CA Online

www.caonline.in News... 1.Due Date for filing TDS returns changed from 1st June 2016. June Quarter: 31st July Sep quarter 31st October Dec quarter 31st January March quarter 31st May 2.Revised Income Tax rules & Forms for in-house research & development facility. Notification no. 29/2016-IT dated 28/04/2016. 3.In absence of contumacious conduct penalty U/s. 271C not leviable. [ITO (TDS), Vs. Pushpanjali Hospital and Research Centre Pvt. Ltd. (ITAT Agra)]. 4.Property TDS Payment due date extended to 30 days. Notification no. 30/2016-IT dated 29/04/2016. 5.Now, deductor is liable to furnish of evidence of claims by employee for deduction of tax under section 192 of IT Act, 1961. Notification no. 30/2016 dated 29.04.2016. For more News Like us on https://www.facebook.com/caonlineofficial Or Subscribe on mail visit : www.caonline.in

The Securities and Exchange Board of India ( Sebi) has told mutual fund ( MF) houses there will be no extension of its earlier order to them for disclosing the remuneration of their top executives. The deadline for disclosure was Sunday but several fund houses had not complied, saying there was lack of clarity on the issue. There would be no extension, members were told on Sebi’s behalf by the Association of Mutual Funds in India ( Amfi) on Monday. Anyone who’d not complied by Sunday would have till endMonday to do so. Further, the regulator asked fund houses not to put unnecessary and unhelpful filters while providing the information to investors. For instance, some fund houses were asking for several details from investors such as folio number, registered phone number, PAN card number, registered e- mail IDs, bank account number and date of birth, among others, for accessing the information of remuneration. Sebi also allowed fund houses to indicate employee stock options fo

Decisions likely at board meeting to take place on May 20 The Securities and Exchange Board of India ( Sebi) is likely to relax rules for investing in alternative investment funds ( AIFs) on the suggestions of an expert panel headed by Infosys founder NR Narayana Murthy, said sources close to the development. A decision is likely at Sebi’s board meeting scheduled for May 20. AIFs are funds established or incorporated in India for the purpose of pooling capital by Indian and foreign investors for predetermined investing. The rules apply to all AIFs, including those operating as private equity funds, real estate funds and hedge funds. The minimum ticket size for investing in AIFs is ? 1 crore. Individuals with an annual income of ? 50 lakh are allowed to invest in these vehicles. The Sebi board is likely lower these criteria. The Murthy panel submitted its report to the market regulator in January. It proposed a favourable tax environment for investors, promoting onshore fund

The Reserve Bank of India ( RBI) on Monday proposed to charge margins on over- the- counter derivatives not cleared by a central counter- party. A central counter- party like Clearing Corporation of India Ltd ( CCIL) takes margins from both parties and guarantees a deal. In the absence of this, parties entering into a contract set aside margins between themselves after signing standardised agreements. India is part of an effort to set global standards to ‘ ring- fence’ the economy from risky derivatives that encourage excessive and opaque risk- taking. By these standards, all over- thecounter derivatives should be traded on exchanges, if possible, or such contracts should be cleared by a central counterparty. So, non- centrally cleared derivatives should be subjected to higher capital requirements and attract margin requirements. Apart from de- risking the system, this will also promote central clearing, RBI’s discussion paper said. “ For the time being, it is proposed to app

Date Act Applicable Form Obligation 06/05/2016 Service Tax Challan No.GAR-7 E-Payment of Service Tax for April by Cos 07/05/2016 Income Tax Form No.27C (TCS) Submission of Forms received in Apr to IT Commissioner 07/05/2016 Income Tax Challan No.ITNS-281, Form 26QB (Purchase of Property) Payment of TDS/TCS deducted/collected in Apr 10/05/2016 Excise ER-1 Return for Non SSI assessees for Apr 10/05/2016 Excise ER-2 Return for EOUs for Apr 10/05/2016 Excise ER-6 Return by units paying duty > 1 crore (CENVAT + PLA) for Apr 12/05/2016 D-VAT BE-2 Advance information for 2nd fortnight of May of functions with booking cost > Rs 1 lakh in Banquet Halls,hotels etc. in Delhi 15/05/2016 D-VAT DVAT-20 Deposit of DVAT TDS for Apr 15/05/2016 Income Tax Return 24Q, 26Q, 27Q & 27EQ TDS/TCS returns for Mar Quarter by ALL Deductors/Collectors INCLUDING Govt. 15/05/2016 Providend Fund Electronic Challan cum Return (ECR) E-Payment of PF for Apr ( NO Grace of 5 days) 16/05/2016 D-VAT

Private universities can claim income- tax exemption only on two conditions: Firstly, an educational institution or a university must be solely for the purpose of education and without any profit motive. Secondly, it must be wholly or substantially financed by the government. Both conditions must be satisfied under Section 10( 23C) ( iiiab) of the Income Tax Act before exemption can be granted, the Supreme Court ruled in the case, Visvesvaraya Technological University vs CIT. The university’s claim under this provision was rejected by the revenue authorities, leading to the appeal. The court noted that during a short period of a decade ( 1999- 2010) the university had generated a huge surplus of about ? 500 crore collecting fees under different heads. “ The expenditure incurred represented only a minuscule part of the fees collected,” the judgment observed. None of the benefits granted to the university has gone to the students. It expanded from 64 engineering colleges to 194. The

Professionals, unlike the salaried, have it a little tougher when it comes to filing income tax returns. This is because of the intricate documentation one has to maintain. One look at the information sought in the lengthy ITR4can be daunting. But, you still have three months to meet the annual tax filing deadline of July 31. You can organise all relevant documents and follow up with clients if you need anything from them. Compute turnover and expenses: The best source to start from is your bank accounts. Get the statement for the entire financial year. Note down the payments you have received from clients and tally them with the receipts. There will be some payments you may have received in cash. Adding the two will give you the total turnover. Calculate expenses incurred to generate income. These could be the money you spent on travel, meeting clients at restaurants, phone bills, internet bills, and so on. “ Make sure you are only claiming those expenses which are directly re