Jun 042021
 

Due dates for the Month of June 2021
7th
INCOME TAX
– TDS Payment for May.
10th
GST
– Return of authorities deducting tax at source – GSTR 7 for May.
– Details of supplies effected through e-commerce operator and the amount of tax collected – GSTR 8 for May.
11th
GST
– Details of outward supplies of taxable goods and/or services effected – GSTR 1 for May.
13th
GST
– Return for Input Service Distributor – GSTR 6 for May.
15th
Providend Fund
– PF Payment for May.
ESIC
– ESIC Payment for May.
20th
GST
– Monthly return on the basis of finalization of details of outward supplies and inward supplies along with the payment of the amount of tax – GSTR 3B for May.
– Return for Non-Resident foreign taxable person – GSTR 5 for May.
22nd
GST
– GSTR 3B for May if turnover below Rs. 5 Crore for Gujrat, Madhya Pradesh, Chattisgarh, Maharashtra, Telangana. Andhra Pradesh, Karnataka, Goa, Kerala, Tamil Nadu, Puducherry, Dadra & Nagar Haveli.
24th
GST
– GSTR 3B for May if turnover below Rs. 5 Crore for the Rest of India.
28th
GST
– Details of Inward Supplies to be furnished by a person having UIN and claiming refund – GSR 11 for May
.
30th
PROF. TAX
– Monthly Return for Tax Liability of Rs. 100,000 & above.
INCOME TAX
– TDS Quarterly Statements (Other than Government Deductor) for January to March
Sensys Technologies Pvt. Ltd.
HO: 904, 905 & 906, Corporate Annexe, Sonawala Road, Goregaon East, Mumbai- 400 063.
Tel.: 022-6820 6100| 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 the latest news and updates related to XBRL, Income Tax, HR & Payroll, PF / ESIC / TDS / PT, etc. Click here to visit Sensys BLOG
May 072021
 

Due dates for the Month of May 2021
7th
INCOME TAX
– TDS Payment for April.
10th
GST
– Return of authorities deducting tax at source – GSTR 7 for April.
– Details of supplies effected through e-commerce operator and the amount of tax collected – GSTR 8 for April.
11th
GST
– Details of outward supplies of taxable goods and/or services effected – GSTR 1 for April.
13th
GST
– Return for Input Service Distributor – GSTR 6 for April.
15th
Providend Fund
– PF Payment for April.
ESIC
– ESIC Payment for April.
20th
GST
– Monthly return on the basis of finalization of details of outward supplies and inward supplies along with the payment of the amount of tax – GSTR 3B for April.
– Return for Non-Resident foreign taxable person – GSTR 5 for April.
22nd
GST
– GSTR 3B for April if turnover below Rs. 5 Crore for Gujrat, Madhya Pradesh, Chattisgarh, Maharashtra, Telangana. Andhra Pradesh, Karnataka, Goa, Kerala, Tamil Nadu, Puducherry, Dadra & Nagar Haveli.
24th
GST
– GSTR 3B for April if turnover below Rs. 5 Crore for the Rest of India.
28th
GST
– Details of Inward Supplies to be furnished by a person having UIN and claiming refund – GSR 11 for
April.
30th
LLP
– Form 11 – Annual Return for Previous Financial Year.
31st
PROF. TAX
– Monthly Return for Tax Liability of Rs. 100,000 & above.
Sensys Technologies Pvt. Ltd.
HO: 904, 905 & 906, Corporate Annexe, Sonawala Road, Goregaon East, Mumbai- 400 063.
Tel.: 022-6820 6100| 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 the latest news and updates related to XBRL, Income Tax, HR & Payroll, PF / ESIC / TDS / PT, etc. Click here to visit Sensys BLOG
Apr 012021
 

