The Income-tax Department has released the following e-filing utilities in respect of Tax Audit reports for the A.Y.2014-15 :- 1) Form 3CA-3CD – Audit Report under Section 44 AB of the Income-tax Act, 1961 in a case where the accounts of the business or profession of a person have been audited under any other law. […]
New e-filing Utility for filing Tax Audit Forms released Read More »
The Central Board of Direct Taxes (CBDT) vide its order under section 119 dtd 20th August 2014 has extended the due date for filing Tax Audit Report under section 44AB of the Income-tax Act, 1961 . As per this Order, The due date for obtaining and furnishing of the report of audit under section 44AB
Due Date for submission of Tax Audit Reports extended Read More »
WHO ARE LIABLE TO DEDUCT For the purposes of Works Contract TDS, a person who is liable INCLUDES :- (i) Central/State Government, (ii) A local authority, (iii) A corporation or body established by or under a Central or State act (iv) A company incorporated under Companies Act,1956 including Central or state Government undertaking; (v) A
TDS ON WORKS CONTRACT UNDER TNVAT ACT Read More »
The following are the Various Statutory Obligations for the month of August 2014. Payment of Service Tax The last date for Payment of Service tax pertaining to the month of July 2014 is 5th of Aug 2014. In case of e-payment, the due date is 6th of August 2014. In case of payment by Challan GAR
Statutory Obligations for the month of August 2014 Read More »
Audit of Books of accounts in respect of businesses with Turnover/Gross Receipts exceeding Rs. 1 Crore and businesses declaring Net Profit less than 8% of the Turnover/Gross receipts is mandatory. The Income-tax Departments has made the online submission of the Audit Report (Form 3CA / Form 3CB as applicable) and the prescribed particulars to be
Form 3CA,3CB (Audit Report) & Form 3CD (Annexure to Audit Report) Modified Read More »
The last date for filing the return of Income is just about a week away and it is time to get set with your complete documents to comply with your tax filing. While you file your Income-tax returns, ensure that you have taken care of the following aspects , in order to avoid further complications
Filing your Income-tax Returns ? – For your attention !! Read More »
BUDGET 2014 – TAX PROPOSALS (Applicable for the Financial year 2014-15) RATES OF TAXES For Individuals (Below 60 years of age) & HUF Income Rate of Tax Upto Rs. 2,50,000 Nil Rs. 2,50,001 to Rs. 5,00,000 10% Rs. 5,00,001 to Rs. 10,00,000 20% Above Rs. 10,00,000 30% For Resident Individuals (above 60 years of
Budget 2014 – Tax Proposals Read More »
The following are the Various Statutory Obligations for the month of July 2014. Payment of Service Tax The last date for Payment of Service tax pertaining to the month of June 2014 (Corporate Assessees) , Apr-June 2014 (For other assessees) is 5th of July 2014. In case of e-payment, the due date is 6th of
Statutory Obligations for the month of July 2014 Read More »
The Income-tax Department has notified the e-filing utility ITR-5 – Income-tax Return form in respect of Partnership Firms, Association of Persons (AOP) , Body of Individual (BOI) & Limited Liability Partnerships (LLP). With this, the following Income-tax Return e-filing utilities are notified for the A.Y.2014-15 (Financial year 2013-14) :- ITR-1 – For Individuals having Income
ITR-5 (A.Y.2014-15) e-filing utility for Partnership Firms notified Read More »
The Central Board of Direct Taxes (CBDT) has notified a new Wealth-tax Return Form-BB for filing the Wealth-tax returns in respect of Individuals,HUFs and Companies. The Salient features of this notification are :- 1) This return of Net-wealth in Form BB shall b applicable for the A.Y.2014-15 and other subsequent years, in case of Individuals,
New Wealth Tax return & filing procedure notified Read More »
The Ministry of Corporate Affairs has published a draft notification in its website www.mca.gov.in relating to the Exceptions/Modifications/Adaptations with regard to provisions in the Companies Act, 2013 relating to the Private Limited Companies. Suggestions/Comments on the proposed draft notification may be addressed/sent latest by 1st July, 2014 through email at exemptions@mca.gov.in. It has been requested that the
The Income-tax Department has notified the ITR-4 e filing utility for A.Y.2014-15 (F.Y.2013-14). The utility notified by the Income-tax Department is a Java based utility. ITR-4 is for Individuals & HUFs having Income from a proprietory business or profession. This utility can be downloaded from www.incometaxindiaefiling.gov.in With this , totally 5 Income-tax efiling utilities have
ITR 4 for A.Y.2014-15 – e-filing utility notified Read More »
The Income-tax Department has issued a notification dtd 11th June 2014 , notifying the Cost Inflation Index for the Financial Year 2014-15 (Assessment year 2015-16) as “1024”. The relevant notification is reproduced below :- [gview file=”http://bssridhar.com/blog/wp-content/uploads/2014/06/cii201415.pdf”] Source : www.incometaxindia.gov.in
Cost Inflation Index for 2014-15 notified. Read More »
The Reserve Bank of India vides its Notification No RBI/2013-14/634 DBOD.AML.BC. No. 119/14.01.001/2013-14 dtd 9th June 2014 has further simplified the KYC norms for opening/maintenance of bank accounts. As per this circular, the simplified requirement is as follows :- 1) Any one Address Proof (either Permenant or Present) is required to be submitted. When there is a
RBI further simplifies KYC Norms for Bank Accounts Read More »
The Income-tax Department has released the Return filing utility ITR-3 for filing returns in respect of Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship for the A.Y.2014-15 (Financial Year 2013-14). Source :- www.incometaxindiaefiling.gov.in
ITR-3 filing utility for A.Y.2014-15 released Read More »
