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2014
  • The existing provisions contained in sub-section (9) of section 139 provide that where the Assessing Officer considers that the return of income furnished by the assessee is defective, he may intimate the defect to the assessee and give him an opportunity to rectify the defect within a period of fifteen days. If the defect is not rectified within the time allowed by the Assessing Officer, the return is treated as an invalid return. The conditions, the non-fulfillment of which renders the return defective, have been provided in the Explanation to the aforesaid sub-section.
  • Section 140A provides that where any tax is payable on the basis of any return, after taking into account the prepaid taxes, the assessee shall be liable to pay such tax together with interest payable under any provision of this Act for any delay in furnishing the return or any default or delay in payment of advance tax, before furnishing the return.

2014
  • Though every body is interested in this question and this question has been asked by many and generally not have any answer in text book also ,why it so ?
  • The answer is very Interesting that the above question is wrong the correct question is

    How we can create capital for HUF?

    We can not create HUF but can arrange capital for it.

2014
  • Vide Notification No. 32/2014 dated 23-06-2014, CBDT has made mandatory filing of Wealth Tax Return only by electronic means for certain persons including Company and an assessee being individual or HUF who is liable to audit u/s 44AB.
  • From Assessment Year 2014-2015 onwards, Company and an assessee being individual or HUF who is liable to audit u/s 44AB are required to furnish Form BB (Return of Net Wealth) electronically under digital signature. Some of the important points are :
    • New wealth tax return form BB (E-Filing) shall be applicable from assessment year 2014-15 for Years Prior to this Form BA will continue to remain applicable.
    • E filing of wealth tax return is mandatory for all type of persons for assessment year 2014-15 onwards except for Individual / HUF to whom provision of section 44AB (tax audit) is not applicable in assessment year 2014-15.

2014
  • CBDT has launched a new online Tax Calculator for computing annual I-T liability which can now be emailed to personal inboxes of taxpayers before returns are filed by the end of this month.
  • The Tax Calculator is a computer based programme hosted on the web-based platform of the I-T department and is meant for the aid of the taxpayer before they file their final Income Tax Return (ITR).
  • The calculator is updated every fiscal after budget and is calibrated by the Central Board of Direct Taxes according to the new announcements made by the Finance Minister in respect of tax rates.

2014

Major changes in Income Tax Returns for year 2013-2014 are as under:

  1. All taxpayers filing E-Returns will have to compulsorily update correct mobile number and E- Mail ID’s. Otherwise there will be login issues before uploading of return on income tax Depts Website.
  2. Now onwards Income Tax Refund will be issued directly in the bank account of the taxpayer through ECS only, cheques are discontinued. Therefore at most care should be taken while mentioning Bank Account Number and IFSC Code in the income tax returns.

2014
  • CBDT has revised PAN Application form 49A and 49AA w.e.f. from 16.05.2014 vide its notification no. 26/2014, dated- 16-5-2014.
  • Revised Form 49A and 49AA provides option to get printed Mothers Name on PAN card. So those applying for New PAN card or for revised PAN card have the option to get printed on their PAN card the name of his/her mother. But applicant can select only one option, he /she cannot have the name of both mother and father printed on PAN card.
  • In case Applicant do not exercise his/her option than by default Father’s name will get printed on PAN card.

Financial Management