Compliance – Income Tax Return for Assessment Year 2013-14by CA Sandeep Kanoi |
Income Tax Department is nowadays sending notice to the Assesees who have not yet filed their Income Tax Return for Assessment Year 2013-14. A Format of one such Letter and steps to be taken for compliance is given below :- Dear Taxpayer, As per our records, it is observed that you have not filed your […]
Compliance – Income Tax Return for Assessment Year 2013-14
Income Tax Department is nowadays sending notice to the Assesees who have not yet filed their Income Tax Return for Assessment Year 2013-14. A Format of one such Letter and steps to be taken for compliance is given below :-
Dear Taxpayer,
As per our records, it is observed that you have not filed your Income Tax Return for Assessment Year 2013-14. Please submit your online response as under:
| Step 1:Login to e-filing portal | Login to e-filing portal at https://incometaxindiaefilling.gov.in. |
| Step 2: ViewInformation summary | Information summary can be viewed under compliance section on the portal. Mention if the information relates to other PAN |
| Step 3: Upload Return or submit details | Upload the return on e-filing portal after paying due taxes. If return is already filed,submit details under 'Filing of Income tax return' under compliance section. You may keep the printout of submitted response for record. |
Non-filers with potential tax liabilities are identified and monitored under Non-filers Monitoring System (NMS). If you need any assistance in submitting the response. please call the e-filing toll free number 1800 4250 0025.
Note: Please ignore this mail, if you have already submitted the return/response.
Regards,
e-filing Team for Compliance Management Cell
Income Tax Department
e-filing Team for Compliance Management Cell
Income Tax Department
- See more at: Compliance - Income Tax Return for Assessment Year 2013-14
The service tax rate is being increased from 12.36% to 14%. The 'Education Cess' and 'Secondary and Higher Education Cess' shall be subsumed in the new service tax rate. The revised rate shall come into effect from a date to be notified. |
Important Service Tax Amendments by Union Budget 2015
CA Ameet Agrawal
1. CHANGE IN RATE OF SERVICE TAX
The service tax rate is being increased from 12.36% to 14%. The 'Education Cess' and 'Secondary and Higher Education Cess' shall be subsumed in the new service tax rate. The revised rate shall come into effect from a date to be notified.
2. CHANGE IN RATE OF ABATEMENT [w.e.f. 01 -04-2015]
| PARTICULARS | PRE-BUDGET | POST BUDGET |
| GTA Services | Abatement 75% | Abatement 70% |
Service recipient have to pay service tax on 30% of transporting bill instead of 25%.
3. CHANGE IN REVERSE CHARGE MECHANISM [w.e.f. 01 -04-2015]
Manpower supply and security services when provided by an individual, HUF, or partnership firm to a body corporate.
| Service Provider Liability | 25% | – |
| Service Recipient Liability | 75% | 100% |
Service Provider of Manpower supply and security services don't have to pay any service tax and may be they don't need any registration too.
4. CENVAT CREDIT RULES, 2004:
i) Rule 4(7) is being amended to allow credit of service tax paid under partial reverse charge by the service receiver without linking it to the payment to the service provider. This change will come into effect from 1.4.2015.
ii) Time limit for availing Cenvat credit against Invoice has been amended from 6 month to 1 Now assessee can avail Cenvat credit within 1 year from date of Invoice.
5. AMENDMENTS OF NEGATIVE LIST:
i) Earlier Service provided by way of access to amusement facility providing fun or recreation by means of rides, gaming devices or bowling alleys in amusement parks, amusement arcades, water parks, theme parks or such other places was covered in the Negative list. Budget 2015-16 has proposed to omit the clause (j) of Section 66D. Hence, the same will be taxable from the date to be notified by the Central Government.
ii) Earlier services provided by the Government or a local authority, excluding certain services specified under clause(a) of section 66D, are in the Negative List. Budget 2015- 16 has proposed provisions to tax all services provided by the Government or local authority to a business entity.
7. WITHDRAWAL OF EXEMPTION
Exemption to construction, erection, commissioning or installation of original works pertaining to an Airport or Port is being withdrawn.
(Author can be reached at ca.ameetagrawal@gmail.com)
- See more at: Important Service Tax Amendments by Union Budget 2015
PFA
Decisions of High Court and CESTAT against which Board has decided not to file Special Leave Petition or Civil Appeal in Supreme Court |
The question that where to use the definition of interested director arises while reading section 174 and 184. Interestingly the term interested director is used only once in entire Companies Act and that is section 174(3) but further explanation of that sub-section provides that for the purpose of sub-section(3) interested director means a director within the meaning of section 184(2). |
Where to apply definition of Interested Director?
The question that where to use the definition of interested director arises while reading section 174 and 184. Interestingly the term "interested director" is used only once in entire Companies Act and that is section 174(3) but further explanation of that sub-section provides that for the purpose of sub-section(3) interested director means a director within the meaning of section 184(2). Now there is a confusion regarding application of the definition of "interested director".
