Income Tax Department cannot recover tax from assessee when tax has been already deducted from assessee, but not deposited by the deductor

Clerical Mistake in MGT - 7 ROC Annual Filing/ Revision of Annual Return filing ROC

Clerical Mistake in MGT - 7 ROC Annual Filing

> If there is any clerical mistake happened while filling the form or attachment, please do file the form once again

> Put a note clarifying the mistake happened in the original MGT -7  and attach the same along with MGT-7 Revised

> revised filing of all Annual filing eForms except Form 23AC/ACA and Form 23AC-XBRL/ 23ACA-XBRL can be done in respect of the Forms already filed but the fees for subsequent revised filing shall be charged, assuming it as a new filing.

Enhancement Floor Rate of live Chicken - KVAT (Kerala Value Added Tax)

Sub: - Revision of floor rate of live chicken - Orders issued - reg.

Read: - 1. Order No. C2 - 11808/11/CT dated 23/08/2013

2. Lr. No. P13 - 1545111 dated 05/12/2015 of the Deputy Commissioner,
Palakkad.

The existing floor rate of live chicken was fixed at Rs. 95/- per Kg as per Order
read 1st above.

The Committee, constituted for the fixation of floor rate of live chicken, under the chairmanship of Deputy Commissioner, Palakkad held a meeting on 08/07/2015. Representatives from the various Live Chicken dealers and organizations also participated in the meeting.

It was a general opinion in the meeting that there is loss of revenue to the State in the context that the floor rate remains unaltered even when there is remarkable hike in the market price of live chicken. At present the market price of live chicken varies from Rs.11 01- to 1401- per Kg.

The Committee submitted the report vide reference 2nd paper above and has recommended the fixation of floor rate of live chicken @ 10Q per kilogram. For day old chicks and day old giriraja chicks no enhancement has been proposed.

The proposal has been examined and in order to protect the State revenue, it is decided to revise the floor rate of live chicken. Hence the following orders are issued.

ORDER NO. C2 -15221/09/CT DATED 08/0212016

In supercession of the order read 1st paper above, for the purpose of Section 8(g) and Section 47(16) A of Kerala Value Added Tax Act,2003,

(1) The floor rate of 'live chicken' imported into the State is fixed as Rs. 100

(Rupees Hundred) per kilogram.

(2) The floor rate of day old chicks and girirraja chicks will continue as fixed vide
paper read 1st.
This Order will take effect from 12/02/2016.

Not able to Open JAVA Digital Signature Utility (DSC) provided by the Income Tax Department

> Delete all old versions of JAVA from your computer and install the latest version of JAVA.

>  Install JAVA 8 Update 71 after deleting old versions of java from your computer

> Then download the utility. You will be able to open the utility.

> Follow the steps in the "DSC Utility Manual"

> Upload only the signed file to Income Tax Website.

Pradhan Mantri Mudra Loans

PRADHAN MANTRI MUDRA YOJANA

Micro Units Development & Refinance Agency Ltd. (MUDRA) is a new institution set up by Government of India to provide funding to the non-corporate, non-farm sector income generating activities of micro and small enterprises whose credit needs are below Rs. 10 Lakh.

Under the aegis of Pradhan Mantri MUDRA Yojana (PMMY), MUDRA has created three products i.e. 'Shishu', 'Kishore' and ‘Tarun’ as per the stage of growth and funding needs of the beneficiary micro unit. These schemes cover loan amounts as below:

a.    Shishu: covering loans up to Rs. 50,000

b.    Kishore: covering loans above Rs. 50,000 and up to Rs. 5,00,000

c.    Tarun: covering loans above Rs. 5,00,000 and up to Rs.10,00,000

All Non-Corporate Small Business Segment (NCSBS) comprising of proprietorship or partnership firms running as small manufacturing units, service sector units, shopkeepers, fruits/vegetable vendors, truck operators, food-service units, repair shops, machine operators, small industries, food processors and others in rural and urban areas, are eligible for assistance under Mudra.

Bank branches would facilitate loans under Mudra scheme as per customer requirements. Loans under this scheme are collateral free loans.

