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January 17, 2014: CBDT has examined the matter afresh and clarified vide Circular No. 1/2014 dated 13-1-2014 -“TDS under Chapter XVII-B of the Income-tax Act, 1961 on service tax component comprised of payments made to residents” that wherever in terms of the agreement/contract between the payer and the payee, the service tax component comprised in the amount payable to a resident is indicated separately, tax shall be deducted at source under Chapter XVII-B of the Act on the amount paid/ payable without including such service tax component.


October 24, 2013 In view of the difficulties pointed out in Writ petition as well as representations made to committee of CBDT, the CBDT has accepted to extend the due date for filing returns and tax audit report for the assessment year 2013-14 to 31st October 2013 for all assesses whose due date of filing return of income was 30th September 2013 . Necessary clarification/circular is expected to be issued by CBDT in due course.


October 01, 2013: Ms PUJA MARWAH, who has been working with us for several years in the past has now been entrusted with more responsibilities & obligations with her new designation & job profile as an Associate Partner. We are confident that her knowledge, experience and dedication shall result in immense benefit for our firm as well as our clients.


July 10, 2013 The Central Board of Direct Taxes (CBDT) has issued a Notification by virtue of which from the current assessment year, the Income Tax Annual Return, ITR-7 has to be filed electronically. It may be noted that currently the ITR-7 is being filed in hard copies however, from the current assessment year 2013-14 i.e. the Income Tax Return for the year 2012-13 shall be filed electronically on or before 30th September, 2013- Notification No. 42/2013/ F.No.142/5/2013-TPL dt.11th June 2013


June 07, 2013: The cost Inflation Index for FY 2013-14 (AY 2014-15) has been announced by CBDT as 939 vide notification no. 40/2013 dated 06/06/2013.


April 12, 2013 This is to inform that the Service Tax department has further extended the date of filing of Service tax return for the period July, August and September, 2012 from 15.4.2013 to 30.4.2013 vide order No. 02 of 2013-Service tax dated 12.4.2013.


February 07, 2013: Last date for filing ST-3 of Quarter 2 further extended to 15-04-13 for furnishing of returns - extension of date of submission of form st-3 for period from 1-7-2012 to 30-9-2012. { ORDER NO. 1/2013-ST [F.NO.137/99/2011-ST], DATED 6-3-2013}.


February 28, 2013; The finance Minister has presented the Budget 2013 in the parliament. Some of the changes are effective from 1st march 2013 and therefore if anybody desires to get an update, please contact our office to know the extent to which this Budget may affect you.


January 17, 2013 The I-T department extended the time limit for filing ITR-Vs (income tax returns filed electronically without digital signature certificate) for assessment year 2010-11 (filed during FY 2011-12) and for ITRs of assessment year 2011-12 (filed on or after April 1, 2011) till February 28.


January 09, 2013: Notification No. 56/2012 [F. NO. 275/53/2012-IT(B)], Dated 31.12.2012 Now, in exercise of the powers conferred by sub-section (1F) of section 197A of the Income-tax Act,1961 the Central Government has notified that w.e.f 1.1.2013 no deduction of tax under Chapter XVII of the said Act shall be made on the payments of the nature specified below, in case such payment is made by a person {section 2(31)} to a bank listed in the Second Schedule to the Reserve Bank of India Act,1934 , excluding a foreign bank , namely (i) bank guarantee commission; (ii) cash management service charges; (iii) depository charges on maintenance of DEMAT accounts; (vi)charges for warehousing services for commodities; (v) underwriting service charges; (vi)clearing charges (MICR charges); (vii)credit card or debit card commission for transaction between the merchant establishment and acquirer bank.


January 08, 2013: CASE LAW: No addition u/s 68 for gift from close relative who confirms the gift and was man of means [High Court of Andhra Pradesh Commissioner of Income-tax v. Dr. Kodela Siva Prasada Rao ITTA NO. 499 of 2012 ITTASR No. 3717 of 2010 November 20, 2012].


December 15, 2012: Old cheque book date extended from 31.12.2012 to 31.03.2013. Now old cheques can be used up to 31.03.2013. Therefore the new cheque leaves complying with CTS-2010 shall be applicable for all cheques presented on after 01/04/2013.


