- E-file Wealth Tax Returns with digital signature for those assesses who are liable to get accounts audited under section 44AB from assessment year 2014-2015. In other cases Individuals/HUF can file also file returns manually for the assessment year 2014-2015, if no Tax Audit [IT Notification No. 32/2014 dated 23-06-2014].
- Revised TDS returns to be accepted without original provisional receipts w.e.f. 01.06.2014 [Circular No: NSDL/TIN/2014/024].
- The provisions of section 269SS of the Income Tax Act does not gets attracted where the amount is transferred to a loan account in the form of book entry [CIT vs. Worldwide Township Projects Ltd., High Court of Delhi]
- CBDT Press Release dated 04th July, 2014: One mobile number or email ID can now be used for 10 Income Tax Accounts.
- Company and an assessee being individual or HUF is liable to audit u/s 44 AB are required to furnish FORM BB (Return of Net Wealth) electronically under digital signature for assessment year 2014-15 and onwards [Notification No. 32/2014 dated 23/06/2014]
- ITAT : Penalty on 'wrong' but 'bonafide' claim not maintainable; Sec. 271(1)(c) penalty quashed Suzuki Motorcycle India Ltd. [TS-375-ITAT-2014(DEL)]
- ITAT: Grants Sec 244A interest on self-assessment tax paid pre return filing P.N. Writer & Co. Pvt. Ltd.
- ITAT: Genuine business loss set-off allowed against 'Sec 69 addition' despite no ROI claim (Jignesh V. Sheta)
- Income tax - Whether provisions of Sec 153C allow the AO to invoke it casually and need not record any satisfaction - NO: Bombay HC (Mumbai, June 24)
- Important announcement for Tax payers for updating contact details in e-Filing Portal.
- One mobile number or email ID can be used for a maximum of 4 user accounts as the Primary Contact- Mobile Number and Email ID in e-Filing.
- ITAT: Immovable property for Sec 194LA TDS includes 'structure', not merely 'land' (Greater Hyderabad Municipal Corporation)
- ITD relaxes requirement of 1 mobile number and e-mail ID for maximum 10 assesses in PAN login instead of 4. Give CA mobile and e-mail in secondary contact.
- Disallowance u/s. 40(a) (ia) of the Income Tax Act applies only to amounts payable as of 31st March [Supreme Court In CIT vs. Vector Shipping Services(P) Ltd].
- Today (07-07-2014) is last day for deposit TDS/TCS. Do not deduct TDS on ST portion of bill.
- HC: Charitable society's Sec 10(23C) exemption rejection can't result in 'Sec 12A registration' cancellation (Sisters Of Our Lady Of Providence Education Society)
- SC : Dismisses Revenue SLP; "Bonafide" mistake due to law change can't attract Sec. 271(1)(c) penalty ChittorgarhKendriyaSahakari Bank Limited [TS-409-SC-2014]
- In case of a company, please state that whether the company is deemed to be carrying on a speculation business as referred in explanation to section 73, if yes, please furnish the details of speculation loss if any incurred during the previous year.
- Deduction u/s 10A / 10AA available to Software/ IT enabled business on transfer of upto 20% of technical staff to a new SEZ in first year [Circular 12 of 18-07-2014].
- Today (31-07-2014) is last date for filing ITR/WTR by salaried and other non-audit cases. E-filing mandatory for income above 5 lacs. Paper WTR for non-audit cases
- The existing Form No. 3CA, Form No. 3CB and Form No. 3CD have been substituted vide notification no. 33/2014 dated 25.07.2014 with immediate effect.
- The Globalca Team has requested to the CBDT for extension of due date i.e. 31.07.2014, for filing the Income Tax Return by salaried & other non-audit assessees, as the ITD portal is very slow & people are unable to e-file their ITRs.
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