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28/02/2015

Union Budget Highlights 2015
☺GST to be put in place by April 1, 2016
☺Corporate tax reduced from 30% to 25% over next four years
☺PAN number mandatory for any purchase above Rs 1 lakh.
☺Govt to reduce custom duty on 22 items.
☺A consolidate rate of excise duty @ 12.5% proposed i.e. no Edu. Cess and SHEC.
☺A consolidate rate of service tax @ 14% proposed i.e. no Edu. Cess and SHEC.
☺Wealth tax abolished, replaced by 2% surcharge on super rich
☺Mediclaime investment deduction increased from 15000 to 25000 and Rs. 30000 for senior citizen.
☺Super senior citizen ie. 80 year above can claim medical expenditures of Rs. 30000.
☺Additional investment of Rs. 50000 p.a. allowed for deposition under new pension scheme u/s. 80CCD
☺Transport allowance increase from Rs. 800 to 1600.

☺Defence allocation for this fiscal is Rs 2,46,727crore.
☺AIIMS to be set up in J&K, Punjab, Tamil Nadu, Himachal Pradesh and Assam.
☺Govt to raise visa-on-arrival facilities to 150 countries from 43
☺Govt to introduce Indian gold coin with Ashoka sign on it.
☺Proposes 5 ultra mega power projects for 4,000 MW each
☺Investment in infrastructure to go up by Rs 70,000 crores
☺We are committed to subsidy rationalisation based on cutting leakages
☺States get 62% of the total resources now

18/06/2014

ITR-5 for AY 2014-15- Who are required to file & mode of filing?

1. Who can use this Return Form?

This Form can be used a person being a firm, LLPs, AOP, BOI, artificial juridical person referred to in section 2(31)(vii), cooperative society and local authority. However, a person who is required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) shall not use this form.

2. Annexure-less Return Form
No document (including TDS certificate) should be attached to this Return Form. All such documents enclosed with this Return Form will be detached and returned to the person filing the return. Tax-payers are advised to match the taxes deducted/collected/paid by or on behalf of them with their Tax Credit Statement (Form 26AS). (Please refer to www.incometaxindia.gov.in)

3. Manner of filing this Return Form
From assessment year 2014-15 onwards this Return Form can be filed with the Income Tax Department in any of the following ways, -
(i) by furnishing the return electronically under digital signature;
(ii) by transmitting the data in the return electronically and thereafter submitting the verification of the return in Return Form ITR-V;
However, a firm whose accounts are liable to audit under section 44AB shall compulsorily furnish the return in the manner mentioned at (i) above. Where the Return Form is furnished in the manner mentioned at 3(ii), the assessee should print out two copies of Form ITR-V. One copy of ITR-V, duly signed by the assessee, has to be sent by ordinary post to Post Bag No. 1, Electronic City Office, Bangaluru–560100 (Karnataka). The other copy may be retained by the assessee for his record.

From assessment year 2013-14 onwards in case an assessee who is required to furnish a report of audit under sections 10(23C)(iv), 10(23C)(v), 10(23C)(vi), 10(23C)(via), 10A, 10AA, 12A(1)(b), 44AB, 44DA, 50B, 80-IA, 80- IB, 80-IC, 80-ID, 80JJAA, 80LA, 92E, 115JB or 115VW he shall file the report electronically on or before the date of filing the return of income. Further, the assessee who is liable to file the above reports electronically shall file the return of income in the manner provided at 3(ii) or 3(iii).

4. Filling out the acknowledgement
Only one copy of this Return Form is required to be filed. Where the Return Form is furnished in the manner mentioned at 3(i), the acknowledgement slip attached with this Return Form should be duly filled.

17/06/2014

Cost inflation index for f.y. 2014-15 is 1024....

16/06/2014

Basic Exemption Limit for Small Service Providers

In Its pre-budget memorandum-2014 on Indirect taxes Institute of Chartered Accountants of India (ICAI) has suggested that Current Service Tax Exemption Limit of Rs. 10 Lakh should be increased to Rs. 25 Lakh. It has submitted as follows :-
The service tax exemption limit for small service providers in terms of Notification No. 33/2012 ST dated 20.06.2012 is currently limited to Rs.10,00,000/-. It is proposed to extend the exemption limit due to the following reasons:
(i) Small service providers are poor, uneducated and mainly in the unorganized sector.
(ii) Limit was not enhanced since 1st April, 2008
(iii) After 1.7.2012 post Negative list era, more services are under the ambit of service tax, which earlier was not includible in the exemption limit.
Suggestion
It is suggested to extend the exemption limit to Rs.25,00,000/-.

