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Furnishing of the report of audit under section 44AB of the Act for Assessment Year 2014-15 is Extended to 30th Nov 2014

F.No.133/24/2014-TPL
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(DEPARTMENT OF REVENUE)
(CENTRAL BOARD OF DIRECT TAXES)
****
Room No. 147 B-II, North Block
New Delhi, the 20th August, 2014

Order Under Section 119 of the Income-tax Act, 1961

In exercise of power conferred by section 119 of the Income-tax Act (‘the Act’), the Central Board of Direct Taxes (CBDT) hereby extends the due date for obtaining and furnishing of the report of audit under section 44AB of the Act for Assessment Year 2014-15 in case of assessees who are not required to furnish report under section 92E of the Act from 30th day of September, 2014 to 30th November, 2014.

2. It is further clarified that the tax audit report under section 44AB of the Act filed during the period from 1st April, 2014 to 24th July, 2014 in the pre-revised Forms shall be treated as valid tax audit report furnished under section 44AB of the Act.


(J.Saravanan)
Under Secretary (TPL-III)


Copy to:-
(i) The Chairman (CBDT), All Members, Central Board of Direct Taxes for
information.
(ii) All Cadre Controlling Pr. Chief Commissioners of Income-tax with a request to
circulate amongst all officers in their regions/charges.
(iii) The Pr. Director General of Income Tax (Admn.) Mayur Bhawan, New Delhi.
(iv) The Director General of Income Tax (Systems) with a request for uploading it on the
Departmental website.
(v) Commissioner of Income Tax (M&TP), CBDT.
(J.Saravanan)
Under Secretary (TPL-III)

Representation made by ICAI with respect to new formats of Form No.3CA/3CB and 3CD.

The new formats of tax audit reports namely Form No.3CA, 3CB and 3CD have been notified through Notification no. 33/2014 on 25/7/2014 with immediate effect. With regard to the same, certain genuine concerns were raised by the members, which, ICAI has, through a representation dated 07.08.2014, brought to the notice of the Hon’ble Finance Minister, Revenue Secretary, and Chairman CBDT for appropriate action at their end. Also, certain preliminary observations on the new forms have been shared with them.

For the reasons mentioned in detail in the representation and summarized below, ICAI has suggested:

The new formats of tax audit reports be made effective from the Assessment Year 2015-16 and not Assessment Year 2014-15. Alternatively, the due date for furnishing tax audit reports for the Assessment Year 2014-15 may be extended to 30th November, 2014

It has also been suggested that appropriate clarification be issued with regard to the position of the tax audit reports e-filed during 01.04.2014 to 24.07.2014 relating to Assessment Year 2014-15.

Reasons given in brief:

a) The Internationally accepted Standard on Auditing-700 has not been considered.
b) The audit of 50% of the taxpayers like listed companies, PSUs, Banks, Insurance Companies have already been completed and the financial statements are published. Only, the audit reports are pending for uploading in the e-filing portal.
c) The notification has been issued just two months before the last date of furnishing tax audit report and the schema for the same is not yet made available. This will cause undue hardship to both the taxpayer and the auditors. 


Direct Taxes Committee, ICAI

File your Income tax e-Filing directly from Net Banking Account



Income tax department have announced that now assesses can e-file their returns directly from their net banking account. following banks have given link as on 14/08/2014

1. Union Bank of India
2. Corporation Bank
3. Oriental Bank of Commerce

Result of the Chartered Accountants Intermediate (IPC) Examination held in May/June, 2014 are likely to be declared on Thursday, the 21st August, 2014 - (13-08-2014)

IMPORTANT ANNOUNCEMENT

The result of the Chartered Accountants Intermediate (IPC) Examination held in May/June, 2014 are likely to be declared on Thursday, the 21st August, 2014 around 4.00 P.M. and the same as well as the merit list (candidates securing a minimum of 55% and above marks and upto the maximum of 50th Rank on all India basis will be available on the following website:
http://www.caresults.nic.in
Arrangements have also been made for the candidates desirous of having results on their e-mail addresses to pre-register their requests at the above website, i.e., http://www.caresults.nic.in from 14th August, 2014. All those registering their requests will be provided their results through e-mail on the e-mail addresses registered as above immediately after the declaration of the result.
In addition to above, it may be noted that for accessing the result at the above website i.e. http://www.caresults.nic.in the candidate shall have to enter his registration no. and/or PIN no. alongwith his roll number.
Further facilities have been made for candidates of Intermediate (IPC) Examination held in May/June, 2014 desirous of knowing their results with marks on SMS. The service will be available through India Times.
For getting results through SMS candidates should type:
(i) for Intermediate (IPC) Examination result the following
CAINTER(Space)XXXXXX (where XXXXXX is the six digit Intermediate (IPC)
Examination roll number of the candidate)
e.g. CAINTER 002971
and send the message to
58888 - for all mobile services - India Times

(G. SOMASEKHAR)
ADDITIONAL SECRETARY (EXAMS.)

