If you haven't wrapped up your tax planning as the financial year draws to a close this week, here's a quick look at the available options and their suitability for you.
it authorities cant adjust outstanding demand against pending refund without first informing the assessee
The Delhi high court has instructed tax authorities not to adjust refunds due against past outstanding demands under any circumstances without informing the taxpayers.
Relaxation of additional fees and extension of last date of filling of various forms with mca as per general circular no. 7/2013 dated 20.03.2013
Every year, Lakhs of Indians participate in the festival Holi. The festival has many purposes. First and foremost, it celebrates the beginning of the new season, spring. Originally, it was a festival that commemorated good harvests and the fertile land. Indians believe it is a time of enjoying spring's abundant colors and saying farewell to winter. It also has a religious purpose, commemorating events present in Hindu mythology. Although it is the least religious holiday, it is probably one of the most exhilarating ones in existence. During this event, participants hold a bonfire, throw colored powder at each other, and celebrate wildly.
Service Tax Return (ST - 3) for the period 1st July-30th September, 2012 is now available in a modified format for e-filing in ACES. Only offline version is available and there is no online version.
The utility needs to be downloaded afresh from 'DOWNLOADS' section of ACES website, www.aces.gov.in or after logging in, under the navigational path RET-> e-Filing -> Download eFiling Utility.
Before filling-in the Return, please go through the FAQs available under HELP Section of ACES Website under the navigational path: https://www.aces.gov.in > Help > Frequently Asked Questions > Returns > ST 3 Return for July-September, 2012.
The last date of e-filing of this return is 15th April, 2013. After uploading the return to ACES, the status of the return can be checked under RET-> e-Filing -> View XML Status and the filed return can be viewed under 'View Original ST3' and 'View ST3' options in the RET module of ACES after a few days (the exact date to be announced later).
Those assessees who are registered on or after 01.07.2012 and the service description is 'All Taxable Services - Other than in the Negative List' or those assessees who have amended their Registration by adding the description 'Other than in the Negative List', are required to file amendment to their Registration online by deleting the said description and adding the relevant description(s) of Taxable Services available in the dropdown list in the online Amendment Form. Only after doing so, these assessees will be able to file their return for the period July, 2012 onwards.
The exact date of the availability of the ST 3 return in ACES for the period October, 2012 - March, 2013 will be announced later. Please visit ACES website for more details.
Please note that the last date of payment of Central Excise Duties and Service Tax, payable for the month and quarter ending March is 31st March, 2013.
Things to be Done
1.Service Tax Due dates:
Due date to deposit Service Tax on services provided/deemed to provided in month/quarter is 5th of succeeding Month, but due date to deposit tax for month/quarter ending on 31st March ,is 31st March itself. So make sure that you pay your service tax due for the month of March /quarter Jan-March,13 as the case may be by 31st March ,2013.
2. Excise Duty Due Date :
Same rule of Service Tax is applicable on Excise Duty also, So excise duty due for month/quarter ended 31st March is to be deposited by 31st March,2013 itself.
3. Due Date for Advance Tax :
Generally tax payers thinks that advance tax due dates are 15 June, 15 Sep, 15 Dec and 15 march ,but forget about 31st March. 31st March is last day for depositing your advance tax under Income tax .If you have balance advance tax then pay it by 31st March , otherwise you have to bear another 1 % interest u/s 234B at least for one month.So even if you pay balance tax on First April,2013 ,you have to pay interest on balance advance tax u/s 234B for one month.
4. Advance tax for capital Gain :
Importance of 31st March in Indian Taxes Second point under advance tax is, if you have Income from Capital Gain then Income tax rules/act provide you exemption from depositing installment of advance due on capital gain amount before the accrual of such capital gain Income. but this is subject to condition that you pay balance tax with in Financial year.If you are unable to deposit the advance tax due on capital gain with in financial year then above exemption will not be available to you.
Example: Suppose a person earned income from capital gain Rs 12,00,000/- on March,16 and advance tax due is Rs 1,33,900/- .In this case, if person pay his advance tax by 31st March then no interest is to be charged u/s 234C but if he do not pay advance tax by 31 March , then interest u/s 234C will be payable by him amounting to Rs 4951/- from the first installment due date ?.
5 .Return for assessment year 2011-12
If you have not filed your Income Tax return for the assessment year 2011-12 ,then go far it before 31st March 2013 ,you still have a chance ,as belated return can be filed with in one year from the end of assessment year.
6. File Return for assessment year 2012-13 without penalty
If you have not filed your Income Tax return for the assessment year 2012-13 ,then go far it before 31st March 2013 ,you still have a chance to file your return without paying any penalty as the assessment year closes on 31st March.
7. Savings For Financial year:
If are planning to save tax u/s 80C or 80D(Medical /health insurance ) or other section then purchase Tax saving instruments like,NSC,PPF ,Lic receipt before 31st March so that you can take maximum benefit provided under these heads.
