Income Tax :- Tax Calculator Command in Excel

Tuesday, February 14, 2017 | comments

Friends,   I have given some excel command to calculate Income Tax in Excel.  Vlookup, Max and Round command are used in calculation of Income Tax.    Main motive of this content is to aware about Excel Command to the users of this site. 

How to use this Utility.
- Just type Your Taxable Amount in white cell.
- Income Tax, Surcharge and Education Cess shall  be  captured automatically.




Income Tax : -Due Dates for the Month February 2017

Wednesday, February 1, 2017 | comments

Due Dates for the Month February 2017

7 February 2017 -
Due date for deposit of Tax deducted/collected for the month of January, 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 February 2017 -
Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of December, 2016
15 February 2017 -
Due date for furnishing of Form 24G by an office of the Government where TDS for the month of January, 2017 has been paid without the production of a challan
15 February 2017 -
Quarterly TDS certificate (in respect of tax deducted for payments other than salary) for the quarter ending December 31, 2016.
28 February 2017 -​Due date for deposit of Tax collected for the month of March, 2017. However, all sum 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.​

Income Tax :- Due Dates for January 2017

Sunday, January 1, 2017 | comments

7 January 2017 -Due date for deposit of Tax deducted/collected for the month of December, 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 January 2017 -Due date for deposit of TDS for the period October 2016 to December 2016 when Assessing Officer has permitted quarterly deposit of TDS under section 192, 194A, 194D or 194H
14 January 2017 -Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of November, 2016
15 January 2017 -Due date for furnishing of Form 24G by an office of the Government where TDS for the month of December, 2016 has been paid without the production of a challan
15 January 2017 -Quarterly statement of TCS deposited for the quarter ending December 31, 2016
30 January 2017 -Quarterly TCS certificate in respect of tax collected for the quarter ending December 31, 2016
30 January 2017 -Due date for furnishing of challan-cum-statement in respect of tax deducted under Section 194-IA in the month of December, 2016
31 January 2017 -Quarterly statement of TDS deposited for the quarter ending December 31, 2016
31 January 2017 -Quarterly return of non-deduction at source by a banking company from interest on time deposit in respect of the quarter ending December 31, 2016
31 January 2017 -Due date for filing of statement of financial transaction by banks or post office in respect of cash deposits during the period 09th November, 2016 to 30th December, 2016 aggregating to—
(i) Rs. 12,50,000 or more, in one or more current account of a person; or
(ii) Rs. 2,50,000 or more, in one or more accounts (other than a current account) of a person.

Salary Arrear Bifurcation 89(1) or Form 10(E) calculation for the F.Y. 2016-17

Thursday, December 29, 2016 | comments

Friends,   Calculator for getting rebate u/s 89(1) is ready for general use.   This is applicable for the Financial Year 2016-17 or Assessment Year 2017-18.

To download excel based above calculator (Click Here) or click on above picture.

Income Tax : - Advance Income Tax Due Date 15-12-2016 and their payment sources

Monday, December 12, 2016 | comments

Friends,  Third installment of payment of Advance Income Tax is due on 15th December, 2016.  Total amount of advance tax upto 15th Dec, 2016 should be 75 % of the Total Income Tax due for A.Y. 17-18.  For more clarity of Advance Tax due dates , detailed due dates with their percentages are given below :- 

Due Dates for payment of Advance Tax

FY 2016-17
For both individual and corporate taxpayers
Due DateAdvance Tax Payable
On or before 15th June15% of total advance tax
On or before 15th September45% of total advance tax
On or before 15th December75% of total advance tax
On or before 15th March100% of total advance tax
Advance Income Tax can be paid through online or through physical challan using Challan No. 280.
-To make online payment Click Here 
-To make physical payment Click Here

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
.

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