SERVICE TAX RETURN FOR OCT-13 TO MAR-14 NOW AVAILABLE FOR FILING /DOWNLOAD
Service Tax Return (ST-3) excel utility for the period of October 2013 to March 2014, i.e. second half of the financial year 2013-14 is now available in ACES for e-filing by the assesses in both offline and online version.
With a view to providing greater convenience to tax payers, it has been decided that all designated branches of agency banks and RBI Offices conducting government business will keep their counters open for extended hours on Saturday, March 29 and Monday, March 31, 2014 till 8.00 p.m. This arrangement will apply where March 31, 2014, has not been declared as a public holiday.
RBI has released a Notification on interest rates on two popular Tax saving schemes WEF 01.04.2014. These schemes are Public Provident Fund Scheme 1968 and Senior Citizens Saving Scheme 2004. PPF is most popular tax saving scheme among small investor as interest from PPF account is exempted from income tax. SCSS scheme is useful for senior citizens either having income less than exemption limit or falling under first slab of income tax rates.
Extension of date for receipt of ITR-V in CPC, Bengaluru for the cases of AY 2O12-13 and 2O13-14 received/e-filed in FY 2O12-13
There are many taxpayers who have uploaded their Income Tax Returns(without digital signature Certificate) for A.Y. 2OI,z-Lg [filed between1.4.2012 to 31.1O.2O131 and for A.Y. 2013-14 [filed between L.4.2OL3 to 31.1O.2O131, but have either not filed the corresponding ITR-V or have filed it with the local Income-Tax Office. ITR-V is accepted only at CPC, Bengaluru by ordinary or speed post. Therefore an opportunity is being given to such taxpayers to regularize their Income-tax returns.
Income tax - Whether interest obligation arises for the Revenue in every case where excess tax paid by assessee has been retained by the State for its own enjoyment - YES: Supreme Court
THE issues before the Apex Court are - Whether the statutory obligation to refund carries with it the right to interest also; Whether when the assessee deposits tax as per an order passed u/s 195(2), the Revenue is under obligation to pay interest on refund processed as per the appellate order and Whether interest obligation arises for the Revenue in every case where excess tax paid has been retained by the State for its own enjoyment. And the verdict goes against the Revenue.
Department is required to give credit for TDS once valid TDS certificate had been produced or even where deductor has not issued TDS certificates, on the basis of evidence produced by the assessee regarding deduction of tax at source and on the basis of indemnity bond.
1. What are the pre-2005 series banknotes?
The RBI issued Mahatma Gandhi series (MG series) 2005 banknotes in the denomination of ` 10, ` 20, ` 50, ` 100, ` 500 and ` 1000. These notes contain some additional / new security features as compared to the 1996 MG series. All banknotes issued before the 2005 MG series are called as pre-2005 series banknotes.
The Central Board of Direct Taxes (CBDT) has issued an order to extend the time limit to make payment of final installment of Advance Tax from 15th March, 2014 to 18th March, 2014. Taxpayers, therefore, can now pay their advance tax installment by Tuesday, 18th March, 2014 without entailing any consequential interest for deferment.
The CBDT has issued Instruction No. 02/2014 dated 26.02.2014 in which it has referred to the judgements of the Supreme Court in Transmission Corp of A. P. 299 ITR 587 and GE India Technology Pvt. Ltd 327 ITR 456 on the issue of deduction of tax at source u/s 195 while making payments to non-residents.
Import of Gold by 'eligible passengers' - CBEC Instructions
IT has come to the notice of the Board that there has been a spurt in import of gold by eligible passengers through various airports in the recent past across the country. Further, it is also reported that there is no uniformity in clearance of such eligible passengers. At many airports, the engraved serial number of gold bars and tola bars are not mentioned in the baggage receipts when imported by the passengers.
Reference to Notification No. S.O.17/P.A8/2014 dated 21st February, 2014
In light of the above notification we are receiving queries from various dealers and lawyers. In response to this, following clarifications are being issued:
CBDT has extended the due date to file TDS/TCS statement for Government deductor for the Financial year 2012-13(except first quarter) and Financial Year 2013-14 (first three quarters) to 31.03.2014.This has been done due to late filing of TDS returns by Govt departments due to non allottment of AIN number.
RBI has extended the due date for exchanging the Pre-2005 notes to 01.01.2015.Now person having pre-2005 notes can exchange the notes from nearest bank branch till 01.01.2015.Further these note shall be valid legal tender till further orders can be used in market in normal course.
The Auditing and Assurance Standards Board of the ICAI has on 28.02.2014 released a Guidance Note on Audit of Banks, 2014 Edition. The revised Guidance Note deals with all the recent important developments that have taken place in the banking sector. It incorporates the guidance for the statutory auditors at branch as well as central level w.r.t. the various circulars of the Reserve Bank of India as well as important pronouncements of the Institute. The Guidance Note has been totally revamped to make it more reader-friendly.
The CBDT Chairperson, Dr. Sudha Sharma, has, on the occasion of her retirement, pointed out that her endeavour always has been to foster highest standards of ethics and morality and to guard against tendencies which could bring a bad name to the Department. She stated that upholding ethical values and human dignity have remained her guiding principles.
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Tarun Kumar Gupta
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