Payroll and Compliance The Monthly Chronicle - June, 2017
Form 16 due date extended for FY 2016-17
As per Rule 31 of the Income Tax Act, the due date for Form 16 (certificate for TDS deduction on salary) was 31st May 2017.
This year, the government has extended the TDS return (24Q) filing due date to 31st May 2017, thus making 31st the due date for TDS return filing as well as Form 16. To avoid any hardship and to enable hassle-free TDS return and Form 16 procedure, the government has extended the due date for FORM 16 issuance to 15th June 2017 (on 2nd June 2017 through gazette notification N0. G.S.R. 546(E)).
From FY 2016-17 onwards, the due date for issuing Form 16 would be 15th June.
Please find the notification for your information and reference: http://egazette.nic.in/WriteReadData/2017/176436.pdf
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Employee Provident Fund (EPF) Interest Rates for FY 2017-18 Declared
The EPFO has announced the interest rate applicable on employee-employer provident fund contribution (EPF) for the financial year 2017-18.
The EPF interest rate has changed from 8.80% (FY 2016-17) to 8.65% (current year). In this financial year (2017-2018), the subscribers of EPFO will get a marginally lower return than they have in the past few years.
Amendment in Advance Claim of Provident Fund (PF)
Withdrawal of Provident Fund (PF) for Housing Purpose
Introduction of Real Time Monitoring System of PF Remittances
New scheme launched under ESIC
|Due date||Nature of transaction||Existing rules||Mode|
|10th June 17||Andhra Pradesh & Madhya Pradesh||State-wise regulations||By Challan|
|15th June 17||Gujarat||Gujarat PT regulations||By Challan|
|20th June 17||Karnataka||Karnataka PT regulations||By Challan & Online|
|21st June 17||West Bengal||West Bengal PT regulations||By Challan|
|30th June 17||Assam & Orissa||State-wise regulations||By Challan|
|30th June 17||Maharashtra||Maharashtra PT regulations||Online|
|15th June 17||Remittance of Contribution||EPF & MP Act, 1952||Online|
|21st June 17||Remittance of Contribution (Main code and Sub codes)||ESIC Act, 1948||Online|
|7th June 17||TDS Payment||Income Tax Act, 1961||Online|
|15th June 17||Form 16||Income Tax Act, 1961||Online|
|Labour Welfare Fund Remittances|
|5th June 17||Kerala||State wise regulations||By Challan|
Sources: Government Notifications, Circulars, Press releases.
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