WEST DELHI STUDY CIRCLE

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Ashley Andrews
5 years ago
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1 23rd August 2013

2 INCOME TAX CBDT exempts receipt of National Iranian Oil Company u/s 10(48) Draft safe Harbour Rules (cases where IT Department to accept Transfer Price of assessee) issuedfor comments by Rules 10TA to 10TG ICAI has issued clarifications that requirements of SA-700(Revised) are not applicable for tax audit reports filed up to 31 st March, W.e.f. 1 st July, 2013 CTT is applicable

3 INCOME TAX The guidelines for approval of skill development project under section 35CCD prescribed in rules 6AAF, 6AAG and 6AAH and Forms 3CQ, 3CR. Due date for filing the returns of Income extended for the state of Uttarakhandby 31 st July, 2013 to 31 st October, Amendment in agreement for avoidance of double taxation and prevention of fiscal evasion with Sweden.

4 INCOME TAX Rule 21AB for availing DTAA benefit amended -New Form 10F also to be obtained apart from TRC CBDT revised Forms(15CA & 15CB) & Rules related to payment to Non Residents. 15CA 3 parts A 50000/ B no tax 39 items C other than above with 15CB

5 INCOME TAX Guidance note on Tax audit U/s 44AB has been revised by ICAI w.e.f Guidance note on Report under section 92E of the Income Tax Act, 1961 (Transfer Pricing) has been revised by ICAI. CBDT clarifies that defaulters who fail to deposit TDS in Government Account by due date, shall be liable for prosecution irrespective of period of retention

6 INCOME TAX Ms. Sudha Sharma has been appointed as the new chairperson of the CBDT. Cost Inflation Index for the financial year is announced as 939. CBDT has issued procedure and criteria for selection of scrutiny cases under compulsory manual during the financial year Gross Direct Tax Collection Figures for April-July of the F.Y is up by 13.27%.

7 INCOME TAX The Union Cabinet has approved the proposal for setting up of the Tax Administration Reform Commission (TARC). The Union Cabinet approved the proposal for exemption of prior approval of cabinet for disposal/auction of immovable properties acquired by the central government under the provisions of chapter XX-C of the Income Tax Act 1961.

8 SERVICE TAX Service Tax Voluntary Compliance Encouragement Rules, 2013 has came into force w.e.f. 13 th May, Clarification regarding the Service tax Voluntary Compliance Encouragement Scheme has been issued by CBEC. Also a FAQ has been issued.

9 SERVICE TAX Central government has exempted the services provided to SEZ and used for the authorized operation from the whole of the service tax, education cess, secondary & higher education cess leviable thereon.

10 DVAT Date extended to for filing online Form Stock 1. W.e.f fill challanon DVAT website for physical/e-payment. Pay tax by cash /cheque in bank with unique ID challan. Fresh TIN issued to new dealers whose TIN issued in April 2013 were invalid. Pay tax now & file returns in 7 days from grant of TIN. Update goods for sale & purchase in DP-1. Goods for purchase to be treated as for sale also if not updated by

11 DVAT Extension of last date for DVAT-48 by TAN holders to Hard copy by No audit proceedings of dealers of only tax free items even if notice issued Arrangement for Receipts and movement of quarterly returns for quarter ending on 29/30/31 August 2013 E-filing of form T-2 postponed till further orders, streamline process by

12 OTHERS Companies Bill, 2013 has been passed by RajyaSabhaand awaiting assent of President Of India. ICAI membership to be paid on or before 30 th September, 2013 Last date for Online filing of Multipurpose Empanelment form for is Physical documents by

13 OTHERS Dr. RaghuramRajan is appointed as Governor of Reserve Bank of India. W.e.f file RTI Application online onwww.rtionline.govin for all Central Ministries. Pay fee through internet banking or Debit/Credit cards. No ceiling on Interest rate of NRE deposit by Banks.

At a Glance Jun 2011 (Brief Updates from the world of Tax and Finance)

At a Glance Jun 2011 (Brief Updates from the world of Tax and Finance) At a Glance Jun (Brief Updates from the world of Tax and Finance) I. Income Tax a. New facility of downloading Form 16A from TIN-NSDL Website To address the problems of mismatch of details between TDS