The Employee’s Compensation (Amendment) Act 2017 becomes effective from May 16, 2017. This amendment Act was notified by the Central Government on 12th April 2017 however it becomes effective only from May 16, 2017. As per this Amendment Act, a new provision is inserted in the principal Act which says that every employer shall immediately…

Department of Trade and Taxes vide Circular Number 5 of 2017-2018 dated 15-05-2017`extend the last date of filing of online/hard copy of fourth quarter return for the year 2016-2017 in Form DVAT-16, DVAT-17 and  DVAT-48 along with required annexure/enclosures upto 30.05.2017. However, there is no such change in the due date of payment of tax…

Rule 114E of the Income Tax Rules , 1962 lays down the rules for provisions for registration and submission of Statement of Financial Transactions(SFT) as per Section 285BA of the Income Tax Act, 1961. Assessees who are liable to Tax Audit are required to file SFT with Income Tax Department by 31st May 2017. This…

Central Government notifies list of individuals who are exempted from quoting Aadhaar number or enrolment ID. 1. An individual who is residing in the state of Assam, Jammu & Kashmir and Meghalaya 2. An individual who is non resident as per Income Tax Act, 1961 3. An individual of the age of 80 years or…

Are you paying rent to family member for HRA Exemption? Given that the options available for salaried class assessee to save tax are very limited, many of them try to take full advantage of various exemptions available under Income Tax Act, out of those one of them is HRA which is mostly used by all the employees….

Commissioner of Delhi Value Added Tax vide Circular 36 of 20145-16 dated 28-01-2016 in exercise of the powers conferred under Delhi Value Added Tax Act 2004 read with applicable rules do hereby extend the last date of filling of online/hard copy of third quarter return for the year 2015-16, in Form DVAT-16, DVAT-17 and DVAT-48…

CBDT has vide Notification No. 41/2015 Dated 15.04.2015 notified Form ITR-1, ITR-2 and ITR-4S for Assessment Year 2015-16 i.e Financial Year 2014-15. The Notification also made Several Change in Rule 12 of Income Tax Rules, 1962 which is related to Condition of Filing of Income Tax Return.  A brief summary of Changes is as follows…

CBDT through Notification No 38/2015 dated 10th April 2015 (S.O. 995(E)) allowed Companies which has not been registered under the Companies Act to apply for PAN or TAN alongwith the application for incorporation of Company under Companies Act 2013 i.e. Form INC – 7. The new Form INC – 7 will be available on MCA…

DIRECT TAXES 1. No change in Direct Tax rates 2. Income Tax Basic exemption limit for senior citizen individuals increased to Rs. 3 Lacs and for others Rs 2.5 Lacs 3. Education Cess to continue at 3% 4. Housing interest deduction for self occupied property increased to Rs 2 Lacs 5. Deduction limit under section…

Employers will now be able to register online with the Employees’ Provident Fund Organisation (EPFO) and get the PF code within one day. Labour Minister Narendra Singh Tomar launched the online registration system on Monday. “Earlier, it used to take 20-25 days to get the registration done, but through this service, a firm can now…