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Saturday, 31 October 2015

TDS threshold limits for AY: 2016-17 (FY: 2015-16) [Residents]

2 comments :
Tax has to be deducted at source when making payments or accrual is made to residents under the following sections after the payment crosses the following threshold limits.

Under Section
Threshold Limit (Rs.)
Nature of Payment
192
180000
Salaries
192A
30000
Premature withdrawal from EPF (from 01.June.2015)
193
NA
Interest on securities
194
2500
Dividends
194A
10000
Interest other than Int. on securities (by Bank)
194A
50000
Interest other than intereston securities (by Others)
194A
10000
Banks Recurring deposit ( wef 01.June.15)
194A
10000
Deposit in Co-op Banks (wef 01.June.15)
194B
10000
Winning from Lotteries
194BB
5000
Winnings from Horse Race
194C
30000
Payment to Contractor for Single Transaction During the F.Y.
194C
75000
Payment to Contractor Aggregate During the F.Y.
194C
NA
Contract - Transporter who has provided valid PAN (up to 31.May.2015)
194C
30000/75000
Contract - Transporter not covered under 44AE (wef 01.June.2015)
194C
NA
Contract - Transporter covered under 44AE & submit declaration on prescribed form with PAN (wef 01.June.2015)
194D
20000
Insurance Commission
194DA
100000
Payment in respect of life insurance policy(applicablefrom 01.Jan.2014)
194E
NA
Payment to Non-Resident Sportsmen or Sports Association
194EE
2500
Payments out of deposits under NSS
194F
NA
Repurchase Units by MFs
194G
10
Commission on sale of Lottery tickets
194H
5000
Commission or Brokerage
194I
180000
Rent - Land and Building - furniture - fittings
194I
180000
Rent - Plant / Machinery / equipment
194IA
5000000
On Sale/Transfer of immovable property other than agriculture land (wef from 01.June 2013)
194J
30000
Professional Fees
194J(1)(ba)
NA
Any remuneration or commission paid to director of the company (wef from 01.July.2012)
194LA
200000
Compensation on acquisition of immovable property
194LB
Na
Income by way of interestfrom infrastructure debt fund (non-resident)
194LC
NA
Income by way of interest by an Indian specified company to a non-resident / foreign company on foreign currencyapproved loan / long-term infrastructure bonds from outside India
194LD
NA
Interest on certain bonds and govt. Securities
196B
NA
Income from units
196C
NA
Income from foreign currency bonds or GDR (including long-term capital gains on transfer of such bonds) (not being dividend)
196D
NA
Income of FIIs from securities

Tuesday, 13 October 2015

Due Dates and Penalties for Service Tax Return - Form ST-3

No comments :
The Central Board of Excise and Customs processes Excise, Customs along with Service Tax.


Service Tax Due Dates for filing for the Financial year 2015-16













Form

Period


                  Due Date



ST-3

Apr-Sept

25-10-2015





Oct-Mar

25-04-2016











Penalty







As per rule 7 of service Tax Rules, 1994 penalty will be levied as follows for delay filing of ST-3.










Delay

                                    
Fee(InRs.)












Upto 15 Days
500












From 16 to 30 Days

1000












More than 30 Days

Rs. 1000 + Rs. 100 for each additional delay (Subject to 
maximum of Rs.20,000)


 
The delay is to be calculated for the last day immediately succeeding the last due date of filing return.

Finance Act, 1994
Section 70 of Finance act, 1994 deals with the Penalty for delay filing of service Tax Return (ST-3).
The section says as follows:

Section 70(1) Specify the maximum Penalty of Rs. 2,000/- in respect of  return filed up to 31st March 2011. This amount of Maximum Penalty is been increased to Rs. 20,000/- (Twenty Thousand only) w.e.f. 01.04.2011.

By the above statement we can understand that amount payable in rule 7 shall not exceed the penalty specified under Section 70 of the Finance Act, 1994.

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Note:- Keep All the Documents ready for filling the ST-3 form to make you work easy and in less time.