Friday, October 17, 2014

Aadvanced Excel as an Audit tool

CPE Meeting on 18th October 2014
 at Tuticorin Branch of SIRC of ICAI

Excel File link for Workshop on Excel :
Excel Master File 18-Oct014 Tuticorin - CA D.C. Jain, Madurai 

Friday, September 26, 2014

CBDT Extension for Due date of ITR for 44AB / Tax Audit Cases A.Y 2014-15


CBDT Order / Notification to give effect awaited.


1) Bombay HC ask CBDT to Consider Extension of ITR due Date to 30-Nov-2014

2) Madras HC suggests CBDT to extend due date of ITR to 30-Nov-2014

3) Gujarat HC : Appeal Disposed off in favour of Petitioner and High Court Instructed CBDT to extend due date to File Income Tax Return in Tax Audit Cases for A.Y. 2014-15  to 30.11.2014 but allowed to levy Interest U/s. 234A of the Income Tax Act,1961.


Bombay HC ask CBDT to Consider Extension of ITR due Date to 30.11.2014 - See more at: http://taxguru.in/#sthash.L9KuajJr.dpuf
Bombay HC ask CBDT to Consider Extension of ITR due Date to 30.11.2014 - See more at: http://taxguru.in/#sthash.L9KuajJr.dpuf

Thursday, September 11, 2014

IT Efiling update : PR2 Version released - Tax Audit Utility

Income Tax Efiling update :

PR2 released for Form 3CA_3CD and 3CB_3CD for AY 2014-15 :

Those uploading Tax Audit Report please note that you generate XML by using the updated utility from IT efiling Site
“FORM3CA3CD_AY201415_PR2.jar” or “FORM3CB3CD_AY201415_PR2.jar” as the case may be...


Link for Form 3CA3CD :
https://incometaxindiaefiling.gov.in/eFiling/Portal/DownloadUtil/FORM_UTILITY/FORM3CA3CD_2014.zip

Link for Form 3CB3CD :
https://incometaxindiaefiling.gov.in/eFiling/Portal/DownloadUtil/FORM_UTILITY/FORM3CB3CD_2014.zip

The same is updated on 08-Sep-2014.

For those who have saved draft using the old utility, can open the draft file using the latest utility, generate XML and have a hassle free upload...

Happy E-filing...

There is nothing permanent except change.
- Heraclitus

Wednesday, August 20, 2014

Due date for Tax Audit for the year ending 31-Mar-2014 extended


 Due date for Tax Audit for the year ending 31-Mar-2014 extended to 30-Nov-2014

Source : http://incometaxindia.gov.in/archive/Order-Under-Section%20119-20-08-2014.pdf

Monday, August 18, 2014

SIRC Conference 2014 at MADURAI


countingdownto.com

Wednesday, June 25, 2014

SIRC Conference at Madurai !!! Fri & Sat, Dec 12 & 13, 2014...


Announcement on Applicability of the Provisions of Section 143(12) of the Companies Act 2013 and the Related Rules to Periods beginning on or before 31st March 2014

ANNOUNCEMENT1
APPLICABILITY OF THE PROVISIONS OF SECTION 143(12) OF THE COMPANIES ACT 2013
AND THE RELATED RULES TO PERIODS BEGINNING ON OR BEFORE 31ST MARCH 2014


Section 143(12) of the Companies Act 2013 requires the auditors of the companies to report to the Central Government on the frauds committed or being committed against the company.

The Council of the Institute of Chartered Accountants of India, at its adjourned 333rd meeting held on 18th June 2014, considered the issue of applicability of the provisions of sections 143(3)(12) of the Companies Act 2013 and the related Rules to the audits of the periods beginning on or before 31st March 2014.

The Council noted that the sections 143(12) had come into force in respect of financial years beginning on or after 1st April 2014. The Council was of the view that the provisions of sections 143(12) of the Companies Act 2013 applied to the auditors appointed under the Companies Act 2013 to audit the financial statements for the year beginning on or after 1st April 2014. As a corollary, the requirements of these sections and related Rules would not apply to audits of financial statements of the periods beginning on or before 31st March 2014, even if the audits therefor were actually carried out and auditor's report thereon issued on or after 1st April 2014.
_________________________
1    This Announcement has been issued by the President, ICAI under the authority of the Council of the Institute of Chartered Accountants of India.


Thursday, June 12, 2014

Tax Audit Limit Increased From 45 to 60 for audits conducted during the financial year 2014-15 and onwards. - (11-02-2014)

In view of the enhancement of professional competence of members to perform quality services in an IT-enabled environment, the Council of the Institute at its 331st meeting held from 10th to 12th February, 2014 has decided to increase the "specified number of tax audit assignments" for practicing Chartered Accountants, as an individual or as a partner in a firm , from 45 to 60. The said limit will be effective for the audits conducted during the financial year 2014-15 and onwards. Accordingly, the Council Guidelines No.1-CA(7)/02/2008, dated 8th August,2008 stands amended from 1.4.2014 as under:-

In the Council General Guidelines, 2008, the Council Guidelines No.1-CA(7)/02/2008, dated 8th August,2008, in Chapter VI "Tax Audit assignments under Section 44AB of the Income-tax Act, 1961 ", in Explanation given in Para 6.1, in sub-para(a) and sub-para(b), the figure "45" be substituted with the figure "60".

Source : http://www.icai.org/post.html?post_id=10354

Cost Inflation Index 2014-15 is 1024

FY Index % inflation increase
2014-15 1024 9.05%
2013-14 939 10.21%
2012-13 852 8.54%
2011-12 785 10.41%
2010-11 711 12.50%
2009-10 632 8.59%
2008-09 582 5.63%
2007-08 551 6.17%
2006-07 519 4.43%
2005-06 497 3.54%
2004-05 480 3.67%
2003-04 463 3.58%
2002-03 447 4.93%
2001-02 426 4.93%
2000-01 406 4.37%
1999-00 389 10.83%
1998-99 351 6.04%
1997-98 331 8.52%
1996-97 305 8.54%
1995-96 281 8.49%
1994-95 259 6.15%
1993-94 244 9.42%
1992-93 223 12.06%
1991-92 199 9.34%
1990-91 182 5.81%
1989-90 172 6.83%
1988-89 161 7.33%
1987-88 150 7.14%
1986-87 140 5.26%
1985-86 133 6.40%
1984-85 125 7.76%
1983-84 116 6.42%
1982-83 109 9.00%
1981-82 100  
 

Saturday, March 22, 2014

CBDT Instructions On S. 143(1) Intimations And S. 154 Rectifications

The CBDT has issued Instruction No. 03/2013 dated 05.07.2013 with regard to the the directive issued by the Delhi High Court in Court on Its Own Motion vs. UOI 352 ITR 273 on the procedure to be followed on the receipt and disposal of rectification applications filed u/s 154 of the Act. The CBDT has set out a detailed procedure on where applications should be received, the maintenance of registers and their disposal.

The CBDT has also issued Instruction No. 04/2013 dated 05.07.2013 with regard to the directive issued by the Delhi High Court in Court on Its Own Motion vs. UOI 352 ITR 273 that the demand should not be enforced in cases where no intimation u/s 143(1) was sent by the field authorities in respect of returns which were processed prior to 31.03.2010.