Tag: e-return
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Limit for e payment reduced to 1 lakh
Ministry of Finance (department of revenue),has reduced the threshold limit for payment of service tax to 1 lakh rupees. Previously it was Rs 10 lakh for e-payment. It shall come into force from 1st January 2014. It is observed that the move is towards encouraging tax compliances through online mode and thus to make formalities…
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What is Gross and Net Tax Collection
In Tax collection reports,you may notice that amount of gross and net tax collection differs. The difference in gross and net collections is due to tax refunds. Income Tax Department will refund the excess tax paid on account of mistake/mis calculation by the tax payers.
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TDS on Fixed Deposits?
According to section 194A of Income Tax Act, 1961 TDS is to be deducted if the interest paid by a bank on account of FD exceeds Rs 10,000. Bank itself should deduct and deposit the TDS with the government..
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Find Out-Professional Tax &Professional Tax Slab Rate
Professional Tax is the tax charged by the state governments in India. Professional tax is levied from salaried employees or practicing professionals or persons engaged in any trade etc. Employers are liable to deduct professional tax from salary/wage and depositing the same to the concerned local body/authority and in other cases, persons themselves shall pay…
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Interest-charged on delayed payment of Service Tax?
How much interest is charged on delayed payment of Service Tax? Service tax should be paid within the prescribed time to get free from penalty and other compliance procedures. If a person fails to pay/deposit service tax to the account of the central government shall pay simple interest at such rate not below 10 %…
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Due date for filing ST-3 extented to 10th September
ST-3(Return under section 70 of the Finance Act, 1994) By an order (Order No: 04/2013) Central Board of Excise & Customs(CBEC) has extended due date for submission of ST-3 to 10th September, 2013 (which was 31st August, 2013) for the period from 1st October, 2012 to 31st March, 2013. The circumstances which gives rise to…
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Tax Slab in India 2013-14-Individual
Tax slab Rates of individual for the Fy 2013-2014.In case of Individual (including women) whose age is not more than sixty years.,resident individual who is of the age of sixty years or more but not more than the age of eighty years during the previous year and In case of individual who is of the…
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Authorized banks for e-payment procedure
e-Payment facilitates payment of direct taxes online by taxpayers. To avail of this facility the taxpayer is required to have a net-banking account with any of these Authorized Banks.
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Due date for payment of service tax
Individuals/partnership firms Due date- 5th of the month immediately following the respective quarter in which service is provided. If payment is made through internet banking, due date– 6th of the month immediately following the respective quarter in which service is provided. However, for the quarter ending 31st March, the due date of payment of service…
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What are the consequences for not paying Service Tax?
Penalty for late filing of Service Tax Service tax are to be paid before due date in order to free from penalty, if, service tax is filed after the due date a penalty up to Rs 10,000 may be charged[sec. 77(2)] According to section 7C of Service Tax Rules, 1994 late fee is payable as…