Quarters
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Due Dates for Form 24Q / 26Q/27Q
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Quarter 1 – April to June
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31st July
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Quarter 2 – July to September
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31st October
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Quarter 3 – October to December
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31st January
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Quarter 4 – January to March
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31st May
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Due dates for the Month of May 2016
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5th
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Service Tax – Service Tax payments by Companies for April |
Central Excise – Duty Payment for all Assessees other than SSI Units for April |
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7th
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Income Tax – TDS Payment for April |
10th
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Central Excise – Monthly Return in Form ER-1 (Ann-12) for other than units availing SSI exemption for April – Monthly Return in Form ER-2 (Ann-13) by 100% EOUs for April – Montly information relating to principal units in Form ER-6 (Ann – 13AC) for specified assessees for June. – Exports – Procurement of specified goods from EOU for use in manufacture of Export goods in Form Ann-17B for DTA units, procuring specified goods from EOU for manufacture of export goods. – Proof of Exports in Form Ann.-19, once in a month for all exporters, exporting goods under Bond – Export details in Form Ann.-20, for Manufacturing following simplified export procedure. – Removal of excisable goods at concessional rate in Form Ann. -46 for Manufacturers receiving the excisable goods for specified use at concessional rate of duty in terms of Rules described in Col. 4. |
15th
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Income Tax – TDS / TCS Quarterly Statements (Other than Government Deductor) January to March Providend Fund – PF Payment for April |
21st
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ESIC – ESIC Payment for April MVAT * – MVAT Monthly Return for April (TAX>1000000/-). If paid in time additional 10 days for uploading e-return. |
31st
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Profession Tax – Monthly Return (covering salary paid for the preceding month) (Tax Rs. 50,000 or more) Central Excise – Particulars relating to clearances, electricity load etc., in Form Ann.-4 exceeding the limit of Rs. 90 lakhs of exempted clearances for small scale units availing exemption and whose turnover exceeds or has exceeded Rs. 90 lakhs in a financial year, as the case may be. |
Software Solutions Available on:
TDS | PAYROLL | WEB PAYROLL | WEB HRMS | XBRL | FIXED ASSET |INCOME TAX| SERVICE TAX | DIGITAL SIGNATURE | ATTENDANCE MACHINE & CCTV | DATA BACKUP SOFTWARE | PDF SIGNER |
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Sensys Technologies Pvt. Ltd.
HO: 524, Master Mind1, Royal Palms, Goregaon East, Mumbai – 400 065. Tel.: 022-66278600 | Call: 09769468105 / 09867307971 Email: sales@sensysindia.com | Website: http://www.sensysindia.com Branches: Delhi & NCR | Pune | Bangalore | Hyderabad | Ahmedabad | Chennai | Kolkata |
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Visit our BLOG for latest news and updates related to XBRL, Income Tax, HR & Payroll, PF / ESIC / TDS / PT etc.. Click here to visit Sensys BLOG
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M: +91 98203 46422 E: events@antworkseducation.in |
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Due dates for the Month of March 2016
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5th
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Service Tax – Service Tax payments by Companies for February |
Central Excise – Duty Payment for all Assessees other than SSI Units for February |
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7th
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Income Tax – TDS Payment for February |
10th
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Central Excise – Monthly Return in Form ER-1 (Ann-12) for other than units availing SSI exemption for February – Monthly Return in Form ER-2 (Ann-13) by 100% EOUs for February – Montly information relating to principal units in Form ER-6 (Ann – 13AC) for specified assessees for April. – Exports – Procurement of specified goods from EOU for use in manufacture of Export goods in Form Ann-17B for DTA units, procuring specified goods from EOU for manufacture of export goods. – Proof of Exports in Form Ann.-19, once in a month for all exporters, exporting goods under Bond – Export details in Form Ann.-20, for Manufacturing following simplified export procedure. – Removal of excisable goods at concessional rate in Form Ann. -46 for Manufacturers receiving the excisable goods for specified use at concessional rate of duty in terms of Rules described in Col. 4. |
15th
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Income Tax – Advance Income Tax – Final Installment all assessees Providend Fund – PF Payment for February |
21st
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ESIC – ESIC Payment for February MVAT * – MVAT Monthly Return for February (TAX>1000000/-). If paid in time additional 10 days for uploading e-return. |
31st
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Service Tax – Service Tax Payment by other than companies for January to March – Service Tax Payment by companies for March Profession Tax – Monthly Return (covering salary paid for the preceding month) (Tax Rs. 50,000 or more) – Annual Return (for Salary paid for the month from 1st March to 29th February < Rs. 50,000) Central Excise – Duty Payments for all assessees other than SSI Units for March – Duty Payments for SSI Units in respect of goods cleared during January to March – Particulars relating to clearances, electricity load etc., in Form Ann.-4 exceeding the limit of Rs. 90 lakhs of exempted clearances for small scale units availing exemption and whose turnover exceeds or has exceeded Rs. 90 lakhs in a financial year, as the case may be. |
Software Solutions Available on:
TDS | PAYROLL | WEB PAYROLL | WEB HRMS | XBRL | FIXED ASSET |INCOME TAX| SERVICE TAX | DIGITAL SIGNATURE | ATTENDANCE MACHINE & CCTV | DATA BACKUP SOFTWARE | PDF SIGNER |
|
Sensys Technologies Pvt. Ltd.
