms for bullion and jewellery (including precious stones), immovable property, archaeological collections and paintings, shares (both listed and unlisted), as well as bank accounts. The compliance window gives the account holder an opportunity to declare undisclosed assets abroad by September 30 and a further three months to pay the tax and penalty. The rate of tax will be 30 per cent, with an equal amount payable as penalty. Once the window closes, the rate of tax will remain at 30 per cent but the penalty will be three times the tax — or 90 per cent — besides po…

FLA Return by 15th July,2015

ANNUAL RETURN ON FOREIGN LIABILITIES AND ASSETS Act: Annual return on Foreign Liabilities and Assets has been notified under FEMA 1999. Return to be filed under A.P. (DIR Series) Circular No.145 dated June 18, 2014 and submitted to the Department of Statistics and Information Management, RBI, Mumbai
Applicability: It is required to be submitted directly by all the Indian companies which have received FDI (foreign direct investment) and/or made FDI abroad (i.e. overseas investment) in the previous year(s) including the current year i.e. who hold foreign Assets or Liabilities in their balance sheets
Due Date: FLA Return is mandatory under FEMA 1999 and companies are required to submit the same based on audited/ unaudited account by July 15 every year through official email id of any authorized person of company like CFO, Director, Company Secretaryat fla@rbi.org.in
Format: The FLA Return has to be subm…