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Showing posts from May 1, 2017

Jaitley plans to cut MSME tax rate to 25%

Income tax for companies with annual turnover up to ?50 crore has been reduced to 25% from 30% in order to make Micro, Small and Medium Enterprises (MSME) companies more viable and also to encourage firms to migrate to a company format. This move will benefit 96% or 6.67 lakh of the 6.94 lakh companies filing returns of lower taxation and make MSME sector more competitive as compared with large companies. However, bigger firms have shown their disappointment since the proposal for reducing tax rates was to make Indian firms competitive globally and it is the large firms that are competing globally. The Finance Minister foregone revenue estimate of Rs 7,200 crore per annum for this for this measure. Besides, the Finance Minister refrained from removing or reducing Minimum Alternate Tax (MAT), a popular demand from India Inc., but provided a higher period of 15 years for carry forward of future credit claims, instead of the existing 10-year period. “It is not practical to remove or red…

You may need to fill 37 forms to be GST-compliant

The Goods and Services Tax (GST), the country’s biggest tax reform, is scheduled to be rolled out from July 1 but India might be running against time to finalise the technology needed to implement it. The success of this complex tax reform will depend on the glitch-free running of the GST-network or GSTN, the technology backbone for the new tax. The flawless GSTN, will capture every sale, purchase, stock pile of every registered business in India, once set in motion, this network will end any possibility of evasion or multiple taxation. But the main problem is implementation, which politicians and experts say, will not be smooth taxpayers, both businessmen and professionals, will have to file as many as 37 forms in a year.Compliance cost will increase, as smaller units will have to buy software and hire professionals to compile the transaction details. For those businesses at remote places, filing returns online will be a challenge in the absence of internet connections. “As complian…

Obligation for the Month of May 2017

Obligation for the Month of May 2017 Event DateActApplicable FormObligation6-May-2017Service TaxChallan No.GAR-7E-Payment of Service Tax for April by Cos7-May-2017Income TaxForm No.27C (TCS)Submission of Forms received in Apr  to IT Commissioner7-May-2017Income TaxChallan No.ITNS-281Payment of TDS/TCS deducted/collected in Apr10-May-2017ExciseER-1Return for Non SSI assessees for Apr10-May-2017ExciseER-2Return for EOUs for Apr10-May-2017ExciseER-6Return by units paying duty >  1 crore (CENVAT + PLA) for Apr12-May-2017D-VATBE - 2Advance information for 2nd fortnight of May of functions with booking cost > Rs 1 lakh in Banquet Halls,hotels etc. in Delhi15-May-2017D-VATDVAT-20Deposit of DVAT TDS for  Apr15-May-2017Income TaxForm 27EQTCS Returns by ALL Collectors15-May-2017Providend FundElectronic Challan cum Return (ECR)E-Payment of PF for Apr15-May-2017D-VATDVAT-48 Return of DVAT TDS for quarter ending March21-May-2017ESIESI ChallanPayment of ESI of Apr21-May-2017M-VATMVAT ChallanPa…

10 ways the Act affects realtors

Separate accounts for each project Rera makes it mandatory for the promoters to deposit 70 per cent of the unused fund collected for a project in a separate bank account.Such funds can only be used for the purposes of construction and land cost

Required to pay compensation Developers are required to refund or pay compensation to the allottees with an interest rate of State Bank of India´s highest marginal cost of lending rate plus two per cent, within 45 days of it becoming due.Interest rates are expected to range anywhere around 11-12 per cent

Compulsory registration of projects The Act provides for mandatory registration of all projects with the Real Estate Regulatory Authority (Rera) in each state.Real estate agents who intend to sell  any plot, apartment or building should also register themselves with this authority.Every project, measuring more than 500 square metres or more than eight apartments, will have to be registered with Rera

Punishment for delay Under the clauses of the Ac…

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Tax liability after amalgamation

Income tax assessment of a company which takes overasick unit with liabilities was examined by the Supreme Court in its recent judgment in the case, Mc dowell Co vs CIT. The sick company, Hindustan Polymers Ltd (HPL), was amalgamated with Mcdowell. HPL owed alot of money to banks and financial institutions.However, they waived interest on them.The interest was shown as expenditure by HPL. Mcdowell claimed benefit on that account, invoking Section 72A of the Income Tax Act. According to that provision, the company which takes over the sick company is allowed to set off losses of the amalgamated company as its own losses, subject to certain conditions.The assessing officer treated the income at the hands of the company and adjusted it from the accumulated losses.Mcdowell challenged it before the tribunal which ruled in its favour, stating income was that of HPL, which was a different entity.But the Karnataka High Court held that the tribunal was wrong in treating the waiver of interest…

Aadhaar to be made compulsory for filings

The government will soon make quoting of Aadhaar number compulsory for key managerial personnel and directors in regulatory filings under the Companies Act.The move, primarily aimed at tackling the issue of bogus identities, comes atatime when the authorities are bolstering measures to deal with the menace of shell companies, suspected to be used for laundering illicit funds.Moving towards implementation of the Aadhaar card requirement under the companies law, the corporate affairs ministry has already asked individual stakeholders to obtain Aadhaar at the earliest for “integrating their details with MCA21”.MCA21 is the portal through which filings required under the Companies Act are submitted to the ministry.A source said the ministry has started work for implementing a framework to make quoting of Aadhaar compulsory in the filings made under the companies law. “We will roll it out pretty fast. It will be done in a phased manner,” the source added.

Business Standard New Delhi, 01st …