Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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: empanelment :: articles on VAT and GST in India :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: cpt :: VAT Audit :: ACCOUNTING STANDARD :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: due date for vat payment
 
 
Direct Tax »
 CBDT asks I-T dept to take urgent steps
 I-T department asks taxpayers to update their information on e-filing portal
 Companies may have to submit income estimates by 15 November
 CBDT proposal on advance estimates of tax liability irks industry
 Advance tax calculation: Firms may have to furnish Apr-Sept income estimates
 Companies may have to furnish Apr-Sept income estimates to I-T dept
 CBDT working on a draft rule that makes it compulsory for companies to provide income estimates by Nov 15
 Companies, HNIs may soon have to specify reason for paying less advance tax than previous year
 TDS Applicability On Government Contracts Under Gst (Under Section 51 Of The Cgst Act, 2017)
 CBEC tells field officers to take GST disputes to Supreme Court
 Jurisdiction-free income-tax assessment on the cards

A more friendly version of tax laws
August, 04th 2012

As you might know, is the new date by which the government wants you to file returns. There is a likelihood that those who have missed out last month will be busy doing some last-minute preparations now. As a tax practitioner, I am aware of first-hand difficulties people face during this process. Several of them are chronic and have been around for some years now. So far, authorities have turned a blind eye to these systemic flaws. But the DTC (Direct Taxes Code), which is on the anvil, holds out hope and is widely expected to iron out these procedural creases. Heres a detailed sketch of the taxation ills that need an immediate fix.

The first is the timeline itself. Theoretically, we have four whole months -- from April 1 to July 31 -- for the purpose of filing returns. However, the I-T department does not publish revised forms and related instructions until well past that date. Therefore, although in theory we are permitted, indeed entitled, to file our returns as early as we choose after April 1, in actual practice, we are officially barred from doing so until much later.

Up next is the role of banks and other investment institutions. Most do not provide Form 16A -- detailing tax deducted at source (TDS) on behalf of the investor -- often until June. And repeated requests to get the form issued earlier have all fallen on deaf ears. If at all one is lucky to elicit a response, its the systems are (conveniently) down. Even information regarding the accurate amount of interest earned is difficult to finalise in good time since interest certificates for the previous 12 months are issued sometimes until well into May. This hampers proper accounting of both incomes and TDS deducted, particularly relating to cumulative deposits.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - About Us

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