Company Law Settlement Scheme 2014 Announced by MCA



Announcement of Company Law Settlement Scheme (CLSS), 2014 vide General Circular No. 34/2014 dated 12th August 2014

One Time Opportunity for Defaulting Companies and Its Directors    
     
Companies Who Have Not Filed Their Annual Reports, Financial Statements and Related Documents Due For Filing on Or Before 30/06/2014 Can File These Documents Before 15/10/2014 And Avail Of The Following
  • Pay Only 25% Of Payable Additional Fee, And Enjoy Immunity From Prosecution.

  • Directors   Will   Also   Not   Be Disqualified Under   Section 164(2) Of The Companies Act, 2013.
Related Notification is as follows :-




Service Tax- Interest on late payment of tax

Late Payment of Service Tax

Simple Interest is levied on Late Payment of Service Tax and the Interest Rates with effect from 1st April 2011 vide Notification No. 14/2011 – Service Tax dated 1st March 2011 is as follows:-
Gross TurnoverInterest on Late Payment
More than Rs. 60 Lakhs18%
Less than Rs. 60 Lakhs15%

BUDGET 2014: INCREASE IN INTEREST ON LATE PAYMENT OF SERVICE TAX

Arun Jaitley while presenting Budget 2014 on 10th July has increased the rate of interest on late payment of service tax. The interest rate on late payment of service tax to be levied on a simple interest basis would now vary depending on the extent of delay in payment of service tax. These new interest rates for late payment of service tax introduced in Budget 2014 would come into effect from 1st October 2014 and are as follows:-
Extent of DelaySimple Interest p.a. on Late Payment of Service Tax
Upto 6 months18%
From 6 months upto 1 year24%
More than 1 year30%

Service tax payment due date for Individuals/HUF/Firms/Companies/Others

Service tax payment due date
Particulars
Frequency
Due Date
Paid Physically
Paid Online
Individual/PartnershipQuarterly5th of the Following Quarter6th of the Following Quarter
OthersMonthly5th of the Following Month6th of the Following Month
From the above it is clear that it is beneficial to pay the amount due online as a grace period of 1 day is allotted and moreover the Tax Payer does not have to stand in long queues for depositing the Service Tax. Payment of Service Tax Online is a simple 3 Step Process and you for payment of service tax online .

TENDERS DUE IN NEXT 7 DAYS ( www.pdicai.org)

Knowledge Portal




Maharashtra State Co-Operative Marketing Federation Limited 

Last Date : 07/08/2014
Expression of interest from Chartered accountant firms.

Address: Maharashtra State Co-Operative Marketing Federation Limited,Kanmoor House,Narshi Natha Street,P.B.No.5080.Masjid Bunder,Mumbai-400009.
Phone: 23752294
Email: mscmf@gmail.com
Maharashtra State Electricity Transmission Company Limited 
Last Date : 08/08/2014
Empanelment of Firms of Chartered Accountants for Allotment of Internal Audit for The Financial Year 2014-15 & 2015-16.

Address: Chief General Manager (F&A), 6th Floor, Prakashganga, MSETCL, Plot No. C- 19, E Block, Bandra-Kurla Complex, Bandra (East), Mumbai – 400 051
Phone: 
Email: 
Andaman And Nicobar Administration 
Last Date : 08/08/2014
Engaging Chartered Account for Preparation of Annual Revenue Requirement (Arr) & Filing of Tariff Petition with The Joint Electricity Regulatory Commission (Jerc).

Address: Andaman And Nicobar Administration,Office of the Superintending Engineer, Electricity Department, Vidyut Bhawan, Port Blair – 744 101
Phone: 03192 – 234718
Email: seelectricity@yahoo.co.in
Maharashtra Small Scale Industries Development Corporation Limited 
Last Date : 11/08/2014
Appointment of chartered accountant firms for conducting MVAT audit for the year 2013-14.

