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July 2014

Direct Taxes

By Pinky Shah, Sonalee Godbole Chartered Accountants
Reading Time 1 mins
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New tax returns forms notified – Notification no- 28/2014 [S.O. 1418(E) dated 30th May, 2014 – Income tax (Sixth amendment) Rules, 2014

New forms ITR 3, ITR 4 , ITR 5, ITR 6 and ITR 7 have been notified.

Further Rule 12 has been amended with effect from 1st April, 2014 to provide mandatory electronic filing of audit report u/s.10AA, 44DA, 50B and 115VW from A.Y. 2014- 15.

Agreement for Exchange of information for collection of taxes between the Government of India and the Government of the Principality of Liechtenstein to have effect for all requests made in respect of taxable periods beginning on or after 1st April, 2013 – Notification No. 30 /2014 dated 6th June 2014

Cost inflation index for F.Y. 2014-15 is 1024 – Notification No. 31 /2014/ [F.No. 142/3/2014- TPL] dated 11th June, 2014

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