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Showing posts from September 1, 2015

Updates of the Day

1. CBDT extends the last date of filing Income Tax Return in “Gujarat” only. Earlier the last date was 31st August, now 7 September 2015.

2. Sum received for permitting installation of Telecom Tower on terrace is taxable as income from house property- [Niagara Hotels & Builders (P.) Ltd.[2015] 60taxmann.com83 (Delhi)]

3. For computing income u/s 80I or 80 IA only losses and deductions of eligible business has to be considered from initial A.Y.- [CIT vs K Rajinikanth (Madras High Court)]

4. Date for filing DP-1 under DVAT has been extended till 30-09-2015.

5. Stock transfers out of purchases made from other states or imports, no reversal of input tax credit is required to be made. Appellate tribunal, vat in the case of M/s Thermoking holding.

6. MCA has released the Companies (Management and Administration) Amendment Rules, 2015. Form No. MGT-7 has been substituted and the new Form MGT-7 has been published therein in the said notification.

7. Service tax deptt invited “Expression of Int…

Govt plans to amend RBI Act by Feb Mehrishi

The government plans to change the Reserve Bank of India (RBI) Act before the end of the fiscal year so it can set up a new committee to direct the country’s monetary policy, retiring finance secretary Rajiv Mehrishi said. The committee would comprise of appointees from the government, the Reserve Bank of India (RBI), and independent members appointed by the government, but any changes have to be approved by Parliament. “An attempt will be made in December. If it cannot be done by December, then of course by February,” Mehrishi said in an interview, just before his last day in the job. On Monday, Prime Minister Narendra Modi appointed Mehrishi as the top official of India’s home ministry for a two-year period. The central bank and finance ministry have been trying to resolve differences over the panel’s composition — chiefly over the balance of between government and RBI appointees. The government last month signalled a willingness to retreat from a blueprint that would have ensured its e…

Foreign Banks Ask Indians to Use Compliance Window

Swiss and other Eu ropean banks have asked Indian customers to avail the ongoing one time compliance window granted by the tax department for disclosure of foreign assets. The call has been made in the wake of the final month's deadline to declare and pay tax on assets abroad beginning on Tuesday. A source here told IANS on Monday that Swiss and Britain-based banks are asking Indian customers to provide fresh undertakings that all taxes have been paid on funds deposited by them in respective bank accounts. The Economic Times, New Delhi, 1st Sept. 2015

Missed tax filing deadline Don’t worry

But, do it soon to minimise the interest levied on liability dues The August 31 deadline for filing income tax returns ( I- T) just has got over. Although filing returns on time has its advantages, the government allows individuals to file I- T returns by up to two financial years. For income earned in 2014- 15, the first deadline is usually July 31. This year it was extended to August 31, as new income tax returns ( ITR) forms were notified late. The second due date is March 2016 and if a person misses that, he or she can even file until March 2017. But every time a taxpayer misses a deadline, he or she loses certain benefits and has to pay interest and, in some cases, a penalty. If you couldn’t file your returns by August 31, experts say you should start the process right away and try to get done with it by the month- end. The department levies one per cent interest each month on the liability. This means, if you file it before September 30, you will only have to pay one per cent inter…

Obligation for the Month of September 2015

Event DateActApplicable FormObligation6-Sep-2015Service TaxChallan No.GAR-7E-Payment of Service Tax for Aug by Cos7-Sep-2015Income TaxForm No.15G, 15H,27CSubmission of Forms received in Aug  to IT Commissioner7-Sep-2015Income TaxChallan No.ITNS-281Payment of TDS/TCS deducted/collected in Aug10-Sep-2015ExciseER-1Return for Non SSI assessees for Aug10-Sep-2015ExciseER-2Return for EOUs for Aug10-Sep-2015ExciseER-6Return by units paying duty >  1 crore (CENVAT + PLA) for Aug12-Sep-2015D-VATBE - 2Advance information for 2nd fortnight of Sep of functions with booking cost > Rs 1 lakh in Banquet Halls,hotels etc.15-Sep-2015D-VATDVAT-20E-payment DVAT TDS for  Aug15-Sep-2015Income TaxChallan No.ITNS-280Payment of Advance Income Tax : Companies(45%), & Others : (30%)15-Sep-2015Providend FundElectronic Challan cum Return (ECR)E-Payment of PF for Aug ( Cheque to be cleared by 20th)21-Sep-2015ESIESI ChallanE-Payment of ESI of Aug21-Sep-2015M-VATMVAT ChallanPayment of MVAT & WCT TDS f…

Will GST make things costlier or cheaper

Based on goods and services tax rate and its implementation, some essential items may become cheaper The goods and services tax (GST) is being talked about as the single most powerful tax reform that India will see. The objective is to end the regime of multiple taxes on goods and services and bring them under one rate. The system will change from the current production-based taxation to being consumption-based. Along with bringing about a semblance of uniformity in taxes across states, this is expected to increase efficiency and compliance in the system. A recent note from HSBC Global Research stated that although the growth impact of GST on the economy is difficult to quantify, a positive impact of 100-150 basis points (bps) can be considered assuming an “ideal” GST. One basis point is one-hundredth of a percentage point. The report added that not including goods like petroleum, electricity and alcohol can blunt this range by at least 20 bps. Nevertheless, it is expected that GST will …