ISSUE 1 : Assessee has paid 100% Tax before enactment of VCES, 2013 but failed to file the ST return. Query – Whether the assesse can file a declaration under VCES, 2013 and get the benefit of immunity from Interest & Penalty? Our View :- No, in this case the assessee cannot file a declaration under …
SERVICE TAX VCES, 2013 : Issues of Tax Paid before VCES? Read More »
The Service Tax Voluntary Compliance Encouragement Scheme (VCES) has come into effect from 10.5.2013. Some of the issues raised with reference to the Scheme have been clarified by the Board vide circular No. 169/4/2013-ST, dated 13.5.2013. Subsequently, references have been received by the Board seeking further clarifications as regards the scope and applicability of the Scheme. The …
Wealth tax is levied on individuals, Hindu Undivided Families (HUFs) and companies who possess net wealth in excess of Rs. 30 Lakh on March 31st of every year. The Wealth tax law has declared a list of assets that will be considered to be part of the taxable wealth of the assessee. Broadly, house property, …
Revised Schedule VI is applicable on all companies except insurance or banking company, or any company engaged in the generation or supply of electricity. The highlights of the changes in the revised Schedule VI in comparison to the earlier Schedule VI are discussed below. The latest changes to Schedule VI permit only the vertical format …
CHANGES IN THE REVISED SCHEDULE VI OF THE COMPANIES ACT, 1956 Read More »
The government earlier in May this year, has made the E-filing of Income Tax Return compulsory. The rule is applicable w.e.f. A.Y. 2013-14 for the persons having assessable income exceeding Rs. 5 Lakh. Further, the exemption from filling of ITR given to salaried persons earning up to Rs. 5 Lakh annually has been withdrawn from …
STEP-BY-STEP PROCEDURE FOR E-FILLING OF INCOME TAX RETURN Read More »
About VCES, 2013 Service Tax Voluntary Compliance Encouragement Scheme, 2013 has been proposed by the Finance Minister in budget for the year 2013-14, to encourage the defaulters of Service Tax, who have not declared and paid the ‘Tax Due’ for the period from 01.10.2007 to 31.12.2012 which upto 1st day of March 2013. The eligible …
FAQ : SERVICE TAX VOLUNTARY COMPLIANCE ENCOURAGEMENT SCHEME, 2013 Read More »
Service Tax Department has released the templates for E-Filling of the Half Yearly Service Tax Return for the period from 01-10-2012 to 31-03-2013 and onwards. The last date for filling the return of HY 2 of 2012-13 is 31-08-2013. The templates have been amended to incorporate the new negative list regime under the Service Tax …
The due date for filing of the Income Tax Return for the A.Y.2013-14 for assessees without audit has been extended from 31st July, 2013 to 05th Aug, 2013.
As per Section 44 AD of Income Tax Act, 1961:- If an “Eligible Assessee” i.e. an Individual, HUF or Partnership Firm (for detail refer note 1 below) whose gross receipts from the “Eligible Business” (for details refer note 2 below) during the previous year are less than equal to Rs. 1 Crore – then he …
The central government has introduced “Service Tax Voluntary Compliance Encouragement Scheme, 2013” herein after referred to as VCES, 2013 – for the benefit of large number of Service Tax defaulters who could not comply and pay tax and are facing huge penalties and interest burden on their Service Tax Liability for the period from 01-10-2007 …