Blog: Incometaxproblemsinindia

Blogger: Rajamanickkam
I have been suffering like a traveller who tries to book a tatkal train ticket one day before the date of travel, when I was trying to file returns of income now a daysYou all know that booking train ticket online during the morning between 10AM and 12 Noon is a very difficult job even for an experienced person. The irctc web site is always busy. Even if I get that website, my bank's ie FEDERAL BANK web site is always busy in the morning and I don't get the tickets but my money would be gone for sometime. One can understand that the railways have not increased the fares for a very long time and hence they do not have the funds for modernisation of the website of irctc. But how it is pos... Read more
clicks 296 View   Vote 0 Like   3:22pm 3 Aug 2013
Blogger: Rajamanickkam
To day I have seen a news item regarding the use of shell companies for money laundering purposes. This practice had evolved from Kolkatta. From there we find lot of shell companies being floated , capital accumulated and later sold off.One of my clients was approached by someone regarding this. After seeing the profit and Loss account and balancesheets, total income statements etc, I was dissatisfied and found such project very risky, unethical and immoral. I later dissuaded my client from such a project.After that bitter experience I had an occasion to read this article in Economic Times and I would like to share this to my friends to make them aware of what is happening and also to make t... Read more
clicks 260 View   Vote 0 Like   3:05am 9 Jul 2013
Blogger: Rajamanickkam
The Traces Website of the Incometax Department is not working or working intermittently. This website is the one which gives the details of Incometax deducted from the assessee's income. One has to verify the figures from this website before filing the return of income as many tax deductors like banks deduct tax, issue tds certificates in Form No:16A, but do not file the tds returns. In that case tds credit will not appear in the party's account, namely AS 26 of the incometax department's tds website. In such situations one can always ask the deductor to file the return immediately.There are several cases, where the deductors quote wrong PAN numbers leading to credit not appearing in the Par... Read more
clicks 276 View   Vote 0 Like   12:08pm 4 Jul 2013
Blogger: Rajamanickkam
A minor, his mother, a web of firms and hundreds of crores: Bogus contract payments scam in a PSU unearthed after tip-off from a suspicious transaction reportFor detail news click hereThis information is in continuation on earlier post regarding Income tax departments various sources of information.Rajamanickkam FCA,... Read more
clicks 246 View   Vote 0 Like   8:50am 15 May 2013
Blogger: Rajamanickkam
System glitch deducts 40% amount as TDS from SBI depositors’ account! - MoneylifePlease go through the above article. This will reveal how SBI had deducted higher tds than the correct tax from the interest on deposits of its customers. It had deducted tax four times more than what is due as per the provisions of the Incometax Act. There are several cases where the banks deduct tax on interest on fixed deposits. But tds returns were not filed by the banks. I have found in several instances, where tds returns were filed but wrong PAN numbers quoted resulting in denial of refunds to the depositors.These defaults by banks resulted in depositors not getting their correct tax... Read more
clicks 254 View   Vote 0 Like   5:54am 11 May 2013
Blogger: Rajamanickkam
Is it difficult to conceal any thing from Incometax Department?The technological development and computerisation in the country for last two decades make it difficult to conceal any thing relating to monetary transactions from the prying eyes of the Incometax Department. Whenever you make any cash deposit of Rs50000 and above in any Bank, you have to furnish the PAN no issued to you. Similarly whenever you make a fixed deposit and the interest on such deposits exceed Rs.10000 in an year, you have to give the PAN to your bank either with without Form no 15H or Form no 15G.Whenever you buy jewellery or get a credit card or open a new Saving Account, you have to give PAN. Again when a... Read more
clicks 248 View   Vote 0 Like   6:01am 8 May 2013
Blogger: Rajamanickkam
<iframe src="http://www.blogadda.com/rate.php?blgid=46692" width="170" height="75" frameborder="0" scrolling="no" ></iframe>Rajamanickkam FCA,... Read more
clicks 274 View   Vote 0 Like   11:00am 7 May 2013
Blogger: Rajamanickkam
      Wealth Tax - Is it necessary to file Wealth Tax Returns?As a practising Chartered Accountant, I find that many people are not filing wealth tax returns, even though they have taxable wealth.The reason for that is, the Incometax Department does not pay too much attention to catch hold of non- filers and stop filers of wealth tax returns.Action is taken only when the Assessing Officer's attention is drawn to non-filing of wealth tax returns. Such action takes place,  when the case of the assessee is taken for scrutiny. If the Incometax Officer finds during the course of scrutiny assessment under Incometax Act, that the taxable wealth of the assessee is more than ... Read more
clicks 248 View   Vote 0 Like   12:41pm 6 May 2013
Blogger: Rajamanickkam
The new Incometax Returns prescribed by the Incometax Department this year, provides for the compulsory disclosure of all assets and liabilities as on 31-03-2013 at cost.The importants points to be noted in this connection are as below.1. The value at which the assets are to be disclosed is at cost.2. All the immovable assets like land, buildings, houses, farm house, flats, plots, etc are to be disclosed. They should be disclosed at the cost for which they were bought and all the expenditure on improvements so for incurred. The value of immovable properties inherited from the parents etc, should be shown at nil cost. Similar are the assets gifted by the relatives etc are to be show... Read more
clicks 247 View   Vote 0 Like   7:09am 5 May 2013
Blogger: Rajamanickkam
