From The Desk of CA SANDHYA JAIN

PRESS INFORMATION BUREAU GOVERNMENT OF INDIA AS A MEASURE OF TAXPAYERS CONVENIENCE, LAST DATE OF FILING OF RETURNS EXTENDED TO 5TH AUGUST, 2013 New Delhi: July 31, 2013 Shravana 9, 1935 There is an unprecedented surge in number of returns being e-filed during this year. 92.03 lakh returns have been e-filed up to 30th July, 2013 which is 46.8 % higher than the returns e-filed during the corresponding period of the last fiscal year. Due to large number of taxpayers accessing e-filing website on due date of filing, some cases of taxpayers not being able to access the e-filing portal have been reported. These problems are primarily due to network constrains of the local internet service providers (ISPs). However, as a measure of taxpayers convenience, it has been decided to extend the due date of filing of returns from 31st July, 2013 to 5th August, 2013. Taxpayers are requested to avail of this extension of time and file their returns after paying due taxes. e-filing...

SECTION 10(46) OF THE INCOME-TAX ACT, 1961 - EXEMPTIONS - STATUTORY BODY/AUTHORITY/BOARD/COMMISSION - NOTIFIED BODY OR AUTHORITY - UTTRAKHAND STATE AIDS CONTROL SOCIETY Income Tax – IT GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) NOTIFICATION No. 55/2013 Dated: July 23, 2013 S.O. 2268(E) - In exercise of the powers conferred by  clause(46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, the Uttarakhand State AIDS Control Society a body established by the Government of Uttarakhand in respect of the following specified income arising to the said Society, namely: - (a) amount received in the form of grants-in-aid from the Government of India; and (b) Interest earned on grants-in-aid from the Government of India. 2. This notification shall be deemed to have been applied for the financial years 2011-2012, 2012-2013 and shall...

For certain entities/individuals, the Central Board of Direct Taxes (CBDT) has made e-filing using Digital Signature to be mandatory, like: ·         All companies need to e-file their returns using digital signatures ·         All individuals/HUF/firms whose accounts are to be audited u/s 44 AB of the Income Tax Act 1961 e-file their returns using digital signatures Note: Accounts are required to be audited under the income tax law, if turnover or gross receipts from business exceeds Rs.100 lakh from assessment year 2013-14 onwards (Rs.60 lakh earlier), or if turnover or gross receipts from profession exceeds Rs.25 lakh from assessment year 2013-14 onwards (Rs.15 lakh earlier) For query and feedback Wirte to us @ Manageyourtaxes.online@gmail.com Source: Income Tax Department website 

Available in A.Y.2014-15 Rebate of Rs. 2000 for resident individuals having total Income up to Rs. 5 lakh With a view to provide tax relief to the Individual who are in lower income bracket, a rebate is provided for u/s 87A newly inserted by FA 2013. But to avail benefits under this section these two conditions needs to be satisfied. Condition 1.       Tax Payer must be a resident Individual (Ordinary resident) 2.       His total income or net income or taxable income is Rs. 5 lakh or less If the above two conditions are satisfied the individual taxpayer can claim rebate under this section from the A.Y. 2014-15 onwards. Amount of Rebate:             100% of Tax paid on total income or Rs. 2,000 whichever is less. This rebate is available on income tax i.e. before adding CESS. Illustration    A.      If a resident individual having ...

CBDT on July 16 th 2013 issued clarification on treatment of set off and carry forward of losses in case of undertaking claiming exemption of income u/s 10A, 10AA, 10B,& 10BA of Income Tax Act, 1961. CBDT's clarification - Exemption under Sec. 10A, 10AA, 10B and 10BA are available after set off of losses SECTION 10A, READ WITH SECTIONS 10AA & 10B OF THE INCOME-TAX ACT, 1961 - FREE TRADE ZONE - DIRECT TAX BENEFITS - CLARIFICATION ON ISSUES RELATING TO APPLICABILITY OF CHAPTER IV OF THE ACT AND SET OFF AND CARRY FORWARD OF BUSINESS LOSSES CIRCULAR NO. 7/DV/2013 [FILE NO.279/MISC./M-116/2012-ITJ], DATED 16-7-2013 It has been brought to the notice of the Board that the provisions of 10A/10AA/10B/10BA of the Income-tax Act, with regard to applicability of Chapter IV of the Act and set off and carry forward of losses, are being interpreted differently by the Officers of the Department as well as by different High Courts. 2. The two sections 10A and 10B of the ...

