Indian Income Tax

e-TDS :-What is New in New RPU 3.1

2012-09-28T00:51:00.001-07:00

Friends,
NSDL has added following new features in new TDS Return Preparation Utility 3.1.

Four (4) Section Codes 194LB,194LC,206Cj, 206CK have been added.
Two Flags "O" and "S" have been added. O stands for "Super Senior Citizen" and S stands for Software vendor transaction (As per ITD notification dated 21/2012).
FVU 3.6 and 2.133 have been launched.

To know more regarding this New RPU 3.1 and FVU's (click here)

Lates RPU 3.1 for Download

2012-09-27T04:21:00.004-07:00

Download Latest e-tds RPU 3.1 for uploading TDS/TCS files.

Key features of the same is given as under :-

Key features of NSDL Return Preparation Utility (RPU) version 3.1

· Incorporation of File Validation Utility (FVU) as below:

FVU version	Remarks
3.6	Applicable from FY 2010-11 onwards.
2.133	Applicable upto FY 2009-10.

· Aforementioned FVU version will be mandatory w.e.f October 16, 2012.

· Import of challan file (.csi file): Import of challan file downloaded from the TIN website (Challan Status Inquiry) has been made mandatory at the time of validating the quarterly TDS/TCS statement, if the TDS/TCS is deposited through challan. This will be applicable in case of regular statement and for correction statement in the scenarios as below:

o Update of challan (C2 correction).

o Deductee/ Collectee and corresponding challan is updated (C3 correction).

o Addition of challan (C9 Correction).

· Incorporation of sections codes in quarterly TDS/TCS statements as below:

Section code	Section code to be quoted in Quarterly TDS/TCS Statement	Applicable to TDS/TCS statement Form No.	Remarks
194LB	4LB	27Q	Applicable from FY 2011-12 onwards
194LC	4LC	27Q	Applicable from FY 2012-13 onwards
206CJ	J	27EQ	Applicable from FY 2012-13 onwards
206CK	K	27EQ	Applicable from FY 2012-13 onwards

· Separate flag “O” has been incorporated for reporting salary details of “Super senior citizen” (individual above the age of 80 years) at Form no. 24Q. This categorization is applicable from FY 2011-12 onwards.

· Separate flag “S” for categorizing software vendor transaction (as per ITD notification dated 21/2012) in Non salary TDS statements (Form 26Q – Section code 194J and 27Q –Section code 195). This categorization is applicable from FY 2012-13 onwards.

e-TDS/TCS RPU (version 3.1) for statements from FY 2005-06 onwards Features of RPU 3.1

Download Latest e-tds RPU 2.8 for Regular or Correction Returns

2012-05-10T21:58:00.002-07:00

Downloads / e-TDS/e-TCS / Quarterly Returns Regular

Procedure for Preparation of Return

Form

The Data Structure

For statement pertaining to FY 2010-11 onwards

For statement upto FY 2009-10

Sample files prepared as per the file format

For statement pertaining to FY 2010-11 onwards

For statement upto FY 2009-10

NSDL e-TDS/ TCS Return Preparation Utility

File Validation Utility (FVU)

e-TDS / e-TCS returns prepared for FY 2005-06 and onwards (i.e. Forms 24Q, 26Q, 27Q and 27EQ) can be validated using this utility.

The e-TDS/TCS FVU is a Java based utility. JRE (Java Run-time Environment) [versions: SUN JRE: 1.4.2_02 or 1.4.2_03 or1.4.2_04 or IBM JRE: 1.4.1.0] should be installed on the computer where the e-TDS/TCS FVU is being installed. Java is freely downloadable from http://java.sun.com and http://www.ibm.com/developerworks/java/jdk or you can ask your vendor providing computer facilities (hardware) to install the same for you.

The e-TDS/TCS FVU setup file (e-TDS/TCS FVU.exe) comprises of three files namely:

TDS FVU Readme.rtf: This file contains instructions for setup of the e-TDS FVU.
e-TDS FVU Setup.exe: This is a setup program for installation of FVU.
TDS_FVU_STANDALONE.jar: This is the FVU program file.

These files are in an executable zip file. These files are required for installing the e-TDS/TCS FVU.

