Compulsory manual selection of cases for scrutiny during the Financial Year 205-2016

To
Government of India

Ministry of Finance

Department of Revenue (CBDT)

Instruction No. lJ.t.:./2015

North-Block, IT (A-II) Division

New Delhi the 31st of August, 2015

All Pro Chief-Commissioners of Income-tax/Chief-Commissioners of Income-tax

All Pro Directors-General of Income-tax/Directors-General of Income-tax

Sir/Madam
Subject: Compulsory manual selection of cases for scrutiny during the Financial Year 2015-2016-

Due date of filing of returns for the people of Gujarat has extended

Due date of filing of returns for the people of Gujarat has extended till 7th sep

New leaked images show Android-powered BlackBerry Venice with 18MP camera, microSD slot

http://www.ibnlive.com/news/tech/new-leaked-images-show-android-powered-blackberry-venice-with-18mp-camera-microsd-slot-1058848.html

ICAI takes back its decision on Mechanism to Monitor Tendering

ICAI takes back its decision on Mechanism to Monitor Tendering

As reported by us that ICAI has reversed its decision on Mechanism to Monitor Tendering vide our post titled “ICAI – Tendering- Council Retreat – Decision Reverted” , ICAI has made an announcement to such effect on its website vide its press release dated 24.08.2015, text of the same is

Registration of trust can't be cancelled due to non-filling of return of income

August 26, 2015[2015] 60 taxmann.com 183 (Chennai - Trib.)/[2015] 38 ITR(T) 634 (Chennai - Trib.)

IT : Since non-filing of a return did not find a mention as a cause for

When lights are off at night, one must not view the hand phone! or permanent loss of eye sight is possible

Habitually using hand phones before bedtime in the dark can lead to serious problems.
Recently, an increasing number of 30-40 year-old patients are seeking medical attention due to using hand phones in the dark.
Professor Li Li, director of the Hospital of Ophthalmology said: direct glare of >30 minutes would

Provision for doubtful debts not required to be add back to arrive at book profit u/s 115JA

Provision for doubtful debts not required to be add back to arrive at book profit u/s 115JA

 

Citation:   – The Commissioner of Income Tax vs. M/s. Salgaonkar Mining Industries Pvt. Ltd, (Goa High Court) Income  Tax Appeal  no 37/2007, Date of Pronouncement 23.04.2015

Brief of the case

In the case of The Commissioner of Income Tax vs. M/s. Salgaonkar Mining Industries Pvt. Ltd High Court of Goa has

CA required

Required a ca with experience of 1 year or fresh with adequate training capable of handling company audits can contact us at

CBEC clarifies on SCN issuance & proceedings conclusion as per amended penal provisions in Service Tax and Central Excise

Background:

The penal provisions under the Service Tax and the Central Excise has been liberalised vide the Finance Act, 2015, effective from May 14, 2015, whereby, in terms of the amended provisions, if an assessee is willing to pay the duty/tax along with interest either before the issuance of Show Cause

MCA notification on Exemptions to Section 8 Companies under Companies Act 2013

Click here read more

Related Party transaction under Companies Act 2013

click here to know more

Deposits Under Companies Act 2013

Click here to read more

CA-assisted tax filing is now FREE!

