Wednesday, September 30, 2015

Income Tax :- Due Date for the Month October 2015

7 October 2015 -
​​Due date for deposit of tax deducted/collected for the month of September, 2015​
7 October 2015 -
​​​​Due date for deposit of TDS for the period July 2015 to September 2015 when Assessing Officer has permitted quarterly deposit of TDS under  section 192,  194A, 194D or  194H​
15 October 2015 -
​​​​​Quarterly statement of TDS/TCS deposited for the quarter ending September 30, 2015 when tax is deducted/collected by a person other than an office of Government​​
22 October 2015 -
​​​Due date for issue of TDS Certificate for tax deducted under  section 194-IA​ in the month of September, 2015​
30 October 2015 -
​​Quarterly TDS certificate (in respect of tax deducted for payments other than salary by a person not being an office of the Government) or quarterly TCS certificate (in respect of tax collected by any person) for the quarter ending September 30, 2015
31 October 2015 -
​​​Due date for furnishing of Annual audited accounts for each approved programmes under  section 35(2AA)
31 October 2015 -
​​​​​​Copies of declaration received in Form No. 60/61 (not being received at the time of opening a bank account) during April 1, 2015 to September 30, 2015 to the concerned Director (Investigation)​​
31 October 2015 -
​​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, 2015​​
31 October 2015 -
​​​Quarterly statement of tax deducted if the deductor is an office of the Government for the quarter ending September 30, 2015​​

e-TDS :- New Return Preparation Utility (RPU 1.3) with New File Validity Utility (FVU 4.8)

Some major changes have been done in TDS/TCS return utility and it's FVU regarding addition or correction in Challans, Removal of nature of remittance in 27Q etc.  Therefore please go through the below details before submitting TDS Return of the 2nd Quarter of F.Y. 2015-16 and onwards.  This FVU is applicable w.e.f. 29-09-2015


Key Features – Return Preparation Utility (RPU) version 1.3 

 Preparation of Regular and Correction TDS/TCS Statement(s) for Form 24Q, 26Q, 27Q & 27EQ pertaining to Financial Year 2007-08 onwards (for all quarters). 

Section code 192A: In addition to Form no. 26Q, this section will also be applicable for Form no. 27Q where the date of payment to deductee is on or after 01/06/2015. 

Discontinuation of C9 Correction Statements: As directed by Income Tax Department (ITD), C9 correction i.e. addition of new Challans in Correction Statement(s) has been discontinued. 

Removal of nature of remittance (applicable only in case of Form no. 27Q): As directed by ITD, below mentioned nature of remittances has been removed from the list. 
         o Commission 
         o Payments to sports person & artists 
         o Winning from horse races 
         o Winning from lotteries, crossword puzzles, card games and other games of any sort 

 Incorporation of latest File Validation Utility (FVU) version 4.8 (applicable for TDS/TCS statements pertaining to FY 2010-11 onwards) and FVU version 2.144 (applicable for TDS/TCS statements from FY 2007-08 upto FY 2009-10)

Key Features – File Validation Utility (FVU) version 4.8 

Section code 192A: In addition to Form no. 26Q, this section will also be applicable for Form no. 27Q where the date of payment to deductee is on or after 01/06/2015. 

Discontinuation of C9 Correction Statements: As directed by Income Tax Department (ITD), C9 correction i.e. addition of new Challans in Correction Statement(s) has been discontinued. 

Removal of nature of remittance (applicable only in case of Form no. 27Q): As directed by ITD, below mentioned nature of remittances has been removed from the list. 
      o Commission 
      o Payments to sports person & artists 
      o Winning from horse races 
      o Winning from lotteries, crossword puzzles, card games and other games of any sort 

 This version of FVU will be applicable with effect from September 29, 2015.

Download RPU 1.3 with FVU 4.8 (Click Here)

Monday, September 28, 2015

Income Tax :- Extension in Due Date for Filing of Income Tax Return

Friends,   Income Tax Department is circulating again and again that there is no Extension in Due date for filing of Income Tax Return which is 30th Sep, 2015 for the Assessment Year 2015-16.   


                On 28th Sep, 2015, the below mentioned press release has also been released by CBDT confirming that there is no Extension of Due Date for filling of Audit report and return of Income for the Assessment Year 2015-16.


Government of India
Ministry of Finance
 Department of Revenue
 Central Board of Direct Taxes 

PRESS RELEASE

 New Delhi, 28th September, 2015 

Sub: Circulation of Fake order for extension of due date for filing of Audit report and return of Income for Assessment Year 2015-16- regarding

It has been brought to the notice of the Government that a fake order dated 26th September 2015 supposedly under section 119 of the Income-tax Act 1961 under the signature of one Upmanyu Reddy, Under Secretary to the Government of India is in circulation. The fake order extends the due date for filing of audit report under section 119 of the Income-tax Act to 15 October 2015. 

It is clarified the order is fraudulent. The Government has not extended the due date for filing of returns and audit report due by 30th September 2015. Tax payer and practitioners are advised not to give any credence to the fraudulent order purportedly signed by one Upmanyu Reddy. 