FVU for quarterly e-TDS/TCS statement pertaining to FY 2010-11

e-TDS/TCS FVU.exe (Version 3.4) New features/Validation

FVU for quarterly e-TDS/TCS statement up to FY 2009-10

e-TDS/TCS FVU.exe (Version 2.132) New features/Validation

Instructions for extracting the files are given in:

e-TDS FVU Extract

Latest e-TDS Return Preparation Utility version 2.6

2011-12-13T02:33:00.000-08:00

Now latest NSDL R.P.U. etds/etcs return software is available for freely download. Some key features have been added in this RPU for easy submission of correction tds return.

KEY FEATURES OF RPU 2.6

Key features of NSDL Return Preparation Utility (RPU) version 2.6

· Unmatched challan: On import of consolidated file in the NSDL RPU (version 2.6), an alert message “Statement contains unmatched challan. The same has been highlighted in red colour” will be provided if the consolidated file imported contains unmatched challan.

· Deductee/ Salary details records with invalid PAN: On import of consolidated file in the NSDL RPU (version 2.6), an alert message will be provided “Statement contains invalid PANs. The same has been highlighted in red colour” if the statement contains invalid PAN in deductee/ salary detail records.

· Challan pending amount: If the user attempts to over utilize the challan amount then the error message “Deductee deposit amount exceeds the Challan / transfer voucher amount for Challan Serial Number(s)” will be provided on validating the file and the file will not be validated.

· Update of PAN: If for a given deductee / salary detail record. if the user attempts to update the PAN more than once then error message “Further update of PAN for the deductee record is not allowed. Update of deductee PAN (valid to valid) is allowed only once.” will be provided.

Download Latest NSDL Free R.P.U. (CLICK HERE)

Rate of Interest on Late Deposit of TDS

2011-12-13T02:17:00.000-08:00

It is a major question what rate of Interest will be charged on Late deposit of TDS amount which has been deducted now or earlier. As per Section 201 of Income Tax Act 1956, one percent (1%) interest on each month or part of any month from the date of non-deduction of Tds to Date of Deduction .

Secondly one and one-half (3/2%) percent on each month or part of any month from the date of deducted month to the month of Deposit of Tds.

In case anyone has more question, he may ask through comment on this post.

भगवन महावीर

2011-10-26T21:46:00.001-07:00

भगवान महावीर श्वेताम्बी नगरी की ओर विहार कर रहे थे !मार्गस्थ लोगों ने कहा –भगवन आप उधर विहार न करें ,उधर भयंकर सर्प चंडकौशिक रहता है आने जाने वाले किसी को नहीं छोड़ता !भगवान कहाँ डरने वाले थे –चल पड़े उधर ही ! चंडकौशिक ने देखा –कोई है जो इधर आ रहा है !चंडकौशिक ने पैर के अंगूठे पर काटा –भगवन तो वज्र वृषभनाराच संहनन शारीर के धारी थे !उन्हें कहाँ फर्क पड़ने वालाथा!चंडकौशिक हैरान परेशान !ऊपर पूरे शरीर पर डसने लगा !कुछ नहीं !आश्चर्यचकित था ! भगवन के संपर्क में आकर उसे जाति स्मरण हो गया ! सब स्मरण हो आया कि कैसे गुस्सा करने पर उन्ही भावों में मृत्यु हो गई तो मुझे यह सर्प का शरीर धारण करना पड़ा ! आँखों से आँसू बहने लगे !भगवन ने उसे समता धारण का उपदेश दिया ! उसने डसना छोड़ दिया ,फुफकारना भी छोड़ दिया ! अनशन ले कर साम्य भाव से स्थिर हो गया ! –लोगों को जब पता चला तो फल फुल मिष्टान्न ले कर आये और उसकी पूजा करने लगे !चींटियाँ आदि एकत्रित हो गयी वहां !उसके शरीर को अन्य जीव जानवर भक्षण करने लगे ! लेकिन अब समता का प्रवेश हो चूका था उसके जीवन में ! चुपचाप सब सहने लगा ! समता धारण करते हुए ही उसके प्राण निकल गए !मरकर स्वर्गों में देव हुआ |

शिक्षा ये है कि जिस जीव ने मनुष्य पर्याय में रहकर क्रोध किया और उन्ही भावों में मृत्यु को प्राप्त हुआ वह मरकर त्रियंच हुआ और वही जीव समता को धारण कर प्राण छोड़ कर स्वर्गों में देव हुआ !

aaj ka vichar

2011-10-26T21:10:00.001-07:00

आज का विचार 27.10.2011

स्वयं के दोष देखना शुरू करो !