Breaking News-Due date of Filling of ROI extended-Utrakhand This one is the breaking news as due date for filling ROI has been extended from 31 st July, 2013 to 31 st October 2013 but don’t be so happy this is only for the state of Utrakhand due to natural calamity strikes there. As per the Notification issued by CBDT it says “Considering the large scale devastation due to recent natural calamity in the state of Utrakhand, CBDT, in exercise of powers conferred u/s 119 of the Income Tax Act, 1961, hereby extends the “DUE DATE” for filling ROI required to be furnished by 31 st July 2013 to 31 st October 2013, in respect of Income Tax assessee’s residing or assessed in the state of Utrakhand. Link: http://www.incometaxindia.gov.in/archive/BreakingNews_Order_119_IT_1961_24072013.pdf     

File ITR for A.Y. 2013-14- Salaried Assessee with Salary Income of 5 lakh or less Salaried who are earning Salary of Rs. 5 Lakh or Less than they all are working in their offices, enjoying their personal life with relax mind. The reason of that they need not to bother and run to meet the financial advisor for filling his return of Income. CBDT grant exemption to these salaried classes of employees from filling income Tax Return mandatorily by issuing a notification for the A.Y.2011-12 which in detail discussed the eligibility and the same notification further extended for the A.Y. 2012-13. This notification states that if certain conditions are satisfied the taxpayer has an option to submit his return of Income or not to submit. But CBDT has vide its press release dated 22.07.2013 clarified that exemption from filing return of income for salaried employees having total income up to Rs. 5 lakh including income from other sources up to Rs. 10,000/- was only for assessmen...

1.       How to apply? ·         Apply in forms prescribed by Income Tax Department which you can easily download from www.incometaxindia.gov.in . ·         Obtain the location of the Centers in any city from the websites of the Income tax Department or UTIITSL or NSDL ·         You can apply online through websites of Income Tax Department or UTIITSL or NSDL ·         You can pay the processing fee by net banking or credit/debit card or cheque or demand draft or by cash. ·         Cash payment mode is not available for online application method. ·         You can also track status of your PAN application online. ·         Please attach copies of requisite documents i.e. identity proof and address 2. ...

1.        Why PAN ·         For Payment of Direct Taxes ·         To file Income tax Returns ·         To avoid deduction of tax  at higher rate by the deductor ·         To enter into specific transaction such as: (a)     Sale or purchase of any immovable property valued at five lakh rupees or more; (b)     Sale or purchase of a motor vehicle or vehicle other than two wheeler; (c)     Payments  to hotels and restaurants against their bills for an amount exceeding twenty five thousand               rupees at any one time; (d)     Payment in cash in connection with travel to any foreign country of an amount exceeding twenty five              thousand rupees at any ...

1.       What is PAN? PAN-Permanent Account Number ,an Unique 10 alphanumeric number allotted by the Income Tax Department on Pan India (all India) basis. It does not change with change of address or location or change of Assessing officer, etc. 2.       Who needed PAN? ·         An Income Tax Assessee, or ·         Any person carrying on business or profession whose total sales or turnover or gross receipt exceeds Rs.       5 lakh, or ·         A trust, or Note:Any other person who needs a Permanent Account Number (PAN) can also apply 3.       Apply for a fresh PAN ·         In case of Partition of a bigger Hindu Undivided Family (HUF) into one or more new HUF ·         In case of Change in CONSTITUTION ...

1.       Can a Person hold more than one PAN? ·         No, a person cannot hold more than one PAN or in other words a person can have only one PAN, if a PAN has already been allotted, it is illegal to apply and possess another PAN. If you have more than one PAN you are required to intimate the concerned A.O. 2.       Is there any Penalty on holding more than one PAN? ·         Yes, If a PAN holder knowingly hold more than one PAN there are penalty of Rs. 10,000/-

Press Release Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes Dated 18th July, 2013 Subject: Guidelines for weighted deduction @150% of the expenditure incurred on skill development under section 35CCD of the Income Tax Act, 1961. The National Manufacturing Policy (NMP), 2011 proposed to provide interalia, the following direct taxes incentives to promote skill development:  “Weighted deduction of 150% of the expenditure (other than land or building) incurred in Public Private Partnership (PPP) projects for skill development in manufacturing sector in separate facilities in coordination with National Skill Development Corporation (NSDC).” 2.  As  a  follow  up  of  NMP,  Finance  Act,  2012  inserted  a  new  Section 35CCD  in  the  ...

GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 15th July, 2013. (INCOME‐TAX) S.O. 2166(E).– In exercise of the powers conferred by section 295 read with sub‐section (1) of section 35CCD of the Income‐tax Act, 1961 (43 of 1961),the Central Board of Direct Taxes hereby makes the following rules further to amend the Income‐tax Rules, 1962, namely:‐  1.1    These rules may be called the Income‐tax (10th Amendment) Rules, 2013. 2.1     They shall come into force on the date of their publication in the Official Gazette.  In the Income‐tax Rules, 1962 (hereafter referred to as the said rules), after rule 6AAE, the following shall be inserted, namely:‐ “6AAF.Guidelinesfor approval of skill development project under section 35 CCD.— 1.       A skill development project shall be considered for notification if it is undert...