Working Capital Loans will be provided through Mudra Cards

Mudra Loans could be availed for the following

Vehicle loan

Commercial vehicle loan

Car loan and

Two-wheeler loan

Documents Required for Pradhan Mantri Mudra Yojana

Vehicle Loans

·         Mudra application form

·         Vehicle loan application form

·         2 passport size colour photographs

·         Photo Identity proof

·         Address proof

·         Income proof

·         Bank statement (last 6 months)

Business Installment Loan

·         Mudra application form

·         BIL application form

·         Photo identity proof

·         Address proof

·         Establishment proof

·         Bank statement (last 6 months)

·         Ownership proof of residence/office

·         Proof of continuity of business

·         Proof of qualification

·         Trade references

Business Loans Group and Rural Business Credit

·         Mudra application Form

·         BIL/RBC application form

·         Photo identity and age proof

·         Address proof

·         Ownership proof of residence/office

·         Business vintage proof

·         Bank statement (last 12 months)

·         Income tax return (last 2 years)

      

      Following is the format of Mudra Application Form

Visit www.mudra.org.in for more details

*********

PAN Guidelines With Effect from 1st January 2016

Sovereign Gold Bond Scheme

SOVEREIGN GOLD BOND SCHEME

1. Eligibility:- Only to Resident Indian Entities including Individuals, HUFs, Trusts, Universities & Charitable Institutions.

2. Tenor : - Tenure of Bond - 8 Years with exit option from 5th Year to be exercised on the interest payment dates.

3. Minimum Size : 2 gms of gold.

4. Maximum Size : 500 gms per person per fiscal year.

5. Joint Holding :- In case of joint holding the limit will be applied to the first applicant only.

6. Sales Channel :- Bonds will be sold through banks and designated Post offices, as may be notified.

7. Interest Rate :- Fixed Rate of 2.75% per annum payable semi-annually on the initial value of investment.

8. Collateral:- Bonds can be used as a collateral for loan.

9. KYC Documentation :- Mandatory

ROC Extended the due date annual filings for the year 2015 to November 30th

Late Filing Fee for Service Tax Return

Filing of Awarder Return - Kerala VAT (Sales Tax) - Basics

FILING OF AWARDER RETURN UNDER KERALA VALUE ADDED TAX

1. The dealer must get a separate TIN No and Password from the concerned sales tax office in order to file the awarder return.

2. There is a separate link in the Kerala Commercial Tax Department site to login as an awarder.

3. Every awarder including a department of State Government and Central Government must file a Statement in Form No 10C showing the details of works contract awarded during every quarter.

• For Quarter 1 - (April - June)             - 10th day of July
• For Quarter 2 - (July - September)     - 10th day of September
• For Quarter 3 - (October - December) - 10th day of January
• For Quarter 4 - (January - March)      - 10th day of April

4.  Every awarder shall deduct the tax from the payment made to the contractor and pay to the assessing authority concerned.

5. Awarder shall issue a certificate in Form No 20F to the contractor and the Contractor shall issue a certificate in Form No 20G.

How to track the Income Tax Challan Status Online

Step 1 Click the following link

https://tin.tin.nsdl.com/oltas/

Step 2 You can Click either

(a) CIN based View  or

(b)  TAN based View

Step 3 Type BSR Code, Challan date, Challan Serial Number and Amount

Step 4 You can Check whether payment has been confirmed for your challan

Sukanya Samriddhi Yojana

SUKANYA SAMRIDDHI YOJANA

Sukanya Samriddhi Yojana has been introduced vide Government of India Notification No. G.S.R.863(E) dated 02.12.2014 to promote the welfare of girl children

Features:-

Ø  Account Opening:- >> A natural or legal guardian on behalf of a girl child.

 >> Account can be opened till the girl child attains the 10 years of age.

>> Account can be opened in Post Offices and notified branches of Commercial branches.

>> Birth Certificate of the girl child must be submitted at the time of opening of account.

Ø  Number of Accounts:- Up to two girl children

Ø  Amount of Deposit:- Minimum Rs. 1000/- initial deposit with multiple of Rs.100/- with annual ceiling of Rs.1,50,000/- in a financial year.(No restriction in number of deposit in a financial year).

Ø  Tenure: - 21 years from the date of deposit

Ø  Maximum Period of Deposit:- 14 Years from the date of opening of account.

Ø  Interest on Deposit:- Current Rate 9.20%

Ø  Transferability:-The account can be transferred from one bank/post office to another anywhere in India.

> Tax benefits u/s 80C :- (1) Amount of Deposit made.(Claimed by the legal guardian whose   name enters in SSY Account)

     (2) Interest Accumulated.

     (3) Final Proceedings.

Ø  Account Closure:- After the girl child attains the age of 18 years, 50% of the balance standing at the credit of the account at the end of the preceding financial year can be withdrawn for the purpose of marriage/education. Account can be closed after completion of 21 years.

Digital Signature Class -2 Traditional Vs Aadhar Based - A Comparison

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