दूसरों के दोष देखने की फुर्सत नहीं मिलेगी !

आर्यिका 105 माता स्वस्ति भुषण जी की

“एक लाख की एक एक बात “ से

सभी मुनि,आर्यिकाओं ,साधु,साध्वियों,श्रावक,श्राविकाओं

को यथोचित नमोस्तु,वन्दामी,मथे वन्दना ,जय जिनेन्द्र,नमस्कार

शुभ प्रात:

MDU M.Ed. Entrance Exam Result 2011

2011-09-19T23:23:00.000-07:00

Maharshi Dayanand University has declared M.Ed 2011 entrance result 2011 which was held on 18.09.2011. The result is available in PDF format containing 112 pages. The file size is 3.78 M.B. in PDF format. It contains the following columns as shown in below picture :-

Sr. No.
Roll
Candidate's Name
Father's Name
Resi
Scor
Rank Gen
Rank Sc
Rank BCA
Rank BCB
Rank ESM
Rank FFC
Rank PH

Download Complete Result (Click Here)

Installment of Advance Tax Due

2011-09-06T04:06:00.000-07:00

15 September 2011 is due date for payment of Advance Tax. It is 2nd installment for companies case and 1st installment for Non-Companies case. To avoid interest and penalty in future, make time in time of Advance Tax. Sometime we feel that at the time of final payment of Income Tax , Interest is greater than Income Tax. It's main reason is due to non-payment of Advance Tax in Time.

What is a Government Company

2011-08-28T19:54:00.000-07:00

According to Section 617 of the Companies Act, 1956. "a Government company means any company in which not less than 51% of the paid-up capital is held by the Central Government, or by any State Government or governments, or partly by the Central government and and partly by one or more state governments and includes a company which is a subsidiary of a government Company".

What is Holding Company

2011-08-28T19:52:00.000-07:00

Under section 4(4) of The companies Act, 1956, a company is deemed to be a holding company if the other company is its subsidiary company. A company becomes a subsidiary company when other company controls 51% or more of its paid-up share capital, has right to appoint directors on its board, or is a subsidiary of another subsidiary company.

Required Accounts Books in a Company

2011-08-28T19:49:00.000-07:00

As per Section 209 of the companies Act, 1956 the following books are required :-

Such books, as are necessary to give a true and fair view of the state of affairs of the company and to explain its transactions, are kept on accrual basis and according to the double-entry system of book keeping.
Every company maintains proper books of account with respect to :-
(i) all sums of money received and expanded by the company and the matters in respect of which receipts and expenditure take place;
(ii) all sales and purchases of goods by the company;
(iii) all assets and liabilities of the company; and
(iv) utilisation of material or labour or other items of cost in cost accounting records, in case of manufacturing companies.

What is a Public Company

2011-08-28T19:44:00.000-07:00

According to Section 3(1)(iv) of the Act, 'Public Company' means a company which (a) is not a private company; (b) has a minimum paid up capital of Rs. 5 Lakhs or such higher paid-up capital; and (c) is a private company which is a subsidiary of a company which is not a private company. After Companies (Amendment) Act, 2000, a public company can not be registered with a capital of less than Rs. 5 Lakhs. Public companies invite the public at large to participate and subscribe for the share in, or debentures of, the company and there are no restrictions on transfer of shares.

How to Calculate Manufacturing Cost of Finished Goods

2011-08-28T19:14:00.000-07:00

To get success in Manufacturing, it is mandatory for all manufacturers to know "How to Calculate Manufacturing Cost of Finished Goods" Formula for calculating manufacturing cost is given as under :-

Raw Material Consumed ______
Direct Manufacturing Wages _____
Direct Manufacturing Expenses ____
Prime Cost ____
Indirect Manufacturing Expenses or Manufacturing Overhead _____
Total Manufacturing Cost. _________

Raw Material consumed is arrived at after adjustment of opening and closing stock of raw materials :-

Raw Material consumed = Opening Stock of Raw Material+Purchases-Closing Stock of Raw Material

Easy Creation of Form 16A (TDS Certificate)

2011-08-28T15:04:00.000-07:00

Now, creation of form 16A(Tds/Tcs Certificate) is easy. For getting free Form 16A, just register your Tan at www.tin-nsdl.com and send request for Form16A. A Dot txt (.txt) file will be received through email. This txt file generate Form 16A with the help PDF converter software. PDF Converter software is totally free by NSDL.

