Cost Inflation Index for FY 2013-14 Announced “939″

 

 

The Cost Inflation Index (CII) for the  Financial Year 2013-14 has been announced by CBDT (Central Board of Direct Taxes) at 939 vide Notification no.40/2013[F.NO.142/7/2013-TPL]/SO 1464(E), Dated June 6, 2013. Now Capital Gain Index for Financial year 2013-14 is 939.
For the previous Financial Year 2012-13 the said CII was at 852
In exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income tax Act, 1961 (43 of 1961), the Central Government hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), Central Board of Direct Taxes published in the Gazette of India, Extraordinary, vide number S.O. 709(E), dated the 20th August, 1998, namely;
In the said notification, in the Table, after serial 32 and entries relating thereto, the following serial number and entries shall be inserted, namely;

No PAN! Be ready to pay 20% Tax on Property Sale

No PAN! Be ready to pay 20% Tax on Property Sale

Soubhagya June 3, 2013 Notification, Tax  No comments

Along with the new rule which was proposed during budget 2013-14 i.e. buyers of immovable property, other than agricultural land, to pay TDS of 1% of the deal size for transactions in excess of Rs 50 lakhs under section 194IA effective from June 1, 2013; there is another jolt for those sellers of properties who don’t have PAN.

And the news is those selling immovable property without disclosing a valid Permanent Account Number (PAN) are in for a tough time with the government mandating a 20% tax deduction at source (TDS) in such transactions.

This move is a part of the government’s drive to clamp down on black money in the system, with real estate transactions seen as one of the major sources of generation of black money.

Service Tax Return Oct-2012 to the end of Mar-2013 extended to August 31, 2013

CBEC (Central Board of Excise and Customs) has once again extended the due date for service tax return for October-2012 to the end March-2013 to August 31, 2013 from April 25, 2013 vide CBEC order no 03/2013 dated April 23, 2013. Further it is also informed that utility to prepare the service tax return will be available at ACES website by July 31, 2013.

In order 03/2013 dated April 23, 2013; CBEC referred that circumstance of a special nature, which has given rise to this extension of time.

Earlier the last date for filing the Service Tax return for the Quarter 2 (July-Sep 2012) which was originally fixed as April 15, 2013 has been extended to April 30, 2013.

Also note, online filing of service tax return is mandatory for all registered service providers.