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Due Date for payment of advance tax is 15th June 2019

This is to bring to your kind attention that the due date for payment of advance tax for the first instalment of the financial year 2019-20 is 15.06.2019. Kindly take necessary actions to make the payment within the due date. Hope the above alert is both timely and useful. Kindly let us know for any help or clarifications in this regard. Vishnu Daya Tax Alert Vishnu Daya & Co LLP Chartered Accountants, GF 7 & 3rd Floor, Karuna Complex, No. 337, Sampige Road, Malleswaram, Bangalore-560003. Office: +91-80-23312779 | +91-80-23560633 Fax: +91-80-23313725 Website: www.vishnudaya.com...

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Due date for filing Form MSME 1 is 30th May 2019

Dear Sir / Madam, This is to bring to your notice that, the due date for filing file MSME Form I containing details of all outstanding dues to Micro or small enterprises suppliers outstanding for more than 45 days from the date of acceptance/ deemed acceptance of the good/ services as at the date of the attached notification i.e., 22nd January 2019 is 30th May 2019. There is no requirement to file the return if there is no outstanding to MSME for more than 45 days. It is to be noted that apart from the above specified initial return, there is requirement to file half...

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Due date for filing Form 61A is 31st May, 2019

Dear Sir / Madam, We would like to bring to your kind attention that due date for filing Form 61A for financial year 2018-19 is 31st May, 2019. In this regard, we would like to discuss on requirement of filing of Form 61A and other aspects. We refer to reporting requirements prescribed under Indian tax law: Requirement of Filing of Form 61A – Statement of Specified Financial Transactions (SFT) As per the provisions of section 285BA read with Rule 114E of the Income-tax Act, 1961, specified persons are required to report identified transactions by furnishing a statement of financial transaction (in Form 61A) by 31...

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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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