Financial year closing is most important work for every businessman , tax professional as well as for taxpayers.Financial year 2014-15 closing is Just few days ahead i.e 31st March 2015 . We have summarized few of the things that are associated with the financial year closing and which may be helpful for you.
Income tax,Service tax ,Vat , Excise and many other taxes are assessed on the Financial year basic,in fact all the taxes in India (which we know ) are assessed on the Financial year basis only . So in Taxation system 31st March has a Major landmark date not only due to closing of the Financial year but also due to various due date correlated with the end of financial year i.e 31st March.
We have given few major issue related to 31st March.The list provided here under is not exhaustive and all viewers are requested contribute to list.
1.Service Tax Due dates:
Due date to deposit Service Tax on services provided/deemed to provided in month/quarter is 5th of succeeding Month, but due date to deposit tax for month/quarter ending on 31st March ,is 31st March itself. So make sure that you pay your service tax due for the month of March /quarter Jan-March,15 as the case may be by 31st March ,2015.
2. Excise Duty Due Date :
Same rule of Service Tax is applicable on Excise Duty also, So excise duty due for month/quarter ended 31st March is to be deposited by 31st March,2015 itself.
3. Due dates of TDS(tax deducted at source) for month of March :
Due date for tds deductible in the month of March is 30.04.2015. No separate date provided for deduction made on 31.03.2015 .This due date(30.04.2015) is not applicable for tds deducted only on 31.03.2015 but also for tds deducted in full month of March(01.01.2015 to 31.03.2015).However for Govt. deductor, depositing tax through challan, due date for tax deducted in Month of March ,15 remains 07.04.2015
4. Due Date for Advance Tax :
Generally taxpayers thinks that advance tax due dates are 15 June, 15 Sep, 15 Dec and 15 March ,but forget about 31st March. 31st March is last day for depositing your advance tax under Income tax .If you have balance advance tax then pay it by 31st March , otherwise you have to bear another 1 % interest u/s 234B at least for one month.So even if you pay balance tax on First April,2015 ,you have to pay interest on balance advance tax u/s 234B for one month.
5. Advance tax for capital Gain :
Second point under advance tax is, if you have Income from Capital Gain then Income tax rules/act provide you exemption from depositing installment of advance due on capital gain amount before the accrual of such capital gain Income. but this is subject to condition that you pay balance tax with in Financial year.If you are unable to deposit the advance tax due on capital gain with in financial year then above exemption will not be available to you.
Example: Suppose a person earned income from capital gain Rs 12,00,000/- on March,16 and advance tax due is Rs 1,33,900/- .In this case, if person pay his advance tax by 31st March then no interest is to be charged u/s 234C but if he do not pay advance tax by 31 March , then interest u/s 234C will be payable by him amounting to Rs 4951/- from the first installment due date ?.
6 .Return for Assessment year 2013-14
If you have not filed your Income Tax return for the assessment year 2013-14 ,then go for it before 31st March 2015 ,you still have a chance ,as belated return can be filed within one year from the end of assessment year.
7. File Return for Assessment year 2014-15 without penalty
If you have not filed your Income Tax return for the assessment year 2014-15 ,then go for it before 31st March 2015 ,you still have a chance to file your return without paying any penalty as the assessment year closes on 31st March.
8. Savings For Financial year:
If are planning to save tax u/s 80C or 80D(Medical /health insurance ) or other section then purchase Tax saving instruments like,NSC,PPF ,Lic receipt before 31st March so that you can take maximum benefit provided under these heads.
Further make sure that you cheque also got cleared before 31st March , as in few investment schemes cheque clearing date may be treated as your investment date .So its better to deposit in cash except section 80D (medical insurance/health insurance).
10.Wealth Tax return :
Due date of filing of return in respect of Financial year 2013-14 ,who failed to file return on due dates Wealth Tax Form BA
11.Income tax benefit on house Loan u/s 24 Interest and 80C (repayment ) not completed before 31.03.2015:
If your house is not completed before 31st March then you can not avail income tax benefit of house loan interest as well as House loan repayment benefit in financial year 2014-15.
12. Income Tax office and Banks special counters remain open on 31st March 2015:
For the facility of taxpayers Income tax offices remain open on 30th and 31st March. Further RBI has also directed his Agency banks to open special counters to collect tax on 30th and 31st March ,2015 even in late hours.
13. PPF (public provident fund) Extension after 15 Years:
If you have opened your PPF account in 01.04.1998 to 31.03.1999 then 15 years was completed on 31.03.2014 .And if you want to extended your account further for block period of 5 years with contribution each year then you should apply on form H before 31.03.2015(within one year from completion of 15 years).(you can extend your PPF account by any time subject to 5 years each time). If you don not apply on form H by this date , your account will be extended without subscription and can not be converted back with subscription.
The same rule is applicable for extension after first block completion after 15 years.
15. Due date for ETDS return for quarter ending on 31.03.2015:
Due date to deposit form 24Q ETDS return (salary TDS) for quarter ending 31.03.2015 is 15.05.2015.
Due date to deposit form 26Q Etds return (other than salary TDS) for quarter ending 31.03.2015 is 15.05.2015.
16. Due date to Issue Form 16 / form 16A for quarter/year ending on 31.03.2015
Due date to issue form 16(salary TDS certificate ) for year ending 31.03.2015 is 31.05.2015.
Due date to issue form 16(other than salary TDS) for quarter ending 31.03.2015 is 30.05.2015.(How to download Form 16A from Traces website )
17. Due date for TCS (Tax collection at source ) , ETCS return (27EQ) , TCS certificate (27D)
TCS payment :07.04.2015 (due date is 07.04.2015 not 30.04.2015 so keep in mind this rule 37CA)
Etds return (27EQ) : 15.05.2015 (Rule 31AA)
Form 27D : 30.05.2015 (Rule 37D)
18.Service Tax changes applicable From 01.04.2015: In Union Budget 2015 ,Many changes has been made in service tax act and rules ,The list of service Tax changes applicable from 01.04.2015 can be checked here.
19.Companies must repay deposits from members and director relatives by 31-03-2015:
Companies must repay deposits from members and director relatives taken before 01-04-2014. Fine of 1-10 crores for Company and 0.25-2 crores for officers in default and jail up to 7 years.
20.?????? Try to complete this list , provide your views in comment section
The list provided above is not exhaustive and all viewers are requested contribute to list.
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