Steps to Link Income Tax Efiling with Adhaar for E-Verification of Return

As we all are aware that from this year onwards E-Verification of Return has been started by the Income Tax Department which will enable ITR V free Income Tax Return Filing. This will help in Efiling Income Tax Return without sending the ITR V to CPC Bangalore. Income Tax Department has started EVC filing and has also laid down the steps to be followed by an assessee to file ITR V free Income Tax Returns.

Below are the three ways through which the Income Tax Return can be filed:

1 e-Verification while uploading a return (Non -NetBanking) 

2 e-Verification of an already uploaded return (Non -NetBanking)

3 e-Verification while uploading a return through NetBanking Login

Digitally Signing of Invoices Service Tax and Excise

In today's era of digitization, more and more Small and Medium Enterprises are moving Online. There are more use of Computers, internet, ERP Softwares, Online Billing etc. than it was before. Businessmen are using all sorts of new technologies which will save their time and efforts, one of such technology is of Online Invoice printing and signing. Many of the software provider are  providing these facilities and it saves a lot of time especially of those enterprises where there are more than hundreds of billing everyday. Use of Digital signature is gaining a lot of popularity and as the people are getting educated about the advantages of the system, they are getting inclined towards it.

 Digital signature certificates comes in 3 classes i.e. Class I, Class II and Class III. The Information Technology Act has made the DSC signing at par with manual signing. Income Tax, Sales Tax, Company Law, all are making Digital Signing mandatory and so the Central Board of Excise and customs. Central Board of Excise and Customs with its latest Notification No. No.  18/2015-Central Excise (N.T.) has issued procedure and safeguards to be followed if the Tax payer wants to issue invoices in Digital form with Digital Signature.

Now a Taxpayer can Digitally sign the Invoices issued to there clients and customers. The salient features and procedure for getting the assesse power of Digital Signing is given below:

New Revised Scheme of Education and Training ICAI

Institute of Chartered Accountants of India has recently issued the new  training program and Education scheme for students and has asked Members & Students for their comments and suggestions. After considering all the suggestions a final scheme has been prepared by ICAI for the students willing to undergo CA course and achieve prestigious ICAI membership. The scheme has been published by ICAI and will officially come into affect after publishing it in Official Gazette. Till then the old scheme will continue for all the new students registering for the course.

 

Below is the Full scheme for Training and Education as decided by ICAI

STEPS TO QUALIFY CHARTERED ACCOUNTANT COURSE FOR NON-DIRECT ENTRY STUDENTS

All You need to know about Black Money Disclosure Scheme

During the presentation of Union Budget 2015-2016, Finance Minister Shri Arun Jaitely Ji, has announced the scheme of rigorous taxes and penalties on those who have Foreign Undisclosed Income and Assets. An act was made to provide the scope, taxation and penalties on Black money in Foreign. The Act was given assent by the President on 26th May, 2015 and is called BLACK MONEY (UNDISCLOSED FOREIGN INCOME AND ASSETS) AND IMPOSITION OF TAX ACT, 2015.

How to Claim Income Tax Refund of Earlier Years

In India, most of us still file Income Tax Returns just to claim refunds of Taxes which are deducted by the payer of our Income i.e. Banks, Governments, Insurance Companies etc or taxes paid extra by us either at the time of Self Assessment or Advance. These taxes are refunded after filing of Income Tax returns.Now most of us even being well educated forget to file the Income Tax return or we don't have knowledge of the process to get the Income Tax refund. Many of the cases are still pending and there are a lot of persons who have refund of Lakhs of rupees but are not being able to get the refund due to non filing of Income Tax returns.

Circular of Condonation of Delay in Filing Claim of Refund

SECTION 119 OF THE INCOME-TAX ACT, 1961 - INCOME-TAX AUTHORITIES - INSTRUCTIONS TO SUBORDINATE AUTHORITIES - CONDONATION OF DELAY IN FILING REFUND CLAIM AND CLAIM OF CARRY FORWARD LOSSES UNDER SECTION 119(2)(b)

CIRCULAR 9/2015 [F.NO.312/22/2015-OT], DATED 9-6-2015

In supersession of all earlier Instructions/Circulars/Guidelines issued by the Central Board of Direct Taxes (the Board) from time to time to deal with the applications for condonation of delay in filing returns claiming refund and returns claiming carry forward of loss and set-off thereof under section 119(2)(b) of the Income-tax Act, (the Act) the present Circular is being issued containing comprehensive guidelines on the conditions for condonation and the procedure to be followed for deciding such matters.

Efiling ITR-2 and ITR 2-A now Available

We have recently provided the news that Efiling of ITR-1 and ITR-4S for the AY 2015-2016 has been started by the Income Tax Department, those who have missed the update can read it from following link: http://www.casamachar.com/2015/06/efiling-of-income-tax-return-for-ay.html.