D. R. Arora & Co Chartered Accountants

15/03/2017

http://www.draca.in/Whatsnew.aspx?id=5481

Prosecution action by the Income Tax( IT) Department in black money cases has shot up three times with the taxman filing over 570 such charge sheets across the country till January this year.

15/06/2016

Stage Set for GST
Draft laws state that a uniform tax shall apply to all intra-State supplies of goods and services at the rates to be specified later
http://www.draca.in/Whatsnew.aspx?id=4067

15/12/2015

CBDT mandates quoting of PAN for transactions exceeding Rs.2 lakhs regardless of the mode of payment; This move is pursuant to recommendations of the Special Investigation Team on Black Money that PAN should be quoted for transactions exceeding Rs 1 lakhs and post consideration of representations from various quarters regarding the burden of compliance in relation to such proposal; Further, CBDT enhances monetary limits of certain transactions which require quoting of PAN with a view to bring in a balance between burden of compliance on legitimate transactions and the need to capture information relating to transactions of higher value; Raises the monetary limit for quoting PAN from Rs. 5 lakhs to Rs. 10 lakhs for transactions of sale/ purchase of immovable property, from Rs 25,000 to Rs 50,000 in the case of hotel or restaurant bills paid at any one time and from Rs. 50,000 to Rs. 1 lakh in case of purchase/ sale of shares of an unlisted company; CBDT clarifies that opening of a no-frills bank account such as a Jan Dhan account shall not require PAN, but states that the requirement of quoting PAN shall continue to apply to opening of all bank accounts including in co-operative banks; CBDT states that “The above changes in the rules are expected to be useful in widening the tax net by non-intrusive methods. They are also expected to help in curbing black money and move towards a cashless economy”; Amendment in the Income-tax Rules shall take effect from January 1, 2016

10/11/2015

Swachh Bharat Cess of 0.5% on taxable services w.e.f. 15th Nov 2015
http://www.draca.in/Whatsnew.aspx?id=2968

The government will impose a Swachh Bharat Cess of 0.5 per cent on all services presently liable for service tax, with effect from November 15, the finance ministry stated on Friday. The proceeds are exclusively for its Swachh Bharat initiatives. The funds would go to the Centre’s kitty and would no…

16/10/2015

Claiming Tax Benefits on Serious Ailment Gets Easy. http://www.draca.in/Whatsnew.aspx?id=2881

Finance ministry has made it easier to claim tax benefit on expenditure with regard to seri ous ailments like thalassaemia, cancer, AIDS and haemophilia by doing away with the requirement of obtaining a certificate from a government hospital. Central Board of Direct Taxes has issued a notification a…

03/09/2015

Income Tax Return due date for non audit cases extended to 7th September 2015 for all of India.
Notification Dated 2nd Sep 2015.