Important Due Dates In the Month of January-2017

Due Dates for January-2017

7 January 2017 -  Due date for deposit of Tax deducted/collected for the month of December, 2016. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan​

7 January 2017 -  Due date for deposit of TDS for the period October 2016 to December 2016 when Assessing Officer has permitted quarterly deposit of TDS under section 192, 194A, 194D or 194H​

14 January 2017 -  ​Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of November, 2016

15 January 2017 -​  Due date for furnishing of Form 24G by an office of the Government where TDS for the month of December, 2016 has been paid without the production of a challan

15 January 2017 -  ​Quarterly statement of TCS deposited for the quarter ending December 31, 2016

30 January 2017 -  ​Quarterly TCS certificate in respect of tax collected for the quarter ending December 31, 2016

30 January 2017 -  ​Due date for furnishing of challan-cum-statement in respect of tax deducted under Section 194-IA in the month of December, 2016

31 January 2017 -  ​Quarterly statement of TDS deposited for the quarter ending December 31, 2016

31 January 2017 -  ​Quarterly return of non-deduction at source by a banking company from interest on time deposit in respect of the quarter ending December 31, 2016

31 January 2017 -  ​Due date for filing of statement of financial transaction by banks or post office in respect of cash deposits during the period 09th November, 2016 to 30th December, 2016 aggregating to—

(i) Rs. 12,50,000 or more, in one or more current account of a person; or
(ii) Rs. 2,50,000 or more, in one or more accounts (other than a current account) of a person.

Read More

Important Due Dates in May-2015 regarding Income Tax and TDS.

Just start the Month of May-2015 and thus Important due dates in this month are must to know, which are given below:

7 May 2015 – Due date for deposit of Tax deducted/collected for the month of April, 2015

15 May 2015 – Quarterly statement of TDS/TCS deposited for the quarter ending March 31, 2015

22 May 2015 – Due date for issue of TDS Certificate for tax deducted under Section 194-IA in the month of April, 2015

30 May 2015 – Quarterly TDS/TCS certificates in respect of tax deducted (for payment other than salary) or tax collected during the quarter ending March 31, 2015

30 May 2015 – Submission of a statement by non-resident (under Section 285) having a liaison office in India for the financial year 2014-15

31 May 2015 – Certificate of tax deducted at source to employees in respect of salary paid and tax deducted during 2014-15

31 May 2015 – Return of tax deduction from contributions paid by the trustees of an approved superannuation fund.

Source: Income Tax

Read More

Date of filing of return for Fin.Year 2013-14 under WBVAT, WBST, CST, ET and PT Acts has been extended upto 20th May, 2014.

This is good news news for West Bengal Tax Assessees that the date of filing of Return for Quarter End on 31.03.2014 for Fin. Year 2013-14 has been exteded upto 20th May, 2014 with or without Digital Signature Certificate under WBVAT, WBST, CST, ET and PT acts.  Date of submission of hard copies of returns under said Acts, wherever necessary, has also been extended upto 27th May, 2014. Date of filing of Revised Return for Qquarter End 30.09.2013 under WBVAT, WBST, CST, ET and PT Acts has been extended upto 20th May, 2014. Date of filing pre-assessment refund  application in respect of the period 31.12.2013 has been extended upto 20th May, 2014. Last date of filing of application under IPA Scheme-2010 for Quarter Eend 31.12.2013 has been extended upto 20th May, 2014

Other Important Due Date in the month of May-14

Read More

Happy Republic Day ..

Freedom in Mind,

Faith in Words,

Pride in our Heart,

Memories in our Souls.

Let's Salute the Nation on

REPUBLIC DAY..

HAPPY REPUBLIC DAY !

