Author Topic: BUSINESS , FINANCIAL , ECONOMIC AND INFLATION NEWS  (Read 22028 times)

PRITAM DASS SHARMA

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BUSINESS , FINANCIAL , ECONOMIC AND INFLATION NEWS
« on: May 06, 2014, 05:01:02 PM »
« Last Edit: December 13, 2014, 09:45:56 AM by khiji NABHA »

PRITAM DASS SHARMA

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Re: BUSINESS , FINANCIAL , ECONOMIC AND INFLATION NEWS
« Reply #1 on: August 21, 2014, 07:21:17 PM »

Due Date to File audit Report u/s 44AB for Fy 2013-14 Extended to 30.11.2014

CBDT has extended the date of obtaining and furnishing of tax audit report u/s 44AB for assessment year 2014-15(financial year 2013-14) from 30.09.2014 to 30.11.2014 vide notification dated 20.08.2014. As you may aware of CBDT has recently amended the Tax audit form 3CA,3CB,3CD on 25.07.2014. ICAI has questioned the timing of the notification and represented to the  CBDT to implement

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Re: BUSINESS , FINANCIAL , ECONOMIC AND INFLATION NEWS
« Reply #2 on: August 22, 2014, 06:06:54 PM »

CBDT has extended the due date of filing audit report u/s. 44AB for AY 2014-15 from 30-09-2014 to 30-11-2014.

CBDT has extended the due date of filing audit report u/s. 44AB for AY 2014-15 from 30-09-2014 to 30-11-2014.
1. In exercise of power conferred by section 119 of the Income-tax Act (‘the Act’), the Central Board of Direct Taxes (CBDT) hereby extends the due date for obtaining and furnishing of the report of audit under section 44AB of the Act for Assessment Year 2014-15 in case of Assessees who are not required to furnish report under section 92E of the Act from 30th day of September, 2014 to 30th November, 2014.

2. It is further clarified that the tax audit report under section 44AB of the Act filed during the period from 1st April, 2014 to 24th July, 2014 in the pre-revised Forms shall be treated as valid tax audit report furnished under section 44AB of the Act.

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Re: BUSINESS , FINANCIAL , ECONOMIC AND INFLATION NEWS
« Reply #3 on: August 22, 2014, 06:08:12 PM »
The Centralized Processing Cell (TDS), in its endeavour to enforce TDS Compliance, is shortly mandating closure of “Short Payment defaults” in the quarterly TDS statements due to Unmatched Challans, before the Conso files can be downloaded from TRACES for the relevant statements. Following are key information to be noted in this regard:

· CPC(TDS) mandates to close the above default by tagging unconsumed challans, if available in CPC(TDS) system, through online correction (without digital signature).

· In case there is no available challan for consumption, the deductor is required to first deposit the due tax in the bank and then the same challan will be available for tagging in CPC(TDS) system after around 3-4 days of deposit.

· CPC(TDS) mandates to close the above default by Matching or Payment of challans.

· The user will not be able to download Conso file for the relevant TDS statement until the above default is closed.

· The Online Correction facility of TRACES needs to be used for closure of the Short Payment default.

· User will subsequently be able to download the Conso file for relevant period only after the default is closed.

Why the Short Payment needs to be paid:
CPC (TDS) intends to enforce compliance towards payment of taxes to the Government.
In accordance with provisions of section 201(1) of the Act, where any person, including the principal officer of a company, who is required to deduct any sum in accordance with the provisions of the Act; does not pay, or after so deducting fails to pay, the whole or any part of the tax, as required by or under this Act, then, such person, shall be deemed to be an assessee in default in respect of such tax.
As per the provisions of section 220 of the Act,
Any amount, specified as payable in a notice of demand shall be paid within thirty days of the service of the notice.
If the amount specified in any notice of demand is not paid within the period limited under sub-section (1), the assessee shall be liable to pay simple interest at one per cent for every month or part of a month comprised in the period commencing from the day immediately following the end of the period mentioned in sub-section (1) and ending with the day on which the amount is paid.
If any person fails to deduct or pay the whole or any part of the tax, then, such person shall be liable to pay, by way of penalty, a sum equal to the amount of tax which such person failed to deduct or pay under Section 271C of the Act.
Failure to pay tax to the credit of Central Government is punishable with fine as per the provisions of section 276B/ 276BB.
Section 278A of the Act prescribes for punishment for second and subsequent offences, if any person has been convicted of an offence under section 276B.

What Actions to be taken:
· During submission of request for Conso File, a message will be displayed, if there are Short Payment defaults in the TDS statement and instructions will be provided to submit Online Correction.

· Details of defaults will be provided during Online Correction process.

· In case of insufficient challans, please use Challan ITNS 281 to pay the demand or use any other Challan, which has adequate balance available.

