Income Tax :- Due Dates for the Month October 2017

Saturday, September 30, 2017 | comments

7 October 2017 -
Due date for deposit of tax deducted/collected for the month of September, 2017. 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 2017 -
Due date for deposit of TDS for the period July 2017 to September 2017 when Assessing Officer has permitted quarterly deposit of TDS under section 192194A194D or 194H
15 October 2017 -
Due date for furnishing of Form 24G by an office of the Government where TDS for the month of September, 2017 has been paid without the production of a challan
15 October 2017 -
Due date for issue of TDS Certificate for tax deducted under Section 194-IA in the month of August, 2017
15 October 2017 -
Quarterly statement in respect of foreign remittances (to be furnished by authorized dealers) in Form No. 15CC for quarter ending September, 2017
15 October 2017 -
Quarterly statement of TCS deposited for the quarter ending September 30, 2017
30 October 2017 -
Due date for furnishing of challan-cum-statement in respect of tax deducted under Section 194-IA in the month of September, 2017
30 October 2017 -
Quarterly TCS certificate (in respect of tax collected by any person) for the quarter ending September 30, 2017
31 October 2017 -
Quarterly statement of TDS deposited for the quarter ending September 30, 2017
31 October 2017 -
Due date for furnishing of Annual audited accounts for each approved programmes under section 35(2AA)
31 October 2017 -
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, 2017

Income Tax :- Income Tax Slabs for the F.Y. 2017-18

Tuesday, September 26, 2017 | comments

Financial Year 2017-18

A. Tax Rates For Individuals (Men & Women), Hindu Undivided Families, Association of Persons and Body of Individuals

Total Income (Rs.) Tax Rate (%)
Upto Rs. 250,000*          Nil
250,001 to 500,000           5
500,001 to 10,00,000 20
Above Rs. 10,00,000 30

*In the case of a resident individual of sixty years or more but less than eighty years, the basic exemption limit is Rs. 3,00,000
*Relief for Taxpayers in the first bracket of '250000' to '350000'. A Tax credit of 2500 to every person with total income upto 3,50,000
The category of women below the age of 65 years has been removed



B. Tax Rates For Senior Citizens (80 Years Or Above)

Total Income (Rs.) Tax Rate (%)
Upto Rs. 500,000*         Nil
500,001 to 10,00,000 20
Above Rs. 10,00,000 30
Surcharge is @ 15% if total taxable income is in excess of Rs. 10,000,000
Education cess is applicable @ 3% on income tax
Marginal relief may be available


C. Tax Rates For For Partnership Firms
                             Tax Rate (%)
Partnership Firms are taxable @ 30%
Surcharge is @ 12% if total taxable income is in excess of Rs. 10,000,000
Education cess is applicable @ 3% on income tax



D. Tax Rates For Domestic Companies
                             Tax Rate (%)
Domestic companies are taxable @ 25% where gross receipt in the previous year does not exceed fifty crore rupees
Domestic companies are taxable @ 30% where gross receipt in the previous year exceed fifty crore rupees
Surcharge is 7 % if total taxable income is in excess of Rs. 10,000,000 but not exceeding 100,000,000
Surcharge is 12 % if total taxable income is in excess of Rs. 100,000,000
Education cess is applicable @ 3% on income tax (inclusive of surcharge, if any)



E. Tax Rates For Foreign Companies
                              Tax Rate (%)
Foreign companies are taxable @ 40%
Surcharge is 2 % if total taxable income is in excess of Rs. 10,000,000 but not exceeding 100,000,000
Surcharge is 5 % if total taxable income is in excess of Rs. 100,000,000
Education cess is applicable @ 3% on income tax (inclusive of surcharge, if any)



F. In the case of every co-operative society Tax Rate (%)
(1) where the total income does not exceed Rs. 10,000 10 per cent. of the total income

(2) where the total income exceeds Rs. 10,000 but does not exceed Rs. 20,000 Rs. 1,000 plus 20 per cent. of the amount by which the total income exceeds Rs. 10,000

