IT department will bring digital signature to common taxpayer

In order to weed out the hassle of sending by post a hard copy of e-filed return, the Income Tax department has decided to bring in the facility of electronic signatures for taxpayers to endorse their bonafides.

The Central Board of Direct Taxes (CBDT), the apex office to formulate policies for the Income Tax department, has decided to implement the new mechanism by the end of the next financial year in March, 2015.

Official sources privy to the development told PTI that the CBDT will get in touch with the Union Ministries of Law and Communications and Information Technology to establish the legal position and technology requirements respectively before it operationalises the new protocols for the e-returns called 'ITRV'.

"It has to be seen what will be the procedure to obtain electronic or digital signature by the taxpayers. There should not be an additional cost or procedural burden for the taxpayer who opts to file his or her I-T return online," a senior official said.

In case of digital signatures (used by corporate entities as of now), a bonafide statement that verifies the identity of the sender, it is required to be created by paying a fee and this requires regular renewal, which is why this is being seen as a burden on salaried class and other categories of small taxpayers.

The department, within the same time-frame, is also desirous of enabling the e-filing of Tax Deducted at Source (TDS) statements through its official web portal which is used by taxpayers currently to file their electronic returns.

As per the norms in force at present, a taxpayer who files an e-return has to mandatorily send a copy of the same by post to the I-T department's Central Processing Centre (CPC) in Bengaluru.

However, in many cases the post would not reach the CPC and hence the tax department categorised the taxpayers return as null and void.

The department, sources said, wants to promote e-filing of I-T returns and it desires that e-filing should be "hassle free and sans any glitches", which will prompt more number of people to file their tax returns by this way.

The I-T department is also bolstered by the fact that more and more number of people are opting to file their returns online.

As per existing rules, the CPC, on receipt of the posted 'ITRV', sends an electronic acknowledgement to the tax return filer.

The problem arises when the document sent by post does not reach the CPC because of lapses on the part of the taxpayer or some other reason.

IT department can ask details even after clearing the assessment

Filing your taxation assessments is only one perhaps the Income Tax legislation. It is equally important to have your assessment completed in the returns filed. After filing I- T returns  , most tax payers don’t bother over it unless they have filed to get a tax refund.

Beneath tax laws, most returns are usually summarily assessed underneath section 143( 1) in the Income Tax Act . An intimation released under this section highlights in the event the tax officer has accepted each of the claims of your taxpayer as offered in his returning of income or otherwise.

Based on this kind of assessment, the tax payer are going to be either eligible to his refund or will have to pay additional income tax, as applicable. In instances where the tax officer feels how the returns should be scrutinised in larger detail, notices for typical assessment ( u/s 143( 3) in the Act) are released. Under the levy laws, there are time limits approved for issuing is aware for regular lab tests.

Further, the tax officers can also be empowered to initiate reassessments in cases where they are in the opinion that revenue has escaped analysis during either in the two types connected with assessments described previously mentioned.

In a new case that came up up for hearing ahead of the Delhi High Judge, the question that had been put up for decision was whether or not the tax officer can go with a case for reassessment, in which the summary assessment have been completed, in the absence of a firm notion that income chargeable to tax has steered clear of assessment.

The levy payer filed your return of revenue for assessment yr 2005- 06, which has been processed under portion 143( 1) in the Act. Subsequently, upon 26 March 2012, the tax policeman issued a see for reopening the assessment for that said year. While complying while using notice, the tax payer requested for that reasons recorded through the tax officer for reopening the analysis. For the claimed assessment year, the tax payer acquired filed the returning and offered money of   655, 000 since short- term cash gains (‘ STCG’).

During regular assessment for 200708, STCG declared through the tax payer were being treated as organization income from purchase and sale connected with shares.

Therefore, the tax policeman while reopening the situation for reassessment, said there ended up being omission or failure on the part of the tax payer to reveal truly and fully all material facts needed for assessment income. This tax payer objected stating he was earlier assessed under conclusion assessment. But the levy officer rejected your objection saying it is a settled law in which intimation under section 143( 1) is usually a summary processing connected with returns where there isn't a application of mind through the tax officer. For the first appellate level, the authority reversed the finding in the tax officer and held how the income was to get treated as STCG instead of as business revenue.

The reopening of your assessment is permitted within the Act if your tax officer has reason to believe that any revenue chargeable to levy has escaped assessment for virtually any assessment year. The scope in the phrase “ explanation to believe” have been considered by your Supreme Court in several decisions and has held that though a Court will not judge the adequacy in the reason provided through the tax officer, it must assess whether or not the belief will be based upon relevant and particular information that could lead to such a notion.

In the claimed case, the Honourable Large Court observed how the reassessment is not on the basis of new information or facts which have come to your fore now, but rather examination facts that were provided combined with the original return filed through the tax payer.

This reassessment, in your court’s opinion, amount to a review or change connected with opinion carried out in the last assessment year 2005- summer. The Court also observed that inside tax payer’s scenario, the order in the tax officer to convert the STCG in to business income for AY 2007- 08 have been reversed in additional appellate stages. Within the light of most of these facts, the tax officer had not been right in reopening the situation.

The court further observed how the section which encourages the tax policeman to reopen an instance makes no distinction between an buy passed by regular assessment as well as the intimation issued underneath summary assessment. The court although not conforming to your tax officer’s watch, that summary assessment won't involve any request of mind through the tax officer, held that in case this was true then it would in effect spot a tax payer as their return was prepared under summary assessment inside a more vulnerable position than inside a case where the full fledged scrutiny assessment manufactured.

The tax payer doesn't have a choice or is not capable of control whether their particular filed return is usually put to critique or is summarily evaluated. The court also reiterated the observation manufactured in an earlier ruling that in case the summary assessment should be only an intimation instead of assessment, then your tax officers could possibly never reopen such cases, as re- opening of a case is permitted only an assessment have been done.

Under the machine of electronic filing of taxation assessments, summary assessments are completed considerably quicker and intimations u/s 143( 1) in the Act is issued to a lot of tax payers. On receipt of this intimation, the tax payer should make an effort to carefully understand the reason behind rejection of any kind of particular claim through the tax officer along with accordingly accept a similar or file to get a rectification.