December 12, 2012: The scheme of CTS 2010 shall be effective from 1st january 2013. Therefore, if you are carrying or receive any cheques which are non-CTS compliant, you should encash them before 31st December 2012 or have them replaced, as the case may be. If they are post-dated and payable after 1 January 2013, you may get these exchanged with new CTS 2010 cheques as the old cheques will not be cleared thereafter.


December 12, 2012: Last date for XBRL filing of Financial Statements extended to 15-01-2013 or 30 days from AGM whichever is later. [General Circular 39/2012 of 12-12-2012].


October 01, 2012: Kindly note that the Ministry vide circular number 30/2012 dated 28/09/2012 has further extended the due date for filing Form 23AC and Form 23ACA in non XBRL mode in the following manner: a. Company holding AGM or whose due date of holding AGM is on or before 20.09.2012, time limit will be 3rd November, 2012 or due date of filing, whichever is later. b. Company holding AGM or whose due date of holding AGM is on or after 21.09.2012, time limit will be 22nd November, 2012 or due date of filing, whichever is later.


October 01, 2012: Kindly note that the Ministry vide circular number 31/2012 dated 28/09/2012 has extended the due date for filing Form 23B without additional fee for accounting year 2012-13 upto 23/12/2012 or due date of filing whichever is later.


September 17, 2012: The cost inflation index for Financial Year 2012-13 has been notified to be 852 for the purpose of computing the Long Term Capital gains taking the base year 1981 at 100.


June 21, 2012: The Board, in consideration of genuine hardship faced by the taxpayers, in exercise of powers vested under section 119(2)(b) of the Act, has authorized the Assessing Officers to make appropriate corrections in the figures of such disputed arrear demands after due verification/reconciliation and after examining the same on merits, whether by way of rectification or otherwise, irrespective of the fact that the period of limitation of four years as provided under section 154(7) of the Act has elapsed. Thus all wrong adjustments/ paid demand can now be rectified by the Assessing Officer who shall after verification issue the refunds.


June 10, 2012: For the purpose of computation of arm’s length price, the sixth method “such other method as may be prescribed by the Board” has now been notified vide Notification No. 18/2012 dated 23-5-2012, and now Rule 10AB has been inserted in the Income-tax Rules, 1962 (the Rules). Rule 10AB of the Rules shall come into force w.e.f. April 1, 2012 and shall apply to assessment year 2012-13 and subsequent years.


June 09, 2012: Vide Circular No.124 Dated 10/05/2012, Reserve Bank of India has changed the EEFC account as under :- •50% of the balances in the EEFC accounts should be converted forthwith into rupee balances and credited to the rupee accounts as per the directions of the account holder. This process may be completed within a fortnight from the date of the circular and compliance reported to the Chief General Manager, Foreign Exchange Department, Central Office, Trade Division, Amar Building, Sir P.M. Road, Fort, Mumbai 400 001 •In respect of all future forex earnings, an exchange earner is eligible to retain 50% (as against the previous limit of 100%) in non-interest bearing EEFC accounts. The balance 50% shall be surrendered for conversion to rupee balances


June 06, 2012: The new regulations on service tax on the basis of Negataive List, shall be effective from 01, July 2012.


June 06, 2012 No penalty for assessee who pays Service Tax dues on renting of property with interest by 28-11-2012. Penalty up to amount of tax might be payable after 28-11-2012


June 04, 2012: An update to comply with the new regulations for filing tax returns for AY 2012-12 by RESIDENT INDIVIDUALS, which in most cases is due for 31st July, 2012: 1. All individual persons having total income of Rs 10 lacs or more have to now compulsorily file their returns electronically with/ without digital signatures. Such assessees can no longer file their return in paper form. All companies and firms (having required for tax audit) are already mandated to file their returns electronically with digital signatures. 2. The new tax return form applicable from Asstt year 2012-13 requires all residents to declare the particulars of all their foreign assets in the tax return in the prescribed format in the Return as a seperate section.


April 06, 2012: With the Finance Act, every assessee having his total income exceeding Rs 10 lacs, have also to mandatorily file his return of income with digital signatures. Earlier all companies and persons who were required to get thier audited, were oblised to file thier returns with digital signatures.


April 02, 2012: With the amended service tax laws, professionals are also required to pay service tax on accrual basis w.e.f. April 01,2012. Therefore this is informed to all concerned and clients that payments against our bills should be immediately be settled and paid and in any case, no later than 30 days.


