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Statutory Due Dates March 2017 INDEX Direct Taxation Indirect Taxation Corporate & Other Laws Accounting & Audit Statutory Due Dates March 2017 Newsletter – March 2017
DIRECT TAXATION Index All IT returns to be filed by March end of the assessment year With a view to expedite tax assessments, the revenue department proposes to make it mandatory for tax payers to file I-T returns as well as revised returns by March end of the assessment year (AY). The department, in the memorandum to Finance Bill 2017, has also proposed a fee for delayed filing of income tax returns. In case of people whose total income does not exceed Rs 5 lakh, Rs 1,000 fee would be charged. If the income exceeds Rs 5 lakh, a fee of Rs 5,000 shall be payable, if the return is filed after July but on or before December 31 of the Assessment Year (AY). A fee of Rs 10,000 shall be payable if ITR is filed after December. No Tax on rs. 20 lakhs gratuity for private sector employees The government has amended the Payment of Gratuities Act where private sector employees will now be able to withdraw up to R20 lakh in tax-free gratuity. Till now the tax-free limit was R10 lakh. For government employees, however, the limit is R20 lakh.This move has brought private sector employees on a par with the central government employees.The 7th Pay Commission allows the central government employees to withdraw tax-free gratuity up to R20 lakh. All companies and establishments employing 10 or more workers come under the Gratuity Act.An employee who has completed five years of continuous service in an organisation is eligible for gratuity. Newsletter – March 2017
INDIRECT TAXATION Index Central Government clarifies that there is no proposal in the Union Budget 2017-18 to levy 5% service tax on healthcare services The Central Government has clarified that there is NO proposal in the Union Budget 2017-18 to levy 5% Service Tax on Healthcare Services, as reported in certain Social Media circles. Newsletter – March 2017
CORPORATE AND OTHER LAWS Index Labour registers for firms reduced to 5 from 56 Enhancing ease of doing business, the government has reduced the number of registers to be maintained under labour laws to 5 from 56 for 58.5 million establishments. These registers are related to details of employees, their salaries, loans/recoveries, attendance, and others. This exercise will help establishments save cost and efforts and ensure better compliance with labour laws, the labour ministry said. Under various Central Labour Acts, there is a requirement of maintenance of registers depending upon the threshold of the number of employees by the establishments in agriculture and non-agriculture sectors. Labour ministry has also undertaken to develop a software for these five common registers. The Labour Laws under which these registers are maintained include The Mines Act, 1952, The Minimum Wages Act, 1948, The Payment of Wages Act, 1936, The Sales Promotion Employees (Conditions of Service) Act, 1976 and The Working Journalists and Other Newspaper Employees (Conditions of Service) Act, 1955 etc. Newsletter – March 2017
ACCOUNTING & AUDIT Index Guidance note on audit of banks 2017 is released The auditing and assurance standard board of ICAI has issued guidance note on Audit of Banks 2017 edition on 23rd February 2017. It is meant for detailed guidancce on various items of financial statements of banks, disclosure requirements, prudential norms of RBI, audit procedures, LFAR reporting, Ghosh and Jilani, special purpose reports and certificates, etc. The Guidance Note, inter alia, has been updated by ICAI for the impact of the Master Directions and other relevant circulars issued by RBI in 2016, guidance on demonetization at appropriate places, including the relevant pronouncements of the ICAI having bearing on bank audits Newsletter – March 2017
STATUTORY DUE DATES FOR MARCH 2017 Index Statutory Due Dates Calendar for March 2017 Due Date Statutory Compliance 5th March 2017 Payment of Service Tax/ Excise duty 7th March 2017 Payment of TDS 10th March 2017 Excise Return (if monthly) 15th March 2017 Payment of Provident Fund contribution/ Profession Tax & ADVANCE INCOME TAX 21st March 2017 Payment of VAT & ESIC Newsletter – March 2017
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