(3) where the total income exceeds Rs. 20,000 
10 per cent. of the total income; Rs. 3,000 plus 30 per cent. of the amount by which the total income exceeds Rs. 20,000

Surcharge is 12 % if total taxable income is in excess of Rs. 10,000,000
Education cess is applicable @ 3% on income tax

GST : -Notification No 30/2017 Central Tax for filing of GSTR-1, GSTR-2 and GSTR-3

Tuesday, September 12, 2017 | comments

Friends,   Earlier due dates for filing of GST Returns GSTR-1, GSTR-2, GSTR-3 was announced in 21st GST Council Meeting dated 9.09.2017, Now notification has been issued for the same. 


GST :- Decision of 21stGST Council Meeting Dated 9th September, 2017

Monday, September 11, 2017 | comments

Decisions taken on Services – 21st GST Council Meeting, 9th September, 2017

The following decisions were taken by the GST Council at its 21st meeting held in Hyderabad on 9th September, 2017. The information is being uploaded immediately after the GST Council’s decision and it will be subject to further vetting during which the list may undergo some changes. The decisions of the GST Council are being communicated for general information and will be given effect to through gazette notifications which shall have force of law.

1, To reduce the rate of GST on following services from 18% to 12%: 

Services provided to the Government, a local authority or a governmental authority by way of construction, erection, commissioning, installation, completion, fitting out, repair, maintenance, renovation, or alteration of – 

(a) a civil structure or any other original works meant predominantly for use other than for commerce, industry, or any other business or profession;

(b) a structure meant predominantly for use as (i) an educational, (ii) a clinical, or(iii) an art or cultural establishment; or

(c) a residential complex predominantly meant for self-use or the use of their employees or other persons specified in paragraph 3 of the Schedule III of the CGST Act, 2017 (namely, MPs/Members of State Legislatures, Panchayats, Municipalities, other local authorities, persons holding constitutional posts, chairperson/member/director in a body established by Central Government, State Government or local authorities etc.).

2. To clarify that place of supply of satellite launch services by ANTRIX to international customers would be outside India in terms of section 13(9) of IGST Act, 2017 and where such supply meets the requirements of section 2(6) of IGST Act and thus constitutes export of service shall be zero rated. Where satellite launch service is provided to a person in India, the place of supply of satellite launch service would be taxable.

3. To exempt services by way of admission to FIFA U-17 Football World Cup- 2017 events from GST.

GST :- Due Date for GST Returns GSTR-1, GSTR-2, GSTR-3 Extended for the month July and Aug, 2017

Tuesday, September 5, 2017 | comments

New Delhi, Sep 4 () Businesses will have more time to file the final GST returns as the government today extended the last date for filing of sales and purchase data as well as payment of taxes for the months of July and August.

Now sales return or GSTR-1 for July will have to be filed by September 10 instead of September 5 earlier and purchase returns or GSTR-2 would be filed by September 25 instead of September 10 earlier.

GSTR-3, which is the match of GSTR-1 and GSTR-2, will have to be filed by September 30, in place of September 15.

"GIC (GST Implementation Committee) decides to extend date of GSTR 1, GSTR 2 and GSTR 3 for the month of July to 10th, 25th and 30th September 2017, respectively," the government said in a tweet.

With regard to August, the date for filing GSTR-1, GSTR-2 and GSTR-3 has been extended to October 5, October 10 and October 15 from earlier September 20, September 25 and September 30, respectively.

The industry has been demanding an extension of the date of filing final GST returns in view of scores of invoices to be uploaded.

The government will shortly issue notification to extend the date of filing returns.

In the initial returns filed in form GSTR-3B, taxes worth Rs 92,283 crore were collected for July from just 64.42 per cent of the total taxpayer base.

Of the 59.57 lakh businesses, who should file return for July, as many as 38.38 lakh taxpayers accounting for 64.42 per cent of the total businesses who had registered in July had filed their GST returns.

