KNOW YOUR DUE DATES
Jul-16
DATE	COMPLIANCE REQUIRED	FORM NO. / CHALLAN NO.
06-07-15	EXCISE: E-PAYMENT OF EXCISE DUTY FOR JUNE 2016	GAR 7
	EXCISE: E-PAYMENT OF EXCISE DUTY FOR THE QUARTER ENDING 30TH JUNE 2016 BY SSI’s
	SERVICE TAX: E-PAYMENT OF SERVICE TAX FOR QUARTER ENDING 30TH JUNE 2016 BY NON CORPORATES
	SERVICE TAX: E-PAYMENT OF SERVICE TAX FOR JUNE 2016 BY CORPORATES
07-07-16	INCOME TAX: DEPOSIT OF TDS/TCS COLLECTED DURING JUNE 2016	281
	INCOME TAX: DUE DATE FOR FURNISHING OF CHALLAN-CUM-STATEMENT IN RESPECT OF TAX DEDUCTED UNDER SECTION 194-IA IN THE MONTH OF JUNE 2016	26QB
10-07-16	EXCISE: MONTHLY RETURNS FOR PRODUCTION AND REMOVAL OF GOODS AND CENVAT CREDIT FOR JUNE 2016	ER 1
	EXCISE: MONTHLY RETURNS OF EXCISABLE GOODS MANUFACTURED & RECEIPT OF INPUTS & CAPITAL GOODS BY UNITS IN EOU, STP, HTP FOR JUNE 2016	ER 2
	EXCISE: QUARTERLY RETURNS OF ASSESSEES PAYING 1% OR 2% EXCISE AND NOT MANUFACTURING ANY OTHER GOODS FOR QUARTER ENDING JUNE 2016	ER 8
	EXCISE: MONTHLY RETURNS OF INFORMATIONS RELATING TO PRINCIPAL INPUTS FOR JUNE 2016 BY MANUFACTURER OF SPECIFIED GOODS WHO PAID DUTY>=RS. 1 CRORE DURING FY 2015-16 BY PLA/CENVAT/BOTH	ER 6
15-07-16	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 JUNE 2016	10, 10B, 10C, 10D, 10E, 10F
	EXCISE: QUARTERLY RETURN OF CENVAT BY FIRST STAGE AND SECOND STAGE DEALERS FOR QUARTER ENDING JUNE 2016	ER 3
	INCOME TAX: QUARTERLY STATEMENT IN RESPECT OF FOREIGN REMITTANCES BY AUTHORISED DEALERS FOR QUARTER ENDING JUNE 2016	15CC
	INCOME TAX: QUARTERLY STATEMENT OF TCS FOR QUARTER ENDING JUNE 2016	27EQ
	EPF: PAYMENT OF EPF CONTRIBUTION FOR JUNE 2016
	EPF: CONSOLIDATED STATEMENTS OF DUES AND REMITTANCES UNDER EPF AND EDLI FOR JUNE 2016	12A
	EPF: MONTHLY RETURNS OF EMPLOYEES WHO JOINED/LEFT THE ORGANISATION IN JUNE 2016	5/10
20-07-16	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 JUNE 2016	10, 10B, 10C, 10D, 10E, 10F
	CST/TN VAT: MONTHLY RETURNS AND PAYMENT OF CST AND VAT COLLECTED DURING JUNE 2016  IF THE MODE OF PAYMENT OF VAT AND CST IS BY CASH/CHEQUE/DD	FORM 1 / FORM I
21-07-16	ESI: DEPOSIT OF ESI CONTRIBUTIONS AND COLLECTIONS FOR JUNE 2016
22-07-16	CST/TN VAT: MONTHLY RETURNS AND PAYMENT OF CST AND VAT COLLECTED DURING JUNE 2016 IF THE MODE OF PAYMENT OF VAT AND CST IS BY ELECTRONIC MODE	FORM 1 / FORM I
	INCOME TAX : DUE DATE FOR ISSUE OF TDS CERTIFICATE FOR TAX DEDUCTED UNDER SECTION 194-IA IN THE MONTH OF JUNE 2016	16B
25-07-16	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 2016	10, 10B, 10C, 10D, 10E, 10F
30-07-16	INCOME TAX: QUARTERLY TCS CERTIFICATE IN RESPECT OF TAX COLLECTED BY ANY PERSON  FOR QUARTER ENDING JUNE 2016	27D
31-07-16	INCOME TAX: QUARTERLY RETURN ON NON-DEDUCTION OF TAX AT SOURCE BY A BANKING COMPANY FROM INTEREST ON TIME DEPOSITS IN RESPECT OF THE QUARTER ENDING 30TH JUNE 2016	26QAA
	INCOME TAX: QUARTERLY STATEMENT OF TDS  FOR QUARTER ENDING JUNE 2016	24Q/26Q
	INCOME TAX: STATEMENT OF TDS FROM INTEREST, DIVIDEND OR ANY OTHER SUM PAYABLE TO NON-RESIDENT FOR QUARTER ENDING JUNE 2016	27Q
	INCOME TAX: 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 FOR SUBMISSION OF RETURN ON INCOME IS JULY 31, 2016)
	INCOME TAX: DUE DATE FOR DEPOSIT OF TAX DEDUCTED AT SOURCE UNDER SECTION 194-IA FOR THE MONTH OF JUNE 2016	26QB
	INCOME TAX: APPLICATION EXERCISING THE OPTION AVAILABLE UNDER EXPLANATION TO SECTION 11(1) TO APPLY INCOME OF PREVIOUS YEAR IN THE NEXT YEAR OR IN FUTURE (IF THE ASSESSEE IS REQUIRED TO SUBMIT RETURN OF INCOME ON OR BEFORE JULY 31,2016)	9A
	INCOME TAX: DUE DATE OF FILING INCOME TAX  FOR ALL ASSESSEES WHOSE ACCOUNTS ARE NOT LIABLE TO GET AUDITED UNDER ANY STATUTES FOR FY 2015-16	ITR 1,2,3,4,5,6 & 7
	INCOME TAX: STATEMENT TO BE FURNISHED TO ACCUMULATE INCOME FOR FUTURE APPLICATION UNDER SECTION 10(21) OR 11(2) (IF THE ASSESSEE IS REQUIRED TO SUBMIT RETURN OF INCOME ON OR BEFORE JULY 31,2016	10

