The last date of filing of online/hard copy of first quarter
return for the year 2015-16, in Form DVAT-16, DVAT-17 and DVAT-48 along with
required annexure/enclosures has been extended to 04th August, 2015.
However, the tax due shall continue to be paid in the usual manner. The dealers
filing the returns through digital signature need not be required to file hard
copy of the return/Form DVAT-56.
Tuesday, July 28, 2015
The Due date of filing of Wealth Tax Return for AY 2015-16 extended to 31st August,2015
CBDT has extended the due
date of filing Return of wealth for A.Y, 2015-16 to 31st
August, 2015
CBDT on 27th July 2015 has extended
the ‘due date’ for filing Retain of wealth by such assessees for assessment
year 2015-16 from 31 st July
2015 to 31st August
2015. This is done in view of the order dated 10.06.2015 for extension of the
‘due date’ for filing Return of Income for assessment year 2015-16 under section
139 of the Income-tax Act from 31.7.2015 to 31.8.2015,
Tuesday, July 14, 2015
MCA extends last date for filing Annual Return and Financials to 31.10.2015 without additional fee
MCA vide Circular number 10/2015 dated 13th July,
2015 has extended the last date for filing of Annual return in form MGT-7 and
AOC-4 and AOC-4 XBRL to 31st
October,2015.
The provisions of Companies Act 2013 are applicable on Financial
Statements, Auditors’ Report and Board’s report for the year commencing on or
after 1st April, 2014. The Electronic version of Forms AOC-4, AOC -4
XBRL and MGT -7 are being developed by MCA and as per MCA will be made
available on the website latest by 30th September, 2015. MCA will
provide AOC-4 CFS for consolidated Financial Statements latest by 31st
October, 2015
Now MCA relaxes additional fee payable on AOC-4, AOC -4 XBRL
and MGT-7 up to 31st October, 2015. Further for the companies which
are not liable to file its Financial Statements in XBRL format but are required
to file Consolidated Financial Statements CFS would be able to file in separate
CFS forms without any additional fee up to 30.11.2015.
Monday, July 13, 2015
No need to send ITR-V to CPC for Asst Year 15-16
Income tax department has given four options for e-Verification
of return while uploading a return for Asst Year 2015-16 and has omitted the
need for sending ITR –V to CPC. ITR –V for Asst Year 2015-16 is required to be
sent to CPC only one opts for the same choosing option 4 and not verifying the
same online. Now the procedure for E Filing
of return and E verification while uploading a return is declared today by the
Income Tax Department and is detailed as under:
1 Upload Return à Click Submit
2 The Return is uploaded (Pending for e-Verification)
3 Four e-Verification options provided –
Taxpayer can choose any one of the options
provided to e-Verify the return and there is no need to send ITR V to CPC.
Taxpayer has to provide EVC and Download Ack.
Ø Option-1 à “Already have an EVC and Submit EVC”
Provide EVC and Submit -> Download Ack and no need to send to CPC
Ø Option-2 à “Do not have an EVC and Generate an EVC”
A)
Generate EVC through Net Banking or
B)
Generate EVC to Email ID along with
Mobile
i)
Login to e-Filing Portal through
NetBanking and verify
OR
ii)
Enter the EVC sent to your registered
Email Id / Mobile Number and
Submit
to e-Verify return. Download Ack.
Ø Option-3 à “To generate Aadhaar OTP to e-Verify my return”
Enter the Aadhaar OTP sent to Mobile
Number registered with
Aadhaar
and Submit to e-Verify return. Download Ack
Ø Option-4 à “To e-Verify later/ To send ITR-V”
Click on Continue à Download ITR-V and Submit ITR-V to
CPC after signatures as earlier or can verify later with any one of the options
given above 1,2,3
Date for filing ITR-V extended till 31.10.2015 for Asst Year 13-14 and Asst Year 14-15
The Date for Filing of ITR -V for assessment Year 13-14 and Assessment Year 14-15 extended till 31.10.2015.
