Abhishek Nahar & Associates

23/04/2016

We have started operating as TIN FACILITATION CENTRE

We Accept PAN / TAN Applications , ETDS Returns

18/06/2015

CBDT through Notification No.9/2015 provides an opportunity to file 6 year ITR where TDS remain unclaimed - Presently, An Assessee Can only file return for last 2 years and claim refund if any due and not beyond that. In case he missed to file return within prescribe timeline he has no choice other than to forget his refund claim. Income Tax Department in Latest circular No.9/ 2015 has guided on how an assessee who has failed to file return and claim Refund according to section 119(2) (B) can now make an application and get Refund due up to last 6 Assessment years.

19/05/2015

New service tax rate 14% notified effective from 1st June 2015 Notification no. 14 / 2015 dt. 19.05.2015

24/04/2015

Shortcut to remember Service Tax Negative List:
alphabetic order method
(Amended by Finance Act, 2014 !!!)
1. A- Advertisement (Only Print Media)
2. B- Bridges
3. C- Cabs :-means transportation of passengers
(Radio Taxi
excluded)
4. D- Diplomatic mission (Embassy)
5. E- Electricity
6. F- Funeral (includes transportation of
deceased)
7. G- Goods Transportation
8. H- House Residential
9. I- Interest (Banking, Financial, Insurance)
10. J- Journey :- Payment of Toll Charges.
11. K- Kheti (Agriculture)
12. L- Lottery (Betting,Gambling)
13. M- Manufacture (on which Excise Duty
payable)
N- ———O- ———P- ———
14. Q- Qualification (Education)
15. R- RBI
16. S- Sarkar (Government)
17. T- Trading of Goods.
Hence the Total 17 services are in negative list
and all are
covered in it .
Must share with your friends the Shortcut to
remember Service
Tax Negative List.

16/04/2015

Details of Changes in New ITR as launched on 15/04/2015

ITR-1

1) Introduction of furnishing Aadhar Card Number in ROI. Which will be used for EVC system.

Introduction of EVC for verification of return of income filed as an option to send ITR-V to CPC, Bangalore.

2) Details of all bank accounts with Bank name, IFSC Code, Name of Joint Holder, if any, Account number, Account balance as on 31.03.2015 mandatorily to be provided. Even those accounts which are closed during the year.

ITR-2

1) Introduction of furnishing Aadhar Card Number in ROI. Which will be used for EVC system introduced as mentioned above.

2) Details of Foreign Travel made if any (For resident and nonresident both) includes, Passport No, Issued at, name of country, number of times travelled and expenditure

3) Details of utilization of amount deposited in capital gain account scheme for years preceding to last two assessment years. Particulars asked include year of utilization, amount utilized, amount unutilized lying idle in capital gain account scheme till the date of filing of return of income.

4) In case of LTCG & STCG not chargeable to tax to Non-resident on account of DTAA benefit, It is required to furnish Country name, Article of DTAA, TRC obtained or not?,

5) For Non-resident, Income from other sources, If any income chargeable to tax at special rate provided in DTAA, It is now required to provide details of Name of Country, Relevant article of DTAA, Rate of Tax, Whether TRC obtained or not?, Corresponding rate of tax under income tax act.

6) Details of all bank accounts with Bank name, IFSC Code, Name of Joint Holder, if any, Account number, Account balance as on 31.03.2015 mandatorily to be provided. Even those accounts which are closed during the year.

7) In schedule FA- Foreign assets disclosure, Following details added.

a) Foreign Bank accounts details: It is now further require to furnish Account number, account opening date, Interest/income accrued from such account, If any along with details of head of income and schedule under which such income is shown, if offered to tax in India.

b) In similar manner, details of income from Financial interest in any entity outside India along with details of income offered to tax in ITR-2 from such income.

c) Similar disclosure requirement is also required for Immovable property outside India, capital asset held outside India, trust held outside India

ITR-4S

1) Introduction of furnishing Aadhar Card Number in ROI. Which will be used for EVC system introduced as mentioned above.

2) Details of all bank accounts with Bank name, IFSC Code, Name of Joint Holder, if any, Account number, Account balance as on 31.03.2015 mandatorily to be provided. Even those accounts which are closed during the year.

02/04/2015

🌹जीवन में प्रेम, दया, करूणा का प्रवाह बना रहे,
धर्म और संस्कृति की ज्योत जलती रहे,
सत्य, अहिंसा और अपरिग्रह के माध्यम से हम सबके जीवन में माधुर्य का रस बहता रहे...

