Due dates for the Month of June 2015

 Due dates for the Month of June 2015  Uncategorized
May 292015
 
Due dates for the Month of June 2015
05-06-2015
 Service Tax
– Service Tax Payment by Companies for May
Central Excise#
– Payment of Excise Duty for all Assessees (other than SSI Units) for May
07-06-2015
 Income Tax
– TDS Payment for May
10-06-2015
 Central Excise
– Monthly Return in Form ER-1 (Ann-12) for other than units availing SSI exemption for May
– Monthly Return in Form ER-2 (Ann-13) by 100% EOUs for May
– Montly information relating to principal units in Form ER-6 (Ann – 13AC) for specified assessees for July
– Exports – Procurement of specified goods from EOU for use in manufacture of Export goods in Form Ann-17B for DTA units, procuring specified goods from EOU for manufacture of export goods
– Proof of Exports in form Ann.-19, once in a month for all exporters, exporting goods under Bond
– Export detains in Form Ann.-20, for Manufacturing following simplified export procedure.
– Removal of excisable goods for specified use at concessional rate of duty in terms of Rules described in Col. 4.
15-06-2015
 Providend Fund
– PF Payment for May
Income Tax
– Advance Income Tax – Companies.
21-06-2015
 ESIC
– ESIC Payment for May
MVAT *
– MVAT Monthly Return for May (Eligibility as per Mahavat Website)
30-06-2015
 Profession Tax
– Profession Tax (Enrollment) – Payment for Financial Year 2015/16.
– Monthly Return (covering salary paid for the preceding month) (Tax Rs. 50,000 or more)
Central Excise
– Particulars relating to clearances, electricity load etc. in Form Ann. – 4, exceeding the limit of Rs. 90 lakhs of exempted clearances for Small scale units availing exemption and whose turnover exceeds or has exceeded Rs. 90 lakhs in a financial year, as the case may be.
* If payment of MVAT is made as per time prescribed, additional 10 days are given for uploading e-return
# if Excise Duty / Service Tax paid electronically through internet banking, the date is to be reckoned as 6th instead of 5th.
Software Solutions Available on
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HO: 524, Master Mind1, Royal Palms, Goregaon East, Mumbai – 400 065.
Branches: Delhi & NCR | Pune | Bangalore | Hyderabad | Kolkata | Indore
http://www.sensysindia.com | contact@sensysindia.com
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Tax Benefits Provided in Finance Act 2015

 Tax Benefits Provided in Finance Act 2015  Uncategorized
May 052015
 

Tax Benefits Provided in Finance Act 2015

The Finance Act 2015 comes with many additional benefits for an individual assessee. Here an attempt is made to discuss all provision providing additional benefits to assessee by finance act.

Particulars of Tax Benefits Exiting Provision Deduction / Benefit allowed Effective Date of Amendment
Tax benefits under section 80C for the girl child under the Sukanya Samriddhi Account Scheme No such concept Exemption given under EEE model:
(i) The investments made in the Scheme will be eligible for deduction under section 80C of the Act.
(ii) The interest accruing on deposits in such account will be exempt from income tax.
(iii) The withdrawal from the said scheme in accordance with the rules of the said scheme will be exempt from tax.		 1st April, 2015, i.e., AY 2015-16 and subsequent assessment years.
Amendment in section 80D relating to deduction in respect of health insurance premia Maximum deduction allowed under this section can be summarized as under:

For Individual or HUF Rs. 15000/-+Rs. 15000/- for insuring health of his parents
Senior citizen Rs. 20,000/-
Maximum deduction allowed under this section can be summarized as under:

For Individual or HUF Rs. 25000/-+Rs. 25000/- for insuring health of his parents
Senior citizen Rs. 30,000/-
Very Senior citizen incurring medical expenditure Rs. 30,000/-
1st April, 2016, i.e., AY 2016-17 and subsequent assessment years.
Raising the limit of deduction under section 80DDB For treatment of special deceases deduction upto Rs 40,000/- is allowed and in respect to senior citizen Rs 60,000/-

Conditions:1. Certificate from specialist doctor working under government hospital.		 For treatment of special deceases deduction upto Rs 40,000/- is allowed.For senior citizen assessee deduction upto Rs 60,000/- is allowed.For vary senior citizen assessee deduction upto Rs 80,000/- is allowed.Conditions:1. Assessee will be required to obtain a prescription from a specialist doctor. 1st April, 2016, i.e., AY 2016-17 and subsequent assessment years.
Raising the limit of deduction under section 80DD and 80U for persons with disability and severe disability
1. Expenditure for the medical treatment training and rehabilitation of a dependant, being a person with disability
2. Insurance for maintenance of person with disability		 Normal disability – Rs 50,000
Serve disability – Rs 1 lacs

