The Ministry of Finance vide its order dated 29th July, 2016 has extended the due date of filing of Income tax return from 31st July, 2016 to 31st August, 2016 for Jammu & Kashmir and to 5th August, 2016 for rest of India. The reasons sited behind the extension are strike by bank employees on 29th July, 2016 and Sunday on 31st July, 2016, so to avoid hardship in depositing tax due the date is extended. further for Jammu & Kashmir the reason is recent unrest in the valley. The Copy of both the orders is given below.
A clarification has been issued by CBDT on TCS on Cash Sale exceeding Rs. 2 lakhs.
CBDT vide Circular No. 23/2016 dt. 24 June 2016 has clarified on FAQs of stakeholders reg. scope of the provisions and the procedure to be followed in case of the amended provisions of Section 206C of the Income Tax Act, as under:
The Finance Minister while announcing the Union Budget 2016 has introduced new cess called "Krishi Kalyan Cess". It would be levied @ 0.50% on the value of all taxable services. It would be applicable with effect from 1st June, 2016. The Accounting codes are given here under.
Punjab Excise & Taxation Department vide its Public Notice dated 6th May, 2016 has further extended the last date for filing of VAT return VAT-15, for the quarter ended 31st March, 2016 to 9th May, 2016. The copy of the public notice is given below for viewing and downloading.
Punjab Excise & Taxation department has vide its public notice dated 26th April, 2016, extended the last date of efiling of VAT-15 return for the 4th Quarter of Financial Year 2015-16 from 30th April, 2016 to 6th May, 2016. The said public notice is given below.
The Finance Ministry on Tuesday 1st March, 2016, issued an 11-point clarification on the changes made in the Budget 2016-17 on tax treatment for provident fund and NPS (National Pension Scheme). "There seems to be some amount of lack of understanding about the changes made in the General Budget 2016-17 in the tax treatment for recognised Provident Fund & NPS," the Finance Ministry said in a statement. The detailed press release is given below.
The Reserve Bank of India on 25th February, 2016 issued the Master Direction on Know Your Customer (KYC), Anti-Money Laundering (AML) and Combating of Financing of Terrorism (CFT). The Master Direction issued consolidates all relevant instructions issued by different departments of the Reserve Bank so far on the subject and will be applicable to all its regulated entities. The complete detailed directions are given below for reading as well as downloading.
Punjab Excise & Taxation department vide its public notice dated 30th January, 2016 has extended the due date for filing of quarterly VAT-15 return from present 30the January, 2016 to 5th February, 2016. The copy of the said public notice is given below for viewing and downloading.
Government of Punjab, Department of Excise & Taxation has vide its notification dated 17th November, 2015 reduced the rate of VAT on Automobiles to 12% and also vide its notifications dated 2nd December, 2015 reduced the rate of VAT on dry fruit to 4.95% and on LED light to 6.05% and rate of CST on paper board to 1%. The copy of the said notifications are given below for viewing and downloading.
Ministry of finance, Government of India vide its Service Tax notifications, numbering 21/2015 & 22/2015 has imposed 0.5% Swachh bharat Cess on services with effect from 15th November, 2015. The copy of both the above said notifications are given below for viewing as well downloading.
Download the above public notice from the link given below..
No Service tax on free Pick-up or Home delivery of food as it is being in the nature of "Sales" – Chandigarh Commissionerate.This has been clarified by the Chandigarh Commissionerate vide its letter C.No. ST-20/STD/Misc./Sevottam/62/12/4693 dated August 13, 2015 (“the Clarification”). The copy of the said letter is given below.
CBDT vide its Notification No. 61 dated 29th July, 2015 has notified the ITR forms ITR-3, ITR-4, ITR-5, ITR-6 & ITR-7 for the Assessment Year 2015-16 related to Financial Year 2014-15. The new forms will be available for efiling shortly. The copy of the Notification is given below.
Central Board of Direct Taxes vide its notification No. 49/2015-INCOME TAX, Dated: June 22, 2015 has notified the income tax return forms ITR-1, ITR-2, ITR-2A & ITR-4S for filing return of income for the Assessment year 2015-16. The text of the said notification is given below. You can also download the copy of the said notification and copy of ITR forms notified from the links given below.
CBDT in its earlier press release mentioned that as the software for ITR forms is under preparation, they are likely to be available for e-filing by 3rd week of June 2015. Accordingly, the time limit for filing these returns for AY 2015-16 is proposed to be extended up to 31st August, 2015. A separate notification will be issued in this regard. Now CBDT has released this ORDER [F.NO.225/154/2015/ITA.II], DATED 10-6-2015 regarding extension of due date of filing Income Tax return for assessment year 2015-16. The said order is given below.
The Hon’ble President of India has given assent to the Finance Bill, 2015 on Thursday, May 14, 2015. After that The Ministry of Finance, Department of Revenue has issued Notification No. 14/2015-ST dated May 19, 2015 thereby increasing the rate of Service tax from 12.36% to flat 14% (Subsuming Education Cess and Secondary & Higher Secondary Education Cess) to be effective from June 1, 2015. The copy of the notification along with TRU letter D.O.F.No.334/5/2015-TRU dated May 19, 2015 is attached below for viewing and downloading.
Punjab Excise & Taxation Department has issued public notice dated 03.02.2015 clarifying that the hike in the rate of VAT on iron and steel has only been announced. It will come into effect only once it is duly notified. Further, no change in rate of VAT on any other item has been announced or notified. The said public notice is enclosed below.
Department of Excise & Taxation, Government of Punjab has issued public notice dated 13th, November, 2014 thereby extending due date for filing VAT20 for Financial Year 2013-2014 from present 20th November, 2014 to 10th December, 2014. The said Public Notice is attached below.
Excise & Taxation Department, Government of Punjab has extended the due date for filing Vat - 15 return for the quarter ended 30th September, 2014 from existing 30th October, 2014 to 3rd November, 2014 vide its Public Notice dated 29th October, 2014. However date for deposit of tax remains unchanged. The said public notice is given below.
In a notification issued on October 1, Punjab Excise and Taxation department has increased VAT rate on diesel (other than premium diesel), cold drinks (including aerated drinks, soda) and Cigarette and Cigar by 1 per cent, 5 per cent and 9.5 per cent respectively. The copy of the notification is attached below.
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