Income Tax Return Utility Downloads-A.Y. -2016-2017

Income Tax Return Utility Downloads 

Now you can download the tax utility from below link -

http://incometaxindiaefiling.gov.in/

TDS Amendments w.e.f 01st June 2016

Accounting code for payment of Krishi Kalyan Cess

Chapter VI of the Finance Act, 2015 will come into effect from 1st June, 2016. Krishi Kalyan Cess is leviable on all taxable services, other than services which are fully exempt from Service Tax or services which are otherwise not liable to Service Tax under section 66B of the Finance Act, 1994, at the rate of 0.5%. 2.

Accordingly, accounting codes have also been allotted by the Office of the Controller General of Accounts for the new Minor Head “507-Krishi Kalyan Cess” and new Sub-heads as under:

EPF registration_Date of Coverage_Documents_Manufacturing Unit

FOLLOWING DOCUMENTS ARE REQUIRED FOR DECIDING FINAL DATE OF COVERAGE

I. MANUFACTURING UNIT

• Copy of 1st partnership deed / memoranda and article of association
• Extracts from 1st Year ledger / cashbooks for :
  • 1st purchase of raw material
  • 1st salary / wages paid
  • 1st salary / wages paid
  • 1st sale
  • 1st rent paid
• Copy of 1st Sales tax assessment order
• Copy of 1st Income Tax assessment order
• Copy of 1st years balance sheet
• Salary/wages registers, vouchers, books and balance sheets from date of start till date of provisional coverage done earlier
• C. S. T. & B. S. T. Certificate
• Books of accounts ( Ledger, cash books etc.) since beginning.
• Balance sheet / P&L account (in case of Limited company Annual Report since beginning.)
• Shops & Establishment Registration Certificate/Factory Licence
• Partnership deed in case partnership firm) and Memorandum of Association & Articles (In case of Limited Co.)
• Salary/Wage register and Attendance Register since beginning.
• Month wise strength of numbers of employees since beginning
• List of Directors/Partners/ owners along with their residential addresses
• Name of the Bankers, Address of the Bank and and name of the person responsible for financial affairs.

Amendments - Service tax 2016

Finance Bill, 2016 assented by President on May 14, 2016. Now it becomes the Finance Act, 2016 (28/2016). Key Changes in Service Tax: 

• Krishi Kalyan Cess @ 0.5% on gross value of taxable services (from 01.06.2016). Total ST rate @ 15%
• AC Bus service by Road Transport Corporation taxable @ 6% from (01.06.2016).
• Rate of ST for the package tour increased from 3.625% to 4.35%.
• ST on foreman commission at 10.15%.
• Rate of ST for sale of flats increased from 3.625% to 4.35%
• Rate of ST for transport of goods by Rail in container other than by IR increased from 4.35% to 5.8%
• Rate of ST for transport of used household increased from 4.35% to 5.8%
• Assignment of radio-frequency spectrum and subsequent transfers thereof taxable.
• Senior advocate service liable to service tax.
• Transport of passenger’s ropeway, cable car or aerial tramway made liable for ST.
• Interest rate reduced to 15% (if ST not collected) and 24% (if ST collected).
• Due date for issue of SCN extended from 18 months to 30 months.
• The monetary limit for prosecution cases enhanced to Rs.2 Crores.
• Dispute resolution scheme for the cases pending before Commissioner (Appeals).
• New levy on services exempted only if amount received and invoice raised before the notified date.
• Special exemption for construction canal, dam or other irrigation works for the period 01.07.2012 to 29.01.2014.
• Restoration of exemption for construction of non-commercial buildings for the contracts enter prior to 01.03.2015 for the period up to 31.03.2020.
• Special exemption for constriction of ports and airports for the period from 01.04.2015 to 31.03.2020 for the contracts entered prior to 01.03.2015.
• Construction under House for All (Urban) Mission / Pradhan Mantri Awas Yojana (PMAY), exempted.
• Construction of low cost houses up to a carpet area of 60 sq.m per house under Govt. scheme exempted from service tax.
• Levy of Central Excise duty/CVD and service tax on IT software made mutually exclusive.
• Services provided by the Indian Institutes of management (IIM) exempted.
• Business entity receiving any service from government to pay service tax.
• Business entity located in India to pay service tax on ocean freight availed by foreign shipping line.
• HUF and One person company (<50Lacs Turnover) to pay on quarterly basis.
• Annual returns to be filed by service provider by 30th November every year. 

Refer details in other post .

Krishi Kalyan Cess- Service Tax 15% w.e.f 1st June 2016

Chapter VI of the Bill (clause 158) proposes to levy Krishi Kalyan Cess, on any or all the taxable services at the rate of 0.5% of the value of taxable services with effect from 1st June, 2016.

From 01.06.2016, a cess known as “Krishi Kalyan Cess” (in short KKC) shall be levied as service tax on all or any of the taxable services @ 0.5% of the value of services. 

KKC shall be in addition to any other cess or service tax leviable on taxable services. 

