Blog

2013

Why Tax Departments depend on XML language to upload returns

We know the importance of “.XML” language to file income Tax / Service Tax return and therefore we must know some basic answers of certain questions related to “.XML” viz.

What is XML? How it works within the income and service Tax return? And Why did Government choose only .xml format for the automation process?

XML provides many benefits to Tax departments. The XML data can be stored, protected, queried, and analyzed within a database that is optimized for XML.

Archive


2013

What causes the rupee to depreciate?

Reasons which cause the rupee to fall in comparison to dollar are:-

  • Demand supply Rule The value of rupee follows the simple demand and supply rule of economics. If the demand for the dollar in India is more than its supply, dollar appreciates and rupee depreciates.
  • Dollar gaining strength against the other currencies The central banks of Euro zone and Japan are printing excessive money due to which their currency is devalued. On the other hand, US fed has shown signs to end their stimulus. Hence, making the US dollar stronger against the other currencies including the India rupee, at least in the short term.
2013

Frequently Asked Questions on e-Filing of Tax Audit Report

(Developed by Direct Taxes Committee of ICAI in consultation with the Officials of Directorate of Income-Tax (Systems)

Note: This document deals with those FAQ’s which are not covered in the e-filing portal. The members may visit the www.incometaxindiaefiling.gov.in for other FAQ’s.

2013
  1. Incorporation of a One Person Company has been permitted.
  2. Numbers of permissible members in private company has been raised to 200 as against existing limit of 50 members.
  3. Listed companies shall have at least 1/3rd of the total number of directors as Independent Directors and the Central Government may prescribe the minimum number of Independent Directors for any class of public companies.
  4. Nominee director cannot be regarded as Independent Director.
2013

Mandatory e-filing of audit reports

As per Notification No.34/2013 dated 01/05/2013, E-filing of following audit reports shall be mandatory in following cases:

  1. Audit report under Sec. 44AB in respect of books of account;
  2. Audit report under Sec. 92E in respect of international transaction; or
  3. Audit report under Sec. 115JB in respect of MAT computation.

2013

A.   ITR 1 (Sahaj)

 For Individuals with income from :
  • Salary or pension.
  • Rental Income of one house or loss from one house property.

Financial Management