Author: Sukhwinder Singh

Rectification/ Correction in filed Income Tax Return (ITR)

Hello everyone, Today I would like to share a small procedure regarding Rectification in already filed Income Tax Return. To file your Rectification, you should be a registered user in e-Filing application. Details are :- LOGIN to e-Filing application and Go to –> My Account –> Rectification request. Select the Assessment Year for which Rectification is to be e-Filed, Enter Latest Communication Reference Number {As mentioned in the CPC Order} Click ‘Submit’. Select the ‘Rectification Request type’ On selecting the option ‘Taxpayer Correcting Data for Tax Credit mismatch only’, three check boxes, TCS, TDS, IT, are displayed. You may select the check-box for which data needs to be corrected. User can add a maximum of 10 entries for each of the selections. {No upload of any ITR is required} On selecting the option ‘Taxpayer is correcting the Data in Rectification’ − select the reason for seeking rectification, Schedules being changed, Donation and Capital gain details (if applicable), upload XML and Digital Signature Certificate (DSC), if available and applicable. {You can select a maximum of 4 reasons} On selecting the option,’No further Data Correction required. Reprocess the case’ − check-boxes to select- Tax Credit mismatch, Gender mismatch (Only for Individuals), Tax/ Interest mismatch are displayed. User can select the check-box for which re-processing is required. {No upload of an ITR is required} Click the ‘Submit’ button. On successful submission, Message is ping...

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Corporate Updates

GST: Looking to the ongoing protests and non co-operation movements in the Parliament, the Implementation of Goods & Service Tax (GST) regime in India from 1st April 2016 will be fail and the new and practical date may extend to August or September 2016. ROC: Annual Return (MGT-7): Earlier Annual Return was required to be prepared in e-form 20B. Now, new form for Annual Return is MGT-7. This is a very lengthy form in comparison to earlier Annual Return under Schedule- V. E-form ADT-1 Auditor will be appointed for the 5 (Five) year and form ADT-1 will be file for 5-year appointment. After that every year in AGM, Shareholder will ratify the Auditor but there is no need to file ADT-1. SEBI issued guidelines on Overseas Investments and Other Issues /clarifications for AIFs/VCFs. DGFT Public Notice No.29/2015-20 dated 4 August, 2015 provided facility for exporters to continue to file applications for benefits under Chapter 3 schemes of the earlier Foreign Trade Policy as per procedures prescribed in the amended HBPs, which shall be effective from 1.07.2015. Public Interest Litigation filed by former Head of Southern Region of ICAI praying for issuance of writ of certiorarified mandamus to quash proceedings of ICAI relating to grant of approval for registration of CPT on the ground that it was ultra vires of the Chartered Accountants (Amendment) Act 2006 was quashed by Madras High...

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TOP 12 E-commerce Sites of India

Hello everyone; Today I would like to share Top 12 E- Commerce Sites of India. Enjoy the Updates :- Flipkart – www.flipkart.com Amazon – www.amazon.in Jabong – www.jabong.com Ebay – www.ebay.in Snapdeal – www.snapdeal.com Naaptol – www.naaptol.com Infibeam – www.infobeam.com Homeshop18 – www.homeshop18.com Shopclues – www.shopclues.com Indiatimes – www.Indiatimes.com Rediff Shopping – www.shopping.rediff.com Fest Decore Corporation –...

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SEBI Update

SEBI in order to ensure that adequate disclosures are made to help investors in taking an informed decisions, has released the revised Format for disclosure by the Promoter(s) to the stock exchanges and to the Target Company for encumbrance of shares / invocation of encumbrance/ release of encumbrance, in terms of Regulation 31(1) and 31(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The formats for the reports/disclosures to be filed under these Regulations have been prescribed by SEBI. This Circular shall come into force with immediate...

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Union Cabinet clears 100 Smart City Projects

Union Cabinet clears 100 Smart City Projects. India has allocated nearly Rs 6000 crore for development of these smart cities. Here goes the list of cities that have been approved by Union Cabinet to be upgraded to smart cities:- 1. Pune – Maharashtra 2. Mumbai – Maharashtra 3. Nagpur – Maharashtra 4. Nashik – Maharashtra 5. Aurangabad – Maharashtra 6. Bhivandi – Maharashtra 7. Calcutta – West Bengal 8. Durgapur – West Bengal 9. Haldia – West Bengal 10. Habra – West Bengal 11. Jangipur – West Bengal 12. Ahmedabad – Gujarat 13. Surat – Gujarat 14. Vadodara – Gujarat 15. Rajkot – Gujarat 16. Bhavnagar – Gujarat 17. Junagadh – Gujarat 18. Gandhi Nagar – Gujarat 19. Bhopal – Madhya Pradesh 20. Indore – Madhya Pradesh 21. Gwalior – Madhya Pradesh 22. Burhanpur – Madhya Pradesh 23. Jabalpur – Madhya Pradesh 24. Chennai – Tamil Nadu 25. Coimbatore – Tamil Nadu 26. Madurai – Tamil Nadu 27. Tiruchirappalli – Tamil Nadu 28. Salem – Tamil Nadu 29. Tirunelveli – Tamil Nadu 30. Bangalore – Karnataka 31. Gulbarga – Karnataka 32. Bidar – Karnataka 33. Bijapur – Karnataka 34. Badami – Karnataka 35. Pattadakal – Karnataka 36. Mahakuta – Karnataka 37. Thiruvananthapuram – Kerala 38. Kollam – Kerala 39. Kottayam – Kerala 40. Tiruvalla – Kerala 41. Ernakulam – Kerala 42. Cochin – Kerala 43. Thrissur – Kerala 44....

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