January 01, 2012: As per the amended Cl 41, a new sub clause (I)(d) has been inserted, which mandates that w.e.f the Quarter/ the financial year ending on 31st December 2011, all listed companies have to submit the Audited Financial Results for the entire Financial Year, within a period of 60 days of the end of the Financial Year. That is to say, the option available under the erstwhile Cl 41 for submission of either the unaudited results for the last quarter or submission of audited results for the entire year, has now been done away with, and the listed companies have to mandatorily submit the Audited Financial Results only, that too within the specified period of 60 days from the end of the Quarter. Further, in cases of listed companies having Subsidiaries, while submitting their annual audited financial results prepared on stand-alone basis, as mentioned above, they shall also submit annual audited consolidated financial results to the Exchanges within the stipulated period of 60 days from the end of the financial year.


Nov 04,2011: RBI has reduced Validity Period of Cheques and Demand Drafts from 6 months to 3 months, from the date of bearing on the cheque on 01.04.2012 or any date thereafter.


October 20.2011 The last of efiling of Service Tax Return has been extended from 25th October 2011 to 26th December 2011, in view of the first year of applicability.


August 27, 2011 To know companies in which a person is director, login to MCA portal. Enter DIN to get Name of Co, CIN, Status, Default status, Designation & Date of joining/leaving.


August 27, 2011: Electronic filing of service tax return made mandatory for all assessee, wef. 1st Oct 2011 as per Notification No.43/2011 dated 25.8.11.


July 21, 2011 You are aware that Point of Taxation Rules, 2011 provides for the levy of service tax on the basis of date of invoice or payment, whichever is earlier, if the invoice is issued within 14 days from the ‘date of completion of the provision of service’. However, if the invoice is not issue within the prescribed period of 14 days, point of taxation will be ‘date of completion of the provision of service’ or payment, whichever is earlier. Also, Service tax Rules, 1994 require that invoice should be issued within a period of 14 days from the ‘completion of the taxable service’. Recently, to clarify the date of completion CBEC has issued the Circular no. 144/13/ 2011– ST, dated 18.7.2011 to clarify when the provision of service is to be treated as completed. It has been clarified in the said circular that this would include not only the physical part of providing the service but also the completion of all other auxiliary activities such as measurement, quality testing etc. which may be essential pre-requisites for identification of completion of service and enable the service provider to be in a position to issue the invoice. However such activities do not include flimsy or irrelevant grounds for delay in issuance of invoice.


July 02, 2011: W.e.f. 1-7-2011 vide Notification No. 41/2011-ST dated 27.06.2011, one more service of consulting engineer has been added to the list of specified services, which still are allowed to pay service tax on receipt basis, after implementation of point of service rules. In simple terms, in case of following services, service tax is required to be paid on receipt basis provided that services provider is either individual, proprietorships or partnership firms:- • Chartered Accountant, • Cost Accountant, • Company Secretary, • Architect, • Interior Decorator, • Legal, Scientific, • Technical consultancy services, and • Consulting Engineer Service


June10, 2011: ALL Listed Cos & thier Subsidiaries, Unlisted Cos with 5 cr Capital or 100 cr Sales to file Balance Sheet & P&L with MCA in XBRL as per General Circular 37 dt 7-6-11.


May 27, 2011: All directors are required to provide PAN numbers, unless already provided, by filling up form DIN-4 by 30/09/2011. On default the non-compliant DIN shall be disabled.


April 26, 2011: New Services Introduced by Budget-2011, becomes Taxable w.e.f. 01.05.2011. Notification No.29 to 37 dated 25.04.11 Issued. These new services include lawyers services, airconditioned restaurants and hotels etc.


February 25, 2011: Minimum Wages in Delhi increased by 15% w.e.f 1-2-2011. New Monthly Wages are: Unskilled- Rs. 6084, Semi skilled- Rs. 6734, Matric-Rs.7410 & Graduates-Rs. 8060.


February 12, 2011 CBDT has extended the date of sending the signed ITR-V to CPC, Bengaluru, Karnataka, till 31st July 2011 or 120 days, whichever is later in case of persons who have filed thier returns online without digital certificates on or after 1st April, 2010.


February 09.2011 Section 211 of the Companies Act, 1956 requires that the balance sheet and profit and loss account of a company shall be in the form set out in Part I of Schedule VI or in such other form as may be approved by the Central Government either generally or in any particular case. MCA vide a press release has exempted certain disclosure of certain quantitative details required under Schedule VI. So far, these exemptions were being given on a case-by-case basis with certain conditions. CALL OUR OFFICE FOR FURTHER DETAILS


FEBRUARY 11, 2011: No verification of TDS claims in ALL ITRS if difference between TDS claimed & that in 26 AS is upto 1 lac. No matching & invalid TAN cases also to be verified.


