Assessee is an employee of a Canadian Company. He went to Canada on 1st March, 2013 and he came back to India on 2nd October, 2013. Then on 17th November, 2013 he again went to Canada and came back on 22nd November, 2013. Assessee was paid salary outside India and that was also in a Bank Account which is also operated outside India. It also to be noted that during the period of stay in India, neither salary was paid in India nor any other payment was received by the employee from the company in India.
Presentation on Revised Tax Audit 3CD Forms
CA Avinash Rawane
Enclosed herewith please find the presentation on Revised Tax Audit 3CD Forms.
It contains the followings
1. Changes in Form 3CD as per the revised circular;
2. Details of the Notifications issued by the Department
3. Screen Shots of the Items required to be filled up in Form 3CD; and
4. Comparative Changes in respect of Form 3CD with earlier versions.
Know The Income Tax Changes This Year
Dr. Sanjiv Agarwal
Budget 2014 (Finance Bill, 2014) has been enacted on 6th August, 2014 with the President of India giving his assent and the Act been gazetted. Most of the tax provisions (Income Tax) shall come into force from first day of April, 2014, i.e., for the current financial year 2014-15 which is the relevant year for the assessment year 2015-16 (when you file your returns next year). Accordingly, for next assessment year, basic exemption limit has been raised from Rs. 2 lakh at present to Rs. 2.5 lakh for individuals, hindu undivided families etc. For senior citizens (>60 years), basic exemption limit will be Rs. 3 lakh (at present Rs. 2.50 lakh). There will be no surcharge in case of taxable income upto Rs. 1 crore. However, education cess will continue to be applicable at 3 percent of tax computed.
For shares held in company which are not listed on stock exchange, period for short term capital gain will be 36 months and not twelve months. For units of equity oriented funds, it will be twelve months only. Similarly, investments made by assessees in specified capital gain tax saving bonds arising from transfer of assets during the financial year in which such asset is transferred and in subsequent year should not exceed Rs. 50 lakh in aggregate. The assessees can not take advantage of two financial years now.
Concessional rate of tax of 10 percent on long term capital gain will also be allowed or listed securities / other than units) and zero coupon bonds from April 2014, i.e. Assessment Year 2015-16.
The limit of deduction for interest in respect of housing loan for self occupied house stands increased from Rs. 1.50 lakh to Rs. 2 lakh. This is also effective from April 1, 2014 and will apply to assessment year 2015-16.
Under the existing provisions of section 80C of the Act relating to tax saving investments, an individual or a Hindu undivided family, is allowed a deduction from income of an amount not exceeding one lakh rupees with respect to sums paid or deposited in the previous year, in certain specified instruments. The investments eligible for deduction, include life insurance premium, contributions to provident fund, schemes for deferred annuities etc. The assessee is free to invest in anyone or more of the eligible instruments within the overall ceiling of Rs. 1 lakh.
In view of amendment to section 80C now, the limit of the aggregate amount of deduction under sections 80C, 80CCC and 80CCD contained in section 80CCE has been enhanced to Rs. 1.5 lakh from the existing limit of Rs. 1 lakh. However, the limit for section 80CCC (Pension funds) of Rs. 1 lakh continues and similar limit of Rs. 1 lakh has been introduced in section 80CCD (Government notified pension scheme).
The aforesaid amendments will take effect from April 1, 2015 and will apply in relation to the assessment year 2015-16 and subsequent assessment years.
Consequences of Non Filing of ITR before 30.09.2014
CA Sandeep Kanoi
CBDT has vide its order dated 20.08.2014 extended the due date for e-filing of Tax Audit Report to 30.11.2014 for A.Y. 2014-15. The order has nowhere mentioned about the due date for e-filing of Income tax Return (ITR). It seems due date for filing of ITR are been kept same. If the Assessee who are covered under tax audit provisions but not under transfer pricing audit provisions do not file the ITR on or before 30th September 2014, he may have the following implications:-
- He may have to pay Interest U/s. 234A of the Income Tax Act,1961 on taxes outstanding.
- Losses if any may not be allowed to be carried forward under the provisions of section 80 Read with section 139(3) of the Income tax Act,1961.
- To claim deduction of Statutory expenses falling under section 43B, Assessee have to pay these Statutory on or before the filing of ITR or Due Date of return filing (Due Date of ROI is 30.09.2014) whichever is earlier.
- Some of the deduction i.e. Under Section 10A, which requires Assessee to file his return on or before the due date specified under sub section (1) of section 139 may not be allowed to Assessee.
- Those who filing there ITR on or before the due date i.e. 30.09.2013 will have to file Tax Audit Report either manually or electronically before 30.09.2013. If taxpayer has filed manually then he have to file the same electronically also on or before 31.10.2013.
- If Assessee not able to file his Return on or before 30.09.2014 he may not be able to revise his Return of Income.
