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CBDT extends return of Income / ITR Due date to 30.11.2014

Due date of filling of return of Income for Assessment Year 2014-15 Extended from 30th September, 2014 to 30th November, 2014 in Specified Cases

As per the provisions of the Income-tax Act, 1961 (‘the Act’),for an assessee, who is required to obtain tax audit report (TAR) under section 44AB of the Act, the due date for furnishing his return of income is 30th September of the Assessment Year.

The Central Board of Direct Taxes (‘the Board’) vide order dated 20th August, 2014 extended the due date for obtaining and furnishing of Tax Audit Report under section 44AB of the Act for Assessment Year 2014-15 from 30th September, 2014 to 30th November, 2014. Subsequently, a number of representations were received in the Board requesting for extension of the due date for furnishing of return of income also. Writ petitions were also filed in various High Courts for directing the Board to extend the due date for furnishing of return of income from 30th September, 2014 to 30th November, 2014 in conformity with the extension of the due date for filing of Tax Audit Report.

The Gujarat High Court vide judgement dated 22.09.2014 directed the Board to extend the due date for furnishing the return of income to 30th November, 2014, except for the purposes of charging of interest under section 234A of the Act for late filling of return of income. Other High Courts also directed the Board to look into the practical difficulties of the petitioners and take a just and proper decision in this matter.

In compliance to the judgments of various High Courts and after considering the representations received for extension of the due date, the Board, in exercise of its power conferred by section 119 of the Act, has extended the `due-date’ for furnishing return of income from 30th September, 2014 to 30th November, 2014 for the Assessment Year 2014-15 for all purposes of the Act in the case of an assessee, who is required to file his return of income by 30th September, 2014, and is also required to get his accounts audited under section 44AB of the Act or is a working partner of a firm whose accounts are required to be audited under section 44AB of the Act.

There shall be no extension of the “due date” for the purposes of charging of interest under section 234A of the Act for late filing of return of income and the assessees shall remain liable for payment of interest as per the provisions of section 234A of the Act.

For removal of doubt, it is clarified that for an assessee (other than working partner of a firm which is required to obtain and Furnish Tax Audit Report), who is required to file its return of income by 30th September, 2014 but not required to obtain and furnish Tax Audit Report under section 44AB, the due date for furnishing of return of income for assessment year 2014-15 remains as 30th September, 2014.

- See more at: http://taxguru.in/income-tax/cbdt-extends-return-income-itr-due-date-30112014.html#sthash.2RHrszWo.dpuf

18 Key Changes in New / Revised Tax Audit Report Form 3CD

CBDT has vide notification no. 33/2014 dated 25.07.2014 revised the format of  Tax Audit Report to be furnished under section 44AB of the Income Tax Act with effect from 25.07.2014. We have compiled below the key amendments made to  the old Form No. 3CD

1. Particulars of registration under Excise Duty, Service Tax, sales tax, and Custom Duty etc – Revised Form 3CD requires Auditors to report registration number or any other identification in respect of all other types of tax liabilities which Assessee is liable to pay. Although Tax Auditor have to report only the Registration details of taxes payable under other statues but he has to check under what other statues Assessee is liable to pay taxes and has to report accordingly. Auditor may also obtain such list from his client. (Clause 4)

2. Relevant clause of section 44AB under which the tax audit has been conducted – Now Auditor has to report under which clause of Tax Audit the Audit is been conducted. Now Auditor has to report if the Audit is of Business or Profession or under Presumptive taxation scheme. (Clause 8)

3. Location(s) (address(s)) of keeping Books accounts to be given - Revised Audit Report prescribes the requirement to report address of place where books of accounts Audited by the Tax Auditor are kept by the Assessee. If the books of accounts are not kept at one location, Auditor has to furnish the addresses of all such locations along with details of books of accounts maintained at each location. (Clause 11(b))

