Raman Dhamija & Associates - Chartered Accountants

30/06/2017

With the hope of GST turning India into a even more robust economy and brining benefit to consumer, warm welcome to . Congratulations India!

30/06/2017

http://www.india.com/news/india/gst-launched-at-the-stroke-of-midnight-hour-india-gets-a-new-tax-regime-2284829/
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In a historical move, India got a new tax regime - Goods and Services Tax (GST) - at the stroke of the midnight hour on June 30-July 1 in the presence of PM Narendra Modi, President Pranab Mukherjee and other dignitaries.

26/09/2014

Due Date for filing of return of Income for Assessment Year 2014-15 Extended from 30th September, 2014 to 30th November, 2014 in Specified Cases
As per the provisions of the Income-tax Act, 1961 (‘the Act’), for an assessee, who is required to obtain Tax Audit Report (TAR) under section 44AB of the Act, the due date for furnishing his return of income is 30th September of the Assessment Year.
The Central Board of Direct Taxes (‘the Board’) vide order dated 20th August, 2014 extended the due date for obtaining and furnishing of Tax Audit Report under section 44AB of the Act for Assessment Year 2014-15 from 30th September, 2014 to 30th November, 2014. Subsequently, a number of representations were received in the Board requesting for extension of the due date for furnishing of return of income also. Writ petitions were also filed in various High Courts for directing the Board to extend the due date for furnishing of return of income from 30th September, 2014 to 30th November, 2014 in conformity with the extension of the due date for filing of Tax Audit Report.
The Gujarat High Court vide judgement dated 22.09.2014 directed the Board to extend the due date for furnishing the return of income to 30th November, 2014, except for the purposes of charging of interest under section 234A of the Act for late filing of return of income. Other High Courts also directed the Board to look into the practical difficulties of the petitioners and take a just and proper decision in this matter.
In compliance to the judgments of various High Courts and after considering the representations received for extension of the due date, the Board, in exercise of its power conferred by section 119 of the Act, has extended the `due-date’ for furnishing return of income from 30th September, 2014 to 30th November, 2014 for the Assessment Year 2014-15 for all purposes of the Act in the case of an assessee, who is required to file his return of income by 30th September, 2014, and is also required to get his accounts audited under section 44AB of the Act or is a working partner of a firm whose accounts are required to be audited under section 44AB of the Act.
There shall be no extension of the “due date” for the purposes of charging of interest under section 234A of the Act for late filing of return of income and the assessees shall remain liable for payment of interest as per the provisions of section 234A of the Act.
For removal of doubt, it is clarified that for an assessee (other than working partner of a firm which is required to obtain and furnish Tax Audit Report), who is required to file its return of income by 30th September, 2014 but not required to obtain and furnish Tax Audit Report under section 44AB, the due date for furnishing of return of income for assessment year 2014-15 remains as 30th September
CA RAMAN DHAMIJA
HISAR.

20/08/2014

Breaking News :
Tax Audit Date extended from 30/09/2014 to 30/11/2014 for the AY 2014-15.
http://www.facebook.com/l.php?u=http%3A%2F%2Fwww.incometaxindia.gov.in%2Farchive%2FOrder-Under-Section%2520119-20-08-2014.pdf&h=IAQGW9qf7

11/07/2014

Relief to the individual taxpayers in budget 2014...

10/07/2014

UNION BUDGET 2014 – HIGHLIGHTS
1. Government will not bring any retrospective amendment which is unfair to the tax payers.
2. Five more Indian Institute of Management (IIMs) to be set up.
3. Four more Indian Institute of Technology (IITs) to be set up.
4. Rs. 100 crores for Metro in Lucknow and Ahmedabad.
5. Allocates Rs. 400 crores to incentivize the development of low cost housing.
6. Rs 500 crores for solar power development project in Tamil Nadu and Rajasthan.
7. Uniform Know Your Customer (KYC) norms for entire financial sector.
8. Finance Minister Proposes liberalization of American Depository Receipt (ADR)/Global Depository Receipt (GDR) regime.
9. Accounting Standards for Banks and Insurance sector would be notified separately.
10. Taxation issues for foreign funds with Indian managers to be clarified.
11. Finance Minister proposes one Demat account for all financial products.
12. Special small saving scheme to be introduced for the education of girl child.
13. Public Provident Fund (PPF) annual ceiling enhanced to 1.5 lacs.
14. Maximum exemption limit raised to Rs. 2.5 lacs for an individual.
15. Senior Citizen are not liable to pay tax on income upto Rs. 3,00,000.
16. Investment limit under Section 80C increased to Rs. 1.5 Lacs.
17. Deduction for Interest on Housing Loan increased to Rs. 2,00,000.
18. No change in tax rates for corporate tax payers.
19. Concessional rate of tax on dividend from foreign subsidiaries continues.
20. No sunset date for concessional rates for foreign dividends.
21. Concessional rate of 5% on interest extended to all types of bonds.
22. Government shall consider public comments received on DTC.
23. 10 year tax holiday for power companies starting production and distribution on or before March 31, 2017.
24. To boost manufacturing sectors - customs duty reduced on certain inputs such as fatty acids, etc.
25. Import duty on steel increased from 5% to 7.5%.
26. Government to provide investment allowance at 15% for 3 years to manufacturing company investing more than Rs. 25 crores.
27. Portfolio income of Foreign Institutional Investor (FIIs) to be treated as capital gain.
28. Imported electronics goods to cost more. A cess to be introduced.
29. Income of funds from portfolio investments shall be deemed as capital gains.
30. Controversy over categorization of income of foreign investor funds as capital gains or business income shall end with this proposal.
31. Customs duty reduced on certain types of coals.
32. Government reduces basic customs duty on LCD/LED televisions.
33. Customs duty cut to nil on import of LCD, LED Panels below 19 inch.
34. TV sets, Solar power units, computers, oil products, soaps becomes cheaper.
35. Footwear to go cheaper - excise duty reduced from 12% to 6%.
36. Sugary carbonated drinks to get dearer.
37. Ci******es, Ci**rs, Pan Masala, Gutka and other to***co product to attract more excise duty.
38. Basic rates of customs duty @ 10%, excise duty @ 12% and service tax @ 12% remains intact.
39. Excise duty hiked on aerated waters with sugar content.