CA Vikrant Kulkarni Tax Audit due date is approaching fast and all of us are stretched to make this statutory compliance for our clients in this challenging situation. The tax audit is conducted as per provisions of Income Tax Act and as per guidance notes issued by ICAI. In supplement to same, I have prepared a very Basic Check List of … Read more
CBDT in its Notification No. 41/2015 dated 15-Apr-15 has made several changes in Rule 12 of Income Tax Rules, 1962 which is related to Condition of Filing of Income Tax Return. A brief summary of changes is as follows:- Return filing type Conditions E-filing with DSC compulsory if For ITR-4 or ITR-5 and 44AB audit is … Read more
1. Exemption in respect of transport allowance increased: The exemption in respect of transport allowance, which is granted to an employee to meet his expenditure for the purpose of travelling between the place of his residence and the place of his duty is proposed to increase from Rs. 800 per month to Rs. 1,600 per … Read more
Deduction of interest on saving account under section 80TTA What is deduction under section 80TTA of Income Tax Act: Section 80TTA has been inserted with effect from the assessment year 2013-14. It provides deduction up to Rs. 10,000 in aggregate to an assessee in respect of any income by way of … Read more
What is “House Rent Allowance” (HRA)? The HRA is the allowance given by employer to employee for meeting the expenses of housing rent, when such an employee is residing at the rented premise during the course of his employment, and paying rent for that house. Let’s know the tax … Read more
The executive summary of report of comptroller and auditor General of India on performance audit on appreciation of chartered accountant reporting in assessment proceeding is given blow. The Income Tax Act, 1961 (Act) contains several provisions which mandate the assessees to furnish audit reports and certificates issued by the ‘Accountant’ in the prescribed Form for meeting … Read more
To be published in the Gazette of India Extraordinary (Part-I, Section-1) Government of India Ministry of Commerce & Industry Department of Commerce Directorate General of Foreign Trade Udyog Bhawan, New Delhi -110 011 Public Notice No. 76(RE-2013)/2009-2014 New Delhi, Dated the 27th of November, 2014 Subject: Amendment in ANF 2A of Handbook of Procedure Vol. … Read more
Trade Circular No. 20 T 2014 Dated 25/11/2014 Subject: Central Sales Tax 1956 Grant of exemption from filing return, Withdrawal of concession. Reference: Circular 20T of 2014 dated 25-11-2014 withdrawing partially the exemption from filing CST Returns. It has been clarified earlier by the trade above, that where there are no inter-State sales in any … Read more
As per Schedule I of the Company act 2013 Memorandum of association of company limited by shares has six clauses, which are described below:- 1) Name Clause: – Under this clause name of company is stated, as approved by MCA. 2) Registered Office Clause: – The memorandum must mention the state in which registered office of the … Read more
A person responsible for making payment of income which is covered by provisions TDS (Tax Deducted at Sources), is required to deduct tax at source and deposit the same to the Government within the prescribed time. A person who deducts TDS is called as ‘deductor’ and person whose tax has been deducted is called ‘deductee’. Tax will deduct on … Read more