E-filing of income tax return for all category of filers for the assessment year 2016-17 has been operationalised.

“All ITRs including ITR 6 and ITR 7 for AY 2016-17 are available for e-Filing,” the Income Tax Department said. The different category of ITRs were operationalised in a phased manner starting April 2.

The Central Board of Direct Taxes (CBDT) had notified the new forms on March 30 and ITRs can be filed till the stipulated deadline of July 31.

A total of nine ITRs have been notified which include the Sahaj (ITR-1), ITR-2, ITR-2A, ITR-3, Sugam (ITR-4S), ITR-4, ITR-5, ITR-6, ITR-7 and an acknowledgement form called the ITR-V.

People with an income of more than Rs 50 lakh per annum and who own luxury items like yacht, aircraft or valuable jewellery will have to disclose these expensive assets with the IT department in the new ITRs under the new scheme.

A ‘tax calculator’ was also launched by the department for filers which acts as an online computer-based programme, hosted on the website of the tax department, and is meant to help taxpayers or filers assess their tax liability.

Last year, the e-filing commenced on July 1 as there was delay in finalisation of the forms because of the controversy generated over a 14-page form requiring assesses to disclose bank account and foreign travel details.

Later, the form was simplified and the number of pages was reduced to three.

ITR 6 can be used by a company, other than those claiming exemption under section 11 for charitable and religious purposes.

ITR-7 is filed by trusts, political party, institutions, and colleges, among others.

In the financial year 2015-16, a total of 4,33 crore returns were e-filed, about 26.83% more than the previous year.

CBDT had notified the new forms on March 30

                        Finance Act, 1994 was amended vide Finance Act, 2015 so as to make any service (and not only support services) provided by Government or local Page 21 of 38 authorities to business entities taxable from a date to be notified later. 1st April, 2016 has already been notified as the date from which any service provided by Government or local authorities to business entities shall be taxable. Consequently, 1st April, 2016 is also being notified as the date from which the definition of support services shall stand deleted from the Finance Act, 1994.

Notification No. 15/2016-ST dated 1st March 2016

The Central Excise returns ER4, ER5, ER6 and ER7 are not required to be filed w.e 1st April 2016 ( refer notification number 8/2016 CE(NT) dated 01.03.2016 & 13/2016 CE(NT) dated 01.03.2016). Assessees can continue to file these returns in ACES for the past period.

A new Annual Returns, is prescribed under Rule 12(2) (a) of Central Excise Rules, 2002 read with Rule 9A of Cenvat Credit Rules, 2004. The new format will be notified by the Board. The same has to be filed by 30th November 2016.
 

The Banks Board Bureau (BBB), which will independently oversee consolidation.
It is not feasible to bring down the government’s share in state-owned banks below 51%, consolidation to create strong banks is the only survival option.
PSB hold more than two-thirds of assets in India’s banking industry. They hold about 85 percent of non-performing loans also.
The likely list of public sector bank with anchor bank ( with which other banks will get merged) is shown below.
1. State Bank of India ( Anchor Bank)
State Bank of Hyderabad
State Bank of Patiala
State Bank of Travancore
State Bank of Bikaner & Jaipur
State Bank of Mysore
2. Punjab National Bank (Anchor Bank)
Oriental Bank of Commerce
Allahabad Bank
Corporation Bank
Indian Bank
3. Canara Bank (Anchor Bank)
Syndicate Bank
Indian Overseas Bank
UCO Bank
4. Union Bank Of India (Anchor Bank)
IDBI Bank Ltd
Central Bank of India
Dena Bank
5. Bank of India (Anchor Bank)
Andhra Bank
Bank of Maharashtra
Vijaya Bank
6. Bank of Baroda (Anchor Bank)
United Bank of India
Punjab & Sind Bank
Bhartiya Mahila Bank

The government slashed interest rates small savings schemes,
Schemes old rates % New rates %
1.PPF                                                 8.7       to       8.1
2.NSC                                                8.5       to       8.1
3.KVP                                                 8.7      to       7.8
4.Senior Citizen Savings Scheme     9.3      to       8.6
5.Sukanya Samriddhi Yojana,            9.2      to       8.6
This aims to move towards market-linked rates for small savings schemes,
This will help banks to move for lower interest rate regime and allow RBI to reduce repo rate.

Service tax return for the second half of the assessment year 2015-16 is due on 25 April 2016

1.The scheme aims to reduce the pending litigations before the first appellate authority (Commissioner Appeals). The scheme is applicable in respect of dispute with respect to Customs Act, 1962, Central Excise Act, 1944 & Finance Act, 1994 (Service TAX).
2. It aims at disposing of the pending appeals and the declarant shall get immunity from all the proceedings under the Act, in respect of indirect tax dispute.
3. It will come into force w.e.f. 01.06.2016 and the person desirous of applying under the said scheme shall apply by 31.12.2016.
4. The declarant thereafter shall pay tax due along with the interest and penalty equivalent to 25% of the penalty imposed in the impugned order within 15 days of the receipt of acknowledgment. The declarant shall intimate the payment details within 7 seven days of making the payment along with the proof of payment.
5. Once theorder is passed by the designated authority, the appeal pending before the Commissioner (Appeal) shall stand disposed
6. The order so passed by the designated authority shall result in conclusion of proceedings
7. Moreover, the amount paid under such declaration shall not be allowed to be refunded. However, the said scheme cannot be availed by the following assessee’s:
7.1 If the order is in respect of search and seizure proceedings
7.2. If the order is in respect of prosecution instituted before 01.06.2016 for any offence punishable under the Act
7.3. If the order is in respect of narcotic drugs or other prohibited goods
7.4. If the order is in respect of any offence punishable under the Indian Penal Code, the Narcotics Drugs and Psychotropic Substances Act, 1985 of the Prevention of Corruption Act, 1988

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• Cost Audit
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• Corporate Finance
• Central Excise, Customs and Service tax
• CAS 4 certification for Central Excise
• E-filing of Central Excise,Service tax and Income tax returns.
• Other Services-Internal Audit, Inventory valuation etc
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Areas-(Manufacturing Sectors/Service Sectors)

• Steel
• Textiles-Spinning
• Sea food Industry
• Cashew
• Coir
• Rubber
• Tea/Coffee Industry

Budget 2016-17 – Interest rate rationalized –
Interest rate on delayed payment on duty / tax across all indirect are been rationalized and made uniform at 15% except in case of service tax collected but not deposited to the exchequer in which case the rate of interest will be 24% from the date on which service tax is due
In case of assesses whose value of taxable service in the preceding year / years is less than 60 lakh, the rate of interest on delayed payment will be 12%.
Click on the link http://www.cbec.gov.in/resources//htdocs-servicetax/st-notifications/st-notifications-2016/st13-2016.pdf