The Finance Bill 2014, as introduced in the Lok Sabha today, 17.02.2014, is available for download. The highlights of the Budget are as follows:
The Excise Duty on all goods falling under Chapter 84 & 85 of the Schedule to the Central Excise Tariff Act is reduced from 12 percent to 10 percent for the period upto 30.06.20 14. The rates can be reviewed at the time of regular Budget.
Changes in Central Excise in interim Budget 2014-15
Highlights of Finance Minister P Chidambaram's Vote on Account or Interim Budget speech.
12.12: FM ends speech with a long Tamil couplet.
12.10: FM hopes to peg revenue deficit at 3.3% and fiscal deficit target at 4.1% next year.
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
tax 'N' accounts people
Tarun Kumar Gupta
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