Aug 21 at 8:59 PM

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The countdown for filing income tax has started. If you have not filed it yet, here’s your chance to redeem the score. CA-assisted tax-filing made absolutely FREE @ MyUniverse. Moreover, get ebay vouchers worth Rs. 5000 along with a chance to win Google Nexus 6. Don’t delay, E-File today. PS: FREE CA-Assisted Tax Filing is a limited period offer and is not applicable on Capital Gains and Foreign Income Tax Filing. Please avail it before it expires   Follow us on call 022-61802828 (Mon-Sat 10.00 am - 7.00 pm) email: customercare@ myuniverse.co.in visit: www.myuniverse.co.in Mutual Funds and securities investments are subject to market risks and there is no assurance or guarantee that the objectives of the Scheme will be achieved. Investors are requested to read the Scheme Information Document, Statement of Additional Information and Key Information Memorandum for Scheme specific relevant details & risk factors. Aditya Birla Customer Services Limited (ABCSL) is a sub-distributor of Aditya Birla Money Mart Limited (ABMML)(the “Distributor” holding ARN No. 0003), and provides its services under the brand name of “MyUniverse”. ABMML and ABCSL/MyUniverse make no warranties or representations express or implied on such product. ABMML and ABCSL/MyUniverse accept no liability for any damages or loss however caused in connection with the use of or reliance on product or related services. T&C of website applicable.

Restrictions under Cenvat Credit Rules- An analysis

Cenvat Credit scheme is designed to avoid cascading effects but it has been seen over a period that the government has been diluting the basic philosophy of the rule by introducing many arbitrary restrictions. This has been done to augment revenue without increasing the tax rates. Paper writer has

WowTables: Exclusive fine dining meals & experiences

WowTables is a culinary platform offering classic table reservations and curates exclusive dining experiences for guests by associating with quality restaurants across India in Mumbai, New Delhi, Bangalore and Pune. WowTables was launched in late 2012 in Mumbai under the name 'GourmetItUp' by Deepa and Kunal Jain. This brainchild of theirs is the first online reservation portal

Requirement of chartered accountants

Required two chartered accountants having 3 years of experience on assignment basis for 8 to 9

Five major reasons for Bloodbath in Indian financial markets

•    Fears of global slowdown, china plays an important role after Chinese Yuan devaluations

Read more »

RBI issues FAQs on Forex facilities and 'Liberalised Remittance Scheme' for residents

Are you planning to travel abroad and you are not sure how much foreign exchange can you buy when travelling on private visits to country outside India? You are not sure as how much foreign currency can be carried in cash for travelling abroad? You want to know how much Indian currency

Exchange of gifts among unknown persons held taxable under section 68

August 20, 2015[2015] 60 taxmann.com 133 (Delhi)/[2015] 373 ITR 301 (Delhi)/[2015] 275 CTR 166 (Delhi)

IT : Where donor and donee (assessee) were not known to each other, mere

ESI COURT DOES NOT HAVE POWER TO GRANT EXEMPTION UNDER SEC.75 (1)(g) OF ESI ACT, 1948

The Employees Insurance Act, 1948 (‘Act’ for short) is a piece of social welfare legislation to extend certain benefits to certain classes of employees.  Section 74 gives powers to the State Government to

INCOME-TAX (TWELFTH AMENDMENT) RULES, 2015 - INSERTION OF RULE 126 NOTIFICATION NO.70/2015 [F.NO.142/12/2015-TPL]/SO 2240(E), DATED 17-8-2015

INCOME-TAX (TWELFTH AMENDMENT) RULES, 2015 - INSERTION OF RULE 126

NOTIFICATION NO.70/2015 [F.NO.142/12/2015-TPL]/SO 2240(E), DATED 17-8-2015

In exercise of the powers conferred by Explanation 2 to clause (1) of section 6 read with section 295

No concealment penalty if sum treated as capital receipt was disclosed in notes to accounts and return

August 19, 2015[2015] 60 taxmann.com 135 (Bombay)

IT : Where there was complete disclosure of facts by assessee that an amount of Rs. 1.11 crore, which was received on account of a project not

BALANCE SHEET FORMATS FOR PVT. LTD. COMPANY UNDER COMPANY ACT, 2013

Balance Sheet_11-12.xls

Good_Company_India_Limited.doc

Good_Company_India_Limited.pdf

Guidance_Note_to_the_Rev_Sch_VI__2011-12.pdf

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SERVICE TAX AUDIT OPPORTUNITY IS MARKED BY STIFF CONDITIONS AND LOWER FEE