In Case of Asst Year 13-14 for all the returns filed electronically between 01.04.2014 to 31.03.2015 the submission of ITR -V to CPC has been extended till 31.10.2015
In case of Asst Year 14-15 for all the return filed electronically after 01.04.2014 till 30.06.2015 the last date for submission of ITR -V is extended till 31.10.2015
In Case of Asst Year 13-14 for all the returns filed electronically between 01.04.2014 to 31.03.2015 the submission of ITR -V to CPC has been extended till 31.10.2015
In case of Asst Year 14-15 for all the return filed electronically after 01.04.2014 till 30.06.2015 the last date for submission of ITR -V is extended till 31.10.2015
Form 15CB Required in Case of Payments for Imports
Section 195 of the Income Tax Act 1961 dealing with payments to non-resident has been amended with effect from 01.06.2015.
As per the amended Section 195(6), CA certificate in form 15CB is required to be obtained in all the cases of payments to non-resident, even in case the amount paid is not chargeable to tax in India. It is also mandatory for the payer to file an online Form 15CA in the format prescribed under Rule 37BB.
A penalty of Rs. 1,00,000/- may be levied on the payer for non-furnishing or incorrect furnishing of information in Form 15CA.
It may also be noted that the following information is required for issuing each Form 15CB:
1. Invoice: It should have complete details such as:
a. Date
b. Name and Address of Vendor (Address should be of country of remittance)
c. Name and Address of Purchaser
d. Amount of Payment in Foreign Currency
e. Description of Particulars and Nature of Payment
2. Proposed Date of Payment
3. Foreign Exchange Rate at which payment is being made and the amount of Rupees being paid
4. Details of Bank through which payment is being made:
a. Name and Address of Bank Branch
b. BSR Code
5. Details (Name and Address) of Foreign Bank to which payment is being made.
6. Tax Residency Certificate issued by the Tax Authorities of the country of the vendor, which should state the following information:
a. Name and Address of the assessee
b. Status of the assessee (individual, firm, company, etc.)
c. Nationality (in case of individual)/Country or specified territory of registration
d. Assessee’s Tax Identification Number in the country of residence
e. Residential status for the purpose of tax
f. Period for which the certificate is applicable
7. Form 10F duly filled and signed by the vendor receiving payment (format here)
8. A Certificate that the vendor does not have a Permanent Establishment in India.
Saturday, July 11, 2015
Detailed Manual Scrutiny of Service Tax Returns from 01.08.2015- CBEC
Now this is to file the Income Tax return for Asst Year 15-16 and CBEC has declared on 30.06.2015 the detailed manual scrutiny of St-3 filed for earlier years. So Assessee should reconcile the receipts and service tax liability with income tax return. The St-3 for Financial year 2014-05 have been filed before 25.04.2015 and now before filing of Income Tax return every body subject to service tax should review the ST-3 already filed. The St-3 can be revised with in 90 days from the date of filing.
Central Board of Excise and Customs has passed a circular 185/4/2015-service tax on 30 June 2015, for the manual scrutiny of Service Tax Return.
Central Board of Excise and Customs has passed a circular 185/4/2015-service tax on 30 June 2015, for the manual scrutiny of Service Tax Return.
For a strong compliance
verification mechanism there are three important steps:
a) Audit
b) Anti-evasion and
c) Return Scrutiny
For a strong "Return
Scrutiny" system again can be divided into two procedural methods i)
Preliminary Online Scrutiny
ii) Detailed Manual Scrutiny.
As per CBEC the detailed
scrutiny of ST-3 returns, with effect from 01.08.2015, should be carried out in
the manner below:-
Preliminary Online
scrutiny
The purpose of preliminary
scrutiny of returns includes ensuring the completeness of the information
furnished in the return, arithmetic correctness of the amount computed as tax
and its timely payment, timely submission of the return and identification of
non-filters and stop-filters. On the basis of the validation checks
incorporated in ACES preliminary scrutiny of all returns is done online.
