CBDT wakes up: Issues Circular 4/2012 allowing AO's to rectify Incorrect Arrears of Demand!!!!!!!

CBDT has issued circular 4/2012 on 20/06/2012 allowing Assessing Officers to rectify incorrect demands protested by Assessee's to be rectified even if period of Limitation for Rectification of 4 years as per S.154 of the Income tax Act,1961 has expired. 


Further the Assessing Officers are directed to give effect of such rectification on Financial Accounting System (FAS) portal of CPC, Bengaluru and refund wrongly adjusted,if any please be allowed to Assessee's.


To read the notification, clink on the following link:


http://www.itatonline.org/info/index.php/adjustment-of-refunds-against-arrears-cbdt-circular/

MVAT Audit due date preponed to 30th November [Vat-1512/CR-61/Taxation-1 dated 01/06/2012]

Yes, you read it right!!!!!!!!!!

Rule 66 of MVAT Rules which provides due date of submitting Audit report under S.61 of MVAT Act has been amended vide Notification -1512/CR-61/Taxation-1/dated 01/06/2012.

Rule 66 provides following:

The report of the audit under section 61 shall be submitted within ten months of the end of the year to which the report relates.

However the said rule has been amended to substitute "ten months" to "eight months"

Further the period of retention of books of accounts has been increased from six years to eight years to the year to which they relates.

Note: Only few of several amendments are reflected above:

For full notification click the following link:

Notification- 1512/CR-61/Taxation-1 dated 01/06/2012