Condition:

1. Person shall be certified by the medical authority to be a person with disability.
1. Expenditure for the medical treatment training and rehabilitation of a dependant, being a person with disability
2. Insurance for maintenance of person with disability		 Normal disability – Rs75,000
Serve disability – Rs 1.25lacs
1st April, 2016, i.e., AY 2016-17 and subsequent assessment years.
Raising the limit of deduction under 80CCC Under the existing provisions contained in sub-section (1) of the section 80CCC, an assessee, being an individual is allowed a deduction upto one lakh rupees in the computation of his total income, of an amount paid or deposited by him to effect or keepin force a contract for any annuity plan of Life Insurance Corporation of India or any other insurer for receiving pension from a fund set up under a pension scheme. In order to promote social security, it is proposed to amend sub-section (1) of the said section so as to raise the limit of deduction under section 80CCC from one lakh rupees to one hundred and fifty thousand rupees, within the overall limit provided in section 80CCE. 1st April, 2016, i.e., AY 2016-17 and subsequent assessment years.
Additional deduction under 80CCD Under the existing provisions contained in sub-section (1) of section 80CCD of the Income-tax Act, 1961 if an individual,employed by the Central Government on or after 1st January, 2004, or being an individual employed by any other employer, or any other assessee being an individual has paid or deposited any amount in a previous year in his account under a notified pension scheme, a deduction of such amount not exceeding ten per cent. of his salary in the case of an employee and ten percent of the gross total income in case of any other individual is allowed. Similarly, the contribution made by the Central Government or any other employer to the said account of the individual under the pension scheme is also allowed as deduction under sub-section (2) of section 80CCD, to the extent it does not exceed ten per cent. of the salary of the individual in the previous year.Sub-section (1A) of section 80CCD provides that the amount of deduction under sub-section (1) shall not exceed one hundred thousand rupees. Till date, under section 80CCD, only the National Pension System (NPS) has been notified by the Ministry of Finance. With a view to encourage people to contribute towards NPS, it is proposed to omit sub-section (1A). In addition to the enhancement of the limit under section 80CCD(1), it is further proposed to insert a new sub-section (1B) so as to provide for an additional deduction in respect of any amount paid, of upto fifty thousand rupees for contributions made by any individual assessees under the NPS.Consequential amendments are also proposed in sub-section (3) and sub-section (4) of section 80CCD. 1st April, 2016, i.e., AY 2016-17 and subsequent assessment years.
Enabling of filing of Form 15G/15H for payment made under life insurance policy No such provision The Finance (No.2) Act, 2014, inserted section 194DA in the Act with effect from 1.10.2014 to provide for deduction of tax at source at the rate of 2% from payments made under life insurance policy, which are chargeable to tax. It has been further provided that no deduction shall be made if the aggregate amount of payment during a financial year is less than Rs. 1,00,000. In spite of providing high threshold for deduction of tax under this section, there may be cases where the tax payable on recipient’s total income, including the payment made under life insurance, will be nil. The existing provisions of section 197A of the Act inter alia provide that tax shall not be deducted, if the recipient of the certain payment on which tax is deductible furnishes to the payer a self-declaration in prescribed Form No.15G/15H declaring that the tax on his estimated total income of the relevant previous year would be nil. It is, therefore, proposed to amend the provisions of section 197A for making the recipients of payments referred to in section 194DA also eligible for filing self-declaration in Form No.15G/15H for non-deduction of tax at source in accordance with the provisions of section 197A. This amendment will take effect from 1st June, 2015.
Relaxing the requirement of obtaining TAN for certain deductors Under the provisions of section 203A of the Act, every person deducting tax (deductor) or collecting tax (collector) is required to obtain Tax Deduction and Collection Account Number (TAN) and quote the same for reporting of tax deduction/collection to the Income-tax Department. To reduce the compliance burden of these types of deductors, it is proposed to amend the provisions of section 203A of the Act so as to provide that the requirement of obtaining and quoting of TAN under section 203A of the Act shall not apply to the notified deductors or collectors. This amendment will take effect from 1st June, 2015.

 

EPFO has cut the administrative fee charged from employers effective from 1st January 2015.

 EPFO has cut the administrative fee charged from employers effective from 1st January 2015.  EDLI Admin Charges, Employee Providend Fund Online, EPF Admin Charges, EPF Admin Charges, Uncategorized
Mar 032015
 

EPFO has cut the administrative fee charged from employers effective from 1st January 2015.

