MANISH MALHOTRA & ASSOCIATES

Have You Missed 31 aug 2015 and forgot to file return. Don't worry- The Central Board of Direct Taxes has extended the due-date for E-filing of Income tax return extended to 7 sep 2015. This is for all India Tax Payers who were required to file ITR by e-filing mode.

ONLINE IMPORT EXPORT APPLICATION IS MANDATORY W.E.F 01/02/2015 During the month of November 2014, Director General of Foreign Trade, Department of Commerce has made online application as mandatory vide public notice no. 76, dated 27/11/2014 But due to some reasons the said notice was kept in abeyance vide public notice no 80, dated 06/01/2015 Now again vide public notice no 83, dated 30/01/2015, Director General of Foreign Trade hereby notifies operationalisation of the new system of applications for online IEC with effect from 01/02/2015. However, at the same time, DGFT has notified the following banks with whom net banking facility needs to be accessed for online application of IEC: 1.    HDFC Bank; 2.    ICICI Bank; 3.    Bank of India; 4.    State Bank of India; 5.    Central Bank of India; 6.    Punjab National Bank; 7.    IDBI; 8.    Axis Bank; 9.    Union Bank of India 10.    Oriental Bank of Commerce IMPORTNANT TO NOTE THAT Th

As per sub- clause (g) of clause 3 Section 141 of Companies Act, 2013 "........................................a person or a partner of a firm holding appointment as its auditor, if such person or partner is at the date of such appointment or reappointment holding appointment as auditor of more than twenty companies" Referring the above said provisions it is clear that ceiling limit for a Chartered Accountant for appointment or reappointment as an auditor is twenty 20. The aforesaid ceiling also covers one person company(OPC), small  companies and private companies.

What is Make in India?  Come and make in India is an intiative by Government of India(Modi's Government) to encourage investors to invest and manufacture in India.  Why India ? India  is world largest democracy and biggest market in respect of consumer goods with around 1.2 billion population. Availability of all types of resources like man, power, infrastructure, experts are easily available almost in all the major parts of India. Not only this tax rebates and other industrial benefits for SME, SEZ and EOU units encourage industries to start business here. Some other Major Advantages like:- World biggest market and a democratic republic. India is a fastest growing economy in the world. Strong Judiciary System. Large pool of skilled manpower, strong knowledge base with the significant English speaking population. India is a member of World Trade Organization. The urban population of India will double from the 2001 census figure of 290 m to appr

क्यों   व्यर्थ चिंता करते हो ? क्यों किसी से डरते हो ? कौन तुम्हे मार सकता है ? आत्मा ना पैदा होती है ना मरती है जो हुआ.... अच्छा हुआ , जो होगा , वह भी अच्छा ही होगा तुम भूत के लिए पश्चयताप ना करो , ना ही भविष्य की चिंता करो. वर्तमान चल रहा है उसका ध्यान रखो. तुम्हारा क्या गया जो तुम रोते हो ? तुम क्या लाए थे जो तुमने खो दिया ? तुमने क्या पैदा किया जो नष्ट हो गया ? जो लिया यहीं से लिया , जो दिया यहीं पर दिया। खाली हाथ आये खाली हाथ चले. जो आज तुम्हारा है , कल किसी और का था और परसों किसी और का होगा। तुम इसे अपना समझ कर ख़ुशी में इतरा रहे हो बस यही प्रसन्ता तुम्हारे दुखों का कारण है. परिवर्तन  संसार  का  नियम  है ,  जिसे  तुम मृत्यु  समझते  हो वही तो  जीवन  है! एक  क्षण  में  तुम  करोड़ों  के  स्वामी  बन  जाते  हो , दूसरे ही क्षण तुम  दरिद्र हो  जाते  हो! तेरा  मेरा  छोटा  बड़ा , अपना  परया , मैं  से  मिटा  दो , विचार  से  हटा  दो  फिर  सब  तुम्हारा  है  और  तुम  सबके ! ना  यह  शरीर  तुम्हारा  है , ना  तुम  इस  शरीर  के  हो! यह  अ

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