🙏😊भोर सुहानी दिन मस्ताना जी😊🙏

भगवान् महावीर की सीखों का अनुसरण दिल से करते बीते वक्त हम सभी का ।

💐महावीर जयंती की हार्दिक शुभकामनाएँ💐

🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏

28/03/2015

LIST OF YEAR END STATUTORY OBLIGATIONS

LAST DATE - 31-3-2015 (Tuesday)

INCOME TAX

1. Pay remaining Advance Tax for AY 2015-16.

2. File Income Tax Return for AY 2014-15 without penalty of Rs. 5,000/-.

3. File Income Tax Return for AY 2013-14 with penalty of Rs. 5,000/-.

4. File Wealth Tax Return of for AY 2013-14 & 2014-15.

5. Make investments in PPF, LIC etc (Sec 80C), pay Mediclaim Premium (80D) etc.

6. Banks to file Return of Interest upto Rs.10,000 without TDS for Mar 2015 quarter in Form No. 26QAA.

SERVICE TAX/ EXCISE

7. Pay Service Tax/Excise Duty for Month/Qtr Mar 2015.

COMPANIES ACT, 2013

8. Company to repay Deposits from Members & Relatives of Directors etc. taken before 1-4-14. Fine of 1-10 cr for Co & 25 lac - 2 cr for Officers in Default &/ jail upto 7 years
9. Company to reduce number of Directors to 15. Beyond 15 Directors, Special Resolution is required. Sec (149(1)).

10. Directors to reduce Number of Directorships to 10 in Public Cos & 20 in all cos u/s 165. Minimum Fine 5,000. Maximum Fine 25,000 per day from 2nd day of default.

11. Listed Cos & other Public Cos with Paid up Share capital of 100cr or more or Turnover of 300cr or more to have at least 1 Woman Director.

12. Audit Committee of a company existing before 1-4-2014 to be reconstituted by having minimum 3 directors, with independent directors forming a majority. Sec 177(3).

13. Listed Public Company to have at least one-third of the total number of directors as Independent Directors.

14. Auditor NOT to provide prescribed Non audit services like internal audit, accounting & book keeping etc. beyond 31st March, 2015. (Sec 144). Fine of 25000 to 5 lac on Auditor besides on Co & Officers in Default.

15. Large companies (Net worth of 500 cr or more or Turnover of 1000 cr or more or Net Profit of 500 cr or more during any financial year) to spend at least 2% of Average Net Profits during 3 immediately preceding financial years in CSR activities

16. File e-form CRA-2 (Notice of Appointment of Cost Auditor) without Penalty/Late Fee. MCA Circular 2/2015 of 11-2-15.

Property taxes

17. Pay Property Tax for 2014-15.

Note : Above list has been compiled merely to assist you in meeting your year end statutory responsibilities. Please check for any extensions, exclusions etc. While we have taken utmost care and caution in compiling it, you are requested to check the correctness etc of the same from independent sources. The sender, updation team and no other person can be held responsible for any inadvertent errors, mistakes or omissions, if any.

06/03/2015

❤💚💜💙💛💖
Let the colors overshadow all ur worries & stress.

Happy Holi
❤💚💜💙💛💖

28/02/2015

28/02/2015

Budget highlights :

