Apr 032018
 

The following are the statutory obligations for the month of April 2018

ActComplianceDue Date
GSTGSTR 1 (For Feb 18) filing for taxpayers with more than 1.5 Crores Turnover10-04-2018
ESIESI Payment for the month of March 201815-04-2018
PFPF Payment for the month of March 201815-04-2018
GSTGSTR 4 (For assessee's opted for Compounding Scheme) - Jan-Mar 201818-04-2018
GSTGSTR 3B Return filing for the month of March 201820-04-2018
GSTGSTR 1(Jan-Mar 2017) filing for Taxpayers with Less than 1.5 Crores turnover30-04-2018
Income-taxDeposit of TDS deducted during the month of March 201830-04-2018
Income-taxFiling of Form 61 containing particulars of Form 60 during the period 1st Oct to 31st March 201830-04-2018
Income-taxDue date for uploading declarations received from recipients in Form. 15G/15H during the quarter ending March, 2018.30-04-2018
Jan 022018
 

The following are the Statutory obligations for the month of January 2018.

ActComplianceDue Date
GSTGSTR 3B Return filing for the month of December 201720-01-2018
GSTGSTR 1(Jul-Sep) filing for Taxpayers with Less than 1.5 Crores turnover10-01-2018
GSTGSTR 1 (For Jul,Aug ,Sep,Oct & Nov 17) filing for taxpayers with more than 1.5 Crores Turnover10-01-2018
GSTGSTR 4 (For assessee's opted for Compounding Scheme) - Oct-Dec 201718-01-2018
Income-taxDeposit of TDS deducted during the month of December 201707-01-2018
Income-taxFiling of ETDS Return in Form 24Q & 26Q for (Oct-Dec 2017) Quarter 331-01-2018
ESIESI Payment for the month of December 201715-01-2018
PFPF Payment for the month of December 201715-01-2018
Dec 082017
 

As per Section 139 AA of the Income-tax Act,1961 , all the taxpayers are mandatorily required to link their PAN with their Aadhaar Numbers. The earlier due date was 31st August 2017, which was extended to 31st December 2017.

In view of the representations received and also on account of the difficulties faced by the taxpayers, the time limit for linking of PAN and Aadhaar has been further extended upto 31st March 2018.

The relevant press release of the CBDT dtd 08th December is reproduced below :-

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Ministry of Finance08-December, 2017 12:21 IST

CBDT extends date till 31.3.18 for linking of Aadhaar with PAN

Under the provisions of recently introduced section 139AA of the Income-tax Act, 1961 (the Act), with effect from 01.07.2017, all taxpayers having Aadhaar Number or Enrolment Number are required to link the same with Permanent Account Number (PAN). In view of the difficulties faced by some of the taxpayers in the process, the date for linking of Aadhaar with PAN was initially extended till 31st August, 2017 which was further extended upto 31st December, 2017.

It has come to notice that some of the taxpayers have not yet completed the linking of PAN with Aadhaar. Therefore, to facilitate the process of linking, it has been decided to further extend the time for linking of Aadhaar with PAN till 31.03.2018.

*****
DSM/SBS
(Release ID :174189)

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Nov 302017
 

The following are the statutory obligations for the month of December 2017

ActCompliance
Due Date
GST
GSTR 3B Return filing for the month of November 201720-12-2017
GST
GSTR 1(Jul-Sep) filing for Taxpayers with Less than 1.5 Crores turnover31-12-2017
GST
GSTR 1 (For Jul,Aug & Sep 17) filing for taxpayers with more than 1.5 Crores Turnover31-12-2017
GST
GSTR 4 (Jul-Sep 17) Return for compounding dealers24-12-2017
GST
Tran - 1 form for claiming the Transition Credit27-12-2017
Income-taxDeposit of TDS deducted during the month of November 2017
Click Here for Payment
07-12-2017
Income-taxAdvance Tax 3rd InstalmentClick here for payment 15-12-2017
TNVATSubmission of Form WW TNVAT Audit Report for the year 2016-1731-12-2017
ESIESI Payment for the month of November 201715-12-2017
PFPF Payment for the month of November 201715-12-2017

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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.

May 022016
 

The following are the Various Statutory Obligations for the month of May 2016.

Payment of Service Tax

The last date for Payment of Service tax pertaining to the month of April 2016 is 5th of May 2016. In case of e-payment, the due date is 6th of May 2016.

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 Apr 2016 is 7th of May 2016.

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 May for the month of April 2016.

 Quarterly Return of TDS for the Quarter Ending March 2016

The Quarterly returns (Form 24Q/26Q/27EQ) pertaining to the quarter ended March 2016 (Jan-Mar 2016) has to be filed on or before 15th of May 2016.

Issue of TDS Certificates

TDS Certificates in Form 16A (Other than salaries) for the Quarter ended March 2016 shall be issued on or before 30th of May 2016

TDS Certificates in Form 16 (Salaries) for the financial year 2015-16 shall be issued on or before 31th of May 2016

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

Mar 102016
 

The Budget 2016 was presented in Parliament recently.

The detailed analysis of Budget 2016 Tax Proposals is provided below :-

Download (PDF, Unknown)

B S Sridhar & Co., Contact us @ 91-44-45540180 / 91-90804 33131. 

For Quick Response email :- sridharca@gmail.com

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