HO: 524, Master Mind1, Royal Palms, Goregaon East, Mumbai – 400 065. Tel.: 022-66278600 | Call: 09769468105 / 09867307971 Email: sales@sensysindia.com | Website: http://www.sensysindia.com Branches: Delhi & NCR | Pune | Bangalore | Hyderabad | Ahmedabad | Chennai | Kolkata |
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Visit our BLOG for latest news and updates related to XBRL, Income Tax, HR & Payroll, PF / ESIC / TDS / PT etc.. Click here to visit Sensys BLOG
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Basic Principles to compute capital gains
When do capital gains arise?
Normally, only revenue receipts are taxable under the Act. Capital receipts are, as a general rule, outside the tax net. As an exception to this general rule, gains arising from the transfer of a capital asset are taxable.
So far as a salaried assessee is concerned, capital gains may normally arise when he sells a house, or agricultural land or shares or jewellery.
Two basic ingredients are for being a receipt as capital gain is:
- There should be a ‘capital asset’ owned by the assessee, and
- Such asset should have been ‘transferred‘ during the previous year.
For this purpose, the expressions ‘capital asset’ and ‘transfer have been specifically defined in the Act
What is a capital asset?
The Act gives a wide definition to the expression ‘capital asset’ to the effect that it will mean ‘property of any kind held be an assessee, whether or not connected with his business or profession.’
However it excludes the following assets from the purview of capital assets:
- Any stock-in-trade, consumable stores or raw materials held for the purpose of the assessee’s business or profession.
- Personal effect, i.e., movable property (including wearing apparel and furniture, but excluding jewellery, archaeological collection, drawing, painting, sculptures, or any work of an art) held for the personal use by the assessee or any member of his family dependent to him.
- A motorcar or any other vehicle held for personal use can be brought under the category of personal effect and can’t be taxed as capital gains.
- Agricultural lands situated in India other than lands situated in urban areas.
- From the assessment year 2008-09 onward personal effects exclude, in addition to jewellery, (i) archaeological collection, (ii) drawing, (iii) painting, (iv) sculptures, or (v) any work of an art. Hence, there will always be capita gain on transfer of such personal effects.
Mode of computation of capital gain:
The Act provides definite mode for computation of capital gain from transfer of capital asset. The same is enumerated as below
- Determine whether property transfer is capital assets? If yes, go to step 2.
- Determine whether your transfer is covered by the definition of – “Transaction not regarded as transfer”. If the transaction is covered under transaction not regarded as transfer then your transaction is tax free and no further computation is required. If not, go to step 3.
- Determine period of holding of asset. This is required to determine gain arising from transfer is short term or long term.
- In case of long terms capital assets apply indexation to the cost of assets before computation of capital gain.
- Compute consideration received out of transfer of asset. Consideration received means net consideration which is available after deducting from full value of the consideration the expenditure incurred wholly and exclusively in connection with the transfer as incurred by transferor. This may include the below mentioned expenses:
- Cost of stamp paper purchase
- Stamp duty and registration fees
- Brokerage and commission paid to the negotiators / agents.
- Any legal expenses incurred by the transferor to effect transfer of title.
- Compute cost of acquisition and cost of improvement. Apply ratio of cost inflation index in suitable cases.
