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

Tax returns deadline not extended

Authorities have cautioned taxpayers about a fraudulent order extending the date for filling audit report and return of income for 2015-16. The income tax department has clarified that circulation of a fake order dated September 26 for extension of due date for filling of audit report and return of income for assessment year 2015-16 is fraudulent, a government statement said.

The government has not extended the due date for filling of returns and audit report due by September 30.2015 tax payers and practitioners are advised not to give any credence to the fraudulent order. The fake order extends the due date for filling of audit report under section 119 of the Income-tax Act to October 15, 2015.

 It is clarified the order is fraudulent. The government has not extended the due date for filling of returns and audit report due by 30^th September 2015. Tax payer and practitioners are advised not to give any credence to the fraudulent order chartered accountant in Delhi.

Read more at: http://timesofindia.indiatimes.com/business/india-business/Tax-returns-deadline-not-extended/articleshow/49146440.cms

10 best tax-saving investments

Multiple options. Contradictory advice. And a deadline that's approaching fast. Many taxpayers find themselves in this situation at the beginning of the year when they have to make tax-saving investments.

Are you also confused? Before you make a choice, go through our cover story to know which the best option for you is. We have ranked 10 of the most common investments under Section 80C on five basic parameters: returns, safety, flexibility, liquidity and taxability. Every investment has its pros and cons. The PPF may not have a very high return, but its tax-free status, flexibility of investment and liquidity by way of loans and withdrawals, gives it the crown in our beauty pageant. Equity-linked saving schemes come in second because of their high returns, flexibility, liquidity and tax-free status. However, traditional insurance policies, an all-time favourite of Indian taxpayers, manage the ninth place because of the low returns they offer and their rigidity. Ruchi Anand & Associates is the prominent Tax advisor in India. We provide Audit and Assurance services in India, Risk advisory services in India, Internal audit services in India for improving your financial efficiency accuracy and stability.

IT Department: Better monitoring of Taxpayer Email’s

There is another directive to enhance taxpayer services, the IT department asked its customer care centers to manage the email based complaints efficiently and send them to tax officers.

India’s Finance Minister Arun Jaitely brought out two taxpayer friendly initiatives which envisage the resolution of complaints on email and easy process to get a PAN card.

Aayakar Sampark kendras (ASK) will forward emails to range in-charge who will subsequently send to jurisdictional Assessing Officers (AOs) henceforth.

The region heads will be responsible for monitoring the emails.

The ASKs or the I-T customer care centres, are meant to answer queries related to the status of Permanent Account Number and Tax deduction Account Number applications, procedure of filing of Income Tax and Wealth Tax returns, refund related grievances and for redressal of other general queries over phone calls or email.

[ Other people are reading: Tax Exemptions for Yoga Gurus]

The taxpayer will also get notifications about processing of his requests and he may do further correspondence with the concerned officer.

Finance Minister inaugurated e-sahyog initiative yesterday is aimed at reducing compliance cost.
It will help in matching the difference in returns of taxpayers whose returns have not been selected for scrutiny. Taxpayers do not need to appear before tax authorities.

In the pilot project, 91,000 tax payers have been identified. They will be notified by SMS and email about the mismatch and then they will have to log in to e-filing portal of the tax department to see the mismatch.

[Other people are reading: Range Concept: Accurate Calculations]

It is very necessary to file e-returns accurately and with in time limit. It is always a good option to consult a tax consultant before filing e-returns. You can save a lot of money in this process. Chartered accountant can assist you in filing e-returns.

Range Concept: Accurate Calculations

In order to align transfer price calculations with that of international best practices, Government is going to incorporate “range concept”.

The government on Tuesday notified amendments to the transfer pricing rules to incorporate a "range concept" to align transfer price calculations with that of international best practices.

The amended regime will be applicable for computation of arms length pricing (ALP) of international transactions and specified domestic transactions undertaken on or after April 1, 2014, a finance ministry press release states.

It will enhance the reliability of the analysis used for the computation of ALP. It will begin with the 35th percentile and end with the 65th percentile of the comparable prices. 

Ruchi Anand and Associates is prominent tax consultants in India, who provide services that include audit services, company registration, risk advisory services, etc.   

How NRI can avoid tax under India DTAA

After the introduction of ‘Project Insight’, India government is progressing in right direction to make taxpaying process more transparent from people point of view.

A new agreement had signed by India with several countries to avoid tax on same income in both countries. DTAA agreement is Double Taxation Avoidance Agreement. It is signed between two countries.

The provisions of the Income Tax Act apply only to the extent they are more beneficial to the individual. Provisions of the DTAA prevail over the statutory provisions. Non resident Indians residing in different countries (DTAA approved) can avail the tax benefits of this agreement by submission of following documents on time.

  
1. Tax residency certificate

This certificate is available to the people by the government of the country in which he /she resides. Some columns are mandatory in Tax Residency Certificate (TRC).TRC should be filled accurately before submission to the Indian Tax Deductor. Name, status (individual , company, firm etc), address, nationality, country, tax identification number of the person in that country, tax status, period for which the tax certificate is issued should all be mentioned in the TRC. This form should be duly verified by the government of the country in which NRI reside.

2. Self declaration-cumindemnity form

The format of the form should be according to the prescription of particular bank.The following information should be mentioned in the form:

•  Account number
• Country of residence
•  Period for which TRC is submitted
• Tax rate applicable under DTAA

3. Other documents

• Self attested copy of PAN card
• Self attested copy of passport
• Self attested copy of visa.

Important information

-The documents listed above must be furnished on an annual basis for claiming DTAA tax benefits each year.

-If the TRC is not submitted within the timelines required by the deductor, the deductor (eg. Bank) will deduct tax on NRO deposits at the presently applicable rate of 30.9%.

Ruchi Anand and Associates is a blend of top chartered accountants in India having vast experience in different fields. They can advise you on your financial situation. In order to get maximum deductions and refund, our team of experts understand your financial situation and help you get maximum savings in filing tax returns. Filing ITR is a complex task but RAAAS can get you maximum savings while you can focus on your business.

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• Audit Service in India
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Author Bio:

Kanika Arora writes on behalf of Ruchi Anand and Associates, Auditor in India and one of the top chartered accountant in Delhi provides services from company registration to filing ITR.