Detailed Manual
Scrutiny
Purpose of
detailed Scrutiny:
The purpose of the detailed
manual scrutiny of returns is to ensure the correctness of the assessment made
by the assessee. This includes the following measures:
ü Checking the taxability of the
service.
ü The correctness of the value of
taxable service
ü The effective rate of tax after
taking into account the admissibility of an exemption notification, abatement,
or exports, if any;
ü Ensuring the correct
availment/utilization of CENVAT Credit on inputs, capital goods, and input services.
Selection of
Return of Detailed Scrutiny:
The detailed return scrutiny
would be conducted in respect of such assessee whose total tax paid (Cash +
CENVAT) for the F.Y. 2014-15 is below Rs 50 lakhs. Each Commissionerate has to
select equal number of assessee for carrying out returns scrutiny from each of
these three total taxes paid bands viz., Rs 0 to Rs 10 Lakhs, Rs 10-25 lakhs
and Rs 20-25 lakhs for the F.Y. 2014-15.
Checklist for Detailed Manual Scrutiny
ü Reconciliation for validation of
the information furnished in ST-3 return;
ü Taxability in respect of
services which may have escaped assessment;
ü Classification - for the purpose
of due availment of abatement/exemption benifit);
ü Valuation and
ü CENVAT Credit
availment/utilization.
(Note: In case of any
additional details required, the same may be obtained from the assessee through
requisition rather than through a visit. Calling of such additional documents
must be done with the approval of jurisdiction DC/AC so as to obviate the complaint of administrative
intrusion).
The CBEC has tightened the rope by laying down the procedure
for Documenting the Findings as given hereunder:
In order to ensure
transparency of the Scrutiny Process, for this, an observation sheet should be
prepared as Annexure IV, bears
one-to-one co-relation with the checklist.
It is also possible
that the officer may come across some issues which may have to be referred to
audit or anti-evasion.
In cases where detailed
scrutiny of returns in detection of defaults in service tax payment it appears
that the proviso to section 73(1) of the Finance Act, 1994 is invoked, the ST-3
returns of the past periods should also be verified and the results of such
verification should be recorded.
All Scrutiny findings
in a month must be discussed in a Monthly Scrutiny Monitoring Committee Meeting
headed by the Additional/Joint Commissioner in-charge of the Division where
each range should present their scrutiny findings in a form of a 'Scrutiny
Report' given as Annexure V.
The timelines to be
followed for starting detailed manual scrutiny as per the detailed process
below:
ü Forwarding of official mail ids
of the Zonal Nodal Officers by 06.07.2015
ü Forwarding of data by DGS &
DM by 08.07.2015
ü Finalization of the list of the
returns of the assessee selected for detailed manual scrutiny and dispatch of
the intimation Letter by 15.07.2015
ü Commencement of Detailed Manual
Scrutiny of selected returns by 01.08.2015
Note: Even after
the introduction of GST, it may be appreciated that the basic principles of
scrutiny of returns and reconciliation of records would remain the same.
Income Tax Rates,Forms, Check list for return filing for Asst Year 2015-16
The extended last date for filing of Income Tax Return for Asst Year 2015-16 is 31.08.2015 for the assesses who are not subject to audit. This date has been extended from 31.07.2015 to 31.08.2015 by one month due to revision in forms by the CBDT. The forms are given very late so the government had to extend the last date by one month. here below are given Tax rates applicable for different assessees, advance tax rates, Forms in which tax returna are to filed for Asst Year 2015-16 and check list of documents required for preparing for filing of returns.
1.1
Tax Rates:
1.1.1 For Individuals & HUF (Rs
In Lacs)
|
A.Y
|
Rate
(Exclusive
of education cess 3%)
|
General / NRI
|
Senior Citizen
(Age : 60 till 79 years)
|
Super Senior Citizen
(Age: 80
years and above)
|
|
2015-16/
2016-17
|
Nil
|
Upto
2.5
|
Upto
3
|
Upto
5
|
|
10%
|
2.5 to 5
|
3 to 5
|
-
|
|
|
20%
|
5 to
10
|
5 to
10
|
5 to
10
|
|
|
30%
|
Above 10
|
Above 10
|
Above 10
|
Note : 1. Exclusive of
surcharge @ 10% for A.Y. 2015-16 and @ 12% for A.Y. 2016-17 whose total
income exceeds Rs 1
crore.
