Sunday, 19 June 2016
Accounting code for Krishi Kalyan Cess
A Brief:
The Cess was introduced in Finance Act, 2016 the provisions
of the Chapter VI of the Act gives the power to levy and collection of Krishi
Kalyan Cess (KKC).Earlier the rate of service tax was 14.5% including Swachh
Bharat cess (SBC) and after approval of Finance Act, 2016 it is 15%.
The purpose of Introducing KKC is to financing and Promoting
initiatives to improve agriculture or any other purpose in relation to. The
proceeds will be credited to Consolidated Fund of India and the Central
Government will appropriate accordingly to its dedicated objectives.
Applicability:
Krishi Kalyan cess is applicable to all taxable services. It
is not applicable to services which are listed in Negative list, Mega Exemption
and services which do not come under service as defined u/s 65B(44) of Finance
Act.
Calculation:
KKC calculation is same way as service Tax is calculated.
Effective Date:
Effective Date is 01st June, 2016
Accounting Codes:
For any payment in relation to service tax is required to be quoted corresponding accounting codes. Below are the New Accounting Codes
Introduced for payment of KKC.
Accounting Codes
Krishi Kalyan Cess (KKC)
Minor Head
|
Tax Collection
|
Other Receipts
|
Deduct Refunds
|
Penalties
|
0044-00-507
|
00441509
|
00441510
|
00441511
|
00441512
|
For Payment of Service Tax Click Here
For More updates do follow us Auditcompanion
Code for Payment of Swachh Bharat Cess "SBC"
A Brief
Swachh Bharat Cess was introduced in Finance Act, 2015
through chapter VI. It Contains the Provision for levy and collection of Swachh
Bharat Cess. Earlier the Rate of Service Tax was 14%, after finance act 2015
the tax will be Increased to 14.5%. This cess was Introduced for financing and
Promoting the Initiative of Swachh Bharat i.e., Clean India and other related
activities. The proceeds from SBC is credited to consolidated Fund of India and
the central Government will appropriate the Fund as per its Objective.
Applicability:
This is applicable to all taxable services. Not applicable
to Services which are fully exempted and Negative services.
Calculation:
Calculation is same as Service Tax.
Abatement:
Abatement is available to SBC also.
Point of Taxation Click Here
Following are the Accounting
Codes:
For any payment in relation to service tax is required to be quote corresponding accounting codes. Below are the New Accounting Codes
Introduced for payment of SBC.
Accounting Codes
Swachh Bharat Cess (SBC)
|
Tax Collection
|
Penalties
|
0044-00-506
|
00441493
|
00441496
|
| ||
For payment of Service Tax Click Here | ||
Sunday, 5 June 2016
Cost Inflation Index
Cost of Inflation Index (CII) has been notified by the Central Government every year by notification in Official Gazette. The CII is mainly used to compute Long Term Capital Gain of Asset. The Cost of Acquisition / improvement is indexed to that particular rate with reference to the rates / CII Numbers notified.
For More updates do follow auditcompanion.blogspot.in
Following is the List of Cost of Inflation Index:
Financial Year
|
Cost of inflation Index (CII)
|
2016-17
|
Pending to be Notified
|
2015-16
|
1081
|
2014-15
|
1024
|
2013-14
|
939
|
2012-13
|
852
|
2011-12
|
785
|
2010-11
|
711
|
2009-10
|
632
|
2008-09
|
582
|
2007-08
|
551
|
2006-07
|
519
|
2005-06
|
497
|
2004-05
|
480
|
2003-04
|
463
|
2002-03
|
447
|
2001-02
|
426
|
2000-01
|
406
|
1999-00
|
389
|
1998-99
|
351
|
1997-98
|
331
|
1996-97
|
305
|
1995-96
|
281
|
1994-95
|
259
|
1993-94
|
244
|
1992-93
|
223
|
1991-92
|
199
|
1990-91
|
182
|
1989-90
|
172
|
1988-89
|
161
|
1987-88
|
150
|
1986-87
|
140
|
1985-86
|
133
|
1984-85
|
125
|
1983-84
|
116
|
1982-83
|
109
|
1981-82
|
100
|
Before 01/04/1981
|
100
|
For More updates do follow auditcompanion.blogspot.in
Friday, 3 June 2016
ITR - 7 for the Financial Year 2015-16 / AY 2016-17
Income tax department released both Java utility and Excel Utility for Online filing of ITR-7 much earlier than compared to last Assessment Year.
