The Central Government has issued 3 notifications 32/2018, 33/2018 & 34/2018- Central Tax on 10th August 2018 in order to decide the time limit for filing of GSTR-1 & GSTR-3B for the period July 2018 to March 2019.
• Revised last date for filing of GSTR-1 is as follows:
a) Taxpayer having turnover less than Rs. 1.5 crore need to file the GSTR-1 quarterly as follows:
July 18 - Sept 18 - 31st Oct 2018
Oct 18 - Dec 18 - 31st Jan 2019
Jan 19 - March 19- 30th April 2019
b) Taxpayer having turnover more than Rs. 1.5 crore need to file the monthly GSTR-1 as follows:
July 18 to March 19 - 11th of succeeding month.
• GSTR-3B for the period July 18 to March 19 shall continue to be filed monthly by all the taxpayers by 20th of next month.
• Also, every taxpayer has to discharge its liability by debiting the electronic cash ledger or credit ledger, as the case may be, for the said period by 20th of next month.
The Ministry of finance has issued FAQs on Goods & Services Tax on 3rd August, 2016. The copy of the said FAQs is given below:-
The Excise & Taxation department, Government of Punjab has, vide its public notice dated 30th July, 2016, extended the due date for filing Quarterly VAT return VAT-15 to 5th August, 2016. The Copy of Public notice is given below.
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:
Punjab Excise & Taxation department vide its Public Notices dated 01-June-2016 and 10-June-2016 has extended the facility of ePayment of taxes & eFiling of returns to Luxury Tax and Entertainment Tax as well. The Copy of said Public Notices is given below.
Advance Tax provisions have been amended by the Finance Act 2016 (No. 28 of 2016) which are effective for Assessment Year 2017-18 relevant to Financial Year 20016-17. The amendments are given here 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 Central Board of Excise & Customs has extended the last date of submission of service tax return form ST-3 for the period from 1st October, 2015 to 31st March, 2016, from 25th April, 2016 to 29th April, 2016. The Copy of the order is given below.
In the Finance Act-2015 a new sub-section 1B to section 80CCD in the Income Tax Act-1961 was inserted whereby an additional deduction of Rs. 50,000/- is offered to the taxpayer for contribution in the National Pension Scheme (NPS). This deduction is over and above the deduction of Rs. 1.50 Lac available u/s 80C for contribution in LIC/PPF/NSC etc. Deduction of Rs 50,000/- under 80CCD (1B) is exclusively for investments in NPS and cannot be availed against any other investment. NPS is a voluntary pension scheme regulated by Pension Fund Regulatory and Development Authority (PFRDA).
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.
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Tarun Kumar Gupta
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