4. Particulars of sale of Land/Building less than Stamp value to be given – Now Auditor has to report where any land or building or both is transferred during the previous year for a consideration less than value adopted or assessed or assessable by any authority of a State Government referred to in section 43CA or 50C. (Clause 17)

5. Detailed information to be given on amount debited to P & L a/c of Capital Expenses, Personal Expenses, and Advertisement. (Clause 21(a))

6. Amounts inadmissible under section 40(a) – Revised report restricted the reporting only to sub-clause (i) and (ia). Sub-Clause (i) deals with allowability of payment made to non-resident of such sums on which TDS is deductible, while sub-clause (ia) deals with Payment to resident dedcutees. It further requires Auditor to report the name and address of the payee in respect of whom default has been committed. (Clause 21(b))

7. Additional Reporting of disallowance U/s. 40A(3A) - Earlier Auditor had to report only the cash payment for expenses incurred during the year in excess of prescribed limit but now the CBDT has casted additional responsibility on auditor to report the cash payment made during the year in respect of expenses incurred in earlier years exceeding the prescribed limit U/s. 40A(3A). Now auditor has to verify all the cash payments in excess of prescribed limits to report under section 40A(3) and 40A(3A). In addition to this auditor also needs to report Cash payment under section 269T if the same relates to any loan or deposit exceeding the limit prescribed under section 269T. (Clause 21(d)).

Clause has further removed the reporting requirement of certificate if any been obtained by the Auditor from the Assessee U/s. 40A(3).

8. Word Modvat been replaced by the word Cenvat. (Clause 27(a)).

9. Reporting of shares acquired without consideration or inadequate consideration- Now Tax Auditor has to report Whether during the previous year the assessee has received any property, being share of a company not being a company in which the public are substantially interested, without consideration or for inadequate consideration as referred to in section 56(2)(viia). It is not clear how a Tax Auditor can determine the Value of shares of a company of which he is not the auditor. This clause applies only to Firms and Companies in which Public are not substantially interested. (Clause 28)

10.Reporting of Issue of share at Premium- Whether during the previous year the assessee received any consideration for issue of shares which exceeds the fair market value of the shares as referred to in section 56(2)(viib), if yes, please furnish the details of the same. Clause applies to Companies in which Public are not substantially interested. (Clause 29).

11. Non reporting of Certificate Under section 269SS and 269T – Now Auditor not required to report whether or not he has obtained any certificate from Assessee Under section 269SS and 269T of the Income Tax Act,1961.

12. Additional Reporting of Losses in speculation business (Section 73) and of carry forward and set-off of losses by specified business (Section 73(A) – Auditor has to furnish the following details.

(1) details of speculation loss referred to in section 73 during the previous year

(2) details of loss referred to in section 73A in respect of any specified business

(3) Auditor has to state whether the company is deemed to be carrying on a speculation business as referred in explanation to section 73 and details of speculation loss from such business.

(Clause 36(c'), 32(d) and 32(e)

13. Section wise details of TDS/TCS deducted/collected and paid- In addition to details of TDS/TCS auditor has to disclose amount short deducted, TAN of the Assessee, Amount on which TDS /TCS deducted or collected , amount paid and also details of amount of TDS/TCS not paid by the Assessee . (Clause 34(a)).

14. Auditor has to give details of Late filing of TDS/TCS return. (Clause 34(b))

15. Auditor has to give details of Interest Payable u/s 201(1A) and 206C(7). (Clause 34(c))

16. Separate reporting of tax on distributed profits under section 115-O(1A)(i) and 115-O(1A)(ii). (Clause 36)

17. Audit under Service tax to be reported – Report on Audit conducted under section 72A – Auditor has to report Whether any audit was conducted under section 72A of the Finance Act andf has to give details, if any, of disqualification or disagreement on any matter/item/value/quantity as may be reported/identified by the auditor. (Clause 39)

18. Details of Demand and Refund- Auditor has to furnish the details of demand raised or refund issued during the previous year under any tax laws other than Income Tax Act, 1961 and Wealth tax Act, 1957 alongwith details of relevant proceedings. (Clause 41)

