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Income Tax: Advance Tax Liability for the F.Y. 2016-17

6/8/2016

1 Comment

 
Advance Tax provisions have been amended by the Finance Act 2016 (No. 28 of 2016) which are effective for Assessment Year 2017-18 relevant to Financial Year 20016-17. The amendments are given here under:


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Income Tax: Press Note of Tax Credit

4/22/2014

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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.

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Punjab VAT: Advance tax levied on 5 new items

4/16/2014

1 Comment

 
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%

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Income Tax: Bank to remain open on 29, 30 & 31 March, 2014 for Tax Payments

3/28/2014

0 Comments

 
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.

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Income Tax: Interest obligation of the Revenue

3/20/2014

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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.

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Income Tax: TDS credit to be allowed without TDS certificate/Form 26AS

3/19/2014

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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.

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Income Tax: Date of Payment of Advance Tax Extended

3/14/2014

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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. 

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Punjab VAT: Notification regarding single stage taxation

2/28/2014

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Punjab VAT notification dated 21-feb-2014 regarding singe stage taxation is attached hereunder also the download link is present at the bottom.

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Income Tax: CBDT directs Tax Offices to respect citizen charter in TDS matters

2/14/2014

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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.

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Punjab VAT: Rahat Scheme Notifications

2/13/2014

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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.

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    Tarun Kumar Gupta
    Chartered Accountant
    B.Com, FCA, DISA(ICAI), LLB.

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