XBRL - eXtensible Business Reporting Language

Ministry of Corporate Affairs introduced the concept of XBRL filing of financial statements to ROC by mandating certain class of companies to file balance sheets and profit and loss account for the year 2010-11 onwards by using XBRL taxonomy.  XBRL is used for presentation of data which permits easy analysis and interpretation thereby reducing co

Read more

Assessee Code mandatory for Excise and Service Tax Payments

Assessee Code made mandatory R.B.I has issued Circular DGBA.GAD.No.H - 850/41.07.003/2010-11 dated 29th July 2010, making it mandatory for the authorised banks to accept Central Excise and Service Tax payments from only those assessees whose Assessee Codes (Registration Numbers) exist in the EASIEST Directory. With effect from 1st September, 2010,

Read more

Negative list of services (66D) under Service Tax

Apart from the list of services, mentioned in the negative list of services the remaining services come under the service tax criteria. Below mentioned are the list of services exempted from service tax 1. Services by Government or a local authority excluding the following services to the extent they are not covered elsewhere- Services by the D

Read more

Service Tax rules and forms

Service Tax Rules:The Service Tax rules states that every person liable for paying the service tax shall make an application, in Form ST-1 for registration within a period of 30 days from the date on which the service tax is levied.Every assessee shall submit the half yearly return in form ST-3, or ST-3A with the copy of G.A.R.7, in triplicate for

Read more

Statutes governing the levy of Service Tax

The Statutes governing the levy of Service Tax are as follows:The Finance Act, 1994 - Chapter V - Section 64 to 96 I. (referred to as ‘Act’ in this book) this chapter extends to the whole of India except the State of Jammu and Kashmir.The Finance Act, 2004 Chapter VI - for levy of Education Cess @ 2% on the Service Tax.The Finance Act, 2007 –

Read more

Filing of Service Tax Return

Returns that a service tax assessee has to file:Service Tax Return (ST-3 Return) – For all the registered assessee, including Input Service Distributors.Procedure for e-filing:1. File of an application to the jurisdictional Asst. /Deputy Commissioner of Service Tax, specifying –15-digit PAN based registration number (STP Code)Valid e-mail addre

Read more

Books of accounts and records to be maintained for Service Tax

Under every tax law, there is necessity to maintain proper books, records and accounts that will facilitate the assessment and collection of duty as stipulated under the law. Every person providing taxable service shall issue an invoice, a bill, or as the case may be a challan, signed by such person.The Bill/ Invoice/ Challan should be issued withi

Read more

Billing and Payment of Service Tax

Billing of Service Tax: Issue of Invoice/Bill by a Service Tax assessee is mandatory as per Rule 4A of the STR, 1994. The same should be issued within 14 days from the date of completion of taxable service or receipt of payment towards the service, whichever is earlier.The invoice/bill should contain the following information (Rule 4A of the STR,

Read more

Exemption and Abatement under Service Tax

Some general exemptions are provided in respect of:Services provided to the United Nations;Services to units in and developers of Special Economic Zones;Services rendered free of cost; andServices prior to the effective date of the service being included as a taxable service, even if payments are realized later.Exemptions available for small servic

Read more

Value of taxable service - Decision making

The value of taxable service is the gross amount received by the service provider for the taxable service provided or to be provided by him. The valuation of taxable service is to be done with respect to the service provided or to be provided also. For certain services, a specified percentage of abatement or reduction in value of taxable ser

Read more

Deciding on whether Service Tax is payable or not

If you are engaged in providing service to your customer, please check:-Whether the service rendered by you is falling under the scope of any of the taxable services as per the listWhether there is a general or specific exemption available for the category of service provided under any notification.Whether you are entitled to the value based exempt

Read more

Deciding on service provider / receiver / distributor status

Service Provider: One who provides services or one who renders service to others is a Service Provider.Service tax is levied on taxable services only and not on the service provider. The service provider is only an instrument to deposit the service tax to the credit of Central Government who has been made as a person liable.As per section 68, ever

Read more

Registration process for Service Tax by a service provider

Registration under Service Tax lawEvery person providing a taxable service of value exceeding Rs. 9 lakhs, is required to register with the central excise or service tax office having jurisdiction over the office of such service provider.The ‘Input Service Distributors’ also are required to register themselves.Centralized Registration: An asses

Read more

Service Tax (ST) - An introduction and rates

Service Tax (ST):Service Tax (ST) is a tax levied on the transaction of certain specified services by the Central Government under the Finance Act, 1994. It is an indirect tax, in which normally the service provider pays the tax and recovers the amount from the recipient of service.Service Tax was first levied on General Insurance Services, Stock

