Due Date Compliance Calendar (TDS, GST) – May 2018

Most Important Due date Calendar  ( TDS, GST)

07.05.2018

  • Due date for Payment of Tax deducted/Collected (TDS/TCS) in the month of April-2018

10.05.2018

  • Monthly GST return in GSTR-1for March-2018 for registered person with aggregate turnover exceeding Rs.1.50 Cr.

Most Important Due date Calendar ( TDS, GST)

15.05.2018

  •  PF for April-2018
  •  Monthly ESIC for April-2018
  • TCS Return for the Quarter ended March -2018
  • Issue of TDS certificate for tax deducted in the month of March-2018

a) u/s 194IA (TDS on Immoveable property)

b) u/s 194IB (TDS on Certain Rent payment)

–  Furnishing of Form 24G (TDS) by an office of the Government where TDS for the month of April -2018 has been paid without the production of Challan.

20.05.2018

  • Monthly Summary Return in GSTR-3B for the month of April -2018
  • Return in GSTR-5 for the month of April-2018for Non-Resident Taxable Person
  • Return in GSTR-5A for the month of April-2018 by Non-Resident Foreign Taxpayers who have come for a short period to make supplies in India

25.05.2018

  •  Provident fund, Employees Deposit-linked Insurance Scheme (EDLI) Return filling for April 2018

30.05.2018

  •  Challan cum Statement with regard to TDS u/s 194IA (TDS on Immoveable property) for April -2018
  • Challan cum Statement with regard to TDS u/s 194IB (TDS on Certain Rent payment) for April-2018
  • Submission of a statement in Form No.49C by Non-Resident having liaison office in India.
  • Issue of TCS certificate for the quarter ended March 2018

31.05.2018

  • TDS Return for the Quarter ended on March 2018
  • Return of Tax deduction from contributions paid by the trustees of an approved superannuation fundS
  • statement of Financial Transactions (SFT) to be furnished by the person specified  in rule 114E in Form No. 61A in respect of Financial Year 2017-18
  • Statement of reportable account to be furnished by reporting financial institution referred in rule 114G in Form No. 61B in respect of Financial Year 2017-18
  • Return in GSTR-6 for the Month of April 2018 for the Input service   Distributor
  • Monthly GST returns in GSTR-1for April-2018 for the registered person with the aggregate turnover exceeding Rs.1.50 Cr.

GST Caution:

Monthly GST returns in GSTR-1 for April -2018 for the registered person with an aggregate turnover exceeding Rs.1.50 Cr. is required to be filled until 31st May 2018 & not 10th June 2018. E-Way Bill is deferred for the Intra-state transaction for goods movement of an amount exceeding Rs. 50,000/- till 31st May 2018.

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PF UPDATE

Good news for Employers!

Good news for Employers!

The government of India will pay the full employer’s contribution of 12.00% (EPF & EPS both) as admissible from time to time w.e.f 01-04-2018 for a period of three years to the new employees and to the existing beneficiaries under PMRPY for their remaining period of three years through EPFO.

The terminal date of registration of beneficiaries through establishment is 31-03-2019.

Above update is applicable for eligible employees under PMRPY.

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Latest updates @ Chartered Accountants Section!

Professional update @ Chartered Accountants Section!

Latest updates @ Chartered Accountants Section

# GST:

UPS along with the battery cannot be held as naturally bundled but to be considered as Mixed Supply within the meaning of Sec-2(74) of the GST Act, as they are supplied under a single contract at a combined single price – AAR in Switching Avo Electro Power Ltd.

# CBDT

Invites comments on draft notification proposing the amendment to Rule 44E, Form 34C, 34D and 34DA as per BEPS Action 5, for improving transparency in tax rulings on Permanent Establishment (PE).

# A&CA: It is a cardinal principle of the Arbitration and Conciliation Act (A&CA) that the parties are free to decide the number of arbitrators, provided, it is an odd number, as well as the procedure for appointing them – IBI Consultancy India Pvt. Ltd. Vs, DSC Ltd. (2018 (4) TMI 781 – SC).

Income tax

# IT: No penal proceedings have been initiated against the assessee when he was alive. Assessment has not been done in the hands of the legal representatives and therefore, Section 159 of the Act, cannot be applied to the legal representative – CIT Vs. Late Dr. K.C.G. Verghese (2018 (4) TMI 801 – Madras HC).

# IT: As derivative transactions being separate from trading in shares, Exp. to Sec-73 will not be applicable to such transactions and hence, the loss incurred by the assessee in derivative transactions through recognized stock exchange has to be set off against other business income as per provisions of the Act – CIT Vs. Sri Vasavi Gold & Bullion Pvt. Ltd. (2018 (4) TMI 802 – Madras HC).

Truly for the Profession…

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