Various Due Dates for Direct & Indirect Taxes in India

Various Due Dates for Direct & Indirect Taxes in India

Due Dates for Payment of Service Tax, Income Tax, TDS, PF, ESIC

Month	Service Tax*	TDS	PF	ESIC	Adv. Tax
April	–	30	15	21
May	5	7	15	21
June	5	7	15	21	15**
July	5	7	15	21
August	5	7	15	21
September	5	7	15	21	15
October	5	7	15	21
November	5	7	15	21
December	5	7	15	21	15
January	5	7	15	21
February	5	7	15	21
March	5/31	7	15	21	15/31

* For Service Tax, if an entity makes online payment, due date is 6 instead of 5. (Online Payment of Service Tax is mandatory so due date is 6^th of every month)
** Only for Corporate Assesses

Individual Due Dates

TDS/TCS Due Dates
7th of Every Month	Deposit TDS/TCS of Previous Month
15th Jan, May, July, Oct.	File Quarterly  Return of TDS/TCS
30th of Jan, May, July, Oct.	Issue Quarterly TDS/TCS Certificate (Other Than Salary
7th April	Deposit 15G/15H Forms
30th of April	Deposit TDS/TCS Deducted in March
31st of May	Issue Yearly TDS Certificate of Salary

INCOME TAX DUE DATES
15th June	Deposit Advance tax Corporate Assesse
15th Sep. Dec. March	Deposit Advance tax
31st March	Last Date for filling of belated return or revise return in some cases
31st July	Last Date of Return Filling for non-audit cases.
30th September	Last Date of Return Filling for audit cases.

Due date of filing of return of income
Sr. No.	Status of the taxpayer	Due date
1	Any company other than a company who is required to furnish a report in Form No. 3CEB under section 92E (i.e. other than covered in 2 below)	September 30 of the assessment year
2	Any person (may be corporate/non-corporate) who is required to furnish a report in Form No. 3CEB under section 92E	November 30 of the assessment year
3	Any person (other than a company) whose accounts are to be audited under the Income-tax Law or under any other law	September 30 of the assessment year
4	A working partner of a firm whose accounts are required to be audited under this Act or under any other law	September 30 of the assessment year
5	Any other assessee	July 31 of the assessment year

SERVICE TAX DUE DATES
6th Of Every Month	Deposit Service Tax of Company/ Society.
6th Jan, 6th July, 6th Oct.	Deposit Quarterly Service Tax of individual/ Partnership firm.
31st March	Deposit Quarterly Service Tax of individual/ Partnership firm & Monthly for Company & Society
25th April	File 2nd  Half yearly return
25th Oct.	File 1st   Half yearly  return

VAT Due Dates (Depends upon State)
VAT PAYMENT DUE DATES 10 DAYS (FOR VERY LARGE TAX PAYERS)
Tax on Turnover of every month From 1st to 10th From 11th to 20th From 21st to End of Month	Deposit VAT up to 15th of every month 25th of every month 5th of next month
15 DAYS ( FOR LARGE TAX PAYERS)
From 1st to 15th From 16th to End of Month	20th of every month 7th of Next Month
MONTHLY
1.    Monthly	14th of every month
QUARTERLY
Monthly	14th of next month (Below Rs. 20 thousand in a year)
Return Filling Dates
15th August, 15th November 15th February, 30th May 30th June 31st  December	Deposit of Quarterly Vat E- Return ( Vat-10 ) Vat Annual  Return  ( Vat-11) For composition dealer Vat Annual Return  ( Vat-10A ) And Audit Report
PF Due Dates
15th	1. Last date of PF deposit of previous month
ESI Due Dates
21th	Last date of ESI deposit of previous month

Various Due Dates for Direct & Indirect Taxes in India

Frequently Asked Questions on IPOs

Frequently Asked Questions on IPOs

 

Q. What is Book Building?

SEBI Guidelines defines Book Building as a process undertaken by which a demand for the securities proposed to be issued by a corporate body is elicited and built up and the price for such securities is assessed for the determination of the quantum of such securities to be issued by means of a notice, circular, advertisement, document or information memoranda or offer document.