Given below are the provision from where the above conclusion is formed.
Section 174 talks about Quorum for the Board Meeting :
section 173(3) provides that if the number of interested director exceeds or is equal to two-third of the total strength of BOD then at least two disinterested director will qualify as quorum. Further explanation is provided that the term interested director means the one provided in section 184(2).
Section 184 talks about disclosure of interest of director.
Sec 184(2) states that every director who is whether directly or indirectly,concerned or interested in a contract or arrangement (in past) or proposed contract or arrangement entered into or to be entered (in future) into –
a) with a body corporate in which such director whether singly or jointly with other director holds more than 2 % of paid up share capital of that body corporate or is a promoter,manager,chief executive officer of that body corporate,(It may be noted that the director who holds up to 2% or is mere director of that other body corporate is not required to give disclosure in sub-section 2)
b)with a firm or other entity(sole proprietary ship firm) in which such director is a partner ,owner or member as the case may,
shall disclose the nature of his concern or interest at the board meeting in which the contract or arrangement is discussed and shall not participate in such meeting.It means he shall not be counted in quorum for that item and shall not have voting rights.
(Neha Shekhawat-nstomboy@gmail.com)
- See more at: Where to apply definition of Interested Director?
As we all know, Service Tax is levied when an activity is carried out by one person for another for a consideration i.e., two persons are involved – a service provider and a service receiver. The term 'person' is defined in clause 37 of section 65B of the Finance Act, 1994 which, inter alia includes 'government'.
Meaning Of 'Government' In Service Tax
Dr. Sanjiv Agarwal
As we all know, Service Tax is levied when an activity is carried out by one person for another for a consideration i.e., two persons are involved – a service provider and a service receiver. The term 'person' is defined in clause 37 of section 65B of the Finance Act, 1994 which, inter alia includes 'government'.Clause 37 provides an inclusive definition of person which includes individuals, and certain specified types of entities/bodies etc. including government. The above list covers almost all types of entities and organizations as the residual entry covers the persons not covered in earlier specified types.
The statutory provision of Service Tax law define a 'local authority' under section 65B (31) of the Act and a 'governmental authority' under Notification No. 25/2012-ST dated 20.06.2012. The term 'government' was never defined in Service Tax provisions prior to Finance Bill, 2015.
Since 'Government' had not been defined in the Act, the definition of 'Government' as contained in the General Clauses Act, 1897 would be applicable as per which 'Government' includes both State Government and Central Government. Further as per the General Clause Act 1897, State includes Union Territory.
'Government' would include various departments and offices of the Central or State Government or the U.T. Administrations which carry out their functions in the name and by order of the President of India or the Governor of a State.
Meaning of 'Government'
"Government" has now been defined by clause 26A in section 65B being inserted by the Finance Bill, 2015.
The proposed new definition reads as under –
"Government means the Departments of the Central Government, a State Government and its Departments and a Union territory and its Departments, but shall not include any entity, whether created by a statute or otherwise, the accounts of which are not required to be kept in accordance with article 150 of the Constitution or the rules made thereunder".
Accordingly, the definition of 'government' is both, an inclusive and an exclusive definition. The expression, 'government' means and includes the following –
- Departments of Central Government,
- State Government and its departments, and
- A Union Territory and its departments
It implies that nothing except the aforementioned three classes of governments / departments shall constitute the 'government'. Again, what is 'department' is not defined but any department or part of government will be considered as integral part of government. It would obviously include ministries and various departments comprised therein. For example, Ministry of Finance of a government may have revenue department, expenditure department, planning / budgeting department, department of banking, economic affairs department and so on.
According to the definition, 'government' shall not include entity or enterprise which has been created under a statute or otherwise, the accounts of which are not required to be kept as per article 150 of the constitution or any rules framed under article 150.
This exclusion category would include entities and body corporate such as –
- Banks / financial constitutions
- Housing Boards
- Central or State Public Sector Undertakings (PSUs)
- Autonomous bodies
- State Financial Corporations
- Development authorities
- Institutes such as ICAI, ICSI, ICWAI etc.
An agency or entity getting grants or subsidy from government does not become a government. Further, there is a difference between government, governmental authority, local authority and government PSU. Only the 'government' as explained above shall be considered as government and entitled to benefits and privileges of negative list and exemptions available to government.
According to article 150 of the constitution of India, the accounts of the union and of the states shall be kept in such form as the president of India may, on the advise of Comptroller and Auditor – General of India (CAG), prescribe.
Usually such accounts are also subject to audit by office of CAG of India whose report is submitted to the President who then cause them to be laid before both the houses of the Parliament. In case of Sates, report is submitted to the Governor of the State, who shall cause them to be laid before the state legislature. Thus only those departments whose accounts are so prescribed and maintained will be covered under the scope of government.
- See more at: Meaning Of 'Government' In Service Tax
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