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. 

Ruchi Anand and Associates are top tax consultants in India. RAAAS offers services including company formation and registration, outsourcing, auditing, Reporting and Taxation.

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.

For more info visit http://goo.gl/z8C8hu

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

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

Duties and Responsibilities of a Tax Consultant:

Tax consultants, referred to as tax advisers and are trained in tax law. They understand the regulations regarding business and individual taxes and advise clients on how to comply with both federal and state tax legislation.

Tax consultants provide their clients with financial and tax-related advice. They meet with client over the phone and-in person to discuss their clients’ tax situations. They educate their clients on tax options, including how to legally lower tax liability or how to compare taxes bases on their investments, Tax consultants might prepare and complete client tax returns and assist clients in finding the right deductions, credits and adjustment based on their financial situation. Tax consultants must be well-spoken and have excellent communication skills they deal with clients and other professionals on a daily basis. Ruchi Anand & Associates is a company of Tax advisor Ritu Anand & working as a tax consultant in India, tax consultant firms in India, Internal audit services in India, Risk advisory services in India. You can also join Ruchi Anand & Associates for consultancy and taxation related for your Company.

Service Tax Guide for Indian

Service Tax is a Tax which is paid by the provider of service. Any person whose revenue from providing of any type service (Whether Consultancy Risk advisory, Audit service in India and other service etc. During the year is more than Rs.10 lakh is liable to pay service tax as per the Tax rates prescribed by the Govt.

The current service tax rate is 12.36% (will be 14% from coming year), and the govt keeps the changing this rate in the budget announced every year. Service tax liable to be paid to any service rendered by any person in India. Ruchi Anand & Associates is the prominent chartered accountant in India. They handled tax and accounting services related matters very carefully.