RBI appealed Income Tax assesses to pay Income Tax in advance

Reserve Bank asked people to pay dues in advance by using banks and other alternate channels to avoid rush during end of March.

"Pay I-T dues in advance at RBI or at authorised bank branches. Appeal to income tax assesses to remit their income tax dues sufficiently in advance of the due date ", RBI said in a release. 

It becomes difficult for RBI to cope with the pressure of issuing receipts at the end of March. There are so many applicants towards the end of March. RBI needs to implement more counters for this purpose.

Assesses can use other options like online payment facility and can select branches of agency banks.

A total of 29 agency banks has been authorised to accept payments of Income-Tax dues. 
 

Banks include SBI, HDFC Bank, ICICI Bank, Axis, Bank, Punjab National Bank, Bank of Baroda, Bank of India, Indian Overseas Bank. 

 Other banks are Corporation Bank, Dena Bank, Canara Bank, Central Bank of India, Syndicate Bank and others. 

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Taxman gets more teeth to track non-fillers of Income Tax

Aimed at further arming the taxman to go after those who do not file their income tax returns (ITRs), a new database of multiple addresses of such erring assesses has been set up by the department.

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A new technology enhancement by the systems wing of the department has been added to the ‘Non-Filers Management System’ electronic database, the address used by a person or his associate in the ITR or Annual Information Return filed by him.

Source: Hindustan Times, New Delhi, 15th Feb. 2016

Guidance Note on Accounting for Depreciation for Companies

The council of the institute of Chartered Accountants of India has issued accounting standard (AS) 6 on ‘Depreciation Accounting’. This standard lays down general principles of accounting for depreciation applicable to all entities. As such, the Standard is applicable to companies also in matters where there are no specific requirements under the companies Act. AS 6 also provides that the statue governing an enterprise may provide the basis for computation of depreciation. In such a situation, the requirements of the statue have to be complied with. Thus, in case of companies, section 205 and 350 of the Companies Act, 1956, which govern provisions regarding charge of depreciation for the purpose of payment of dividends and computation of managerial remuneration, respectively, provide the basis for computation of depreciation, the Companies (Amendment) Act, 1988 has amended section 350, as a consequence to which rates of depreciation prescribed in Income-tax. Risk advisory services in India.

Income Tax Department Lists Norms for Faster Tax Refunds.

The CBDT has issued guidelines for expeditious tax refund of up to Rs.5000 in cases where the department wants to adjust the refund with a pending demand, which has been contested by the assesse. The CBDT, further said where the tax demand has not been contested by the assesse, the CPC would issue a reminder to the tax payer asking to either agree or disagree with the demand and submit response on the e-filling portal within 30 days. Tax consultant in India