May 162017
 

The Income-tax Department had recently made linking of Aadhaar & PAN madatory for assessees. A facility for the same was also introduced in the income tax efiling website www.incometaxindiaefiling.gov.in.

Now the Income-tax Department vide its Notification No S O 1513(E) dtd 11th May 2017 has exempted the following assessees :-

  1. Persons residing in the States of Assam, Jammu and Kashmir and Meghalaya;
  2. A person who is a non-resident as per the Income-tax Act, 1961;
  3. persons of the age of eighty years or more at any time during the previous year;
  4. a person who is not a citizen of India.

The relevant notification is attached below :-

Download (PDF, Unknown)

May 132017
 

The Government of India had recently announced that the PAN numbers shall be linked to the Aadhaar mandatorily. Accordingly, the Income tax department had provided a facility in online efiling account , a facility to link aadhar card to the PAN. In most of the cases, as the Name of the Assessee as per PAN data base and Aadhaar card are different/spelled differently, assessees were facing difficulty in linking the Aadhar to PAN. Considering this , the Income -tax department has provided a new facility in www.incometaxindiaefiling.gov.in to link the Aadhaar to PAN.

As per this new facility provided in the www.incometaxindiaefiling.gov.in , the assessees need not log in to the website. In the home page itself a link (Link Aadhaar) has been provided and the adhaar can be linked to PAN using this facility.

The following are the steps to link aadhaar :-

Visit the income-tax efiling website www.incometaxindiaefiling.gov.in.

In the left pane, you can find link named “Link Aadhaar”

 

 

 

 

 

Click the link and it will take you to the following page :

 

 

 

 

 

In the fields provided, fill the following :-

1) Type your PAN

2) Type your Aadhaar Number correctly

3) Type the Name as per Aadhaar card (Exactly as per Aadhaar, with same spelling and Uppercase/Lower Case as the case may be)

4) Type the Captcha

5) Finally after ensuring all the data typed are correctly, click “Link Aadhaar”

You have to ensure that the following fields are same as per PAN & Aaadhar :-

(i) Date of Birth

(ii) Gender

If Date of Birth & Gender is fully matched and Name as per Aadhaar Card is not exactly matched then the assessee has to additionally provide Aadhaar OTP to proceed with partial name match.

The above facility is available after log in also under the Profile settings-> Aadhaar Linking.

Feb 202017
 

If you have habit of making high value cash purchases (including jewellery/bullion) its time to shell out more money for your purchases.

As per the recent Finance Bill 2017 (which is yet to be passed by the Parliament), you may have to pay TCS (Tax Collected at Source) @ 1% on your Cash purchases exceeding Rs. 200000/-.

Currently, Section 206 C (1D) of the Income-tax Act, 1961 mandates sellers for TCS as follows :-

1) 1% TCS if the sale consideration is in cash for bullion purchases exceeding Rs. 2 Lakhs

2) 1% TCS if the sale consideration is in cash for Jewellery purchases exceeding Rs. 5 Lakhs.

3) 1% TCS if the sale consideration is in cash for any goods other than bullion & jewellery.

The proposed provision in the Finance Act, 2017 (Budget) the classification of “Cash purchases of Jewellery exceeding Rs. 5 Lakhs” is being removed and as a result, any goods purchases exceeding Rs. 2 Lakhs in cash will attract TCS @ 1%

The amendment , if approved by the Parliament will be effective from 1st April 2017.

Apr 272016
 

In view of the difficulties faced by the assessees in accessing the ACES website, the last date for submission of the Half yearly return for the period from Oct-2015 to Mar 2016 has been extended from 25th April 2016 to 29th April 2016. Now, assessees who have missed their deadline can make use of this opportunity and file the Service tax returns within the extended due date.

The relevant CBEC order is attached below :-

Download (PDF, Unknown)

Dec 172015
 

The CBDT vide its press release dtd 15th Dec 2015 has extended the last date for Payment of Advance tax inrespect of both Corporate & Non Corporate Assessees from 15th Dec 2015 to 31st Dec 2015.

The advance tax payments made till 31st Dec 2015 will be considered as payment within the Statutory time limit.

This extension has been provided in view of the unprecedented rainfall and floods in the State of Tamilnadu.

The relevant press release is reproduced below :-

Download (PDF, Unknown)

Jul 012015
 

The following are the Various Statutory Obligations for the month of July 2015.

Payment of Service Tax

The last date for Payment of Service tax pertaining to the month of June  2015 (Corporate Assessees) , Apr-June 2015 (For other assessees) is 5th of July 2015. In case of e-payment, the due date is 6th of July 2015.

In case of payment by Challan GAR 7, click here to download the Challan

In case of e-payment of Service Tax, Click here to make the payment online.

Remittance of Tax Deduction at source

The due date for remitting Tax Deducted at Source (TDS) on Salary & Non-salary payments during the month of June 2015 is 7th of July 2015.

Click here to pay the TDS online.

Quarterly return in respect of Tax Deducted at Source for the Quarter 1 (2015-16)

The Quarterly Return in respect of Tax Deducted at Source in respect of Salaries / Non-Salary Payments has to be filed on or before 15th of July 2015.

Monthly Return and Payment of Tax under TNVAT

The monthly returns filing and the payment of TNVAT has to be complied on or before 20th of July for the month of June 2015.

Click here to send your enquiries/suggestions , if any.

Jun 292015
 

The Income-tax Department vide Order under Section 119 of the Income-tax act,1961 dtd 10th June 2015 (F.No.225/154/2015/ITA.II) has extended the due date for filing the return of income in respect of assessees whose accounts are not required to be audited (including assessees having only salaried income). As per the said order, the last date of filing the return of income in respect of these assessees has been extended from 31st July 2015 to 31st August 2015 in respect of the year 2014-15 (Assessment year 2015-16).

The relevant order of the Income-tax department is reproduced below :-

Download (PDF, Unknown)

Aug 052014
 

The following are the Various Statutory Obligations for the month of August 2014.

Payment of Service Tax

The last date for Payment of Service tax pertaining to the month of July  2014 is 5th of Aug 2014. In case of e-payment, the due date is 6th of August  2014.

In case of payment by Challan GAR 7, click here to download the Challan

In case of e-payment of Service Tax, Click here to make the payment online.

Remittance of Tax Deduction at source

The due date for remitting Tax Deducted at Source (TDS) on Salary & Non-salary payments during the month of July 2014 is 7th of Aug 2014.

Click here to pay the TDS online.

Monthly Return and Payment of Tax under TNVAT

The monthly returns filing and the payment of TNVAT has to be complied on or before 20th of Aug  for the month of July 2014.

Contact us @ 91-44-45540180 / 91-91505 75680. For Quick Response email :- sridharca@gmail.com

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