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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.

Wish You Happy New Financial Year

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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.