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Showing posts from July 29, 2016

Why you must file I- T returns on time

The last date for filing incomes tax returns for salaried individuals and those whose earnings don’t need to be audited is July 31. Should you file returns if your earnings are below the taxable amount? Yes, as there are several benefits of filing returns within the due date. In cases where the salary income is more than the basic exemption limit, but after deductions is not taxable, returns have to be filed, says Amarpal Chadha, mobility leader, people advisory services, EY. For example, if you have salary income of Rs.3.5 lakh ( which is above the basic exemption limit) and have investments under Section 80C amounting toRs. 1.25 lakh, the taxable income would be Rs. 2.25 lakh, which is below the exemption limit. In such case, you are required to file tax return as the total salary income before deductions is more than Rs. 2.5 lakh. If the tax deducted at source ( TDS) is wrong, filing tax return is the only way to get refund, says Vishvajit Sonagara, founder, Quicko, an online tax- fi…

Fin Min warns tax officials on resolution against revenue dept

Taxmen's clamour for autonomy and lesser government interference has not gone down well with New Delhi, with FM Arun Jaitley calling it an act of "insubordination". ET reported on Thursday that a week ago tax officials took an unprecedented step to assemble in Mumbai and pass a resolution questioning the directives and functioning of department of revenue (DoR), headed by Revenue Secretary Hasmukh Adhia. The resolution backed by officers of the income-tax department, including several members of the Indian Revenue Service, also said the post of revenue secretary should be abolished Reacting sharply to the development, the finance ministry issued a statement on Thursday afternoon, saying, "The Union Finance Minister Shri Arun Jaitley takes a serious view of the resolution by officers of Indian Revenue Service (Income Tax) against Department of Revenue." Hindustan times New Delhi, 29th July 2016

Logistics stocks up on GST clearance hope

Shares of companies in the logistics sector gained ground on Thursday on hope that the government will be able to secure clearance for a revised goods and services tax (GST) Bill in the Rajya Sabha next week. Snowman Logistics, GATI, Allcargo Logistics, VRL Logistics, Patel Integrated and Transport Corporation of India are some stocks in this segment that rallied, by 3.8-7.2 per cent. In comparison, the benchmark S&P BSE Sensex and Nifty50 indices ended the day at 28,209 and 8,666, up around 0.6 per cent each. According to reports, the empowered committee of the finance ministers of states on Tuesday agreed that the revenue-neutral rate (RNR) would not be specified in the GST Constitution amendment Bill, raising hopes that it would be passed by the Rajya Sabha next week. While the short-term macro economic implications of GST should be mixed, longer-term implementation should lift growth and enable greater government fiscal consolidation, analysts say. “GST will be clearly positive, a…

Excise duty payment structure on jewellery

The government has notified a simplified structure of excise duty payment on jewellery, following recommendations of the Ashok Lahiri sub- committee. In this year’s Budget, central excise duty of one per cent without input and capital goods tax credit or 12.5 per cent with credit was imposed on articles of jewellery. Following protests, the government had set up the committee. Business Standard New Delhi, 29th July 2016

Start- ups seeks easier access to tax benefits

At a meeting with Commerce Minister Nirmala Sitharaman on Thursday, a number of start- up enterprises asked for easier access to tax benefits and more incubation facilities, among others. The minister later told journalists that issues such as government funding and online selling of prescription drugs were also discussed. The Startup India plan, launched by Prime Minister Narendra Modi earlier this year, offers incentives such as no income tax on profit for three years and exemption from compliance with labour laws for this period, too, for eligible start- ups ( there are conditions). Last week, the minister had announced that start- ups are now eligible for most such benefits after receiving a certificate from the department of industrial policy and promotion (DIPP), as opposed to the earlier process of vetting by an inter- ministerial board. However, the relaxed norms will not be valid for availing of tax benefits, which alot of start- ups covet. DIPP has 782 applications from start- …

www.caonline.in News...

www.caonline.in News...
1. States reject GST rate proposed by Arvind Subramanian panel.
2. Cabinet Drops 1% Additional Tax on Inter-State Sales from GST Bill.
3. Cabinet approves GST Constitutional Amendment Bill.
4. Surplus investment in mutual funds cannot render principle of Mutuality inapplicable. [CIT-3 Vs. M/s. Air Cargo Agents Association of India (Bombay high Court)].
5. Where bar to suit by a company arises under an article of the articles of association of the company, there can be no ratification by the official liquidator. [Subiksha Trading service limited vs. Azim Premji [2016] 133 CLA 31. HC of Mumbai].
6. MCA issues Limited Liability Partnership (Amendment) Rules, 2016. Form 14 (intimating Registrar of Firms, for conversion of firm into LLP) revised. Notification of 13.04.2016.
7. Due date of filing DVAT return in form DVAT-16, DVAT-17 & DVAT-48 for Q1 of 2016-17 extended to 31.08.2016. Circular no. 11 of 2016-17 dated 28.07.2016.