Read More

Due Date Extends for e-Filing of Audit Report & Return to 31.10.2013 - CBDT

CBDT has issued a order regarding extends due dates for e-filing of audit report and return to October 31, 2013 under section 119 of Income Tax Act, 1961.  The Central Broad of Direct Taxes had extended due dated by the order u/s. 119 dated 26.09.2013 in F. No. 225/225/11/2013 ITA.II, regarding the furnishing of Audit Report and corresponding Income Tax Return. The CBDT again has exenteds due dates of  e-Filing of Audit Report and Return for Fin. Year 2012-13 upto 31.10.2013 by order No. F. No. 225/117/2013/ITA. II dated 24.10.2013. under section 139 of the Income Tax Act.  The "due date" extended order u/s. 119 for filing of Returns and Tax Audit Report for the Asstt. Year 2013-14 to 31st October 2013 for assessees whose due date of filing return of income was 30th September 2013 is as follows:

Read More

Important Dates of July-2013 for TDS & Income Tax for A.Y. 2013-14 & 2014-15.

Due dates in the month of July, 2013 for Assessment Year 2013-14 and 2014-15 regarding Tax Deducted at Source, Tax Collected at Source, Annual Income Tax Return of Salaried Employee or Non-Salaried Employee as well as 1st Quarter of TDS Return and Statement by scientific research association or Univeristy or College or other associations by rules 5D, 5E and 5F etc.  The Taxpayee must remember the following dates in this month.

15th July, 2013

Quarterly statement of TDS/TCS deposited for Quarter ending 30th June, 2013 (Applicable in all cases of TDS/TCS expect when tax is deducted by an office of the Government).

TDS Salary: Form No. 24Q

TDS Others: Form No. 26Q,

TDS Non-Resident: Form No. 27Q

TCS: Form No. 27EQ

30th July, 2013

Quarterly TDS Certificate (in respect of Tax Deducted for payments other than Salary by a person not being an office of the Government) or Quarterly TCS Certificate (in Respect of the Collected by any person) for the Quarter ending 30th June, 2013.

TDS : Form No. 16A

TCS: Form No. 27D

31st July, 2013

Annual Return of Income Tax and wealth for the Assessment Year 2013-14, if the Assessee is not required to submit return of Income on 30th September, 2013 or 30th November, 2013.

Income Tax: Form No. ITR-1 to ITR-7

Wealth Tax: Form BA

31st July, 2013

Quarterly Return of Non-Deduction of Tax at Source by a Banking Company from Interest on time deposit in respect of the Quarter Ending 30th June, 2013

TDS: Form No. 26QAA

31th July, 2013

Quarterly Statement of the TDS Deducted by an office of the Government for the quarter ending 30th June, 2013. 

TDS Salary: Form No. 24Q

TDS Others: Form No. 26Q,

TDS Non-Resident: Form No. 27Q

31th July, 2013

Statement by scientific research association, University, College or other association or Indian Scientific Research company as required by rules 5D, 5E and 5F (if due date of statement of return of Income is 31st July, 2013).

Read More

Additional counters for Income Tax Dues collections in June-13.

The Reserve Bank of India, Kanpur, has opened additional counters in the bank keeping in view the increase in number of persons depositing income tax dues in the last days of June.

Deputy general manager (banking) Anup Kumar said that tax payers should deposit their income tax dues before the last date to avoid inconvenience.

He said the facility for depositing income tax by cash or cheque is also available at 145 branches of public sector banks, including State Bank of India and three branches of private sector banks in Kanpur. Kumar said the list of such branches has been displayed outside the premises of Reserve Bank of India and also at the branches of other commercial banks.

Source: The Times of India

Read More

Happy New Year 2013

May Each Day Of The Coming Year Be Vibrant And New Bringing Along Many Reasons For Celebrations. Wishing You And Your Loved Ones A Very Happy New Year....

Read More

Tax Calander for Taxpayee and Tax Deductor by Income Tax department

Due to heavy work-load and other work taxpayee and Tax Deductor always forget the Important dates regarding submission of TDS Challan, Tax Payment, submission of TDS Return (Q1, Q2, Q3, Q4) and Annual Income Tax Return as well as Advance Tax Credits thus the Income Tax Department issued a Tax Calendar which is as bellow:

Due date for filing of return of income:

