IMPORTANT DATES |
F DIRECT TAXES
ð
TDS / TCS returns are to be filed Quarterly.
QUARTER
ENDING
|
DUE DATE
|
30TH JUNE
|
15TH JULY
|
30TH SEPTEMBER
|
15TH OCTOBER
|
31ST DECEMBER
|
15TH JANUARY
|
31ST MARCH
|
15TH MAY
|
TDS deducted
to be paid by 7th of next month. In case of payments provided on 31st
March TDS is to be paid by 30thApril. It is important to note that if TDS is not
paid within due date of filing return of income then the entire expense is disallowable u/s.
40 (a)(ia) of Income Tax Act.
H
Consequences: Persons failing to comply
with the above provisions are liable to
pay penalty of Rs.200/- per day from the due date or amount of TDS whichever is
lower.
·
Details of non
deduction of TDS and lower deduction of TDS is also required to be given along
with original return .
·
Non deduction of
TDS i.e. income below taxable limit or senior citizen required to be filed Form-15G
& 15Hbefore 7th April.
Return of
Income.
A. Due Date 30th September
in case of:
I)
All Corporate and
Non-Corporate assesses,
who are required to get their accounts audited under Income Tax Law or any
other law.
II)
Similarly working partner of a
firm whose accounts are required to be audited under Income Tax Law, the due
date for filing of return of income is 30th September.
B.
In case of
all other assessees, the due date
for filing of return of income is 31st July
All Corporate assesses
and firms under Tax Audit to file their returns electronically.
ð
Wealth Tax Return.
III)
All Corporate assesses
and Non-Corporate
assesses, who are required to get their accounts audited under Income Tax Law
or any other law,the due date is 30th
September and in all other cases the due date is 31st July.
ð
Advance Tax payment for Income Tax.
Particulars
|
Due Date
|
Companies
|
Others
|
IstInstallment
|
15th June
|
15%
|
Nil
|
IInd Installment
|
15th September
|
45%
|
30%
|
IIIrd
Installment
|
15th December
|
75%
|
60%
|
Final Installment
|
15th March
|
100%
|
100%
|
H
Consequences: Persons failing to pay the prescribed
Advance Tax are liable to Interest @
1% per month.
F All payments relating to TDS and Advance Tax are to be
deposited
electronically
through internet banking in case of Corporate assessee and other assessee who
are liable to Tax Audit u/s 44AB.
F LABOUR LAWS
ð
Provident Fund.
Payments are to be made by 15th of the next
month for which salary is paid. There is grace period of 5 days.
ð
Employee’s State Insurance Corporation Fund (E.S.I.C)
Payments are to be made by 21st of next month for
which salary is paid.
FCOMPANIES ACT, 1956.
ð All companies are required to file their Annual return
with the Registrar of Companies within Sixty days of their Annual General
Meeting (AGM).
It is now required to be filed electronically.
FSERVICE TAX
(I)
Payment of Service Tax.
(a)
In case of
individual, proprietary firm or partnership firm.
Quarterly payable by the 5th of the month immediately following the said
quarter except March quarter in which
service tax should be paid by 31st March.(In case of
e-payment 6th of the month immediately
following the said quarter except March)
(b)
In case of
others.
Payablemonthly by 5th of the month
immediately following the said calendar month except March month in which due
date is 31st March. (In case of e-payment 6thof the month
immediately following the said quarter except March)
(II) Manner of Payment
-
In GAR-7 into the
designated bank.
-
Now service tax
is mandatorily required to be paid electronically.
(III) Interest
on delayed payment.
-
Rate of interest
is 18% p.a. on delayed payment.
-
In case of small
service provider whose value of taxable services does not exceed Rs. 60 lakh
during the year, the rate of interest will be 15% p.a.
(IV) Returns.
ST-3 return has to be filed half-yearly along with
challans, in triplicate, by the 25th of the month following the
particular half year.
(V) Consequence of failure to file return /
delayed file.
(a)
Maximum Penalty
of Rs. 20,000/- is leviable u/s. 70 w.e.f. 8.4.2011 .
i)
fifteen days from
the date prescribed for submission of such return, an amount of Rs.500;
ii)
beyond fifteen
days, but not later than thirty days from the date prescribed for submission of
such return, an amount of Rs1,000; and
iii)
beyond thirty
days from the date prescribed for submission of such return an amount of Rs.1,000
plus Rs.100 for every day from the 31st day till the date of furnishing the
said return:
Provided that the total amount payable in terms of this rule, for delayed submission of return, shall not exceed the amount specified in Section 70 of the Act.
Provided that the total amount payable in terms of this rule, for delayed submission of return, shall not exceed the amount specified in Section 70 of the Act.
(b) Failure
to pay service tax: --- Penalty not less than Rs.100/- per day or 1% p.m.
of service tax whichever is higher but subject to maximum of 50% of service tax
amount not paid.
(c)
Suppression of value of taxable service: --- Penalty
100% to 200% of the service tax not levied or not paid of tax amount.
