Saturday 27 September 2014

CBDT extended the due date for filing of Income Tax Return


NOTIFICATION NO. 46/2014[F.NO.133/10/2014-TPL]/SO 2487(E)DATED 24-9-2014
In exercise of the powers conferred by section 295 read with section 197 of the Income ‐tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income‐tax Rules, 1962, namely:—
1. (1) These rules may be called the Income-tax (9thAmendment) Rules, 2014.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In the Income-tax Rules, 1962,—
(a)in rule 28AA, for sub-rule (4) and sub-rule (5), the following sub-rules shall be substituted, namely:—
"(4) The certificate for no deduction of tax shall be valid only with regard to the person responsible for deducting the tax and named therein.
(5) The certificate referred to in sub-rule (4) shall be issued direct to the person responsible for deducting the tax under advice to the person who made an application for issue of such certificate.
(6) The certificate for deduction of tax at lower rate shall be issued to the person who made an application for issue of such certificate, authorising him to receive income or sum after deduction of tax at lower rate.";
(b)in Appendix-II, for Form No.13, the following Form shall be substituted, namely:—
[See rules 28 and 37G]
Application by a person for a certificate under sections 197
and/or 206C(9) of the Income-tax Act, 1961, for no
*deduction/collection of tax or *deduction/collection of tax at a lower rate

Link for Form No. 13:-

Thursday 11 September 2014

Guidance Note on Tax Audit

The Institute of Chartered Accountants has released a Guidance Note on Tax Audit under section 44AB of the Income Tax Act, 1961 (Revised 2014 Edition).

Recently in July, 2014 the CBDT amended the formats of tax audit reports, thereby expanding the scope of audit tremendously. The Direct Taxes Committee of the Institute of Chartered Accountants of India has come out with the Seventh edition of Guidance Note not only for ready reference by Chartered Accountants but also by assessing officers and in various judicial forums. 

Full Text of Guidance Note: