Due Dates For Co-Operative Society Audits – Latest Circular

According to the latest circular on Co-Operative Society Audits, below are some important dates:

1. Finalisation of Acts –  15th May

2. Accounts to be handed over for Audit -1st June

3. Audit Completion: 31st July

4. Audit Report Upload – 31st August  or 15th September.

5. AGM Date – 30th Sept (to be held on or before).

6. Mandatory Annual Return by Society – by 30th Sept.

7. Mandatory Return by Society About Auditor Appointment – One month from AGM or 31st October

8. Online Audit Order Generation by Auditor – 31st October.

9. Audit Rectification Report by Society: 3 months from the date of submission of report by auditor.

10. Rectification Report Upload by Auditor through Audit login: Once received from Society

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CA.C.V.PAWAR
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CBDT notifies Income Tax Return Forms for AY 2018-19

To:

Dear All,

 

CBDT notifies Income Tax Return Forms for AY 2018-19 (FY 2017-18).

 

 

 

Thanks and Regards,

Applicability of Standard deduction to Pension received from former employer

Dear All,

 

CBDT clarifies through Press Release that, any taxpayer who is in receipt of pension from his former employer shall be entitled to claim a deduction of Rs 40000/-(Standard Deduction) or amount of pension whichever is less , u/s 16 of the Income Tax Act.

 

CBDT Press Release is attached herewith for your reference.

 

 

 

Thanks and Regards, 

CBDT : Clarification on return processing

Dear All,

 

The Central Board of Direct Taxes (CBDT) on 28^th March, 2018 clarified that all the returns for AY 2017-18 and onwards have to be processed under section 143(1) of the Income-tax Act, 1961 (Act) irrespective of the fact whether the cases are under scrutiny or AO contemplating withholding of refund under section 241A of the Act on concern of recovery.

 

The returns pushed to the AO for processing by the CPC are required to be processed electronically on the Income-tax Business Application Software (IBAS) which is launched by the CBDT and functioning since 31^st October, 2017. However, in exceptional circumstances where returns cannot be processed electronically due to technical difficulties, the AO can process the return manually with the prior approval of Pr. CIT.

 

Also directs that before taking up manual processing, technical difficulties in such cases should be referred to Pr. DGIT (Systems) who shall satisfy himself about the inability of processing returns manually due to technical difficulty within reasonable time and then permit manual processing.

 

To avoid any arbitrariness, the returns of AY 2017-18 and onwards which are pushed by the CPC to the AO for processing, as far as possible, shall be handled in a chronological manner.