Interest rates for PPF and SCSS scheme wef 1 April 2014 notified

Reserve bank of India notified interest rates on PPF scheme as well as Senior citizen saving scheme 2004(SCSS). RBI issued a note dated 21 March 2014 regarding notified of interest rates for PPF and SCSS scheme. Full note is as under.

Please refer to our circular RBI/2011-12/359 dated January 20, 2012 regarding interest rates on small savings schemes, wherein it was indicated that as per Government’s decision on revision of interest on small savings schemes, the interest rates on various small savings schemes for every financial year will be notified by the Government before April 1st of that year.

The Government of India has now vide their Office Memorandum (OM) No. 6-1/2011-NS.II dated 4th March 2014, advised the rate of interest on various small savings schemes for the financial year 2014-15. Accordingly, the rates of interest on PPF, 1968 and SCSS, 2004 for the financial year 2014-15, effective from April 01, 2014, on the basis of the interest compounding/payment built-in in the schemes, will be as under:

Scheme	Rate of Interest w.e.f. 01.04.2013	Rate of Interest w.e.f. 01.04.2014
5 Year SCSS, 2004	9.2% p.a.	9.2% p.a.
PPF, 1968	8.7% p.a.	8.7% p.a.

The contents of this circular may be brought to the notice of the branches of your bank operating the PPF, 1968 and SCSS, 2004 schemes. These should also be displayed on the notice boards of your branches for information of the PPF, 1968 & SCSS, 2004 subscribers.

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ITR V due date for ay 2012-13 and 2013-14 has been extended

There are many taxpayers who have uploaded their Income Tax Returns (without digital signature Certificate) for A.Y. 2OI,z-Lg [filed between 1.4.2012 to 31.10.2013 and for A.Y. 2013-14 [filed between 01.4.2013 to 31.10.2013, but have either not filed the corresponding ITR-V or have filed it with the local Income-Tax Office. ITR-V is accepted only at CPC, Bengaluru by ordinary or speed post. Therefore an opportunity is being given to such taxpayers to regularize their Income-tax returns. 

All Such taxpayers may mail the ITR-V, by 31st March, 2014, by ordinary post or speed post at Post Bag No. I, Electronic city Post Office, Bengaluru-560100 (Karnataka). Taxpayers who have filed their ITR-V with the local Income-tax office may again mail their ITR-V to the CPC by 31st March, 2014. Those taxpayers who have earlier mailed their ITR-V, but have not received the acknowledgement e-mail from the CPC, may mail their ITR-V to the CPC again. 

The ITR-V form should be mailed to the CPC only at the above address by ordinary post or speed post. Taxpayers may note that no other place or form of delivery will be accepted. 

Taxpayers may also note that without acknowledgement of the ITR-V from the CPC it would not be possible for the Income -tax Department to process the Income-tax returns or issue any refunds there from, as these would be treated as not having been filed with the Department.

New rules of wealth tax for benefiting landonwers

Most people believe paying income tax on income and filing an IT return by the due date signifies 100% compliance with the laws. However, some taxpayers have no idea of another form regarding direct tax, and that is charged on their particular wealth.

Wealth tax is usually a direct tax levied on individuals, Hindu Undivided Family (HUFs) and firms (other than non-profit companies) featuring net wealth well over R30 lakh upon March 31 of the year. Currently, money tax is payable with 1%. Under the particular proposed Direct Income taxes Code (DTC), the threshold limit to levy wealth tax could be raised from Rs.30 lakh to help Rs. 1 crore.

The actual tax is payable upon residential house (including a new guest house, but excluding commercial complexes and residential properties discrete for minimum regarding 300 days in a year), jewellery, gold and also other precious metals, including articles created from precious metals, yachts, boats and plane (other than those utilised by the taxpayer pertaining to commercial purposes), downtown land, cash in hand well over Rs. 50, 000 for people and HUFs and motor cars (other than those employed in taxpayer's hiring business or used because stock-in-trade).

The Central Board of Direct   taxes (CBDT) has given a circular providing explanatory notes to amendments by the Finance Act, 2013. The key changes with respect to wealth tax are the following:

1) Exemption regarding agricultural land located in urban areas on the definition of ‘assets’

2) Provisions to facilitate electronic digital filing of annexure-less come back of net money

3) The classification of ‘assets’ includes urban land located in the jurisdiction regarding municipality or cantonment mother board, or land located in a notified spot. However, certain categories of urban land (such as land what is the best construction of a building just isn't permissible, land held pertaining to industrial purpose and land held because stock in trade) have been excluded from madness. No specific exemption has become provided to gardening land in urban areas.

4) As money tax is levied only on useless assets, there was no intention to help levy it upon agricultural land, which can't be termed as a good unproductive asset.

In view of the previously mentioned, the definition regarding urban land has now been amended through the Finance Act, 2013/CBDT sale paper to exclude metropolitan land, which is labeled as agricultural land in government records and employed for agriculture. The move to exclude urban agricultural land is undoubtedly a big relief.

The electronic submitting of annexure-less return is additionally a significant amendment.

The Wealth tax Act offers up furnishing a give back of net wealth within a prescribed form and it has to be verified. Previously, certain documents in addition to reports were forced to be furnished combined with the return of net wealth under the provisions of the Wealth Tax React, read with the provisions of Money tax Rules.

Granted these changes, it's clear that the costa rica government has been getting various steps to make sure compliance. If you are liable to spend wealth tax, it’s important which you comply in order to avoid any surprises through the tax department.

Deductor has the right on interest on excess TDS deposited and refunded by govt.

The object behind insertion of section 244A is that an assessee is entitled to payment of interest for money remaining with the Government which would be refunded. There is no reason to restrict the same to an assessee only without extending the similar benefit to a resident/ deductor who has erroneously deducted tax at source /deducted excess TDS and deposited the same before remitting the amount payable to a non-resident/ foreign company.

• Section 240 of the Act provides for refund of any amount that becomes due to an assessee as a result of an order in appeal or any other proceedings under the Act.

