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Showing posts from August 18, 2017

Filing a revised tax return is quite easy

Filing a revised tax return is quite easy The revision has to be done before the prescribed deadline or before completion of assessment, whichever is earlier If you are one of the last-minute filers of income-tax returns, it is quite possible that mistakes have crept in some computation or other. For instance, you might have incurred capital losses but haven’t offset it against capital gains or there could be some additional income, such as bank interest income which you have forgotten to show. In such cases, despite the final deadline of August 5 being over, you have the option to file a revised return. After you have filed your return, the Central Processing Centre (CPC) in Bengaluru carries out electronic processing of returns. It then issues an intimation which could convey the demand due, refund payable, or it may simply say that nothing more is required. “In recent times, the scope of matters that the CPC can look into has been widened. For instance, in case of any discrepancy betw…

Black money drive: Govt to weed out dormant LLPs

Black money drive: Govt to weed out dormant LLPs After cracking its whip on suspected shell companies, the government has turned its focus on the growing number of Limited Liability Partnership (LLPs) firms. In suchapartnership, partners can´t be held liable for another´s misconduct or negligence. As a first step, the government is in the process of identifying and deregistering inactive LLP firms. “The Registrar of Companies (RoC) is onaspree to strike off inactive LLPs from its register,” says Vikas Gupta, partner, Nangia &Co. The government has been onadrive against generation of black money and money laundering through use of shell companies. In his Independence Day speech, Prime Minister Narendra Modi said that the government had identified over 300,000 shell companies and registrations of 175,000 such firms had been cancelled. Experts point out, just like shell companies, inactive LLPs could be used for tax evasion and money laundering. The trend of converting existing companies int…

Insolvency regulator empowers property buyers, puts the monapar with creditors

Insolvency regulator empowers property buyers, puts the monapar with creditors The insolvency regulator has brought inaspecial provision to protect the homebuyers of beleaguered real estate companies such as Jaypee Infratech and Amrapali. The Insolvency and Bankruptcy Board of India (IBBI), which is implementing the Insolvency and Bankruptcy Code, has said owner of undelivered properties can become part of the committee of creditors and stakeaclaim equivalent to the amount they have paid to realtors Their claims, according to the regulator, would be treated onapar with claims of other financial and operational creditors and would not be pushed to the bottom of the list. Homebuyers can now file form ´F´, introduced by the insolvency regulator, for claims. “Such entities should submit proof of their claims to the interim resolution professional or resolution professional,”anotification issued by the IBBI on Wednesday said. This section of homebuyers, however, would not be able to take any re…

Govt extends GST return filing deadline for cos who want to claim credit for past taxes

Govt extends GST return filing deadline for cos who want to claim credit for past taxes The deadline for first GST Return, GSTR- 3B, has been extended (states are still coming up with Notifications) to August 28 from its original deadline of August 20. However, one must keep in mind that this is only for taxpayers who opt to use the opening balance of pre-GST credit in the current month. Those who do not wish to claim opening credit in the current month or those who have no credit; the deadline continues to be August 20.  The extended deadline also allows the taxpayers to file form TRAN 1 by August 28, which is a pre requisite as per the strict interpretation of law to claim the opening credit.  “Interestingly, TRAN 1 filing system is not up and running yet on GST portal. The industry raised the working capital issue as without filing TRAN 1 they could not have taken the benefit of the opening credit, resulting in adverse cash flow impact in the first month of GST implementation,” says K…