Detailed instructions have been issued by the CBDT to all the assessing officers laying down a Standard Operating Procedure (SOP) for verification and correction of demand by the AOs. As per this SOP, the taxpayers can get their outstanding tax demand reduced/deleted by applying for rectification along with the requisite documentary evidence of tax/demand already paid.
The last date of e-filling of quarterly returns in VAT-15 for quarter ending 31.03.2014 is extended upto 31st May, 2014. But there is no change in last date for payment of VAT. Copy of Public Notice dated 22.04.2014 is attached herewith for your reference.
SECTION 139D OF THE INCOME-TAX ACT, 1961 - FILING OF RETURN IN ELECTRONIC FORM - EXTENSION OF FACILITY TO TAXPAYERS TO VERIFY IF DEMAND IN THEIR CASE IS DUE TO TAX CREDIT MISMATCH ON ACCOUNT OF INCORRECT FURNISHING OF SPECIFIED PARTICULARS AND SUBMIT RECTIFICATION REQUESTS WITH CORRECT PARTICULARS OF TDS/TAX CLAIMS FOR CORRECTION OF THESE DEMANDS
PRESS NOTE NO.402/92/2006-MC, DATED 17-4-2014
Detailed instructions have been issued by the CBDT to all the assessing officers laying down a Standard Operating Procedure (SOP) for verification and correction of demand by the AOs.
Punjab Government has levied advance tax on five new items in addition to the previous list of thirty items w.e.f. 7th March, 2014. The list of the items added are mentioned below:
31. Plastic Fabric and Bags 5.5%
32. Paper Board 5.5%
33. Brass 5.5%
34. Nickel 5.5%
35. Timber 5.5%
The Punjab Government has retrospectively amended the notification relating to levy of single stage commodities with effect from1st day of March 2014 vide Notification No. S.O. 23/P.A.8/2005/S.8/2014 dated 25-03-2014. The notification is given hereunder:
Ministry of Corporate Affairs (MCA) has issued Public Notice No. MCA21/28/2014-eGov dated 11th April, 2014 informing stakeholders that the all E-Forms will be available for upload with effect from 28th April, 2014 instead of 14th April, 2014 as notified earlier on 28th March, 2014.
Income Tax department has issued a notification 24/2014 on 01.04.2014 and released New income tax return form ITR-1(Sahaj), ITR-2, ITR-4S(Sugum) and ITR-V for assessment year 2014-15. Further rule 12 has also amended and now E filing is mandatory for ITR-5 (without digital signature) also. However as earlier, in audit cases(44AB) firms are required to file returns with digital signature.
tax 'N' accounts people
Tarun Kumar Gupta
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