-The latest CPI inflation is 5.1 % and whole sale price inflation is negative
-Current Account Deficit For FY15 To Be Below 1.3% Of GDP
-Embraced States As Equal Partners Of Growth
-Union Budget 2015-16 GST To Be In Place By April 1 2016
-Union Budget 2015-16 12.5 Cr Families A Part Of Jan-Dhan Yojana Already
-Economy set to grow in double-digits in coming days
-GDP growth will accelerate to 7.4 per cent
-We will achieve the target of 6 crore toilets in India
-3 achievements of Govt: , Coal auctions and
-Our objective is to keep inflation below 6 per cent & work towards substantial reduction of poverty
-JAM Trinity- , Mobile & GST are game changing reforms
-TO MEET FISCAL DEFICIT OF 4.1% IN FY15
-Will Need To Build Additional 1 Lk km Of Roads
-To make India a manufacturing hub and support starups. Youth need to be from job seekers to job creators
-To See 6 Cr Units Of Rural & Urban Housing By 2020
-GDP SEEN AT 8-8.5% IN FY16
-Agriculture incomes are under stress; public investment needs to step in to catalyse investment
-TO ACHIEVE 3.6% FISCAL DEFICIT IN FY17
-TO ACHIEVE 3% FISCAL DEFICIT IN 3 YEARS
-TO MEET FISCAL DEFICIT OF 4.1% IN FY15
-Transfer To States To Be 62% Of Total Receipts
-To Allocate Rs 5,300 Cr For Micro-irrigation
-Direct Transfer Of Benefits To Be Further Expanded
-To Look At Divestment Of Strategic & Non-strategic Cos
-To Allocate Rs.20,000 Cr For Mudra Bank For SMEs
-Committed To Rationalising Subsidies
-Target of 8.5 lakh crore of credit for agricultural sector
-To Allocate Rs 25,000 Cr For Rural Infrastructure
-FM says expect CPI to remain near 5% by year-end, have concluded monetary policy agmt with RBI
-To Bring In Comprehensive Bankruptcy Code
-PROPOSE Rs 1.25 LK CR PUBLIC INVESTMENT FOR FY16
-To Allocate Rs 34,699 Cr For MNREGA
-To create senior citizens welfare fund via unclaimed PPFs
-proposes to give Rs. 2 lakh accidental insurance to the poor for a monthly premium of Re. 1
-Atal Pension plan launched; aimed at Indians above 60
-To utilize vast postal network for banking venture
-PM Surakhsha Bhima Yojana to increase the access to insurance
-Will launch Atal pension Yojna. Govt will contribute 50% towards the scheme
-Tax free infrastructure bonds for projects in Railways and roads: Finance Minister
-To Allocate Rs 1,000 Cr For Support To Start-ups
-NBFCs With Size Of Over Rs 500 Cr Will Get Access To SARFAESI
-Investment in Infrastructure to go up by 70,000 crores in 2015-16 over 2014-15.
-5 Ultra mega power projects announced
-Public sector ports will be converted to companies, once PPP model is tweaked.
-To allocate 1000 cr to enable IT start ups
-2nd unit of Kudankulam nuclear power station to be commissioned in 2015/16
-FMC to be merged in SEBI, long intended now implemented
-To Set Up Public Debt Management Agency
-Bring Bond Market as world Class Equity Market
-Will set up 5 UMPPs in the pug-and-play mode
-FM to put in place direct tax regime
-Sovreign Gold Bond Alternative to Gold
-New gold monetization scheme
-To Amend Section 6 Of FEMA To Control Capital Flows
-We plan to introduce direct tax regime that is internationally competitive on rates without exemptions
-To Incentivise Credit, Debit Card Transactions
-Indian gold coins with Ashok chakra on its face to be launched
-Gold monetization scheme to allow depositors to earn interest
-Gold monetisation scheme to replace deposit and metal loans
-Employees can opt for EPF or new pension fund; for employees below certain threshold EPF should be optional from his side
- and will not be differentiated:
-To support heritage sites, Churches Goa, Hampi, Elephanta in Mumbai, Sarnath, Jallianwalla Bag
-To introduce Indian made gold coin to reduce demand for foreign gold coins
-PROPOSE TO ALLOW FOREIGN INVESTMENT IN ALTERNATIVE INVESTMENT FUNDS
-After success of visas on arrival in 43 countries,I propose to increase the countries covered under this scheme to 150
- To Allocate Rs 75 Cr For Electric Vehicles
-To Introduce Regulatory Reform Law For Infrastructure
-Renewable energy target revised to 1,75,000 MW
-IIMs to be setup in J&K and Andhra Pradesh
-IIT in Karnataka
- AIIMS to be set-up in J&K, Punjab, Tamil Nadu, Himachal Pradesh and Assam
-To set up educational loan scheme for higher education
-Bank Board Bureau An Interim Step In Forming A Bank Holding Co
-To Set Up Autonomous Bank Board Bureau For Selecting Bk Executives
-To allocate Rs 10,351 cr for Women and Child Development
-To set up holding investment company for banks
-National Skill Mission to be launched, to develop employability of youth, especially below 25 years of age
-ALLOCATE Rs 2.46 LK CR FOR DEFENCE IN FY16
- Earmarking Rs 1,200 Cr For DMIC Projects
-Allocate Rs 33,150 Cr Towards Healthcare
-TOTAL EXPENDITURE AT Rs.17.77 LK CR IN FY16
-PLAN SPEND AT Rs 4.65 LK CR FOR FY16
-NON-PLAN SPEND AT Rs 13.12 LK CR FOR FY16
-GROSS TAX RECEIPTS AT Rs 14.49 LK CR
-reduce rate of corporate tax from 30% to 25% over next four years
-TO RATIONALISE & REMOVE EXEMPTIONS FOR CORPORATES
-Exemptions For Individual Tax Players To Continue
-To Enact New Law For Black Money
-Concealment of income will attract 10 yrs of rigorous imprisonment
-Stringent penalties and jail for Black Money holders and evaders
-Benami property transaction bill to tackle black money transaction in real estate soon
-Foreign Exchange Management Act To Allow For Seizure Of Foreign Assets
-FEMA Act to be amended to incorporate Black Money provisions: Finance Minister
-To Allow Tax Pass-through For Alternative Investment Funds
-To Tighten Reporting Of Cash Transactions
-To Have Benami Transaction Prohibition Bill For Domestic Black Money
-Quoting PAN a must for all purchases above One Lakh
-proposes to rationalise capital gains tax regime for real estate investment trusts
-TO DEFER GAAR BY 2 YEARS
-Tax pass through to be allowed in alternative investment funds to boost small firms, startups
-Propose To Rationalise Capital Gains Regime For REITs/InvITs
-TO REDUCE CUSTOMS DUTY ON 22 ITEMS
-Rental Income from REITS to have pass through facility
-Income Tax On Royalty Fees For Technical Reduced To 10%
-TO ABOLISH WEATH TAX; 2% ADDL SURCHARGE ON SUPER-RICH
-Reduced taxes on Technical Services to 10% from 25%
Retrospective tax provisions will be avoided
-Tax dept to put out a clarification on indirect transfer of assets and dividend paid by foreign firms
-TO INCREASE EXCISE DUTY TO 12.5%
-Propose To Exempt SAD On All Items
-TO HAVE 100% TAX DEDUCTION FOR SWACHH BHARAT & CLEAN GANGA
-Service tax will be increased to 14%
-Excise duty on leather upper shoes cut to 6%
-Health Insurance Premium rebate up to 25,000 instead of 15,000
-Senior citizens health insurance incr from 20k to 30k
-Super senior citizens - 30k deduction on expenses
-Additional deduction of 50k in NPS
-Rs. 80,000 deduction for serious diseases for senior citizens
-NPS 1 lakh limit revised to 1.5 lakh
-Transport allowance doubled to 1,600/month from 800/month
-clean energy cess increased from 100 to 200 Rupees per metric ton of coal to finance Green Energy Fund
-Service Tax exemption for Varishta Bima Yojana
-Sukanya Samrithi Scheme : Interest on Deposit will be fully exempted from TAX
-An individual tax payer can now get exemptions up to Rs 4.4 lakh
-Yoga institutes to get charitable status.
-Service Tax Exemption Extended To Pre-cold Storage Warehousing