Due dates for the Month of April 2021
10th
GST
– Return for authorities deducting tax at source – GSTR 7 for February
– Details of supplies effected through e-commerce operator and the amount of tax collected –
GSTR 8 for March.
11th
GST
– Details of outward supplies of taxable goods and/or services effected – GSTR 1 for March.
13th
GST
– Return for Input Service Distributor – GSTR 6 for March
– Quarterly Return GSTR 1 for January to March 2021 turnover not exceeding Rs. 1.5 crore
15th
Providend Fund
– PF Payment for March
ESIC
– ESIC Payment for March
18th
GST
– Return for composition taxable person- GSTR 4 for January to March
20th
GST
– Monthly return on the basis of finalization of details of outward supplies and inward supplies along with the payment of the amount of tax – GSTR 3B for March
– Return for Non-Resident foreign taxable person – GSTR 5 for March
22nd
GST
– GSTR 3B for February if turnover below Rs. 5 Crore for Gujrat, Madhya Pradesh, Chattisgarh, Maharashtra, Telangana. Andhra Pradesh, Karnataka, Goa, Kerala, Tamil Nadu, Puducherry, Dadra & Nagar Haveli
24th
GST
– GSTR 3B for March if turnover below Rs. 5 Crore for the Rest of India.
28th
GST
– Details of Inward Supplies to be furnished by a person having UIN and claiming refund – GSR 11 for
March.
30th
Income Tax

– TDS deduction for the month of March

Profession Tax
– Monthly Return for Tax Liability of Rs. 100,000 & above

Sensys Technologies Pvt. Ltd.
HO: 904, 905 & 906, Corporate Annexe, Sonawala Road, Goregaon East, Mumbai- 400 063.
Tel.: 022-6820 6100| 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 the latest news and updates related to XBRL, Income Tax, HR & Payroll, PF / ESIC / TDS / PT, etc. Click here to visit Sensys BLOG
Mar 102021
 

The draft of the Code on Wages Karnataka Rules, 2021 which The government of Karnataka proposes to make in the exercise of the powers conferred by section 67 of the Code on Wages, 2019 (Central Act No. 29 of 2019) is hereby published as required by sub-section (1) of said section, for the information of all the persons likely to be affected thereby and notice is hereby given that the said draft will be taken into consideration after thirty days from the date of its publication in the Official Gazette.

Any objection or suggestion, which may be received by the State Government from any person with respect to the said draft before the expiry of the period specified above will be considered by the State Government. Objections and suggestions may be addressed to the Additional Chief Secretary to Government, Department of Labour, Room No 414, Fourth Floor, Vikasa Soudha, Bengaluru.
COURTESY: PRAKASH CONSULTANCY SERVICE
Mar 092021
 

Facts in essence:
For the assessment year under consideration, the assessee filed his return of income on 27th September 2011, declaring a total income of Rs. 75,73,399 wherein an amount of Rs. 18,455, under the head “Income From House Property” is included and has shown rent received of Rs. 30,000.
Details of the property let out and rent received as furnished by the assessee: Vide letter dated 12th December 2013, the assessee furnished the details and submitted that he along with his father and brother is a co-owner of the flat. It was submitted that a part of the flat was given on rent to a partnership firm, wherein, his father is a partner. Thus, he and his brother both receive the rent of Rs 30,000/- each.
Also, the annual value of the said property has been fixed by the Municipal Authority at Rs. 79,380. Thus, ALV determined by the Municipal Authority could be adopted for determining the income.

Analysis of facts:
When the assessee had furnished a valuation from the Municipal Authorities determining the ALV at Rs. 79,380, the same could not have been rejected without valid and cogent reasoning. Thus, in the absence of any inquiry by the department as to actual market rent of the assessee property, rejecting the Municipal valuation and referring ALV of some other property (which are commercial property let out to the bank and other commercial establishments) or some other estimated rent is un-justice to the assessee.

