Scheme formulated for Speedy grant of refund of accumulated and unutilised CENVAT credit to help in ease of doing business by unlocking the accumulated credit. Exporters of services today accumulate CENVAT credit on both input services and input goods as they are unable to set-off their input levies. Speedy grant ...Read More »
Resolving issue of mismatch between ITR information and third party information via efiling website “e-Sahyog”
Traditionally, when Income Tax Department (ITD) found mismatch in information shown in the Income Tax Return with the information submitted by third parties in the form of Annual Information Return (AIR), TDS Statement etc., the cases were selected for scrutiny. Till last year only very few cases ie less than ...Read More »
Finance Minister launches the“e-Sahyog” pilot project of the Income-tax Department. The Income-tax Department is committed to the ‘Digital India’ initiative of the Government of India.The Finance Minister today launched an “e-Sahyog” pilot project which furthers the Department’s commitment to work in an e-environment and reduces the need for the taxpayer ...Read More »
I have just finished one round of tax filing work for the financial year 2014-15. While going through the tax questions from the clients, I realized the complications and confusions created by the age old Income Tax Act. Incidentally, in today’s Economic Times, the new revenue secretary Mr. Hasmukh Adhia ...Read More »
Service tax levy on services provided by a Goods Transport Agency – Clarification by the department vide circular no. 186 dated 5th Oct 2015.
The All India Transport Welfare Association (AITWA) has represented regarding the difficulties being faced by the Goods Transport Agencies (GTAs) in respect of service tax levy on the services of goods transport. Doubts has been raised by the All India Motor Transport Congress (AIMTC) regarding treatment given to various services provided by GTAs ...Read More »
Guidance Note on Tax Audit under section 44AB of the Income Tax Act 1961 Revised 2014 Edition -Asst Year 2015-16
The “Guidance Note on Tax Audit u/s 44AB of the Income Tax Act, 1961- Edition 2014” issued by The Institute of Chartered Accountants of India (ICAI), is one of the important guidance issued by ICAI and is referred not only by our Chartered Accountants but also by assessing officers and in various judicial forums. Revised guidance note ...Read More »
As the due date for filing the Income Tax Return for Assessment year 2015-16 is approaching ie 31st August 2015, please find below certain important points which will be helpful in submitting a correct return and its processing at CPC, Bangalore. Electronic filing of income tax return is mandatory for ...Read More »
How to pass the entries in books of accounts when selling price of the goods is less than the purchase price?
One of our clients, M/s Cement Enterprises, Bangalore, traders in Cement, has raised this query. They are buying cement at the rate of Rs.400/- per bag. They sell them for Rs.350/-.The loss in the sale, i.e., Rs.50 per bag is made good (reimbursed) by the manufacturer as ‘bulk discount’. Now ...Read More »
Mr.Bhushan, an industrialist, is finding it hard to run his business over the last couple of years and has accumulated Rs.57 Lakh as a business loss. Now (in July 2015) he has decided to sell a portion of the industrial land (brought in 1998) of the company to repay the ...Read More »
As you may be aware by now that the Centralized Processing Cell (TDS) is informing you of PAN and Challan Errors, through an Intermediate Communication, during processing of Original Quarterly TDS Statements, before Defaults are finally computed and Intimations are generated. On receipt of the above communication, you are ...Read More »