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Empanelment for Bank Audit Form Last Date Updates by NICAI

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  • Empanelment for Bank Audit Form Last Date Updates by NICAI

    Extension of last date to submit online form on www.meficai.org for Empanelment for Bank Audit etc for 2014-2015 to 10-08-2014. Hard copy by 20-08-2014.

    Proposed PF Amendments: Pension only for EPF members whose salary at time of becoming PF member is up to 15000 pm. For others, entire contribution to go to PF.

    DIN MUST in return, information etc which relate / contain reference of a Director (Sec 158, CA 2013). Fine up to 10,000 and 1,000 per day for continuing default.

    No penalty can be imposed u/s 271(1)(c), in case where assessment completed at income returned u/s 153A. Once return of income u/s 153A is accepted by AO, it can neither be a case of concealment of income nor furnishing of inaccurate particulars of such income [Pawan Kumar Gupta vs. ACIT, ITAT – Delhi].

    An Initiative by CA Sanjay Aggarwal Ji, Central Council Member ( Voice of CA) has been taken for Representation for extension of the applicability of New Form No. 3CA, 3CB and 3CD for furnishing Tax Audit Report u/s 44AB of the Income Tax Act, 1961 for A.Y. 2015-2016 and onwards.

    No Dis-allowance under section 14A of the Income Tax Act, If Own Funds Exceed Borrowed Funds [CIT vs. HDFC Bank Ltd (Bombay High Court)].
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