 

 

 

 

 

 

 

Disclaimer : User are requested to verify the validity of the content before taking any informed decisions.

KNOW YOUR DUE DATES
Jun-16
DATE	COMPLIANCE REQUIRED	FORM NO. / CHALLAN NO.
07-06-16	INCOME TAX: DEPOSIT OF TDS/TCS COLLECTED DURING MAY 2016	281
	INCOME TAX: DUE DATE FOR FURNISHING OF CHALLAN-CUM-STATEMENT IN RESPECT OF TAX DEDUCTED UNDER SECTION 194-IA IN THE MONTH OF MAY 2016	26QB
10-06-16	EXCISE: MONTHLY RETURNS FOR PRODUCTION AND REMOVAL OF GOODS AND CENVAT CREDIT FOR MAY 2016	ER 1
	EXCISE: MONTHLY RETURNS OF EXCISABLE GOODS MANUFACTURED & RECEIPT OF INPUTS & CAPITAL GOODS BY UNITS IN EOU, STP, HTP FOR MAY 2016	ER 2
	EXCISE: MONTHLY RETURNS OF INFORMATIONS RELATING TO PRINCIPAL INPUTS FOR FEBRUARY 2016 BY MANUFACTURER OF SPECIFIED GOODS WHO PAID DUTY>=RS. 1 CRORE DURING FY 2015-16 BY PLA/CENVAT/BOTH	ER 6
15-06-16	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 MAY 2016	10, 10B, 10C, 10D, 10E, 10F
	INCOME TAX:  DUE DATE FOR PAYMENT OF ADVANCE TAX PAYMENT – FIRST INSTALMENT FOR CORPORATE ASSESSEES AND  FOR  NON CORPORATE ASSESSEES (OTHER THAN THOSE COVERED UNDER SECTION 44AD OF INCOME TAX ACT)	280
	EPF: PAYMENT OF EPF CONTRIBUTION FOR MAY 2016
	EPF: CONSOLIDATED STATEMENTS OF DUES AND REMITTANCES UNDER EPF AND EDLI FOR MAY 2016	12A
	EPF: MONTHLY RETURNS OF EMPLOYEES WHO JOINED/LEFT THE ORGANISATION IN MAY 2016	5/10
20-06-16	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 2016	10, 10B, 10C, 10D, 10E, 10F
	CST/TN VAT: MONTHLY RETURNS AND PAYMENT OF CST AND VAT COLLECTED DURING FEBRUARY 2016  IF THE MODE OF PAYMENT OF VAT AND CST IS BY CASH/CHEQUE/DD	FORM 1 / FORM I
21-06-16	ESI: DEPOSIT OF ESI CONTRIBUTIONS AND COLLECTIONS FOR MARCH 2016
22-06-16	CST/TN VAT: MONTHLY RETURNS AND PAYMENT OF CST AND VAT COLLECTED DURING MARCH 2016 IF THE MODE OF PAYMENT OF VAT AND CST IS BY ELECTRONIC MODE	FORM 1 / FORM I
	INCOME TAX : DUE DATE FOR ISSUE OF TDS CERTIFICATE FOR TAX DEDUCTED UNDER SECTION 194-IA IN THE MONTH OF MARCH 2016	16B
25-06-16	SERVICE TAX: HALF YEARLY RETURN FOR THE HALF YEAR ENDING 31ST MARCH 2016	ST3
	SERVICE TAX: MEMORANDUM OF PROVISIONAL DEPOSITS – PROVISIONAL ASSESSMENT CASES HALF YEARLY RETURNS	ST3A
	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 2016	10, 10B, 10C, 10D, 10E, 10F
30-06-16	INCOME TAX: RETURN IN RESPECT OF SECURITIES TRANSACTION TAX FOR THE FINANCIAL YEAR 2015-16	281
	INCOME TAX: QUARTERLY RETURN ON NON-DEDUCTION OF TAX AT SOURCE BY A BANKING COMPANY FROM INTEREST ON TIME DEPOSITS IN RESPECT OF THE QUARTER ENDING 31ST MARCH 2016
	INCOME TAX: REPORT BY AN APPROVED INSTITUTION/PUBLIC SECTOR COMPANY UNDER SECTION 35AC(4)/(5) FOR THE YEAR ENDING 31ST MARCH 2016
