Changes in New ITR Forms For AY 2015-16

CBDT has notified ITR 1, ITR 2 & ITR 4S for the AY 2015-16 and amended rule 12 which is related to condition of Filling of Income Tax Return. Changes notified are as follows: E-filing of ITR Mandatory for individuals & HUFs claiming Income Tax Refund : For AY 2015-16 i.e FY 2014-15 ITR 1,…

Recent Updates In Direct & Indirect Taxes

Recent updates in Direct & Indirect taxes and in other areas of professional interest shared by CA Aman Yadav Notice issued in the name of amalgamated company is void. [Images Credit and Portfolio (P) Ltd. (amalgamated with Sainath Associates Pvt. Ltd.) vs. ACIT (ITAT Delhi)]. Authentication of invoice/ARE 3 by Central Excise authorities for claiming deemed…

Reliance Retirement Fund is eligible fund for purpose of Sec. 80C Deduction

                                                  [To be published in the Gazette of India, Extraordinary,                                                          Part-II, Section 3, Sub-section (ii)]                                                                   Government of India                                                                    Ministry of Finance                                                                Department of Revenue                                                             Central Board of Direct Taxes                                                                 Notification No. 90/2014                                                                                                                       New Delhi, the 23 December, 2014 S.O. 3261(E) – In exercise of the powers conferred by clause…

CBDT allows usage of one mobile number and email-id for 10 user accounts in e-filing portal

A valid Email ID and Mobile Number has to be registered/ updated on the e-filing website of the Income Tax Department so that direct communication with taxpayer can be possible.For details, taxpayers can logon to:https://incometaxindiaefiling.gov.in/eFiling/Portal/StaticPDF/Update_Contact_Details.pdf) The Department will send separate One Time Passwords (OTP) also referred as PIN on the mobile and email provided by…

Recent Updates in Direct & Indirect Taxes

Recent updates in Direct & Indirect taxes and in other areas of professional interest shared by CA Aman Yadav CBDT has released ITR-5 which is applicable for Income Tax Return (ITR) of firms, AOPs, BOIs and LLPs for A.Y. 2014-2015. CBDT has released Java utility of ITR-5 and we expect Excel utility also to be…