J B Kadge & Co., Chartered Accountants

We are very delighted to share that we were recently interviewed by the Insights Success magazine.

Insights Success Magazine is serving as the best platform for the ideas from business leaders, extensive coverage of leading companies and industry insights with unrivaled design and quality content with circulation of about 60,000 across the world.

Kindly read the interview and give us your comments.

J B Kadge and Co., Chartered Accountants: Providing Expertise in wide variety of Internal and Management Audits, System Set ups and Allied Services - Insights Success Introduction Large or small, newly set up or established, businesses struggle with mainly two things, increasing Profits and mitigating Risks. This is where J B Kadge and Co, Chartered Accountants (JBKCo) come into the picture, who are experts in Internal and Management Audits and Systems Setups. JB...

We are looking for 2 Article clerks ( Article Assistants ) for our firm. We give importance to students exams and are flexible about leaves and college and classes timings. Kindly contact us today.

There is good news for taxpayers as the income tax department has extended the deadline to link PAN with Aadhaar by 4 months to December 31.

The department had earlier said that tax returns filed without linking of Aadhaar and PAN would not be taken up for processing unless the two were linked by August 31, 2017.

Earlier the due date/deadline/last date to file income tax return for assesses whose accounts are required to be audited for financial year 2016-17 (Assessment year 2017-18) was 30th September,2017. It has been extended by one Month.
The new due date for filing income-tax returns for the financial year 2016-17 (Assessment year 2017-18) is 31st October, 2017.

GST Updates

The Government on Monday said the date of filing GSTR 1 has been extended to September 10 against the earlier deadline of 5.

Subsequently, filling of GSTR 2 and GSTR 3 has been extended to September 25 and 30 respectively.

Consequences of Filing of Income Tax Return beyond due date:

1. Loss in interest on refunds
2. No carry forward of losses - Business, Capital Gains, Other sources.
3. Delayed return where tax remains unpaid - levy of penal interest @ 1% per mont
4. If return is not filed even by end of relevant Assessment Year - a penalty of Rs. 5,000

Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
New Delhi, 31st July, 2017
PRESS RELEASE

Extension of date for filing of Income Tax Returns
There are some complaints that the taxpayers are not being able to log on to
the e-filing website of Income Tax Department or not being able to link Aadhaar with
PAN because of different names reflected in PAN and Aadhaar database. While
technical snags have been removed already, the main reason for failure of people to
log in is because of last minute rush and panic in which those who have already
logged in want to continue for the entire period for fear of losing it. In order to ease
out the panic situation, the Government has decided to take the following steps:
1. For the purpose of e-filing return, it would be sufficient as of now to
quote Aadhaar or acknowledgement No. for having applied for Aadhaar
in e-filing website. The actual linking of PAN with Aadhaar can be done
subsequently, but any time before 31st
August, 2017. However, the
returns will not be processed until the linkage of Aadhaar with PAN is
done.
2. In order to facilitate the e-filing of return, it is also decided to give
extension of five days for e-filing of return. The return can be filed upto
5th August, 2017.

(Surabhi Ahluwalia)
Commissioner of Income Tax
(Media & Technical Policy)
Official Spokesperson, CBDT

Taxpayer submitting Income Tax Returns for Assessment Year 2017-18 to ensure Incomes / Receipts and deduction claimed matches with Form 16/16A issued by Deductor.

Differences will lead to delay in processing and / or increased Tax liability due to adjustments u/s 143(1)(a).

Response can be submitted under e-Proceedings section in eFiling portal for the Notice issued by CPC seeking explanation for such differences.

Optional reporting of details of one foreign bank account by the non-residents in refund cases

The nonresidents who are not claiming refund or non-residents who are claiming refund but having a bank account in India are not required to furnish details of their foreign bank account in the return of income.

However, the nonresidents, who are claiming income-tax refund and not having bank account in India may, at their option, furnish the details of one foreign bank account in the return of income for issuance of refund.

As per press release dated 24/7/2017