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Showing posts from July 13, 2015

Today's Updates...

Income Tax Update : Electronic verification code notification is available at it website now no need to send ITR-V at bangalore use said system refer it website.

Notification No. 2/2015 regarding Electronic Verification Code (EVC) for electronically filed Income Tax Return as an alternative mode of verification released. [Refer Notification No. 2/2015 dated 13/07/2015.  To read Complete Text , Link of Notification - https://incometaxindiaefiling.gov.in/eFiling/Portal/StaticPDF/EVC_notification.pdf ] Regards, Webecreator!

Arbitrator must follow terms of contract

An arbitrator is bound by the terms of the contract so far as award of interest from the date of cause of action to date of the award is concerned. Therefore, where the parties agree that no interest shall be payable, the arbitral tribunal cannot award interest. Supreme Court stated so case, Union of India vs Bright Power Projects. In this case, the government and the firm entered into a contract to erect certain structures. Disputes arose between them and they were referred to arbitration. The award was granted in favour of the firm, and it even included interest on the amount awarded. The government moved the high court arguing that interest was excluded in the contract. However, the high court dismissed the contention invoking Section 37 ( 7) of the Arbitration and Conciliation Act dealing with payment of interest. Supreme Court allowed the appeal of the government accepting its contention that the contract had specifically excluded interest. According to Section 37, if the terms o…

Tax filing for professionals

Dont be intimidated by the long form if you have a small turnover and limited clients. Here’s how to go about it: The new income tax return form, ITR- 4, for professionals can be intimidating. The 30- page form, also meant for Hindu Undivided Families and those owning proprietary business, mostly tries to capture business information and goods- related information such as cess, taxes, freight on goods, cost of raw material and finished goods, and so on. If you are a professional with a small turnover or gross receipts such as artist, photographer, interior decorator, fashion designer or atutor, there are only a few areas you need to focus on. Here’s a brief guide to calculating your tax liability and filing returns. Salaried & professional If you are salaried and also work as aprofessional for extra income, you might also need to file ITR- 4. “ If a person regularly works through the year as a freelancer, along with a job, he or she would be called a professional,” says Tapati Ghose, …

When disclosure is easier said than done

Those using the 90- day compliance window under the new law on black money to declare hitherto undisclosed foreign assets also need to ensure their assets are valued correctly Aperson is an Indian resident. However, he was a non- resident Indian ( NRI) earlier, when he had acquired foreign assets, which he continues to hold, out of income which was not chargeable to tax in India. Will this person have to disclose foreign assets under Chapter VI of the new law on black money? If you go by the list of ‘ Frequently Asked Questions’ put up by the government to explain this law, the answer would be No. However, consider a real- life scenario.

The senior executive of a large multinational firm receives employee stock option plans ( ESOPs) when he was an NRI six years earlier. This person became a resident Indian a little more than a year before but forgot to declare these assets while filing his income tax return under Schedule FA. Today, the executive is mighty confused. Technically, he is not…

Updates Of The Day !!!!!

1. CBDT notifies 30.09.2015 as last date to make a declaration for undisclosed asset located outside India under the compliance provisions of the Black Money Act.

2. India and US signs Inter Governmental Agreement (IGA) to implement the Foreign Account Tax Compliance Act (FATCA) to promote transparency on tax matters.

3. File TDS return for the Quarter ended on 30th June, 2015 by 15th July, 2015 and Avoid inconvenience and fine.

4. Delhi Stock Exchange (DSE) has already been derecognized, vide SEBI order dated 19th November 2014. SEBI has mandated that all companies exclusively listed on DSE, would be shifted to the Dissemination Board (DB) set up by BSE.

5. Increase in stamp paper value for execution of POA for representation before Income Tax authorities from INR 100 to 500. (Only Applicable For The State Of Maharashtra).

6. UCO Bank invites applications from CA for empanelment as Concurrent Auditors for audit year 2015-16 by practicing CA Firms and by existing firms for renewal.

7. CCBC…