- Visit ITD's e-filing home page (ITD e-filing) and login using TAN and Password
- After successful login, go to TDS menu >> Upload TDS
- In the form provided select the appropriate statement details, viz. FVU Version, Financial Year, Form Name, Quarter and Upload Type (Regular / Correction) and verify.
- Browse the TDS return filing zip file generated using Saral TDS
- Attach Signature file created using DSC Utility and click 'Upload'
- On successful upload appropriate message will be displayed along with Transaction ID and the Token Number for future reference. Deductor can check the status of return after 24 hours of upload using the Token Number.
06 May 2016
Procedure for TCS/ TDS return filing in the ITD e-filing portal
Lok Sabha Passed the Finance Bill,2016
(i)
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Annual contribution made by employer in excess of 12% of salary to the recognized provident fund account of the employees; or
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(ii)
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Rs. 1,50,000
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(i)
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What constitutes under-reporting of income: The Finance Bill, 2016 proposed six instances where a person shall be deemed to have underreported his income. However, the Finance Bill, 2016 as passed by the Lok Sabha has included one more instance of underreporting of income. A person shall also be deemed to have underreported his income where the amount of total income reassessed as per Section 115JB or Section 115JC (MAT or AMT) provisions is greater than the deemed total income assessed or reassessed under provisions of the MAT or the AMT immediately before such reassessment.
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(ii)
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Tax payable on underreporting of income: The existing clause of the Finance Bill, 2016, proposed a flat tax rate of 30% in respect of underreported income in case of Individuals, HUF, AOP, BOI, Artificial Juridical person. The Finance Bill, 2016 as passed by the Lok Sabha provides that the tax payable in respect of the underreported income shall be as under:
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(a)
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Return not furnished: Where return of income has not been furnished and the income has been assessed for the first time, the tax shall be calculated on underreported income as increased by maximum amount not chargeable to tax.
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(b)
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In case of loss: Where the total income assessed or re-assessed is a loss, the tax shall be calculated on underreported income as if it was the total income.
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(c)
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In any other case: Tax on underreported income as increased by income assessed or re-assessed originally less tax on income assessed or re-assessed originally.
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(a)
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Assessee may exercise the option for taxation of income from patents in accordance with the provisions of section 115BBF, in prescribed manner on or before the due date of furnishing of return of income under section 139(1) of the relevant previous year.
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(b)
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If assessee opts for taxation of income from patents as per section 115BBF in any previous year and fails to offer tax on income from patents as per section 115BBF in any of the 5 succeeding assessment years then he shall not be eligible to claim benefit of said section for 5 assessment years subsequent to the assessment year in which such income has not been offered to tax as per section 115BBF.
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(a)
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Contribution: Employer's contributions to the recognized provident fund account of the employees shall not be chargeable to tax to the extent of 12% of employee's salary or Rs.1,50,000, whichever is less.
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(b)
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Withdrawal of employee's contribution: Any withdrawal from the accumulated balance in the provident fund account, which is attributable to employee's contribution made on or after April 1, 2016, shall not be chargeable to tax up to 40 % of such accumulated balance.
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•
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The taxpayer is a unit established in IFSC
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•
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The unit must be a new unit established on or after April 1, 2016
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•
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It should derive its income solely in convertible foreign exchange
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(a)
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If the trust or institution gets converted into any form which is not eligible under section 12AA;
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(b)
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If the trust or institution gets merged into any entity which is not eligible under section 12AA;
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(c)
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If the trust or institution, in case of dissolution, fails to transfer its assets to exempt entities under section 12AA and section 10(23C) (iv), (v), (vi) & (via).
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(a)
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Any asset acquired by a trust or institution out of its agricultural income.
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(b)
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Any asset acquired by the trust before getting registered under section 12AA provided that no exemption under section 11 or 12 is provided to trust or institution during that period.
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(a)
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when registration granted to it under Section 12AA has been cancelled; or
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(b)
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It has adopted or undertaken modification of its objects which do not conform to the conditions of registration and it:
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■
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has not applied for fresh registration under Section 12AA in the said previous year; or
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■
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has filed application for fresh registration under Section 12AA but the said application has been rejected.
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(a)
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the date on which the period for filing appeal before ITAT against the order cancelling the registration (or order rejecting the application) expires, if no appeal has been filed by the trust or the institution; or
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(b)
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the date on which the order in any appeal, confirming the cancellation of the registration (or application), is received by the trust or institution.
