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 »
The Central Board of Direct Taxes (CBDT) vide its Notification No :- S O No 3794(E) dtd. 23/12/2013 has made important changes in procedure for PAN Application & Allotment. The important changes are as follows :- 1) Apart from Proof of Identity & Proof of Address, a new document (Proof for Date of Birth) needs
Change in Procedure for PAN Application & Allotment Read More »
There has been confusion with regard to inclusion of Service Tax component in respect of Payments which are also subject to Tax Deduction at Source (TDS). Earlier the CBDT had issued a Circular No 4/2008 , wherein in respect of Rent Payments, it was clearly mentioned that the TDS Shall be deducted only on the
NO TDS on Service Tax , if shown seperately Read More »
The Government of India has decided to issue Inflation Indexed National Savings Securities which is aimed at an alternative instruments to hedge the rate of inflation. This issue is intended for Retail Investors and are linked to the Consumer Price Index (CPI) (Base : 2010=100). The FAQs of Inflation Indexed National Savings Securities are given
RBI’s Inflation Indexed National Savings Securities – FAQ’s Read More »
The Central Board of Direct Taxes vide its order u/s. 119 (2)(a) of the Income-tax Act,1961 dtd 13th December 2013 has extended the due date for payment of December quarter Advance Tax for the Financial Year 2013-14 , from 15th December 2013 to 17th December 2013 for all the assessees , corporate and other than
Advance Tax Due date for Dec 2013 extended Read More »
The Government of Tamilnadu had amended the Form I by introducing Annexure – V in respect of ITC Claimed and carried forward. In view of the various representations received from various trade & industries, the Commissioner of Commercial Taxes has issued certain clarifications with regard to filing of Form I along with Form I. The
TNVAT-Clarification Circular issued regarding Annexure V to Form I Read More »
The following are the Various Statutory Obligations for the month of December 2013. Payment of Advance Tax The last date for Payment of Advance Tax (3rd Instalment in case of Companies & 2nd Instalment in case of Non Companies) for the A.Y.2014-15 is 15th December 2013. Click here to make Advance Tax Payment online. Click here to download Challan for
Statutory Obligations for the month of December 2013 Read More »
The Tamilnadu Government has made few important amendments in TNVAT Act with regard to reversal of Input Tax Credits in respect of Inter-state sales and Stock Transfers outside the State. These amendments were carried out by enacting a Tamilnadu VAT (Fifth Amendment) Act, 2013 (Amendment Act) on 8th November 2013. The effective date for these
Important amendment to TNVAT Act regarding ITC Reversal Read More »
The Service Tax Department has issued a new Circular No 174/9/2013 – ST dtd 25th November 2013 , regarding the new Voluntary Compliance Encouragement Scheme 2013 (VCES 2013). The unresolved issues raised by assessees have been clarified in this circular. The Circular is reproduced below :- [gview file=”http://bssridhar.com/blog/wp-content/uploads/2013/11/25112013_ST_Circular-No174_2013_st.pdf”]
New Clarifications for VCES 2013 issued Read More »
As per the new TNVAT notification No GO ( MS) 137 dtd 31-10-2013, issued by the Commercial tax Department, w e f 1st Nov 2013, the TNVAT monthly returns shall be appended with new Annexure V wherein details of the closing inventory at the end of every month with Input tax credit there on shall
Important amendment to Form I TNVAT Monthly return Read More »
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