In True Terms for Tax Professional as evident from Order there is no extension of date for Tax Audit Report as most of the professionals prepares ITR only after completion of Tax Audit Report.
CBDT Order has created lots of confusion amongst the taxpayer and tax professionals by not specifying regarding ITR and CBDT needs to immediately clarify its stand on ITR filing.
Punctuality !!!!!!
Maintain cleanliness & be Punctual on Duty – CBDT to staff
F.No. Dir(Hqrs.)/Ch(DT)/25(10)/ 2014 /774
Government of India
Ministry of Finance
Department in Revenue
(Central Board of Direct Taxes )
Government of India
Ministry of Finance
Department in Revenue
(Central Board of Direct Taxes )
North Block, New Delhi,
Dated the 21st August, 2014.
Dated the 21st August, 2014.
OFFICE MEMORANDUM
Subject: Instructions regarding maintenance of cleanliness, punctuality in the offices of the Income Tax Department -reg
Cabinet Secretary in his recent directives to Revenue Secretary has emphasised that 'cleanliness of work areas and improvement in the over-all ambience of office buildings as also punctuality on the part of the officials should be reviewed on sustained basis so that there is a visible improvement and that there are no report of slippages in this regard,'
Cabinet Secretary in his recent directives to Revenue Secretary has emphasised that 'cleanliness of work areas and improvement in the over-all ambience of office buildings as also punctuality on the part of the officials should be reviewed on sustained basis so that there is a visible improvement and that there are no report of slippages in this regard,'
The importance of clean and tidy office which gives an air of efficiency and observance of punctuality which is essential for maintenance of office decorum and discipline needs hardly be emphasised. Accordingly, the following instructions are brought to the notice of all Cadre Controlling Principal CCsIT and the offices under their jurisdictions for information and compliance and to help them to discharge their responsibilities in a more effective and efficient manner:
(i) Precincts of each office has to be spit and span. There should be no dust, no old ACs, Almirahs, and old furniture belonging to the office lying around in corridors, or common areas near staircases, and no betel leaf-stained comers. Dustbins should be provided in the rooms, corridors and washrooms for putting waste paper and garbage. The Agency responsible for maintenance of cleanliness and upkeep of office premises should be instructed suitably to provide services of highest standard failing which penal provisions of the contract signed with the agency may be invoked. Services of Civil, Electrical and Horticulture Wings of CPWD should be obtained wherever required, to improve the overall ambience of office buildings consistent with the prevalent green building norms. To give a neat and tidy look to the sections, the officers concerned may also be impressed upon to take special interest in weeding out of obsolete papers/files and to record all closed cases after action on the issues considered thereon has been completed, as per the prescribed retention schedule.(ii) All the officers and staff working in offices under cadre control of Pr.CCsIT should strictly observe the prescribed office timings. It should be ensured that they do not overstay the lunch break and leave offices early before closing of office hours. No amount of external efforts can bring about improvements in punctuality of the officials on sustained basis unless Heads of Departments themselves take a personal interest in the same and observe the prescribed office hours. Therefore, all HODS may be instructed to conduct regular ,unannounced and surprise punctuality checks alongwith checking of attendance registers of the offices to see that the officials are observing office hours meticulously. Habitual latecomers may also be warned to mend their ways failing which disciplinary action may be taken against them.
This issues with the approval of Chairman, CBDT.
List of CA Firms appointed for special audit in Mumbai Region for F.Y. 2014-15 and 2015-16
GOVERNMENT OF INDIA
Office Of The
PRINCIPAL CHIEF COMMISSIONER OF INCOME TAX,
Aayakar Bhavan, Maharshi Karve Road, Mumbai –400 020.
Commissioner of Income-Tax (OSD , Mumbai
Phone.: 2209 5484, 2203 9131, Extn. 2333 Fax : 2201 3301, 2207 9274
PRINCIPAL CHIEF COMMISSIONER OF INCOME TAX,
Aayakar Bhavan, Maharshi Karve Road, Mumbai –400 020.
Commissioner of Income-Tax (OSD , Mumbai
Phone.: 2209 5484, 2203 9131, Extn. 2333 Fax : 2201 3301, 2207 9274
No. Mum/CCIT/U-II/ Emp. Of CAs/11 /2014-15/407 , Dated: 05.08.2014
ORDER
In suppression of Office Order No. MUM/C CIT/Coord/-II/Ord. of empanel/2011-12 dated 30.03.2012 and all earlier orders, the following Chartered Accountants are hereby included in the panel for conducting Special Audit u/s 142(2A) of the Income-tax Act, 1961:
This panel of auditors shall be available for reference for Special Audit u/s 142(2A) of the I.T. Act in the F.Y. 2014-15 and 2015-16 in Mumbai region.
In the event of any of the above CAs/Auditors being found to have indulged in any professional misconduct during the tenure, their empanelment shall be cancelled forthwith.
(R.C. MISHRA)
Principal Chief Commissioner of Income tax, Mumbai
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