Q. What is the main difference between offer of shares through book building and offer of shares through normal public issue?

Price at which securities will be allotted is not known in case of offer of shares through book building while in case of offer of shares through normal public issue, price is known in advance to investor. In case of Book Building, the demand can be known everyday as the book is built. But in case of the public issue the demand is known at the close of the issue.

Q. What is minimum number of days for which bid should remain open in book building?

Book should remain open for minimum of 3 working days.

Q. Can open outcry system be used for book building?

No. As per SEBI, only electronically linked transparent facility is allowed to be used in case of book building.

Q. Is the issue price for placement portion and net offer to public the same?

Yes.

Q. What is the floor price in case of book building?

Floor price is the minimum price at which bids can be made.

Q. Can the Individual Investor use book building facility for making an application?

Yes.

Q. What are the formalities to be completed by members before participating in an IPO?

The member has to submit a one-time undertaking in prescribed format to the membership department. Members have to make the request in prescribed format giving details of the user ids along with the VSAT numbers.

Q. Can more than one issue be held simultaneously using NSE IPO system?

Yes.

Q. Can the bidder revise his bids?

Yes.

Q. Which members will be allowed to participate in book building of issue?

Book Running Lead Manager appointed by the issuer will intimate to the exchange the list of members who are eligible to participate in the issue. These members will be allowed to enter the bids in the IPO.

Q. How to install the IPO software in trading terminal?

The members have to copy the NTIPOTDR.EXE file in root directory and then inflate the file by using command NTIPOTDR -D -O. The above executable file is available in extranet under common/ipo directory.

Q. What proof can bidder request from trading member for entering bids?

Whenever a bid is entered by trading members in to the system, a unique transaction registration slip is automatically generated. Transaction registration slip gives details regarding number of shares bid for, price, the client name etc.

 Also Read : All about IPOs

Q. Is it possible to enter bids less than floor price?

No. The system automatically rejects the bids if price is less than floor price.

Q. Is the Margin amount a compulsory field in order entry?

Margin amount is a compulsory numeric field. However if member collects no margin amount then he has to enter 0 in margin amount field.

Q. Can members set up order limits for themselves?

Yes. Corporate Manager of each member can set up order limits for all the dealers under him.

Q. Will the member be able to see the bid details for all the issues?

User will see the bid details for all the issues. However, he is able to enter bids only for those issues for which he has been appointed as member by Book Running Lead Manager.

Q. Can the Syndicate Members set limits on orders to be entered by other members?

No. However the Syndicate Members can see the orders entered by members who are activated under him, by downloading EOD report.

Q. Can the Syndicate members modify or cancel the orders of other members?

Syndicate members cannot cancel or modify the bids entered by other members.

Q. What are the reports downloaded to Syndicate members?

Syndicate Member (SM) will get a report download of his own orders as well as of all other members who are activated under him.

Q. Will the change in the user level hierarchy in the IPO segment affect any change in the Capital Market Segment or vice versa?

The environment for Capital Market Segment and IPO book building segment are different. It is a matter of convenience, that User Ids available in the Capital Market Segment are used in IPO book building segment. Hence, any change in either of the Market segment will not affect the other market.

All about Initial Public Offering

All about Initial Public Offering

What is IPO ?

A corporate may raise capital in the primary market by way of an initial public offer, rights issue or private placement. An Initial Public Offer (IPO) is the selling of securities to the public in the primary market. It is the largest source of funds with long or indefinite maturity for the company.

What is Book Building?

SEBI guidelines defines Book Building as "a process undertaken by which a demand for the securities proposed to be issued by a body corporate is elicited and built-up and the price for such securities is assessed for the determination of the quantum of such securities to be issued by means of a notice, circular, advertisement, document or information memoranda or offer document".

Book Building is basically a process used in Initial Public Offer (IPO) for efficient price discovery. It is a mechanism where, during the period for which the IPO is open, bids are collected from investors at various prices, which are above or equal to the floor price. The offer price is determined after the bid closing date.

