Individuals having Salary and Interest Income can e-file their return in the Income Tax Portal as the Form ITR-1 is activated in the income tax portal http://www.incometaxindiaefiling.gov.in.

Also Individuals, HUF & Partnership Firms having presumptive income can e-file their returns using ITR-4S in the income tax portal.

Department also introduced Tax Calculator, which will help assessees to calculate their tax liability.

Department will host the e-filing utility for other income tax returns shortly.

CBDT had notified new income tax return forms for the Financial Year 2015-16 (Assessment year 2016-17) vide Notification No. SO 1262(E) [No. 24/2016 (F No.370142/2/2016-TPL] dated 30th March, 2016.

Click on the link below to see the Notification and the new forms.

https://drive.google.com/open?id=0B1RPH78P-X7yaGlseV9CcThBeEU

 

 

 

KNOW YOUR DUE DATES
APRIL 2016
DATE	COMPLIANCE REQUIRED	FORM NO. / CHALLAN NO.
07-04-16	INCOME TAX: DEPOSIT OF TDS/TCS COLLECTED DURING MARCH 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 MARCH 2016	26QB
10-04-16	EXCISE: MONTHLY RETURNS FOR PRODUCTION AND REMOVAL OF GOODS AND CENVAT CREDIT FOR MARCH 2016	ER 1
	EXCISE: MONTHLY RETURNS OF EXCISABLE GOODS MANUFACTURED & RECEIPT OF INPUTS & CAPITAL GOODS BY UNITS IN EOU, STP, HTP FOR MARCH 2016	ER 2
	EXCISE: QUARTERLY RETURNS OF PRODUCTION AND REMOVAL OF GOODS BY SSIs FOR THE QUARTER ENDING MAR 2016	ER3
	EXCISE: QUARTERLY RETURNS OF ASSESSEES PAYING 1% OR 2% EXCISE AND NOT MANUFACTURING ANY OTHER GOODS FOR QUARTER ENDING MARCH 2016	ER 8
	EXCISE: MONTHLY RETURNS OF INFORMATIONS RELATING TO PRINCIPAL INPUTS FOR MARCH 2016 BY MANUFACTURER OF SPECIFIED GOODS WHO PAID DUTY>=RS. 1 CRORE DURING FY 2014-15 BY PLA/CENVAT/BOTH	ER 6
15-04-16	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 MARCH 2016	10, 10B, 10C, 10D, 10E, 10F
	EXCISE: QUARTERLY RETURN OF CENVAT BY FIRST STAGE AND SECOND STAGE DEALERS FOR QUARTER ENDING MAR 2016	ER3
	INCOME TAX:  DUE DATE FOR PAYMENT OF ADVANCE TAX PAYMENT – THIRD INSTALMENT FOR NON CORPORATE ASSESSEES AND FOURTH INSTALMENT FOR CORPORATE ASSESSEES	280
	PT: PAYMENT OF PROFESSIONAL TAX FOR HALF YEAR ENDING OCT 2014 TO MAR 2016	1
	EPF: PAYMENT OF EPF CONTRIBUTION FOR MARCH 2016
	EPF: CONSOLIDATED STATEMENTS OF DUES AND REMITTANCES UNDER EPF AND EDLI FOR MARCH 2016	12A
	EPF: MONTHLY RETURNS OF EMPLOYEES WHO JOINED/LEFT THE ORGANISATION IN MARCH 2016	5/10
20-04-16	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 OFMARCH 2016	10, 10B, 10C, 10D, 10E, 10F
	EXCISE: QUARTERLY RETURN OF PRODUCTION, REMOVAL AND CENVAT BY SPECIFIED MANUFACTURERS OF YARNS AND READY MADE GARMENTS FOR QUARTER ENDING MAR 2016	ER3
	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 CASH/CHEQUE/DD	FORM 1 / FORM I
21-04-16	ESI: DEPOSIT OF ESI CONTRIBUTIONS AND COLLECTIONS FOR MARCH 2016
22-04-16	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
25-04-16	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 OFMARCH 2016	10, 10B, 10C, 10D, 10E, 10F
30-04-16	INCOME TAX: PAYMENT OF TDS ON CREDITS GIVEN DURING MAR 2016	281
	EXCISE: ANNUAL DECLARATION ON PRINCIPAL INPUTS BY ASSESSEES WHO IN FY 2014-15 PAID>=RS. 1 CRORE AS PLA/CENVAT/BOTH	ER5
	EXCISE: ANNUAL INSTALLED CAPACITY STATEMENT BY ALL ASSESSEES	ER7
	EPF: ANNUAL RETURNS SHOWING MONTHWISE RECOVERIES FROM MEMBERS	3A
	EPF: CONSOLIDATED ANNUAL CONTRIBUTION STATEMENT	6A
	INCOME TAX: DUE DATE FOR E-FILING OF A STATEMENT  CONTAINING PARTICULARS OF FORM NO. 60 RECEIVED DURING THE PERIOD JANUARY 1, 2016 TO MARCH 31, 2016	61
	INCOME TAX: FORWARDING OF COPIES OF DECLARATION IN FORM 60/61 (NOT BEING RECEIVED AT THE TIME OF OPENING A BANK ACCOUNT) RECEIVED BETWEEN 1ST OCT AND 31ST MAR TO DIT AND CIT	COPY OF 60/61