Following person can use ITR -7 to file their Income tax Return. Here, Person means " Including Companies who are required to file return under section 139(4A) or 139(4B) or 139(4C) or 139(4E) or 139(4F)".
This Java Utility Perfectly works with the latest version of Java i.e., Java 8 Update 51 and Above. For verifying your Java Version Click Here
For Java Utility of ITR-7 Form Click Here to Download
For Excel Utility of ITR-7 Form Click Here to Download
Note:- Click on "download through your browser" in the download window to begin download
Below mentioned is the Read me Notes given by Income Tax Department for smooth functioning of Excel Utility
Please enable macros to use the excel utility
--------------------------------------------------------------------------
To enable Excel Macros , please follow the below steps
File -> Options -> Trust Centre -> Trust Center Settings -> Macro Settings -> Select the radio button 'Enable all macros' -> Click on'OK'.
Restart Excel.
--------------------------------------------------------------------------
If prompted to enable macros, select 'Yes' and then open the utility.
Do read & Follow Instructions for smooth going of Filing of Returns / IT Forms through Java Utility.
For updates do follow us "Audit companion"
For Excel Utility of ITR-7 Form Click Here to Download
Note:- Click on "download through your browser" in the download window to begin download
Below mentioned is the Read me Notes given by Income Tax Department for smooth functioning of Excel Utility
Please enable macros to use the excel utility
--------------------------------------------------------------------------
To enable Excel Macros , please follow the below steps
File -> Options -> Trust Centre -> Trust Center Settings -> Macro Settings -> Select the radio button 'Enable all macros' -> Click on'OK'.
Restart Excel.
--------------------------------------------------------------------------
If prompted to enable macros, select 'Yes' and then open the utility.
Do read & Follow Instructions for smooth going of Filing of Returns / IT Forms through Java Utility.
For updates do follow us "Audit companion"
ITR -6 for the Financial Year 2015-16 / AY 2016-17
Income tax department released both Java utility and Excel Utility for Online filing of ITR-6 much earlier than compared to last Assessment Year.
This Java Utility Perfectly works with the latest version of Java i.e., Java 8 Update 51 and Above. For verifying your Java Version Click Here
Following Person can use ITR -6 to file their Income tax Return. Here, Person means " Companies other than companies claiming exemption under section 11".
For Java Utility of ITR-6 Form Click Here to Download
For Excel Utility of ITR-6 Form Click Here to Download
Note:- Click on "download through your browser" in the download window to begin download
Below mentioned is the Read me Notes given by Income Tax Department for smooth functioning of Excel Utility
Please enable macros to use the excel utility
--------------------------------------------------------------------------
To enable Excel Macros , please follow the below steps
File -> Options -> Trust Centre -> Trust Center Settings -> Macro Settings -> Select the radio button 'Enable all macros' -> Click on'OK'.
Restart Excel.
--------------------------------------------------------------------------
If prompted to enable macros, select 'Yes' and then open the utility.
Do read & Follow Instructions for smooth going of Filing of Returns / IT Forms through Java Utility.
For updates do follow us "Audit companion"
Following Person can use ITR -6 to file their Income tax Return. Here, Person means " Companies other than companies claiming exemption under section 11".
For Excel Utility of ITR-6 Form Click Here to Download
Note:- Click on "download through your browser" in the download window to begin download
Below mentioned is the Read me Notes given by Income Tax Department for smooth functioning of Excel Utility
Please enable macros to use the excel utility
--------------------------------------------------------------------------
To enable Excel Macros , please follow the below steps
File -> Options -> Trust Centre -> Trust Center Settings -> Macro Settings -> Select the radio button 'Enable all macros' -> Click on'OK'.
Restart Excel.
--------------------------------------------------------------------------
If prompted to enable macros, select 'Yes' and then open the utility.
Do read & Follow Instructions for smooth going of Filing of Returns / IT Forms through Java Utility.
