PROFESSIONAL UPDATES FOR THE 1ST WEEK OF AUGUST 2014

• No application of section 2(22)(e), where shareholding of each partners of assessee-firm as well as of assessee-firm in closely held company is less than 10%, even though their cumulative shareholding is more than 10% [CIT vs. Octave Apparels, Punjab & Haryana High Court].
• State Bank of India invites application for stock auditors / valuers, those having their place of business in the State of Delhi, Uttarakhand, Rajasthan and the districts of Uttar Pradesh and Haryana may send their offers.
• The penalty u/s 271(1)(c) cannot be levied merely on the fact that assessee surrendered outstanding balance of creditors while filing revised return of income, considering inaccurate particulars furnished by the assessee.[CIT vs. Mathura Commercial Co., IT Appeal No. 54 of 2003, Date of Order: 15.01.2014, Allahabad High Court.]
• CS, CMA can do UP VAT Audit as they are also included in definition of Accountant [Uttar Pradesh Value Added Tax (Fifth Amendment) Rules, 2014].
• Register for certificate course on concurrent audit at Yamuna Nagar branch of NIRC of ICAI to be held on 26-27 July 02-03 and 09-10 August 2014.
• No annual physical demat statement by DP if balance is zero and no transaction during year, if annual charges not paid e-statements to be sent. [SEBI Circular of 01-07-2014].
• RBI not to issue instructions clarifying tax issues under FEMA. Banks to comply with tax laws for remittances to non-residents etc [RBI Circular 151 of 30-06-2014].
• Maharashtra Co-operative Auditors (existing Panel) – Profile updation has been extended till 10th July, 2014. Also the following clarification has been updated.
• MEF 2014-2015 has been made live on www.meficai.org on 1st July, 2014. Last date for online submission of MEF 2014-2015 is 4th August 2014.
• Relief u/s 11 is available to hospital in respect of income from pharmacy run by it with in the hospital premises [Franciscan Sisters of St. Joseph Society vs. JCIT, ITAT – Chennai]
• The Central Board of Excise and Customs has issued Instruction F. No. 201/01/2014-CX.6 dated June 26, 2014 (“the Instruction”) for all the Commissioners to follow judicial discipline in the matters relating to refund.
• Multipurpose Empanelment Form for the year 2014-2015 has been made live at www.meficai.org. Last date for submission of online form is 4th August, 2014, and the last date of submission of hard copy of “Declaration for MEF 2014-2015” is 14th August, 2014.
• Even if section 201 does not prescribe any limitation period, proceedings must be completed within a reasonable period [DIT (IT) vs. Mahindra and Mahindra Limited Bombay High Court].

IMPORTANT DATES

• Payment of Service Tax for July by Companies: 5/Aug/2014, for E-payment: 6/Aug/2014
• Submission of Forms 15G, 15H,27C  received in July to IT Commissioner: 7/Aug/2014
• Issue of Quarterly TDS/TCS certificate for June quarter: 30/07/2014
• Filing of IT Returns by Individuals , HUF (without Audit): 31/07/2014
• A Filing of IT return by Firms, AOPs, BOIs (without audit): 31/07/2014
• In Filing of IT Return by Trusts, Political party etc.(without audit): 31/07/2014
• Payment of TDS/TCS deducted/collected in July: 7/Aug/2014
• Return for Non SSI assessees (ER-1) for July: 10/Aug/2014
• The Return for EOUs (ER-2) for July: 10/Aug/2014.

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