All Partnership Firms to file ITR 5 Form Electronically w.e.f. A.Y. 2014-15

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Extract of Revised Rule 12 is as follows :-

(3) The return of income referred to in sub-rule (1) may be furnished in any of the following manners, namely:—

(i)           furnishing the return in a paper form;

(ii)          furnishing the return electronically under digital signature;

(iii)         transmitting the data in the return electronically and thereafter submitting the verification of the return in Form ITR-V;

(iv)         furnishing a bar-coded return in a paper form:

Provided that—

 (aaa)      a firm required to furnish the return in Form ITR-5 or an individual or Hindu Undivided Family (HUF) required to furnish the return in Form ITR-4 and to whom provisions of section 44AB are applicable, shall furnish the return for assessment year 2011-12 and subsequent assessment years in the manner specified in clause (ii);

 (aab) ………….

(aac) a person required to furnish the return in Form ITR-5, other than a firm to which clause (aaa) is applicable, shall furnish the return for the assessment year 2014-15 and subsequent assessment years in the manner specified in clause (ii) or clause (iii);

CBDT Notifies SAHAJ (ITR-1), ITR-2, SUGAM (ITR-4S) , ITR-V FOR a.y. 2014-15

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NOTIFICATION NO. 24/2014, Dated: April 1, 2014

S.O.997(E). - In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-

1. (1) These rules may be called the Income-tax (4th Amendment) Rules, 2014.

    (2) They shall come into force with effect from the 1st day of April, 2014.

2. In the Income-tax Rules, 1962 (hereinafter referred to as the said rules), in rule 12,

    (a) in sub-rule (1), for the figures “2013″, the figures “2014″ shall be substituted;

    (b) in sub-rule(2), in the proviso after the words and figures “section 115JB” the words “or to give a notice under clause (a) of sub-section (2) of section 11″ shall be inserted;

    (c) in sub-rule (3), in the first proviso,-

(A) after clause (aab), the following clause shall be inserted, namely:-

    “(aac) a person required to furnish the return in Form ITR-5, other than a firm to which clause (aaa) is applicable, shall furnish the return for the assessment year 2014-15 and subsequent assessment years in the manner specified in clause (ii) or clause (iii);”;

(B) for clause (b), the following clause shall be substituted, namely:-

        “(b) a person required to furnish the return in Form ITR-7 shall furnish the return for assessment year 2014-15 and subsequent assessment years,-

    (A) in case it is furnished under sub-section (4B) of section 139, in the manner specified in clause (ii);

    (B) in other cases, in the manner specified in clause (i) or clause (ii) or clause (iii):”;

    (d) in sub-rule (4), after the words, “report of audit”, the words “or notice” shall be inserted;

        (e) in sub-rule (5), for the figures “2012″, the figures “2013″ shall be substituted.

3. In the said rules, in Appendix-II, for “Forms SAHAJ (ITR-1), ITR-2, SUGAM (ITR-4S) and ITR-V” the “Forms SAHAJ (ITR-1), ITR-2, SUGAM (ITR-4S) and ITR-V” shall be respectively substituted as follows:-

Forms SAHAJ (ITR-1), ITR-2, SUGAM (ITR-4S) and ITR-V

CA 2013 – Notification of significant sections & all schedules wef 01.04.2014

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183 sections and 13 sub-sections of the already notified sections and all the Schedules of the Companies Act 2013 have been notified by MCA on 26^th March, 2014 and made applicable from 01.04.2014.

The Ministry of Corporate Affairs has started implementation of the Companies Act 2013, in a phased manner. In the process, MCA has notified vide notification dated 26.03.2014,  183 sections of Companies Act,2013 which are effective from 1st April 2014. MCA has earlier notified 98 Section of the Companies Act, 2013 vide its notification dated 12^th September 2013. MCA has also notified vide its Notification dated 27 Feb 2014 Section 135 of the Companies Act,2013 alongwith Schedule VII of the Companies Act and Rules related to Corporate Social Responsibility (CSR) to come into effect from 01.04.2014.

In addition to that 183 sections and 13 sub-sections of the already notified sections and rest of the schedules of the Companies Act, 2013 have been notified by the Ministry of Corporate Affairs (MCA) on 26^th March, 2014 and are made applicable from 1^st April, 2014.

Further, we would like to mention here that under Chapter IX (Accounts of Companies), Section 130 (Re-opening of Accounts on Court’s or Tribunal’s order), Section 131 (Voluntary Revision of financial statements or Board’s Report) and Section 132 (Constitution of NFRA) have not been notified till date. Also Section 245 (Class Action Suits) has not been notified now by MCA.

With Notification dated 26.03.2014 MCA has till dated notified 282 section of the Companies Act out of total 470 Acts of the Companies Act, 2013.

Schedule for Withdrawal of Currency Notes in Circulation issued prior to 2005

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The Reserve Bank of India (RBI) has announced the decision to withdraw from circulation all currency notes printedprior to 2005. It is a standard international practice to withdraw old series of banknotes from time to time. The reason for withdrawal of banknotesprinted prior to 2005 is to remove them from the market as they have fewersecurity features compared to banknotes printed after 2005. It is expected that this will preventcounterfeiting of banknotes. The RBI has already been withdrawing these notes from the market in aroutine manner through banks. In RBI’s view, the volume of the banknotes printed prior to 2005 today, still in circulation, is not significant enough to impact general public in a large way.