2. Tax Credit as per Sec. 87 A
will be provided to First Bracket
Resident Individual i.e. Net Income upto Rs. 5,00,000. Credit will be
equal to the Actual Tax Payable or Rs. 2,000 whichever
is less.
1.1.2 For Co-Operative Societies:
|
A.Y
|
Amount
|
Rate of Tax
(Exclusive
of education cess 3%)
|
|
2015-16/2016-17
|
Upto
Rs. 10,000
|
10%
|
|
From Rs. 10,001 to Rs. 20,000
|
20%
|
|
|
More
than Rs. 20,000
|
30%
|
Note : 1.Exclusive of surcharge @ 10% for
A.Y 2015-16 and @ 12% for A.Y. 2016-17
whose total income exceeds Rs. 1 Crore.
1.1.3 For AOP and BOI:
|
Shares of Members are
Determinate
|
Shares of Members
are Indeterminate
|
|||
|
Members is an Individual / HUF
|
Members
is a Company
|
Members is an Individual / HUF
|
Members is a Company
|
|
|
When None of the member has
income in excess Basic exemption limit.
|
When
any of the member have income in excess of Basic Exemption limit.
|
When
total income of member company is taxable at rate higher than the Maximum
Marginal Rates (i.e. in case of Foreign Companies)
|
Tax will be charged on the Total income of AOP/BOI at MMR
of 34.61%
(Maximum Marginal Rate is 33.99% for A.Y. 2015-16)
|
Where income of AOI/ BOI is taxable at rate higher than
the MMR then, the Total Income of AOI/BOI will be taxed at such higher rate.
(i.e. in case of Foreign Companies )
|
|
AOP/BOI will be taxed at the
slab rates specified in 1.1.1
|
AOP/BOI will be taxed at the Maximum Marginal Rate of
34.61%
|
Tax will be charged on that portion of AOP/BOI at such
higher rate
|
||
1.1.4 For Other Assesses
|
Other Assesses
|
Income Tax Rate
|
MAT Rate
|
Dividend Distribution Tax Rate
(Inclusive of Education Cess @ 3% & Surcharge
of 12% of Income Tax)
|
|
Domestic Companies
|
30%
|
18.5%
|
20.358%
|
|
Foreign
Companies
|
40%
|
18.5%
|
-
|
|
Firms/LLP/Local Autho.
|
30%
|
Note-1
|
-
|
Note: 1. Alternate Minimum Tax (AMT) is applicable to all persons
(other than companies) claiming profit
linked deductions under chapter VI- A (80-H to 80RRB excluding 80P ) and
Section 10AA, provided the adjusted income exceeds Rs 20 Lacs.
2.
Marginal Relief is available in case income exceeds Rs. 1 Crore or Rs. 10
Crore, as the case may be, to the extent marginal tax exceeds marginal income.
Applicability of Surcharge & Education Cess:
|
Particulars
|
Applicable to Companies
|
A.Y.
|
|||
|
2015-16
|
2016-17
|
||||
|
Surcharge
|
Total Income
|
< Rs 1 Cr.
|
All
|
Nil
|
Nil
|
|
Rs 1 Cr. to Rs. 10 Cr.
|
Domestic
|
5%
|
7%
|
||
|
Foreign
|
2%
|
12%
|
|||
|
>
Rs 10 Cr.
|
Domestic
|
10%
|
5%
|
||
|
Foreign
|
5%
|
3%
|
|||
|
Education Cess
|
3%
|
3%
|
|||
1.2 Advance Tax:
|
Due Date
|
Company
|
Non- Company
|
|
15th June
|
Upto
15%
|
-
|
|
15th Sep.
|
Upto 15%
|
Upto 30%
|
|
15th Dec.
|
Upto
75%
|
Upto
60%
|
|
15th Mar.
|
100%
|
100%
|
Notes: 1. Advance Tax is not Applicable if Liability to
pay Advance Tax is less than Rs.10,000.
