Sandeep Ahuja & Co.

Established in the year 1986, we are a leading chartered accountancy firm based in Delhi & NCR rendering comprehensive professional services which include statutory audit, internal audit, direct tax, transfer pricing, GST, bank audit, propriety audit, cost accounting, internal financial controls and risk advisory.

Wednesday, May 4, 2016

AMEDMENTS - DUE DATE & PROCEDURE FOR FILING OF TDS/ TCS STATEMENTS AND FORM 12BB

CBDT has issued Notification on 29.04.2016 and has made amendments in Certain Rules with respect to TDS and TCS statements for Due dates for filing of such statements , Procedure for filing or submitting the statements and information to be provided by Employees to the employer in Form 12BB. Most of the amendments are effective from 01.06.2016 so applicable for Financial Year 2016-17. But Changes in Procedure in submission of such forms has been effective from 01.05.2016.

No Change in Due date for filing of TDS/TCS statements for Quarter 4 of Financial Year 2015-16. User can submit their TDS Return to their nearest Tin Facilitation Centre / NSDL Service Centre  OR User can create their TAN based login Id on Income Tax Portal /TRACES to upload the TDS Return under Digital Signature.

ü  No Change in Due date for filing of TDS/TCS statements for Quarter 4 of Fin Year 2015-16 

ü  Due date for payment of TDS on transfer of immovable property u/s 194IA has been extended to 30 days from existing 7 days
ü  Due dates of 24Q, 26Q and 27Q i.e TDS Statements for TDS on Salary, TDS on other payments and TDS on payments to Foreign Company / Foreign Nationals has been extended to 31 days instead of 15 days from the Quarter ended for which Statement is being filed with effect from 01.06.2016 i.e for the Financial Year 2016-17
Sl. No.
Date of ending of quarter of financial year
Due date
(1)
(2)
(3)
1.
30th June
31st July of the financial year
2.
30th September
31st October of the financial year
3.
31st December
31st January of the financial year
4.
31st March
31st May of the financial year immediately following the financial year in which the deduction is made”.

ü  Due dates of 27EQ i.e TCS Statements has remain unchanged and due date is same as in Fin Year 2015-16 i.e 15 days from the end of the quarter for which Statement is being filed.
ü  Employees are required to file tax saving proof to employer in form no. 12BB vide Notification by CBDT dated 29.04.2016 to be effective from 01.06.2016The assessee shall furnish the evidence or the particulars specified in column (3), of the Table below, of the claim specified in the corresponding entry in column(2) of the said Table:-
Table
Sl. No
Nature of claims
Evidence or particulars
(1)
(2)
(3)
1.
House Rent Allowance.
Name, address and permanent account number of the landlord/landlords where the aggregate rent paid during the previous year exceeds rupees one lakh.
2.
Leave travel concession or assistance.
Evidence of expenditure.
3.
Deduction of interest under the head “Income from house property”.
Name, address and permanent account number of the lender.
4.
Deduction under Chapter VI-A.
Evidence of investment or expenditure.”.
CBDT has given a Format for 12BB
“FORM NO.12BB
(See rule 26C)
Statement showing particulars of claims by an employee for deduction of tax under section 192
1. Name and address of the employee:
2. Permanent Account Number of the employee:
3. Financial year:

Details of claims and evidence thereof
Sl. No.
Nature of claim
Amount
(Rs.)
Evidence / particulars
(1)
(2)
(3)
(4)
1.

House Rent Allowance:
(i) Rent paid to the landlord
(ii) Name of the landlord
(iii) Address of the landlord
(iv) Permanent Account Number of the landlord
Note: Permanent Account Number shall be furnished if the aggregate rent paid during the previous year exceeds one lakh rupees
2.
Leave travel concessions or assistance
3.
Deduction of interest on borrowing:
(i) Interest payable/paid to the lender
(ii)Name of the lender
(iii) Address of the lender
(iv) Permanent Account Number of the lender
(a) Financial Institutions(if available)
(b) Employer(if available)
(c) Others
4.
Deduction under Chapter VI-A
(A) Section 80C,80CCC and 80CCD
(i) Section 80C
(a) ……………..
(b) ……………..
(c) ……………..
(d) ……………..
(e) ……………..
(f) ……………..
(g) ……………..
(ii) Section 80CCC
(iii) Section 80CCD
(B) Other sections (e.g. 80E, 80G, 80TTA, etc.) under Chapter VI-A.
(i) section……………….
(ii) section……………….
(iii) section………………
(iv) section……………….
(v) section……………….
Verification
I,…………………..,son/daughter of……………………….. do hereby certify that the information given above is complete and correct.
Place………………………………………….
Date……………………………………………
(Signature of the employee)
Designation ……………………………….….
Full Name:………………”;

1 comment:

  1. PAN card is mostly used as identity proof and financial transaction so know your pan card detail to fill income tax other legel work.

    ReplyDelete