· Submit an Online Correction using the functionality on TRACES to tag the challans with deductee rows. Login to TRACES and navigate to "Defaults" tab to locate "Request for Correction" from the drop-down list. You can refer to our e-tutorial for necessary help.

· Online Challan Corrections:

A list of all Matched and Unmatched challans can be viewed by clicking the appropriate tab.
Unmatched challans can be corrected and tagged to Deductee rows in the statement.
The corrections in TDS statements can be raised even without Digital Signature.
Correct KYC information needs to be submitted for the purpose of validation.
All previous corrections pertaining to the statement should have been processed and the processing status can be verified from the Dashboard.

PRITAM DASS SHARMA

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Re: BUSINESS , FINANCIAL , ECONOMIC AND INFLATION NEWS
« Reply #4 on: August 23, 2014, 10:47:05 PM »

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Re: BUSINESS , FINANCIAL , ECONOMIC AND INFLATION NEWS
« Reply #5 on: August 23, 2014, 11:04:44 PM »

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Re: BUSINESS , FINANCIAL , ECONOMIC AND INFLATION NEWS
« Reply #6 on: August 30, 2014, 11:53:11 AM »
Capitalisation of borrowing costs in power projects :Clarification by MCA
Posted: 29 Aug 2014 09:00 PM PDT
Vide Circular no. 35/2014, Ministry of Corporate Affairs has clarified the following issues with respect to the capitalisation of borrowing costs in power projects: 1) Borrowing costs incurred during extended delay in commencement of commercial production after the plant is otherwise ready, can not be capitalised by virtue of AS-10 & AS-16 issued by ICAI.

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Re: BUSINESS , FINANCIAL , ECONOMIC AND INFLATION NEWS
« Reply #7 on: August 30, 2014, 11:53:42 AM »
All about PMJDY Pradhan Mantri Jan Dhan Yojana

Phase I (15th August ,2014-14th August,2015)- Universal access to banking facilitiesProviding Basic Banking Accounts with overdraft facility of Rs.5000 after six months and RuPay Debit card with inbuilt accident insurance cover of Rs. 1 lakh and RuPay Kisan CardFinancial Literacy ProgrammePhase II (15th August 2015-15th August,2018)- Creation of Credit Guarantee Fund for coverage of defaults

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Re: BUSINESS , FINANCIAL , ECONOMIC AND INFLATION NEWS
« Reply #8 on: August 30, 2014, 11:56:41 AM »
EPF WAGE CEILING LIMIT INCREASED TO 15000 FROM 6500 WEF 01.09.2014 NOTIFICATION

Government of India, Ministry of Labour & Employment issued notifications enhancing statutory wage ceiling from existing Rs. 6,500/- to Rs. 15,000/-, fixing minimum pension of Rs, 1000/- per month and 20% additional relief on the amount of assurance benefit admissible under EDL1 Scheme, 1976 .

As we have earlier informed you that Central Board of trustees (CBT,EPF)  in his meeting dated 05.02.2014 has approved  to increase ceiling limit to Rs 15000/-  from earlier Rs 6500/-

Further EPF department has already sent letter to its regional offices to get ready for implementation of increased ceiling limit on 14.07.2014 and at that time we have informed you tentative date of implementation as 01.08.14 or 01.09.14

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Re: BUSINESS , FINANCIAL , ECONOMIC AND INFLATION NEWS
« Reply #9 on: August 30, 2014, 11:57:55 AM »
MINISTRY OF LABOUR AND EMPLOYMENT
NOTIFICATION
New Delhi, the 22nd August, 2014


G.S.R. 608 (E).—In exercise of the powers conferred by section 5 read with Sub-section(1) of Section 7 of the Employees' Provident Funds and Miscellaneous Provisions Act, 1952 (19 of 1952), the Central Government hereby-makes the following Scheme, further to amend the Employees' Provident Funds Scheme. 1952, namely:-

I (1) This Scheme may be called the Employees' Provident Funds (Amendment) Scheme, 2014.

(2) It shall come into force on and from the Ist day of September, 2014.

2. In the Employees' Provident Funds Scheme, 1952,-

(a) in paragraph 2, in clause (1), in sub-clause (ii), for the words "six thousand and five hundred rupees", the words " fifteen thousand rupees" shall be substituted;

(b) in paragraph 26. in sub- paragraph (6), for the words "six thousand and five hundred rupees'`. the words "fifteen thousand rupees" shall be substituted;

(c) in paragraph 26A, in sub-paragraph (2), in the proviso, for the words "six thousand and five hundred rupees", wherever they occur, the words "fifteen thousand rupees" shall be substituted.

[F. No. S-35012/112012-SS.11]
ARUN KUMAR SINHA. Addl. Secy,


 

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