- Adjust suitably cost with any advance received in past and forfeited as sale was not finally metalized.
- Compute gain (short term / long term as the case may be)
- Adjust the above gain with the amount of exemption available under section 54 of the act.
Treatment of capital losses:
The situation may arise where the consideration for transfer is less than the cost of acquisition plus expenses on transfer. This will result you in loss.
Losses from transfer of short term capital asset can be set off against any capital gain (whether long term or short term).
Losses arising from transfer of long term capital asset will be allowed to be set off only against long term capital asset.
Both short term and long term capital loss shall be allowed to carry forward for 8 years.
After carried forward short term capital loss may be set off against any income under the head capital gain – whether it is short term capital gain or long term capital gain.
After carried forward long term capital loss can be set off against long term capital gain.
Valuation of Holiday facilities provided by employer
This perquisites is taxable in the hands of all employees
Contents of rule 3(7)(ii): The values is as follows
- The value of traveling, touring, accommodation and any other expenses paid for (or borne or reimbursed) by the employer for any holiday availed of by the employee (or any member of his household) (other than leave travel concession or assistance referred to in rule 2B) shall be determined as the sum equal to the amount of expenditure incurred by the employer in that behalf.
- Where such facility is maintained by the employer, and is not available uniformity to all employees, the value of the benefit shall be taken to be the value at which such facilities are offered by other agencies to the public.
- Where the employee is on official tour and the expenses are incurred in respect of any member for his household accompanying him, the amount of expenditure so incurred shall be a fringe benefit or amenity.
- Where any official tour is extended as a vacation, the value of such fringe benefit will be limited to the expenses incurred in relation to such extended period of stay or vacation.
- The amount determined as per the above rules shall be reduced by the amount, if any paid or recovered from the employee for such benefit or amenity.
The sub-rule stipulates that where any holiday is availed of by the employees or any member of his household, other than leave travel concession (covered under separate rule naming rule 2B), and the expenses are met by the employer, either directly or by the way of reimbursement, there will be a taxable perquisite.
For the purpose of determining the value of the perquisite, the following aspects need to be considered:
Types of expenses covered | The expenses covered under the rule are-
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Types of tour covered | The rule speak about two types of tours, viz.,(1) Officials tours, and
(2) Officials tours extended as a vacation. The following practical situation may arise from the above tours: OFFICIAL TOURS – The expenses incurred on the employee will not be treated as a perquisite. However, if the employee is accompanied by the members of his family (i.e. his / her spouse), expenses incurred on the members of the family (on travel, local tours and boarding lodging) will be treated as a perquisite. PRIVATE/HOLIDAY TOURS – In case of purely private/holiday tours all expenses paid for or borne or reimbursed by the employer for any holiday availed of by employee or any member of his household, shall be determined as the sum equal to the amount of expenditure incurred by the employer in that behalf. |
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When official tour is combined with vacation | Expenses on the employee during the vacation period (boarding and lodging and local tours) and all expense for the entire period including official tour period on the members of his household who accompanied him (on travel, local tours and boarding and lodging) will be treated as perquisites.In respect of employee, the rule provides on travel expenses on the employees both ways will not treated as a perquisite. | ||||||
When a family member (e.g. spouse of employee) accompanies the employee on an official tour | The rule specifies that where any holiday facility is provided to any member of the household accompanying the employee on the official tour, it shall be deemed to be a perquisite. All expenses on the accompanying member, if borne by the employer directly or indirectly, will be taxed as a perquisite. |
Case Study
- A company executive goes on an official tour for five days and returns to headquarters. He is accompanied by the three members of his household. The company meets the expenses comprising (1) train fare at Rs.600 per head both ways, and (2) other expenses at Rs. 650 per head day for 5 days.
In this case, the value of the perquisite will be the expenses incurred on the members of the family only, as follows:
Train fare – 600*3 – Rs.1800
Other expenses -650*3*5 Rs.9750
Value of the perquisite Rs.11,550
- A company executive goes on an official tour for 4 days, and extends it as a vacation for 4 more days before returning to headquarters. He is accompanied by two members of his household. The company meets the expenses comprising (1) Airfare at Rs.2,500 per head to and fro and (2) other expenses at Rs.800 per day per head.
In this case, the value of the perquisite will be the sum total of (1) other expenses of the executive for the vacation period of 4 days, and (2) air fare and other expenses of the members of the family for 8 days.
