| Sr.No. | Nature of Payments | Period | Due Date of Payment | Due Date of Submission of Return |
|---|---|---|---|---|
| i. | TDS | Deducted during the month From April to February | 7th of Next Month | 15th of next month after completion of each Qtr |
| ii. | TDS | Deducted from during the month of March | On or before 30th April | 15th May |
| iii. | Excise | For All Assesses except SSI & If Period of Removal of Goods is from April to February | 5th of Next Month | 10th of Next Month |
| iv. | Excise | For All Assesses except SSI & If Period of Removal of Goods is in the month of March | 31st March | 10th of Next Month |
| v. | Excise | For SSI & If Period of Removal of Goods is from April to February | 5th of Next Month | 10th of Next Month |
| vi. | Excise | For SSI & If Period of Removal of Goods is in the month of March | 31st March | 10th of Next Month |
| vii. | Service Tax | If Service tax charged on revenue from April to February | 5th of Next Month (For e-payment 6th of Next Month) | Half year ended on 30th Sep, return to be filed by 25th October |
| viii. | Service Tax | If Service tax charged on revenue in the month of March | 31st March | Half year ended on 31st March, return to be filed by 25th April |
| ix. | Provident Fund | Monthly | 15th of Next Month | 21th of Next month |
| x. | Employees’ State Insurance | Monthly | 21st of Next Month | Half year ended on 30th September, return to be filed by 11th November |
| xi. | Employees’ State Insurance | Monthly | 21st of Next Month | Half year ended on 31st March, return to be filed by 12st May |
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IF home loan is taken for the purpose of purchase, construction, repair, renewal or reconstruction, interest there on is allowed on accrual basis under section 24 of Income tax Act,1961
As per section 24 of Income tax Act, Maximum amount of Interest permissible in case of self occupied property is Rs.1,50,000 per co owner subject to actual Interest paid if the following conditions are satisfied; 1. Home loan is taken on or after 1st April, 1999 for acquiring or constructing a property. 2. Loan taken prior to 1st April, 1999 is eligible for maximum deduction of Interest up to Rs.30000 only. 3. Acquisition/Construction should be completed within three years from the end of financial year in which capital is borrowed. e.g. loan is borrowed on 2nd July, 2005 hence acquisition or construction should be completed by 31st March, 2009 i.e. three years from 31st March, 2006. 4. Person has to certify that Loan is taken for acquisition or construction of house or to repay principal amount outstanding under previously taken loan for acquisition or construction. 5. However for repairs, renewal or reconstruction maximum deduction of Rs.30000 is allowed and not Rs.150000. Co ownership E.g.IF person and his wife is co owner of house property then deduction of Rs.150000 is allowable to both husband and wife. Please note following points in this regards; 1. Ceiling of Rs.150000 is set for Self occupied property. 2. Persons should be co owner of property and their names should be mentioned in registered sale deed. 3. Their share of property should mention in sale deed in the absence of any such information ownership deemed to be equal between all co owners. 4. For claiming home loan interest deduction, each co owner must have taken loan jointly. 5. If persons have taken loan from more than one bank but for the same house property then also deduction is allowed. Apart from Home loan interest deduction, persons can claimed deduction U/s 80 C for repayment of principal on home loan within overall limit of Rs.1,00,000 per person. ______________________________________________________________________________________________ Click here to submit your query in case of any doubt regarding this article or provide your comments here. As per notification no 43/2011-ST dated 25th Aug,2011, Every Service Tax Assessee is require mandatory e-filing of service tax return.
As of now, online filing is mandatory for Assessee who is liable to pay service tax more than Rs.10 Lacs which include cash and cenvat credit. However Due to this notification it is necessary for all assessee to file service tax return electronically. Very soon we will get announcement from CBDT that where annual taxable income of salaried person from salary and interest is up to Rs.5 Lacs, no income tax return have to be filed.
However please note that where income from salary and Interest is only creteria for exemption of filing of return, when person having income from other heads of income like Capital gains, B&P and other sources he/she has to file the income tax return. Salaried person has to submit his income detail other than salary to his employer to include the same in Form No.16 . In such situation only Form No.16 can replace the income tax return and salaried person can get exemption from filing of return.Goverment will shortly notify by way of memorandam to finance bill 2011 by exempting above mention class of person from filing income tax return. Goverment will shortly notify by way of memorandam to finance bill 2011 by exempting above mention class of person from filing income tax return. | ArchivesJune 2012 CategoriesAll Loading
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