Read more

INCOME TAX rates for Financial Year 2015-16

The Income Tax rates / slabs for the FY 2015-16 as proposed in the Budget 2015 is as below:For Salaried Tax Payers: All Individuals/HUF Tax Payer with Salary being the main source of income  For Non-Salaried Tax Payers: All assesses with non - salary source of income  For NRI/NRE Tax Payers: All Tax Payers residing out of India or Non Reside

Read more

e-Payment of Direct Taxes -An introduction

Introduction:The optional scheme of electronic payment of taxes for income-tax payers was introduced in 2004. With a view to expand the scope of electronic payment of taxes, it is mandatory for the following categories of taxpayers: -All corporate assessee‘sAll assessee‘s (other than company), to whom provisions of section 44AB of the Income Ta

Read more

Highlights of Budget 2015-16

Finance Minister Mr. Arun Jaitley presented today his first full budget for fiscal year, Budget 2015-16, terming it as a growth focused budget, without tripping on the fiscal deficit constraints. The Finance Minister said the GDP growth is expected to accelerate between 8 to 8.5 percent in the fiscal year starting 2015 aiming double digit growth ra

Read more

Issuing TDS certificate

TDS certificates: The certification from the deductor, for the deduction and payment of the respective TDS amount to the bank, issued to the Deductee is a TDS certificate.How it will be useful: The Deductee should produce the details of this certificate, during the regular assessment of income tax, to adjust the amount of TDS against the Tax payabl

Read more

Verifying submitted return

After a return has been filed under TDS or TCS, deductor should verify the return on www.tin-nsdl.com. This will ensure the 100% perfect filing of the return. Once the return is accepted by a TIN FC, it will be available online within 3 working days.PRN or RRR number: The Provisional Receipt Number [PRN or also termed as RRR number] will be provide

Read more

Due dates for the filing of TDS/TCS returns

Due dates for filing of TDS/TCS returns are as below:  [Subject to Extension by the CBDT for specific quarters of a particular FY]Click on the image for an enlarged viewLate filing consequences:Fees for delay in furnishing the statements: (refer section 234E of Income Tax Act) Effective from 1st July 2012, any delay in furnishing the eTDS stateme

Read more

Submitting a Correct Statement : Regular Return

Type of submission a.  E-Filing: 1. Mandatory: [refer Rule 31A] From FY 2003-04, it is mandatory to all corporate deductors to file the TDS return electronically. From 30-6-2005, e-filing is mandatory to Government deductors also. From 01-09-2007, e-filing has been extended to All deductors who are liable for audit under section 44AB o

Read more

Preparing Correct Statement (Regular Return)

To prepare a correct REGULAR RETURN, user should know the details of the following accurately.Who: The deductor DetailsWhom: The Deductee DetailsWhat: The deduction DetailsWhen: The Challan DetailsDeductor: Deductor is the person, who is making a payment to Deductee. While making the TDS return, deductor should furnish the major details like:a. Co

Read more

Deduction-to-payment verification

Once the deductor has made the deduction and respective payment, a detailed verification of “Deduction to payment” should happen. This should happen before preparing the Quarterly Statement for respective quarter.The points to be noted while verifying Deduction-to-payment:No deductions have been left unpaid.All the Challans are matching with Ty

Read more

How to verify a paid Challan status?

On receipt of the amount, receiving bank will upload the details in the Challan to Government via NSDL through its OLTAS (Online Tax Accounting System) return within 3 working days. Once deductor makes the payment, he should cross-verify the Amount and CIN that has been uploaded by the receiving Bank to NSDL.This should be cross-verified by the ded

Read more

How to make correct Challan Payment?

It is the Duty of the deductor to pay Tax deducted within the prescribed time to the “credit of the Central Government” [Refer section 200].Points to be considered before making a challan payment:a.  Type of Deductee:The deductees are of 2 types, namely, “Companies” and “Other than Companies”. Use separate challans for depositing tax d

Read more

Deduct correct TDS

a.  How to deduct correct TDS? The sections 192 to 196 of Income Tax Act, directs “Any person responsible for paying any income chargeable to tax” to deduct income-tax thereon at the rates specified respectively. Salaries: While making the payment of Salary, deductor should consider the following and deduct correct TDS from the payment bein

Read more

Perquisites

Perquisites are the small benefits provided by the employers in addition to the normal salary at a free of cost or concession rates. Perquisites are taxable in the hands of employees. However, they are rules for valuation perquisites.   What is Perquisite and how it is taxed? Perquisites are emoluments or benefits received from an employer,

Read more

Ease Your Payroll Process

Relyon Featured Products

Complete Payroll solution right from attendance punch to generation of Payslip.

  • * Flexible salary and attendance creation.
  • * Powerful Statutory compliance.
  • * Employee Self Service.
  • * Extensive Reporting Formats.
  • * Exit Management.
Know More    Request a Demo


Categories

Featured Posts

Tag Clouds