DPV Consultants

DPV Consultants Looking for some professional advice in finance relating to taxation, accounting, Fund Management of HNIs, projections, valuation, business set up etc.?

Contact Mr. Manish K Soni +919958736477 ;email : [email protected] We are strong team of hardcore professionals providing all sort of chartered accountancy services related to accounting, auditing, business process outsource, income tax, financial services, company law matters, foreign collaborations, import-export consultancy, sales tax matter, service-tax, STPI, transfer pricing related matte

rs, virtual chief financial officer etc. We are currently based in Delhi NCR. VIRTUAL CHIEF FINANCIAL OFFICER
A relatively new concept of Virtual Chief Finance Officer (CFO) to assist small and medium sized organizations to get the benefit of having highly qualified and experienced Chartered Accountants and Management professionals at a fraction of cost that they would have incurred to hire a full time CFOs. A CFO assigned by us will virtually and effectively function as a CFO of your organization handling the entire gamut of Accounting, Banking & Finance, Taxation and other statutory compliances etc, M.I.S and Budgeting etc. Essentially he/she will guide, monitor and supervise your Accounting Team by visiting your offices as well as available on call for effective discharge of his duties. At the same time, we, as an organization will take responsibility for the successful handling of the assignment. He/She, will be, virtually a C.F.O. for your organisation.

We wish a very happy & prosperous Diwali to all of you,,keep growing :) :)
02/11/2013

We wish a very happy & prosperous Diwali to all of you,,keep growing :) :)

24/10/2013

NOTIFICATION NO-14/2013 - ST. Dated: October 22, 2013 : SERVICE TAX

Following service is now included in Mega Exemption Notification :

"19A. Services provided in relation to serving of food or beverages by a canteen maintained in a factory covered under the Factories Act, 1948 (63 of 1948), having the facility of air-conditioning or central air-heating at any time during the year."

For Notification No. 14 of 2013, refer following link :
http://www.servicetax.gov.in/notifications/notfns-2013/st14-2013.htm

For Notification No. 25 of 2012, refer following link :
http://www.servicetax.gov.in/notifications/notfns-2012/st25-2012.htm

02/10/2013

EDUCATION SERVICES - CLARIFICATION BY CIRCULAR 172/7/2013 – ST

By virtue of the entry in the negative list and by virtue of the portion of the exemption notification, it will be clear that all services relating to education are exempt from service tax. There are many services provided to an educational institution. These have been described as “auxiliary educational services” and they have been defined in the exemption notification. Such services provided to an educational institution are exempt from service tax. For example, if a school hires a bus from a transport operator in order to ferry students to and from school, the transport services provided by the transport operator to the school are exempt by virtue of the exemption notification.

In addition to the services mentioned in the definition of “auxiliary educational services”, other examples would be hostels, housekeeping, security services, canteen, etc.

02/10/2013

SERVICE TAX ON SKILL DEVELOPMENT COMPANIES ROLLED BACK

In a big relief for youth pursuing vocational training courses to land a job, Finance Minister P Chidambaram has rolled back the 12.36% service tax on skill development and training firms imposed in the Finance Bill of 2013-14.

Experts had warned that the service tax introduced this year on all training firms working in tandem with the National Skills Development Corporation (NSDC) could jeopardise the government's ambitious goal of training 500 million people by 2022 by raising the effective fees payable by students. The NSDC, set up by the finance ministry as a public private partnership , has been assigned the task of fostering and funding private sector skill development initiatives to 150 million people.

01/10/2013

Service Tax Return (ST-3) for the period April-September' 13 is now available for e-filing by the assesses in both offline and online version. The last date of filing the ST-3 return for the said period is 25th October, 2013. (For Details Please see https://www.aces.gov.in/whatsNew.jsp)

Due date to file Tax Audit Report online for AY 2013-2014 extended till 31/10/2013
26/09/2013

Due date to file Tax Audit Report online for AY 2013-2014 extended till 31/10/2013

03/07/2013

Service tax Notification No.12 / 2013: Regarding exemption on services provided to SEZ authorised operations |
The exemption shall be provided by way of refund of service tax paid on the specified services received by the SEZ Unit or the Developer and used for the authorised operations:

Provided that where the specified services received by the SEZ Unit or the Developer are used exclusively for the authorised operations, the person liable to pay service tax has the option not to pay the service tax ab initio, subject to the conditions and procedure as stated .

For details
http://www.servicetax.gov.in/st-notfns-home.htm

18/06/2013

No Need to Send ITR-V after E-Filings from A.Y. 2014-15

At present two options are available for tax payers to e-file ITR, either e-file ITR by affixing digital signature or without affixing digital signature. In first case there is no need to send ITR-V to the I-T department’s CPC, based in Bangalore but in the later case tax payer is required to take a print out of ITR-V and send it to the I-T department’s CPC, based in Bangalore within 120 days of e-filing, in case tax payer fails to do so, his/her return would deemed to be invalid return.
The above practice is adopted by every Indian and also CBDT has made mandatory for the assessee whose income exceeds Rs.5 lakhs to file tax return online with the main motto of shifting all the working paperless.
As per statistics during 2012-13, a 31 per cent jump was seen in e-filings by taxpayers as 2.14 crore entities filed returns online as compared to 1. 64 crore in 2011-12 but still most of e-filings are done without affixing digital signature means sending ITR-V becomes necessary and thus does not fulfill the motto of department.
So CBDT has come up with the new way which will save the taxpayer from the hassle of sending the paper document (called ITR-V) by post and tracking its acknowledgement which is going to be operational within this financial year i.e. F.Y. 2013-14 (A.Y. 2014-15).
The department is also thinking to introduce “new concept of third party validation of utilities developed for e-filing which will avoid mistakes in returns and bring uniformity in the interpretation of tax laws in filing of returns”.

Source: Economic Times

08/06/2013

GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF REVENUE
CENTRAL BOARD OF DIRECT TAXES
NOTIFICATION No. 40/2013
INCOME-TAX
New Delhi, the 6th day of June, 2013

S.O. 1464(E) - In exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following amendment in the notification of the Governm...ent of India in the Ministry of Finance (Department of Revenue), Central Board of Direct Taxes published in the Gazette of India, Extraordinary, vide number S.O. 709(E), dated the 20th August, 1998, namely:-
2. In the said notification, in the Table, after serial number 32 and the entries relating thereto, the following serial number and entries shall be inserted, namely:-

Sl. No. 1
Financial Year 2013-14

Cost Inflation Index : 939

04/06/2013

Income-Tax (Fifth Amendment) Rules, 2013 - Amendment In Rules 30, 31 & 31A And Insertion Of Form Nos. 16B & 26Qb And Substitution Of Form N0. 24Q

Now the Deposit of tax deducted under sec. 194-IA shall be accompanied by challan-cum-statement in Form No. 26QB

The certificate of deduction of tax at source in Form No. 16B shall be furnish to the payee within fifteen days from the due date for furnishing the challan-cum-statement in Form No. 26QB under rule 31A after generating and downloading the same from the web portal specified by the Director General of Income-tax (System) or the person authorised by him.

furnish to the Director General of Income-tax (System) or the person authorised by the Director General of Income-tax (System) a challan-cum-statement in Form No.26QB electronically in accordance with the procedures, formats and standards specified under sub-rule (5) within seven days from the end of the month in which the deduction is made."

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