What is annual letting value:
Reasonable expected rent is deemed to be the sum for which the property might reasonably be expected to be let out from year to year for which the following factors are taken into consideration:
✓   Location of the property
✓   Annual rentable value of the property fixed by municipalities
✓   Rents of the properties in the neighborhood
✓   The rent which the property is likely to fetch having regard to demand and supply
✓   Cost of construction of the property
✓   Nature and history of the property

The fair rent of the property can be determined on the basis of a rent fetched by a similar property in the same or similar locality. Fair rent is based on some scientific basis and is not the estimated rent or an arbitrary rental value. Also, for collecting municipal taxes, local authorities make a periodical survey of all buildings in their locality in their jurisdiction. Such valuation may be taken as a piece of strong evidence representing the earning capacity of a building. However, it can’t be considered to be conclusive evidence in all cases.

Moreover, in metro cities, municipal authorities determine net rateable value after deducting 10 percent of the gross rateable value, on account of repairs and an allowance for service taxes. The net municipal valuation thus arrived at, requires a fair adjustment for determining reasonable expected rent for income tax purposes. However, such valuation can’t be rejected without valid and cogent reasoning.

Conclusion:
When the assessee had furnished a valuation from the Municipal Authorities determining the ALV at Rs. 79,380, the same could not have been rejected without valid and cogent reasoning. In view of the
aforesaid, AO has to accept the assessee’s claim that the ALV of the property has to be determined at Rs. 79,380, as per the valuation of Municipal Authorities and thereafter assessee’s share shall be determined for addition under the head income from house property.

Mar 012021
 

Due dates for the Month of March 2021
7th
Income Tax
– TDS Payment for February
10th
GST
– Return for authorities deducting tax at source – GSTR 7 for February
– Details of supplies effected through e-commerce operator and the amount of tax collected –
GSTR 8 for February
11th
GST
– Details of outward supplies of taxable goods and/or services effected – GSTR 1 for February
13th
GST
– Return for Input Service Distributor – GSTR 6 for February
15th
Providend Fund
– PF Payment for February
ESIC
– ESIC Payment for February
Income Tax
– Advance Income Tax – Final Installment for All Assessees
20th
GST
– Monthly return on the basis of finalization of details of outward supplies and inward supplies along with the payment of the amount of tax – GSTR 3B for February
– Return for Non-Resident foreign taxable person – GSTR 5 for February
22nd
GST
– GSTR 3B for February if turnover below Rs. 5 Crore for Gujrat, Madhya Pradesh, Chattisgarh, Maharashtra, Telangana. Andhra Pradesh, Karnataka, Goa, Kerala, Tamil Nadu, Puducherry, Dadra & Nagar Haveli
24th
GST
– GSTR 3B for February if turnover below Rs. 5 Crore for the Rest of India.
28th
GST
– Details of Inward Supplies to be furnished by a person having UIN and claiming refund – GSR 11 for
February.
31st
Income Tax

– TDS / TCS Quarterly Statement (Other than Government Deductor) for October to December 2020
– Payment of Taxes for a declaration under Vivad se Vishwas Scheme made by 31st December 2020

Profession Tax
– Annual Return for Financial Year March 2020 to February 2021
– Profession Tax (Enrollment) Payment for FY 2020-21
– Monthly Return for Tax Lability of Rs. 100,000 & above

Sensys Technologies Pvt. Ltd.
HO: 904, 905 & 906, Corporate Annexe, Sonawala Road, Goregaon East, Mumbai- 400 063.
Tel.: 022-6820 6100| 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 the latest news and updates related to XBRL, Income Tax, HR & Payroll, PF / ESIC / TDS / PT, etc. Click here to visit Sensys BLOG
Jan 152013
 

TDS Projections for Salaried Employees.

TDS is one of the easiest way of collecting income tax from Employee’s Salary who come under tax payer’s bracket. This sort of income tax from the income of an employee is collected on the day of making salary payment at source and is  deposited to the credit of the Central Government in a given time frame.

Employer does the Tax projection of Employees in the beginning of the year. Employees can plan their Investments to save tax. Investments can be done in Life Insurance Schemes, Tax Savings Mutual Funds, National Saving Certificates, Long term Bank deposits, Education fees paid for the children, Medical Reimbursements, Provident Fund etc.  Based on this declaration, Employers will deduct tax from the projected taxable salary for the whole year.