Last Date for Indian Income Tax Return

2011-08-27T19:32:00.000-07:00

Friends, I would like to share that Last Date for submit Income Tax Return in India is 30th September 2011 for the Financial Year 2010-11. Every assessee should file/submit their Income Tax Return in time to avoid penalties or complication in future. There is no doubt that return can be submitted after the due date. Due Dates with more clarity is given below :-

30th July, An assessee other than company whose books are not required to be got audited .
30th Sep, All assessee (Individuals, Proprietor, Firm, HUF, Company, Trust etc. ) whose books are required to be got audited u/s 44AB.

ITR-V after submiting online Income Tax Return

2011-08-27T07:21:00.000-07:00

It is procedure of e-filing to send simple post of ITR-V after successful submission of Income Tax Return. It is mandatory for those who have submit their return without digital signature. If Assessee submit return with digital signature , there is no need to send ITR-V through ordinary post. The following precuations are required for submitting ITR-V.

Please use Ink Jet /Laser printer to print the ITR-V Form.
Avoid printing on Dot Matrix printer.
The ITR-V Form should be printed only in black ink.
Do not use any other ink option to print ITR V.
Ensure that print out is clear and not light print/faded copy.
Please do not print any water marks on ITR-V. The only permissible watermark is that of "Income tax Department" which is printed automatically on each ITR-V.
The document that is mailed to CPC should be signed in original in BLUE INK.
Photocopy of signatures will not be accepted.
The signatures or any handwritten text should not be written on Bar code.
Bar code and numbers below barcode should be clearly visible.
Only A4 size white paper should be used.
Avoid typing anything at the back of the paper.
Perforated paper or any other size paper should be avoided.
Do not use stapler on ITR V acknowledgement.
In case you are submitting original and revised returns, do not print them back to back. Use two separate papers for printing ITR-Vs separately.
More than one ITR-V can be sent in the same envelope.
Please do not submit any annexures, covering letter, pre stamped envelopes etc. along with ITR-V.
The ITR-V form is required to be sent to Post Bag No.1, Electronic City Post Office, Bengaluru, Karnataka-560100, by ordinary post or speedpost.
ITR-Vs that do not conform to the above specifications may get rejected or acknowledgement of receipt may get delayed.

Service Tax Return Mandatory through electronically

2011-08-27T07:13:00.000-07:00

Vide New Notification No 43/2011 dated 25th August 2011, it is mandatory for all assessee to submit their half-yearly return electronically. This notification will be implemented w.e.f. 01-10-2011. For compete detail , Notification is given below:-

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]

GOVERNMENT OF INDIA

MINISTRY OF FINANCE

(DEPARTMENT OF REVENUE)

*****

Notification No. 43/2011 – Service Tax

New Delhi, the 25^th August 2011

Bhadra 3, 1933 (Saka)

G.S.R. 642 (E).- In exercise of the powers conferred by sub-section (1) read with sub-section (2) of section 94 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following rules further to amend the Service Tax Rules, 1994, namely :-

1. (1) These rules may be called the Service Tax (Fourth Amendment) Rules, 2011.

(2) They shall come into force on the 1^st day of October, 2011.

2. In the Service Tax Rules, 1994, in rule 7, -

(a) in sub-rule (2), the proviso shall be omitted;

(b) after sub-rule (2) as so amended, the following sub-rule shall be inserted, namely:-

“(3) Every assessee shall submit the half-yearly return electronically”.

[F. No. 137/99/2011 – Service Tax]

(Deepankar Aron)

Director (Service Tax)

Note.- The principal rules were notified vide notification No. 2/1994 – Service Tax dated the 28^th June 1994, published in the Gazette of India, Extraordinary, Part II, section 3, Sub-section (i), vide number G.S.R. 546(E), dated the 28th June, 1994 and were last amended by notification No. 35/2011 - Service Tax, dated the 25^th April, 2011, vide number G.S.R. 343 (E), dated the 25^th April, 2011.

26AS through Net Banking

2011-08-27T07:07:00.000-07:00

The following banks are registered with NSDL to check form 26AS or Income Tax Data with Income Tax Department. It is surprised that Punjab National Bank, HDFC banks etc are not still registered with NSDL for providing 26AS data.