Objectionable Condition No. 1- On receipt of audit report, department may call the auditor for seeking any clarification or ask them to complete audit, if it is found that particular area has not been examined properly.
- It will only result in unending process and shall always be open to receive department dictates. After

Refrencer on Board Report and Guidance Note on annual Report issued by ICSI

Referencer on Boards Report.pdf

Guidance note on Annual Return.pdf

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PM Modi's Independence Day speech: 12 keys announcements

NEW DELHI: In a 85-minute speech from the ramparts of the historic Red Fort, PM Narendra Modi referred to the major issue facing his government — 'One-Rank, One-Pension' (OROP) — on which

Expression of interest for audit of J Gupta & Co.

Company Name/Employer Name J Gupta & Co.

We are looking for auditors who are DISA qualified.

Skill Required Chartered Accountant, DISA qualified

Expression Of Interest (EOI) (Appointment Of Internal Auditors For Hal Barrackpore Division)

Hindustan Aeronautics Limited
Last Date : Aug 14, 2015
Expression Of Interest (EOI) (Appointment Of Internal Auditors For Hal Barrackpore Division)

Various policies to be laid down as per CA2013

Mandatory as per Section / Rule	Policy	Who shall formulate the Policy	Remarks
	Risk Management Policy		Reference is found in Section 134(3)(n)
Section 178(3)	Policy relating to the remuneration for the Directors, Key Managerial Personnel and other Employees	Nomination and Remuneration Committee

FinMin notifies rules on foreign account tax Act

http://www.thehindubusinessline.com/economy/policy/india-notifies-rules-for-fatca-compliance/article7516555.ece

Black money law: No case for extending compliance window deadline, says Das

The Finance Ministry has ruled out any extension of the last date for declarations, which is September 30, allowed under the ‘compliance window’ in the new black money law.

The compliance window — which has been declared as a one time facility — allows declaration of unaccounted foreign assets along with payment of tax at rate of 60 per cent (30 per cent plus 30 per

Sec. 234E which levies fee for late filing of TDS/TCS returns is constitutionally valid, rules HC

August 11, 2015[2015] 60 taxmann.com 144 (Karnataka)

IT : Section 234E does not suffer from any vices for being declared to be ultra vires of the Constitution. Section i.e., 234E is intra vires of the Constitution

• In the instant petition the petitioners challenged the constitutional validity of Section 234E contending that it is ultra virus of Constitution of India .

• According to petitioners levy or imposition of 'fee' is regarded as a written or

Trust can earmark its existing fixed deposits for future application to claim exemption under sec. 11(2)

TDS on quarter-end and year-end provisions – Battle lost in IBM but the war continues

Bangalore ITAT, while dealing with assessee’s liability to deduct tax at source (‘TDS’) on provisions, had hitched IT giant IBM India Private Ltd [TS-305-ITAT-2015(Bang)] with liability to pay interest u/s 201(1A).  ITAT held IBM liable to deduct TDS on quarterly expense provisions entries made through credit in suspense account as per global group accounting policy

A recent decision of the Hon’ble Bangalore Income Tax Tribunal on the TDS provisions has generated lot of debate, mainly due to the practical difficulty it can create in complying with the TDS provisions and also due

New mandatory pre-deposit law under excise section 35F and customs section 129E is constitutionally valid and irrespective of date of issue of notice/order, it would apply to all appeals filed on or after 6-8-2014

Excise & Customs : New mandatory pre-deposit law under excise section 35F and customs section 129E is constitutionally valid and irrespective of date of issue of notice/order, it would apply to all

CBDT notifies revised Form ITR 6 (for companies) and other forms ITR 3, ITR 4, ITR 5, and ITR-7 for filing tax return for AY 2015-16

CBDT notifies revised Form ITR 6 (for companies) and other forms ITR 3, ITR

Notice issued u/s 148 with approval of CIT in place of JCIT has no validity

Citation of the case:-

CIT vs.M/s. Soyuz Industrial Resources Ltd. (Delhi High Court), ITA No. 158/2015, Date of Decision: 27.02.2015

Issue before court:

Whether CIT can give approval for initiating proceeding u/s 147 in place of JCIT who is prescribed authority to give such approval u/s 151 (2) of the Income-tax Act.

