Punjab VAT notification dated 21-feb-2014 regarding singe stage taxation is attached hereunder also the download link is present at the bottom.
The Central Board of Direct Taxes (CBDT) has extended the time-limit for filing ITR-V Forms for Assessment Years 2009-10, 2010-11 and 2011-12 till 31.03.2014 for returns e-filed with refund claims within the time allowed under section 139 of the Income Tax Act.
First-time homebuyers can avail an additional income-tax deduction, till March 31 this year, of up to Rs 1 lakh paid as interest on a loan amount of less than Rs 25 lakh for a property value of not more than R40 lakh. For the deduction to be availed, the loan has to be sanctioned between April 1, 2013, and March 31, 2014.
What are C3 & C9 Corrections?
The Finance Bill 2014, as introduced in the Lok Sabha today, 17.02.2014, is available for download. The highlights of the Budget are as follows:
The Excise Duty on all goods falling under Chapter 84 & 85 of the Schedule to the Central Excise Tariff Act is reduced from 12 percent to 10 percent for the period upto 30.06.20 14. The rates can be reviewed at the time of regular Budget.
Changes In Service tax
Changes in Central Excise in interim Budget 2014-15
Highlights of Finance Minister P Chidambaram's Vote on Account or Interim Budget speech.
12.12: FM ends speech with a long Tamil couplet.
12.10: FM hopes to peg revenue deficit at 3.3% and fiscal deficit target at 4.1% next year.
The CBDT has issued Instruction No. 1/2014 dated 15.01.2014 to the Chief Commissioners stating that though the Citizens Charter prescribes a time limit of one month for a decision u/s 197 on application for no deduction of tax or deduction of tax at lower rate, there is considerable delay in issuing the lower/non deduction certificate.
The CBDT has issued Circular No. 6 of 2014 dated 11.02.2014 in which the issue as to whether mutual funds/specified companies are required to pay additional income-tax under sub-section(2) to section 115R of the Act not only on income distributed by way of dividend but also on payments made at the time of redemption/repurchase of units as well as at the time of allotment of bonus units to existing investors has been considered in great detail
Excise & Taxation Department of Punjab government has issued the Notification regarding its Rahat scheme for small traders and has also issued the list of Class-I, Class-II and Class-III towns under the scheme. Below are both the notifications.
Govt introduces one-time tax for those with turnover up to Rs 1 cr
Excise and taxation inspectors (ETIs) would not be allowed to check commercial premises of traders in at least 71 towns of Punjab after February 13 as the state excise and taxation department is launching a new scheme under which traders would have an option to pay value added tax (VAT) once a year in proportion to their annual income. In lieu of this tax amount, the government would provide traders cashless treatment up to Rs 50,000, life and accidental insurance worth Rs 2 lakh and Rs 5 lakh insurance in case of damage to property due to fire.
Tax Audit Limit Increased From 45 to 60 for audits conducted during the financial year 2014-15 and onwards.
In view of the enhancement of professional competence of members to perform quality services in an IT-enabled environment, the Council of the Institute at its 331st meeting held from 10th to 12th February, 2014 has decided to increase the "specified number of tax audit assignments" for practicing Chartered Accountants, as an individual or as a partner in a firm , from 45 to 60.
The CBDT has issued Circuar 04/2014 dated 10.02.2014 pointing out that a large number of returns have become non-est as ITR-V was not furnished within the due date. As a result the refund claims have not been processed.
This communication by TDS-CPC team seeks to provide important information related to a Certificate issued for Deduction of Tax at Lower/ NIL Rates under section 197/197A of the Income Tax Act, 1961.
This section is applicable from 1st June 2013 for the property transactions above RS 50 lakh.
Section 194IA reads as under,
1. “Any persons, being a transferee responsible for paying (other than the person referred to in sec 194-LA) to a resident transferor any sum by way of consideration for transfer of any immovable property (other than agricultural land), shall, at the time of credit of such sum to the account of the transferor or at the time of payment of such sum in cash or by issue of a cheque or draft or any other mode, which ever is earlier, deduct an amount equal to one per cent of such sum as income tax thereon ”
No Service Tax required to be paid on Services provided by an Authorised Person or Sub-Brokers to Member of Commodity Exchange up to 30th June, 2012
The Central Government vide Notification 03/2014-ST dated February 3, 2014 has provided that no Service Tax is required to be paid on services provided by an authorised person or sub-brokers to the member of a Commodity Exchange, in relation to a forward contract, on which Service Tax was not being levied during the period commencing from the 10th day of September 2004 and ending with the 30th day of June, 2012 in accordance with the prevalent practice.
TDS not to be Deducted on Service Tax Component shown Separately
Whether to deduct TDS on Service Tax Amount? This question had always put deductor in difficulty. The question always comes that whether TDS is to be deducted on the entire amount of the invoice i.e. including service tax or only on the payment made towards services i.e. excluding service tax.
Income Tax department has released Three Income Tax forms java based by which you can file income tax return by click of mouse , no need to visit Income tax site and and you can get pre filled data and submit return without visiting the income tax website.
tax 'N' accounts people
Tarun Kumar Gupta
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