Income Tax :- Due Dates for the month December, 2016

Thursday, December 1, 2016 | comments

Due Dates for the  month December, 2016

7 December 2016 -
​​Due date for deposit of Tax deducted/collected for the month of November, 2016. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan
7 December 2016 -
​Due date for furnishing of challan-cum-statement in respect of tax deducted under Section 194-IA in the month of November, 2016
15 December 2016 -
​Second instalment (in the case of an assessee other than a company) or third instalment (in the case of a company) of advance income-tax for the assessment year 2017-18
22 December 2016 -
​Due date for issue of TDS Certificate for tax deducted under  section 194-IA​ in the month of November, 2016

Download Exchange Currency Form for 500 and 1000 of any bank

Friday, November 18, 2016 | comments

Friends,   For exchanging money from any Bank or any Post Office, below mentioned form is required along with ID of tenderer.  It is very simple to use.  You may download the same from below mentioned and get print for exchanging your old currency link :-

Download Form = use  down arrow key of the above panel.

RBI MAIN NOTIFICATION DATED 8.11.2016

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Friends,   RBI main notification is given below for public interest.  Exchange of Currency form is also available in it.

Click here to view the latest Notification of RBI  dated 17.11.2016 

Withdrawal of Legal Tender Character of existing ₹ 500/- and ₹ 1000/- Bank Notes – Exchange over the counters

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RBI latest notification  for withdrawal of Legal Tender 
RBI/2016-17/139
DCM (Plg) No.1302/10.27.00/2016-17
November 17, 2016
The Chairman / Managing Director/Chief Executive Officer,
Public Sector Banks / Private Sector Banks/ Private Sector Banks/ Foreign Banks
Regional Rural Banks / Urban Co-operative Banks / State Co-operative Banks
Dear Sir,
Withdrawal of Legal Tender Character of existing ₹ 500/- and ₹ 1000/- Bank Notes – Exchange over the counters
Please refer to our Circular No. DCM (Plg) No.1226/10.27.00/2016-17 dated November 08, 2016 on the captioned subject.
2. On a review it has been decided that the limit of exchange of SBNs in cash, across the counter of the banks shall be ₹ 2000 with effect from November 18, 2016. This facility will be available only once per person.
3. Please acknowledge receipt.
Yours faithfully,
(P Vijaya Kumar)
Chief General Manager

GST : - Explanation on Composit Dealer in GST

Friday, November 4, 2016 | comments

Friends,   Composit Dealer under GST has been explained in detail.  What is due and what is not due on composit dealer under GST scheme.



GST Composition Levy Explained


GST Composition Levy

The current state indirect tax regime has provided a simpler compliance for small dealers known as the Composition Scheme. Under this scheme you,
  • Pay taxes only at a certain percentage of turnover
  • File periodic returns only (usually on a quarterly basis)
  • Have an option of not having to maintain detailed records or follow tax invoicing rules
  • Are not allowed to take Input Tax Credit (ITC)
  • Are not allowed to collect tax on sales
Thus for smaller businesses, it is simpler to calculate tax liability. This saves time and energy involved in maintaining detailed records.
Let us understand how the composition scheme is different with the following example:
Composition Tax

Composition Levy in the GST Regime

Similarly, the same benefit is provided under the GST regime. Small dealers and businesses could opt for the composition scheme known as Composition Levy. Under this scheme, a Composite Tax Payer pays tax only at a certain percentage of his turnover.

Threshold Limit

  • NE Including Sikkim – Aggregate turnover of the person having same PAN of above Rs 10 lakhs during the financial year but does not exceed Rs 50 lakhs.
  • Rest of India – Aggregate turnover of the person having same PAN of above Rs 20 lakhs during the financial year but does not exceed Rs 50 lakhs.

Rate of Levy

  • Rate of levy is yet be notified
  • Rate of levy will not be less than 1%

Conditions for a Composite Tax Payer

Apart from the threshold limit, the following conditions are applicable for a composite tax payer:
  • No Interstate supplies – A composite tax payer should not engage in interstate supply of goods and / or services and imports.
  • Payment of composition tax – If the composite tax payer is in the trade of supplying goods and services, then composition levy will be applicable for both supply of goods and supply of services.
  • Does not have to collect tax – The composite tax payer does not have to collect tax on all his outward supply of goods and / or services.
  • Applicable for all business verticals under the same PAN – Composition levy will be applicable for all business verticals operating within state or interstate under the same pan.
    What does this mean?