Through a notification last week, the Central Board of Excise and Customs (CBEC) had waived fee for delayed filing of GSTR-3B and had allowed businesses to correct errors in the initial return form while filing the final returns.It also said that entities who had not filed GSTR-3B can file the final returns in GSTR-1, GSTR-2 and GSTR-3 and pay taxes. JD MKJ

Source :- The times of india


GST :- Uploading of Muti Tax Invoices in GST Off line Utility V1.2

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Friends,   It has come to notice that the latest GST offline Tool V1.2 is not supporting those invoices which contains multi Tax Rate in a single invoice.  Due to this lot of time has been gone waste for uploading GST returns.   In the last , it was found that second last Offline Tool V1.1 is suitable to upload muti tax rated invoices in www.gst.gov.in.    Example of muti-tax rate invoice is given below in below screen :-





Tally Accounting Team has also sent Advisory Email to their software users to use the offline utility tool (V1.1)  instead of offline utility tool (V1.2)  for uploadnig muti tax rate invoices.   Content  of their email is also given below.


Dear Tax payer,

This is an important advisory from Tally if you deal in invoices with multiple tax rates.


We understand that there might be an issue with the latest version of the offline utility tool (V1.2) when it is importing invoices having multiple rates.This can potentially lead to an erroneous return which you will not be able to discover while filing.


Under such circumstances, we urge you to use the earlier version of the tool (V1.1) for extracting the required JSON file to be used for filing.


You can download the same from this link. Please note that this is a suggestion by us in your best interests.


Please do take necessary care while filing.


Issued in tax payer interest by Tally Solutions!


GST : - Know any GST Number through www.gst.gov.in

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Friends,  Correctness of GST Number is must to upload your gst return in www.gst.gov.in.  Earlier this tool was available in the bottom of the website www.gst.gov.in.  But now the same has been changed in the Top Right of the website.   Path of the same is given below alongwith picture view. 

www.gst.gov.in > Search Taxpayer > Search Migrated Taxpayer.  ( No need to login on web)





GST :- GST VALIDATION

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Friends,    GSTR-1 and others GST returns are going to upload on www.gst.gov.in. Common Error has been found regarding GST Number  To clarify in detail , each detail of digit of GST Number has been explained below.  Excel Based utility will be provided shortly to check structurally validate if GST Number. 

GST NUMBER 06AAAJA1234A1ZZ
Digits
First Two 06 Numeric State Code
Next five AAAJA Alpha
Next Four 1234 Numeric
Next One A Alpha
Next One 1 Numeric
Next One  Z Alpha
Next One Z AlphaNumeric
(
SERIAL NO. STATE NAME STATE CODE
1 JAMMU AND KASHMIR 01
2 HIMACHAL PRADESH 02
3 PUNJAB 03
4 CHANDIGARH 04
5 UTTARAKHAND 05
6 HARYANA 06
7 DELHI 07
8 RAJASTHAN 08
9 UTTAR  PRADESH 09
10 BIHAR 10
11 SIKKIM 11
12 ARUNACHAL PRADESH 12
13 NAGALAND 13
14 MANIPUR 14
15 MIZORAM 15
16 TRIPURA 16
17 MEGHLAYA 17
18 ASSAM 18
19 WEST BENGAL 19
20 JHARKHAND 20
21 ODISHA 21
22 CHATTISGARH 22
23 MADHYA PRADESH 23
24 GUJARAT 24
25 DAMAN AND DIU 25
26 DADRA AND NAGAR HAVELI 26
27 MAHARASHTRA 27
28 ANDHRA PRADESH(BEFORE DIVISION) 28
29 KARNATAKA 29
30 GOA 30
31 LAKSHWADEEP 31
32 KERALA 32
33 TAMIL NADU 33
34 PUDUCHERRY 34
35 ANDAMAN AND NICOBAR ISLANDS 35
36 TELANGANA 36
37 ANDHRA PRADESH (NEW) 37
Specially , Last Digit of GST NUmber is AlphaNumeric instead of Character.   Character may be any symbol which is not part of GST Number.