For updates do follow us "Audit companion"
ITR - 4 for the Financial Year 2015-16 / AY 2016-17
Income tax department released both Java utility and Excel Utility for Online filing of ITR-4 much earlier than compared to last Assessment Year.
Following can use ITR -4 to file their Income tax Return. Persons having - Income from Proprietory business or profession. Here, Person means " Individual & HUF".
This Java Utility Perfectly works with the latest version of Java i.e., Java 8 Update 51 and Above. For verifying your Java Version Click Here
For Java Utility of ITR-4 Form Click Here to Download
For Excel Utility of ITR-4 Form Click Here to Download
Note:- Click on "download through your browser" in the download window to begin download
Below mentioned is the Read me Notes given by Income Tax Department for smooth functioning of Excel Utility
Please enable macros to use the excel utility
--------------------------------------------------------------------------
To enable Excel Macros , please follow the below steps
File -> Options -> Trust Centre -> Trust Center Settings -> Macro Settings -> Select the radio button 'Enable all macros' -> Click on'OK'.
Restart Excel.
--------------------------------------------------------------------------
If prompted to enable macros, select 'Yes' and then open the utility.
Do read & Follow Instructions for smooth going of Filing of Returns / IT Forms through Java Utility.
For updates do follow us "Audit companion"
Following can use ITR -4 to file their Income tax Return. Persons having - Income from Proprietory business or profession. Here, Person means " Individual & HUF".
For Java Utility of ITR-4 Form Click Here to Download
For Excel Utility of ITR-4 Form Click Here to Download
Note:- Click on "download through your browser" in the download window to begin download
Below mentioned is the Read me Notes given by Income Tax Department for smooth functioning of Excel Utility
Please enable macros to use the excel utility
--------------------------------------------------------------------------
To enable Excel Macros , please follow the below steps
File -> Options -> Trust Centre -> Trust Center Settings -> Macro Settings -> Select the radio button 'Enable all macros' -> Click on'OK'.
Restart Excel.
--------------------------------------------------------------------------
If prompted to enable macros, select 'Yes' and then open the utility.
Do read & Follow Instructions for smooth going of Filing of Returns / IT Forms through Java Utility.
For updates do follow us "Audit companion"
ITR -5 for the Financial Year 2015-16 / AY 2016-17
Income tax department released both Java utility and Excel Utility for Online filing of ITR-5 much earlier than compared to last Assessment Year.
Following Person can use ITR -5 to file their Income tax Return. Any person who is liable for filing Income tax return as per Income Tax Act, 1961. Here, Person means " Other than 1.Individual, 2.HUF, 3. Company and person Filing ITR-7".
This Java Utility Perfectly works with the latest version of Java i.e., Java 8 Update 51 and Above. For verifying your Java Version Click Here
For Java Utility of ITR-5 Form Click Here to Download
For Excel Utility of ITR-5 Form Click Here to Download
Note:- Click on "download through your browser" in the download window to begin download
Below mentioned is the Read me Notes given by Income Tax Department for smooth functioning of Excel Utility
Please enable macros to use the excel utility
--------------------------------------------------------------------------
To enable Excel Macros , please follow the below steps
File -> Options -> Trust Centre -> Trust Center Settings -> Macro Settings -> Select the radio button 'Enable all macros' -> Click on'OK'.
Restart Excel.
--------------------------------------------------------------------------
If prompted to enable macros, select 'Yes' and then open the utility.
Do read & Follow Instructions for smooth going of Filing of Returns / IT Forms through Java Utility.
For updates do follow us "Audit companion"
For Excel Utility of ITR-5 Form Click Here to Download
Note:- Click on "download through your browser" in the download window to begin download
Below mentioned is the Read me Notes given by Income Tax Department for smooth functioning of Excel Utility
Please enable macros to use the excel utility
--------------------------------------------------------------------------
To enable Excel Macros , please follow the below steps
File -> Options -> Trust Centre -> Trust Center Settings -> Macro Settings -> Select the radio button 'Enable all macros' -> Click on'OK'.
Restart Excel.
--------------------------------------------------------------------------
If prompted to enable macros, select 'Yes' and then open the utility.
Do read & Follow Instructions for smooth going of Filing of Returns / IT Forms through Java Utility.
For updates do follow us "Audit companion"
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