    An individual with different business verticals, like:
    • Mobiles & Accessories
    • Stationery
    • Franchisee
    In the above scenario, the composition scheme will be applicable for all three business verticals. The dealer cannot opt for any one business vertical to fall under the composition scheme.  For example, if the business vertical’s place of business is in Karnataka & Kerala for a single PAN, each of the business vertical in that particular state should have only ‘Intra-State(within state)’ supplies.
  • Cannot claim Input Tax Credit – The composite tax payer is not eligible to claim input tax credit on all his inward supply of goods and / or services.
    What does this mean?

    If a dealer chooses to be a composite tax payer, he cannot claim input tax credit even if he makes taxable purchases from a regular taxable dealer. Ideally, the taxable amount would be added to the composite tax payer’s cost.

Return Forms for a Composite Tax Payer

A composite tax payer is required to file quarterly return and annual return. Types of returns and details to be furnished are explained below:
Return TypeFrequencyDue dateDetails to be furnished
Form GSTR-4AQuarterlyAuto-populated details of inward supplies made available to the recipient registered under composition scheme on the basis of FORM GSTR-1 furnished by the supplier.
Form GSTR-4Quarterly18th of succeeding monthAll outward supplies of goods and services including auto-populated details from Form GSTR-4A and tax payable details. Details of any additions, modifications, or deletions in Form GSTR-4A should also be submitted in Form GSTR-4.
Form GSTR-9AAnnual31st December of next fiscalConsolidated details of quarterly returns filed along with tax payment details.

In the current composition scheme, a composite dealer has to declare only the aggregate turnover of sales. He is not required to declare invoice wise details. In GST, the composite tax payer will file his returns with the invoice wise details of inward supplies which is auto-populated based on Form GSTR-1 filed by his supplier along with the aggregate turnover of outward supplies
.

Income Tax :- Due Dates for the month November, 2016

Tuesday, November 1, 2016 | comments

Due Dates for the  month November, 2016

7 November 2016 -
​Due date for deposit of Tax deducted/collected for the month of October, 2016. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan
7 November 2016 -
​Due date for furnishing of challan-cum-statement in respect of tax deducted under Section 194-IA in the month of October, 2016
15 November 2016 -
​Quarterly TDS certificate (in respect of tax deducted for payments other than salary) by a person being an office of the Government for the quarter ending September 30, 2016
22 November 2016 -
​Due date for issue of TDS Certificate for tax deducted under  section 194-IA​ in the month of October, 2016
30 November 2016 -
​Annual return of income for the assessment year 2016-17 in the case of an assessee if he/it is required to submit a report under section 92E​ pertaining to international or specified domestic transaction(s)
30 November 2016 -
​Audit report under  section 44AB for the assessment year 2016-17 in the case of an assessee who is also required to submit a report pertaining to international or specified domestic transactions under  section 92E​​
30 November 2016 -
​Report to be furnished in Form 3CEB in respect of international transaction and specified domestic transaction
30 November 2016 -
​Statement of income distribution by venture capital company or venture capital fund in respect of income distributed during 2015-16
30 November 2016 -
​Statement to be furnished by AIF to Principal CIT or CIT in respect of income distributed (during previous year 2015-16) to units holders
30 November 2016 -
​Due date to exercise option of safe harbour rules for international transaction by furnishing Form 3CEFA
30 November 2016 -
​Due date to exercise option of safe harbour rules for specified domestic transaction by furnishing Form 3CEFB
30 November 2016 -
​Due date for filing of statement of income distributed by business trust to unit holders during the financial year 2015-16. This statement is required to be filed electronically to Principal CIT or CIT in form No. 64A [As prescribed under Rule 12CA inserted by the Income-tax (First Amendment) Rules, 2015, w.e.f. 19-1-2015.]​

GST Return

Thursday, October 27, 2016 | comments

Friends,  Initial or starting concept of GST  Return is given below in the interest of Registered Dealer of GST :-