Airfare on members of the household -Rs. 2,500*2 – Rs.5,000
Other expenses on executive -800*4 – Rs.3,200
Other expenses on members of the household
800*2*8 – Rs.12,800
Value of perquisite – Rs.21,000
Due dates for the Month of Feb 2016
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5th
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Service Tax – Service Tax payments by Companies for January |
Central Excise – Duty Payment for all Assessees other than SSI Units for January |
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7th
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Income Tax – TDS Payment for January |
10th
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Central Excise – Monthly Return in Form ER-1 (Ann-12) for other than units availing SSI exemption for January – Monthly Return in Form ER-2 (Ann-13) by 100% EOUs for January – Montly information relating to principal units in Form ER-6 (Ann – 13AC) for specified assessees for March. – Exports – Procurement of specified goods from EOU for use in manufacture of Export goods in Form Ann-17B for DTA units, procuring specified goods from EOU for manufacture of export goods. – Proof of Exports in Form Ann.-19, once in a month for all exporters, exporting goods under Bond – Export details in Form Ann.-20, for Manufacturing following simplified export procedure. – Removal of excisable goods at concessional rate in Form Ann. -46 for Manufacturers receiving the excisable goods for specified use at concessional rate of duty in terms of Rules described in Col. 4. |
15th
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Providend Fund – PF Payment for January |
21st
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ESIC – ESIC Payment for January MVAT * – MVAT Monthly Return for January (TAX>1000000/-). If paid in time additional 10 days for uploading e-return. |
28th
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Profession Tax – Monthly Return (covering salary paid for the preceding month) (Tax Rs. 50,000 or more) Central Excise – Particulars relating to clearances, electricity load etc., in Form Ann.-4 exceeding the limit of Rs. 90 lakhs of exempted clearances for small scale units availing exemption and whose turnover exceeds or has exceeded Rs. 90 lakhs in a financial year, as the case may be. |
Software Solutions Available on:
TDS | PAYROLL | WEB PAYROLL | WEB HRMS | XBRL | FIXED ASSET |INCOME TAX| SERVICE TAX | DIGITAL SIGNATURE | ATTENDANCE MACHINE & CCTV | DATA BACKUP SOFTWARE | PDF SIGNER |
|
Sensys Technologies Pvt. Ltd.
HO: 524, Master Mind1, Royal Palms, Goregaon East, Mumbai – 400 065. Tel.: 022-66278600 | Call: 09769468105 / 09867307971 Email: sales@sensysindia.com | Website: http://www.sensysindia.com Branches: Delhi & NCR | Pune | Bangalore | Hyderabad | Ahmedabad | Chennai | Kolkata |
|
Visit our BLOG for latest news and updates related to XBRL, Income Tax, HR & Payroll, PF / ESIC / TDS / PT etc.. Click here to visit Sensys BLOG
|
Due dates for the Month of December 2015
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05-12-2015
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Service Tax – Service Tax payments by Companies for November |
Central Excise# – Payment of Excise Duty for all Assessees other than SSI Units for November |
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07-12-2015
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Income Tax – TDS Payment for November |
10-12-2015
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Central Excise – Monthly Return in Form ER-1 (Ann-12) for other than units availing SSI exemption for November – Monthly Return in Form ER-2 (Ann-13) by 100% EOUs for November – Montly information relating to principal units in Form ER-6 (Ann – 13AC) for specified assessees for January. – Exports – Procurement of specified goods from EOU for use in manufacture of Export goods in Form Ann-17B for DTA units, procuring specified goods from EOU for manufacture of export goods. – Proof of Exports in Form Ann.-19, once in a month for all exporters, exporting goods under Bond – Export details in Form Ann.-20, for Manufacturing following simplified export procedure. – Removal of excisable goods at concessional rate in Form Ann. -46 for Manufacturers receiving the excisable goods for specified use at concessional rate of duty in terms of Rules described in Col. 4. |
15-12-2015
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Income Tax – Advance Income Tax for all Assessees Providend Fund – PF Payment for November |
21-12-2015
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ESIC – ESIC Payment for November MVAT * – MVAT Monthly Return for November(Eligibility as per Mahavat Website) |
31-12-2015
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Profession Tax – Monthly Return (covering salary paid for the preceding month) (Tax Rs. 50,000 or more) Central Excise – Particulars relating to clearances, electricity load etc., in Form Ann.-4 exceeding the limit of Rs. 90 lakhs of exempted clearances for small scale units availing exemption and whose turnover exceeds or has exceeded Rs. 90 lakhs in a financial year, as the case may be. |
*If payment of MVAT made as per time prescribed, additional 10 days are given for uploading e-return #If Excise Duty / Service Tax paid electronically through internet banking, the date is to be reckoned as 6th instead of 5th |
|
Software Solutions Available on:
TDS | PAYROLL | WEB PAYROLL | WEB HRMS | XBRL | FIXED ASSET |INCOME TAX| SERVICE TAX | DIGITAL SIGNATURE | ATTENDANCE MACHINE & CCTV | DATA BACKUP SOFTWARE | PDF SIGNER |
|
Sensys Technologies Pvt. Ltd.
