The CPC (TDS) Website "www.tdscpc.gov.in" has hosted a undermentioned communication on 10th September, 2014 regarding the usage of single challan for all purposes. The communication is as under:
Amendment w.e.f 01.04.2014: One of the most important conditions which has been recently introduced for availing input tax credit under Punjab VAT Act, 2005 is the first proviso to section 13(1) of the said Act.
The first proviso to section 13(1) runs as under:
"Provided that the input tax credit shall not be available as input tax credit unless such goods are sold within the State or in the cource of inter-state trade or commerce or in the cource of export or are used in the manufacture, processing or packing of taxable goods for sale within the State or in the cource of inter-state trade or commerce or in the cource of export."
Public Notice Issued by the Department is as under:-
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.
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.
Punjab VAT notification dated 21-feb-2014 regarding singe stage taxation is attached hereunder also the download link is present at the bottom.
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.
TDS not to be Deducted on Service Tax Component shown Separately
Whether to deduct TDS on Service Tax Amount? This question had always put deductor in difficulty. The question always comes that whether TDS is to be deducted on the entire amount of the invoice i.e. including service tax or only on the payment made towards services i.e. excluding service tax.
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.
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
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
ICAI issued the Guidance note on audit of Banks, 2013 edition. It can be downloaded by clicking here download.
tax 'N' accounts people
Tarun Kumar Gupta
Life style Post