CA Final Financial Reporting May-2014 Exam Paper

Click here to See the paper of Financial Reporting May-2014 Exam Paper

https://drive.google.com/file/d/0B-ajKEQFjFscbV9HWXV2cG1BUGc/edit?usp=sharing

​Applicability of Companies Act, 2013 for November, 2014 and May, 2015 examinations

Applicability of Companies Act, 2013 for November, 2014 and May, 2015 examinations

The Council at its 333rd Meeting held on 14th & 15th May, 2014.

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considered the applicability of further notified 184 sections of the Companies Act, 2013 along with Final Rules for the forthcoming examinations and consequential modification in the syllabus of Intermediate (IPC) and Final Courses.

Pursuant to the Council's decision, the Board of Studies has already hosted the following announcements at the Institute's website for the information of the students:-

Applicability of notified sections of Chapter IX, "Accounts of Companies" and Chapter X, "Audit and Auditors" of the Companies Act, 2013 along with its Rules for November 2014, Examinations for Final Course.  (http://220.227.161.86/33530bos23144nov14.pdf)

Applicability of notified sections of the Companies Act, 2013 for May 2015, Examinations. (http://220.227.161.86/33529bos23144may15.pdf)

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Revision of the syllabus for May 2015 examinations and onwards pursuant to enactment of the Companies Act, 2013. (http://220.227.161.86/33531bos23144syllabus.pdf)

Students may note that as per announcement dated 15th March, 2014

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hosted on the students' portal at http://220.227.161.86/32800bos-announ15mar14.pdf regarding applicability of 53 sections and 45 sections of the Companies Act, 2013 for November 2014 examinations for Intermediate (IPC) and Final Course respectively for which supplementary Study material is already hosted on the website.

Further, the material related to Chapter IX, "Accounts of Companies" and Chapter X, "Audit and Auditors" of the Companies Act, 2013 along with its Rules for November 2014, Examinations for Final Course will also be hosted at an early date.

In case of any clarification, students may send their query at nisha.gupta@icai.in; or  megha.goel@icai.in

New Form 49A & 49AA WEF 16.05.2014

CBDT has revised PAN Application form 49A and 49AA wef 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 printed 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.

For more details Please Visit below Notification and Revised Form 49A and 49AA :-

Notification No. 26/2014 , Dated- 16-5-2014

S.O. 2045(E) - In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:—

1. (1) These rules may be called the Income–tax (5th Amendment) Rules, 2014.

(2) They shall come into force on the date of their publication in the Official Gazette.

2. In the Income-tax Rules, 1962, in Appendix II, for Forms 49A and  49AA, the following Forms shall be substituted, namely:—

download it from here..

click here for 49A

[IN THE CASE OF INDIAN CITIZENS/INDIAN COMPANIES/ENTITIES INCORPORATED IN INDIA/UNINCORPORATED ENTITIES FORMED IN INDIA]

Click here for 49AA

[INDIVIDUALS NOT BEING A CITIZEN OF INDIA/ENTITIES INCORPORATED OUTSIDE INDIA/UNINCORPORATED ENTITIES FORMED OUTSIDE INDIA]

India Started its own Payment Gateway "RuPay"

RuPay

New Delhi, May 8 (IANS) President Pranab Mukherjee Thursday dedicated to the nation indigenous card payment network called RuPay taking on the global players like Visa and MasterCard.

The new payment network developed by the National Payments Corporation of India (NPCI), a not-for-profit company envisioned by the Reserve Bank of India (RBI) and created by the banking industry, covers all the automated teller machines (ATMs) and most of the retail and e-commerce platforms.

"RuPay" is the coinage of two terms Rupee and Payment.

"Dedication of RuPay to the nation is symbolic of the maturity of the payment system development in India," Mukherjee said after formally launching the card at a function at Rashtrapati Bhavan.