Saturday, June 20, 2015

Amnesty Scheme Amended / Revised

Cheers of traders comes to halt. Government has revised LBT Amnesty Scheme. Incorporated changes suggested by Municipal Corporations. Now the Amnesty scheme is balanced, from earlier being too Tax Payer friendly.

LBT Amnesty Scheme was announced on 3rd June 2015. Giving option to tax payers to pay all the dues without interest and penalty. Which was a dream come true because of all Tax Payer Friendly provisions in the Amnesty Scheme like 
  1. No tax, interest or penalty will be charged after 31st Dec 2015. 
  2. Only 10% of the assessee will be assessed 
  3. All assessment will be completed by 31st Dec 2015 (i.e. in just 5 months - Aug to Dec)
  4. If in amnesty scheme also dealer fails to disclose and pay LBT upto 10%, no interest and penalty will be charged.
Because of these provisions in Amnesty Scheme, Municipal Corporations had written to the Urban Development Department to make changes. Specially Nagpur Municipal Corporation had raised their concerns over the provisions of the Amnesty Scheme could be misused and Corporations will have to bear losses. Already the Corporations are worried on the falling collections and LBT being withdrawn from 1st August*.

The following changes / amendments will be made in the Amnesty Scheme.
Read more ...

Tuesday, June 9, 2015

LBT Amnesty Application Form / Challan

In my previous post, about "LBT Amnesty Scheme in Detail" had in detail mentioned about the scheme, which is valid till 31st July 2015. 

A separate application has be submitted to apply for Amnesty Scheme. The sample Application has been provided in the Notification LBT-2015/CR-82/2015/UD-32 itself. (Download Link Below)

This application is to be submitted for each year separately.

Amnesty scheme will be beneficial for all.

  • Current Status - Now what needs to be Done
  • Not registered - Get registered under LBT (i.e. Apply for LBT No), Pay Taxes (No interest and Penalty), File Return, Apply for Amnesty.
Read more ...

LBT Amnesty Scheme in Detail

In Short :
As per the Amnesty Scheme (Official Name - The Maharashtra Municipal Corporations Local Body Tax Amnesty Scheme 2015), penalty and interest on accumulated dues  of LBT will be  waived, subject to fulfillment of conditions, such as registration, payment of tax and filing of returns etc. The Scheme comes into force from 3 June 2015 and is valid till 31 July 2015.

Eligible Persons :     Both Registered and un-registered Traders /Persons
Tax Dues in :  Any of 25 Municipal Corporations within Maharashtra State

Tax Dues covered  : From date of introduction of LBT to 31.03.2015 (Including Dues pertaining to assessed period as well as un-assessed period)
Compliance Period  :  03-06-2015 to 31-07-2015
Read more ...