(1)	Where the assessee is a company	By 30th September
(2)	Where the assessee is a person, other than a company:
	(a) (i) who is required to get his accounts audited under the Income-tax Act or any other law, or	By 30th September
	(ii) where the report of an account is required to be furnished u/s. 80HHC or 80HHD, or	By 30th September
	(iii) where the prescribed certificate is required to be furnished u/s. 80R/80RR/80RRA(1), or	By 30th September
	(iv) a co-operative society, or	By 30th September
	(v) in the case of a working partner [as defined in Explanation 4 to section 40(b)] of a firm whose accounts are required to be audited under the Income-tax Act or any other law	By 30th September
	(b) deriving income from business or profession and is not required to get his accounts audited as stated in (2)(a) above	By 31st July
(3)	In any other case other than (1) & (2)(a) & (2)(b) above	By 31st July

Due date for payment of advance tax:

Companies:
15th June	15 % of the estimated tax
15th September	45 % of the estimated tax
15th December	60 % of the estimated tax
15th March	100 % of the estimated tax
Other than Companies:
15th September	30 % of the estimated tax
15th December	60 % of the estimated tax
15th March	100 % of the estimated tax

Read More

Most Important Points to Remember while filing of Income Tax Return

While filing of Income Tax Return every Taxpayee must review the following point which are help to Taxpayee/Assessee for avoid penalties and obligation by the Income Tax Department.

1) The Income Tax Act has placed an obligation on Taxpayer to file the Income Tax Return if the Gross Total Income of Taxpayer is more than maximum exempt limit, even if Taxpayer has no tax due.

2) As per Income Tax Act, for AY12-13, the maximum exemption limits are:

• Rs. 1.80 lacs for Men below the age of 60,

• Rs. 1.90 lacs for Women, below the age of 60,

• Rs. 2.50 lacs for Senior Citizens, whose age is between 60 years to 80 years,

• Rs. 5.00 lacs for Super Senior Citizens, of the age of 80 years or more,

3) e-filing is compulsory for the A.Y. 2012-13 onwards, for an individual or a Hindu Undivided Family if the total income exceeded Rs. 10 lakh. However, digital signature is not mandatory. Taxpayers, can also transmit the data in the return electronically, and thereafter submit verification of the return in Form ITR-V.

4) Filing of Income Tax returns electronically under Digital Signature is mandatory for all company required to furnish the return in Form ITR-6 or for a firm, an individual or HUF, whose accounts are required to be audited.

5) Now ITR e-Filing with Digital Signature is mandatory for Individual, HUF and Firms also to whom Audit provision u/s 44AB is applicable.

6) For the Assessment 2012-13, it is mandatory to file your Income Tax Return if Taxpayer has any foreign assets Even though taxpayer may not have any taxable Income.

7) The processing of e-filed Income Tax return is faster, and taxpayers get their refunds, if due, quickly.

8) Do not forget to send you Income Tax Verification form (ITR-V) to Income Tax Department-CPC, Post Bag No. 1, Electronic City Post office, Bengaluru, 560010 by post, if you have filed your Income Tax return electronically.

9) Filing of ITR-V is necessary for e-Return filed without Digital Signature.

10) Please visit ITR-V Receipt status on https://incometaxindiaefiling.gov.in to check receipt status for your ITR-V at CPC. If not received at CPC, then login to e-filing website, go to My Account - My Returns and download ITR-V, Print it, Sign it and Post it to CPC, Bengaluru by Post.

11) The due date for submission of ITR-V is 120 days from the date of upload of e-return. Otherwise, e-return uploaded will not be treated as return filed.

12) EXEMPTION

A salaried employee is not required to file Income Tax Return for A.Y. 2012-13 provided all the following conditions are met:-

• He has earned only Salary and Income from Saving Bank Account and the annual interest earned from SB A/c is less than Rs. 10,000/-.

• His Total Income does not exceed Rs. 5 lacs (Total Income means Gross Total Income less Deductions under Chapter VIA).

• He has reported his PAN and interest on Saving Bank Account to his employer.

• He has received Form-16 from his employer and his TDS has been deposited with Central Govt.

• He has received salary only form One Employer and has No Refund claim

• He has not received any notice from Income Tax Department for filing of Income Tax Returns.