 

Credit of KKC paid on input services shall be allowed to be used for payment of KKC on output services rendered by the service provider. For this purpose the Government will amend CENVAT Credit Rules in due course. 

Krishi Kalyan Cess to be shown separately. 

SERVICE

SERVICE TAX @ 14 %

S.B.CESS @ 0.50 %

Krishi Kalyan Cess @ 0.50%

TOTAL SERVICE TAX 15%

Service Tax amendments relevant for Tour Operators w.e.f 1st April 2016

As you are aware, the Finance Minister has presented the Union Budget 2016-17 in the Parliament on 29.02.2016. Several amendments have been proposed in the Union Budget on the service tax side.  Important amendments relevant for Tour Operators are being explained below:- 

 

ABATEMENT ON SERVICES OF TOUR OPERATORS FOR SERVICE TAX PAYMENT 

 

In the case of “package tour”, abatement @ 75% from the gross amount charged by the Tour Operator is currently available so that service tax is payable on balance 25% portion with the facility of availing CENVAT Credit of service tax charged by another Tour Operator. The abatement is reduced from 75% to 70% in the case of package tour. In other words service tax will now be payable on 30% of the gross amount. 

 

In cases where the tour operator is providing services solely of arranging or booking accommodation for any person in relation to a tour, abatement of 90% is available with specified conditions. However, this abatement of 90% cannot be claimed in such cases where the invoice, bill or challan issued by the tour operator, in relation to a tour, only includes the service charges for arranging or booking accommodation for any person and does not include the cost of such accommodation. There is no change in the rate of abatement or the conditions required to be fulfilled for claiming the said abatement.

In the case of other services including arranging cabs etc., abatement @ 60% is currently available so that service tax is payable on balance 40% portion with the facility of availing CENVAT Credit of service tax charged by another Tour Operator. 

Here the abatement is increased from 60% to 70% making the Tour Operator to pay service tax on 30% of gross amount as in the case of package tour. 

 

The Tour Operator is not entitled to avail CENVAT Credit on input, capital goods and input services other than input services of a Tour Operator. There is no change in this provision. 

 

Revised chart of Service Tax applicable for tour operators w e.f. 1st April 2016 is as under:-  

 

SERVICE	SERVICE TAX @ 14 %	S.B.CESS @ 0.50 %	TOTAL SERVICE TAX
ROOM ONLY	1.40  % (After abatement of 90%)	0.05 %	1.45  %
Other than above including TOUR PACKAGEsand TRANSPORT	4.20 % (after abatement of 70%)	0.15 %	4.35 %
Those who are registered under TRANSPORT CATEGORY	5.60 % (After abatement of 60%)	0.20 %	5.80%

 

Please note that 

 

• CENVAT Credit will be available only between tour operators to tour operators, 

• CENVAT Credit will be available on Service Tax part only 

• Swachh Bharat Cess to be shown separately as “SB Cess”. No CENVAT Credit will be available on SB Cess.

• Revised rates as indicated in the above table shall apply to invoicing made on or after 01.04.2016.

• There is no other change in service tax rate between 01 April 2016 to 31st May 2016 

Amend rule 7 of Point of Taxation Rules, 2011

Notification No. 24 /2016-Service Tax New Delhi, the   13th April, 2016 In exercise of the powers conferred by clause (a) and clause (hhh) of subsection (2) of section 94 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following rules further to amend the Point of Taxation Rules, 2011, namely :— 1. (1) These rules may be called the Point of Taxation (Third Amendment) Rules, 2016.     (2) They shall come into force on the date of their publication in the Official Gazette. 2. In the Point of Taxation Rules, 2011, in rule 7, after the third proviso, the following proviso     shall be inserted namely:-      "Provided also that in case of services provided by the Government or local authority to       any business entity, the point of taxation shall be the earlier of the dates on which, - (a)    any payment, part or full, in respect of such service becomes due, as specified in the          invoice, bill, challan or any other document issued by the Government or local authority          demanding such payment; or (b)   payment for such services is made.". Note:-  The principal rules were published in the Gazette of India, Extraordinary, Part II,  Section 3, Sub-section (i), vide notification No. 18/2011 – Service Tax, dated the  1st of March, 2011 vide number G.S.R. 175(E) dated the 1st of March, 2011 and last  amended vide notification No.   21/2016 - Service Tax dated 30th March, 2016 published  in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), by number  G.S.R.370 (E), dated the 30th March, 2016.

Rags to TOP 10 traits

This is not any finance update like my other post but sometimes we need to look around to explore our environment.

So here i am sharing my experience as i have seen others , for now :p to reach from Rags to Top.

everybody perceived the thought they need support (Finance , industry, higher education) to reach on the TOP , but there are so many who had reached on the top without any so called support system .

So what was there which motivated them and gave strength to reach there . well can not say that 100% but somewhere the basic ideas .

1- Explore your Environment.

2- Be a starter

3- Wear your confidence

4- Care for others but do not waste your efforts to pleasing others.

5- Do what you LOVE.

6- Start small , dream for big

7- Communicate with transparency

8- Be proud not egoistic 

9- Lead by setting examples 

10-  Rectify own mistakes .