Allahabad Bank
Axis Bank Limited
Bank of Baroda
Bank of India
Bank of Maharashtra
Canara Bank
Citi Bank N.A.
City Union Bank Limited
Corporation Bank
ICICI Bank Limited
IDBI Bank Limited
Indian Overseas Bank
Indian Bank
Karnataka Bank Limited
Kotack Mahindra Bank Limited
Oriental Bank of Commerce
State Bank of Hyderabad
State Bank of India
State Bank of Mysore
State Banko f Patiala
State Bank of Travancore
The Federal Bank Limited
The Karur Vysya Bank Limited
The Saraswat Co-operative Bank Limited
Uco Bank
Union Bank of India
Vijay Bank

Value of 26AS or Pan Ledger for Income Tax Return

2011-08-27T07:01:00.000-07:00

First of all it is clear that 26AS form is equal to Pan Ledger available with Income Tax Return. If we submit Income Tax Return without confirmation of Income Tax in 26AS, there will be lot of chances in Tax disputes in future. It means, refund can be late or Income Tax demand can also be raised through Income Tax Department. It is strongly recommended to all assesses either company or Individual, to submit Income Tax Return after checking Pan Ledger or 26AS form. Earlier there was only one source to check data of pan in 26as, but only lot of banks are attached with this forms and there is no charges for availing benefit of this form.

On Line Submission of Income Tax Return

2011-08-27T06:56:00.000-07:00

Now, e-filing is mandatory not only for companies but also for those assesses whose accounts are required to be audit u/s 144AB. After this notification, a lot of assesses covered for mandatory e-filing of Income Tax Return. When we submit Income Tax Return through e-filing system, there is no need to prepare return physically and no need to stand in big rows. No need to purchase software for submitting online returns. NSDL provides all excel based utilities in Free. There is no charges and all are available at www.incometaxindia.gov.in. Some benefits of e-filing is given as under :-

Validation before uploading.
Auto Income Tax calculation is available in all utilities.
Easy Data Entry.
No need of calculation for calculating Depreciation on Fixed Assets etc.
Extra Time to Send ITR-V through ordinary post.
Return can be uploaded on holidays etc like Saturday and Sunday.

Income Tax Slab 2010-11 2011-12

2011-08-27T06:45:00.000-07:00

Income Tax slab for the Financial Year 2010-11 or Assessment Year 2011-12 for Male, Female or Senior Citizen is given below for your convenience.

For Male:-

Upto 160000 Tax Tax Rate is Nil
160001 to 500000 Tax Rate is 10%
500001 to 800000 Tax Rate is 20%
Above 800000 Tax Rate is 30%

For Female:-

Upto 190000 Tax Tax Rate is Nil
190001 to 500000 Tax Rate is 10%
500001 to 800000 Tax Rate is 20%
Above 800000 Tax Rate is 30%

For Senior Citizen (Age => 65):-

Upto 240000 Tax Tax Rate is Nil
240001 to 500000 Tax Rate is 10%
500001 to 800000 Tax Rate is 20%
Above 800000 Tax Rate is 30%

Surcharge = Nil

Education Cess = 3% for all.

Income Tax Slab 2010-11 2011-12 2012-13

2011-08-27T06:40:00.000-07:00

Latest Income Tax slab for the Financial Year 2011-12 or Assessment Year 2012-13 for Male, Female or Senior Citizen is given below for your convenience.

For Male:-

Upto 180000 Tax Tax Rate is Nil
180001 to 500000 Tax Rate is 10%
500001 to 800000 Tax Rate is 20%
Above 800000 Tax Rate is 30%

For Female:-

Upto 190000 Tax Tax Rate is Nil
190001 to 500000 Tax Rate is 10%
500001 to 800000 Tax Rate is 20%
Above 800000 Tax Rate is 30%

For Senior Citizen (Age => 60 and < 80):-

Upto 250000 Tax Tax Rate is Nil
250001 to 500000 Tax Rate is 10%
500001 to 800000 Tax Rate is 20%
Above 800000 Tax Rate is 30%

For Senior Citizen (Age >80):-

Upto 500000 Tax Tax Rate is Nil
500001 to 800000 Tax Rate is 20%
Above 800000 Tax Rate is 30%

Surcharge = Nil

Education Cess = 3% for all.