Friday, August 14, 2015

Major Changes in ITR -6 for companies for Asst Year 2015-16

Income Tax Forms are changed this year effective from Asst Year 2015-16. For Companies other than companies claiming exemption under Section 11 of Income Tax Act ITR -6 is to be filed as in earlier years but major changes in this form are given here under in short being in case of Companies generally such forms are filled by Chartered Accountants / Auditors:

Additional requirement in General Information :
a)     Whether Assessee is an FII/DPI and if yes then SEBI registration number is required.
b)    In case of Amalgamating Company, details of amalgamating company.
c)     In case of demerged company, details of resulting company after such demerger.
d)    In case of resulting company, details of demerged company
Other Information required:
a)     Expenditure incurred during the year on Corporate Social Responsibility
b)     Amount of expenses allowable under section 32AC
c)     Detail of All Bank Accounts in India at any time during the previous year except for dormant accounts.
Additional requirement for Profit and Loss Account:
Professional fee, Consultancy fee and fee for technical services paid outside India or paid to a Non Resident or a Foreign company in India.
 Requirement under Income from Capital Gain:
a)     Any amount of unutilized Capital Gain on any asset transferred during the previous year was deposited in Capital Gain Account Scheme within the due date for the last year or not.
b)    For Non Residents Short Term Capital Gain to be mentioned in A1 to A8 and Long Term Capital Gain to be mentioned in B1 to B8.  However not chargeable to tax in India as per DTAA.
Requirement under Income from Other Sources:
For Non Residents the following details are to be given in case of income chargeable to tax under DTAA:
a)     The name of Country and Country Code
b)    Article of DTAA
c)     Whether TRC obtained
d)    Section of Income Tax Act under which taxed and  rate of tax and amount of income
Requirement under Exempt Incomes:

a)     Gross Agriculture receipts
b)    Expenditure on Agriculture
c)     Net agriculture Income
d)    Unabsorbed Agriculture loss brought forward from last eight assessment years.

Requirements for Foreign Assets and income thereon:

a)     Interest accrued in any Bank or Other Account
b)    Detail of Capital asset held at any time during the previous year including any beneficial interest.
c)     Detail of accounts held during the previous year including beneficial interest in which you have been signing authority which has not been included here in above.
d)    Details of trust where you have been trustee, beneficiary or settler created under the law of the country outside India
e)     Detail of any other source of income derived from any source outside India other than above and chargeable to tax under Business or Profession  

Wednesday, August 5, 2015

Statutory Compliance Calendar for the month of August 2015

Statutory Act
Applicable Form
Service Tax
Challan No.GAR-7
Last date for payment of Service Tax in case of companies for the month  July  
Central Excise
Challan No.GAR-7
Monthly-payment of Central Excise Duties for the previous month –For non SUI units
Income Tax
Challan No.ITNS-281/17
Payment of TDS/TCS deducted/collected in July
Income Tax
Form No.15G,15H, 27C
Submission of Forms received in May to IT Commissioner
ER-1  & ER-2
Return for Non SSI assessees for July , Return for EOUs for July
Return by units paying duty > 1 crore (CENVAT + PLA) for July
Deposit of DVAT TDS for July
Provident Fund
Electronic Challan Cum Return(ECR)
E-Payment of PF for July (Cheques to be cleared by 20th)
ESI Challan
Payment of ESI of July
DVAT – 43
Issue of DVAT certificate for deduction made in July


Income Tax       
Form 16 and CST 1

Income Tax & Wealth Tax Returns
E- Return of VAT for Quarter ended on July, 2015 and monthly for July
Income Tax and Wealth Tax Returns for all assesses not subject to  Audit.