Statutory Compliance Calendar for October 2015

Date	Statutory Act	Applicable Form	Obligation
06/10/2015	Service Tax	E-Payment	Last date for E- payment of Service Tax in case of companies for the month September, for the quarter for others.
06/10/2015	Central Excise	Challan No.GAR-7	Monthly-payment of Central Excise Duties for the previous month –For non SUI units
10/10/2015	Income Tax	Challan No.ITNS-281/17	Payment of TDS/TCS deducted/collected in September
10/10/2015	Income Tax	Form No.15G,15H, 27C	Submission of Forms received in Previous month to IT Commissioner
10/10/2015	Excise	ER-1  & ER-2	Return for Non SSI assessees for June , Return for EOUs for Sep
10/10/2015	Excise	ER-6	Return by units paying duty > 1 crore (CENVAT + PLA) for Sep
15/10/2015	D-VAT	DVAT-20	Deposit of DVAT TDS for Sep
15/10/2015	Provident Fund	Electronic Challan Cum Return(ECR)	E-Payment of PF for Sep (Cheques to be cleared by 20th)
15/10/2015	ESI	ESI Challan	Payment of ESI of September
21/10/2015	D-VAT	D-VAT-20 & Central	Deposit of VAT & CST for September for Monthly Dealers
25/10/2015	Service Tax	ST-3	Due date for E –Filing of service tax return for half year ended on 30.09.2015
30/10/2015	MCA	Annual Return, Balance Sheet and Special Resolutions	Annual Return of the company, Balance Sheet, Special Resolutions and Appointment of Auditors to be filed within (15 days for ADT-1 ) 30days of AGM
31/10/2015	Income Tax	ITR -03,04,05,06,07	Extended due date for Return of Income and Wealth for others covered under Audit & Companies. ( Other than covered under Transfer Pricing Regulations )

Due date of ITR and TAR for AY 2015-16 extended till 31st October for Whole of the country - CBDT

Yesterday CBDT extended the date for Punjab Haryana and Gujrat but this morning on 1^st October 2015 CBDT has issued a press release that the Government has decided  for extension of last date for e-filing returns of income and audit reports u/s 44AB due by 30th September, 2015 till 31st October, 2015 for the whole country,. Necessary order u/s 119 of the Income-tax Act, 1961 are to be issued by CBDT in the due course.

No extention of due date for filling Tax Audit and ITR for the AY 2015-16 - CBDT

CBDT has given a press release today that the last date for filing of returns due by 30th September 2015 will not be extended. Taxpayers are advised to file their returns well in time to avoid last minute rush.

The Government has received representations from various stakeholders seeking extension of date for filing of returns and tax audit reports beyond 30th September 2015. Income-tax returns for Assessment Year 2015-16 for companies, firms and individuals engaged in proprietary business/profession etc whose accounts are required to be audited, are to be filed by 30th September, 2015. The audit report is also required to be filed by the said date. 

AS per CBDT the Income-Tax Returns Forms 3,4,5,6 and 7 were notified for Assessment Year 2015-16 on 29.07.2015 and were e-enabled on the e-filing website of the Department from 7th August 2015. 

The taxpayers having either international transactions or specified domestic transactions are required to file their returns by 30th November 2015 only. 

Payment of Interest on Educational Loan and Tax benefits

An Individual can plan tax for spending on education of their spouse or children including legal guardian. One should not spend out of savings but should take education loan and take benefit of deduction under Section 80E for payment of interest on educational loan.

 Through this tax planning one can reduce cost of education by reducing tax liability by paying interest on education loan. The deduction for payment of interest on educational loan under Section 80E is available to an individual only if one satisfies conditions laid down under Section 80E of Income Tax Act, 1961.

Salient points to be kept in mind while planning tax deduction under Section 80E:

1. Only to Individual : Such deduction is available only to Individual and not to HUF or any other assessee.

2. Interest paid is deductible: The total amount paid as interest is eligible for deduction and there is no limit for the same. The interest paid is to be reduced from taxable income so the higher the tax slab of the assessee borrower, higher the amount of tax saving. So if there is a choice of any of the parents then higher income parent should borrow for education of their children. However there is no benefit for repayment of principal amount of the educational loan.

3. Interest on loan from Financial Institution or approved charitable Institution only: Interest on loan taken from any financial institution or any approved charitable institution for the purpose of pursuing higher education by spouse or children is eligible for deduction under Section 80E. Interest on loan taken from friends and relatives is not eligible for deduction under section 80E.

a. financial institution includes any bank or any other financial institution which the Central Government may, by notification in the Official Gazette, specify in this behalf;

b. approved charitable institution includes any chartable institution established for the purpose of education or an institution established for charitable purposes approved by the prescribed authority under clause (23C) of section 10 or an institution referred to in clause (a) of sub-section (2) of section 80G;

4. The Purpose of loan should be higher studies of Individual , Spouse, Children of Individual or for whom individual is legal Guardian. And Higher studies includes full-time studies for any graduate or post-graduate course in engineering, medicine, management or for post-graduate course in applied sciences &  vocational studies. Interest paid on education loan taken for brother or sister or other relatives is not deductible under section 80E.

5. Interest paid on education loan eligible for deduction upto 8 years; The interest paid on educational loan is deductible in computing the total income for the eight assessment years including the assessment year in which interest payment is started or until the interest is paid by the assessee in full, whichever is earlier.

6. Individual borrower can claim deduction: The deduction under section 80E for the payment of interest on educational loan is allowed to the borrower only. If loan is in the name of some other person the deduction is not allowed.

7.Loan taken for incidental expenses for pursuing higher studies is also eligible: The interest on educational loan qualifies for tax benefits even if taken for tuition fee, college fees and even for other incidental expenses including hostel charges, transport charges for pursuing such studies in India or abroad.

8. The repayment of education loan is not deductible under Section 80C.

Monthly Statutory Obligations for September, 2015

Date	Statutory Act	Applicable Form	Obligation
06/09/2015	Service Tax	E-Payment of Tax	Last date for payment of Service Tax in case of companies for the month  August
06/09/2015	Central Excise	E-Payment of Tax	Monthly-payment of Central Excise Duties for the previous month –For non SUI units
07/09/2015	Income Tax	Challan No.ITNS-281/17	Payment of TDS/TCS deducted/collected in August
07/09/2015	Income Tax	Form No.15G,15H, 27C	Submission of Forms received in Previous month to IT Commissioner
10/09/2015	Excise	ER-1  & ER-2	Return for Non SSI assessees for June , Return for EOUs for Aug
10/09/2015	Excise	ER-6	Return by units paying duty > 1 crore (CENVAT + PLA) for Aug
15/09/2015	D-VAT	DVAT-20	Deposit of DVAT TDS for Aug
15/09/2015	Provident Fund	Electronic Challan Cum Return(ECR)	E-Payment of PF for August (Cheques to be cleared by 20th)
15/09/2015	Advance Tax	Challan 280	Payment of  Advance Tax Installment for Assessment year 2015-16
15/09/2015	ESI	ESI Challan	Payment of ESI of August
21/09/2015	D-VAT	D-VAT-20 & Central	Deposit of VAT & CST for August for Monthly Dealers
30/09/2015	Income Tax	ITR -03,04,05,06,07	Return of Income and Wealth for others covered under Audit & Companies. ( Other than covered under Transfer Pricing Regulations )

CBDT extends 'due-date' for Income Tax returns for all assessees to 7th Sep,2015

CBDT has extended the 'due-date' for E-Filing Returns of Income from 31st August, 2015 to 7th September, 2015 in respect of all the taxpayers who were required to E-File their returns by 31st August, 2015 for Assessment Year 2015-2016.

On 10th June, 2015, the Central Board of Direct Taxes ('CBDT') had extended the 'due-date' for filing Income-tax returns till 31st August, 2015 in cases of those taxpayers who were required to file their tax-return by 31St July, 2015.

This date was further extended till 7th September, 2015 in case of taxpayers of Gujarat in view of dislocation of general life in that State in last week of August.

CBDT has further received representations that across the country, taxpayers had faced hardships in E-Filing Returns of Income on the last date i.e. 31st August, 2015 due to slowing down of certain e-services. Therefore, CBDT has extended the 'due-date' for E-Filing Returns of Income 7th September, 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  

Statutory Compliance Calendar for the month of August 2015

Date	Statutory Act	Applicable Form	Obligation
06/08/2015	Service Tax	Challan No.GAR-7	Last date for payment of Service Tax in case of companies for the month  July
06/08/2015	Central Excise	Challan No.GAR-7	Monthly-payment of Central Excise Duties for the previous month –For non SUI units
07/08/2015	Income Tax	Challan No.ITNS-281/17	Payment of TDS/TCS deducted/collected in July
07/08/2015	Income Tax	Form No.15G,15H, 27C	Submission of Forms received in May to IT Commissioner
10/08/2015	Excise	ER-1  & ER-2	Return for Non SSI assessees for July , Return for EOUs for July
10/08/2015	Excise	ER-6	Return by units paying duty > 1 crore (CENVAT + PLA) for July
16/08/2015	D-VAT	DVAT-20	Deposit of DVAT TDS for July
16/08/2015	Provident Fund	Electronic Challan Cum Return(ECR)	E-Payment of PF for July (Cheques to be cleared by 20th)
16/08/2015	ESI	ESI Challan	Payment of ESI of July
22/08/2015	D-VAT	DVAT – 43	Issue of DVAT certificate for deduction made in July
25/08/2015 31/08/2015	D-VAT 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.