" IRS OFFICERS PROMOTED FROM THE GRADE OF SUPERINTENDENT OF CENTRAL EXCISE ARE ALSO MEMBERS OF AIACEGEO. THIS IS THE ONLY ASSOCIATION FOR SUPERINTENDENTS OF CENTRAL EXCISE AND IRS OFFICERS PROMOTED FROM THE GRADE OF SUPERINTENDENT OF CENTRAL EXCISE THROUGH OUT THE COUNTRY . President Mr. A. Venkatesh and SG Mr. Ravi Malik.

Wednesday, 28 February 2018

March 2018- The Month of Deadly Deadlines


 
ParticularsActionConsequences of missing Deadline
AIncome-tax related compliances
FY 2015-16 (AY 2016-17)File revised or belated  income-tax return on or before 31st March, 2018Assessing officer may direct to pay penalty of Rs. 5,000 along with income-tax and interest
FY 2016-17 (AY 2017-18)
FY 2017-18 (AY 2018-19)Plan and invest in tax saving instruments on or before 31st March 2018A person may end up paying more tax due to poor tax planning
BAadhaar related Compliances*
Aadhaar number needs to be linked to various services on or before 31st March 2018, to continue to enjoy the benefits of said services. Some of the important services are listed below:
– Bank AccountVisit Bank or update by net-banking to link AadhaarBank accounts may be blocked.
– Mobile numberVisit or call mobile service provider to update AadhaarMobile service provider may stop providing services
– Permanent Account Number (PAN)Visit Income-tax website to update AadhaarIt may create problem in filing income-tax returns, etc.
– Social / welfare schemes (such as LPG subsidy, educational scholarship, fertilizer subsidy, etc.)Visit social security service centre and link Aadhaar to continue enjoying benefitsAn individual may not be entitle to receive subsidy, until he linked Aadhaar no.
– Financial products (such as Mutual Funds, Demat, Post office schemes, Insurance Policy, etc.)Visit respect agency centre to link Aadhaar with financial productsAn Individual may face disruption in services
*Note: the due date for Aadhaar linking compliance is subject to writ petition filed in the Hon’ble Supreme Court
CCountry-by-Country Report and Master File
 Master File
 Every constituent entity
covered under section
92D
Furnish Part A of Form no. 3CEAAPenalty for failure to keep and maintain Master File
(INR 500,000)
 Constituent entity covered under section 92D and threshold under Rule 10DA(1) is satisfiedFurnish Part A and Part B of Form no. 3CEAA
 Country-by-Country Report
Every parent entity or an alternate reporting entity, resident in India (applicable to an international group having total consolidated group revenue of more than INR 5,500crores)
Furnish Form No.3CEADPenalty for failure to furnish CbC report u/s 286(2):
a.    INR 5,000 per day upto one month; or
b.    INR 15,000 per day beyond one month
(If failure continues after penalty order, than  INR 50,000 per day)
DOther important due dates
 Due date for deposit of TDS / TCS for February, 2018Payment of TDS / TCS amount to GOI on or before 7 March 2018Penal interest on delayed payment of TDS / TCS amount
 Fourth installment of advance tax for the assessment year 2018-19 (including taxpayers covered u/s. 44AD and 44ADA)Pay Advance tax on or before 15 March 2018Penal interest on delayed payment of Advance tax amount
 January 2018 monthly GST Return for persons with aggregate turnover over INR 1.5croresFurnish GSTR-1 on or before 10 March 2018Payment of any Interest and Penalty.
 Summary GST Return for February 2018Furnish GSTR-3B on or before 20 March 2018Payment of any Interest and Penalty.
 GSTR 6 (for Input Service Distributor) for July 2017 – February 2018Furnish GSTR-6 on or before 31 March 2018Payment of any Interest and Penalty.
Because the last date for income-tax return FY 2015-16 and FY 2016-17 is 31st March 2018. Thus, for easy of reference, the various income-tax slab and tax rate are compiled in a comparative form for FY 2015-16, FY 2016-17 and FY 2017-18 as below:
Total Taxable IncomeFY 2015-16
(AY 2016-17)
FY 2016-17
(AY 2017-18)
FY 2017-18
(AY 2018-19)
AApplicable to all Individuals / HUF / AOP / BOI / AJP(other than B and C below)
Up to Rs. 2,50,000NilNilNil
Rs. 2,50,000 – Rs. 5,00,00010%10%5%
Rs. 5,00,000 – Rs. 10,00,00020%20%20%
Above Rs. 10,00,00030%30%30%
BResident Individual’s age 60 years or more but less than 80 years(Senior Citizen)
Up to Rs. 3,00,000NilNilNil
Rs. 3,00,000 – Rs. 5,00,00010%10%5%
Rs. 5,00,000 – Rs. 10,00,00020%20%20%
Above Rs. 10,00,00030%30%30%
CResident Individual’s age 80 years or more(Super Senior Citizen)
Up to Rs. 5,00,000NilNilNil
Rs. 5,00,000 – Rs. 10,00,00020%20%20%
Above Rs. 10,00,00030%30%30%
Note: Surcharge and Tax rebateapplicable toabove point A, B and C
Add: Surcharge on tax, if;
Taxable income > 50lakhsNilNil10%
Taxable income > 1crore12%15%15%
Less: Tax rebate* amount lower of: 100% of income-tax payable or specified tax amount
Specified tax amountRs. 2,000Rs. 5,000Rs. 2,500
*Rebate u/s. 87A is available to resident individual, only if taxable income is less than or equal to:500,000500,000350,000
DTax Rate for Partnership Firm / LLP / Local Authority30%30%30%
Add: Surcharge on tax, if taxable income > 1crore12%
(In case of local authority, it is 10%)
12%12%
ETax Rate for Domestic Company
Turnover / Gross Receipt <= 5crores30%29%25%
Turnover / Gross Receipt between 5crores and 50crores30%30%25%
Turnover / Gross Receipt > 50crores30%30%30%
Add: Surcharge on tax, if
Taxable income > 1crore7%7%7%
Taxable income > 10crores12%12%12%
FTax Rate for Foreign Company40%40%40%
Add: Surcharge on tax, if
Taxable income > 1crore2%2%2%
Taxable income > 10crores5%5%5%
GTax Rate for Co-operative Society
Up to Rs. 10,00010%10%10%
Rs. 10,000 – Rs. 20,00020%20%20%
Above Rs. 20,00030%30%30%
Add: Surcharge on tax, if taxable income > 1crore12%12%12%
Add: Education cess on tax and surcharge(applicable for all above points from A to G)3%3%3%