Due date for filing of Income Tax return under The Income Tax Act, 1961 extended from 31st July, 2013 to 5th August, 2013. The Income tax department notification is attached below.
Last date of E-filing of Punjab Vat-15 return for the quarter ended 30th, June, 2013 has been extended from 30th, July, 2013 to 6th, August, 2013. But the Last date of payment of taxes will remain same i.e. 20th, July, 2013 by cheque and 30th, July, 2013 by cash. for details the Public notice is attached below.
CBDT today clarified that the exemption from filing of income tax returns given to salaried person earning upto Rs.5 lakhs was only for assessment year 2011-12 and 2012-13. This exemption was given due to complexity of e filing facing by taxpayers as well as by tax officers in processing through manual entry on system.
1. The CBDT has issued Instruction No. 5/2013 F.No.275/03/2013-IT(B), dated 8.07.2013 stating that when an assessee approaches the AO with requisite details and particulars in the form of TDS certificate as evidence against any mismatched amount, the AO will grant credit of TDS to the assessee after ascertaining whether the deductor has made payment of the TDS to the Government.
2. The CBDT has issued Instruction No.6/2013 dt.10.07.2013 regarding set off of refunds against tax remaining payable-past adjustment of refunds against arrears where procedure under section 245 was not followed.
3. The CBDT has issued INSTRUCTION NO. 07/2013 Dated 15-07-2013 regarding Payment of interest u/s 244A of Income Tax Act 1961 when assessee is not at fault.
Amid protest by traders, Punjab government today slashed the number of commodities to be covered under its anti-tax evasion measure e-Trip to six. E-Trip (Transportation Information within Punjab) system will now cover only cotton, sarson (mustard), plywood, iron & steel (excluding scrap), yarn and vegetable oil (edible and non-edible). "The e-Trip scheme will not be applicable on all the commodities," Punjab Excise and Taxation Commissioner Anurag Verma said, adding it will be applicable only on six commodities.
CBDT has issued Instruction No. 7/2013 dated 15.07.2013 stating that when the delay in processing the refund is not attributable to the assessee but is due to the fault of the Revenue, interest should be paid under section 244A of the Income-tax Act. The High Court had held that false or wrong uploading of past arrears and failure to follow the mandate before adjustment is made under Section 245 of the Act, cannot be attributed and treated as fault of the assessee. These instructions are issued after Delhi High Court orders.
A person who is liable to pay tax on the capital gain due to sale of some capital asset can claim exemption as specified if he invests in buying or constructing a new property or agricultural land within a specified time. However if he wishes to invest but has not been able to find a suitable deal he can deposit the amount in a special account known as Capital Gains deposit Accounts scheme of a bank before the due date of filing his return of income. Due date for filing income tax return in respect of assessment year 2013-14 for non-audit cases is 31.07.2013
CBDT has issued an important instruction to all officers regarding refund of TDS without matching of tds amount with form 26AS.As per new instructions when an assessee approaches the Assessing Officer with requisite details and particulars in the form of TDS certificate as an evidence against any mismatched amount, the said Assessing Officer will verify whether or not the deductor has made payment of the TDS in the Government Account and if the payment has been made, credit of the same should be given to the assessee.
He is rated among the country’s top stock market investors, having made his fortune by identifying shares of multinational FMCG companies when they were going cheap in the 80s.
Now 85, Chandrakant Sampat looks at capital markets in general with a sense of foreboding, his belief in capitalism having been shaken by the events of the past few years.
And he has thrown his lot with the camp of economists and market participants who believe that easy money policies of central banks and unbridled consumerism has set the stage for increased social and financial turmoil in the days ahead.
On 29/06/2013, the Income Tax Department has released the following File Validation Utilities for the purpose of TDS Returns which would become applicable from 1st July 2013:
FVU Ver. 3.8 – Applicable from FY: 2010-11 onwards
FVU Ver 2.134 – Applicable from FY: 2007-08 till FY: 2009-10
For Fy 2006-07 or earlier financial years, eTDS returns (both regular and correction) will not be validated/filed any further. Major structural changes have announced in FVU Ver. 3.8 that would be applicable for financial year 2013-14.
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Tarun Kumar Gupta
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