TDS is deducted from the monthly salary of an employee before making payment of salary to an employee. The TDS is deducted by deductor who is an employer and from whose salary the tds is deducted is deductee.

Benefits to the Employee :

1.TDS is cut off every month and the entire record is maintained. An employee does not need to pay the large sum of tax at one time.
2. As the TDS projection is generally given in the beginning of the year, Employee can plan his investments to save tax.
3. Employee comes to know the TDS, which is done every month by an employer and taking into consideration the amount which he actually gets in his hand, he will be able to plan his monetary transaction or financial investment.
4. Employee does not have to worry about maintaining a record of tds transaction and it becomes employer’s burden of handling and keeping an employee’s record of tax deducted at source.

Nov 292012
 

TDS on Salaries

If a person is running his own business firm and have a regular staff on his payroll, it is mandatory under section 192 of the Income Tax Act  1962 to make tax deduction from the income of his employee, if the employee comes under the taxable limit.

An employer is supposed to make tax deduction at source from the payment made to the employees. If he has paid some advance salary or arrears thereon, he has to take such payment into consideration for tax deduction.

The computation of tax deduction also called as TDS projection must be done at the start of the Financial Year. If employee has got some other income source it has also to be considered. Through careful consideration of exemptions, deductions, investments under section 80C etc. Employee’s tax liability needs to be calculated and the tax rates imposed there-upon should be in force in the respective financial year. Every month 1/12th of the net tax liability has to be deducted.

Rates of Income Tax for the FY 2012-13.

Male Citizen Female Citizen Rate of Tax
The Total Income is less than Rs. 2,00,000/-. The Total Income is less than Rs. 2,00,000/-. Nil
The Total Income is between Rs. 2,00,000/- and Rs. 5,00,000/- The Total Income is between Rs. 2,00,000/- and Rs. 5,00,000/- 10 per cent, of the amount by which the total income exceeds Rs. 2,00,000/-
The Total Income is between Rs. 5,00,000/- and Rs. 10,00,000/-. The Total Income is between Rs. 5,00,000/- and Rs. 10,00,000/-. Rs. 30,000/- plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-
The Total Income exceeds Rs. 10,00,000/-. The Total Income exceeds Rs. 10,00,000/-. Rs. 130,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/-.

 

Sr. Citizens between 60years and 80 years Rate of Tax
The Total Income is less than Rs.2,50,000/-. Nil
The Total Income is between Rs. 2,50,000/- and Rs. 5,00,000/- 10 per cent, of the amount by which the total income exceeds Rs. 2,50,000/-
The Total Income is between Rs. 5,00,000/- and Rs. 10,00,000/- Rs. 25,000/- plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-.
The Total Income exceeds Rs. 10,00,000/-. Rs. 125,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/-

TDS Deposit

After the TDS has been deducted from the salary of the employee, the deducted tax has to be deposited to the government online using challan 281. The tax has to be deposited within 7 days from the end of the month in which tax gets deducted. Except tax deducted in the month of March, should be deposited before 30th of April.

Due date for submitting Quarterly TDS return

  • By July 15th after the end of the first quarter. [April, May and June (Q1)]
  • By 15th October after the end of the second quarter.[ July, August and September (Q2)]
  • By 15th January after the end of the third quarter [October, November and December (Q3)]
  • By 15th May after the end of the fourth quarter [January, February and March (Q4)]

Issuance of TDS certificate

The deductor has to issue a certificate which comes in Form 16  containing name of the employer, salary details, exemptions, investment details, tax deduction and payment details like  BSR code, date of TDS deposit, serial no. of challan and tax amount . The due date for furnishing TDS certificate to the employee or deductee is May 31st

There are penalties for default of TDS for not deducting TDS or not depositing TDS into Central Government Account in the prescribed manner. Along with penalties, the person can be prosecuted. So being familiar with the provisions concerning with Tax deduction at source is very important.