1 Cenvat Credit Rules Amended

2. TDS provisions rationalized

3. TDS on NRI on non furnishing PAN – 20% rate will not apply on furnishing certain documents

1. Duty on Tobacco to be increased by 10-15%
2.  Limited Period Compliance Window for undisclosed income/assets – 30% Tax, Surcharge 7.5% and penalty 7.50% . The period will be 01-06-2016 to 30-09-2016, with time to pay within 2 months.
3. New dispute resolutions scheme – Dispute up to Rs.10 Lakhs without paying penalty and if disputed amount Rs.10 Lakhs, 25% penalty. For penalty related appeals can be settled by paying 25% on minimum imposable penalty
4. Penalty provisions amended

1. First Home buyers additional Rs.50,000/-interest allowance – Loan amount should be Rs.35L and House cost should be Rs.50L
2. Dividend Distribution Tax: Tax @ 10% on dividend if total dividend received Rs.10 Lakhs
3. Tax Collected At source – For motor cars if value exceed Rs.10 L
4. New Cess @ 0.5% Krishi Kalyan Cess w.e.f. 01-06-2016

Tax Proposals…

1. 87A Tax rebate increase to Rs.5000 from Rs.2000
2. 80GG – Increased to Rs.60,000/- from Rs.24,000/-
3. Presumptive Taxation: Section 44AD: Turnover limit increased to Rs.2 Crores – For Professionals It is Rs.50Lakhs with income @ 50%
4. Corporate Taxation: The new manufacturing cos started on or after 01-03-2016 – 25% tax + Sc+Cess
5. Corporate Taxation: Having turnover less than 5 crores – 29%+SC+CESS
6. Startups – Started on or after 01-04-2016 – 3 years 100% deduction – MAT will be apply

1. Companies Act will be amended in 2016-17
2. Plan and Non-planned expenditure will do away from end of 12th Plan, that is end on next year..Concentrate on Revenue and Capital Expenditure

Budget Presentation by Honorable Finance Minister started…

1. Duty Exemption of Dialysis Machines
2. EPF Employer Contribtion by Employer will be met by Government for first 3 years. Rs.1000 crore allocated fro the same.

KNOW YOUR DUE DATES
Feb-16
DATE	COMPLIANCE REQUIRED	FORM NO. / CHALLAN NO.
06-02-2016	EXCISE: E-PAYMENT OF EXCISE DUTY FOR JANUARY 2015 BY CORPORATES	GAR 7
	SERVICE TAX: E-PAYMENT OF SERVICE TAX FOR JANUARY 2015 BY CORPORATES
07-02-2016	INCOME TAX: DEPOSIT OF TDS/TCS COLLECTED DURING JANUARY 2015	281
	INCOME TAX: DUE DATE FOR FURNISHING OF CHALLAN-CUM-STATEMENT IN RESPECT OF TAX DEDUCTED UNDER SECTION 194-IA IN THE MONTH OF JANUARY 2015	26QB
10-02-2016	INCOME TAX: STATEMENT IN RESPECT OF TAX DEDUCTED OR COLLECTED BY GOVERNMENT AUTHORITIES THROUGH BOOK ENTRY IN THE MONTH OF FEBRUARY 2015	24G
	EXCISE: MONTHLY RETURNS FOR PRODUCTION AND REMOVAL OF GOODS AND CENVAT CREDIT FOR JANUARY 2015	ER 1
	EXCISE: MONTHLY RETURNS OF EXCISABLE GOODS MANUFACTURED & RECEIPT OF INPUTS & CAPITAL GOODS BY UNITS IN EOU, STP, HTP FOR JANUARY 2015	ER 2
	EXCISE: MONTHLY RETURNS OF INFORMATIONS RELATING TO PRINCIPAL INPUTS FOR JANUARY 2015 BY MANUFACTURER OF SPECIFIED GOODS WHO PAID DUTY>=RS. 1 CRORE DURING FY 2014-15 BY PLA/CENVAT/BOTH	ER 6
15-02-2016	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 JANUARY 2015	10, 10B, 10C, 10D, 10E, 10F
	COMPANY LAW: FILE UNAUDITED LIMITED REVIEWED QUARTERLY RESULTS FOR QUARTER ENDED 31-12-2015 AS PER CLAUSE 41 OF SLA (COMPANIES ADOPTING FY APRIL TO MARCH)
	EPF: PAYMENT OF EPF CONTRIBUTION FOR JANUARY 2015
	EPF: CONSOLIDATED STATEMENTS OF DUES AND REMITTANCES UNDER EPF AND EDLI FOR JANUARY 2015	12A
	EPF: MONTHLY RETURNS OF EMPLOYEES WHO JOINED/LEFT THE ORGANISATION IN JANUARY 2015	5/10
20-02-2016	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 JANUARY 2015	10, 10B, 10C, 10D, 10E, 10F
	CST/TN VAT: MONTHLY RETURNS AND PAYMENT OF CST AND VAT COLLECTED DURING JANUARY 2015  IF THE MODE OF PAYMENT OF VAT AND CST IS BY CASH/CHEQUE/DD	FORM 1 / FORM I
21-02-2016	ESI: DEPOSIT OF ESI CONTRIBUTIONS AND COLLECTIONS FOR JANUARY 2015
22-02-2016	CST/TN VAT: MONTHLY RETURNS AND PAYMENT OF CST AND VAT COLLECTED DURING JANUARY 2015 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 JANUARY 2015	16B
25-02-2016	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 JANUARY 2015	10, 10B, 10C, 10D, 10E, 10F

 

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