Brief facts:

o    For AY 2002-03, assessment was framed under Section 143(1).

o    Based upon information received by the AO, a satisfaction note was recorded sometime in early 2009 and a notice was issued in 25.03.2009 i.e. four years beyond the end of the assessment year. Since the case was reopened after

Just 17 individuals owe a whopping Rs 2.14 lakh crore tax arrears

http://economictimes.indiatimes.com/wealth/tax-savers/tax-news/just-17-individuals-owe-a-whopping-rs-2-14-lakh-crore-tax-arrears/articleshow/48284890.cms

NEW DELHI: Just 17 individuals have a whopping Rs 2.14 lakh crore as outstanding tax arrears, with each of them owing more than Rs 1,000 crore.

This is more than double the amount of total tax dues worth Rs 90,568 crore outstanding against 35 companies in this category (with outstanding tax arrears of over Rs 1,000 crore each), the Parliament has been informed.

Together, these individuals and companies account for more than one-third of the overall direct tax arrears (including ..

Read more at:
http://economictimes.indiatimes.com/articleshow/48284890.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

NEW DELHI: Just 17 individuals have a whopping Rs 2.14 lakh crore as outstanding tax arrears, with each of them owing more than Rs 1,000 crore.

This is more than double the amount of total tax dues worth Rs 90,568 crore outstanding against 35 companies in this category (with outstanding tax arrears of over Rs 1,000 crore each), the Parliament has been informed.

Together, these individuals and companies account for more than one-third of the overall direct tax arrears (including ..

Read more at:
http://economictimes.indiatimes.com/articleshow/48284890.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

NEW DELHI: Just 17 individuals have a whopping Rs 2.14 lakh crore as outstanding tax arrears, with each of them owing more than Rs 1,000 crore.

This is more than double the amount of total tax dues worth Rs 90,568 crore outstanding against 35 companies in this category (with outstanding tax arrears of over Rs 1,000 crore each), the Parliament has been informed.

Together, these individuals and companies account for more than one-third of the overall direct tax arrears (including ..

Read more at:
http://economictimes.indiatimes.com/articleshow/48284890.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

NEW DELHI: Just 17 individuals have a whopping Rs 2.14 lakh crore as outstanding tax arrears, with each of them owing more than Rs 1,000 crore.

This is more than double the amount of total tax dues worth Rs 90,568 crore outstanding against 35 companies in this category (with outstanding tax arrears of over Rs 1,000 crore each), the Parliament has been informed.

Together, these individuals and companies account for more than one-third of the overall direct tax arrears (including ..

Read more at:http://economictimes.indiatimes.com/articleshow/48284890.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

India likely to defer adoption of new accounting standard 'Ind AS 115'

http://economictimes.indiatimes.com/news/economy/policy/india-likely-to-defer-adoption-of-new-accounting-standard-ind-as-115/articleshow/48281702.cms

Auto driver's son from Dombivli cracks CA finals in first attempt!

Mumbai: Where there is a will there is definitely a way! Sachin Dubey from Dombivili, Kalyan district emerged victorious in clearing the Chartered Accountancy exam held in May 2015 in his very first attempt! Sachin, whose father is an auto-driver, was felicitated on his achievement by

Kolkata ITAT dismissed 263 cases on Capital assessment

Yakub Menon not a CA from 1993 onwards

As per Sec 2(1)(b) of Chartered Accountants Act,1949 , Chartered Accountants means a person who is a member of ICAI. Since his name was removed in 1993 from register of member, he is not a CA from 1993 onwards. Whenever general public quote that he is a CA, we should argue that his name