February 09, 2011: MCA grant exemption U/s 212 of the Companies Act, 1956 now no need to present the Financial Statements of the subsidiaries in the Annual General Meeting, if a Board Resolution has been passed and the consolidated Balance Sheet has been presented in the Annual Report.


Feb 04, 2011: According to a circular dated 3rd Feb 2011, The Ministry of Coprporate Affairs has exnded the Easy Exit Scheme, 2011 till 30th April, 2011. This is the extension for the second time. All companies which are not doing any business should get themself definct u/s 560 of the act.


Jan 29,2011 As per proposal, the Coins below 50 Paise not to be accepted from 3oth June 2011. Therefore, even entries in books of accounts, pricing of products, services, taxes are to be rounded off to nearest 50 Paise or Rupee.


Jan 29, 2011 Provision of 0.25% for standard assets of NBFCs In terms of Non-Banking Financial (Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007, and Non-Banking Financial (Non- Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007, all NBFCs are required to make necessary provisions for non performing assets. In the interests of counter cyclicality and so as to ensure that NBFCs create a financial buffer to protect them from the effect of economic downturns, it has been decided to introduce provisioning for standard assets also.


Jan 28,2011 1. Form 26 AS now shows transactions pertaining to shares, Mutual Funds, Bonds from FY 2009-10 onwards reported by Banks etc. in Annual Information Report (AIR). 2.IT Department upgrading system to ensure Assessee scrutinized for a financial transaction is not investigated again when those funds put to use.


August 27, 2010::CABINET APPROVES DIRECT TAX BILL: In a move that could leave more money in the hands of people, the government on Thursday proposed to raise exemption limit on income tax from the present Rs. 1.6 lakh to Rs. 2 lakh. The new Act would usher in reduced tax rates and exemptions that may come into effect from next fiscal. The bill also proposes income tax for Rs. 2- Rs. 5 lakh slab to be 10 per cent, and 20 per cent on income up to Rs. 5-Rs. 10 lakh, and 30 per cent on income beyond that. The bill has exempted senior citizens earning up to Rs. 2.5 lakh. The direct tax code bill also seeks to remove surcharge and cesses on corporate tax, which could provide relief to business houses.


August 26, 2010: The Ministry of Finance has issued a circular dated 24/8/2010 whereby the new Service Tax on Works Contract Tax (effective from 01/06/2007) would under go a classification change after 01/06/2007, even though such existing works contracts enetered into prior to that date were classified under some other category prior to that e.g. Construction, erection & commissioning, repairs & maintenance etc.


June 14, 2010: The finance ministry on Friday notified changes in gratuity rules where an employee retiring on or after May 24, 2010 will be eligible to receive a tax-free gratuity amount upto Rs 10 lakh. With this, the Income Tax exemption limit on gratuity has been raised from Rs 3.50 lakh to Rs 10 lakh. Employees who retire, become incapacitated, terminated, or die on or after May 24, 2010, will get I-T exemption for gratuity up to Rs 10 lakh, a Central Board of Direct Taxes statement said. The government had earlier taken Parliaments approval on raising the limit of gratuity to be exempted from I-T. The Gratuity (Amendment) Bill,2010,was passed in the Budget session.


May 28, 2010: Benefits of Company law Settlement Scheme, 2010 * Any delayed filing of document by Company can be done at cost reduced by 75% on the additional fee payment i.e. Fee in case of e filing of document = Normal filing fee + 25% of Additional filing fee * Condoning the delay in filing documents with the Registrar * Granting immunity from prosecution


May 28, 2010: Ministry of Corporate affairs has come out with Easy Exit Scheme, 2010 and Company law settlement Scheme 2010 effective between May 30, 2010 to August 31, 2010. Thus any company, other than specified companies, not carrying on any business can apply for easy exit by making an aplication u/s 560 of the Act. The detailed procedures and schemes can be obtained from our office.


