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Advance Tax due date is 15th March 2018

This is to bring to your kind attention that the due date for payment of last installment of advance tax for the financial year 2017-18 is  15.03.2018. The assessees who are paying the tax under presumptive taxation are required to pay in one installment the 100% of the income tax liability as advance tax on or before 15th March 2018. Kindly take necessary actions to make the payment within the due date. Hope the above alert is both useful and timely. Kindly let us know for any help or clarifications in this regard....

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File your Income Tax Return for AY 2017-18 – Last date is 31-03-2018

As per the amended Section 139 of Income Tax Act (Budget 2016), the belated return/ revised return of Income from the Financial year 2016-17 can be filed only till the last day of the Assessment year. Hence the due date for filing the belated return of Income for the FY 2016-17 (AY 2017-18) is 31st March 2018 after which the return cannot be filed. Therefore, it is advised that you may ascertain your tax liability for AY 2017-18 and file your Income Tax Return (ITR) without any further delay. It is also to be noted that the due date for the return...

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Year End Requirements

As the financial year 2017-18 is coming to an end, there are certain statutory requirements which need to be addressed within 31.03.2018. Among them the below mentioned requirements should be taken care on priority basis: Stock verification  Ensure that the physical verification of raw materials, work-in-progress and finished goods has been carried out for the year ending 31.03.2018 on or around 31.03.2018 as per your convenience. Prepare the list of raw materials/packing materials/ work in process/ semi -finished goods - inventory/finished goods as per the books and compare it with the physical verification of the items so verified. Goods and Service...

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CBDT notifies ITR forms for Financial year 2017-18

The Central Board of Direct Taxes(CBDT) has notified Income Tax Return Forms (ITR Forms) for the Financial Year 2017-18. For Financial  Year 2016-17, a one page simplified ITR Form-1(Sahaj) was notified.  For Financial year 2017-18 also, a one page simplified ITR Form-1(Sahaj) has been notified. This ITR Form-1 (Sahaj) can be filed by an individual who is resident other than not ordinarily resident, having income upto Rs.50 lakh and who is receiving income from salary, one house property / other income (interest etc.). Further, the parts relating to salary and house property have been rationalised and furnishing of basic...

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