CBEC extended the due date for filing Service Tax Return ( ST – 3) for the period Oct-16 to Mar-17 from 25-04-2017 to 30-04-2017.
The assesses will be able to file for the second half of financial year 2016-17 without filing late fee till 30th April, 2017.
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KNOW YOUR DUE DATES |
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Apr-17 |
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| DATE | COMPLIANCE REQUIRED | FORM NO. / CHALLAN NO. |
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07-04-17 |
SECURITIES TRANSACTION: PAYMENT OF SECURITIES TRANSACTION TAX FOR MARCH 2017 |
STT |
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10-04-17 |
EXCISE: MONTHLY RETURNS FOR PRODUCTION AND REMOVAL OF GOODS AND CENVAT CREDIT FOR MARCH 2017 |
ER 1 |
| EXCISE: MONTHLY RETURNS OF EXCISABLE GOODS MANUFACTURED & RECEIPT OF INPUTS & CAPITAL GOODS BY UNITS IN EOU, STP, HTP FOR MARCH 2017 |
ER 2 |
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| EXCISE: EXCISE RETURNS FOR SSI FOR QUARTER ENDING 31ST MARCH 2017 |
ER 3 |
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| EXCISE: MONTHLY RETURNS OF INFORMATIONS RELATING TO PRINCIPAL INPUTS FOR MARCH 2017 BY MANUFACTURER OF SPECIFIED GOODS WHO PAID DUTY>=RS. 1 CRORE DURING FY 2016-17 BY PLA/CENVAT/BOTH |
ER 6 |
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| EXCISE: MANUFACTURERS OF PRODUCTS OF COAL, ARTICLES OF JEWELLERY, SILVER JEWELLERY FOR MARCH 2017 |
ER 8 |
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14-04-17 |
INCOME TAX: DUE DATE OF ISSUE OF TDS CERTIFICATE FOR TAX DEDUCTED U/S. 194-IA IN THE MONTH OF FEBRUARY 2017 |
26QB |
| TN VAT/CST: REMITTANCE OF VAT/CST – E-REMITTANCE AND RETURN FILING. TURN OVER > 200 CRORES IN PREVIOUS YEAR 2016 – 2017 |
FORM 1 / FORM I |
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15-04-17 |
KERALA VAT: MONTHLY RETURNS OF EVERY DEALER WHOSE ANNUAL NET TAX PAYABLE FOR THE PRECEDING YEAR WAS RS.10 LAKHS & ABOVE FOR THE MONTH OF FEBRUARY 2017 | 10, 10B, 10C, 10D, 10E, 10F |
| PROFESSIONAL TAX (TN): REMITTANCE OF PROFESSIONAL TAX FOR THE HALF YEAR ENDING 31ST MARCH, 2017 |
1 |
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| EPF: PAYMENT OF EPF CONTRIBUTION FOR MARCH 2017 |
27EQ |
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| EPF: CONSOLIDATED STATEMENTS OF DUES AND REMITTANCES UNDER EPF AND EDLI FOR MARCH 2017 |
12A |
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| EPF: MONTHLY RETURNS OF EMPLOYEES WHO JOINED/LEFT THE ORGANISATION IN MARCH 2017 |
5/10 |
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20-04-17 |
KERALA VAT: MONTHLY RETURNS OF EVERY DEALER WHOSE ANNUAL NET TAX PAYABLE FOR THE PRECEDING YEAR WAS MORE THAT RS.2 LAKHS AND LESS THAN RS.10 LAKHS FOR THE MONTH OF MARCH 2017 | 10, 10B, 10C, 10D, 10E, 10F |
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21-04-17 |
ESI: DEPOSIT OF ESI CONTRIBUTIONS AND COLLECTIONS FOR MARCH 2017 | |
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22-04-17 |
TN VAT/CST: REMITTANCE OF VAT/CST – E-REMITTANCE AND RETURN FILING. TURN OVER < 200 CRORES IN PREVIOUS YEAR 2016 – 2017 |
FORM 1 / FORM I |
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25-04-17 |
SERVICE TAX: HALF YEARLY RETURN FOR THE HALF YEAR OCTOBER 2017 TO MARCH 2017 |
ST-3 |
| KERALA VAT: MONTHLY RETURN OF EVERY DEALER WHOSE ANNUAL NET TAX PAYABLE FOR THE PRECEDING YEAR WAS LESS THAN RS.2 LAKHS FOR THE MONTH OF MARCH 2017 | 10, 10B, 10C, 10D, 10E, 10F | |
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30-04-17 |
EXCISE: ANNUAL INSTALLED CAPACITY STATEMENT |
ER 7 |
| INCOME TAX : TDS/TCS REMITTANCE FOR MARCH 2017 |
281 |
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| INCOME TAX: TDS REMITTANCE – ON SALE OF IMMOVABLE PROPERTY FOR MARCH 2017 |
26QB |
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| INCOME TAX: E-RETURN OF DECLARATION RECEIVED IN FORM 60 TO DIT/JDIT BETWEEN 1ST OCTOBER 2016 TO 31ST MARCH 2017 |
61 |
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The details of major changes that will take effect from 01st April, 2017 is given below:
Limit for payment of expenses (both capital and revenue) reduced from Rs.20000 to Rs.10000 per day in aggregate per person. Capital expenses paid in cash beyond the said limit will not be taken into account for depreciation purposes. However, the cash payment limit for lorry fright etc. remains the same at Rs.35000.
