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NICAI Updates :- Income-tax department Rules

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  • NICAI Updates :- Income-tax department Rules

    No harassment or high-handed behavior with taxpayers. New CBDT Chief shri. K. V. chowdary, has addressed a letter dated 01.08.2014 to the income-tax department.

    Deputation of employees on cost-sharing basis does not fall under Supply of Manpower Services under Service Tax Act [Hon’ble High Court of Gujarat in the case of Comm. of Service Tax vs. Arvind Mills Ltd].

    Finance bill 2014 was presented by Finance Minister on 10th July 2014. The bill got approval of Lok Sabha on 25th July 2014 with some amendments. Rajya Sabha has cleared on 31.07.2014. Finally it’s now with President for Approval.

    The CBDT has through, Income-tax (7th Amendment) Rules, 2014, notified new Forms of tax audit reports namely Form No. 3CA, 3CB and 3CD. ICAI invites suggestions on revised formats of Form Nos. 3CA, 3CB and 3CD.

    Clarification with regard to applicability of provisions of section 139(5) and 139(7) of the Companies Act, 2013[General Circular No. 33/2014- Dated: 31st July, 2014].

    Proposed PF Amendments: No option to contribute to PF if salary exceeds the prescribed limit which is proposed to be increased to Rs. 15,000 pm.

    Proposed PF Amendments: Fresh option in 6 months by Members contributing PF on excess salary. Member to contribute Governments share @ 1.16% on excess salary himself.
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