MANISH MALHOTRA & ASSOCIATES

Due date of submitting tax audit report under section 44AB has been extended from 30sep to 30 Nov 2014. In the recent notification CBTD has changed the return utility and also changed the format of tax audit report. The new utility is still not available, this may be reason of extension. Important it is  f urther clarified that the tax audit report under section 44AB of the Act filed  during the period from 1 st 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 Below is the order F.No.133/24/2014-TPL GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF DIRECT TAXES) **** Room No. 147 B-II, North Block New Delhi, the 20th August, 2014 Order Under Section 119 of the Income-tax Act, 1961 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 d

Many people comes to me and say last date of filling income tax return(ITR) is 31st March not 31st july.  Are they correct? If, yes why some people says due date of filing of ITR is 31st July? and Why income tax department organise camps for return filing in the month of july? Here is also some question arise? What is the last date of filing of ITR? What would be impact if one missed the deadline of 31st July? What is the penalty/ interest for non filing of ITR within due date? In this post I will try to clear this doubt and will tell you the penalty and interest for delays in filing of return.  Friends always remember that we filed return for previous year in assesment year.  Now the question is that- What is previous year and what is assesment year. Understand it with an example- Mr. X earn some income during 01/04/2013 to 31/03/2014, in this case previous year i.e PY is 2013-2014 and Assesment year i.e AY is 2014-15. Now as per section 139(1) of

Some one asked to me- What are the requirements for service tax registration under matrimonial services? Answer: Service Tax is applicable on matrimonial services Below is the general detail and this may help you   Refering section 69 of Finance Act, 1994 read with rule 4 of Service Tax Rules, 1994. I am brefing for you An application  for Service Tax Registration in form ST-1 has to be made within 30 days from the date on which service become leviable. However if a person has commenced its business after the date when service became leviable, the application must be filed with in 30 days from the date of commencment of Business. Relief to small service provider:- If your expected gross Receipt is less than 10 lakhs for a financial year, you need not to apply for registration. However if in previous year your gross receipt crossed 9 lakhs you must apply for registration.  For registration you have to file Form ST-1 and have to submit it to the range superitend

What is Permanent Account Number(PAN)? Permanent Account Number (PAN) is a ten-digit alphanumeric number, issued in the form of a laminated card, by the Income Tax Department, to any “person” who applies for it or to whom the department allots the number without an application. PAN enables the department to link all transactions of the “person” with the department. These transactions include tax payments, TDS/TCS credits, returns of income/wealth/gift/FBT, specified transactions, correspondence, and so on. PAN, thus, acts as an identifier for the “person” with the tax department. PAN was introduced to facilitates linking of various documents, including payment of taxes, assessment, tax demand, tax arrears etc. relating to an assessee, to facilitate easy retrieval of information and to facilitate matching of information relating to investment, raising of loans and other business activities of taxpayers collected through various sources, both internal as well as external, for d

E-filing of return is mandatory for the below mention persons only: (a)  Every resident and ordinarily resident individual and HUF, if he/it has any of following:  (i) Signing authority in any account located abroad;  (ii) Any asset located abroad; or (iii) Financial interest in any entity located abroad. (b)  A political party [if its income exceeds the limit, without claiming exemptions under Section 13A, which is not chargeable to tax] (c)  Every person claiming tax relief under Section 90, 90A or section 91; (d)  A firm or an individual or HUF who are required to get their accounts audited under section 44AB; (e)  Every company; (f)  Every AOP or BOI; (g)  A person [other than a company and a person required to furnish return  in form ITR 7] whose total income exceeds Rs. 5 lakh rupees during the previous year 2013-14. Note: 1. Means from previous year 2013-14, all assesse whose total income exceeds Rs. 5 lakhs is required to file Inc

1. There are no refund by Cheque and only e-refund will be allowed Controversy: Till now there are two option such as e-refund as well as cheque. But where the refund exceeds the limit fixed by the CBDT(internally I think it was 25000 for FY1213) even though we opted for e-refund the CPC will send only through Physical Cheque/DD 2. Claim of TDS/TCS credit of earlier years – Hence if we don’t have sufficient income we can carried forward the credit benefit Controversy: When the CPC processing the ITR it will not take credit when it is not available in such related AY of 26AS. Then is it going to be cause for intimation? 3. CIN/LLPIN in ITR has to be filled by Company/LLP 4. Buy back of shares must be reported in the ITR by CHC 5. PAN of Debtors has to be provided if the assessee is claimed Bad debts 6. In Capital gain Computation - Details U/s. 50 C is required to be reported - Sale of securities by FII’s 7. Gains U/s. 43CA under PGBP 8. Special income tax Return