• The phrase "other proceedings under the Act" is of wide amplitude. The other proceedings under the Act would include orders passed under section 154 (rectification proceedings), orders passed by the High Court or Supreme Court under section 260 (in reference), or order passed by the Commissioner in revision applications under section 263 or in an application under section 273A.

• In the instant case ,the deductor/assessee had paid taxes pursuant to a special order passed by the assessing officer/Income Tax Officer. In the appeal filed against the said order the assessee has succeeded and a direction is issued by the appellate authority to refund the tax paid.

• The amount paid by the resident/ deductor was retained by the Government till a direction was issued by the appellate authority to refund the same.

• When the said amount is refunded it should carry interest in the matter of course. As held by the Courts while awarding interest, it is a kind of compensation of use and retention of the money collected unauthorizedly by the Department.

• When the collection is illegal, there is corresponding obligation on the revenue to refund such amount with interest in as much as they have retained and enjoyed the money deposited.

• Even the Department has understood the object behind insertion of section 244A, as that, an assessee is entitled to payment of interest for money remaining with the Government which would be refunded. There is no reason to restrict the same to an assessee only without extending the similar benefit to a resident/ deductor who has deducted tax at source and deposited the same before remitting the amount payable to a non-resident/ foreign company.

• The State having received the money without right, and having retained and used it, is bound to make the party good, just as an individual would be under like circumstances.

• The obligation to refund money received and retained without right implies and carries with it the right to interest.

• Whenever money has been received by a party which ex ae quo et bono ought to be refunded, the right to interest follows, as a matter of course.

• The deductor is entitled to interest under section 244A(b) from the date of payment of TDS i.e. date of deposit of TDS with Govt.

Advance tax calculator for financial year 2013-14 and 2014-15

Advance tax is the tax what we need to pay in advance. The second installment liability of advance tax is coming on 15 December. So it is high time for calculating the advance tax liability and pay.

You need to pay advance tax only if the taxable amount is more than Rs. 10000 in the financial year. Advance tax is paid in three times in a year and last date to pay advance tax is as under.

15 September-30%

15 December- 30%

15  March- 40%

So many people face computing advance tax liability a complex issue as it needs many more calculation before finalizing advance tax liability. So this is an excel based calculator which makes your task easy.

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State wise Lok Sabha election schedule 2014

India will elect a new Lok Sabha on the one month and nine-day period by April 7 to help May 12, and the results will   be announced on May 16.

The world's largest democratic exercise will involve a staggering 814 million voters, an increase associated with some 100 million from 2009 and a sharp rise in the 176 million in the first parliamentary polls associated with 1952.

Chief Election Commissioner V S Sampath also announced on Wednesday in which simultaneous assembly elections are going to be held in Sikkim, Odisha and also Andhra Pradesh.

This is the state wise election schedule of 2014 elections.

April 7: 

Assam (5), Tripura (1)

April 9: 

Arunachal Pradesh (2), Manipur (1), Meghalaya (2), Mizoram (1), Nagaland (1)

April 10: 

Bihar (6), Chhattisgarh (1), Haryana (10), Jammu and Kashmir (1), Jharkhand (5), Kerala (20), Madhya Pradesh (9), Maharashtra (10), Odisha (10), Uttar Pradesh (10), Andaman and Nicobar (1), Chandigarh (1), Lakshadweep (1), Delhi (7)

April 12: 

Sikkim (1), Tripura (1), Assam (3)

April 17: 

Bihar (7), Chhattisgarh (3), Goa (2), Jammu and Kashmir (1), Jharkhand (5), Karnataka (28), Madhya Pradesh (10), Maharashtra (19), Manipur (1), Odisha (11), Rajasthan (20), Uttar Pradesh (11), West Bengal (4)

April 24: 

Assam (6), Bihar (7), Chhattisgarh (7), Jammu and Kashmir (1), Jharkhand (4), Madhya Pradesh (10), Maharashtra (19), Rajasthan (5), Tamil Nadu (39), Uttar Pradesh (12), West Bengal (6), Puducherry (1)

April 30: 

Andhra Pradesh (17), Bihar (7), Gujarat (26), Jammu and Kashmir (1), Punjab (13), Uttar Pradesh (14), West Bengal (9), Dadra and Nagar Haveli (1), Daman and Diu (1)

May 7: 

Andhra Pradesh (25), Bihar (7), Jammu and Kashmir (2), Uttar Pradesh (15), Uttarakhand (5), West Bengal (6), Himachal Pradesh (4)

May 12: 

Bihar (6), Uttar Pradesh (18), West Bengal (17)

May 16:

Counting of votes across the country

For more info go this link

Tags-election 2014,exit poll 2014 election.opinion poll 2014 elections,2014 exit polls.2014 opinion poll

CBDT has extended last date of filing TDS/TCS statement to 31 March 2014

CBDT has extended last date for filing TDS/TCS statement to 31 March 2014. This extension for Financial year 2012-13( 2nd to 4th quarter) and Financial year 2013-14(1st to 3rd quarter). CBDT issued a circular no. 7/2014 dated 4 March 2014 regarding this extension. Full circular is as under.

Sub: Ex-post facto extension of due date for filing TDS/TCS statements for FYs 2012-13 and 2013-14 – regarding

The Central Board of DirectTaxes (‘the Board’) has received several petitions fromdeductors/collectors, being an office of the Government (‘Government deductors’), regarding delay in filing of TDS/TCS

statements due to late furnishing of the Book Identification Number (BIN) by the Principal Accounts Officers (PAO) / District Treasury Office (DTO) / Cheque Drawing and Disbursing Office (CDDO). This has resulted in consequential levy of fees under section 234E of the Income-Tax Act, 1961( ‘the Act’).

2. The matter has been examined. In case of Government deductors, if TDS/TCS is paid without production of challan, TDS/TCS quarterly statement is to be filed after obtaining the BIN from the PAOs / DTOs / CDDOs who are required to file Form 24G (TDS/TCS Book Adjustment Statement) and intimate the BIN generated to each of the Government deductors in respect of whom the sum deducted has been credited. 

The mandatory quoting of BIN in the TDS/TCS statements, in the case of Government deductors was applicable from 01-04-2010.