	INCOME TAX: DUE DATE FOR FURNISING OF STATEMENT OF INCOME DISTRIBUTED BY BUSINESS TRUST TO ITS UNIT HOLDERS DURING THE FINANCIAL YEAR 2015-16	64B
	INCOME TAX: STATEMENT TO BE FURNISHED BY AIF TO UNITS HOLDERS IN RESPECT OF INCOME DISTRIBUTED (DURING PREVIOUS YEAR 2015-16) TO UNIT HOLDERS

 

MCA vide circular number 07/2016, dated 30-05-2016, extended the due date for filing forms under Companies Act and filing of Form 11 of Limited Liability Partnership (LLP) under Limited Liability Partnership Act, 2008.

As per the circular MCA has been decided to extend the period for which the one time waiver of additional fees is applicable to all eforms which are due for filing by companies between 25.03.2016 to 30.06.2016 as well as extend the last date for filing such documents and availing the benefit of waiver to 10.07.2016.

MCA has also decided decided to extend the time limit prescribed under the provisions of section 35 of LLP Act, for filing of Form 11 of LLP in respect of Financial Year ending on 31.3.2016 upto 30.06.2016, without additional fees.

Equalisation levy of 6% on services pertaining to cross border digital transactions will come into effect from 1st June, 2016. CBDT had notified the rules for equalisation levy and the said tax will come into force from 01-06-2016.

The specified services covered by the levy include online advertising, provision for digital advertising space and any other service to be notified by government.

As per the Finance Act, 2016 a person making payment to a non-resident (who does not have a permanent establishment) exceeding in aggregate Rs.1 Lakh in a year will with hold tax @ 6%  of gross amount paid as equalisation levy. This levy will only applicable  to business to business(B2B) transactions. Non-resident companies will not get credit in their home countries on transactions subject to the levy.

The cost of advertisement for startups will increase due to the introduction of this levy as the payments to Google, Facebook, Twitter and other social media sites as well as website/blog designing, hosting, promotional emails by non-residents who doesn’t have permanent establishment in India will be subject to this levy.

The Government had notified raising the threshold limit for TDS on EPF withdrawals from the existing Rs.30,000/- to Rs.50,000/-.

The Finance Act, 2016 had amended section 192A of Income Tax Act to raise the threshold limit of PF withdrawal from Rs.30,000/- to Rs.50,000/- for Tax Deducted at Source.The provision will came effect from 01-01-2016.