HO: 524, Master Mind1, Royal Palms, Goregaon East, Mumbai – 400 065. Tel.: 022-66278600 | Call: 09769468105 / 09867307971 Email: sales@sensysindia.com | Website: http://www.sensysindia.com Branches: Delhi & NCR | Pune | Bangalore | Hyderabad | Ahmedabad | Chennai | Kolkata |
|
Visit our BLOG for latest news and updates related to XBRL, Income Tax, HR & Payroll, PF / ESIC / TDS / PT etc.. Click here to visit Sensys BLOG
|
Due dates for the Month of September 2015
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05-09-2015
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Service Tax – Service Tax payments by Companies for August |
Central Excise# – Payment of Excise Duty for all Assessees other than SSI Units for August |
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07-09-2015
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Income Tax – TDS Payment for August |
10-09-2015
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Central Excise – Monthly Return in Form ER-1 (Ann-12) for other than units availing SSI exemption for August – Monthly Return in Form ER-2 (Ann-13) by 100% EOUs for August – Montly information relating to principal units in Form ER-6 (Ann – 13AC) for specified assessees for October. – Exports – Procurement of specified goods from EOU for use in manufacture of Export goods in Form Ann-17B for DTA units, procuring specified goods from EOU for manufacture of export goods. – Proof of Exports in form Ann.-19, once in a month for all exporters, exporting goods under Bond – Export details in Form Ann.-20, for Manufacturing following simplified export procedure. – Removal of excisable goods at concessional rate in Form Ann. -46 for Manufacturers receiving the excisable goods for specified use at concessional rate of duty in terms of Rules described in Col. 4. |
15-09-2015
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Income Tax – Advance Income Tax – All Assesses Providend Fund – PF Payment for August |
20-09-2015
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MVAT – TDS Payment for August |
21-09-2015
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ESIC – ESIC Payment for August MVAT * – MVAT Monthly Return for August (Eligibility as per Mahavat Website) |
30-09-2015
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Income Tax – Return of Income & Wealth for others covered under Audit & Companies but other than covered under Transfer Pricing Regulations Profession Tax – Monthly Return (covering salary paid for the preceding month) (Tax Rs. 50,000 or more) Central Excise – Particulars relating to clearances, electricity load etc., in Form Ann.-4 exceeding the limit of Rs. 90 lakhs of exempted clearances for small scale units availing exemption and whose turnover exceeds or has exceeded Rs. 90 lakhs in a financial year, as the case may be. |
*If payment of MVAT made as per time prescribed, additional 10 days are given for uploading e-return | |
Software Solutions Available on:
TDS | PAYROLL | WEB PAYROLL | WEB HRMS | XBRL | FIXED ASSET |INCOME TAX| SERVICE TAX | DIGITAL SIGNATURE | ATTENDANCE MACHINE & CCTV | DATA BACKUP SOFTWARE | PDF SIGNER |
|
Sensys Technologies Pvt. Ltd.
HO: 524, Master Mind1, Royal Palms, Goregaon East, Mumbai – 400 065. Tel.: 022-66278600 | Call: 09769468105 / 09867307971 Email: sales@sensysindia.com | Website: http://www.sensysindia.com Branches: Delhi & NCR | Pune | Bangalore | Hyderabad | Ahmedabad | Chennai | Kolkatta |
|
Visit our BLOG for latest news and updates related to XBRL, Income Tax, HR & Payroll, PF / ESIC / TDS / PT etc.. Click here to visit Sensys BLOG
|