Income Tax :- Due Dates for the Month September 2017

Thursday, August 31, 2017 | comments

7 September 2017 -
Due date for deposit of Tax deducted/collected for the month of August, 2017. 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
14 September 2017 -
Due date for issue of TDS Certificate for tax deducted under Section 194-IA in the month of July, 2017
15 September 2017 -
Due date for furnishing of Form 24G by an office of the Government where TDS for the month of August, 2017 has been paid without the production of a challan
15 September 2017 -
Second instalment of advance tax for the assessment year 2018-19
30 September 2017 -
Audit report under section 44AB for the assessment year 2017-18 in the case of a corporate-assessee or non-corporate assessee (whos is required to submit his/its return of income on September 30, 2017).
30 September 2017 -
Due date for furnishing of challan-cum-statement in respect of tax deducted under Section 194-IA in the month of August, 2017
30 September 2017 -
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 of submission of return of income is September 30, 2017)
30 September 2017 -
Annual return of income for the assessment year 2017-18 if the assessee (not having any international or specified domestic transaction) is (a) corporate-assessee or (b) non-corporate assessee (whose books of account are required to be audited) or (c) working partner of a firm whose accounts are required to be audited).
30 September 2017 -
Application in Form 9A for 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 September 30, 2017)
30 September 2017 -
Statement in Form no. 10 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 September 30, 2017)
30 September 2017 -
Submit copy of audit of accounts to the Secretary, Department of Scientific and Industrial Research in case company is eligible for weighted deduction under section 35(2AB) [if company does not have any international/specified domestic transaction]
30 September 2017 -
Due date for payment of last installment (i.e., 50% of tax, surcharge and penalty) under Income Disclosure Scheme, 2016.

GST : - Adjustment of Input Credits

Wednesday, August 23, 2017 | comments

Friends,   Adjustment of Input Credit is too much in GST.  In case you do not know regarding adjustment of Input Credit and Pay or Deposit GST either in IGST , CGST or SGST.   It may be harmful for you.   I mean to say there is only adjustment of Input Credit , but Cash Deposit Adjustment is not Possible while Sett off GST Liability at GST site. 




Payment of tax
The following help topics should be kept in mind for off-setting the liabilities in GSTR-3B:
  • The offset liability function is available only once for use in a tax period. There is no facility of setting off liabilities in part.
  • Offset liability is successful only if the offset criteria is met and complete liabilities are offered for set off in the payment section.
  • No offset can be done more than the liabilities payable as per the declaration in table 3.1
  • Payment of the following can be done only through cash and not through credit
  1. Reverse charge related liabilities can be paid off only though balance available in the cash ledger.
  2. Late fee and interest can be paid off only through balance available in cash ledger
  • ITC can be utilized in the following manner as per following prioritization for payment of tax liability other than reverse charge liability.
  1. First fill the available credit under respective heads for utilization e.g. IGST Credit against IGST liability, CGST credit against CGST liability and SGST credit against SGST liability.
  2. Liabilities still left out in respect of any major head can be set off with the credit, if any available in other major heads as per the credit utilization rules:

  • IGST liability: Balance IGST liability can be set off with the CGST credit available after payment of CGST liability, if any. In case, still IGST liability remains, the same can be set off with SGST credit, if available after payment of SGST liability.
  • CGST liability: Balance CGST liability can be set off with IGST credit available after payment of IGST liability, if any.
  • SGST liability: Balance SGST liability can be set off with IGST credit available after payment of IGST and CGST liability, if any.
  • Liabilities still left out if any can be paid off only through cash after making sufficient balance available in the cash ledger.
To make to more easy, excel based utility has been prepared, you may download it and deposit GST accordingly after consultation with your consultant. 



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