The time limit for registration with Central Excise by Jewelers is being  extended to 01st July, 2016 vide Circular no. 1026/14/2016-CX dated 23-04-2016. How ever the liability of payment of Central Excise will be from 01-03-2016 and the assessee jewelers can make payment of Central Excise duty for the period of March, 2016, April 2016 & May 2016 along with the payment of June 2016.

Income Tax Department activated e-filing of all forms for the Assessment Year 2016-17 (Financial Year 2015-16) in Income Tax Website http://www.incometaxindiaefiling.gov.in. To know, which type of Forms i…

Source: Income Tax Departments activates e-filing of all forms

Income tax department had activated, the Aadhar and Net banking based e-filing verification system (EVC) for tax payers to file the first appeal before a tax officer (CIT – Appeals). E-filing of appeals by Digital Signature was activated few days ago.

One EVC can be used to validate one form of the assessee irrespective of the assessment year. The EVC will be stored against the assessee PAN along with other verification details. The EVC will be valid for 72 hours or otherwise specified.

The following Income Tax Return forms are available for e-filing in the income tax portal http://www.incometaxindiaefiling.gov.in:

 

ITR	Description
ITR 1 (SAHAJ)	For Individuals having Income from Salary & Interest.
ITR 2	For Individuals & HUFs not having Income from Business or Profession
ITR 2A	For Individuals & HUFs not having Income from Business or Profession and Capital Gains and who do not hold foreign assets
ITR 3	For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship
ITR 4S (SUGAM)	For Individuals/HUF/Partnership Firm having income from presumptive

• The determination of residency of foreign company on the basis of Place of Effective Management is proposed to be deferred by one year. It shall now apply with effect from1.04.2017.
• The provisions of section 115JB of the Income-tax Act so as to provide that Minimum Alternate Tax (MAT) shall not be applicable to a foreign company, w.e.f. 01.04.2001 if the foreign company does not have as a permanent establishment under relevant Double Taxation Avoidance Agreement (DTAA) or a place of business in India
• Capital gain arising from transfer of a long term asset being share of a private limited company shall be chargeable to tax at the rate of ten per cent.
• Acquisition of shares by an individual or HUF as a consequence of demerger or amalgamation of a company shall not attract tax liability under section 56(2)(vii) of the Income tax Act.
• A monetary limit of `1.5 lakh is proposed to be provided for annual contribution by an employer to a recognised provident fund as well as superannuation fund.
• Exemption is proposed to be provided for one-time portability from a recognised provident fund or superannuation fund to National Pension System.
• The date of agreement fixing the amount of consideration for the transfer of immovable property and not the date of registration shall be taken for the purposes of computing capital gains in case of transfer of immovable property if any payment in consequence of such agreement has been made by the purchaser of the property through any mode other than cash.
• Fees paid for obtaining right to use the spectrum is to be amortized over the period for which the right to use the spectrum has been granted.
• No set off of losses shall be allowed against deemed undisclosed income u/s 68 to 69D (Unexplained Income & Expenditure) of the Income-tax Act
• where a trust or institution registered u/s 12AA of the Income-tax Act ceases to be charitable organisation or if on dissolution a charitable trust or institution does not transfer all its assets within one year of dissolution to another charitable organization, the amount of accreted income to the extent not transferred shall be charged to additional income-tax at the maximum marginal rate

Income tax department launched e-filing appeal system to for filing of first appeal before income tax officer. Similar to filing of Income tax returns, e-appeal can be files using Digital Signature from now on. The electronic verification facility (EVC) using Aadhar, mobile number and email will be activated soon.

The new form is applicable for filing appeals to CIT (Appeals) for those who file their return of income by efiling.

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