(Shefali Shah) 
Pr. Commissioner of Income Tax (OSD) 
Official Spokesperson, CBDT  

Thursday, September 17, 2015

Income Tax :- Submit Your Income Tax Return on or before 30-09-2015 (30th September, 2015)

Friends,  Too many Income Tax assessees are in doubt that Last Date of filing of Income Tax Returns i.e 30th Sep, 2015 for the Financial Year 2014-15 or Assessment Year 2015-16 will be enhanced as earlier date 31th Aug, 2015 was enhanced.   

               In the other hand, Income Tax department is conveying again and again that the Last Date of filing of Income Tax return will not be extended and requesting to their assesses to submit Income Tax returns upto 30th Sep, 2015 for the Assessment Year 2015-16.

             The Press Release dated 9th Sep, 2015 issued by CBDT is given below :- 

Government of India
Ministry of Finance 
Department of Revenue 
Central Board of Direct Taxes 

PRESS RELEASE 

New Delhi, 9th September, 2015 

       Sub: No extension of date for filing of returns due by 30th September– reg. 

Income-tax returns for Assessment Year 2015-16 for certain categories of assessees viz companies, and firms, individuals engaged in proprietary business/profession etc whose accounts are required to be audited, are to be filed by 30th September, 2015. The audit report is also required to be filed by the said date. 

The Government has received representations from various stakeholders seeking extension of date for filing of returns and tax audit reports beyond 30th September 2015. The reasons cited are delay in notifying the returns and related delay in availability of forms on the e-filing website. 

The matter has been considered. Income-tax returns forms 3,4,5,6 and 7 which are used by the above mentioned categories of assessees were notified for Assessment Year 2015-16 on 29.07.2015. The forms were e-enabled and were available on the e-filing website of the Department from 7th August 2015 giving enough time for compliance. The changes made to these forms are not extensive as compared to the earlier years. Further taxpayers entering into either international transactions or specified domestic transactions are required to file their returns by 30th November 2015 only. 

After consideration of all facts, it has been decided that the last date for filing of returns due by 30th September 2015 will not be extended. Taxpayers are advised to file their returns well in time to avoid last minute rush. 

 (Shefali Shah) 
Pr. Commissioner of Income Tax (OSD) 
Official Spokesperson, CBDT 

Thursday, September 3, 2015

Income Tax :- Extension of Due Date for Filing of Income Tax Return for A.Y. 2015-16.

Friends,   In case you have not filed your Income Tax return for A.Y. 2015-16  till date which was due on 31.08.2015.   Now the due date for filing of said Income Tax Return has been extended for all assessees upto 07th September, 2015,  Earlier this extension was given only to the assessees of Gujrat State, but now the same has been given to all assessee's.   Copy of the orders issued by Income Tax Department is given below for your record.

F. No.  225/154/2015/ITA.IIGovernment of IndiaMinistry of FinanceDepartment  of Revenue Central Board of Direct Taxes


North-Block ITA.II   Division
New  Delhi,  the 2 nd September,   2015

Order under Section 119 of the Income-tax Act. 1961
For Assessment Year 2015-2016, vide even number order dated 10th June, 2015, the Central Board of Direct Taxes ('CBDT') had extended the 'due-date' for filing Incorne-tax returns till 31st August, 2015 in cases of those taxpayers who  were required to file their tax-return by 3tst July, 2015. This date was further extended till 7th September, 2015 in case of taxpayers of Gujarat in view of dislocation of general life in that State in last week of August.

CBDT has further received representations that across the country, taxpayers had faced hardships in E-Filing Returns of Income on the last date i.e. 31st August, 2015 due to slowing down of certain e-services.

Therefore, after considering the matter, CBDT in exercise  of  powers  conferred under section 119 of the Income-tax Act, 1961, hereby extends the 'due-date' for E­ Filing Returns of Income from 31st August, 2015 to 7th September, 2015 in respect of all the taxpayers who were required to E-File their returns by 31st August, 2015.
-
(Rohit Garg)Deputy- Secretary to the Government of India
Copy to:-
1.         PS to F.M./OSD to FM/PS to MOS(R)/OSD to MOS(R)2.         PS to Secretary (Revenue)3.         Chairperson (DT), All Members, Central Board of Direct Taxes.4.         All  Pr CCsiT/CCsiT/Pr.DsGIT/DsGIT5.        All Joint SecretariesjCsiT, CBDT6.         Directors/Deputy Secretaries/Under Secretaries of Central Board of Direct Taxes7.         DIT  (RSP&PR)/Systems,  New  Delhi,  for appropriate  publicity  by  putting  it on  
        departmental website8.        The C&AG of India (30 copies)9.        The JS & Legal Advisor, Min. of Law & Justice, New Delhi10.      The Director General of Income Tax, NADT, Nagpur11.      The Institute of Chartered Accountants of India, IP Estate, New Delhi-11000312.      All Chambers of Commerce                                                                                .13.      CIT (OSD), Official Spokesperson ofCBDT

(Rohit Garg) Deputy- Secretary to the Government of India

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