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Monday, August 4, 2014

Black economy now amounts to 75% of GDP

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Driven substantially by the higher education sector, real estate deals and mining income, India’s black economy could now be nearly three-qu...
Sunday, August 3, 2014

No penalty or prosecution if return was voluntarily filed in good faith prior to detection of concealment

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Section 271(1)(c), read with section 276C, of the Income-tax Act, 1961 and section 245 of the Code of Criminal Procedure, 1973 - Penalty - F...
Saturday, August 2, 2014

MEF filing date extended

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Due to last date of filing of ITRs being 31st July, 2014, the pressure on MEF site started from 1st August, 2014 whereby the members are fa...
Friday, August 1, 2014

NEW TAX AUDIT FORMAT IN EXCEL

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For the convenience of the readers we are providing here under the new tax audit format in excel which is without write protect and can be a...

Deemed Government companies covered under (C&AG) audit

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MCA vide  General Circular No. 33/2014- Dated: 31st July, 2014 has clarified that provisions of Section 139(5) and 139(7) of the Companies A...

Do Not give Details of Your Bank Account or Credit/Debit Cards on Email/Phone: RBI Warns Public Again on Phishing Mails/Calls

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Of late, some new methods of frauds have come to the notice of the Reserve Bank of India.  An e-mail is sent in the name of a senior officia...

HC grants sec. 54F relief on construction of new house after demolishing of old one

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Section 54F of the Income-tax Act, 1961 - Capital gains - Exemption of, in case of investment in residential house (Construction) - Assessee...
Thursday, July 31, 2014

No amnesty for tax evaders; government vows re-look at GAAR

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The Narendra Modi-led government has ruled out a tax amnesty scheme to unearth black money saying it goes against honest taxpayers but sough...

Taxman's missive makeover: Politeness is the new mantra for the Income Tax department

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Politeness is the new mantra for the Income Tax department which has asked its officials to be more courteous while approaching taxpayers wi...

Income tax department to taxpayers: Save our official email id in inbox

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After asking taxpayers to validate their personal email ids and mobile phone numbers for online filing of Income Tax returns, the I-T depart...

ICAI invites suggestions on the revised formats of Form Nos. 3CA, 3CB and 3CD - (31-07-2014)

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The Central Board of Direct Taxes has through, Income-tax (7th Amendment) Rules, 2014, notified new Forms of tax audit reports namely Form N...
Wednesday, July 30, 2014

No addition for unexplained investment on basis of unsigned MOU recovered during survey for purchase of land

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Section 69, read with section 271(1)(c), of the Income-tax Act, 1961 - Unexplained investments (Immovable properties) Assessment year 2006-0...

No ST on sale of flat even if advance was received by builder prior to completion of construction

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Section 65(30a) of the Finance Act, 1994 - Taxable services - Construction of Complex Services - Stay Order - Period from 1-4-2006 to 30-9-2...
Tuesday, July 29, 2014

CBDT has withdrawn old utility of form No. 3CD, expected to release new utility soon

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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...

Key takeaways from new Form No. 3CD

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The CBDT has notified Income-tax (7th amendment) Rules, 2014 which substitutes the existing Form No. 3CD with a new form. The new Form 3CD p...
Monday, July 28, 2014

Important changes in new 3CD Format

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CBDT has revised format of Tax Audit Report to be submitted in Form 3CD vide its Notification No. 33/2014, Dated: July 25, 2014 . The revis...

Format of Tax Audit Report Revised

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CBDT vide Notification No. 33/2014 dated 25-07-2014 has revised Form 3CA, 3CB and 3CD(Format of Tax Audit Report) .The Notification is pro...
Sunday, July 27, 2014

Interest on loan taken against FDRs held allowable as it was incurred exclusively to keep intact income from FDRs

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In order to protect interest earnings from fixed deposits and to meet her financial needs, when an assessee raises a loan against the fixed ...
Saturday, July 26, 2014

Agricultural land to be deemed as capital asset after its conversion into a non-agricultural land

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Section 2(14) of the Income-tax Act, 1961 - Capital gain - Capital asset (Agricultural land) - Assessment year 2007-08 - Whether where asses...
Friday, July 25, 2014

Trust can avail of depreciation on asset even if sum incurred on its acquisition is claimed as application of income

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Section 32, read with section 12A of the Income-tax Act, 1961 - Depreciation - Allowance/rate of (Charitable Trust) - Whether a trust regist...