IT department in staff crunch –50% chances of escaping scrutiny for taxpayers

Recently CBDT exempted salaried class employees having income below Rs 5 lacs from filing their returns, later another statement came that Income tax department is after big fish and thus salaried employees would be generally exempt from scrutiny. Now more relaxing news for the tax payers as due to shortage of staff it is likely that 50% of the returns filed will escape income tax scrutiny so even high income earners can relax a bit. The income tax department

Statutory Auditors to Certify Financial Statements Filed in XBRL Format

Statutory Auditors to Certify Financial Statements Filed in XBRL Format
There is another reason for cheering for Auditors and more compliance cost for companies. The statutory auditors of all listed companies and also unlisted firms with a paid-up capital of at least Rs 5 crore or those with turnover of Rs 100 crore and above have more news to cheer about. The Ministry of Corporate Affairs (MCA) has made it mandatory for all the entities that are required to get their financial statements in XBRL format, to get them

SBI Fixed Deposits – No penalty on premature withdrawl of FDs of Tenor of 90 days

SBI Fixed Deposits – No penalty on premature withdrawl of FDs of Tenor of 90 days
In a move to benefit the investors, SBI is not charging any penalty on premature withdrawl of Fixed Deposits that are invested with a tenor of 90 days. The move is a welcome step for investors who wish to invest their funds for a span of 3 months not knowing when they would need the money in between. Earlier the investor was charged with a penalty of 1% on premature withdrawl of FDs. Another relief given to the investor

Company Law Amendment – Remuneration Limit increased !

Section 314 of The Companies Act, 1956 states that a Director etc., is not to hold office or place of profit except with the consent of the company accorded by a special resolution and at remuneration as may be prescribed by the Central Government. The Central Government vide its powers confirmed under section 642 of the Companies Act , 1956 has raised the total monthly remuneration for the purpose of Clause (b) of sub section (1) of section 314 to

HNIs on Income Tax Department Hit List

High Net worth Individuals are the main target for the Income Tax Department. HNIs are the individual who fall in the top bracket of earnings in terms of their wealth and income and also include the highly paid employees and professionals. The Income Tax Department has constituted a panel with CBDT head as the chairman. This panel has been constituted to track the activities of HNIs – their travelling abroad, spending, their units abroad, funds being transferred abroad, etc.

Have you checked your tax credit in 26AS before filing your return – here is how you can do it….

For the faster processing and expediting your refund, the taxpayers have been advised by the Income Tax Department to verify their tax credit in 26AS before filing their return of Income. This should be done to avoid TDS mismatch, if any with the tax deducted and deposited by the employer/deducting entity and the tax claim filed by the assessee. What is Form 26AS? Form 26AS, i.e. the Tax Credit statement is generated when a valid PAN No. has been