EPF pensioners may get medical benefits. How to Claim it

Medical benefits scheme for all pensioners

The Government is planning a health advantages plot for all retired pensioners who are individuals from Employees’ Provident Fund (EPF).The government will likewise constitute an abnormal state council to patch up the Employees’ Pension Scheme (EPS).
In association with the Employees’ State Insurance Corporation (ESIC), Labor Ministry is going to formulate a medical benefits scheme for all pensioners who are EPF members.
Ministry is also looking for contributory medical benefits scheme and details were being worked out. A
A complete valuation of EPS 1995 with an intent to plug the ensuing gaps is in the works.
Members looked for an increase in minimum pension to Rs 3,000 from Rs 1,000 per month under the EPS scheme.
They also pitched for implementation of welfare schemes for pensioners by including housing scheme by utilizing the unclaimed provident fund amounting to Rs 27,000 crore.
PM’S mass program housing-for-all is also pursued by the same ministry with execution follow-ups at the district level.

Threshold Limit

Threshold Limit for Tax Audit for the AY 2017-18

Yet tax audits for the AY 2016-17 are on their way and to finish before 30.09.2016 but we need to also keep in mind threshold limit applicable for the AY 2017-18 for compliance and planning purposes. The Finance Act 2016 (applicable for the AY 2017-18) has enhanced the turnover limit from Rs. 1 crore to Rs. 2 crores for assessee’s claiming presumptive taxation benefit under section (u/s) 44AD of the Income Tax Act 1961 (the Act).

This, therefore, created a doubt whether tax audit limit u/s 44AB of the Act is simultaneously increased from Rs. 1 crore to 2 crores or not.

Income tax

The dust is set at rest by CBDT press release dated 20.06.2016 clarifying that higher threshold limit for non-audit of accounts has been given only to assesses opting for presumptive taxation scheme u/s 44AD of the Act. In other words, it means that turnover / total sales / gross receipt level fixed to be greater than Rs.1 crore attracting tax audit provisions u/s 44AB of the Act still prevails but assesses who claim benefit of section 44AD of the Act can avoid tax audit up to the total turnover limit of Rs. 2 crores even.

Above arrangements can be comprehended with the assistance of following cases even:

  • Alpha Pvt. Ltd. having a total turnover of Rs. 125 lacs for the FY 2016-17 needs to get its books audited u/s 44AB of the Act as turnover has exceeded Rs. 1 crore. We all know that company assessee can’t avail benefit u/s 44AD of the Act thus threshold limit of Rs. 1 crore applicable as above.
  • Mohanty and Co. (an organization firm) occupied with exchanging of electronic merchandise having a turnover of Rs. 165 lacs for the FY 2016-17 require not to get its records reviewed u/s 44AB of the Act as its turnover has not surpassed Rs. 2 crores (expecting that firm will offer business salary u/s 44AD of the Act). Be that as it may if the firm selects to be out of possible tax collection conspire u/s 44AD of the Act it needs to get books evaluated u/s 44AB of the Act.
  • Mr. Girraj Malpani, proprietor of Goverdhan Associates having receipts of 137 lacs from commission by way of sourcing insurance and lending arrangements during the FY 2016-17 will need to get his accounts audited u/s 44AB of the Act because assesses earning commission income can’t avail benefit of section 44AD of the Act thus threshold limit of Rs. 1 crore shall be applicable.Credits:  Anoop Bhatia

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Tax Audit Report : Revised Form No. 3CD

Revised Form No. 3CD Tax Audit Report for A.Y 2017-18

Nowadays on Social Media, a Revised Format of Form 3D is circulating which is applicable from 01.04.2017 and few raised the query that when the same was released as there is no recent notification on the same.

In this respect, we would like to bring to your notice that the from 3D  as applicable from 01.04.2017 is not been released recently. It’s been released by CBDT vide Notification No. 88/2016-Income Tax dated 29th September 2016 and vide this notification following additional disclosures were required to be made in respect of Income Tax Computation Disclosure Standards (ICDS)

Tax Audit Report services in Bangalore

 Disclosure as per ICDS:

tax Audit

 

New /Revised Formats of Tax Audit Report Forms 3CA, 3CB & 3CD (AY 2017-18)

CBDT has amended clause 31 of the Tax Audit Report Form 3CD w.e.f. 19 Jul. 2017. Further, Forms 3CA, 3CB and 3CD of Tax Audit Reports were substantially amended w.e.f. 25 Jul. 2014 expanding the scope of reporting/ verification. Further, Form 3CD has been revised on 29 Sept. 2016 for ICDS Reporting Adjustments applicable from AY 2017-18.

CBDT Notification No. 33/2014 dt. 25th July 2014

The CBDT, in the exercise of the powers conferred by section 295 read with section 44AB of the Income-tax Act, 1961 (43 of 1961), had amended Form No. 3CA, Form No. 3CB and Form No. 3CD, vide Notification No. 33/2014 w.e.f. 25th July 2014. These forms can be utilised for tax audit reports pertaining to AY 2015-16 and 2016-17.

CBDT Notification No.88/2016 dt. 29 Sept. 2016 – ICDS Rules 2016

The CBDT has further amended/ revised Form 3CD, applicable from AY 2017-18 (i.e. corresponding to Financial/ Previous Year 2016-17) to facilitate changes relating to ICDS Reporting Adjustments thru Income-tax (23rd Amendment) Rules, 2016 vide Notification No. 88/2016.

CBDT Notification 58/2017 dt. 3 Jul. 2017: amendment in Tax Audit Form 3CD from 19 Jul 2017

CBDT has notified amendments in “Clause 31 relating to particulars required under IT Section 269SS/ 269T” in the Tax Audit Report Form 3CD prescribed under IT Section 44AB, w.e.f. 19 Jul. 2017.

It may also be noted that the revised Forms 3CA, 3CB, 3CD, 3CEB, 29B etc. are now required to be uploaded in ‘xml’ format after signing digitally at the e-filing website of Income Tax Deptt.

Complete Support of Tax Auditing is done for all kind of Business in Bangalore by CERTICOM Consultants