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05 May 2016
Welcome step by ITD (Revenue Department)
Welcome step by ITD (Revenue Department)
The facility to upload online quarterly TDS/TCS statements in the e-filing portal shall be available w.e.f. 01.05.2016
Step-by-wise Procedure for e-filing of TDS Returns with effect from 01/05/2016
With effect from 01/05/2016 etds quarterly statements/returns shall not be e-filed or uploaded at TIN NSDL website. However they shall be uploaded at TRACES TDSCPC website
TDS Statement Upload – User Manual
Pre-Requisites for Uploading TDS Statement
To upload TDS, user should hold valid TAN and should be registered in e-Filing
Statement should be prepared using the Return Preparation Utility (RPU) and validated using the File Validation Utility (FVU). The utilities can be downloaded from tin-nsdl website (https://www.tin-nsdl.com/).
Valid DSC should be registered in e-Filing.
Upload TDS/TCS Statement To Upload TDS, the steps are as below:
Step 1: In e-Filing Homepage, Click on “Login Here”
tds return online upload
Step 2: Enter User ID (TAN), Password, and Captcha. Click Login.
tds return online upload
Step 3: Post login, go to TDS Upload TDS.
tds return online upload
Step 4: In the form provided, select the appropriate statement details from the drop down boxes for:
FVU Version
Assessment Year
Form Name
Quarter
Upload Type
Note:
TDS can be uploaded from Assessment Year 2011-12
Only Regular Statements can be uploaded, the Correction statement can beØ uploaded only through tin-nsdl portal.
tds return online upload
Step 5: Click Validate to Validate Statement details.
tds return online upload procedure
Step 6: “Upload TDS ZIP file”: Upload the TDS/TCS statement (Prepared using the utility downloaded from tin-NSDL Website)
Step 7: “Attach the Signature file” Upload the signature file generated using DSC Management Utility for the uploaded TDS ZIP file. For further details on generating Signature file click here. Navigate to Step by Step Guide for Uploading Zip File (Bulk Upload)
Step 8: Click on “Upload” button.
Once the TDS is uploaded, success message will be displayed on the screen. A confirmation mail is sent to the registered email id.
online tds return upload procedure
View Filed TDS Statement
To View the Filed TDS statement, the steps are as below:
Step 1: Login to e-Filing, Go to TDS
online tds return upload procedure
Step 2: In the form provided, select the details from the drop down boxes for Assessment Year, Form Name and Quarter respectively for which the TDS was uploaded.
online tds return upload procedure
Step 3: Click on “View Details”.
Step 4: The status of the TDS uploaded is displayed.
online tds return upload procedure
Once uploaded the status of the statement would be “Uploaded”. The uploaded file will be processed and validated. Upon validation the status will be either be “Accepted” or “Rejected” and would be reflected within 24 hours from the time of upload. In case if “Rejected”, the rejection reason will be displayed.
If the status is “Rejected”, click on the Token Number to view the error details.
online tds return upload procedure
Reason for rejection would be displayed as below:
online tds return upload procedure
Step 6: If the status is “Accepted”, click on the Token Number to see the details of acknowledgement of the statement uploaded for all future reference.
04 May 2016
CBDT clarifies on taxability of income from the transfer of unlisted shares
i.
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the genuineness of transactions in unlisted shares itself is questionable; or
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ii.
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the transfer of unlisted shares is related to an issue pertaining to lifting of corporate veil; or
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iii.
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the transfer of unlisted shares is made along with the control and management of underlying business and the Assessing Officer would take appropriate view in such situations.
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CBSE taxpayers day
03 May 2016
CBDT has notified new form no. 12BB for declaration of investments . Employees
Changes w.ef. 1st June 2016:
CBDT has notified new form no. 12BB for declaration of investments . Employees are now required to submit evidences/particulars of tax savings to employer in Form no. 12BB.
The CBDT has also notified revised due dates for filing of quarterly TDS returns by persons (other than government). Due dates for filing TDS return for the quarter ended 30th June, 30th September, 31st December and 31st March has been extended to 31st July, 31st October, 31st January and 31st May respectively (old dates were 15th July, 15th October, 15th January and 15th May respectively).
29 April 2016
CBDT on Inititate penalty
CBDT clarifies that officer below the rank of JCIT can't initiate penalty proceedings u/s 271D or 271E
SC : Tips collected by hotel from customers and paid to employees couldn't be taxable as salary
No penalty on ‘Aishwarya Rai’ for TDS default if she relied on her CA’s advice [2016] 68taxmann.com 324 (Mumbai - Trib.)
Facts
a) Assessee (Aishwarya Rai Bachchan) made payment of US $ 77,500 to a non-resident for development of website without deducting TDS under Section 195.
b) The Assessing Officer (AO) observed that payment made for development of website would fall within the meaning of 'fees for technical services' as per Explanation 2 to Section 9(1)(vii). Therefore, payment so made was taxable in India in hands of non-resident and, hence, assessee had made default for not deducting TDS while making such payment. Consequently, the AO imposed penalty under section 271C for not deducting the TDS.
c) Assessee submitted that she had not deducted TDS by relying upon advice of her CA. Therefore, penalty shouldn’t be imposed as there was no mala fide intension on her part.
d) CIT(A) confirmed the order of AO. Aggrieved by the order of CIT(A), assessee filed the instant appeal before the tribunal.
