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Page 1 VALUE ADDED PROFESSIONAL SERVICES LLP

Corp Office: 404 I, 4th Floor, Devika Towers I Chander Nagar I Ghaziabad, U.P. -201011, Telephone: +91 120 4264301

Financial year closing is most important work for every businessman, tax

professional as well as for taxpayers. Financial year 2015-16 closing is Just few days ahead i.e. 31st March 2016. Income tax, Service tax, Vat, Excise or in fact all the

taxes in India are assessed on the Financial year basis only. So in Taxation system

31st March has a Major landmark date not only due to closing of the Financial year but also due to various due dates correlated with the end of financial year i.e. 31st

March.

We have summarized few of the things that are associated with the financial year closing and which may be helpful for you.

S.

No. Particulars Period Due Dates

1 Service Tax Payment Month / Quarter / Half Year ending 31st March 2016

31st March 2016

2 Excise Duty Payment 31st March 2016

3 Service Tax Return 25th April 2016

4 Advance Tax Payment FY 2015-16 31st March 2016

5 TDS Non-Govt. Deductor Deducted / due / accrued in March 2016

30th April 2016

6 TDS Govt. Deductor 7th April 2016

7 TCS 7th April 2016

8 TDS Return – 24Q Salary

1st January 2016 to 31st March 2016

15th May 2016

9 TDS Return – 26Q Other than Salary 15th May 2016

10 Form 16 31st May 2016

11 Form 16A 30th May 2016

12 Belated Income Tax Return

FY 2014-15 31st March 2016

13 FY 2013-14 31st March 2016

Due Dates for Compliances for the Month / Quarter / Half Year ended 31st March 2016

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Page 2 VALUE ADDED PROFESSIONAL SERVICES LLP

Corp Office: 404 I, 4th Floor, Devika Towers I Chander Nagar I Ghaziabad, U.P. -201011, Telephone: +91 120 4264301

1. Service Tax Due dates: Due date to deposit Service Tax on services provided / deemed to have

provided in month / quarter is 5th of succeeding Month, but due date to deposit tax for month / quarter ending on 31st March, is 31st March itself. So make

sure that you pay your service tax due for the month of March / quarter Jan-

March, 16 as the case may be by 31st March, 2016. 2. Excise Duty Due Date:

Same rule of Service Tax is applicable on Excise Duty also, so excise duty due for month / quarter ended 31st March is to be deposited by 31st March, 2016

itself.

3. Due Date of TDS (Tax Deducted at Source) for month of March:

Due date for TDS deductible in the month of March is 30th April 2016. No

separate date provided for deduction made on 31st March 2016. This due date (30th April 2016) is not only applicable for TDS deducted only on 31st March

2016 but also for TDS deducted in full month of March 16. However for Govt.

deductor, due date for tax deducted in Month of March, 16 (including the one deducted on 31st March 16) remains 7th April 2016

4. Due Date for Advance Tax:

Generally taxpayers thinks that advance tax due dates are 15th June, 15th Sep,

15th Dec and 15th March, but forget about 31st March. 31st March is last day for

depositing your advance tax under Income tax. If you have balance advance tax then pay it by 31st March, otherwise you have to bear another 1% interest

u/s 234B at least for one month. So even if you pay balance tax on First April,

2016, you have to pay interest on balance advance tax u/s 234B for one month.

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Page 3 VALUE ADDED PROFESSIONAL SERVICES LLP

Corp Office: 404 I, 4th Floor, Devika Towers I Chander Nagar I Ghaziabad, U.P. -201011, Telephone: +91 120 4264301

5. Return for Assessment year 2014-15 If you have not filed your Income Tax return for the assessment year 2014-15,

then go for it before 31st March 2016, you still have a chance, as belated return can be filed within one year from the end of assessment year.

6. Return for Assessment year 2015-16 without penalty

If you have not filed your Income Tax return for the assessment year 2015-16 ,

then go for it before 31st March 2016, you still have a chance to file your return

without paying any penalty as the assessment year closes on 31st March.

7. Savings For Financial year: If are planning to save tax u/s 80C or 80D (Medical / health insurance) or other section then purchase Tax saving instruments like NSC, PPF, Life Insurance

receipt before 31st March so that you can take maximum benefit provided

under these heads. Further make sure that you cheque also got cleared before 31st March, as in

few investment schemes cheque clearing date may be treated as your

investment date. So it is better to deposit in cash except section 80D (medical insurance / health insurance).

8. PPF (Public Provident Fund) extension after 15 Years:

If you have opened your PPF account in 01.04.1999 to 31.03.2000 then 15

years will be completed on 31st March 2015. In case you want to extend your

account further for block period of 5 years with contribution each year then you should apply on form H before 31st March 2016 (within one year from

completion of 15 years). You can extend your PPF account any number of

times subject to 5 years each time. If you don’t apply on form H by this date, your account will be extended without subscription and cannot be converted

back with subscription.

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Page 4 VALUE ADDED PROFESSIONAL SERVICES LLP

Corp Office: 404 I, 4th Floor, Devika Towers I Chander Nagar I Ghaziabad, U.P. -201011, Telephone: +91 120 4264301

9. Due date for ETDS return for quarter ending on 31.03.2016:

• Due date to deposit of Form 24Q ETDS return (salary TDS) for quarter ending

31st March 2016 is 15th May 2016. • Due date to deposit of Form 26Q ETDS return (other than salary TDS) for

quarter ending 31st March 2016 is 15th May 2016.

10. Due date for issuance of Form 16 / Form 16A for Quarter / Year ending on

31st March 2016

• Due date to issue Form 16 (salary TDS certificate) for year ending 31st March 2016 is 31st May 2016.

• Due date to issue Form 16A (other than salary TDS certificate) for quarter

ending 31st March 2016 is 30th May 2016. (You can download Form 16A from Traces website)

11. Due date for TCS (Tax Collection at Source), ETCS return (27EQ), TCS Certificate (27D)

• TCS payment: 7th April 2016

• ETDS Return (27EQ): 15th May 2016 (Rule 31AA) • Form 27D: 30th May 2016 (Rule 37D)

12. Income Tax office and Banks special counters remain open on 31st March

2016:

For the facility of taxpayers Income tax offices remain open on 30th and 31st

March. Further RBI has also directed his Agency banks to open special counters to collect tax on 30th and 31st March, 2016 even in late hours.