UPDATE INCOME TAX (AIR) : CASH DEPOSITS IN THE BANK FOR THE PERTICULAR TIME PERIOD
THERE ARE UPDATES IN SECTION 285BA READ WITH 295 AND RULE 114B IN TABLE FOR SERIAL NO. 10 AND RULE 114E IN TABLE FOR SERIAL NO. 12 BY NOTIFICATION DTD. 15/11/2016
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IMPORTANT UPDATES FOR CURRENCY NOTES OF RS. 500/- AND RS. 1000/-
MINISTRY OF FINANCE HAS RELEASED EXTRAORDINARY NOTIFICATION IN THE GAZETTE OF INDIA. CLICK FOR RELATED NOTIFICATIONS: (1) (2) (3)
INCOME TAX (AIR) : RECEIPT OF CASH FOR SALE OR SERVICE OF RS. 2 LAKH OR MORE.
AS PER INCOME TAX RULE 114E, U/S. 285BA (AIR), ANY PERSON, WHO IS LIABLE FOR AUDIT U/S. 44AB, ARE LIABLE TO FILE THE DETAILS IN FORM 61A, FOR THE F Y 2016-17, FOR THE DETAILS OF RECEIPT OF CASH PAYMENT EXCEEDING 2 LAKH RUPEES FOR SALE, BY ANY PERSON, OF GOODS OR SERVICES OF ANY NATURE.
UPDATE SERVICE TAX : 0.5% FOR KRISHI KALYAN CESS
0.5% will be applicable for Krishi Kalyan Cess from 01/06/2016 by Notification No. 31/2016.
SERVICE TAX REMINDER : TIME FOR PAYMENT OF TAX
SERVICE TAX IS BEING PAYABLE, BY WAY OF E-PAYMENT, ON OR BEFORE 31/03/2016, FOR THE TAX PERIOD ENDING ON 31/03/2016.
GVAT UPDATE : TIME LIMIT EXTENTED FOR FILING OF GVAT RETURNS
TIME LIMIT FOR FILING OF GVAT MONTHLY AND QUARTERLY RETURNS IS EXTENDED BY CIRCULAR DATED : 29/02/2016.
GVAT UPDATE : PAYMENT OF TAX BY ELECTRONIC WAY IS NOW COMPULSORY.
NOW PAYMENT OF TAX OF Rs. 50,000/- OR MORE, MUST BE PAID BY WAY OF ELECTRONIC PAYMENT, FROM THE TAX PERIOD ENDED ON 31/12/2015, BY CIRCULAR DATED : 06/01/2016.
GVAT UPDATE : INCREASED RATE OF VAT AND CESS ON PETROL AND DIESEL
NEW RATE OF VAT AND CESS ON PETROL AND DIESEL IS APPLICABLE FROM 06/01/2016 BY CIRCULAR DATED : 05/01/2016.
