Central Board of Direct Taxes (CBDT) has issued a Booklet on Permanent Account Number (PAN) to answer all the queries relating to PAN-particularly question on procedures for PAN application, documents required for PAN application and transaction for which quoting of PAN is mandatory etc.
Income Tax Refund - Section 237 of the Income-Tax Act, specifies that if any person satisfies the Assessing Officer that the amount of tax paid by him or on his behalf, or treated as paid by him or no his behalf for any assessment year exceeds the amount with which he is properly chargeable under this Act for that year, he shall be entitled to a refund of the excess amount paid.
Apart from your income, your credit worthiness is the single most important tool considered by Loan providers while evaluating your application for any type of loan. Thus, it becomes utmost important to understand how does your Credit Information Report (CIBIL – Credit Information Bureau India Limited) works and how to improve a bad credit history to increase your credit worthiness. It is generally accepted that a credit score more than 730 is good and educes assurance and trust from banks.
As per Section 234E where a person fails to deliver or cause to be delivered a statement within the time prescribed in sub-section (3) of section 200 or the proviso to sub-section (3) of section 206C, he shall be liable to pay, by way of fee, a sum of two hundred rupees for every day during which the failure continues.
Serial no. 12 of Notification No.26/2012 as applicable w.e.f. 08.05.2013 stating that limits lower service tax to only to those houses that costs under Rs.1 crore and have carpet area less than 2000 square feet.
Delay in re-presentation of technical return cheques and levy of charges for such returns
As you are aware, banks are expected to indicate the timeline for realisation of local/outstation cheques in their Cheque Collection policy(CCP) and charges for cheque returns to be levied in an upfront manner with due prior notice to the customers as enumerated in RBI circulars no. DPSS.CO. (CHD) No. 873 / 03.09.01 / 2008-09 dated November 24, 2008 and DBOD.No.Dir.BC. 56 /13.03.00/2006-2007 dated February 2, 2007 respectively.
The Finance Act, 2013 has provided “Amnesty Scheme for Non Filers and Stop Filers”
SERVICE TAX VOLUNTARY COMPLIANCE ENCOURAGEMENT SCHEME - CBEC CLARIFIES CERTAIN ISSUES – MERE PENDENCY OF LETTER SEEKING GENERAL INFORMATION NOT AN IMPEDIMENT TO PERSON SEEKING THIS SCHEME
CIRCULAR NO. 169/4/2013-ST [F.NO.B1/19/2013-TRU], DATED 13-5-2013
File e-TDS return(24q,26q,27q) for 4th quarter for Financial year 2012-13 by 15th May,2013 to avoid penalties
The fourth quarter of financial year 2012-13 has come to an end .Therefore, it is the time for all corporate and government deductors to file their eTDS returns.The last date to file the returns for fourth quarter of F.Y. 2012-13 is 15th May 2013.If you miss the date then you have to pay heavy penalty and have to a fees for late filing also.
Construction of a complex, building, civil structure or a part thereof, intended for a sale to a buyer, wholly or partly (except where entire consideration is received after issuance of completion certificate by the completion certificate by the competent authority) [hereinafter referred as “developer’s services] was subject to service tax @3.09% (i.e. 12.36% minus 75% abatement).
The Hon. Delhi High Court on its Own Motion has considered the issue and passed directions to Central Board of Direct Taxes (CBDT) to address the issue which will mitigate the hardship being caused to the assessees and their legal representatives for no faults of theirs. The citation of the judgment reported is 352 ITR 273 (Del) in the case of Court on its Own Motion v. Commissioner of Income Tax.The full judgment is attached for your ready reference.
The major change in ITR forms for F.Y. 2012-13 is that now you have to provide your all personal assets details (other than involved in your business) and liabilities related to such assets .This details are required to be filled in ITR-3 as well as in ITR-4 .However it is not required to filled in ITR-1 and ITR-2 . ITR -3 is required to be filled by Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship. ITR-4 is required to be filled by For individuals and HUFs having income from a proprietary business or profession.
