From The Desk of CA SANDHYA JAIN

CBDT has vide its order dated 26.09.2013 has extended the due date for e-filing of Tax Audit Report to 31.10.2013. The order has nowhere mentioned about the due date for e-filing of Income tax Return. It seems due date for filing of ITR are been kept same i.e.30 th September 2013. If Assessee does not file the ITR on or before 30 th September 2013 he may have the following implications:- 1.       Levy of Penal Interest U/s. 234A on outstanding taxes. 2.       Losses if any may not be allowed to be carried forward. 3.       Assessee also has to Pay Statutory dues U/s. 43B on or before the filing of ITR or Due Date i.e. 30.09.2013 whichever is earlier. 4.       Assessee may be penalizing @0.5% of GT or Maximum of Rs.1, 50,000/- assuming he fails to get accounts audited. The above discussion ...

CBDT has vide its order dated 26.09.2013 has extended the due date for e-filing of Tax Audit Report to 31.10.2013. The order has nowhere mentioned about the due date for e-filing of Income tax Return. It seems due date for filing of ITR are been kept same. In Real sense there is no extension.  Notification/ Order Dated 26.09.2013 is as follows:- F.No. 225/117/2013/ITA.II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes Dated- 26th September, 2013 Order under Section 119 of the Income-tax Act. 1961. CBDT in exercise of power under sec 119(2)(a) of the IT Act, 1961 read with Sec 139 and Rule 12, has decided to relax the requirement of furnishing the Report of Audit electronically as prescribed under the proviso to sub-rule (2) of Rule 12 of the IT Rules for the Assessment Year 2013-14 as under (a) The assesses, who are presently finding it difficult to up...

Income Tax Department has given one more chance to all those assessee’s who filed ITR electronically but had not send the ITR-V to CPC Bangalore by issuing a notification dated 12 th September 2013 for the receipt of ITR-V. Notification for Extension of date for receipt of ITR-Vs in CPC. Bengaluru, for the cases of AY 2012-13 and 2O11-12 received in e-filed in FY 2O12-13. There are many taxpayers who have uploaded their Income Tax Returns electronically (without digital signature Certificate) for A.Y. 2O11-12 [filed during F.Y. 2O12-13 and for ITRs of A.Y. 2O12-13 [filed on or after 1.4.2012], but have either not filed the corresponding ITR-V or have filed it with the local Income-tax office. ITR-V is accepted only at the Centralized Processing Center (CPC) of the Income-tax Department at Bengaluru by ordinary or speed post. Therefore, a final opportunity is being given to such tax payers to regularize their Income-tax returns. All such taxpayers may mail the ITR-V, ...

What is the Fiscal Deficit? The fiscal deficit is the difference between the government's total expenditure and its total receipts (excluding borrowing).  Or we can say that if Total Expenditure >Total receipt i.e. Fiscal Deficit = Total Expenditure- Total Receipt It indicates government’s borrowing requirements from all sources to finance its expenditure. Fiscal deficit is expressed as a percent of GDP which indicates capacity of a country to borrow in relation to what it produces. High % to GDP means government is borrowing beyond its capacity in relation to what its producing which is its income. The elements of the fiscal deficit are ·         The revenue deficit, which is the difference between the government’s current (or revenue) expenditure and total current receipts (that is, excluding borrowing) and ·         Capital expenditure. The fiscal deficit can be financed b...