Skip to main content

No more ‘self-declaration’ - Employees now required giving declaration in a new form

Presently, employees who wanted to claim tax deductions are required to file self-declarations of tax savings/deductions to employer along with the evidences of such tax savings for every financial year. Employer was liable to deduct tax at sources on the estimated income of employees after considering such self-declarations of tax savings.
Now the CBDT has notified new form no. 12BB for such purposes. Employees are now required to submit evidences/particulars of tax savings to employer in Form no. 12BB.
The CBDT has also notified revised due dates for filing of quarterly TDS returns by persons (other than government). Due dates for filing TDS return for the quarter ended 30th June, 30th September, 31st December and 31st March has been extended to 31st July, 31st October, 31st January and 31st May respectively (old dates were 15th July, 15th October, 15th January and 15th May respectively).

View Form no. 12BB and amended Rules
Labels:

Popular posts from this blog

Impact of Budget on Individual tax payers- Direct Tax Proposals

Finance Minister, Mr. Arun Jaitley, did not propose any change in the income-tax slab rates. However, various changes have been proposed in the income-tax provisions which impact the taxable income of an individual. All relevant proposals made for an Individual are as under: (1)   Rate of surcharge shall be increased to 15% from 12% if total income of an individual exceeds Rs. 1 crore. (2)   An additional tax at the rate of 10% of gross amount of dividend shall be paid by a resident individual, HUF or a firm, if dividend received by them from a domestic company exceed Rs. 10 lakhs per annum. Dividend income is otherwise exempt under Section 10(34), however, such exemption is proposed to be withdrawn in case of rich investors receiving dividend exceeding Rs. 10 lakhs [Section 115BBDA]. (3)   Relief under Section 87A is proposed to be raised from Rs. 2,000 to Rs. 5,000 in order to provide relief to small taxpayers. Relief under Section 87A is available to a res...
Read more

Amendments in Point of Taxation Rules

Introduction The Point of taxation rules were introduced in 2011 and since then, the govt. has made numerous amendments to it. Recent Changes 1.     In case of individuals and firms, where the taxable services provided in a year do not exceed Rs. 50 lakhs, they have the option to pay service tax on receipt basis. 2.       In-case service provider receives up to Rs. 1000 in excess of the invoice amount; there is no need to raise fresh invoice for such excess amount if POT rules are followed. 3.     Exporter of service is not required to pay tax if payment is received within the period specified by RBI. 4.       Date of payment has been specifically defined under Rule 2A ·            In normal case - Prior to entry into books of accounts or actual credit ·            In case of change of rate or new levy betw...
Read more

LLP COMPLIANCE REPORT ANNUAL FILING OF FORM 8 TO BE FILED ON 30th OCTOBER

PROVISION: Section 34 of The Limited Liability Partnership Act, 2008 requires every LLP to prepare a Statement of Account and Solvency within a period of six months from the end of financial year and in accordance with the Limited Liability Partnership Rules, 2009 such Statement of Account and Solvency is required to be filed in Form 8 with the Registrar within a period of thirty days from the end of six months of such financial year. Accordingly, for the previous Year ending, the last date of filing Form 8 with the Registrar is 30 th  October of Current Year. PENALTY PROVISIONS : Non filing of such Statement of Account and Solvency within above prescribed time attracts late filing fees of Rs.100/- per day till the default continues. In addition to the above late filing fees, following penalties may also be imposed:  Particulars Fine Imposable LLP Fine not less than Rs.25,000/- wh...
Read more