Source Business line
Last chance to get I-T refunds for earlier years
Our Bureau
New Delhi, February 27:
If you have filed your income tax return electronically for the assessment year 2009-10, 2010-11 and 2011-12 and claimed refund, but are yet to send ITR-V forms to Bangalore, there is good news for you.
The authorities have decided to extend the last date for sending this form till March 31.
ITR-V is generated after one files the return electronically. If the person does not have digital signature, then he will have to get the printout of ITR-V, sign and send it to Central Processing Centre in Bangalore. Filing of return is completed only when tax authorities acknowledge the receipt of ITR-V form.
The Income Tax Department has also said that the taxpayer may ascertain whether his ITR-V has been received at the CPC, Bangalore, or not by logging on the website http:/incometaxefiling.gov.in/e-Filing/Services/ITR-V Receipt Status.html by entering PAN number and assessment year or e-filing acknowledgement number.
Alternatively, the status of ITR-V can be ascertained at the above website under ‘Click to view Returns/Forms’ after logging in with registered e-filing account. In case ITR-V has not been received within the prescribed time, status will not be displayed.
The tax authorities also clarified that this is the final opportunity being extended to taxpayers to regularise their returns where refunds continue to remain pending for 2009-10, 2010-11 and 2011-12 for want of valid ITR-V Form.
(This article was published on February 28, 2014)
‘Clear air on tax treatment of CSR spend’
K. R. Srivats
New Delhi, Feb 28:
Corporate India wants the income tax law to be clarified upfront so that their CSR spend will be eligible for deduction for income tax purposes with effect from April 1 next year.
The new corporate social responsibility (CSR) framework comes into effect from April 1.
There is no explicit provision in the income tax law or specific guidance from the Central Board of Direct Taxes (CBDT) on tax treatment of CSR spends by corporates.
All eyes are now on the Finance Ministry—especially CBDT—to provide clarity on tax treatment of CSR contributions.
“The income tax law needs to be clarified to prevent the taxman from treating CSR spends as an appropriation”, Siddarth Birla, FICCI President, told BusinessLine here.
If treated as an appropriation of profits and not as a charge to profits, then the taxman could disallow the corporate claims of such spend as a deductible expenditure.
This would add to the tax bill of corporates making such CSR spends, it was pointed out. While the Corporate Affairs Ministry has come up with CSR framework, the tax treatment of CSR contribution is still not clear, say experts.
“The tax treatment of CSR contribution is not clear as nothing is specifically provided in this regard, so whether or not CSR contribution will be deductible as a business expenditure is still a debatable question”, Lalit Kumar, Partner, J Sagar Associates, a law firm, said.
Aseem Chawla, Partner, MPC Legal, a law firm, said the lack of clarity on tax treatment of CSR spend is another illustration where two statutes equally applicable to a company do not provide a complete guidance to Corporate India.
There have been so many previous instances where a company has been left in disarray with regard to treatment under two equally applicable statutes.
Dolphy D Souza, Senior Partner, S R Batliboi & Co said that CSR rules do not provide any clarity on tax deduction for CSR expenditure, which essentially has to come from the CBDT.
As per the CSR rules, the qualifying expenditure do not include any spend incurred in the normal course of business.
Under section 37(1) of the Income-tax law, expenditure is deductible only if incurred for the purposes of business.
Therefore there is an inherent conflict in what the rules require the company to spend, and the deduction allowed under the Income-tax law, according to D Souza.
(This article was published on February 28, 2014)
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