Government extends service tax return filing date to April 30 - Things to Know While Filing Tax Returns this Year

Service Tax registration in India

The Centre has extended the last date for filing service tax return by five days to 30 April, in a relief to lakhs of service providers. “The Central Board of Excise and Customs (CBEC) hereby extends the date for submission of form ST-3 for the period from 1 October to 31 March 2017, from 25 April to 30 April 2017,” the apex policy making body of the indirect tax department said in an office order.

Every registered service tax assessee has to file service tax return in form ST-3 on a half-yearly basis before the due date to avoid penalty. For filing returns for the period April-September, the due date is 25 October, while for October-March it is 25 April.

The CBEC said that the due date is being extended as the assessees faced “intermittent difficulties” in accessing the Automation of Central Excise and Service Tax (ACES) website on 25 April. This, CBEC said, is “circumstances of a special nature” for which the last date for filing is being extended. As per norms, the returns have to be filed online on www.aces.gov.in.

While return is filed half-yearly, the service tax collected by the assesses has to be deposited with the government on a monthly or quarterly basis. Tax experts in India voiced concern over whether the Goods and Services Tax Network (GSTN) portal would be able to take the load of all the tax payers which would include not only service providers, but also traders and manufacturers.

The government is asking existing excise, service tax and VAT assessee to shift to the GSTN portal for payment of tax and filing returns. GST, which will unify 10 local taxes, is expected to kick in from 1 July.

Nangia and Co Director-Indirect Taxation Rajat Mohan said return filing under GST regime would necessitate much more data in terms of invoices, debit notes and credit notes that would be matched online. “After witnessing this extension of due date for filing service tax return, my concern is the government system might not be fully geared up for such large pool of tax payers and in terms of data requirement in returns,” Mohan said.

You may concern with Tax consultant in India for all queries.

FOR ANY FURTHER INFORMATION, YOU CAN CONTACT US : https://goo.gl/vmgmVG

Mail @: info@raaas.com

Things to Know While Filing Tax Returns this Year

Tax consultant in India

Tax has become an important compliance, specially with the amendment in regulation since 2012. Now almost every service is covered leaving a few exempted. This now has repercussions like registration, filing returns, calculation of service tax payable and so on. We provide online service tax registration services include end to end solution like advice on applicability of Service Tax to meeting compliances including Registration and filing of requisite forms with the Department. We also undertake review of specific agreements to identify the applicability of tax.

 March 31, the last date for making your tax-saving investments. If you have not done the needful to claim various deductions already, you have no time to lose. Before doing so, however, it will also help if you understand certain key requirements of the tax return filing process, the due date for which falls on July 31. Knowing the rules and procedures will give you a better grip on your tax planning exercise. Here are eight things you ought to know about the process.

1. Don’t Forget to Claim 80G Deductions
2. Beware of Demonetisation After-effects
3. Online is the Way to go
4. Verify Form 26AS
5. Select the Right ITR Form
6. Opt for e-verification
7. Follow the ITR-V Rules
8. Provide the Correct Details 

You can read in details from original article: http://bit.ly/2nbhfOE 

Know more information here:  

• Service tax registration in India 

• Tax consulting firm

• Tax consultant in India

For any help contact us: Click Here

 

How to save service tax?

Tax consultant in India

As the name reveals, it is the tax on services that one person provides to another person. Service tax is nothing but the tax we have to pay for using the different services. For example, when we take dinner in a restaurant and then we have to pay bills that are nothing but the service tax. There are many ways to save services tax (like LIC policies, medical insurance, charities, etc.). Further, we discussed them one by one. But before we talk about how to save service tax, one thing I want to ask that, Is saving service tax is good for our country?

Service tax registration in India

Service tax is a backbone of a country & the main source of government revenue and it also affects the development of a country because if the government does not have a proper revenue, then they will not be able to execute their plans for the development of the country. In my opinion, YES, if any option is available for us and if it is beneficial then we must use it.
For saving our tax, we should plan our policies for this. There are many sections in our constitution that helps us deduct our taxes. We discuss them one by one.
Under the section 80C, LIC insurance premium paid in order to insure our family for any future incidence. This can also help us to save our taxes and reduces about 20% of the amount of insurance into tax amount.
Under the section 80D, Medical insurance premium is undoubtedly one of the best investments. It can cover for comprehensive hospitalization expenses related to accident and sickness and insure us and our family for any other medical problems. It also deduct our taxes up to 15000 to 20000 Rs for the age below 60 and up to 40000 Rs for the age above 60.
Under section 80EE, you can claim deduction in your tax amount for interest payments towards your home loans and tuition fee of your children. If someone takes educational loans for his/her children then he would also claim a deduction of the amount of loan interests from tax amount.
Under section 80G, you can claim deduction for 50% to 100% of donations made by you to a charitable institution. The total deduction for cash donation should not exceed the 10% of your gross income.
With the help of all these methods, any person can reduce his service tax without breaking any of the laws.
You may concern with Tax consultant in India for all queries.