The Tamilnadu Government has made few important amendments in TNVAT Act with regard to reversal of Input Tax Credits in respect of Inter-state sales and Stock Transfers outside the State. These amendments were carried out by enacting a Tamilnadu VAT (Fifth Amendment) Act, 2013 (Amendment Act) on 8th November 2013. The effective date for these […]
Important amendment to TNVAT Act regarding ITC Reversal Read More »
The Service Tax Department has issued a new Circular No 174/9/2013 – ST dtd 25th November 2013 , regarding the new Voluntary Compliance Encouragement Scheme 2013 (VCES 2013). The unresolved issues raised by assessees have been clarified in this circular. The Circular is reproduced below :- [gview file=”http://bssridhar.com/blog/wp-content/uploads/2013/11/25112013_ST_Circular-No174_2013_st.pdf”]
New Clarifications for VCES 2013 issued Read More »
As per the new TNVAT notification No GO ( MS) 137 dtd 31-10-2013, issued by the Commercial tax Department, w e f 1st Nov 2013, the TNVAT monthly returns shall be appended with new Annexure V wherein details of the closing inventory at the end of every month with Input tax credit there on shall
Important amendment to Form I TNVAT Monthly return Read More »
The Central Board of Direct Taxes (CBDT) has extended the due date of filing of Audit Report & Income-tax returns where the same where required to be filed on or before 30th September 2013 to 31st October 2013. In its order under Section 119 of the Income-tax Act, 1961 (Order No F.No.225/117/2013/ITA.II dtd 24th October
CBDT Technically Extends last date for tax audit to 31st October 2013 Read More »
The Income-tax Department has issued a new circular No 8/2013 dtd 10th October 2013. This circular provides the procedures to be followed for Tax Deduction at Source on Salaries during the year 2013-14 In this circular, the Income-tax Department has provided as follows :- 1) Where the House Rent Allowance (HRA) amount is than Rs
PAN of Landlord Mandatory for Claiming HRA (For rent exceeding Rs. 1 Lakh p.a) Read More »
The following are the Various Statutory Obligations for the month of September 2013. Payment of Service Tax The last date for Payment of Service tax pertaining to the month of August 2013 is 5th of Sep 2013. In case of e-payment, the due date is 6th of September 2013. In case of payment by Challan
Statutory Obligations for the month of September 2013 Read More »
The following are the Various Statutory Obligations for the month of July 2013. Payment of Service Tax The last date for Payment of Service tax pertaining to the month of July 2013 is 5th of Aug 2013. In case of e-payment, the due date is 6th of August 2013. In case of payment by Challan
Statutory Obligations for the month of August 2013 Read More »
The Service tax Department has released the offline excel utility for filing half-yearly Service Tax Return (ST-3) for the period 1st October 2012 to 31st March 2013. The following are the new features of the Oct-Mar 2013 Return :- A. Previously, the assessees were able to view the filed returns using the option, ‘View Original
Excel Utility for Service Tax efiling for Oct-Mar 2013 released Read More »
Many times business entities get Invoices and Forms (Form C, Form F, Form E-I, E-II) out of the state where their office is situated. As a business entity , during VAT / CST assessments , the onus is on the assesee to prove the genuinity of the Invoice/Forms and the Registration of the dealer from
How to check whether a TIN / CST Number is genuine ? Read More »
There are three methods of tax payments available for Works Contracts Tax in TNVAT. They are as follows :- 1) Goods Identification method (Section 5) 2) Percentage Deduction method – Rule 8(5) 3) Composition Scheme – Section 6 GOODS IDENTIFICATION METHOD In this method, tax is on the deemed sale value of goods at rates
HOW TO DISCHARGE WORKS CONTRACT TAX IN TNVAT Read More »
The following are the Various Statutory Obligations for the month of July 2013. Payment of Service Tax The last date for Payment of Service tax pertaining to the month of June 2013 is 5th of July 2013. In case of e-payment, the due date is 6th of July 2013. In case of payment by Challan
Statutory obligations for the month of July 2013 Read More »
As per Finance Bill of 2013, TDS is applicable on sale of immoveable property wherein the sale consideration of the property exceeds or is equal to Rs 50,00,000 (Rupees Fifty Lakhs). Sec 194 IA of the Income Tax Act, 1961 states that for all transactions with effect from June 1, 2013, Tax @ 1% should
All about TDS on Property Transactions Read More »
The Income-tax department has notified the ITR-3 e-filing utility for the A.Y.2013-14. This form can be used by Individuals/HUF being partners in firms and not carrying out business or profession under any proprietorship. Click the link below for downloading the e-filing utility. ITR3_2013
ITR-3 e-filing utility for A.Y.2013-14 available now Read More »
The following are the Various Statutory Obligations for the month of June 2013. Payment of Service Tax The last date for Payment of Service tax pertaining to the month of May 2013 is 5th of June 2013. In case of e-payment, the due date is 6th of June 2013. In case of payment by Challan
Statutory Obligations for the month of June 2013 Read More »