Every registered taxable person has to furnish outward supply details in Form GSTR-1 by the 10th of the subsequent month. On the 11th, the visibility of inward supplies is made available to the recipient in the auto-populated GSTR-2A. The period from 11th to 15th will allow for any corrections (additions, modifications and deletion) in Form GSTR-2A and submission in Form GSTR-2 by 15th of the subsequent month.The corrections (addition, modification and deletion) by the recipient in Form GSTR-2 will be made available to supplier in Form GSTR-1A. The supplier has to accept or reject the adjustments made by the recipient. The Form GSTR-1 will be amended according to the extent of correction accepted by supplier.
On 20th, the auto-populated return GSTR-3 will be available for submission along with the payment. After the due date of filing the monthly returnForm GSTR-3, the inward supplies will be matched with the outward supplies furnished by supplier, and then the final acceptance of input tax credit will be communicated in Form GST ITC-1.
Also, the mismatch input tax credit on account of excess claims or duplication claims will be communicated in Form GST ITC-1.Discrepancies not ratified will be added as output tax liability along with interest. However, within the prescribed time, if it is ratified, the recipient will be eligible to reduce this output tax liability.

Process of uploading GSt Returns

Income Tax : - Due Dates for the Month Oct, 2016

Wednesday, October 5, 2016 | comments

Due Dates for the month Oct, 2016

7 October 2016 -
​Due date for deposit of tax deducted/collected for the month of September, 2016​.  However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan​
7 October 2016 -
​​​​​​Due date for deposit of TDS for the period July 2016 to September 2016 when Assessing Officer has permitted quarterly deposit of TDS under  section 192194A194D or ​194H​​
7 October 2016 -
​​​Due date for furnishing of challan-cum-statement in respect of tax deducted under Section 194-IA​ in the month of September, 2016
15 October 2016 -
​Quarterly statement in respect of foreign remittances (to be furnished by authorized dealers) in Form No. 15CC for quarter ending September, 2016
15 October 2016 -
​Quarterly statement of TCS deposited for the quarter ending September 30, 2016
17 October 2016 -​Due date to submit audit report under section 44AB​​​ and filing of annual return of income for the assessment year 2016-17 has been extended to October 17, 2016 [vide F.NO.225/195/2016/ITA.II, Dated 09-09-2016 and F. No. 225/195/2016-ITA II, dated 14-09-2016] for all taxpayers whose accounts are audited and who are liable to file return of income by September 30, 2016.​
22 October 2016 -
​​Due date for issue of TDS Certificate for tax deducted under  Section 194-IA​​ in the month of September, 2016.
30 October 2016 -
Quarterly TCS certificate (in respect of tax collected by any person) for the quarter ending September 30, 2016​​
30 October 2016 -
​​Due date for deposit of tax deducted at source under Section 194-IA​ for the month of September, 2016​
31 October 2016 -
​Quarterly statement of TDS deposited for the quarter ending September 30, 2016 ​​
31 October 2016 -
​​Due date for furnishing of Annual audited accounts for each approved programmes under  section 35(2AA)​​
31 October 2016 -
​Quarterly return of non-deduction of tax at source by a banking company from interest on time deposit in respect of the quarter ending September 30, 2016
31 October 2016 -
​Due date for e-filing of a statement in Form No. 61 containing particulars of Form No. 60 received during the period January​ 1, 2016 to September 30, 2016

WhatsApp on Your Desktop / PC

Friday, September 23, 2016 | comments

Friends  I do not know that you know about this that whatsapp can be run through P C , yes your mobile whatsapp can be run through your Desktop.  Lot of users are using Whatsapp in their mobiles but do not know that it can be used in PC without any wire.   
  • No need to download any software for running whatsapp in your Desktop or PC.
  • No need of any Wire like usb wire etc.
  • Internet is required in PC and Mobile. 
  • Just open www.whatsapp.com, Press Whatsapp Web and Scan codes through mobile whatsapp menu > whatsapp on web.
  • Two users can use a single whatapp at a time , one on PC and Second on Mobile.
  • Fast typing for chat can be done  through Keyboard.
  • Images / Photos / Videos can be easily transfer from PC to Mobile or Mobile to PC without using any external wire etc.


In case you have any question regarding this, you may ask any query through email. 

TDS :- Latest RPU Ver. 1.7 with Latest FVU Version 5.2 and 2.148

Wednesday, September 21, 2016 | comments

Friends,   Now NSDL has launched new RPU Version 1.7 with major changes in 24Q4.  Lot of columns have been added in New RPU like Name of Lender, Pan Number of Lender, Amount of House Rent Paid in Excess Rs. 1 Lakh etc.  This is applicable w.e.f. 17-09-2016.




Download  RPU 1.7


to View TDS Links click below image

 
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