E-filing of audit reports must with tax returns

From assessment year 2013-14 onwards, in case an assessee is required to furnish a report of audit under sections 10(23C)(iv), 10(23C)(v), 10(23C)(vi), 10(23C)(via), 10A, 12A(1)(b), 44AB, 80-IA, 80-IB, 80-IC, 80-ID, 80JJAA, 80LA, 92E or 115JB, he shall file the report electronically on or before the date of filing the return of income. Further, the assessee who is liable to file the above reports electronically shall file the return of income electronically,” said the notification from the tax department.

http://www.business-standard.com/article/pf/e-filing-of-audit-reports-mandatory-with-tax-returns-113061700843_1.html

E-filing of IT returns

The Central Board of Direct Taxes (CBDT) is Spreading e-tax net throughNotification dated 34/2013 dated 01.05.2013. E-filing of I-T returns is now mandatory for individuals, including salaried taxpayers, earning more than Rs 5 lakh taxable income during the financial year ended March 31, 2013. Earlier the same was mandatory for the Individuals having salaried Income more than 10 Lakhs

As desired by the Ministry vide its circular No.11/2013  this office has made it mandatory that the Subscribers/first Directors  of companies should furnish an affidavit on Rs.25/- Non judicial stamp paper in the format given below at the time of filing the incorporation documents.   It is therefore requested that all your esteemed members be informed of the above requirement so as to avoid resubmission of incorporation documents.

AFFIDAVIT

 

 I, (Name), S/o,D/o­­­­­­­­­­­-____________.residing at__________Subscriber/First director of M/s.____ _______________________________(under incorporation) 

do solemnly affirm that the company/directors shall not accept deposits unless compliance with the applicable provisions of Companies Act, 1956, RBI Act, 1934 and SEBI Act, 1992 and rules/directions/regulations made thereunder are duly complied and necessary forms are filed with the concerned authorities.

                                                                              Signature:----------------------

                                                                                                                                                             (Deponent)

 

Notarized or Witnessed by Professional with his/her Membership No.

While incorporating new Company - Declaration from Directors to be obtained regarding Deposits shall not be accepted by the Company unless comploiance with SEBI, Companies Act, RBI and rules /directions/regulations made thereunder are complied with:
http://www.mca.gov.in/Ministry/pdf/General_Circular_11_2013.pdf

Section 42 of KVAT ACT 2003- K VAT AUDIT  2012-13

Furnishing of Audit report is compulsory if Turnover exceeds Rs.60 Lakhs

 

Tax to be deducted on running basis and not at the year end

Deduction of tax at source and its payment to the government is a continuous source of revenue mobilisation throughout the year and the law mandates deduction of tax to be made at source, i.e., as and when the amount is payable and, therefore, deduction of tax cannot be postponed till the last date of accounting period by debiting the running account of the payee.- Vide In the ITAT, Rajkot Bench  ITO v. Bhoomi Construction (2013) 51 (II) ITCL 12 (Rkt-Trib)

RULES REGARDING TDS UNDER SECTION 194-IA NOTIFIED

INCOME-TAX (FIFTH AMENDMENT) RULES, 2013 - AMENDMENT IN RULES 30, 31 & 31A AND INSERTION OF FORM NOS. 16B & 26QB AND SUBSTITUTION OF FORM N0. 24Q

NOTIFICATION NO. 39/2013 [F.NO.133/23/2013-SO(TPL)(Pt.)]/SO 1404(E), DATED 31-5-2013
http://www.taxpublishers.in/Latest/email_4_June.htm