The Tamilnadu Government has issued a Notification GO (Ms) No 41 dtd 02/06/2014 amending the Annexure III to Form I monthly return. In the amended Annexure III , a specific line item for “ITC Reversal for CST Sales against C Form” has been added and the same is w.e.f 02/06/2014. In view of the above, […]
Change in Annexure III of Form I of TNVAT Act. Read More »
From October 2012 onwards under the TNVAT act, the dealers were required to file Annexure – I A in respect of purchases/transactions for which Statutory forms (viz Form C / Form F), are to be issued. This was done with a view of downloading the Statutory Forms (Form c & F) from the e filing
TNVAT- Online Generation of backlog Forms Read More »
The Reserve Bank of India had recently issued two important Circulars regarding the following :- 1) Levy of penal charges on non-maintenance of minimum balances in inoperative accounts. 2) Levy of foreclosure charges/pre-payment penalty on Floating Rate Term Loans. As per the above circulars, the RBI has instructed the banks as follows :- 1) No
Two Important notifications from RBI Read More »
The Income tax Department has notified new ITR Forms ITR-1 & ITR-4S for the A.Y.2014-15. The details of the same are provided below :- [table id=5 /] The forms/utility can be downloaded from the link available in www.incometaxindiaefiling.gov.in
New ITR 1 (SAHAJ) & ITR 4S (SUGAM) for A.Y.2014-15 (F.Y.2013-14) Notified Read More »
As per Section 12 of the Companies Act, 2013, (applicable from 1st April 2014) , every company shall print the following information compulsorily on all its business letters, bill heads, letter papers, letterheads, notices, and other official publications :- 1) Name 2) Registered office address 3) Coporate Identity Number 4) Telephone Number 5) Fax Number,
Important amendment in New Companies Act relating to Company Information Read More »
The financial year is at its end and its time to check few things in your books of accounts to ensure that you are tax compliant and save some money on taxes. This article aims at giving you some tips that could save your money/ taxes. Haven’t paid your Advance Tax ?
The Government of Tamilnadu has issued a new notification dtd 25th March 2014. As per this new notification, every registered dealer , who is liable to pay tax under TNVAT Act & whose turnover exceeds Rs. 2 Crores during the previous year, shall pay the tax due only by means of electronic payment only through
TNVAT E payment Mandatory for assessees with more than 2 Crore Turnover Read More »
In view of the holidays , the Central Board of Direct Taxes has extended the last date for payment of Advance tax (March 2014) instalment in respect of the A.Y.2014-15 (F.Y.2013-14) for all types of assessees, Corporate & Non Corporate assessees. The CBDT has issued an order dtd 14/03/2014 extending the last date from 15th
Last date for Advance Tax Payment (March 2014 Instalment) Extended Read More »
The following are the Various Statutory Obligations for the month of March 2014. Payment of Advance Tax The last date for Payment of Advance Tax (4th Instalment in case of Companies & 3rd Instalment in case of Non Companies) for the A.Y.2014-15 is 15th March 2014. Click here to make Advance Tax Payment online. Click here to download Challan
Statutory Obligations for the month of March 2014 Read More »
Section 14A of the Income-tax Act,1961 provides for disallowance of expenses which are not includible in the total income (Exempt Income). There were many controversies in the same as to whether the disallowance can be made even though there was no Exempt Income earned during the year. In this regard, the CBDT has issued a
Clarification regarding disallowance under sec.14A of Income-tax Act Read More »
The Reserve Bank of India vide its RBI/2013-14/490 A.P. (DIR Series) Circular No. 102 dtd 11th Feb 2014, has amended the form for reporting the Foreign Direct Investment (FDI) . The new form requires the following additional details of the investments :- 1) Brownfield/Greenfield investments 2) Date of Incorporation of investee company Henceforth , the new reporting
New FCGPR form for FDI Reporting notified Read More »
The CBDT has issued a new Circular No 04/2014, dtd 10th February 2014 , providing relaxation of time limit for filing of ITR-V and processing the same. As per this circular , there were many instances wherein the return of income was filed electronically without using the digital signature and the ITR-V forms sent by
Relaxation of time limit for filing ITR-V and processing. Read More »
We would like to bring to the attention of the Service Tax assessees that vide Notification No 16/2013 dtd 22nd Nov 2013, the e payment of Service Taxes has been made mandatory in case of asseesees with Service Tax liability of more than Rs. 1 Lakh. Previously the limit was fixed at Rs. 10 Lakhs.
E payment of Service Tax mandatory if total payment exceeds Rs. 1 Lakh. Read More »
The Tamilnadu Commercial Tax Department has issued a new Circular No 2/2014 prescribing the revised guideline and procedures to be adopted for Registration and Issue of Registration Certificate to dealers. The salient features of this circular are as follows :- 1) Previously, application for new registration of a business in respect of six evasion prone
Registration under TNVAT Act – New Procedure Read More »
The Income-tax department had issued a new Circular No 11 dtd 16/01/2014 prescribing the new procedure for application and allotment of Permanent Account Numbers(PAN). The important feature of this circular was that the original documents needs to be submitted at the time of making the PAN Application. The operation of this circular has been put
New PAN Procedure put on hold… Read More »