Address: Maharashtra Small Scale Industries Development Corporation Limited,Krupanidhi, 9, Walchand Hirachand Marg,Ballard Estate, Mumbai – 400 001.
Phone: 
Email: 
Cantonment Board - Barrackpore West Bengal 
Last Date : 11/08/2014
Engagement of Chartered accountant on contract basis.

Address: Barrackpore - West Bengal
Phone: 2592-0074
Email: 
District Rural Development Agency 
Last Date : 11/08/2014
From the chartered accountants of HP who are empanelled with C & AG/ State AG to provide there services for conducted of audit following schemes DRDA Administration, lay, SGSY(Now NRLM), TSC (Now NBA), Any Other,

Address: Mandi - Himachal Pradesh
Phone: 01905-222191
Email: podrdamandi@gmail.com
State Legal Nodal Agency 
Last Date : 12/08/2014
Expression of Interest for Providing of Chartered Accountant Service under IWMP. 

Address: State Legal Nodal Agency Lucknow Uttar Pradesh
Phone: 
Email: 
Nagar Panchayat - Kushinagar Uttar Pradesh 
Last Date : 12/08/2014
Appointment of Filed Level Consultant (Chartered Accountant Firm) for year 2013-14.

Address: Nagar Panchayat Kushinagar Uttar Pradesh
Phone: 
Email: 
Navi Mumbai Municipal Transport Undertaking 
Last Date : 12/08/2014
Expression of Interest from Reputed & experience chartered accountant firms.

Address: Navi Mumbai Municipal Transport Undertaking Mumbai Maharashtra
Phone: 
Email: 
Municipal Council - Giridih Jharkhand 
Last Date : 13/08/2014
Expression of Interest from Chartered Accountant firms for engagement of Chartered Accountant for Owning the responsibility of preparation & maintenance of double entry accountant system in Nagar Parishad including supervision of work of accountant along with below Mentioned works in particular as per guidelines of secretary, urban development department.

Address: Giridih - Jharkhand
Phone: 
Email:

Source : www.pdicai.org

Income tax Form ITR-1,2,3,4,5,6,7,V for AY 2013-14 & 2012-13




Sl.No.Form nameCategoryDescription
1ITR-1 SAHAJ (A.Y. 2013-14)English Hindi Form  Instructions English Instructions Hindi Indian Individual Income tax Return
2ITR-2 (A.Y. 2013-14)English Hindi Form  Instructions English Instructions Hindi For Individuals and HUFs not having Income from Business or Profession
3ITR-3 (A.Y.2013-14)English Hindi Form  Instructions English Instructions Hindi For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship
4SUGAM (ITR-4S) (A.Y. 2013-14)English Hindi Form  Instructions English Instructions Hindi Sugam - Presumptive Business Income tax Return
5ITR-4 (A.Y. 2013-14)English Hindi Form  Instructions English Instructions Hindi For individuals and HUFs having income from a proprietory business or profession
6ITR-5 (A.Y. 2013-14)English Hindi Form  Instructions English For firms, AOPs and BOIs
7ITR-6 (A.Y. 2013-14)English Hindi Form Instructions English For Companies other than companies claiming exemption under section 11
8ITR-7 (A.Y. 2013-14)English Hindi Form Instructions English For persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D)
9ITR-V (A.Y. 2013-14)English Form Hindi Form -
10ITR-1 SAHAJ (A.Y. 2012-13)English Hindi Form Instructions English Instructions Hindi Indian Individual Income tax Return
11ITR-2 (A.Y. 2012-13)English Hindi Form  Instructions English Instructions Hindi For Individuals and HUFs not having Income from Business or Profession
12ITR-3 (A.Y.2012-13)English Hindi Form  Instructions English Instructions Hindi For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship
13SUGAM (ITR-4S) (A.Y. 2012-13)English Hindi Form Instructions English Instructions Hindi Sugam - Presumptive Business Income tax Return
14ITR-4 (A.Y. 2012-13)English Hindi Form  Instructions English Instructions Hindi For individuals and HUFs having income from a proprietory business or profession
15ITR-5 (A.Y. 2012-13)English Hindi Form  Instructions English Instructions Hindi For firms, AOPs and BOIs
16ITR-6 (A.Y. 2012-13)English Hindi Form Instructions English Instructions Hindi For Companies other than companies claiming exemption under section 11
17ITR-7 (A.Y. 2012-13)English Hindi Form Instructions English For persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D)
18ITR-V (A.Y. 2012-13)English Form Hindi Form -