As per SEBI guidelines, an issuer company can issue securities to the public though prospectus in the following manner:

• 100% of the net offer to the public through book building process
• 75% of the net offer to the public through book building process and 25% at the price determined through book building. The Fixed Price portion is conducted like a normal public issue after the Book Built portion, during which the issue price is determined.

The concept of Book Building is relatively new in India. However it is a common practice in most developed countries.

Difference between Book Building Issue and Fixed Price Issue

In Book Building securities are offered at prices above or equal to the floor prices, whereas securities are offered at a fixed price in case of a public issue. In case of Book Building, the demand can be known everyday as the book is built. But in case of the public issue the demand is known at the close of the issue.

All about Initial Public Offering

FM to present Union Budget 2016-17 on Feb 29

FM to present Union Budget 2016-17 on Feb 29

Minister of State for Finance Jayant Sinha on Thursday said the government will present the Budget for 2016-17 on February 29, which will set a roadmap for the coming three years. As per internal sources Budget session could begin from February 23. The date of the presentation of the Budget and the reconvening of the Parliament for budget session will be announced after the approval of the Union cabinet. The Finance Minister’s Budget team comprises Minister of State for Finance Jayant Sinha, Chief Economic Advisor Arvind Subramanian and NITI Aayog vice chairman Arvind Panagariya.
The official team is led by Finance Secretary Ratan Watal, DEA Secretary Shaktikanta Das, Revenue Secretary Hasmukh Adhia and Disinvestment Secretary Neeraj Gupta.

FM to present Union Budget 2016-17 on Feb 29

Steps for e-Payment of Service Tax

Steps for e-Payment of Service Tax

e-payment through EASIEST:

Under EASIEST, the assessee is required to access the NSDL-EASIEST website,  https://cbec-easiest.gov.in/EST/ and select the option, E-Payment (Excise & Service Tax).

The following steps are involved in the process:

1.   To pay Excise Duty and Service Tax online, the Assessee has to enter the 15 digit Assessee Code allotted by the jurisdictional Commissionerate.

2.   There will be an online check to validate the Assessee Code entered.

3.   If the Assessee code is valid, then corresponding assessee details like Name, Address, Commissionerate code etc. as present in the Assessee Code Master will be displayed.

4.   Based on the Assessee Code, the duty / tax i.e. Excise duty or Service tax to be paid will be automatically selected.

5.   The Assessee is required to select the type of duty / tax to be paid by clicking on the button "Select Accounting Codes for Excise" or "Select Accounting Codes for Service Tax" depending on the type of duty / tax to be paid.

6.   At a time the assessee can select upto six Accounting Codes.

7.   Once the data is validated in the NSDL central system, a drop down menu will appear indicating the names of various banks offering internet payment facility. The Assessee can opt for any of these banks through which payment is to be made.

8.   On submission of data entered, a confirmation screen will be displayed. If the taxpayer confirms the data entered in the screen, it will be directed to the net-banking site of the bank selected.

9.   The challan details entered by the Assessee will be transmitted to the bank along with the location code (Commissionerate, division, range code) of the Assessee. (Parameters that will be passed from NSDL to the Banks are given below.)

10.  The taxpayer will login to the net-banking site with the user ID/ password provided by the bank for 

net-banking purpose and enter payment details at the bank site.

11.  On successful payment, a challan counterfoil will be displayed containing CIN, payment details and bank name through which e-payment has been made. This counterfoil is proof of payment being made.

12.  The Assessee has an option to download the counterfoil from the website of the bank. This will contain all details available that are usually given in the hard copy of the computerized acknowledgement including Challan Identification Number (CIN) and name of the bank through which e-payment has been made.

13. After e-payment of central excise duty / service tax, the Assessees may view the "challan status enquiry" in the website https://onlineservices.cbec-easiest.gov.in/csi/indexl so as to confirm that the e-payment challan is uploaded / found in the EASIEST (NSDL) website. In case of non-availability of challan data in the EASIEST (NSDL) website, a complaint may be lodged with easiest@nsdl.co.in.

  Steps for e-Payment of Service Tax