The latest notification of the Income tax department says that persons with more than Rs. Five lac income have to file their Income tax returns online. What are the implications?.1. They have to register with the Income with the E Filing Website and get a Password. The user I'd is always the PAN number. It is a tedious job for which persons do not have previous experience in computer operations need the help of a Chartered Accountant. Of course you need to pay for it.2. The assessee, need to get a digital signature for filing the returns. The Chartered Accountant will help you in getting a digital signature. He will also help and teach you how to sign with the digital signature.3. Despite t... Read more
clicks 245 View   Vote 0 Like   3:56am 4 May 2013
Blogger: Rajamanickkam
<a href="http://www.blogadda.com" title="Visit blogadda.com to discover Indian blogs"> <img src="http://www.blogadda.com/images/blogadda.png" width="80" height="15" border="0" alt="Visit blogadda.com to discover Indian blogs" /></a>Rajamanickkam FCA,... Read more
clicks 226 View   Vote 0 Like   5:50pm 3 May 2013
Blogger: Rajamanickkam
The Incometax Department had last year, uploaded the arrear demands of the assessees as per the books of accounts of the Incometax Officers.Their books contained lot of mistakes. Several demands not pertaining to the assessees concerned were uploaded. In several cases huge demands, where the assessee filed returns showing below taxable income or loss were also shown as arrears with some tax effect. In many cases the intimation of the demand were not even despatched or served on the assessees. The CPC Bangalore started deducting these unverified demands with out giving proper notice to assessees. Representations to the Incometax Officers were met with the reply that it is not in the... Read more
clicks 236 View   Vote 0 Like   11:21am 3 May 2013
Blogger: Rajamanickkam
The Incometax Department is yet to publish the new forms for filing Incometax Returns. It wants all the Salaried employees to file their retun of Income before the end of June and all other returns before July 30th except tax audit cases.In the last year the returns were prescribed very late and internet filing enabled also very late. Still many assessees are yet to receive their refunds. I dont know when the Incometax Department will act in time and announce new returns on 1st April of the new assessment year. May be the Apex Court has to issue an order in this regard?Similarly the orders of the transfers of the Commissioners and Chief Commissioners are yet to be issued. Only thereafte... Read more
clicks 255 View   Vote 0 Like   5:46am 2 May 2013
Blogger: Rajamanickkam
This is how the Incometax department is going to expand like anything and create all sorts of hurdle to business. Please curse or thank the FM for this as you wish.Cadre Restructure proposal for Income Tax Department cleared by DOPT (as in Feb 2012 )Cadre restructuring proposal- Changes in Gr.A as approved by the Department of Personnel & Training.SL NOGRADESEXISTINGPOSTS CLEAREDBY DOEPOSTS APPROVED BY DOPTADDL. POSTS GIVEN1.APPEX (80000)PRINCIPLE CCIT029#27*20#(-9)2.HAG+(75500-80000)ADDL.CCIT0885050(-38)3.HAG (67000-79000)CCIT11633315034(-183)4.SAG PB-4(GP-10000)CIT731602831100(+229)5.NFSG PB-4(GP-8700)JAG PB-3(GP-7600)ADDL.CIT/JCIT125315651565312(0)6.STS PB-3 (GP-6600)DCIT1358160113963... Read more
clicks 231 View   Vote 0 Like   1:17pm 1 May 2013
Blogger: Rajamanickkam
No wealth-tax on agriculture land :Change in Finance Bill 2013 | SIMPLE TAX INDIAPlease read the above news item.The Wealth Tax Act  had been amended retrospectively from 01-04-1993 by exempting agricultural lands located with in the 8 km limit of municipalities, Corporations etc with the following two conditions:1. The land should be used for agricultural purposes.2. The said land should be shown as agricultural in the revenue records of the state Govt.This is an important piece of information which should be known to all tax professionals.Rajamanickkam FCA,... Read more
clicks 249 View   Vote 0 Like   12:29pm 1 May 2013
Blogger: Rajamanickkam
Goolam Vahanvati: Attorney general or mob lawyer? - Firstpost: Latest and Breaking News from India, World, Business, Politics, Entertainment and SportsSee how the top legal man of the Govt works and his ethics. It is very interesting to read and to know.Rajamanickkam FCA,... Read more
clicks 237 View   Vote 0 Like   3:18am 1 May 2013
Blogger: Rajamanickkam
I-T returns may require disclosure of all assets - The Economic TimesPlease kindly go through the above news item. May be it is putting extra burden on CAs this year. But this will help them in the future whenever any survey or search takes place. It will be easy for assessees to explain away all the assets they have. The clients also will not blame the Chartered Accountants if they do not reveal their assets to them and if later found out they have to face the music from the Incometax DepartmentRajamanickkam FCA,... Read more
clicks 242 View   Vote 0 Like   2:38am 1 May 2013
Blogger: Rajamanickkam
Saharashri Subrata Roy hits out hard at the SEBI chairman; seeks apology - MoneylifeRajamanickkam FCA,... Read more
clicks 243 View   Vote 0 Like   3:43am 5 Apr 2013
Blogger: Rajamanickkam
I got into two wheeler accident on 28-12-2007 which resulted in complete damage to anterior cruciate ligament and also a fracture. was fully bed ridden for about a month after a surgery at Coimbatore. Only during that period I realised the value every part of the body with which the god had endowed us with. Money, influence etc did not help and only god has been pleased to get me out of this misery at the earliest. RajRajamanickkam FCA,... Read more
clicks 250 View   Vote 0 Like   5:50pm 17 Feb 2008
Blogger: Rajamanickkam
I have changed my view of Europe and India, after a tour of France, Denmark,Belgium and Germany. I was under the impression that all the Europeans are racist, but I found them very congenial , nice to move with. In fact I found them very much interested in knowing about India and Indians. The food was also good and all Indians can adjust with the food available in Europe. The tourist facilities available are excellent. Similarly the law and order situation is very good and people can walk alone even during late night.Rajamanickkam FCA,... Read more
clicks 279 View   Vote 0 Like   4:54pm 21 Jun 2007
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