Showing posts with label Business Laws. Show all posts
Showing posts with label Business Laws. Show all posts

Wednesday, August 5, 2015

10 Changes in Income Tax Return Forms for the Assessment Year 2015-2016

Recently Income Tax Department has issued new ITR forms for Assessment Year 2015-2016. These new forms are also available at efiling portal for Efiling Income Tax Returns. As the last dates for filing these forms are coming close, we have come with our Another list- 10 Changes in Income Tax Return for the Assessment Year 2015-2016.

Most of us rely on Income Tax Return preparation Softwares to Efile Income Tax Returns. We feed the details and software provide us with the Computation, missing data and errors in our XML file and we finalize our Income Tax Return. But have we ever wondered, if the rules used by the software companies are not correct. What will happen then? The answer is coming to us regularly these days in the form of Notice of Defective returns under section 139(9) or wrong processing of the returns under section 143(1). To save oneself and clients we should always look the manual copy of return before efiling it and also try to read the XML file (if possible). Here we are giving 10 things that has changed in ITR this assessment year and we should check it before filing the Income Tax Returns.

Monday, June 29, 2015

Eligibility Norms for Chartered Accountants to Conduct Audit under Income Tax Act

As the due date for Audit u/s 44AB and Other Audit under Income tax is coming near, many of us are waiting for the schema and forms to file the Tax audit reports to the Income Tax Department. In most of the cases the Audit are already completed. We would like to bring this to the notice of our fellow Chartered Accountants that the Finance Act 2015 has changed the definition of  "Accountants" and has put some restrictions on Chartered Accountants to carry on Audit/attestation/certification for certain types of assessee. The Chartered Accountants will not be allowed to provide the services other than representation services to these assessee.

Friday, June 5, 2015

No need to File Commencement of Business Form INC-21

As we all are aware that with new Companies Act, 2013 a new form INC-21 was made mandatory to be filed before the commencement of business or Exercising Borrowing power by the Company. This form was made mandatory for Private Companies also, due to which Commencement which was not required to be taken earlier under Companies Act, 1956 by the Private Companies were applicable on them too.

The Relevant Rule 24 of Companies (Incorporation) Rules, 2014 is given below:

"24. Declaration at the time of commencement of business.-
The declaration filed by a director shall be in Form No.INC.21 along with the fee as and the contents of the form shall be verified by a Company Secretary in practice or a Chartered Accountant or a Cost Accountant in practice: Provided that in the case of a company requiring registration from sectoral regulators such as Reserve Bank of India, Securities and Exchange Board of India etc, the approval from such regulator shall be required. "

With the Companies Incorporation (Second) Amendment Rules, 2015, the same is omitted from now on and no Company is required to file INC-21. The relevant portion of the rule is given below:

"2. In the Companies Incorporation Rules, 2014: b) rule 24 shall be omitted"

So Happy Company Formation to all the Entrepreneurs and Professionals.

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