May 15, 2010: The Council of the Institute of Chartered Accountants of India (ICAI), at its 292nd meeting held on January 13, 2010 has decided to require the members of the Institute of Chartered Accountants of India to: 1) Include, in addition to the other requirements relating to signature on the audit report, as prescribed under the relevant Standard on Auditing, the registration number of the firm as allotted by ICAI, in the audit reports signed by them; and 2) Ensure that the resolution passed by the company regarding appointment of the statutory auditor of the company under section 224 of the Companies Act, 1956, also contain the registration number of the firm of the auditor(s) with the ICAI. 3) These requirements would come into effect from April 1,2010.


April 15, 2010: In view of the Notification No. 01/2010-ST dated 19th February 2010, every Assessee, who has paid a total service tax of rupees ten lakh or more including the amount paid by utilisation of CENVAT credit, in the preceding financial year, he shall deposit the service tax liable to be paid by him electronically, through internet banking. It is also mentioned in the Notification that every assessee who has paid a total service tax of rupees ten lakh or more including the amount paid by utilisation of CENVAT credit, in the preceding financial year, he shall file the return electronically. The above said changes came in to force from 1st April 2010.


APRIL 13, 2010: Assessees do not have to establish a debt becoming “bad debt” in order to claim tax deduction. According to a recent Supreme Court ruling. The apex court said that bad debts written off in the books of accounts of the taxpayer is sufficient ground for claiming deduction. The issue was settled by a 1989 amendment in the Income Tax Act, which had clarified that the tax payer need not establish that the debt is irrecoverable for claiming deduction


April 09, 2010: The CBDT has notified new Rules for valuation of assets for the purpose of section 56 of the Act. Nothing special has been prescribede in the said rules, but the readers may still obtain a copy of the notification on email by request.



April 01,2010: As per RBI directives, the interest on savings accounts shall be computed on the basis of daily balance instead of monthly minimum balance earlier. With this change in method all savings accounts shall earn more interest than they were earned previously, though the rate of interest remains same at 3.5% pa . This may also turn out to be invetment strategy for HNI viz a viz short term investment schemes.


April 01, 2010: The finance ministry today decided to defer the levy of 10 per cent service tax on railway freight by three months. The levy had to come into effect from April 1. It would now be in force from July 1. Service tax on railway freight has been deferred till July 1 because inflation rate has not come down to the desired level. Prices of items like coal, cement and steel may go up further if a tax is levied on their transportation by the railways. SEBI


April 01, 2010: The tax deducted at source, or TDS, on payments could be as high as 20% for those not quoting PAN against the regular rate of 2%-10%. The Budget 2009-10 had made it mandatory for residents and non-residents to quote this number or face a higher rate of withholding tax. It comes into effect from Thursday, April 1.


Feb 20, 2010: in a recent judgement by Delhi High Court in case of AIMIL Ltd, it has been held that delayed deposit of employees contribution to PF shall be allowable if the same is deposited on or before the due date of filing return, following the SC judgement in case of Vinay Cement.


January 29, 2010: CBDT has issued circular no 2/2010 dated january 29/2010 whereby the FBT instalement paid by way of advance tax in relation to AY 2010-11, before the Budget, 2009, shall be treated as advance tax paid towards income tax and the assessee can adjust such sum from its subsequent instalments.


January 27, 2010: CBDT has issued a notification whereby the date of filing ITR-V, in case returns are submitted without digital signatures, at its office at Post bag No 1, electronic City Post Office, Bangaluru- 560100, Karnataka, has been extened for AY 2009-10. Thus ITR-V for AY 2009-10 can now be filed by 31.3.2010 or 120 days, which ever is later.


September 26, 2009: Allowance of foreign travel as expenditure for tax purposes has always been invited objections from tax officer. Unless such foreign travel directly results in generation of income, such expenses in most cases invites adverse view by tax officials. A latest Delhi High Court, Judgement delivered on 10 August 2009, in case of Nitco Marble, has held that foreign travel for exploring business potential is an allowable expense.


September 26, 2009: Allowance of foreign travel as expenditure for tax purposes has always been invited objections from tax officer. Unless such foreign travel directly results in generation of income, such expenses in most cases invites adverse view by tax officials. A latest Delhi High Court Judgement in case of Nitco Marble delivered on August 10, 2009 has held that foreign travel for exploring business potential is an allowable expense even if that does not result in income.


September 11, 2009 The cost inflation index for FY 2009-10 has been notified as 632, for the purpose of computaion of indexed cost of acquisition in case of transfer of long term assets.


