Month: January 2018

Know your due dates for Statutory Compliance – February, 2018

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due date bann

KNOW YOUR DUE DATES

FEBRUARY 2018
DATE COMPLIANCE REQUIRED FORM NO. / CHALLAN NO.
01/02/2018 GST: Introduction of E-way bill for interstate movement of goods and Intra State movement of goods for consignment value exceeding Rs.50000/- where E-way bill rules were passed (Applicable for Intrastate movement GST EWB-01
GST: Introduction of Consolidated E-way bill for interstate movement of goods and Intra State movement of goods for consignment value exceeding Rs.50000/- where multiple consignments are intended to be transported in one conveyance GST EWB-02
07/02/2018 INCOME TAX: Deposit of TDS/TCS collected during January, 2018 281
10/02/2018 GST: Last date for submission of details of outwards supply for the month December, 2017 for those having turnover more than Rs.1.50 crore and those opted for monthly returns GSTR-1
14/02/2018 INCOME TAX: Due date for issue of TDS Certificate for Tax Deducted Under Section 194-IA in the month of December, 2017 26QB
INCOME TAX: Due date for issue of TDS Certificate for Tax Deducted Under Section 194-IB in the month of December, 2017 26QC
15/02/2018 EPF: Payment of EPF Contribution for January, 2018
EPF: Consolidated Statements of  dues and remittances under EPF AND EDLI for January, 2018 12A
EPF: Monthly returns of employees who Joined/left the organisation in January, 2018 5/10
GST: Last date for submission of details of outwards supply for the Quarter ending 31st December, 2017 for those having turnover less than Rs.1.50 crore GSTR-1
COMPANY LAW: File Unaudited Limited Reviewed Quarterly Results/Audited Quarterly Results for Quarter Ended 31st December, 2017 as per Clause 41 of SLA
INCOME TAX: Furnishing of form by an Office of Government where TDS for the month of January, 2018, has been paid without a Challan 24G
INCOME TAX: Quarterly TDS certificate (in respect of tax deducted for payments other than salary) for the quarter ending December 31, 2017 16A
20/02/2018 GST: Details of Invoices and Payment pertaining to January, 2018 GSTR-3B
GST: Return by a person supplying Online Information and Database Acess of Retrieval Services from a place outside India to an Non-Taxable online recepient referred to in Section 14 of the IGST Act, 2017 and Rule 64 of the CGST Rules, 2017 for the month of January, 2018 GSTR-5A
GST: Return for the month of January, 2018 by Non-Resident Taxable Person GSTR-5
21/02/2018 ESI: Deposit of  ESI Contributions and Collection for January, 2018

 

 

 

 

 

 

 

 

 

 

Disclaimer: The posts in this platform is to give the users of this platform to give a general idea of the developments happening in the filed of Finance, Accounts, Taxation etc. The post will be based on the facts accumulated from various sources and in case of taxation and other laws, based on the interpretation of laws. The views expressed here are matters of opinion based on the laws prevalent at the time the view being expressed. The posts made in this platform is for serving as an informative guide and is meant for general guidance and no responsibility for loss arising to any person acting or refraining from acting as a result of any material contained in posts made by us in this platform will be accepted by us.

Users are requested to verify the validity of content before taking informed decisions.

Know your due dates for Statutory Compliance – February, 2018

Company Formation: Waiver of MCA fees and Other changes…

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Badge-Company-Registration

MCA (Ministry of Company Affairs) had made changes in Company Incorporation forms and waived MCA fees for filing Spice Forms (Memorandum and Articles of Association) for new companies having authorised capital up-to Rs.10 Lakhs. Other important changes are as follows:

  1. For name registration a new form RUN(Reserve Unique Name) has been notified.  INC-1 is no longer applicable. Digital Signature not required to file Form RUN. Name application can also be applied along with Spice Forms also.
  2. Incorporation documents and forms to be submitted within 20 days from the date of approval of name.
  3. DIN (Director Identification Number), if not available with directors can be applied along with filing SPICE forms for incorporation.
  4. PAN and TAN will continue to be allotted along with Company Incorporation Certificate.
  5. Incorporation approvals will be delivered within a working day.
  6.  Stamp Duty  applicable for registration will continue as usual based on the stamp duty rates prevailing in each State and Union Territory.

