Monday, March 25, 2013

Financial year Closing on 31st March 2013. Are you ready ?


on Monday, March 25, 2013

Financial year closing is most important work for every business man , tax professional as well as for tax payers.Financial year 2012-13 closing is Just few days ahead  i.e 31st March 2013  . 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,13 as the case may be by 31st March ,2013.

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,2013 itself.


Generally tax payers 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,2013 ,you have to pay interest on balance advance tax u/s 234B for one month.

4. Advance tax for capital Gain

Importance of 31st March in Indian Taxes
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 ?.

5 .Return for assessment year 2011-12

If you have not filed your Income Tax return for the assessment year 2011-12 ,then go far it before 31st March 2013 ,you still have a chance ,as belated return can be filed with in one year from the end of assessment year.


If you have not filed your Income Tax return for the assessment year 2012-13 ,then go far it before 31st March 2013 ,you still have a chance to file your return without paying any penalty as the assessment year closes on 31st March.

7. 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).

8. Filing of ITR-V for Assessment year 2010-11,2011-12 and 2012-13

If you filed your income tax return online without digital signature for above year but have not sent your ITR_V to CPC yet , then you should do it now , as you can submit ITR-V for AY 2010-11,2011-12, 20012-13  by 31st March , 2013.

9.Wealth Tax return :

Due date of filing of return in respect of Financial  year 2012-13 ,who failed to file return on due dates  Wealth Tax Form BA

10.Income tax benefit on house Loan u/s 24 Interest and 80C (repayment ) not completed before 31.03.2013

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 2012-13.

11. Income Tax office and Banks special counters remain open on 31st March 2013:

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 29th ,30th and 31st March ,2013 even in late hours.

12. PPF (public provident fund) Extension after 15 Years: 

If you have opened your PPF account in 01.04.1996 to 31.03.1997 then your 15 years completion date was 31.03.2012 .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 31.03.2013.(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.

13. Due dates of TDS(tax deducted at source) for month of March :

Due date for tds deductible in the month of March is 30.04.2013. No separate date provided for deduction made on 31.03.2013 .This due date for tds deposit applicable for full month of March.

14. Due date for ETDS return for quarter ending on 31.03.2013:

  • Due date to deposit form 24Q ETDS return (salary TDS) for quarter ending 31.03.2013 is 15.05.2013.
  • Due date to deposit form 26Q Etds return (other than salary TDS) for quarter ending 31.03.2013 is 15.05.2013.
15. Due date to Issue Form 16 / form 16A for quarter/year  ending on 31.03.2013
  • Due date to issue form 16(salary TDS certificate ) for year ending 31.03.2013 is 31.05.2013.
  • Due date to issue form 16(other than salary TDS) for quarter ending 31.03.2013 is 30.05.2013.(How to download Form 16A from Traces website )
16. Due date for TCS (Tax collection at source ) , ETCS return (27EQ) , TCS certificate (27D)

  • TCS payment :07.04.2013 (due date is 07.04.2013 not 30.04.2013 so keep in mind this rule 37CA)
  • Etds return (27EQ) : 15.05.2013 (Rule 31AA)
  • Form 27D : 30.05.2013 (Rule 37D)

17.?????? 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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  1. very Nice List ,simple Tax india makes taxes Simple

    ReplyDelete
  2. pleasecmention date of payment of TDS deducted in March 2013.

    ReplyDelete
    Replies
    1. please refresh page , it has already been added

      Delete
  3. what are the due dates for TCS payament , TCS e-return i.e 27EQ , due date for issuing Form 27D ( TCS certificate etc...

    Kartheek

    ReplyDelete
    Replies

    1. TCS payment :07.04.2013, (rule 37CA)
      Etds return (27EQ) : 15.05.2013 (Rule 31AA)
      Form 27D : 30.05.2013 (rule 37D)

      http://taxclubindia.com/simple/tds%20rules%202010-11.pdf

      Delete
  4. Good compilation.
    I am not clear about Advance Tax date, your other article mentions following dates:
    For Non-Corporate Assessee

    On or before 15 September - not less than 30% of tax payable
    On or before 15 December - not less than 60% of tax payable
    On or before 15 March - not less than 100% of tax payable


    Read more: http://www.simpletaxindia.net/2013/03/advance-tax-due-date-advance-tax.html#ixzz2OWW0mp6w

    ReplyDelete
    Replies
    1. But we can not under stand your confusion unless you ask it in details ...what is the confusion .Ask query in details along with notional data

      Delete
  5. Very Nice Information, You are always providing correct information or right time that is the best thing and please update us when ST3 will be publish?

    ReplyDelete
    Replies
    1. Date was 25.03.2013 given by ACES but not uploaded /available on ACES website yet

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  6. DEAR ALL. PL NOTE THAT FOR 31 MARCH PAYMENTS, PL DEPOSIT UR CHEQUES ON 28 ITSELF B'CASE 29 GOOD FRIDAY, 30TH SATURDAY (MAY BE NO CLEARING), 31ST SUNDAY, NO CLEARINGS, 1ST HAPPENED TO BE ANNUAL ACCOUNTS CLOSING FOR BANKS. SO HURRY UP NOW AND ACCORDINGY OTHERWISE, WE HAVE TO PAY INTEREST / PENALTY OR BOTH FOR DELAYED PAYMENTS THAT SHOWS DATE FROM 2ND APR 2013 ONWARDS. BEST WISHES TO ALL

    ReplyDelete
    Replies
    1. If cheque is issued and tendered to respective department /Bank for service tax /Income Tax payment then it will be deemed to paid on tendered date subject to that cheque is not dishonored later on.
      So our duty in case of tax payment is just deposit cheque before 31.03.2013

      Delete
  7. absolutely very important information

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  8. Kindly Include Last Dates for Submission of FORM 15G & FORM 15H for No Deduction of TDS

    ReplyDelete
  9. superb compilation for all....thnx for sharing.....

    ReplyDelete
  10. very useful article ... bookmarked sir..

    ReplyDelete
  11. due date for VAT return of 4th quarter ?

    ReplyDelete