Key Points in Notice of Amendments to The Finance Bill, 2013
1. Trading in commodity derivatives not to be considered as a speculative transaction
2. Requirement of TRC to contain “prescribed particulars” to be dispensed with
3. New time limits for completion of assessment or reassessment under sections 153 and 153B in cases where reference is made to TPO to apply irrespective of the date of reference to TPO or the date of passing of order under section 92CA(3)
4. No requirement to obtain TAN by transferee deducting tax under section 194-IA
5. Higher TDS under section 206AA not to be applicable in respect of tax deductible under section 194LC
6. Introduction of new section 194LD to provide concessional rate of TDS in respect of interest income of a non-resident from rupee-denominated bonds or government securities consequent to the amendment in section 206AA
7. TCS provisions under section 206C to also be attracted on cash sale of gold coins and articles weighing 10 gms or less
8. Sitting or Retired Judge of High Court with at least 7 years of service eligible for appointment as President of Appellate Tribunal
9. Land classified as agricultural land in the records of the Government and used for agricultural purposes not an asset chargeable to wealth-tax
10. Reference to FEMA, 1999 in the place of FERA, 1973/ FERA, 1947 under the Income-tax Act, 1961
11. “Authorised Person” under FEMA, 1999 to be the “person responsible for paying” for the purpose of Chapter XVII and section 285.
12. Scope of exemption of income received in India in Indian currency by a foreign company to be expanded
THE following is a Question raised by the Member of Parliament Sugumar K in the Lok Sabha -
6123. SHRISUGUMAR K.:
Will the Minister of FINANCE be pleased to state:
(a) Whether the Government has brought/proposes to bring takeaway eating joints and the restaurants rendering home services under the tax net;
(b) If so, the details thereof;
(c) Whether various associations of restaurants and hotels have requested the Government not to bring the takeaway eating joints and restaurants rendering home services under the tax ambit; and
(d) if so, the details thereof and action taken thereon?
IT : Income-Tax (Third Amendment) Rules, 2013 - Amendment in Rule 12 & Substitution of Forms SAHAJ (ITR-1), ITR-2, ITR-3, SUGAM (ITR-4S), ITR-4 and ITR-V
New Income Tax Return forms for assessment year 2013-14 have been released by Income Tax department vide NOTIFICATION NO.34/2013 [F.NO.142/5/2013-TPL]/SO 1111(E), DATED 1-5-2013 with few amendments.
Whether assessee can be denied exemption merely because he himself did not cultivate agricultural land - NO: Income TAx u/s 10(37) & 45(5)
AHMEDABAD, MAY 02, 2013: THE issues before the Bench are - Whether assessee can be denied exemption merely because he himself did not cultivate the agricultural land; Whether the concept of personal cultivation also recognizes, cultivation of a land through hired labourer or through member of one’s family and Whether the exemption u/s 10(37) can be denied merely on the basis that the assessee was not residing close to the land or was also pursuing some other business and thus the land was not used for agricultural purposes by the assessee. And the verdict goes in favour of the assessee.
RBI reduced repo (interest) rates (rates at which it lends money to banks) by 25 basis points from 7.5 per cent to 7.25 per cent.The Reserve Bank of India on Friday in its credit policy review cut short-term lending rate (repo rate) by 25 basis points. The central bank has, however, left the cash reserve ratio (CRR) unchanged.
“Speak when you are angry and you’ll make the best speech you’ll ever regret.” ~Laurence J. Peter
Finances, relationships, responsibilities, and life in general can certainly create a great deal of noise in our heads. However, if we truly want to feel inner peace, we must take the time to learn to be mindful instead of mind full. This, and only this, will allow us to respond to life instead of reacting to it.
Currently, sale in cash of bullion (excluding coin or any other article weighing 10 grams or less) in excess of Rs 2 lakh or jewellery in excess of Rs.5 lakh is subject to Tax Collection at Source (TCS) @ 1%.
tax 'N' accounts people
Tarun Kumar Gupta
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