However, the allotment of Accounts Officers Identification Numbers (AIN) to the PAOs/ DTOs/CDDOs (a pre-requisite for filing Form 24G and generation of BIN) was completed in F.Y. 2012-13. This has resulted in delay in filing of TDS/TCS statements by a large number of Government deductors.

3. In exercise of the powers conferred under section 119 of the Act, the Board has decided to, ex-post facto, extend the due date of filing of the TDS/TCS statement prescribed under sub-section (3) of section 200 /provison to sub-section (3) of section 206C of the Act read with rule 31A/31AA of the Income-tax Rules, 1962. The due date is hereby extended to 31.03.2014 for a Government deductor and mapped to a valid AIN for -

(i) FY 2012-13 - 2nd to 4thQuarter

(ii) FY 2013-14 - 1st to 3rdQuarter

4. However, any fee under section 234E of the Act already paid by a Government deductor shall not be refunded.

5. Timely filing of TDS/TCS statements is essential to ensure timely reconciliation of Government accounts and for providing tax credit to the assessees while processing their Income-tax Returns. Therefore, it is clarified that the above extension is a one time exception in view of the special circumstances referred to above. Since the Government deductor and the associated PAO/ DTO/ CDDO belong to the same administrative setup that regulates the clearance of expenditure, the deductors/collectors may be advised to co-ordinate with the respective PAO/DTO/CDDO to ensure timely receipt of BIN/filing of TDS/TCS statements.

6. This circular may be brought to the notice of all officers for compliance.

7. Hindi version shall follow. 

Interest rate on FD post office hiked by 0.2% PPF rate unchanged

A  day ahead of Lok Sabha polls announcement, the government today decided to hike interest rates on fixed deposit schemes made available from post offices by around 0. 2 %.

The interest rate on popular PPF (public provident fund) has, however, been retained unchanged at 8. 7 %.

New interest premiums on small savings schemes can come into effect coming from April 1, the official release said.

The Finance Ministry's decision comes on the eve with the announcement of common elections schedule with the Election Commission. The model program code of conduct comes into play after Lok Sabha elections announcement.

The interest rate on fixed deposits for just one and two years has been increased to 8. 4 % from the present 8. 2 %.

Fixed deposits associated with three and 5 years will acquire 0. 1 % higher rate with 8. 4 % and 8. 5 %, respectively.

Also, the eye rate on five-year recurring deposits will  be 8. 4 %, up from 8. 3 %.

The annual purchase ceiling in PPF benefits is unchanged with Rs one lakh.

The actual rate on Nationwide Savings Scheme (NSC) along with 5 and 10 calendar year maturities also continue to be unchanged at 8. 5 % and 8. 8 %, respectively.

The rate on five-year Monthly Income Scheme (MIS) remains the same at 8. 4 %. The savings first deposit rates are retained unchanged at 4 %.

The decision to hike rates of interest, which is good recommendations of Shyamala Gopinath Panel, will make tiny savings schemes more pleasing and returns could be in sync along with market rates.

In line with the committee's suggestions, the government also decided to align interest on small benefits schemes with G-Sec premiums of similar maturation, with a distributed of 25 time frame points (bps) along with two exceptions.

According to the recommendations, the eye rate is edited every financial calendar year and notified ahead of April 1.

Direct to account facility for foreign Inward remittance

Reserve bank of India issued a circular no. 110 dated 4 March 2014 about money transfer service scheme-direct to account facility for foreign inward remittance. Full scheme and circular is as under.

 Attention of Authorised Persons, who are Indian Agents under Money Transfer Service Scheme (MTSS) is invited to Para 4.4 (e) Payment to Beneficiaries of Annex II - Section I of the A.P. (DIR Series) Circular No. 89 dated March 12, 2013 on Money Transfer Service Scheme – Revised Guidelines, as amended from time to time.

2. To facilitate receipt of foreign inward remittances directly into bank account of the beneficiary, it has been decided to allow foreign inward remittances received under MTSS to be transferred to the KYC compliant beneficiary bank account through electronic mode, such as NEFT, IMPS etc. The procedure to be followed for the purpose is as under.

Foreign inward remittances received by the bank acting as Indian Agent under MTSS (termed as ‘Partner Bank’), may be electronically credited directly to the account of the beneficiary, held with a bank other than the Indian Agent Bank (termed as ‘Recipient Bank’), subject to the following conditions:

The Recipient Bank will credit the amount transferred by the Partner bank only to KYC compliant bank accounts.

In respect of the bank accounts which are not KYC compliant, the Recipient Bank shall carry out KYC/CDD of the recipient before the remittance to such account is credited or allowed to be withdrawn.

The Partner Bank shall appropriately mark the direct-to-account remittances to indicate to the Recipient Bank that it is a foreign inward remittance.

The Partner Bank shall ensure that accurate originator information and necessary beneficiary information is included in the electronic message while transferring the fund to the Recipient Bank. This information should be available in the remittance message throughout the payment chain i.e. the overseas principal, the Partner Bank and the Recipient Bank. The Partner Bank should add an appropriate alert in the electronic message indicating that this is a foreign inward remittance and should not be credited to KYC non-compliant account and NRE/NRO account.

The identification and other documents of the recipient shall be maintained by the Recipient Bank as per the provisions of Prevention of Money Laundering (Maintenance of Records) Rules, 2005. All other requirements under KYC/AML/CFT guidelines issued by the Reserve Bank of India for MTSS from time to time shall be adhered to by the Partner Bank.

The Recipient Bank may seek additional information from the Partner Bank and shall report suspicious transactions to the FIU-IND with details of the Partner Bank through which they received the remittances.

3. All other instructions issued vide A. P. (DIR Series) Circular No. 89 dated March 12, 2013, as amended from time to time, will remain unchanged.

4. Authorised Persons (Indian Agents) may bring the contents of this circular to the notice of their constituents concerned.

5. The directions contained in this circular have been issued under Section 10(4) and Section 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law.

RBI notification on witdrawal of all old series note prior to 2005

Reserve bank of India issued a notification on 3 March 2014 about withdrawal of old series notes prior to 2005. Full note is as under.

Please refer to our circular DCM (Plg) No. G-17/3231/10.27.00/2013-14 dated January 23, 2014 on the captioned subject which was followed by a Press Release on January 24, 2014 (copy enclosed).

