Government Proposes to lower cash limit to Rs.2,00,000/-, Making Aadhar Mandatory for filing ITR, PAN application

March 22, 2017 karthikandsunilLeave a comment

The government proposes to lower the limit of cash transaction to Rs.2,00,000/- from the Rs.3,00,000/- proposed in the Budget, 2017, as a part of 40 amendments to the Finance Bill. Finance Minister Arun Jaitley moved the amendments in Loksabha on 21-03-2017.

Later Revenue Secretary Hasmukh Adhia informed via twitter that, penalty for violation would be a fine equivalent to the amount of the transaction. The penalty would be paid by individuals or establishments receiving the payment.

Other few Amendments in the Finance Bill are:

Making Aadhar mandatory for filing Income Tax Returns and PAN application
Allowing payments by only non-cash modes such as cheques, bank drafts or electronic transfers for electoral trusts
A few are aimed at rationalising tribunals by merging these to reduce the number to 12 from 40.

Know your due dates for Statutory Compliances – March 2017

March 1, 2017 karthikandsunilLeave a comment

KNOW YOUR DUE DATES
Mar-17
DATE	COMPLIANCE REQUIRED	FORM NO. / CHALLAN NO.
06-03-17	EXCISE: E-PAYMENT OF EXCISE DUTY FOR FEBRUARY 2017	GAR 7
06-03-17	SERVICE TAX: E-PAYMENT OF SERVICE TAX FOR FEBRUARY 2017 BY CORPORATES	GAR 7
07-03-17	INCOME TAX: DEPOSIT OF TDS/TCS COLLECTED DURING FEBRUARY 2017	281
10-03-17	EXCISE: MONTHLY RETURNS FOR PRODUCTION AND REMOVAL OF GOODS AND CENVAT CREDIT FOR FEBRUARY 2017	ER 1
	EXCISE: MONTHLY RETURNS OF EXCISABLE GOODS MANUFACTURED & RECEIPT OF INPUTS & CAPITAL GOODS BY UNITS IN EOU, STP, HTP FOR FEBRUARY 2017	ER 2
	EXCISE: MONTHLY RETURNS OF INFORMATIONS RELATING TO PRINCIPAL INPUTS FOR FEBRUARY 2017 BY MANUFACTURER OF SPECIFIED GOODS WHO PAID DUTY>=RS. 1 CRORE DURING FY 2015-16 BY PLA/CENVAT/BOTH	ER 6
15-03-17	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
	INCOME TAX: DUE DATE FOR FURNISHING OF STATEMENT BY AN OFFICE OF THE GOVERNMENT WHERE TDS FOR THE MONTH OF FEBRUARY 2017 HAS BEEN PAID WITHOUT PRODUCTION OF A CHALLAN	24G
	INCOME TAX: FOURTH INSTALMENT OF ADVANCE INCOME TAX	280
	INCOME TAX: PAYMENT OF WHOLE AMOUNT AS ADVANCE FOR TAX FOR ASSESSEES COVERED UNDER PRESUMPTIVE INCOME SCHEME U/S.44AD	280
	EPF: PAYMENT OF EPF CONTRIBUTION FOR FEBRUARY 2017	27EQ
	EPF: CONSOLIDATED STATEMENTS OF DUES AND REMITTANCES UNDER EPF AND EDLI FOR FEBRUARY 2017	12A
	EPF: MONTHLY RETURNS OF EMPLOYEES WHO JOINED/LEFT THE ORGANISATION IN FEBRUARY 2017	5/10
17-03-17	INCOME TAX: DUE DATE FOR FURNISHING OF CHALLAN-CUM-STATEMENT IN RESPECT OF TAX DEDUCTED UNDER SECTION 194-IA IN THE MONTH OF JANUARY 2017	26QB
20-03-17	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 FEBRUARY 2017	10, 10B, 10C, 10D, 10E, 10F
20-03-17	CST/TN VAT: MONTHLY RETURNS AND PAYMENT OF CST AND VAT COLLECTED DURING FEBRUARY 2017 IF THE MODE OF PAYMENT OF VAT AND CST IS BY CASH/CHEQUE/DD	FORM 1 / FORM I
21-03-17	ESI: DEPOSIT OF ESI CONTRIBUTIONS AND COLLECTIONS FOR FEBRUARY 2017
25-03-17	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 FEBRUARY 2017	10, 10B, 10C, 10D, 10E, 10F
30-03-17	INCOME TAX : DUE DATE FOR ISSUE OF TDS CERTIFICATE FOR TAX DEDUCTED UNDER SECTION 194-IA IN THE MONTH OF FEBRUARY 2017	26QB
31-03-17	EXCISE: E PAYMENT OF EXCIDE DUTY FOR THE MONTH OF MAR-17 BY CORPORATES	GAR 7
	EXCISE: E PAYMENT OF EXCISE DUTY FOR THE QUARTER ENDED MARCH 2017 BY SSI/REGISTERED DEALERS
	SERVICE TAX: E-PAYMENT OF SERVICE TAX FOR MAR 2017 BY CORPORATES
	SERVICE TAX: E PAYMENT OF SERVICE TAX FOR QUARTER ENDED MAR 2017 BY NON CORPORATES
	INCOME TAX: LAST DATE OF REVISION OF RETURN FOR F Y 2014-15	ITR 1/2/3/4/5/6/7/8 WT: BA/BB
	INCOME TAX: LAST DATE FOR FILING OF BELATED RETURN FOR FY 2014-15	ITR 1/2/3/4/5/6/7/8 WT: BA/BB
	INCOME TAX: LAST DATE FOR DECLARATION OF INCOME UNDER PRADANMANTRI GHARIB KALYAN YOJANA, 2016	26QB
	INCOME TAX: DUE DATE OF PAYMENT OF SECOND INSTALMENT UNDER INCOME DECLARATION SCHEME, 2016

Budget Updates: Tax Proposals

February 1, 2017 karthikandsunilLeave a comment

Companies with sales less than Rs.50 crore is proposed to be 25%
MAT credit can be carry forward for 15 years
No transaction over Rs 3 lakh will be permitted in cash, says FM
Basic customs duty on LNG cut to 2.5% from 5%, says FM
Capital Gain Indexation will be changed to Index from 01-04-2001

Budget Updates: Tax Proposals

February 1, 2017February 1, 2017 karthikandsunilLeave a comment

Personal Income Tax

2.5 Lakhs to Rs.5 Lakhs – 5%

Other slabs tax rate remain the same

Rebate maximum amount reduced to Rs.2500/-

Surcharge @ 10% for income group of Rs.50L to Rs.1 Crores. Above Rs.1 Crores 15% surcharge will continue

Budget Updates: Tax Proposals

February 1, 2017 karthikandsunilLeave a comment

Capital gains of Land & Building – 2 years holding period
Cash Expenditure – Both Capital & Revenue limited to Rs.10000/-
Presumptive Taxation – 6% for non cash transactions -Applicable for current year also
Funding of Political Parties – Maximum amount of cash donation restricted to Rs.2000/-. Electoral Bonds to be implemented by amending RBI regulations – Political Parties need to file Income Tax Returns
Affordable Housing Scheme Provisions relaxed
Insurance Agents – No need of TDS if taxable income below taxable limit subject to filing declaration