The schedule of withdrawal announced by RBI is as under:

i) All older series of banknotes issued prior to 2005 would be acceptable for all kinds of monetary transactions only till March 31, 2014.

ii) Thereafter the public will be required to approach bank branches which would provide them exchange facilities on a ongoing basis.

iii) From July 1, 2014 onwards, members of public can exchange any number of these old series notes from the bank branches where they have their account. However, non-customers would have to furnish proof of their identity and residence to the Bank to exchange more than 10 pieces of Rs. 500.00 and Rs. 1000.00 notes.

iv) These notes will continue to be legal tender and, therefore, no end date has been specified for the exercise.

This information was given by the Minister of State for Finance Shri Namo Narain Meen in written reply to a question in Lok Sabha today.

CBDT identifies Income Tax Return non-filers

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Government of India, Ministry of Finance, Department of Revenue, Central Board of Direct Taxes

Dated 21^st February, 2014

PRESS RELEASE

The Income Tax Department had initiated a business intelligence project in February, 2013 to identify PAN holders who have not filed Income TaxReturn and about whom specific information is available in Annual Information Return (AIR), Central Information Branch (CIB) data and TDS/TCS Returns. In the first round of data matching, 12.19 lakh non-filers were identified. Letters have been sent in these cases by the Compliance Management Cell and Assessing officers seeking the response of the taxpayer. The results of this initiative is very encouraging and 5,36,220 returns have been received from the target segment. Self assessment tax of Rs.1017.87 Cr. and advance tax of Rs. 898.22 Cr. has also been paid by the target segment.

The Income Tax Department has now conducted the second round of data matching which has identified additional 21.75 lakh potential non-filers. The Department has sent letters to the 50,000potential non filers in the first batch. The information relating to the 21.75 lakh new non filers has been made available on the ‘Compliance Module’ on the e-filing portal of the Income TaxDepartment. The information will be shown only to the specific PAN holder when the PAN holder logs into e-filing portal at https://incometaxindiaefiling.gov.in. The PAN holder will be able to submit the response electronically and keep a printout of the submitted response for record purposes.

While the Government urges all tax payers to disclose their true income and pay appropriate taxes, the Tax Department would continue to pursue the non filers vigorously till all the high potential non filers are covered.

Parking spaces cannot be sold by the builder

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IN THE SUPREME COURT OF INDIA

CIVIL APPELLATE JURISDICTION

CIVIL APPEAL NO. 2544 OF 2010

Nahalchand Laloochand Pvt. Ltd. 

Versus

Panchali Co-operative Housing Society Ltd.

CIVIL APPEAL NO. 2545 OF 2010

CIVIL APPEAL NO. 2546 OF 2010

CIVIL APPEAL NO. 2547 OF 2010

CIVIL APPEAL NO. 2548 OF 2010

CIVIL APPEAL NO. 2449 OF 2010

CIVIL APPEAL NO. 2456 OF 2010

Date : August 31, 2010

The Supreme Court has upheld thatorder of the Bombay High Court and held that parking spaces cannot be sold by the builder. They are a part of the common areas and the cost of that land has to be charged to all the flat-owners in proportion to their carpet area. (Nahalchand Laloochand P.Ltd. vs Panchali Co-operative Housing Society Ltd. – JT 2010 (9) SC 414: 2010 AIR SCW 5549).

In para. 34 of the aforesaid judgementthe Hon’ble Supreme Court held that:

“34. We have now come to the last question namely– what are the rights of a promoter vis-a-vis society (of flat purchasers) in respect of stilt parking space/s. It was argued that the right of the promoter to dispose of the stilt parking space is a matter falling within the domain of the promoter’s contractual, legal and fundamental right and such right is not affected. This argument is founded on the premise, firstly, that stilt parking space is a `flat’ by itself within the meaning of Section 2(a-1) and in the alternative that it is not part of `common areas’. But we have already held that `stilt parking space’ is not covered by the term `garage’ much less a `flat’ and that it is part of `common areas’. As a necessary corollary to theanswers given by us to question nos. (i) to (iii), it must be held that stilt parking space/s being part of `common areas’ of the building developed by the promoter, the only right that the promoter has, is to charge the cost thereof in proportion to the carpet area of the flat from each flat purchaser. Such stilt parking space being neither `flat’ under Section 2(a-1) nor `garage’ within the meaning ofthat provision is not sellable at all.”

Electronic filing of annexure-less return of net wealth

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Enabling provisions for facilitating electronic filing of annexure-less return of net wealth

1 Section 14 of the Wealth-tax Actprovides for furnishing of return of net wealth as on the valuation date in the prescribed form and verified in the prescribed manner setting forth particulars of the net wealth and such other particulars as may be prescribed. Currently, certain documents, reports are required to be furnished along with the return of net wealth under the provisions of Wealth-tax Act read with the provisions of Wealth-tax Rules.

2 Sections 139C and 139D of the Income-tax Act contain provisions for facilitating filing of annexure-less return of income in electronic form by certain class of income-tax assesses. In order to facilitate electronic filing of annexure-less return of net wealth, new sections 14A and 14B have been inserted vide Finance Act,2013 in the Wealth-tax Act on similar lines.

3 Consequently, the provisions of section 46 of the Wealth-tax Act which provide for rule making powers of the Board have also been amended.

4.  Applicability: - These amendments take effect from 1st June, 2013.