2. On a review of the matter, it has been decided to extend the date for exchanging the pre-2005 banknotes to January 01, 2015. These instructions have been included in a Press Release dated March 03, 2014 (copy enclosed).

3. You are advised to facilitate the exchange of such notes for full value without causing any inconvenience to the public, whatsoever. These notes will retain their legal tender status and the public can continue to use these for any transaction/ payment.

4. As advised, please issue suitable instructions to all your branches to provide exchange facilities to members of public and to stop re-issue of the pre- 2005 series banknotes. Please also ensure that such notes are not dispensed through the ATMs/ over your counters. The methodology to be followed for dealing with the Pre-2005 series banknotes contained in Para 3 of the circular dated January 23, 2014 referred to above remains unchanged.

5. A list of dos and don’ts, is being enclosed for your guidance.

6. Please acknowledge receipt.

Do and Don't list is here

Tags-pre-2005 notes,what to do with 2005 notes,2005 currency-pre-2005 currency,pre 2005 rupees

FAQs on currency notes pre-2005

From April 1, you may check the notes year while receiving from others. It is because RBI notification to stop in circulation the notes pre-issued year 2005.

Moreover you will see the people in queue for exchanging notes pre-2005.

RBI issued a notification on January 22 that pre-2005 notes lacked the enhanced security features and will be stopped in circulation after 31 March 2014.

This step will hit hard on the black money holders keeping the notes in the safe case as they need to exchange it with the bank or circulate it in the market before April 1.

There are lots of question arise in the mind with this step as how one can exchange the notes and what about their value. Here are some frequently asked questions about pre-2005 notes.

1- How to know year of printing of notes?

Pre-2005 notes have year of printing at the reverse bottom of the notes whereas pre-2005 notes haven’t mentioned the year of printing.

2-    Value of the currency after 31 March if someone holds?

 The value of the notes will be intact and will held legal tender but some merchants or shops can refuse taking pre-2005 notes after 1 April 2014. You will get the same currency amount from banks while exchanging pre-2005 notes.

3-    Can banks refuse taking pre-2005 notes?

No banks have to necessarily give you new notes against pre-2005 notes. But you must be an account holder with the bank for currency exchanged.

4-    Do I need to provide money detail address proof etc. for exchanging notes?

No need to provide any documents till June 30. Afterwards, In the case of having bank customer, you needn’t to provide any documents. In the case of not having bank customer, for exchanging more than 10 notes of 500 or 1000, you need to produce proof of identity and address proof to the bank.

5- Any cap for exchanging notes?

There is no cap for exchanging notes. You can exchange as many as you want with a bank.

6- Will there be a rush at the deadline?

RBI has taken major steps for smooth exercising in exchanging notes. Banks also stop circulating pre-2005 notes much time ago. So there will not be any issue or rush regarding this.
Tags-pre-2005 notes,2005 notes,notes before 2005,what happen of pre 2005 notes,2005 notes,faqs on currency notes pre 2005

Cash withdrawal and redeposit after 3 years is not valid u/s 69

Where Assessing Officer issued on assessee a notice under section 142(1) on 30-8-2007 calling upon him to furnish return for assessment year 2005-06, in view of insertion of proviso in clause (i) of section 142(1) by Finance Act, 2006, with retrospective effect from 1-4-1990, said notice was issued well within period of limitation

Where assessee had made cash deposit of Rs. 6.50 lakhs in his bank account on 8-9-2004 and submitted that cash deposit was out of amount withdrawn earlier from bank over a period from February, 2000 to September, 2003 and kept with him, lower authorities were justified in treating said amount as unexplained investments under section 69.

Tags-section 69,section 69 of income tax,section 69 of income tax act,income tax section 69

Claim is genuine if purchase is made by account payee cheques

Where assessee, a builder, purchased cement from one party by account payee cheques at rates which were reasonable as compared to rates paid to other parties, assessee's claim for deduction in respect of said expenses was to be allowed under section 37(1)

Where assessee in support of payment of labour charges, brought on record documentary evidence such as election card, driving licence, ration card etc. of recipients, transactions in question being genuine in nature, assessee's claim for deduction of labour charged was to be allowed.

Tags-claim exemption,how claim is genuine,account payee cheques

How PAN can validate in TRACES

In our continuous endeavor to enhance end-user functionalities, we are glad to bring to you the convenience of online facility of PAN Verification on TRACES. With this feature, you will be able to validate the PANs with confidence for the purpose of recording and reporting your transactions in the TDS statements correctly. 

  

To avail the facility, it is requested to Login to TRACES and navigate to “Dashboard” to locate “PAN Verification” in the Quick Links menu. The functionality to download Consolidated TAN – PAN File has also been provided that includes all the PANs attached with the respective TANs. 

How does it help: 

  

• Reporting of correct data has been made mandatory by CPC (TDS). Reporting of invalid PANs results into Short Deduction defaults in        processed TDS statements. 

• Helps in generating correct TDS Certificates for the deductees. 

• The taxpayer is able to avail correct TDS Credits in time. 

  

Additional Functionalities available: 

  

To correct an invalid PAN reported earlier, a C5 Correction Statement is required to be filed. In addition, the PANs can also be corrected using our Online Correction facility. To avail the facility, it is requested to Login to TRACES and navigate to “Defaults” tab to locate “Request for Correction” from the drop-down menu. For any further assistance, please refer to the e-tutorial available on TRACES. 

  

PAN Correction steps through Online Correction: 

  

•Invalid to Valid PAN: The correct name of the Valid PAN will be displayed in “Name as per changed PAN”. 

•Valid to Valid PAN: If the new PAN entered is Invalid, a message is displayed in the “Action Status”. Please note that there is only one opportunity for a Valid to Valid PAN correction. 

•All the corrected rows can be viewed by clicking on “Show Edited Rows” on the screen. 

• Click on “Submit for Processing”, which will prompt to digitally sign the submission. 

  

Please refer to the e-tutorials available on TRACES, before reaching out to us on contactus@tdscpc.gov.in or call our toll-free number 1800 103 0344. 

  

CPC (TDS) is committed to provide best possible services to you. 

