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Showing posts from May 1, 2019

May Due Dates of Income Tax , Goods and Service Tax & Providend Fund

Event DateActApplicable FormObligation07/05/2019Income TaxChallan No. ITNS-281Payment of TDS Deducted in April11/05/2019Goods and Service TaxGSTR-1Outward supplies of taxable goods and/or services for the Month of April 2019 turnover exceeding 1.5 Cr.) Monthly Return.13/05/2019Goods and Service TaxGSTR-6Return by Input Service Distributor15/05/2019Providend FundElectronic Challan cum Return (ECR)E-Payment of PF for Apr15/05/2019ESIESI ChallanPayment of ESI of Apr15/05/2019Income TaxReturn No. 27EQTCS Return of all collectors for March Quarter15/05/2019Income TaxForm No.27C (TCS)Exemption from TCS15/05/2019Income TaxForm No. 16 BDue date for issue of TDS Certificate for tax deducted under Section 194-IA in the month of March, 201920/05/2019Goods and Service TaxGSTR-3BGSTR return for the month of April 201930/05/2019Income TaxForm - 49CStatement by Non-resident having Liaison Office in India (u/s 285)30/05/2019Income TaxForm 26QBDeposit of TDS/TCS of previous month on purchase of prope…

I-T Dept, GSTN to Ink MoU for Sharing Info

Data confidentiality part of pact The Income Tax Department will now share information — such as reported turnover and gross income declared — with the Goods and Services Tax Network (GSTN) to check tax evasion. The I-T Department and GSTN will enter an agreement on the modalities of information sharing. The Central Board of Direct Taxes (CBDT) has said the agreement will include provisions for confidentiality, a mechanism for safe preservation of data and timelines for furnishing information. CBDT has left the onus of data-sharing on the principal director general of income tax (systems) or director general of income tax (systems). “Spontaneous exchange of data (is in the works), the modalities of which shall be decided by the concerned specified authorities,” an order issued by the CBDT said. Details captured in returns, status of filing income tax returns (ITR) and turnover ratio will form part of the information package to be shared with GSTN. The data can be matched with the busine…

EPFO to challenge order on higher pension outgo

Contributions to EPS limited and is not adequate to pay a higher pension, says EPFO The Employees Provident Fund Organisation (EPFO) plans to move the Supreme Court to review a high court order that allowed workers to draw pension on a wage above the current salary ceiling of Rs.15,000 per month. The current monthly contribution toward employees pension scheme (EPS) is limited and is not adequate to pay a higher pension, according to the retirement fund body. Any binding order on it will make the organisation financially unviable, two government officials said requesting anonymity. “We are readying for a review petition. Pension contribution by EPFO subscribers is based on a Rs.15,000 salary ceiling. If pension outgo is calculated on the total salary above the Rs.15,000 threshold, it will be tough to maintain. It will be a negative cash flow and we may fall short of several thousand crores every year,” said one of the two officials mentioned above. At present, every month an organized se…