26/02/2015

Highlights of Railway Budget for 2015-16
Cogencis, Thursday, Feb 26
MUMBAI - Following are highlights of the Railway Budget for 2015-16
(Apr-Mar), presented by Railway Minister Suresh Prabhu in Parliament today:
FARES, FREIGHT
* Emphasis on gauge conversion over next 5 yrs
* Must run fast trains like Rajdhani, Shatabdi
* To up track length by 20% to 138,000 km next 5 years
* Must substantially regain freight mkt share
* No hike in passenger fares

HYGIENE BOOST
* To have professional agencies for railways cleaning
* Ensuring higher standards of cleanliness a priority
* Swachh Rail to be a driving force
* To create new dept for clean stations, trains

MISCELLANEOUS
* 1,219 sections on high density network
* Railway is a unique integrator of India
* Investment in railways to create more jobs
* Under-investment led to reduced efficiencies
* Capacity augmentation suffered over the years
* Railway facilities have not improved in last few decades
* Minister: Cycle of poor invest in railways must end
* Minister Prabhu begins FY16 Rail Budget speech in Lok Sabha
* Aim to make rail a safer means of travel
* Need tighter control on costs
* Freight carrying capacity to be raised to 1.5 bln tn
* Aim to make rail financially self sustainable
* Railway an integral part of PM's flagship programmes
* Launching steps to systematically address customer grievances
* Working on feasible views of over 20,000 in social media
* Aim to modernise rail infra
* We have prepared a forward-looking agenda
* Legacy of past decades to take some time to neutralise
* Must make freight transport reliable, comfortable
* Minister: Railways has to transform in next five years
* Convinced can deliver on promises of efficient railways
* Focus on doubling, tripling existing high-density network
* Next 5 yrs' priority to up capacity in high density network
* 492 sections on high density network at over 100% capacity
* To set standards for governance, transparency
* Need to make changes to speed up operational efficiency
* Pension funds have shown interest in investing in railways
* Need to revamp management practices
* Railway FY16 operating ratio seen 88.5%
* To partner with PSUs to transport coal, iron, cement
* Tie up with multilateral, bilateral bodies for overseas tech
* Railway invest to need multiple sources of funding
* Will partner with pvt sector to modernise stations' infra
* To partner with multilateral agencies for fund access
* Railway envisages 8.5 trln rupee invest in 5 yrs
* To partner with PSUs to build capacity for freight movement
* Railway to partner pvt sector for last mile connectivity
* States can raise finance through SPVs
* This budget part of trilogy of vision to improve railways
* Improvement of connectivity an imperative
* Vision 2030 document later this year
* Aim 30 mln daily passenger carrying capacity in next 5 yrs
* Railway Budget proposals be seen as part of 5-yr plan
* Aim to invest on ongoing basis in depreciating assets
* Sustained, measurable improvement in travel experience a goal
* Need material improvement in operating capacity