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Government hikes 10 % DA Dearness allowance

The  government today  28 February 2014 brought up dearness allowance to 100 %, from 90 %, benefiting its 50 lakh personnel and 30 lakh pensioners.

Deciding to hike DA to its employees, and to provide dearness relief intended for pensioners, by 10 % to 100 % was taken from the Union Cabinet within its meeting held here.

"The Union Cabinet has approved the proposal to hike Dearness allowance to its employees and dearness relief to its pensioners to 100 % in its meeting held here, inches a source said.

This increase inside the dearness allowance from the UPA-2 government comes ahead of the imposition of the model code of conduct from the Election Commission.

The code probably will come into force while using the announcement of the schedule for your forthcoming general elections in a week.

Also it will be the second double digit DA hike in a very row. The government received announced a hike of 10 % to 90 % in September not too long ago, effective from Come july 1st 1, 2013.

The new hike in DA could be effective from the January 1 this year.

As per training, the government uses Consumer Price Index- Industrial Workers data from the past 12 months to reach at a quantum when considering any DA hike. Thus, the retail store inflation for industrial workers between Economy is shown 1 to 12 31, 2013 was used to take a final contact the matter.

In line with the provisional data unveiled by government with January 31, the retail inflation intended for factory workers within December was 9. 13 %. The revised retail store inflation data intended for January is scheduled to become released today.

An official received said earlier that the preliminary assessment suggests that DA hike are not less than 10 % and would be efficient from January 1.

Tags-dearness allowance,da rate 2014,da 2014,da rate 2014,da hike in 2014

Government approves 7th pay commission for hike salaries

The Cabinet today 28 February 2014  gave mandate to the 7th Pay Payment for revising pays of over 50 lakh key government employees as well as remuneration of thirty lakh pensioners.

The move comes before general elections owing in April-May.

"The decision can lead to the benefit regarding improved pay and allowances and also rationalisation of the pay structure regarding Central Government employees along with employees in the scope of the 7th Central Pay Commission (CPC), " a state statement said following the Cabinet meeting.

The actual Commission, it explained, will make the recommendations within 18 months of the night out of its metabolic rate.

"It may contemplate, if necessary, sending interim reports on some of the matters as then when the recommendations tend to be finalised, " explained the release with CPC's term regarding reference.

Headed by former Supreme Judge Judge Ashok Kumar Mathur, the CPC has become asked to "examine, evaluation, evolve and recommend changes that are desirable and feasible" concerning the principles that ought to govern the emoluments composition including pay, allowances along with facilities or benefits.

The recommendations, according to the terms regarding reference, have to come in while keeping because the economic conditions near your vicinity, need for fiscal prudence and the necessity to ensure that adequate resources are for sale for developmental expenditures as well as welfare measures.

The CPC's report is going to be applicable on Main Government employees, Most India Services, personnel of the Union Territories, officers and employees of the Indian Audit as well as Accounts Department, Associates of regulatory systems, officers and employees of the Supreme Court as well as personnel of Support Forces.

The panel has additionally been asked to look at the "principles that ought to govern the composition of pension along with retirement benefits", including revision of pension should you have retired prior to the date of effect of such recommendations.

There tend to be about 50 lakh key government employees, as well as those in support and railways, as well as about 30 lakh pensioners.

The CPC has additionally been asked to supply the likely impact of the recommendations on the finances of the state governments (which commonly adopt the referrals with some modifications).

It's got also been asked to maintain in view the very best global practices as well as their adaptability as well as relevance in Indian native conditions while generating the recommendations.

Oil Secretary Vivek Rae is steady Member of the Commission, while Rathin Roy (Director, NIPFP) can be part-time Member as well as Meena Agarwal (OSD, Section of Expenditure) can be Secretary.

Central Pay Commission rates are periodically constituted to search into various problems of emoluments’ composition, retirement benefits along with service conditions regarding Central Government employees and make recommendations around the changes required.

Prime Minister Manamohan Singh had approved creating of the seventh Pay Commission with September 2013.

The actual 6th Pay Payment was implemented with effect from Jan 1, 2006; the fifth from Jan 1, 1996 as well as fourth from Jan 1, 1986.

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Passengers need to fill baggage declaration form along with arrival card

Passengers returning to India need to fill luggage declaration form along with arrival card. This is new rule under custom baggage declaration regulation. Custom department issued a circular no.5/2014 dated 27 February 2014. Full circular is as under.

 Attention is invited to Customs Baggage Declaration Regulation, 2013 notified vide Notification No 90/2013-Cus (N.T.) dated 29.08.2013 subsequently amended vide Notification No. 133/2013-Cus. (N.T.) dated 30.12.2013 and Notification No. 10/2014-Cus (N.T.) dated 10.02.2014. The Customs Baggage Declaration Regulations, 2013 will come into force with effect from 1.03.2014.

2.         Under the Customs Baggage Declaration Regulations 2013 all incoming international passengers will be required to declare the content of their baggage in the Indian Customs Declarations Form prescribed in the regulation. Therefore the declaration relating to Customs purposes by incoming passengers in arrival card notified by MHA hitherto done by passengers will be dispensed with. In other words, the incoming passengers will have to fill up the form notified under Customs Baggage Declaration Regulations 2013 independent of the form prescribed by the MHA.  Ministry of Home Affairs has decided that arrival (disembarkation) card of MHA would be given to foreign nationals only.

3.           Directorate of Publicity and Public Relations, New Delhi has been requested to print the Indian Customs Declarations Forms and distribute the same to all Commissioners of Customs having jurisdiction over the airports. The Indian Customs Declarations Forms may also be handed over to concerned airlines for distributing the same among the passengers.

4.         Board desires that the Commissioners of Customs should sensitize field formations working at airports so that this arrangement should not disrupt passenger facilitation at the airports.

5.         Wide publicity may be given at the airports and suitable public notice be issued for guidance of staff.

6.         Difficulty, if any, may be brought to the notice of the Board immediately.

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Income tax department extends last date to claim refund

Taking relief for taxpayers looking forward to refunds, the Tax Department has extended some time limit for submitting I-T return confirmation (ITR-V) form for three assessment many years including FY10, FY11 and FY12 till March 31.