Income tax department had identified nearly 59 lakhs (5.9 million) individuals for assessment year 2014-15 (Financial Year 2013-14), who have done high value transactions but did not file their returns. The notices have been sent to these individuals by their respective assessing officers.

All non-filers are tracked through Non-filers Monitoring System(NMS) which was implemented last year, which will track the data available through sources like Annual Information Report details, TDS details, Bank transaction details etc. are analysed and individuals having taxable income who have not filed their income tax returns is identified.

If an individual receive notice and he is not having taxable income, he can login to the Income Tax Website (www.incometaxindiaefiling.gov.in) using his pan and give the reasons in the compliance section and file the same with the concerned assessing officer.

 

Finance Minister Mr.Arun Jaitley, today announced that the proposal to tax 60% of EPF withdrawal amount in the Union Budget presented in the Parliament was withdrawn. The Finance Ministry has clarified later after budget that the tax will be applicable only on the interest amount, but due to the opposition raised from various sectors including trade unions, political parties and even by RSS was taken in to consideration and Prime Minister Mr.Narendra Modi’s office has directed to reconsider the proposal.

Today Finance Minister Mr.Arun Jaitley announced in the Lok Sabha that proposal to tax interest on 60% of withdrawal from EPF was withdrawn.

 

KNOW YOUR DUE DATES
Mar-16
DATE	COMPLIANCE REQUIRED	FORM NO. / CHALLAN NO.
06-03-2016	EXCISE: E-PAYMENT OF EXCISE DUTY FOR FEBRUARY 2016 BY CORPORATES	GAR 7
	SERVICE TAX: E-PAYMENT OF SERVICE TAX FOR FEBRUARY 2016 BY CORPORATES
07-03-2016	INCOME TAX: DEPOSIT OF TDS/TCS COLLECTED DURING FEBRUARY 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 FEBRUARY 2016	26QB
10-03-2016	EXCISE: MONTHLY RETURNS FOR PRODUCTION AND REMOVAL OF GOODS AND CENVAT CREDIT FOR FEBRUARY 2016	ER 1
	EXCISE: MONTHLY RETURNS OF EXCISABLE GOODS MANUFACTURED & RECEIPT OF INPUTS & CAPITAL GOODS BY UNITS IN EOU, STP, HTP FOR FEBRUARY 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 2014-15 BY PLA/CENVAT/BOTH	ER 6
15-03-2016	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 2016	10, 10B, 10C, 10D, 10E, 10F
	INCOME TAX:  DUE DATE FOR PAYMENT OF ADVANCE TAX PAYMENT – THIRD INSTALMENT FOR NON CORPORATE ASSESSEES AND FOURTH INSTALMENT FOR CORPORATE ASSESSEES	280
	EPF: PAYMENT OF EPF CONTRIBUTION FOR FEBRUARY 2016
	EPF: CONSOLIDATED STATEMENTS OF DUES AND REMITTANCES UNDER EPF AND EDLI FOR FEBRUARY 2016	12A
	EPF: MONTHLY RETURNS OF EMPLOYEES WHO JOINED/LEFT THE ORGANISATION IN FEBRUARY 2016	5/10
20-03-2016	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
21-03-2016	ESI: DEPOSIT OF ESI CONTRIBUTIONS AND COLLECTIONS FOR FEBRUARY 2016
22-03-2016	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 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 FEBRUARY 2016
25-03-2016	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
31-03-2016	EXCISE: E PAYMENT OF EXCIDE DUTY FOR THE MONTH OF MAR-16 BY CORPORATES	GAR 7
	EXCISE: E PAYMENT OF EXCISE DUTY FOR THE QUARTER ENDED MARCH 2016 BY SSI/REGISTERED DEALERS
	SERVICE TAX: E-PAYMENT OF SERVICE TAX FOR MAR 2016 BY CORPORATES
	SERVICE TAX: E PAYMENT OF SERVICE TAX FOR QUARTER ENDED MAR 2016 BY NON CORPORATES
	INCOME TAX: LAST DATE OF REVISION OF RETURN FOR F Y 2013-14	ITR 1/2/3/4/5/6/7/8  WT: BA/BB
	INCOME TAX: LAST DATE FOR FILING OF BELATED RETURN FOR FY 2013-14