>Jan 20, 2009: Mum ITAT in case of J M Stock Brokers Tests to distinguish shares held as “stock-in-trade” and as “investments” Where the assessee was a stock broker but it was consistently following the practice of holding some shaes as ‘stock in trade’ and other shares as ‘investments’ and the question arose whether the profits on the sale of shares held as investments constituted a capital gain or business profits, HELD: (i) The assessee had been consistent in its practice of treating some shares as stock and others as a capital asset. While the shares held as capital asset were valued at cost in the accounts, the shares held as stock-in-trade were valued at the lower of cost or market value; (ii) There is no bar on a stock broker holding shares as an investment. The mere fact that the assessee is an expert in share trading does not mean that he cannot hold shares as a capital asset. The magnitude of the transaction does not change the nature of the transaction.


October 31, 2007: The due date for filing etax return for coproprates and firms has been extended to November 15,2007. However, for persons who are not required to compulsorily file thier eReturn, the due is extended to Novemebr 02, 2007.


August 8, 2007: The cost inflation index for the purpose of indexed cost of acquisition for the financial year 2007-08 has been notified as 551 vide notification dated 3rd August 2007


August 7, 2007: The last date filing the IT returns only for the assessees in the state of Bihar has been extended to August 16, 2007 from July 31, 2007 due to flood in the State.


May 14, 2007: MCA portal is in the process of making DSC registration mandatory w.e.f. July 1, 2007. It is advised to all concerned to get thier digital signatures registered on before that date.


May 12,2007: Finance Act 2007 has been enacted with effect from 12.05.2007.


May 10, 2007: The Income tax Department has released seven new IT return forms for assessment Year 2007-08. Hoever, the online filing versions are yet to be released. It is advised to all concerned to be cautious to use the appropriate IT Return Form.


May 10, 2007: This has reference to a front page news in Economics Times on Thursday, May 10, 2007 to the fact that ICAI took initiative, on the request of the capital market regulator SEBI, to conduct Peer Review of its constituent auditing firms engaged in the auditing of public listed companies. It is said that there are about 3000 such firms engaged in auditing of public listed companies, of which about 800 are already subjected to Peer Review. Peer Review is like an ISO certification on the internal controls of an audit firm on the quality & review procedures of audit & certification assignments observing disclosure & reporting compliances in the larger interests of the public. We take pleasure to inform our clients that your audit firm, TAS Associates, has already been subjected to Peer Review by Institute of Chartered Accountants of India (ICAI) in the year 2004 and stand among the first lot to get such certification. It shall always be endeavour to continue our efforts towards maintaining the standards in auditing practices towards the service of its clients and public at large.


April 12, 2007: The prescribed time for re-submission of any document beyond the prescribed time of 60 days, has been extended to June 30, 2007 without any fees. After the said date, if re-submission is made beyond 60 days, prescribed fees and additional fees shall be payable.


April 11, 2007 : The MCA portal for filing the information about the directors in form DIN 3 has been extended upto June 30, 2007 without payment of any fees. Therefater, DIN filing shall require filing fees as prescribed.


December 1, 2006 : All corportaes, who have filed thier returns without digital signatures, must file the hard copy of the return form, duly signed by the authorised person, togetherwith the provisional acknowledgment receipt of online filing, within 15 days of the online upload. In default, the return shall be deemed as not filed followed by the consequences.


The eForm 1 for the corporate assessees has now again been revised on November 1 (ver 1.0.13). Please download new versions before fillingup the return & upload. A new format in pdf is also available, which is easier to understand & fill up.


November 7, 2006 : All corporate Clients must make sure to upload the intimation in form DIN 3 on within seven days of the receipt of Form DIN 2 from its directors. The form DIN 3 is required to be verified and certified by a company secretary (Inhouse or practising).


November 5, 2006 : The Income Tax Department has launched a new PDF based software utility for eFiling of IT return in form 1 for corporate assessees. The ame may be downloaded or asked for a copy from our office.


October 24, 2006 The date for filing eReturn by corporate assessees has been extended to November 30, 2006 from the exisiting October 31, 2006. All non-corporate assesees including those who are required to get their accounts audited, are still reuired to file thier returns by October 31, 2006.


Oct 20, 2006 For obtaining PAN by persons (including individuals, HUF, companies etc) who do not have any office in india would now be required to submit the details of thier passports alongwith the form of application of PAN. In case of corporate assessee certificate of registration shall be attested by the Indian embassy in the country of origin of the company.