2. Sr. Citizen who does not have Income from
Business and Profession is not required to pay Advance Tax.
1.3
Checklist of documents for filing Income
Tax return
1.
Adhaar Card Number
2.
Passport Number
3.
A copy of last year's
tax return
4.
Bank Statement- All Bank Account Number with Number, IFSC
Code except dormant
5.
TDS certificates
6.
Saving certificate/ deductions
7.
Interest statement
8.
Balance sheet & profit loss account and other audit
reports wherever applicable
9.
Assets outside India and Foreign Income
10.
Bank Account Outside India
1.4 ITR Forms updated on Income tax site till date:
a) ITR -1 (Sahaj) : For individuals
having income from salaries , one house property , other sources
(Interest, etc)
Points to Remember:
1.
Income from Salary / Pension : Ensure to fill details as per
Form 16 issued by employer.
2.
Income from one House Property : If you have income or loss
from House Property , select the appropriate option whether the house property is self occupied
or let out.
3.
Income from other sources : Ensure to fill details as per
Form 16 A issued by deductor.
4.
Deductions :
80CCG : Enter deduction amount do not enter investment
amount.
80D :Individual =
Maximum Rs. 15000/-(Sr. Citizen Rs. 20000)
Individual + Parent = Maximum Rs. 30000/-
Individual+ Parent (Sr. citizen)= maximum
Rs. 35000/-
Individual (Sr. citizen)+ parents (sr
citizen)= Maximum Rs. 40000/-
80DD : Expenditure
for medical treatment for dependent relative , maximum eligible amount is Rs. 50000/-(Rs. 100000/- for
severe disability)
80DDB :Medical expenditure for specified diseases . Maximum
eligible amount is RS. 40000/-(Sr. citizen Rs. 60000/-)
80G : Do not delete the rows while entering the detail.
80U : In case of person with disability . Maximum
eligible amount is RS. 50000/- (Rs. 100000/-for severe disability).
5.
Surcharge @10% if
income exceeds Rs. 1 crore
6.
Calculate relief u/s 89: Please ensure to submit form 10E.
b)
ITR -2 : For Individual and HUF not having Income from business or profession
Point
to remember :
1.
Detail of income from outside India and tax relief : In case
TIN has not been allotted in the country
, please mention the passport number.
2.
TDS :
TAN
of deductor (As per form 16)
: Enter valid TAN no upto 10characters .
Unique
TDS Certificate no.(As per Form 16A) : Enter 8 characters , and in case the
unique TDS certificate no. is 6 or 7 characters , you need not prefix any
zeros.
3.
same as point 4-6 of ITR-1
c)
ITR -2A : For individuals and HUF not having
Income from business or profession and capital gains and who
do not hold foreign assets
Point
to remember :
1.
Same as above point 1-3 of ITR-2.
d)
ITR -4S : Presumptive Business Income tax return
Point
to remember :
1.
44AE (Calculation of profit and gains of plying , hiring or
leasing goods carriage):
Period of holding(in months) :Part of month shall be deemed as full
month.
Income
per vehicle :must
be >=Rs. 7500 pm per vehicle
2.
If Tax Return Prepare for any reimbursement from
the
government , amount thereof(to filled by TRP): Enter TRP reimbursemnet amount
ITR Forms Not yet updated on Income Tax site till date
a)
ITR -3 : Individuals and HUF being partners in a firm but not
carrying business under proprietorship
b)
ITR -4
: Individuals earning income from
proprietorship
c)
ITR -5 : Firms , AOP, BOI
es New Roman"'>Individuals earning income from
proprietorship
c)
ITR -5 : Firms , AOP, BOI
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