 

Interest on Capital and Remuneration to Partners in case of partnership firm, which were available earlier, is not there in the budget proposal.

A. TDS – Changes in Existing Threshold Limits

Present Section	Heads	Existing threshold limits	Proposed threshold limits
192A	Payment of accumulated balance due to an employee in EPF	Rs.30,000/-	Rs.50,000/-
194BB	Winnings from Horse Race	Rs.5,000/-	Rs.10,000/-
194C	Payments to Contractors	Aggregate annual limit of Rs.75,000/-	Aggregate annual limit of Rs.1,00,000/-
194LA	Payment of Compensation on acquisition of certain Immovable Property	Rs.2,00,000/-	Rs.2,50,000/-
194D	Insurance Commission	Rs.20,000/-	Rs.15,000/-
194G	Commission on sale of lottery tickets	Rs.1,000/-	Rs.15,000/-
194H	Commission on Brokerage	Rs.5,000/-	Rs.15,000/-

 

 

B. TDS – Proposed Changes in Rates

Present Section	Heads	Existing Rate of TDS (%)	Proposed Rate of TDS (%)
194DA	Payment in respect of Life Insurance Policy	2%	1%
194EE	Payment in respect of NSS Deposits	20%	10%
194D	Insurance Commission	10%	5%
194G	Commission on sale of lottery tickets	10%	5%
194H	Commission of Brokerage	10%	5%
194K	Income in respect of units	To be omitted w.e.f. 01-06-2016
194L	Payment of compensation of acquisition of capital asset	To be omitted w.e.f. 01-06-2016

C. Non Resident: TDS shall not be deducted at a higher rate in case of non-residents not having PAN, subject to prescribed condition.

The facility for revision of return, hitherto available to a service tax assessee only, is being extended to Central Excise assessees also.

I. Return Filing – The amendments proposed in Section 139 of Income Tax Act are as follows:

• A person shall be required to furnish his return of income if this total income during the previous year without claiming exemption under section 10(38) [income arising from the transfer of a long-term capital asset, being an equity share in a company or a unit of an equity oriented fund] exceeds the maximum amount which is not chargeable to tax.
• Revision of return possible if filed after the due date but before the end of the relevant assessment year or completion of assessment which ever is earlier. Revised return can be filed  before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.
• A return furnished in response to a notice issued under section 142 (1) of the Income-tax Act cannot be revised.
• A return which is otherwise valid would not be treated defective merely because self-assessment tax and interest payable in accordance with the provisions of section 140A, has not been paid on or before the date of furnishing of the return.

II. Advance Tax

• The number of instalments and due dates for payment of advance tax in the case of individuals, HUFs, firms, etc. shall be the same as is applicable to companies. i.e., similar to company advance tax need to be paid as follows:

On or before 15th June                    : not less than 15% of tax liability

On or before 15th September       : not less than 45% of tax liability

On or before 15th December         : not less than 75% of tax liability

On or before 15th March                : 100% of tax liability

• Taxpayer eligible for presumptive taxation scheme under section 44AD of the Income-tax Act shall pay whole amount of advance tax in one instalment on or before the 15th March of the financial year.