201406.28
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Allow deduction of payment for notice period

ICAI in its Pre-Budget Memorandum 2014 on Direct Taxes suggested that amount paid by salaried assessees for notice period is to be allowed as deduction. As per the prevalent norm, the employees are required to serve notice within the stipulated time before leaving the  organisation. The notice period, however, varies from organisation to organisation. For…

201406.28
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Draft Notification by MCA for Private Cos

Ministry of Corporate Affairs published a draft notification on 24th June 2014 which, by far if notified, will be paramount importance and will restore the heydays for private companies clearing the air with respect to the same, the Ministry of Corporate Affairs published a draft notification on the inapplicability/ partial/ modified applicability of certain provisions…

201406.28
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ITR 5 – RELEASED

After long wait CBDT has finally released ITR 5 which is applicable for Income Tax Return(ITR) of firms, AOPs, BOIs, and LLPs for Assessment Year 2014-2015. CBDT has released Java utililty of ITR-5 and we expect Excel utility also to be released soon.

201406.25
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E – Wealth Tax Return

CBDT has vide notification No. 32/2014 dated 23.06.2014 prescribed new Wealth Tax Return Form BB wef A.Y. 2014-15 instead of old form BA. CBDT has also prescribed that this form can be filed online with or without digital signature. For certain class of Assessee i.e. Individual/HUF not liable to tax audit e-filing is optional but…

201406.18
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Voting through electronic means – Clarification

General Circular No. 20/2014, Dated 17th June, 2014 Section 108 of the Companies Act, 2013 read with rule 20 of the Companies (Management and Administration) Rules, 2014 deal with the exercise of right to vote by members by electronic means (e-means). The provisions seek to ensure wider shareholders participation in the decision making process in…

201406.18
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Make Taxpayers’ life easier: Shome Panel

A government panel on tax reforms has recommended sweeping changes, including pre-filled returns for individuals, a common return for I-T and wealth tax, and an overhaul of the administration to focus on customer satisfaction and reduce disputes. The Tax Administration Reforms Commission (TARC), headed by Parthasarathi Shome, has said that the government needs to ensure…