Shankar Solanki & Associates

20/08/2014

Order Under Section 119 of the Income-tax Act, 1961

1. In exercise of power conferred by section 119 of the Income-tax Act (‘the Act’), the Central Board of Direct Taxes (CBDT) hereby extends the due date for obtaining and furnishing of the report of audit under section 44AB of the Act for Assessment Year 2014-15 in case of assessees who are not required to furnish report under section 92E of the Act from 30th day of September, 2014 to 30th November, 2014.

2. It is further clarified that the tax audit report under section 44AB of the Act filed during the period from 1st April, 2014 to 24th July, 2014 in the pre-revised Forms shall be treated as valid tax audit report furnished under section 44AB of the Act.

02/04/2014

MCA CIRCULAR: Table of Fees (pursuant to rule 12of the Companies (Registration of Offices and Fees) Rules, 2014) Has been released by the Minsitry of Corporate Affairs. The Table of Fees can be downloaded fromhttp://www.mca.gov.in/Ministry/pdf/tableoffee_01042014.pdf

14/03/2014

Central Board of Direct taxes (CBDT) has issued an order to extend the time limit to make payments of final installment of Advance Tax, from 15th March, 2014 to 18th March, 2014. Taxpayers, therefore, can now pay their advance tax installment by 18th March, 2014 without entailing any consequential interest for deferment.

12/01/2014

http://casolanki.com/

Shankar Solanki & Associates Chartered Accountants registered with the institute of Chartered Accountants of India in 2012. We are based at National Capital Region.

12/12/2013

CBEC VCES Clarification On ‘Frivolous/Unnecessary’ Queries By Designated Authority:...................................................................................................

New Delhi the 11th December, 2013

To,

All Chief Commissioners of Central Excise/Service Tax
Director General Service Tax
All Commissioners of Central Excise/Service Tax

Madam/Sir,

Sub: The Service Tax Voluntary Compliance Encouragement Scheme – issues for clarification – reg

The undersigned is directed to state that the Board has issued clarifications on issues concerning various aspects of the VCES, vide circulars dated 13.05.2013, 8.08.2013 and 25.11.2013. A FAQ has also been issued on VCES. However, certain instances have come to notice, as mentioned below, that the declarants under the VCES are still facing difficulties.

2. In one instance, the Designated Authority has asked a declarant, who has “tax dues” only for a part of the period covered by the Scheme, to furnish an undertaking that he had no unpaid “tax dues” for the remaining period covered by the Scheme. However, the Scheme does not envisage furnishing of any such undertaking. A declarant may have tax dues only for a part period covered by the Scheme. In terms of the Scheme a declaration of tax dues has to be made in Form VCES-I, which includes an undertaking that the information given in the declaration is correct and complete. Therefore, the Designated Authority should not ask for any other undertaking or declaration beyond what has been prescribed in the Scheme or Rules made there under.

3. In another instance, the Designated Authority has objected to the payment of the first tranche of 50%, payable by 31.12.2013, in installments. It is clarified that the Scheme only prescribes that the declarant would pay a minimum amount of 50% of the tax dues by 31.12.2013. Rest of the payment may be made by 30.6.2014, without any interest, and any amount remaining unpaid on 30.6.2014 shall be paid by 31.12.2014, with interest for the period of delay beyond 30.6.2014. There is no bar to pay these amounts in installments. For example a declarant may pay the 50% amount that he is required to pay by 31.12.2013 in more than one installment. Therefore, payment of 50% “tax dues” in lump-sum may not be insisted to.

4. In some instances, it has been observed that the Designated Authority has raised frivolous/unnecessary queries as regards the veracity and the manner of calculation of tax dues. While the designated authority may cause arithmetical check as regards the correctness of computation of tax dues, the Scheme does not envisage investigation by the designated authority into the veracity of declaration. Only if the Commissioner has reason to believe that the declaration filed by the declarant is substantially false he may, for reasons to be recorded in writing, serve notice on the declarant requiring him to show cause why he should not pay the tax dues not paid or short-paid.

Yours faithfully,

(S.Jayaprahasam)
Technical Officer (TRU)
Tel. No.: 2309 5547.

02/12/2013

As per Rule 6(2) of Service Tax Rules, 1994 person who has paid Service Tax (Challan+CENVAT) amounting to Rs.10 Lakhs or more, in preceding F.Y., shall pay the tax electronically; however with effect from 1st January, 2014 the monetary limit has been reduced to Rs. 1 Lakh vide Notification No. 16/2013-ST dated November 22, 2013. Therefore, service provider who has paid service tax amounting to Rs. 1 Lakh or more in F.Y. 2012-2013 is required to pay service tax liability for the month of December, 2013 or quarter ending December, 2013 electronically.