(d) Contravention of any Rule or Act:
--- Penalty Rs.10000/-
(VI) The penal provisions for various
contraventions of the Service Tax
Law:
The Penal provisions for various
contraventions of the Service Tax Law are as follows:-
i. Non registration or delayed registration: An amount which may extend to Rs. 10,000/- or Rs.200/- for every day
during which such failure continues, whicheveris higher could be imposed as penalty under sec
77(1 )(a) of the Act.
ii. Non payment
or delayed payment
of service tax- A
mandatory penalty, not less than Rs.100/- for every day during which such
failure continues or @ 1% of such tax per month, whichever is higher, shall be
imposed by the adjudicating authority. However, the penalty amount payable shall not exceed 50% of the amount of service tax payable. [Section 76
of the Act]
iii. Non-filing / delayed filing of returns: A mandatory penalty has
been prescribed under Rule 7C of the Service Tax Rules, 1994, as also an amount
not exceeding Ten Thousand Rupees could be imposed as penalty under sec 77 of
the Act. (see para 4.11 of this Booklet)
iv. Contravention of any of the provisions of the Finance Act, 1994
(Chapter V) or the Rules made thereunder for which no penalty is separately
provided: An amount which may extend to Rs.10,000/- shall be liable to be
imposed as penalty under Sec.77(2) of the Act.
v. Failure to keep, maintain
or retain books of account and other documents as required in accordance with
the provisions of the Finance Act, 1994 (Chapter V) or the rules made
thereunder: An amount which may extend to Ten thousand rupees shall be liable
to be imposed as penalty. [Section 77(1 )(b) of the Act]
vi.Failure to—
(1) furnish
information called by an officer in accordance with the provisions of the
Finance Act,1994 (Chapter V) or rules made thereunder; or
(2) produce
documents called for by a Central Excise Officer in accordance with the
provisions of this Chapter or rules made thereunder; or
(3) appear before the Central Excise
Officer, when issued with a summon for appearance to give evidence or to
produce a document in an inquiry,
An amount which may extend to Ten thousand
rupees or two hundred rupees for every day during which such failure continues,
whichever is higher, shall be liable to be imposed as penalty. [Section 77(1
)(c) of the Act]
vii. Person who is required to pay tax electronically, through internet banking, but fails to pay the tax electronically:
An amount which may extend to Ten thousand rupees shall be liable to be imposed
as penalty. [Section 77(1 )(d) of the Act]
viii.Person who issues invoice
in accordance with the provisions of the Act or rules made thereunder, with
incorrect or incomplete details or fails to account for an invoice in his books
of account: An amount which may extend to Ten thousand rupees shall be liable
to be imposed as penalty. [Section 77(1 )(e) of the Act]
ix. Suppression of the value of taxable services: Penalty
to an extent ranging from 100% to 200% of the Service Tax which was not levied
or paid or erroneously refunded, can be imposed on any person, if such short
levy or short payment or erroneous refund is by reason of fraud collusion, willful mis-statement, suppression of
facts; or contravention of any of the provisions of the Act or the rules made
thereunder with an intent to evade payment of Service Tax. Such liability
towards penalty would be in addition to the Service Tax amount evaded or
erroneously refunded and the interest thereon (Section 78 of the Act).
x. Reduced Penalty in respect of Sl. No. (ix): If the Service Tax
amount as determined by the competent authority is paid within 30 days from the
date of communication of the order, along with interest, the amount of penalty
liable to be paid shall only be 25% of the Service Tax amount so determined.
The benefit of reduced penalty equivalent to 25% of the said Service Tax is
available only if such lesser penalty amount is also paid within the aforesaid
period (First and second proviso to Section 78 of the Act).
- Penalty can be waived u/s.
80 of Finance Act, 1994, if assessee proves that failure was due to reasonable cause.
FVALUE ADDED TAX (VAT)
I)
DUE
DATE OF FILLING OF RETURN sw.e.f. 01/04/08.
S. No.
|
Annual Tax Liability or refund in previous year in
Rs.
|
Periodicity of returns
|
Due Date
|
|||
1
|
Tax liability between Rs. 1,00,000 to 10,00,000 or
refund
Between Rs. 10,00,000 to One Crore
|
Quarterly |
21st
of next month
|
|||
2
|
Tax liability more than Rs. 10,00,000 or refund more
than one crore
|
Monthly |
21st
of next month
|
|||
3
|
First
year of assessment or PSI dealer(Excluding Power Generation PSI Scheme)
|
Quarterly |
21st of next month
|
|||
4
|
Retailer Opting for composition
|
Six monthly |
21st of next month
|
|||
5
|
Dealer other than those covered by 1,2,3,4 above
|
Half Yearly |
21st of month next
|
|||
6
|
New Registration
|
Querterly |
21st of next month
|
|||
7
|
Vat Audit Not Applicable for 2013
|
30th June at end of year
|
||||
*(Tax
liability means all taxes net of VAT set off)
|
||||||
·
Statement
of J1(Partywise purchase details) & J2 (Partywise sales details) compulsory
to be filed along with return.
·
All the dealers are required to make payment of
vat & to file vat return electronically.
II)
Interest on delayed payment: --- Interest is payable @15% p.a.
III)
Penalty for Non filing of return:
Where, any person
or dealer has failed without reasonable cause to file within the prescribed time, a
return for any period as provided under sec. 20,the Commissioner may
by order in writing, impose on him, in addition to any tax payable by him,
a sum of rupees ten thousand by way of penalty. Such penalty shall be without
prejudice to any other penalty, which may be imposed under this Act:
Provided that, if the
return is filed before the initiation of the proceeding for levy of
penalty, the penalty shall be levied at rupees five thousand and in any other case, the penalty
shall be levied at rupees ten thousand.
IV)
Audit of Accounts.
If turnover of sales or purchase exceeds Rs.60 Lakhs
up to 31st Mar, 2013 thereafter Rs.1 crore in any year, an assessee
under MVAT is required to get his accounts audited within Eight Monthsfrom
the end of the year.
IV) Audit
Report
The
last date for filling the VAT Audit report for the Financial Year 2012-13 is 15.01.2014.
Consequences:
In case of failure to furnish
Audit Report, penalty will be imposed equal to 1/10th of total sales
/ purchases or Rs.1 Lakh whichever is less.
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