EPF Admin Charges

Existing Rate New Rate
1.10  % of Total EPF Salary 0.85 % of Total EPF Salary
Minimum Rs 5  in case of  Non  Contributory Member Minimum Rs 75 Per Month in case of non-functional establishment having no contributory member
Minimum Rs 500 for Contributory Members

EDLI Admin Charges 

Existing Rate New Rate
0.01  % of Total  EDLI Salary 0.01 % of Total EDLI Salary
Minimum Rs 2  in case of  Non  Contributory Member Minimum Rs 25 Per Month in case of non-functional establishment having no contributory member
Minimum Rs 200 for Contributory Members

 

Limit of deduction under 80CCC raised

 Limit of deduction under 80CCC raised  deduction under 80CCC, Uncategorized
Mar 032015
 

Limit of deduction under 80CCC raised

Budget 2015-16 – Raising the limit of deduction under 80CCC

Existing Provision:-

Under the existing provisions contained in sub-section (1) of the section 80CCC, an assessee, being an individual is allowed a deduction upto one lakh rupees in the computation of his total income, of an amount paid or deposited by him to effect or keep in force a contract for any annuity plan of Life Insurance Corporation of India or any other insurer for receiving pension from a fund set up under a pension scheme.

Reason for amendment:

In order to promote social security, it is proposed to amend sub-section (1) of the said section so as to raise the limit of deduction under section 80CCC from one lakh rupees to one lakh and fifty thousand rupees only, within the overall limit provided in section 80CCE.

Period for which income is eligible for deduction:

This amendment will take effect from 1st April, 2016 and will, accordingly, apply in relation to the assessment year 2016-17 and subsequent assessment years. This means income earn in previous year 2015-16 and subsequent year is eligible for higher deduction.

Note On Relevant Clauses Of Finance Bill 2015

Clause 16 of the Bill seeks to amend section 80CCC of the Income-tax Act relating to deduction in respect of contribution to certain pension funds.

Under the existing provisions contained in sub-section (1) of the aforesaid section, an assessee, being an individual is allowed a deduction up to one lakh rupees in the computation of his total income, of an amount paid or deposited by him to effect or keep in force a contract for any annuity plan of Life Insurance Corporation of India or any other insurer for receiving pension from a fund set up under a pension scheme.

It is proposed to amend sub-section (1) of the said section so as to raise the limit of deduction from one lakh rupees to one hundred and fifty thousand rupees.

This amendment will take effect from 1st April, 2016 and will, accordingly, apply in relation to the assessment year 2016-17 and subsequent years.

EXTRACT OF RELEVANT CLAUSES FROM FINANCE BILL 2015

Amendment of section 80CCC

In section 80CCC of the Income-tax Act, in sub-section (1), for the words “one lakh rupees”, the words “one hundred and fifty thousand rupees” shall be substituted with effect from the 1st day of 25 April, 2016.

Analysis:

Even after pension scheme limit in revised upwards, there may not be major benefits to individual tax payers. The overall cap of investment under sec 80C and 80CCC is still one lakh and fifty thousand rupees only.

The only benefit is to risk averse investor who are looking for comfortable old age life. Now area of choice shifted mere from PPF of pension if one desires so. Now whether you invest in PPF or pension scheme, you will get same tax treatment.

 

Due dates for the Month of March 2015

 Due dates for the Month of March 2015  Uncategorized
Feb 282015
 
Due dates for the Month of March 2015
05-03-2015
 Service Tax
– Service Tax payments by Companies for February
06-03-2015
 Central Excise
– Due date for Payment of Excise Duty for all Assessees (Including SSI Units)
07-03-2015
 Income Tax
– TDS Payment for February
10-03-2015
 Central Excise
– Filing ER-1 Return (Other than SSI Units)
– Filing Quarterly ER-2 Return by 100% EOUs
– Filing monthly ER-6 Return by specified class of Assessees regarding principal inputs.
15-03-2015
 Income Tax
– Advance Income Tax Payment – Final Installment All Assessees
Providend Fund
– PF Payment for February
20-03-2015
 MVAT
– TDS Payment for February
21-03-2015
 ESIC
– ESIC Payment for February
MVAT *
– MVAT Monthly Return for February (TAX>1000000/-)
– Montly payment of February
31-03-2015
 Profession Tax
– Payment of February
*If payment of MVAT made as per time prescribed, additional 10 days are given for uploading e-return
Software Solutions Available on
XBRL | TDS | Payroll | Web Payroll | Web HRMS | Fixed Asset | Service Tax | IncomeTax | Digital Signature
PDF Signer | Attendance Machine | Data Backup Software
Sensys Technologies Pvt. Ltd.
HO: 524, Master Mind1, Royal Palms, Goregaon East, Mumbai – 400 065.
Tel.: 022-66278600 | Call: 09769468105 / 09867307971
Email: sales@sensysindia.com | Website: http://www.sensysindia.com
Branches: Delhi & NCR | Pune | Bangalore | Hyderabad | Ahmedabad | Chennai | Kolkata
Visit our BLOG for latest news and updates related to XBRL, Income Tax, HR & Payroll, PF / ESIC / TDS / PT etc..
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Due dates for the Month of December 2014