ITR-V form should be filled by assessees filing tax returns electronically with not a digital signature. The form, duly signed, should be sent to main processing centre, Bangalore, only then the return is called valid.

“The Central Board of Direct Taxes (CBDT) provides extended the time-limit for filing ITR-V forms for assessment many years 2009-10, 2010-11 and 2011-12 till March 31, 2014, for returns e-filed along with refund claims in the time allowed underneath section 139 with the Income Tax Act, ” the board said inside a statement. The decision continues to be taken to present relief to people whose returns were being being termed broken for want with the ITR-V.

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Why you shouldn't withdraw PF amount while switching job

A question that you regularly gets to hear is: “I feel switching job. Must i withdraw my provident fund amount? ” Our instant reply is “no”. A provident fund (PF) is often a corpus to become maintained for retirement life or emergencies. It shouldn’t become withdrawn as so when you change work.

Retaining the amount in the PF account facilitates the fund grow which has a compound effect. Furthermore, the interest (for FY14, the rate is likely to be 8. 75%) each year earned on the total amount in a identified PF account is tax-exempt, thus turning it into a good investment decision option. When an individual changes jobs, the PF balance might be transferred from the prior employer to the newest one, so the pace of growth is maintained as well as any adverse income-tax implication might be avoided.

As for each PF regulations, every time a person leaves the employment, he is allowed to withdraw the particular PF amount provided that he remains unemployed for more than two months. Usually, he is needed to transfer the PF balance on the new employer. Right now, let us think about the income-tax implications if your amount from a recognised PF bill is withdrawn. You will find two scenarios through an I-T point of view:

Withdrawal of PF soon after five years of continuous service

When considering computing continuous service within this situation, as very well as ‘situation 2’ talked about below, the amount of service with today's employer is deemed. However, the period of service with the previous employer can be added if the particular PF amount was transferred to the current employer last time those changed jobs. Within this situation, the entire amount withdrawn will be considered as exempt through income, and no taxes are liable to be paid.

Disengagement of PF inside five years of continuous service

Within this situation, the employer’s side of the bargain, together with interest (which is not taxed earlier), will be taxed as ‘salary’. Even more, the amount of deduction claimed by the employee in the last years under Section 80C will be considered as ineligible and you will be reversed. Therefore, taxes that would've been payable for all of the earlier years if your ployee was not permitted claim deduction underneath Section 80C pertaining to his contribution to PF will be considered to fall due in the year of revulsion. Also, the interest on the employee’s own contribution will be considered fully taxable since ‘income from some other sources’.

However, just how much withdrawn from the particular PF account (even inside five years of continuous service) isn't considered taxable if your service of the employee has been terminated due in order to ill-health or discontinuance of employer’s business or due to any other explanation beyond the control from the employee. It is pertinent to make note of that in terms of the provisions from the income-tax laws, if your PF amount is taxable, the payer is necessary to deduct income tax during the time of making the payment from the PF amount on the employee.

So, withdrawing the PF total when one adjustments jobs has severe income-tax implications if your period of ongoing service is lower than five years.

Form 15CA updated utility free download

Form 15CA is an income tax form to be used for information to be furnished for payments, chargeable to tax, to a non-resident, not being a company, or to a foreign company.

 INSTRUCTIONS TO USE FORM 15CA (Online and Offline)
You should be a registered user in the e-Filing portal to submit Form 15CA.

Procedure for submission of Form 15CA Online 

Step 1 - Login and navigate to the menu “e-File” → “Prepare and Submit Online Form (Other than ITR)”
→ “Form 15CA”.

Step 2 - Select the appropriate part (“PART-A” or “PART-B” based on the remittances).

Step 3 - Fill the requisite data in the form and click on submit.

Step 4 - On successful submission, a transaction ID and an acknowledgment number will be generated.

Step 5 - To view the status/print the submitted Form, please go to the menu “My Account”

→ “View Form 15CA”. 

Procedure for submission of Form 15CA Offline

Single Upload

Step 1 -

i. Go to “Downloads” section on the “Home” page and select “Forms (Other than ITR)”
→ “Form 15CA”
OR

ii. Login to the e-Filing portal and navigate to the menu “Downloads” → “Forms (Other than ITR)”
→ “Form 15CA”.

Please download the latest version of the utility

Step 2 - Download the form to the desired path/location, unzip the folder and extract all the files to the
desired path/location.

Step 3 - Double click on the executable jar file (ITD_EFILING_FORM_UTILITY) to open the form.

Step 4 - There are two tabs: “Instructions” and “Form 15CA”.

 Step 5 - Click on “Form 15CA” tab and select “PART-A” or “PART-B” based on the remittances.

Step 6 – Fill in the details and click the “Submit” button. Errors, if any, will be shown on the right pane of
the Form.

Step 7 – On successful validation, enter the e-Filing portal credentials (User id, Password and DOI / DOB).
Select “Yes” if you want to upload with a DSC (make sure you have registered the DSC in e-Filing portal),
upload the DSC and click on the “Submit” button. On successful submission, Transaction ID and
Acknowledgment number will be displayed.
Bulk Upload

Assumptions:

 You should be a registered user in the e-Filing portal.

 You have already downloaded Form 15CA from the e-Filing portal. If not please follow step 1 to
step 3 as mentioned in the Single upload section above.

 You already have generated multiple XMLs and stored the folder on your desktop.


  Step 1 – Open the Form 15CA.

Step 2 - Click on the “Submit Bulk” button. Use the “Browse file” option to upload XML.

Step 3 - You can use the “Add more XMLs” feature to browse and upload multiple XMLs.

Step 4 - Click on the “Validate XMLs” button. On successful validation the status “Passed/Failed” will be
displayed. If the status is “Passed”, click on the “Submit form” button.

Step 5 - Enter the e-Filing portal credentials (User id, Password and DOI / DOB). Select “Yes” if you want to upload with a DSC (make sure you have registered the DSC in e-Filing portal), upload the DSC and click on the “Submit Form” button. On successful submission, the Status, Transaction ID and Acknowledgment
number will be displayed.

Step 6 – All the failed cases has to be relooked and corrected to re-submit. You can click on the “Failed” link to check for the possible errors that has occurred in the XML.