Also, Forms  INC-3, INC-12, INC-22, INC-24, DIR-3, DIR-12 and GNL-1 have been revised on MCA21 Company Forms Download page.

The waiver of MCA fees for new companies having authorised capital up-to Rs.10 Lakhs, will encourage Small and Medium Business to shift to  Companies. Even though the  Compliance cost of Companies are high, there is another attraction of less Income Tax Rate of 25% compared to 30% for other type of constitution like Firms, LLP etc. for Companies having turnover of less than Rs.50 crores. The  high Compliance cost will be negligible for Companies who have higher profits, when compared to savings of 5% in Income Tax.

 

 

 

 

 

 

 

 

 

 

 

 

 

Disclaimer: The posts in this platform is to give the users of this platform to give a general idea of the developments happening in the filed of Finance, Accounts, Taxation etc. The post will be based on the facts accumulated from various sources and in case of taxation and other laws, based on the interpretation of laws. The views expressed here are matters of opinion based on the laws prevalent at the time the view being expressed. The posts made in this platform is for serving as an informative guide and is meant for general guidance and no responsibility for loss arising to any person acting or refraining from acting as a result of any material contained in posts made by us in this platform will be accepted by us.

Users are requested to verify the validity of content before taking informed decisions.

Company Formation: Waiver of MCA fees and Other changes…

GST applicable on Hostel mess of Educational Institutions…

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CBEC/Ministry of Finance had issued Circular clarifying that the Hostel mess run by educational institutions, by themselves or outsourced to a third person,  GST will be applicable on Food and Drinks provided by such mess or canteen and the same is taxable at 5% without input credit.

The same is clarified vide Circular No. 28/02/2018-GST dated 08th January, 2018. To see the circular please click the link below:

circularno-28-gst

 

GST applicable on Hostel mess of Educational Institutions…

GSTR 1 – Due date extension notification – Fake notification as per CBEC

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CBEC tweeted that the extension notification, of GSTR – 1 in social media is fake and the they had confirmed by way of tweet that the due date is not extended.

We regret the inconvenience caused to the users of our website,Blog and other Social Media accounts publishing the notification without the knowledge that the same is fake. Henceforth we will check the authenticity of information received before positng. The post is withdrawn from all our website and social media sites. Thank you all for your continuous support.

CBEC released a press release stating that the due dates are not extended. To see the press release, click the link below:

Press release

GSTR 1 – Due date extension notification – Fake notification as per CBEC

Know your due dates for Statutory Compliance – January 2018

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due date bann

KNOW YOUR DUE DATES

January-2018
DATE COMPLIANCE REQUIRED FORM NO. / CHALLAN NO.
07/01/2018 INCOME TAX: DEPOSIT OF TDS/TCS COLLECTED DURING QUARTER SEPTEMBER 2017 TO DECEMBER 2017 WHEN ASSESSING OFFICER HAS PERMITTED QUARTERLY DEPOSIT OF TDS 281
INCOME TAX: DEPOSIT OF TDS/TCS COLLECTED DURING DECEMBER 2017 281
10/01/2018 GST: LAST DATE FOR SUBMISSION OF DETAILS OF OUTWARD SUPPLY(SALES) FOR THE QUARTER ENDING 30TH SEPTEMBER 2017 FOR THOSE HAVING TURNOVER LESS THAN RS.1.50 CRORES GSTR-1
GST: LAST DATE FOR SUBMISSION OF DETAILS OF OUTWARD SUPPLY(SALES) FOR THE MONTHS JULY 2017 TO OCOTBER 2017 FOR THOSE HAVING TURNOVER MORE THAN RS.1.50 CRORES GSTR-1
15/01/2018 INCOME TAX: FURNISHING OF FORM BY AN OFFICE OF GOVERNMENT WHERE TDS FOR THE MONTH OF DECEMBER 2017, HAS BEEN PAID WITHOUT CHALLAN 24G
INCOME TAX: DUE DATE FOR ISSUE OF TDS CERTIFICATE FOR TAX DEDUCTED UNDER SECTION 194-IA IN THE MONTH OF NOVEMBER 2017 26QB
INCOME TAX: QUARTERLY REMITTANCE OF FOREIGN REMITTANCE BY AUTHORISED DEALERS 15CC
INCOME TAX: QUARTERLY STATEMENT OF TCS DEPOSITED FOR THE QUARTER ENDED 3IST DECEMBER, 2017 27Q
RERA: QUARTERLY UPDATE OF PROJECT PROGRESS
EPF: PAYMENT OF EPF CONTRIBUTION FOR DECEMBER 2017
EPF: CONSOLIDATED STATEMENTS OF DUES AND REMITTANCES UNDER EPF AND EDLI FOR DECEMBER 2017 12A
EPF: MONTHLY RETURNS OF EMPLOYEES WHO JOINED/LEFT THE ORGANISATION IN DECEMBER 2017 5/10
18/01/2018 GST: RETURNS UNDER COMPOSITION SCHEME FOR THE QUARTER ENDED 31ST DECEMBER, 2017 GSTR-4
20/01/2018 GST: DETAILS OF INVOICES & PAYMENT PERTAINING TO DECEMBER 2017 (SUMMARY RETURN) GSTR-3B
21/01/2018 ESI: DEPOSIT OF ESI CONTRIBUTIONS AND COLLECTIONS FOR DECEMBER 2017
30/01/2018 INCOME TAX: DUE DATE FOR FURNISHING OF CHALLAN-CUM-STATEMENT IN RESPECT OF TAX DEDUCTED UNDER SECTION 194-IA IN THE MONTH OF DECEMBER 2017 26QB
31/01/2018 INCOME TAX: QUARTERLY TCS CERTIFICATE FOR THE QUARTER ENDING 31ST DECEMBER 2017 27D
INCOME TAX: QUARTERLY STATEMENT OF TDS DEPOSITEED FOR THE QUARTER ENDED 31ST DECEMBER, 2017 24Q/26Q
INCOME TAX: QUARTERLY STATEMENT OF NON DEDUCTION OF TAX AT SOURCE BY A BANKING COMPANY FROM INTEREST ON TERM DEPOSITS FOR THE QUARTER ENDED 31ST DECEMBER, 2017
GST: RETURN FOR THE MONTHS OF JULY 2017 TO DECEMBER 2017 BY NON RESIDENT TAXABLE PERSON GSTR-5
GST: RETURN BY A PERSON SUPPLYING ONLINE INFORMATION AND DATABASE ACCESS OR RETRIEVAL SERVICES FROM A PLACE OUTSIDE INDIA TO A NON-TAXABLE ONLINE RECEPIENT REFERRED TO IN SECTION 14 OF THE INTEGRATED GOODS AND SERVICE TAX ACT, 2017 AND RULE 64 OF THE CENTRAL GOODS AND SERVICE RULES, 2017 FOR MONTHS  JULY 2017 TO NOVEMBER 2017 GSTR-5A
GST: LAST DATE FOR SUBMISSION OF DETAILS OF OUTWARD SUPPLY(SALES) FOR THE QUARTER ENDING 30TH SEPTEMBER 2017 FOR THOSE HAVING TURNOVER LESS THAN RS.1.50 CRORES GSTR-1
GST: LAST DATE FOR SUBMISSION OF DETAILS OF OUTWARD SUPPLY(SALES) FOR THE MONTHS JULY 2017 TO NOVEMBER 2017 FOR THOSE HAVING TURNOVER MORE THAN RS.1.50 CRORES GSTR-1
GST: DETAILS OF GOODS/CAPITAL GOODS SENT TO JOB WORKER AND RECEIVED BACK FOR THE PERIOD JULY 2017 TO NOVEMBER 2017 ITC-04

 

Know your due dates for Statutory Compliance – January 2018