20/11/2013

General Circular 18/2013,
Dated: 19/11/2013
No. 17/202/2013-CL-V
Sub: – Clarification with regard to applicability of provision of Section 372A of the Companies Act, 1956.
Sir,
This Ministry has received number of representations consequent upon notifying Section 185 of the Companies Act, 2013 dealing with loans to directors which is corresponding to Section 295 of the Companies Act, 1956. Section 186 of the Companies Act, 2013 is yet to be notified.
It is clarified that Section 372A of the Companies Act, 1956 dealing with inter-corporate loans continue to remain in force till section 186. of the Companies Act, 2013 is notified.
This issues with the approval of competent authority

Yours Faithfully,
(Kamna Sharma)
Assistant Director

24/10/2013

Due Date for Filing Returns & Tax Audit Report extended to 31 Oct 2013

In response to a Writ petition filed by All India Chartered Accountant Forum, the Hon'ble Delhi Court has passed its final verdict today.

In view of the difficulties pointed out in Writ petition as well as representations made to committee of CBDT, the CBDT has accepted to extend the due date for filing returns and tax audit report for the assessment year 2013-14 to 31st October 2013 for assesses whose due date of filing return of income was 30th September 2013 .

30/08/2013

Dear All,

CBEC extends the last date of filing of ST-3 Return for the period October, 2012 - March,2013 from 31st August,2013 till 10th September, 2013 vide Order No. 4/2013-ST.


F.No.137/99/2011-Service Tax
Government of India
Ministry of Finance
Department of Revenue
Central Board of Excise & Customs
***
New Delhi, dated the 30th August, 2013

Order No: 4/2013-Service Tax



In exercise of the powers conferred by sub-rule(4) of rule 7 of the Service Tax Rules, 1994, the Central Board of Excise & Customs hereby extends the date of submission of the Form ST-3 for the period from 1st October 2012 to 31st March 2013, from 31st August, 2013 to 10th September, 2013.

The circumstances of a special nature, which have given rise to this extension of time, are as follows:

“ Difficulties have been faced by assessees in uploading the offline utilities”.

Himani Bhayana

Under Secretary (Service Tax)
Central Board of Excise and Customs




To
All Chief Commissioners of Central Excise / Customs and Central Excise
Directors General of Service Tax /Central Excise Intelligence /Audit/Systems All Commissioners of Central Excise/ Customs and Central Excise
All Commissioners of Service Tax
All Commissioners LTU
All Additional Directors General Systems

24/07/2013

CBDt has vide its press release dated 22.07.2013 clarified that exemption from filing return of income for salaried employees having total income upto Rs. 5 lakhs including income from other sources upto Rs. 10,000/- was only for assessment year 2011-12 and 2012-13 respectively. The exemption was given considering ‘paper filing of returns’ and their ‘processing through manual entry’ on system.
However, this year the facility for online filing of returns has been made user-friendly with the advantage of pre-filled return forms. These E-filed forms also get electronically processed at the central processing centre in a speedy manner. Hence, the exemption provided during the last two years is not being extended for assessment year 2013-14.

01/07/2013

Happy CA Day !!
Wish you all a wonderful day and a rocking year ahead
with full of professional opportunities, accomplishments and growth..

28/06/2013

Income Tax reminders on way to 12 lakh assessees for not filing
returns:
Tightening its noose on those who do not pay taxes, the
Income Tax Department has started sending letters around 12 lakh assessees who are high spenders but do not file returns, a top
finance ministry official said.
"The I-T department has started follow up of around 12 lakh assessees who have not filed their returns despite being high spenders," the official told PTI. The department had earlier issued letters to 1.75 lakh high priority assessees for not filing tax returns.
Finance Minister P Chidambaram had met top I-T officials yesterday to discuss ways to augment revenue collection and widen the tax base. The tax department has prepared a list of non-filers based on their information records. The department has set up a compliance management cell to monitor return filing and tax payment of the target segment.
The 1.75 lakh letters which were sent earlier, contained the summary of the information of financial transaction(s) along with a customised response sheet. The finance ministry officials had verified the record of annual information return (AIR), Central
Information Branch (CIB) and TDS/TCS returns. Besides, they had also verified data available with the Financial Intelligence Unit
(FIU).
These letters were a part of the exercise to augment revenue undertaken by Chidambaram after he assumed charge of the Finance Ministry in August last year. Many assessees have started filing returns after receiving letters from the tax department.
The government plans to collect over Rs 6.68 lakh crore from direct taxes in the current fiscal, up from Rs 5.65 lakh crore in the previous fiscal. (PTI)