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Due date for filing equalisation levy statement is 30th June 2019

Dear Sir / Madam, We would like to bring to your kind notice that the due date to file Form-1 i.e., furnishing of equalisation levy statement for the transactions during financial year 2018-19 is June 30th 2019 (Sec 167 of Finance Act, 2016). Applicability: Filing of the statement is applicable only for those companies which have withheld tax @6% from payment to non-resident as Equalisation Levy for specified services i.e., Online advertisement and any provision for digital advertising space or facilities/ service for the purpose of online advertisement and discharged the same by paying to government authorities through challan No. / ITNS 285. Penalty for failure...

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Due date for filing Form DPT-3 is 29th June 2019

Dear Sir / Madam, As per Rule 16(A) sub rule 3, of the Companies Act, Every Company other than Government Company shall file a onetime return of outstanding receipt of money or Loan by a company but not considered as deposits in terms of Clause (c) of sub–rule 1of rule 2 from the 1st April 2014, to the date of Publication of this notification in the official Gazette specified in form DPT-3 within ninety days from 31st March, 2019 i.e., on or before 29th June 2019 with the applicable fees. Hence Form DPT-3 should be filed on or before 29th June 2019 by every Company (other than a Government...

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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:

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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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Amendment in file format to submit TDS statement for Form 24Q Quarter 4 and changes in Part B of Form 16

Dear Sir / Madam, As you may be aware, the Income Tax Department has, through, Notification No. 36/2019 dated 12.04.2019 recently made certain changes in Form 24Q Quarter 4 and Part B of Form 16. The revised format is applicable with effect from May 12, 2019 onwards. All the deductors are requested to download the new free versions of RPU and FVU software from TIN website: Kindly find the attached new format of Form 16 and Form 24Q and the notification for your reference. Part B (Annexure) Details of Salary Paid and any other income and tax deducted 1. Gross Salary (a) Salary as per provisions contained...

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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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Union Budget Highlights Financial Year 2017-18

The Union Budget 2017-18 is a budget of many peculiarities. For the first time, Budget has been advanced and presented on 1st February as against the usual practice of presenting the Budget on last working day of February. Also, for the first time, no separate Railway Budget has been presented and the same is merged with the Union Budget. Similarly, there are many more such distinctiveness in the current Budget. The taxation proposals in the current budget are more focused towards making taxation rates more reasonable, tax administration more fair and expand the tax base in the country. Effort is...

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