Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Popular Search: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: list of goods taxed at 4% :: VAT Audit :: form 3cd :: TDS :: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: cpt :: empanelment :: ACCOUNTING STANDARDS
« News Headlines »
 TDS on rent and other tax tasks to complete before March 31
 5 income tax changes which will come into effect from April 1, 2018
 Why you shouldn't be a last-minute tax filer
 How to calculate income tax for this assessment year on Moneycontrol
 6 Tax notices you may get and how to cope with them Income Tax Notice
 Deadline to pay advance tax ends tomorrow: Here is a step-by-step guide
  Central Goods and Services Tax (Second Amendment) Rules, 2018
 Income Tax Return Filing Deadline: Waiver On LTCG Tax To End On 31 March. Details Here
 Income tax returns (ITR) filing: Top mistakes that can be very costly
 Income Tax Return (ITR) filing: 6 last-minute things you can still do to save tax for FY17-18
 How to file Income Tax Returns online in 5 simple steps

E-filing norms make life simpler for smaller cos
October, 12th 2006
The way in which the countrys tax payers file their returns is set to undergo a major change.To start with, domestic corporates will soon be filing their tax returns electronically by October 31 without any paper like their peers abroad. They no longer need fret about attaching piles of documents such as a tax audit report or tax deducted at source certificates while filing their returns electronically. E-filing, which is now mandatory for firms but voluntary for other classes of tax payers, will ensure that their interaction with the taxman will be reduced considerably. More importantly, as the western world has found out filing tax returns electronically could mean securing tax data or the tax history. The Central Board of Direct Taxes (CBDT) on Wednesday issued a circular which serves as a guidance note for corporate tax payers. Firms need not attach audit reports along with their tax return barring those with an annual turnover of over Rs 40 lakh. This segment of taxpayers would need to have audit reports, certified by a chartered accountant before the deadline for filing their returns. The tax payer would, however, have to keep these audit reports and produce them when the tax authorities carry out an assessment of income. In the new regime, the tax department will also allow credit for tax deducted at source and tax collected at source also while processing returns. The tax payer would need to keep these certificates instead of passing it on to the taxman. However, the only exception is on the transfer pricing report. Indian firms entering into global transactions have to get a report from a chartered accountant or an accountant on the value of such transactions. They would also need to outline the method used to justify the arms length price. The transfer pricing report has to be furnished along with the returns. In the US, the switchover to e-filing has led to 72m tax returns being filed electronically without any paper in 06 with 20m being filed from home computers, according to the Internal Revenue Service. Over there, large and mid-size corporations are required to file their returns electronically. There is also an individual e-file programme for those opting to file online. Such individual online filers need to just answer some simple questions in their tax preparation software and the software does the rest. For Indian corporates also, the compliance cost of the switchover may come down. E-filing will reduce the time and effort involved in filing physical or returns in the paper form. From the perspective of the revenue department, the transition to e-filing will signal doing away with the existing practice of data entry of income tax returns in physical form. With electronic filing, they may no longer have to contend with errors in data entry. The guidelines havent left corporates happy. The CBDT has cleared some doubts. But there is a lack of clarity on how foreign companies would be able to file since they do not have permanent account numbers and forms cannot be uploaded without a permanent account number. Also on software, there are issues. It has been found to be laden with bugs, said Ravi Prakash, principal consultant, PricewaterhouseCoopers. The objective behind this is laudable and some of the principal issues have been addressed. But there has to be logistic support," Salil Gupta, director, BSR and Co said. Those assesses who had filed returns earlier on old forms will have to file afresh as old forms are now invalid. These taxpayers would have to resubmit the return in new forms in accordance with the revised procedure. Also, the department would give priority to returns filed electronically while processing them. The paper return would have to tally with the e-filed return. As a tax payer-friendly measure, the circular has also given detailed instructions on how to fill forms.
Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Custom Software Development Outsourcing Custom Software Development Offshore Cus

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions