On 21st Apr-15, Govt. linked the the interest rates of State PFs (GeneralProvident Fund and other similar funds) including Special Deposit Scheme, 1975 (SDS, 1975)for Non-Government Provident, Superannuation and Gratuity Funds for the FY 2015-16 toPublic Provident Fund (PPF) rates. Therefore, for FY 2015-16, interest rate of 8.70% will be applicable on above mentioned scheme as…
DetailsPlease note the following due dates for the month of Apr-15: 7 April 2015 Due date for deposit of Tax deducted under Section 194-IA in the month of March, 2015 7 April 2015 Due date for deposit of Tax collected for the month of March, 2015 (except u/s 194-IA) 22 April 2015 Due date for…
DetailsNow following limits are applicable for receiving gifts for those govt. employees who are covered under “All India Services (Conduct) rules,1968 as amended by All India Services (Conduct) Amendment Rules, 2015“: A member of the service may accept gifts from his near relatives or from his personal friends having no official dealings with them, on…
DetailsOn 20th Apr-2015, NSDL has released new RPU utility for e-TDS/ TCS returns for F.Y. 2007-08 onwards. Key features of this utility are: Quoting of PAN of responsible person for deducting/ collecting tax. Quoting of AIN mandatory only if the TDS/TCS has been deposited by book entry i.e., through transfer voucher. Quoting of BIN mandatory only…
DetailsCBDT has notified ITR-1, ITR-2, ITR-4S and ITR-V for AY 2015-16. There are several charges in the forms. Important charges are listed below. Individual who has any income from source outside India in AY 2015-16 cannot file ITR-1 & ITR-4S. Super Senior citizen can now file ITR in paper form even if income is more…
DetailsCBDT has increased the transport allowance to INR 1600/- per month from 800/- per month as announced in Finance Budget, 2015. Notification no. 39/2015 dt. 13-04-15 has been released by CBDT which is given below and can also be downloaded from here. Google Plus Google CommunityFacebookTwitter
DetailsAs per Section 234A, interest is chargeable for on late filing of Income Tax Return. This interest is charged on Total Tax Liability as reduced by TDS/ TCS, Advance tax, any relief u/s 90 & 90A, any deduction allowed u/s 91 and tax credit allowed under section 115JAA and 115JD.Since self assessment tax is not…
DetailsEPFO vide its circular no. 1164 dt. 9th Apr-15 has suspended the minimum monthly pension of INR 1000 to its pensioners and has asked its field officers to release pension at earlier rates without considering minimum monthly pension provision. Earlier in Sep-14, a scheme for minimum pension of INR 1000 was launched for those who…
DetailsMCA released new Companies (Auditor’s Report) Order, 2015. However date of applicability of new CARO is yet to be notified. Disclosure requirement has been reduced significantly in this new CARO, 2015. Full text of CARO, 2015 can be downloaded from here. Google Plus Google CommunityFacebookTwitter
DetailsCBDT (Central Board of Direct Taxes) in its notification no. 38/2015 [F.No.142/15/2013-TPL] / SO 995 dt. 10th Apr-15 has allowed companies to apply for new PAN and TAN in Form no. INC-7. A Company which has not registered under the Companies Act, 2013, can now apply for new PAN & TAN in form no. INC-7 specified…
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