Further make sure that you cheque also got cleared before 31st March , as in few investment schemes cheque clearing date may be treated as your investment date .So its better to deposit in cash except section 80D (medical insurance/health insurance).
8. Filing of ITR-V for Assessment year 2010-11,2011-12 and 2012-13
If you filed your income tax return online without digital signature for above year but have not sent your ITR_V to CPC yet , then you should do it now , as you can submit ITR-V for AY 2010-11,2011-12, 20012-13 by 31st March , 2013.
9.Wealth Tax return :
Due date of filing of return in respect of Financial year 2012-13 ,who failed to file return on due dates Wealth Tax Form BA
Senior citizen saving scheme is best interest paying scheme for eligible senior citizens.Investment in this scheme is also eligible for deduction under section 80C. Interest in this scheme is 9.3 % per year ,which is quarterly compounding. Interest earned on this deposit is taxable under income tax act.
Salient features of the Senior Citizens Savings Scheme, 2004:-
Tenure of the deposit account 5 years, which can be extended by 3 years.
Rate of interest 9.3 per cent per annum
Frequency of computing interest Quarterly
Taxability Interest is fully taxable.
Whether TDS is applicable Yes. Tax will be deducted at source.
Investment to be in multiples of ` 1000/-
Maximum investment limit ` 15 lakh
Minimum eligible age for investment 60 years (55 years for those who have retired on superannuation or under a voluntary or special voluntary scheme). The retired personnel of Defence Services (excluding Civilian Defence Employees) will be eligible to invest irrespective of the age limits subject to the fulfillment of other specified conditions
Premature closure/withdrawal facility Permitted after one year of opening the account but with penalty.
Transferability Not transferable
Tradability Not tradable
Nomination facility Nomination facility is available.
Modes of holding Accounts can be held both in single and joint holding modes. Joint holding is allowed only with spouse.
Application forms available with Post Offices and designated branches of 24 Nationalised banks and one private sector bank
Applicability to NRI, PIO and HUFs Non Resident Indians (NRIs), Persons of Indian Origin (PIO) and Hindu Undivided Family (HUF) are not eligible to open an account under the Scheme.
Transfer from one deposit office to another Transfer of account from one deposit office to another is permitted.
RBI has directed all agency banks to open his designated bank branches on 29.03.2013,30.03.2013 and 31.03.2013 for full day and extended hours due to expected rush in view of financial year 2012-13 closing. At present all the public sector banks and three private sector banks viz. ICICI Bank Ltd., HDFC Bank Ltd. and Axis Bank Ltd. act as RBI's agents. Only authorised branches of Agency banks can conduct Govt. business.
The Chairman & Managing Director/The Chief Executive Officer All Agency Banks
Annual Closing of Government Accounts - Transactions of Central / State Governments - Special Measures for the Current Financial Year (2012-13)
We have been requested by the Government of India and some State Governments to facilitate collection and accounting of all Government tax receipts for the current financial year (2012-13) up to March 31, 2013 keeping in view the likely rush of tax-payers towards the end of March 2013. Accordingly, it has been decided that all Agency banks shall keep the counters of their designated branches conducting Government business open (full day with extended hours) on March 29, 30 and 31, 2013 to facilitate receipt of Government taxes from members of public even at late hours.
2. As regards conduct of special clearing on these dates (including same-day return clearing on March 31, 2013), separate guidelines are being issued by our Department of Payment and Settlement Systems ( DPSS), Central Office, Mumbai.
3. You are requested to advise all concerned to strictly implement the above instructions.
(G. C. Biswal) Deputy General Manager
Income tax offices to remain open on 3oth and 31st of march to facilitate filing of return , although being Saturday and sunday
SECTION 119 OF THE INCOME TAX ACT, 1961 - INCOME TAX AUTHORITIES - INSTRUCTIONS TO SUBORDINATE AUTHORITIES - ORDER FOR FACILITATING FILING OF IT RETURNS BY TAX PAYERS FOR F.Y. 2012-13 2011-12 ON 30th & 31st MARCH, 2013
ORDER [F. NO. 225/45/2013/ITA.II], DATED 13-3-2013
The Financial Year 2012-13 closes on 31-3-2013. In view of holidays on 27th and 29th of March and thereafter, on 30th and 31st March, being Saturday and Sunday it is directed that all the Income-tax Offices through out India shall remain open and the receipts counters shall also work during normal office hours on 30th and 31st of March 2013. The direction is issued for administrative convenience by the Central Board of Direct Taxes in exercise of powers conferred under section 119 of the Income-tax Act, 1961.
Special arrangements may also be made by way of opening additional receipt counters, wherever required on 30th and 31st March 2013 to facilitate filing of return of income and other related work of tax payers. These instructions may be given wide publicity.
Download office order here
ICAI issued the Guidance note on audit of Banks, 2013 edition. It can be downloaded by clicking here download.
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Tarun Kumar Gupta
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