Geeta Shah & Associates

DELAY IN FILING INCOME TAX RETURN FOR THE YEAR ENDED 31ST MARCH, 2018 WILL ATTRACT LATE FEE U/S 234F:

1. Return filed upto 31/07/2018 :
No Late Fee

2. Return filed upto 31/12/2018 will attract Late fee of Rs. 5000 only. (After 31/07/2018)

3. Income does not exceed Rs.5 Lakhs then Late fee will be restricted up to Rs. 1000 only

4. Return filed upto 31/03/2019 will attract Late Fee of Rs. 10000 ( After 31/12/2018)

Last Date of Income Tax return Filing for F.Y. 2015-16 is 31st July, 2016 (for non audit persons).

Key Changes in Service Tax

1. Krishi Kalyan Cess @ 0.5% on gross value of taxable services (from 01.06.2016) Total ST rate @ 15%

2. AC Bus service by Road Transport Corporation taxable @ 6% (from 01.06.2016)

3. Rate of ST for the package tour increased from 3.625% to 4.35%

4. ST on foreman commission at 10.15%

5. Rate of ST for sale of flats increased from 3.625% to 4.35%

6. Rate of ST for transport of goods by Rail in container other than by IR increased from 4.35% to 5.8%

7. Rate of ST for transport of used household increased from 4.35% to 5.8%

8. Assignment of radio-frequency spectrum and subsequent transfers thereof taxable

9. Senior advocate service liable to service tax.

10. Transport of passengers ropeway, cable car or aerial tramway made liable for ST

11.Interest rate reduced to 15% (if ST not collected) and 24% (if ST collected)

12.Due date for issue of SCN extended from 18 months to 30 months

13.The monetary limit for prosecution cases enhanced to Rs.2 Crores.

14.Dispute resolution scheme for the cases pending before Commissioner (Appeals)

15.New levy on services exempted only if amount received and invoice raised before the notified date

16.Spl. Exemption for construction canal, dam or other irrigation works for the period 01.07.2012 to 29.01.2014.

17.Restoration of exemption for construction of non-commercial buildings for the contracts enter prior to 01.03.2015 for the period upto 31.03.2020

18.Spl. Exemption for constriction of ports and airports for the period from 01.04.2015 to 31.03.2020 for the contracts entered prior to 01.03.2015

19.Construction under House For All (Urban) Mission / Pradhan Mantri Awas Yojana (PMAY), exempted

20.Construction of low cost houses up to a carpet area of 60 sq.m per house under Govt. scheme exempted from service tax.

21.Levy of Central Excise duty/CVD and service tax on IT Software made mutually exclusive

22.Services provided by the Indian Institutes of Management (IIM) exempted

23.Business Entity receiving any service from government to pay service tax

24.Business entity located in India to pay service tax on ocean freight availed by foreign shipping line

25.HUF and One person company (

Cenvat Credit on Sales Commission

In view of the judgment delivered by the Gujarat High court has a judgment in the case of M/s Cadila Healthcare Ltd. reported at 2013 (30) STR 3 (Guj), a number of show cause notices have been issued by the department proposing denial of credit availed on sales commission.

Subsequently some amendment has been made by the Government which would have retrospective effect. Thus, any show cause notice issued in this regard would be decided in favor of the party if tackled properly.