16/01/2014

Section 272B Penalty is Rs. 10000 per deductor and not per wrong PAN:

The assessing officer had imposed penalty of Rs. 10,000/- in each case where PAN Number was not provided by the deductee. There were in all 30706 cases in which the PAN Number was missing or was incorrectly stated. The assessing officer, accordingly, imposed penalty of Rs. 10,000/- in each case. Thus, penalty of Rs.30,70,60,000/- was imposed. Board in the letter dated 5.8.2008 vide No.275/24/2007-IT(B) has clarified that penalty of Rs. 10,000/- under Section 272B is linked to the person, i.e., the deductor who is responsible to deduct TDS, and not to the number of defaults regarding the PAN quoted in the TDS return. Therefore, regardless of the number of defaults in each return, maximum penalty of Rs. 10,000/- can be imposed on the deductor. Penalty cannot be imposed by calculating the number of defective entries in each return and by multiplying them with Rs. 10,000/-. This also appears to be a legislative intent, as in many cases, the TDS amount may be small or insignificant fraction of Rs. 10,000/-.
HIGH COURT OF DELHI AT NEW DELHI
ITA 314/2013
COMMISSIONER OF INCOME TAX-TDS
versus
DHTC LOGISTICS LTD.

10/01/2014

Delay in Download of TDS Certificate attracts Penalty:


As per the records of Centralized Processing Cell (TDS), if the TDS Statements have been filed by you for different quarters. However, you have not yet downloaded TDS Certificates (Forms 16/ 16A) from the portal. Please refer to the following provisions of the Income Tax Act, 1961 which are related to download of TDS certificate in time and consequence of late download of Certificate from the website http://www.tdscpc.gov.in (hereinafter called TRACES Portal).


Downloading of TDS Certificates from TRACES made mandatory:

In this regard, your attention is invited to the CBDT circulars 04/2013 dated 17.04.2013, CBDT Circular No. 03/2011 dated 13-5-2011 and CBDT Circular No. 01/2012 dated 9-4-2012 on the Issuance of certificate for Tax Deducted at Source in Form 16/16A as per IT Rules 1962. It is now mandatory for all deductors to issue TDS certificates after generating and downloading the same from “TDS Reconciliation Analysis and Correction Enabling System” or TRACES Portal.


TDS Certificates downloaded only from TRACES hold valid:

In view of above circulars, it may kindly be noted that the TDS Certificates downloaded only from TRACES Portal will be valid. Certificates issued in any other form or manner will not comply to the requirements referred in the Income-tax Act 1961 read with relevant Rules and Circulars issued in this behalf from time to time.
Due Date for downloading and Penalty for non-compliance: Please be advised that under the provisions of section 203 of the Income Tax Act, 1961 read with rule 31A, Certificate of tax deducted at source is to be furnished within fifteen (15) days from the due date for furnishing the statement of tax deducted at source. Failure to comply with the provisions of the Act will attract penalty under the provisions of section 272A of the Act, a sum of one hundred rupees for every day during which the failure continues.


Assistance for downloading TDS Certificates from TRACES:

You can logon to ortal http://www.tdscpc.gov.in and refer to our e-Tutorial https://www.tdscpc.gov.in/en/download-form16a-etutorial.html to download TDS Certificates. For any further assistance, you can also write to [email protected] or call toll-free number 1800 103 0344.

TRACES, Highlights, Download NSDL Conso File, Forms, Rates and Tables, Form 26AS, Challan Status, Justification Report, Form 16 / 16A, FAQ, Customer Care, Login, Register, Deductor, Tax Payer, Forgot Password, Register as New User, Direct Taxes Code, Form 16

09/01/2014

The due date for Filing TDS returns for the quarter Oct-Dec 2013 is 15th Jan, 2014. We request all the deductors to file there TDS returns in time to avoid penalty / Fees for late filing of return. Income Tax Department has WEF 1st of July 2012 imposed a late filing fees of Rs. 200 per day Under section 234E of the Income Tax Act, 1961 for late filing of TDS return which can be up to TDS amount.

NOTE: Here we would like to mention that the no action or appeal can be made against the fees charged by department for late filing of TDS Return U/s. 234E as in view of the department the same is not penalty but the fees for late filing of return.

In addition to fees department can also levy a penalty under section 271H of the Income Tax Act, 1961 of minimum Rs 10,000 to Rs 1 lakh for not filing the TDS statement within one year from the specified date within which he was supposed to file the statement. This amendment is also effective from 1st July 2012.
So its better to file return TDS return on time. Deductors who file return through professional should submit the details to them on time and make sure that they file the return in time.