 Due dates for the Month of December 2014  December 2014, Uncategorized
Dec 012014
 

Due dates for the Month of December 2014
05-12-2014
 Service Tax
– Service Tax payments by Companies for November
06-12-2014
 Central Excise
– Payment of Excise Duty for all Assessees (other than SSI Units)
07-12-2014
 Income Tax
– TDS Payment for November
10-12-2014
 Central Excise
– Filing ER-1 Return (Other than SSI Units)
– Filing Quarterly ER-2 Return by 100% EOUs
– Filing monthly ER-6 Return by specified class of Assessees regarding principal inputs.
15-12-2014
 Income Tax
– Advance Income Tax – All Assessees.
Providend Fund
– PF Payment for November
20-12-2014
 MVAT
– TDS Payment for November
21-12-2014
 ESIC
– ESIC Payment for November
MVAT *
– MVAT Monthly Return for November (TAX>1000000/-)
MVAT
– Monthly payment of November
31-12-2014
 Profession Tax
– Payment of November
*If payment of MVAT made as per time prescribed, additional 10 days are given for uploading e-return
Software Solutions Available on
XBRL | TDS | Payroll | Web Payroll | Web HRMS | Fixed Asset | Service Tax | IncomeTax | Digital Signature
PDF Signer | Attendance Machine | Data Backup Software
Sensys Technologies Pvt. Ltd.
HO: 524, Master Mind1, Royal Palms, Goregaon East, Mumbai – 400 065.
Tel.: 022-66278600 | Call: 09769468105 / 09867307971
Email: sales@sensysindia.com | Website: http://www.sensysindia.com
Branches: Delhi & NCR | Pune | Bangalore | Hyderabad | Ahmedabad | Chennai
Visit our BLOG for latest news and updates related to XBRL, Income Tax, HR & Payroll, PF / ESIC / TDS / PT etc..
Click here to visit Sensys BLOG

Due dates for the Month of October 2014

 Due dates for the Month of October 2014  Uncategorized
Sep 292014
 

Due dates for the Month of October 2014
05-10-2014
 Service Tax
– Service Tax payments by Companies for September
– Service Tax payments by Other than Companies for July to September
06-10-2014
 Central Excise
– Payment of Excise Duty for all Assessees (including SSI Units)
10-10-2014
 Income Tax
– TDS Payment for September
10-10-2014
 Central Excise
– Filing ER-1 Return (Other than SSI Units)
– Filing Quarterly ER-2 Return by 100% EOUs
– Filing Quarterly ER-3 Return by SSI units availing small scale exemptions.
– Filing Quarterly ER-8 Return by the units paying 2% duty.
– Filing monthly ER-6 Return by specified class of Assessees regarding principal inputs.
15-10-2014
 Income Tax
– TDS / TCS Quarterly Statements (Other than Government Deductors) – July to September.
Providend Fund
– PF Payment for September
Cetral Excise
– Filing Quarterly Return (Ann. 13B) by the registered dealers.
20-10-2014
 Cetral Excise
– Filing Quarterly Return (Annexure 75) by the units availing area-based exemptions.
MVAT
– TDS Payment for September
21-10-2014
 ESIC
– ESIC Payment for September
MVAT *
– MVAT Monthly Return for September (TAX>1000000/-)
– MVAT Quarterl Return for July to September (TAX>100000/- and <=1000000)
– Monthly & Quarterly Payment till September
25-10-2014
 Service Tax
– Service Tax Return for April to September for all Assessees
30-10-2014
 Income Tax
– Issue of TDS Certificate(Form 16A) by non Government deductor for Quarter 2
31-10-2014
 Profession Tax
– Payment of September
Software Solutions Available on
XBRL | TDS | Payroll | Web Payroll | Web HRMS | Fixed Asset | Service Tax | IncomeTax | Digital Signature
PDF Signer | Attendance Machine | Data Backup Software
Sensys Technologies Pvt. Ltd.
HO: 524, Master Mind1, Royal Palms, Goregaon East, Mumbai – 400 065.
Tel.: 022-66278600 | Call: 09769468105 / 09867307971
Email: sales@sensysindia.com | Website: http://www.sensysindia.com
Branches: Delhi & NCR | Pune | Bangalore | Kolkatta | Hyderabad | Ahmedabad | Chennai
Visit our BLOG for latest news and updates related to XBRL, Income Tax, HR & Payroll, PF / ESIC / TDS / PT etc..
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Due dates chart for the Month of May 2014