The tribunal held in favour of assessee as under-
1) Section 273B provides that no penalty under section 271C should be imposed if assessee proves that there was a reasonable cause for failure to deduct TDS.
2) It is a well-accepted fact that every citizen of the country is neither fully aware of nor is expected to know the technicalities of the Income Tax Act. Therefore, for discharging their statutory duties and obligations, they take assistance and advice of professionals who are well acquainted with the statutory provisions.
3) In the instant case, assessee's CA had issued a certificate opining that tax was not required to be deducted at source on said remittance. Therefore, assessee under a bonafide belief didn’t deduct TDS while making such remittance.
4) Therefore, failure on the part of the assessee to deduct tax at source was due to a reasonable cause. Hence, no penalty under Section 271C should be imposed-
[2016] 68taxmann.com 324 (Mumbai - Trib.)
26 April 2016
Service tax date extension
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF REVENUE
CENTRAL BOARD OF EXCISE AND CUSTOMS
SERVICE TAX WING
NEW DELHI
ORDER NO
1/2016-Service Tax, Dated: April 25, 2016
In exercise of the powers conferred by sub-rule (4) of rule 7 of the Service Tax Rules, 1994, the Central Board of Excise & Customs hereby extends the date of submission of the Form ST-3 for the period from 1st October 2015 to 31st March 2016, from 25th April 2016 to 29th April 2016.
The circumstances of a special nature, which have given rise to this extension of time, are as follows:
"Difficulties have been faced by assessees in accessing the ACES application on 25th April 2016"
F.No.137/99/2011-Service Tax
(Rajeev Yadav)
Director (Service Tax)
Central Board of Excise and Customs
25 April 2016
Due date of filing ST-3 returns extended to 29th April from 25th
24 April 2016
Restores Reverse Charge on Senior Advocates
Finance Minister restores "reverse charge" for service tax on Senior Advocates |
The impasse over levying service tax on Senior Advocates seems to have been resolved. According to our sources, Finance Minister Arun Jaitley has restored the "reverse charge" mechanism when it comes to service tax on senior advocates.
Speaking to Bar & Bench, SCBA President Dushyant Dave said,
"I believe the Finance Minister has restored the "reverse charge" position. And if the sources are correct, I would like to personally thank the Finance Minister Arun Jaitley on behalf of the Bar and the fraternity of Senior Advocates for this clarification."
With this clarification from the Finance Minister, Senior Advocates like other advocates and law firms would now be covered under reverse charge mechanism i.e. the clients would deposit the tax with government directly.
In this year's Budget, Finance Minister Jaitley had decided to tax the services offered by senior advocates to an advocate or a law firm on a forward charge basis. This meant that the senior counsel would have to collect the tax (at the rate of 14 per cent) and deposit this with the authorities.
As expected, the provisions were immediately challenged in different courts; the Gujarat High Court had granted a stay, followed by a similar direction from the Delhi High Court.
Extension of Time Limit-ED-Jewellery
23 April 2016
Excise duty on Jewellery industry
Institute of Chartered accountant has published a book on excise duty on Jewellery industry. Which answers 105 questions on excise law. It also includes format of records and documents to be maintained. It can be downloaded from following link
http://icai.ind.in/newsletter/lt.php?c=627&m=364&nl=1707&s=2029b9226f3ef6655f1f5e7d142f39fb&lid=27685&l=-http--ucanapply.s3.amazonaws.com/icai/download/CELP_Jewellery%20sector_final_29.3.pdf
19 April 2016
MCA Waives Addl Penalty
SECTION 398 OF THE COMPANIES ACT, 2013 - PROVISIONS RELATING TO FILING OF APPLICATIONS, DOCUMENTS, INSPECTION, ETC., IN ELECTRONIC FORM - RELAXATION OF ADDITIONAL FEES AND EXTENSION OF LAST DATE OF FILING OF VARIOUS E-FORMS UNDER COMPANIES ACT
GENERAL CIRCULAR NO.3/2016 [F.NO.01/34/2013 CL-V], DATED 12-4-2016
This Ministry has launched V2R2 on 28th March, 2016, downtime was given to Infosys from 25th March, 2016 to 27th March, 2016. Since the launch of the system, a number of stakeholders have faced issues and representations have been received from stakeholders to resolve the issues including, for allowing waiver of additional fee till the new system stabilizes.
2. In view of the above, it has been decided to relax the additional fee payable on e-forms which are due for filing by companies between 25th March, 2016 to 30th April, 2016 as one time waiver of additional fee and it is also clarified to stakeholders that if such due e-forms are filed after 10-5-2016, no such relaxation shall be allowed.
3. This issues with the approval of the Competent Authority.
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