2. Penalty for receiving amount of Rs. 2 Lakhs or more
No person shall receive an amount of two lakh rupees or more, by cash (Sec. 269ST)
The penalty for violation of above is to be a sum equal to the amount of such receipt. The existing provisions (in vogue from 1.6.2016) relating to collection of TCS @ 1% on cash sales exceeding Rs.2 lakhs (Rs.5 lakhs, in the case of jewellery) are deleted. Consequently, there is no need to collect TCS on cash sales exceeding Rs.2 lakhs. Straight away it will attract equal amount penalty now.
3. Net profit for presumptive taxation cases (below Rs.2 crores turnover cases)
7. TDS on rent by individual who are not subject to tax audit requirements
Payment of rent by Individual or HUF is Rs.50,000 or above in a month, then TDS will be applicable @ 5%. The tax shall be deducted on such income at the time of credit of rent, for the last month of the previous year or the last month of tenancy if the property is vacated during the year, as the case may be, to the account of the payee or at the time of payment thereof in cash or by issue of a cheque or draft or by any other mode, whichever is earlier
8. Sec. 80G Eligible Donations
Donations made exceeding Rs.2000 will be not be eligible for deduction under section 80G, unless these are made using modes other than cash. Consequently, trusts accepting 80G donations may advise their donors to give donations exceeding Rs.2000 vide cheque / RTGS / digital modes.
9. Sale of unquoted shares
If the Consideration for transfer of share of a company (other than quoted share) is less than the Fair Market Value (FMV) of such share determined in accordance with the prescribed manner, the FMV shall be deemed to be the full value of consideration for the purposes of computing income under the head “Capital gains”.
10. Fee for Delayed filing of Return of Income
From financial year 2017-18, if Return is not filed within due date, late fee of Rs.5000 for delay up to 31st December, and Rs. 10000 thereafter.
11. Quoting Aadhar Number in Return of Income
Every person who is eligible to obtain AADHAR number, should quote such number, on or after 1 July 2017, in the Return of income. Furthermore, every person who has been allotted PAN as on 1st July 2017 must intimate the AADHAR number to the Tax Authority, failing which, PAN allotted to such person shall be deemed to be invalid. Please take necessary steps to make changes in Aadhar if your name is not exactly matching with the details in PAN.
12. Modification in object clause in 12AA registered Trust
Where a trust or an institution has been granted registration under section 12AA or has obtained registration at any time under section 12A [as it stood before its amendment by the Finance (No. 2) Act, 1996] and, subsequently, it has adopted or undertaken modifications of the objects which do not conform to the conditions of registration, it shall be required to obtain fresh registration by making an application within a period of thirty days from the date of such adoption or modifications of the objects in the prescribed form and manner.
CBDT notified Income Tax Return forms for Assessment year 2017-18.
The major reform made in the notified forms is the designig of one page ITR From -1 (Sahaj), which can be filed by an individual having income upto Rs.50 Lakhs and who is receiving Income from Salary, One house property/Other income (interest etc).
The number of ITR forms have been reduced from the existing nine to seven forms. The existing ITR Forms ITR-2, ITR-2A and ITR-3 have been rationalized and a single ITR-2 has been notified in place of the three forms. Consequently, ITR-4 and ITR-4S(Sugam) have been renumbered as ITR-3 & ITR-4 (Sugam) respectively.
There is no change in the manner of filing of ITR forms as compared to last year.
To see the press release and the new ITR Form -1, click the link below:
https://drive.google.com/open?id=0BwfaVqFwg9yDbG1LNTc5aUNEMFk
Karthik & Sunil 