The New eFiling for Corporate assessees in form 1 has been successfully launched by the tax department. The pre-requisite software and the efiling Form 1 (IT + FBT) can be downloaded from In order to download the forms, utilities & uploading the filled forms, every assessee is required to register itself on the site with the PAN details for which uploading is desired. In case of any problem, you may contact us for any resolution.


MCA is in the process of revising the form 23ACA (for filing the Profit & Loss Account), which is expected to be updated on Sunday, the 15th October, 2006. All concerned are suggested to download the new form before filing the same in the next week. --October 14, 2006


The IT eform no 1 for coprporate assessees has been recently revised 0n Oct 9, 2006. You may download a new form from


The new IT forms have been prescribed in form nos 1, 2, 3 & 3B. Form no 1 is for corporate assessee, who are compulsorily required to submit electronically. If the return is filed without digital signatures, then a hard copy would also be required to be filed with assessing officer giving the reference number of online submission. For non-corporate assessee's online submission is not yet compulsory. The new forms does not require to be attached with any evidence of TDS, challans, audit reports, balance sheets etc. They same may be called for by the assessing officer., whereever desired. New Forms can be downloaded and submitted online at the web :


The Due date of filing the return of income and return for FBT has been extended to October 31, 2006 in case of those assessee's who are deriving income from business or profession & not required to get thier accounts audited. As per prevalent provisions, these persons are required to file thier return by July 31st every year. However, assessee's having income from salaries, other sources, house property & capital gains but nor any business income shall continue to be required to file returns by July 31, 2006. (press Release)


This is to inform you that with a view to removing the hardship caused to the taxpayers, the Central Board of Direct Taxes has extended the time period for making investment in 54EC bonds of REC and NHAI due to non availability of the capital gain bonds or the effective time available for making the investment is less than six months because of non availability of these bonds. The limitation of six months for making the investment under section 54EC of capital gains arising from the transfer of a long term capital asset, has been extended as under – (i) upto 30th September, 2006 in case of persons where the long term capital asset was transferred between 29.09.2005 and 31.12.2005 (both dates inclusive) ; (ii) upto 31st December, 2006 in case of persons where the long term capital asset was transferred between 01.01.2006 and 30.06.2006 (both dates inclusive);


A.P.(DIR Cir)-5 Dated August 1, 2005: The key operative part in the credential of the overseas lender for the purpose of obtaining the ECB under automatic route is that it should be availed from an internationally recognised source and one of the recognized categories is “foreign equity holder”. It is clarified that for a "foreign equity holder" to be eligible as “recognized lender” under the automatic route would require minimum holding of 25% of the equity in the borrower’s company as per specified limits.


-- There is no need to file new Form 2F for the AY 2006-07, for which the due date of filing the return is July 31st, 2006.


A new IT Form 2F has been introduced to be mandatorily filed from AY 2007-08, which require every individual assessee to furnish the complete details of his investments, expenses, gifts received, cash & bank balances at the beginning and close of the relevant previous year.


CBDT has extended the due date of electronic filing of quarterly statement of TDS in Form 24Q of the last quarter from 15th June, 2006 to 31st July, 2006. This extension is for electronic filing only and that too for Form 24Q only. The last date for submission of TDS statement in Form 26Q and statement in respect of TDS on salaries in paper format shall continue to be 15th June, 2006. Accordingly, there is no extension in case one intends to file quarterly statement in respect of salaries in paper format.


The service tax on new services and the levy of service tax @12% (+Education Cess 2%) increased from 10% has been notified to be applicable from April 18, 2006. - April'06


The Due date for filing the return of income for AY 2006-07, in case of all non-corporate assessees, who are not required to get their accounts audited and who have their income above Rs One Lac, is July 31, 2006.


From the Assessment Year 2006-07, the compulsory filing of return under the One by Six Scheme has been dispensed with. Henceforth, it shall not be necessary to file the return in form 2C. However, if a person desires to continue to file his return, he may do so in the prescribed form. There is no need to file the return in form 2C for AY 2006-07.


A proposal has been mooted to include the Purchase of cars costing above Rs 5 lacs, in the Annual Information Report (AIR) to be submitted by the Car Dealers. This step appears in the direction to track the undisclosed investments by the general public in purchase of cars :June'2006


Soon, draft formats of various legal documents, agreements etc shall be available for free download


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