 Due dates chart for the Month of May 2014  Due Date Chart, May 2014, Uncategorized
Apr 302014
 
Due dates for the Month of May 2014
05-05-2014
 Service Tax
– Service Tax payments by Companies for April
06-05-2014
 Central Excise
– Payment of Excise Duty for all Assessees (other than SSI Units)
07-05-2014
 Income Tax
– TDS Payment for April
10-05-2014
 Central Excise
– Filing ER-1 Return (Other than SSI Units)
– Filing Quarterly ER-2 Return by 100% EOUs
– Filing Monthly ER-6 Return by specified class of Assessees regarding principal inputs.
15-05-2014
 Income Tax
– TDS / TCS Quarterly Statements (Other than government deductors) January to March
Providend Fund
– PF Payment for April
20-05-2014
 MVAT
– TDS Payment for April
21-05-2014
 ESIC
– ESIC Payment for April
MVAT *
– MVAT Monthly Return for April (TAX>1000000/-)
MVAT
– Monthly Payment of April
30-05-2014
 Income Tax
– Issue of TDS Certificate Form 16A by non Government deductor for Q4
31-05-2014
 Profession Tax
– Payment of April
Income Tax
– Issue Form 16 by Employer
Software Solutions Available on
XBRL | TDS | Payroll | Web Payroll | Web HRMS | Fixed Asset | Service Tax | IncomeTax | Digital Signature
PDF Signer | Attendance Machine | Data Backup Software
Sensys Technologies Pvt. Ltd.
HO: 524, Master Mind1, Royal Palms, Goregaon East, Mumbai – 400 065.
Branches: Delhi & NCR | Pune | Bangalore | Hyderabad | Ahmedabad | Kolkatta | Indore | Coimbatore | Chennai
http://www.sensysindia.com | contact@sensysindia.com
Visit our BLOG for latest news and updates related to XBRL, Income Tax, HR & Payroll, PF / ESIC / TDS / PT etc..
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Due dates for the Month of April 2014

 Due dates for the Month of April 2014  Uncategorized
Mar 292014
 
Due dates for the Month of April 2014
06-04-2014
 Central Excise
– Payment of Excise Duty for all Assessees (including SSI Units)
10-04-2014
 Central Excise
– Filing ER-1 Return (Other than SSI Units)
– Filing Quarterly ER-3 Return by SSI Units availaing small scale exemption.
– Filing Quarterly ER-8 Return by the units paying 2% duty
– Filing Quarterly ER-2 Return by 100% EOUs
– Filing monthly ER-6 Return by specified class of Assessees regarding principal inputs.
15-04-2014
 Providend Fund
– PF Payment for March
Central Excise
– Filing Quarterly Return (ANN. 13B) by the registered dealers.
20-04-2014
 Central Excise
– Filing Quarterly Return (Annexure 75) by units availing area based exemptions
MVAT
– TDS Payment for March
21-04-2014
 ESIC
– ESIC Payment for March
MVAT *
– MVAT Monthly Return for March (TAX>1000000/-)
– MVAT Quarterly Return for January to March (TAX>100000/- and <=1000000/-)
MVAT
Montly & Quarterly Payment till March
Filing of return where March occurs
25-04-2014
 Service Tax
Service Tax Return for Oct to March – All Assessees.
30-04-2014
 Central Exise
Filing Annual Information on principal inputs (ER-5) by the specified Assessees.
Filing Annual Production Capacity Statement (ER-7) by the specified Assessees.
MVAT
Six monthly payment till March
Six monthly Return till March for Vat audit dealers
Profession Tax
– Payment of March
Software Solutions Available on
XBRL | TDS | Payroll | Web Payroll | Web HRMS | Fixed Asset | Service Tax | IncomeTax | Digital Signature
PDF Signer | Attendance Machine | Data Backup Software
Sensys Technologies Pvt. Ltd.
HO: 524, Master Mind1, Royal Palms, Goregaon East, Mumbai – 400 065.
Branches: Delhi & NCR | Pune | Bangalore | Hyderabad | Ahmedabad
http://www.sensysindia.com | contact@sensysindia.com
Visit our BLOG for latest news and updates related to XBRL, Income Tax, HR & Payroll, PF / ESIC / TDS / PT etc..
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