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, June 1, 2016

UPDATES EFFECTIVE FROM 01.06.2016

MCA
ü  MCA relaxes the additional fees and extends the time for filing of e­-Forms 11 of Annual Return form for LLP in respect of Financial Year ending on 3.2016 up to 30.06.2016 without additional fees.
TDS & TCS
ü  From 01.06.2016 No TDS for provident fund withdrawals of up to Rs 50,000
ü  From 01.06.2016 TCS @ 1% is applicable on purchase of car valued more than Rs.10 lacs
ü  From 01.06.2016 TCS @1% is applicable on purchase of jewellery for more than Rs.5 Lacs
Income Tax
ü  From 01.06.2016 Income Declaration Scheme,2016 for tax on undisclosed income@ 45% i.e 30% plus 7.5% SBC and 7.5% KKC open till 30.09.2016
ü  From 01.04.2016 Direct Tax Dispute resolution scheme,2016 open till 31.12.2016  
ü  From 01.06.2016 Advance Tax is to be paid by all assesses in 4 instalments i.e upto 15% before 15th June, upto 45% before 15th September, upto 75% before 15th December & upto 100% before 15th March. Now  advance tax instalments are @15%,30%,30% and 25% respectively.
Service Tax
ü  From 01.06.2016 Krishi Kalyan cess @ 0.5% on all taxable consequently effective rate of Service Tax @ 15%.
DVAT
On 27.05.16 DVAT has withdrawn notification No. 2016/ 25163 dated 19.05.2016 with respect to furnishing the details in respect of commodities/goods to be moved from Delhi to any place outside Delhi in Delhi Sugam-1 ( DS-1)
On 30.05.16 DVAT has issued a Circular No.8 regarding New Composition Scheme for Restaurants and Halwais
ü  Anew Composition Scheme introduced vide Notification Number93 dated 18.03.2016
ü  Under the Scheme any registered dealer whose annual turnover is upto Rs.50 Lac and who make sale of Cooked food, snacks, sweets, drinks, juices, tea, coffee etc were given option to pay composition tax @5% wef 01.04.2016
ü  Such dealers who earlier opted for 1% composition tax were mandatorily required to opt out for composition scheme by filing DVAT 03 upto 30.04.16 and to pay tax as Non- Composition Dealer or to opt for New Composition scheme to pay @5% tax by filing RH-01 for new Scheme and DVAt 03 for exit from earlier 1% Scheme.

ü  A dealer engaged in restaurant / halwai business who is paying @1% will be liable for tax as well as penalty for contravention of provisions of DVAT

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