TDS rate is 10%, provided the PAN is submitted. However, in case 15G (for senior citizens above 60 years) or 15H (claimants below the age of 60) is submitted by the member, no TDS is deducted. If PAN is not furnished or 15G/15H is not submitted TDS is deducted at maximum marginal rate of 34.608%.

TDS shall not be deducted in case of transfer of PF from one account to another and in case of withdrawal after 5 years.

CBDT had introduced a new form (Form 12 BB as setup under Rule 26C) for claiming tax deduction towards LTA, LTC, HRA, Interest on Housing Loan and deduction under Sections 80C,  80D etc of Chapter VIA of Income Tax Act.

This rule will take effect from 01st June, 2016.

Copy of the form 12BB in PDF & Excel is given below:

Please click the link below for Form 12 BB In PDF 

https://drive.google.com/file/d/0BwfaVqFwg9yDSkxHSmRvZkx4TlE/view?usp=sharing

Please click the link below for Form 12 BB In Excel 

https://drive.google.com/file/d/0BwfaVqFwg9yDSkxHSmRvZkx4TlE/view?usp=sharing

The Finace Act, 2016, has increased the Service Tax by including a nee cess by the name Krishi Kalyan Cess, which is applicable w.e.f. 01-06-2016. The effective rate of Service Tax  for all new services provided on or after 01-06-2016 is given below:

Service Tax                         : 14.00%

Swatch Bharath Cess       :  0.50%

Krishi Kalyan Cess            : 0.50%

Effective Rate                    : 15.00%

The bifurcation of three elements as shown above should be clearly shown in the invoice. CENVAT Credit will be available on Krishi Kalyan Cess. But for Swatch Bharath Cess, Cenvat Credit will not be available.

The treatment of invoices outstanding as on 31-05-2016 is given below:

TREATMENT OF INVOICES PENDING AS ON 31-05-2016
Scenario	Service provided before 1st June	Invoice is raised before 1st June	Payment is made before 1st June	Applicability of Krishi Kalyan Cess
1	Yes	Yes	Yes	No
2	Yes	No	Yes	No
3	Yes	Yes	No	Yes
4	Yes	No	No	Yes

In order to avoid the effect of increase in service tax, it’s advisable to make the payment for services received on or before 31-05-2016.

MCA vide general Circular No.6/2016 dated 16th May, 2016 decided to extend the period for which the one time waiver of additional fees is applicable to all e-forms which are due for filing by companies between the 25th March 2016 up to 31st May 2016 as well as extend the last date for filing such documents and availing the benefit of waiver to 10.06 .2016.

CBDT had issued Circular No. 13/2016 dated 09th May, 2016, giving tax payers who have e-uploaded their income tax returns from Asssesment Year 2009-10 to 2014-15, within the time allowed but have remained incomplete due to non-submission of ITR-V for verification  duly signed to CPC – Bengaluru. Those tax payers have a final opportunity to complete the process by  Electronic Verification Code (EVC) on or before 31st August, 2016. As an alternative to EVC, the tax payer is allowed to send a duly signed copy of ITR-V to the CPC, Bengaluru by 31st August, 2016 by speed post.

CBDT also relaxes the time limit for intimation under section 143(1) and directs that such returns shall be processed by 30-11-2016 and intimation of processing of such returns shall be send to the tax payer concerned as per the laid down procedure. In refund cases, while determining the interest the provisions of section 244A(2) of the Act would apply.

Section 244A(2) provides that where the reasons for delay in processing of refund is attributable to the taxpayer, such period of delay caused by the assessee shall be excluded while computing the period for which interest in refund is payable.

It is also clarified in the circular that “in case the taxpayer concerned does not get his return regularized by furnishing a valid verification (either EVC or ITR-V) till 31.08.2016, necessary consequences as provided in law for non-filing the return may follow”.

Consequences of non-filing ITR-V within the time allowed are significant as such a return can be declared ‘Non-Est’ (does not exist) according to the law and the assessee shall face repercussions. For example, under section 271F a penalty Rs.5,000 may be levied.

TAX PAYERS WHO HAD UPLOADED INCOME TAX RETURN AND NOT SUBMITTED ITR-V SHOULD AVAIL THIS OPTION SO AS TO AVOID PENAL PROCEEDINGS.

To view the Circular, please click the link below:

https://drive.google.com/file/d/0BwfaVqFwg9yDYzRvOGQtaHB5SmM/view?usp=sharing