V Parakh & Associates, Chartered Accountants

18/04/2017

Lakshay Ek Sunhara Bhavishya... A Grand Career Fair

28/10/2016

*ROC filing date extended till 29-11-16.*

24/06/2016

Krishi Kalyan Cess (KKC) exempted in respect of taxable services for which invoice has been issued and services have been completed on or before 31st May, 2016

02/05/2016

30/05/2015

Effective Service Tax Rates for various services W.e.f. 01.06.2015

Normal - 14 %
GTA Transports - 4.2 %
Builder-Residentail - 3.5 %
Builder-Commercial - 4.2 %
Civil Contractor with Material - 5.6%
Er****on/ elctr wth Material - 5.6%
Repair Maint. of Bldg or goods - 9.8 %
Lodging - 8.4 %
Restaurant - 5.6 %
Catring - 8.4 %
Hall wth Catering - 9.8 %
Vehicle Rent - 5.6%

19/05/2015

Increase Service tax of 14% to be applicable from June 1

28/04/2015

Govt. to launch social security scheme, ' NIRAMAYA' for disabled persons to cover medical treatment upto Rs. 1 lakh

CIT(A) can himself make inquiry and refer the matter to DVO on failure of AO to do so
[2015] 56 taxmann.com 282 (Bombay)
Rallis India Ltd. v. CIT(Appeals)

IT : Since principal of mutuality would apply to transaction with member; guest charge received by assessee club

No TDS on payments made to Corporations set up for Welfare & Economic upliftment of Ex-servicemen, whose Income is Exempt u/s 10(26BBB). Circular 7 of 23-4-15.

Date of filing IVth QTR Returns of 2014-15 in Form DVAT 16, DVAT 17 & DVAT 48 alongwith Annexures extended to 15.05.2015. Circular No. 2 of 2014-15.

Was in CARO 03 now Removed in CARO 15
Compliance with Special Statutes
Whether the provisions of any special statute applicable to chit fund have been duly complied with? In respect of nidhi/ mutual benefit fund/societies.

IT : Reassessment was quashed which was initiated on ground that assessee bank, which was in liquidation due to cancellation of licence was not entitled...

20/04/2015

18/04/2015

Details of Changes in New ITR as launched on 15/04/2015

ITR-1

1) Introduction of furnishing Aadhar Card Number in ROI. Which will be used for EVC system.

Introduction of EVC for verification of return of income filed as an option to send ITR-V to CPC, Bangalore.

2) Details of all bank accounts with Bank name, IFSC Code, Name of Joint Holder, if any, Account number, Account balance as on 31.03.2015 mandatorily to be provided. Even those accounts which are closed during the year.

ITR-2

1) Introduction of furnishing Aadhar Card Number in ROI. Which will be used for EVC system introduced as mentioned above.

2) Details of Foreign Travel made if any (For resident and nonresident both) includes, Passport No, Issued at, name of country, number of times travelled and expenditure

3) Details of utilization of amount deposited in capital gain account scheme for years preceding to last two assessment years. Particulars asked include year of utilization, amount utilized, amount unutilized lying idle in capital gain account scheme till the date of filing of return of income.

4) In case of LTCG & STCG not chargeable to tax to Non-resident on account of DTAA benefit, It is required to furnish Country name, Article of DTAA, TRC obtained or not?,

5) For Non-resident, Income from other sources, If any income chargeable to tax at special rate provided in DTAA, It is now required to provide details of Name of Country, Relevant article of DTAA, Rate of Tax, Whether TRC obtained or not?, Corresponding rate of tax under income tax act.

6) Details of all bank accounts with Bank name, IFSC Code, Name of Joint Holder, if any, Account number, Account balance as on 31.03.2015 mandatorily to be provided. Even those accounts which are closed during the year.

7) In schedule FA- Foreign assets disclosure, Following details added.

a) Foreign Bank accounts details: It is now further require to furnish Account number, account opening date, Interest/income accrued from such account, If any along with details of head of income and schedule under which such income is shown, if offered to tax in India.

b) In similar manner, details of income from Financial interest in any entity outside India along with details of income offered to tax in ITR-2 from such income.

c) Similar disclosure requirement is also required for Immovable property outside India, capital asset held outside India, trust held outside India

ITR-4S

1) Introduction of furnishing Aadhar Card Number in ROI. Which will be used for EVC system introduced as mentioned above.

2) Details of all bank accounts with Bank name, IFSC Code, Name of Joint Holder, if any, Account number, Account balance as on 31.03.2015 mandatorily to be provided. Even those accounts which are closed during the year.

18/04/2015

Don't give PAN number for railway Tatkal booking as proof of ID
.
The Railways display the PAN. name, s*x and age of passengers on reservation charts pasted on railway compartments.

This is a boon for benami transactions. It is mandatory for traders like jewelers to collect tax (TCS) from customers on purchase of jewelry worth Rs 5 lakh & bullion worth Rs 2 lakh.

To accommodate high net worth customers, traders have a easy source of benami PAN numbers, name, s*x and age from reserved railway compartments. A traveller recently noticed a chap copying PAN particulars along with name, age and s*x pasted on reserved compartments, and when confronted with the help of railway police, he admitted that he gets Rs 10 per PAN particulars from jewellers. These persons are copying PAN information of senior citizens, women etc from sleeper class with the intention that passengers in sleeper class are not serious tax payers and generally salaried class..

In that case the department will first initiate action from the tax payer's side asking him to explain the sources of money for the above transaction done in his name and also to prove that he has not carried on the above transaction..

You may quote your driving licence #, Voter ID # etc as your ID Proof but definitey not your PAN.

25/02/2015

MCA introduces Form GNL-4 for filing addendum for rectification of defects or incompleteness. Notification dated 24.02.2015

21/02/2015

The following companies shall comply with the Indian Accounting Standards (Ind AS) for the accounting periods beginning on or after 1st April, 2016, with the comparatives for the periods ending on 31st March, 2016, or thereafter, namely:-
(a) companies whose equity or debt securities are listed or are in the process of being listed on any stock exchange in India or outside India and having net worth of rupees five hundred crore or more;
(b) companies other than those covered above and having net worth of rupees five hundred crore or more;
(c) holding, subsidiary, joint venture or associate companies of companies covered under (a) and (b)