Read More

Tax Calander for Taxpayee and Tax Deductor by Income Tax department

Due to heavy work-load and other work taxpayee and Tax Deductor always forget the Important dates regarding submission of TDS Challan, Tax Payment, submission of TDS Return (Q1, Q2, Q3, Q4) and Annual Income Tax Return as well as Advance Tax Credits thus the Income Tax Department issued a Tax Calander which is as bellow:

Due date for filing of return of income:

(1)	Where the assessee is a company	By 30th September
(2)	Where the assessee is a person, other than a company:
	(a) (i) who is required to get his accounts audited under the Income-tax Act or any other law, or	By 30th September
	(ii) where the report of an account is required to be furnished u/s. 80HHC or 80HHD, or	By 30th September
	(iii) where the prescribed certificate is required to be furnished u/s. 80R/80RR/80RRA(1), or	By 30th September
	(iv) a co-operative society, or	By 30th September
	(v) in the case of a working partner [as defined in Explanation 4 to section 40(b)] of a firm whose accounts are required to be audited under the Income-tax Act or any other law	By 30th September
	(b) deriving income from business or profession and is not required to get his accounts audited as stated in (2)(a) above	By 31st July
(3)	In any other case other than (1) & (2)(a) & (2)(b) above	By 31st July

Due date for payment of advance tax:

Companies:
15th June	15 % of the estimated tax
15th September	45 % of the estimated tax
15th December	60 % of the estimated tax
15th March	100 % of the estimated tax
Other than Companies:
15th September	30 % of the estimated tax
15th December	60 % of the estimated tax
15th March	100 % of the estimated tax

Read More

May-2012 - Central Excise Tax, Service Tax, Income Tax and EPF etc.

I would like to share with you some important dates for the month of May-2012 regarding Service Tax, Income Tax, Central Excise Tax and EPF etc. See the Bellow Chart:

Due Date	Applicable Law	Applicable Form	Relevant Provision	Obligation
05/05/2012	Central Excise	Challan No.GAR-7	Rule 8 (1)	Monthly - payment of Central Excise Duties for the previous month - For non SSI Units (6th in case of electronic payment through internet banking)
05/05/2012	Service Tax	Challan No.GAR-7	Rule 6	Payment of Service Tax of Apr by Companies (6th in case of corporate assesses making payment electronically)
07/05/2012	Income Tax	Form No.15G, 15H,27C	Rule 29C and 37C	Submission of Forms received in Apr to IT Commissioner
07/05/2012	Income Tax	Challan No.ITNS-281/17	Rule 30 (2) and 37 CA	Payment of TDS/TCS deducted/collected in April
10/05/2012	Central Excise	ER-2	Rule 17(3)	Return for EOUs for April
10/05/2012	Central Excise	ER-1	Rule 12(1)	Return for Non SSI assessees for April
10/05/2012	Central Excise	ER-6	Rule 9A(3)	Return by units paying duty > 1 crore (CENVAT + PLA) for April
15/05/2012	D-VAT	DVAT-55	Rule 26(4)	Intimation of Change in Tax Period
15/05/2012	D-VAT	DVAT-20	Rule 59(1)	Deposit of DVAT TDS for April
15/05/2012	Income Tax	Return 24Q, 26Q, 27Q & 27EQ	Rule 31A and 31AA	Filing of TDS/TCS returns for Mar Quarter
15/05/2012	EPF	Challan		Payment of EPF of Apr (Grace period of 5 days, hence last date upto 20th)
15/05/2012	ESI	ESI Challan		Payment of ESI of Apr (Grace period of 5 days, hence last date upto 20th; Monthly Returns filed along with online challan)
15/05/2012	D-VAT	Form16 & 1/Form 17 & Ack		Return of VAT & CST from Oct to Mar by Half Yearly/ Composition dealer
21/05/2012	D-VAT	DVAT-20 & Central		Deposit of VAT & CST
25/05/2012	D-VAT	Form 16 and CST 1		E- Return of VAT for April
28/05/2012	D-VAT	16 & 1 & Ack		Physical Return of VAT & CST for April
30/05/2012	Income Tax	Form 16A/ 27D	Rule 31 and 37D	Issue of TDS/TCS certificate for Mar quarter.( 15 days from date of filing of TDS Return)
31/05/2012	Income Tax	Form 16, 12BA, 16AA	Rule 31	Issue of TDS certificate to Employees

Read More