Thursday, 25 June 2015

CBDT has amended Rule 12 of Income-Tax Rules, 1962.

Dear Professional Colleague,

CBDT:

CBDT has amended Rule 12 of Income-Tax Rules, 1962. These Rules may be called the Income-tax (8th Amendment) Rules, 2015. They shall be deemed to have come into force with effect from the 1st day of April, 2015.

CBDT has notified ITR 1, ITR 2, ITR 2A & ITR 4S for AY 2015­-16. These forms will substitute the previously notified ITR 1, 2 and 4S forms.
Note: Refer Notification No: 49/2015 dated 22/06/2015.

CBDT Release Software for preparing ITR 1 & ITR 4S in Java, Excel & online for A.Y. 2015­-16 are now available for e-­Filing. ITR 1 & ITR 4S can also be filled and submitted online after logging to the e­-Filing website. e-­filing of ITRs 2 and 2A will be enabled shortly.

UAN MANDATORY FOR EMPLOYERS UNDER EPF ACT, 1952:

As per the Act 1952, it is mandatory for the employers covered under this legislation to obtain Universal Account Number (UAN). The government was considering the proposal to make UAN mandatory for availing of benefit of the scheme.

As per the EPF scheme, the deadline for completing the formalities is August 25 after which action will be taken under the powers given under the Employees Provident Funds Scheme.

The UAN remains portable throughout the lifetime of an employee and they don’t have to apply for PF transfer claims at changing jobs. It is even more beneficial for workers in the construction sector, who often change their contractor after short span of time and take up new jobs after fining one contract. The bank account details are necessary for using UAN for various claims including PF withdrawals.However, those subscribers who have UAN but not provided bank account details can activate their UAN and access it online.