Wednesday 28 September 2016

Work Contract Tax (WCT) under DVAT

Work Contract Tax (WCT) is now solely under jurisdiction of Sales tax Department, Delhi. WCT is applicable where work or composite supply is being executed i.e.contract consisting of supply & service both. The same concept has also applicable in all the states. The Amount Payer have to required to deduct WCT and deposit the same in the local Sales Tax authority.
Registration: A person required to deduct tax at source (WCT) shall apply for registration in Form DVAT 44 and obtain Tax Deduction Account Number (TAN) with in 7 days from the date on which tax was first deducted or deductible. TAN will be issued by the Sales tax Department in form DVAT-45.
Tax Deposit: Persons who have been allotted TAN are required to deposit the tax deducted within fifteen days following the month in which deduction is made and file a TDS return in Form DVAT 48 within a period of 28 days from end of the quarter in which the tax is deducted. Any delay in depositing of the TDS amount and failure to file TDS returns is subjected to interest and penalties.
Input: The works contractor or dealer on whose behalf the tax has been deducted at source can claim a credit for the TDS amount through the TDS certificate issued against deduction of TDS by the Deductor.

Saturday 3 September 2016

Important Due Dates for the Month of September, 2016



6th Sept., 2016
Form GAR-7
E-Payment of Monthly Service Tax by Assessee other Than Firm/Individual for the month of August, 2016

E-Payment of Monthly Excise Duty by Assessee other Small Scale Industry for the month of August, 2016

7th Sept., 2016
Challan 281
Deposit of Tax deducted/collected (TDS/TCS) for the month of August, 2016 (except TDS on Sale of Property)

Challan 26QB
Deposit of Tax deducted (TDS) for the month of August, 2016 on Sale of Property

10th Sept, 2016
Form ER-1
(ER-2 for EOU)
E-filing of Monthly Central Excise Return by Assessee other than Small Scale Industries (SSI) for the month of August, 2016  

15th Sept., 2016
Challan 280
Due Date for payment of Advance Income Tax upto 45% by all Assessees for FY 2016-17

Due Date for Payment of WCT under DVAT Act for month of August, 2016

Challan - ECR
Due Date for Payment of Provident Fund (PF) for month of August, 2016

20th Sept., 2016
Filing of UP VAT Monthly Return for the month of August, 2016

21st Sept., 2016
ESI Challan
Due date for Payment of ESI for month of August, 2016

Form DVAT 20
Due date of Depositing Monthly DVAT Tax for month of August, 2016

30th Sept., 2016
Due Date of Filing of Income Tax Return and Tax Audit Report for Corporate Assessees and the Assessees covered u/s 44AB of Income Tax Act, 1961