Step 7 - The “Delete XMLs” option can be used to delete the XMLs.

The following are the features that are available in the Form 15CA (offline): 
1. New - Click on this button, to open a new Form 15CA.

2. Open - This option is for importing the XML (successfully generated earlier) from your hard disk.
Select the path and import the XML. This option will work irrespective of any version change. It will
caution you to check the contents before finalizing upload/submission.

3. Save - You can save your completed XML in the desired path/location of your desktop.

4. Save Draft -This option can be used to save your XML. Please note you cannot upload an XML
which was saved using the ‘Save draft’ option. Only a complete XML generated using the ‘Save’
option can be uploaded successfully.

5. Submit –This option is used to upload/submit a single Form.

6. Submit Bulk - This option is used to upload/submit multiple XMLs of the form.

7. Help - This option will let you know the instructions, short keys, settings and how to use this form.

Note: 
1. Assessee with fourth character as ‘C’ in the PAN should mandatorily upload Form 15CA with DSC.
2. Assessee having already registered with DSC in the e-Filing portal should mandatorily upload Form
15CA with DSC

Download latest updated software utility for form 15CA
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DA will be merged in basic pay soon for government employees

Ahead of the general elections, the actual Centre has declared measures to woo Authorities employees and pensioners along with minorities.

The Cabinet accredited the terms of reference for the 7th Pay Payment. Government officials said the particular include merging regarding dearness allowance (DA) along with basic pay.

Before, the DA ended up being merged with basic pay, only after the idea touched 50 percent of the basic pay. The merger will assist in drawing better allowances as these are generally a proportion from the basic pay.

It is estimated that the merger can raise salaries by around 30 per dime

The Sixth Pay Commission did not talk about some sort of merger. The outcome is that along with continuous increase, DA has now reached up to 90 percent of the basic pay. A DA revision continues to be due since January 1 and it's expected that your choice to hike DA by 10 percent will be taken next few days.

If that takes place, then DA will be equal to the fundamental pay. Employees unions are pressing hard to get a merger of DA along with basic pay.

Government entities announced the creating of 7th Pay out Commission in 2013.

Maintenance can't be claimed by financially independent wife

Observing that  wife who is financially independent can not claim maintenance from her estranged spouse, the Bombay High Court has declined to grant relief to your 61-year-old woman searching for monthly maintenance.

A division regular of Justices Sixth V K Tahilramani and also P N Deshmukh had been hearing a petition filed by the woman challenging a good October 2012 order passed by a family court declining to direct your ex 65-year-old estranged husband to pay her the sum of the Rs 15000 every month.

The husband acquired opposed the petition saying she has already handed over full possession of one of his flats in suburban Andheri for you to his wife and as well given her custody of the children of fixed build up worth Rs 50 lakh he had opened for your ex.

The court noted that besides Rs 50 lakh, the husband acquired earlier also transferred Rs two lakh using interim maintenance for you to his wife which she's got deposited in the lending company as fixed down payment.

"In the present case, it is observed that the wife gets more than Rs thirty seven, 500 per thirty day period as interest. She has sufficient money in her bank-account. In addition, her son provides her money monthly. No one relies on her and she's got sufficient income to be with her survival, " the court said.

The bench discovered that while boasting maintenance the wife needs to prove that she don't even have any permanent revenue stream to maintain herself which she is unable to maintain herself financially.

"It is nicely settled law that your wife who does not have any sufficient permanent revenue stream, can only claim and have maintenance from her husband that is having sufficient implies. The burden lies on the wife to prove that the husband has declined and neglected to keep her though he or she is having sufficient implies, " the the courtroom said.

New simple pension form for retired govt employees

Government on 21 February introduced a new pension form due to the retired employees which simplifies the process of sanctioning pension and getting rid of the requirement with regard to submission of affidavits.

The new 'Form 5' has become brought for the advantage of pensioners and it will eventually record all information by self-attestation by your specific concerned, said Sanjay Kothari, Assistant, Department of Management Reforms, Public Issues and Pension.

"While changes have been made in numerous (other) forms, special change has been made only about Form-5, " he said.

The information to become filled in through retiring government employees is fixed to their name, address and bank-account details, Kothari explained.

"In addition, employees' mobile variety and e-mail id if available can be being collected for simplicity of correspondence in upcoming. These steps will go a long way toward reducing inconvenience with the individual and also making the practice more transparent, inch he added.

The actual Ministry of Personnel also launched half a dozen documentary films about good governance attempts here today.

The documentary films provide successful initiatives to tackle the situation of adverse sexual intercourse ratio by district administration of Nawashahr, Punjab; motivation of strengthening CSR shelling out in Raigarh district and educational attempts in Dantewada spot, Chhattisgarh, a statement issued today through Ministry of Personnel said.

The short videos on saving open space and downtown lakes (SOUL) as well as cultural rejuvenation with the twin city connected with Hubali-Dharwad, Karnataka and fineness in rural operations and development inside the challenging physical environment with the Sikkim Himalaya as well as Kaushalya Vardhan Kendra (skill development) project with the Directorate of Career & Training, Gujarat were being also launched, this said.

Based about stakeholders' consultation, films have been made in several durations i. age. in 14 units, three-and-a-half minute as well as 30 second.

The 14-minute format is perfect for class room review and discussion inside the Central Training Institutes (CTI) as well as Administrative Training Institutes (ATI); the 3½ minute film is meant for larger conventions where senior amount officers participate, or if the audience is already mindful of the broad contours with the schemes or to the meetings with non-officials, this statement said.

New format of form 15G and 15H with auto fill facility in excel

Income tax department changed the format of form 15g and 15h. These forms are the declaration as their income is less than threshold limit and hence no TDS is deducted on the income earned.  Section 197A of income tax act says that in this case assessee can give form 15G OR 15H to the deductor.

To whom these forms should be given

The point is simple. The person or the company to whom you have given the loan like if you have given a loan and getting interest to ABC company or you have some fixed deposits in the banks, you need to issue form 15G and 15H to the respective company or bank.

Interest amount limit

The interest earned for fixed deposited in banks has the limit of 10000. It means if your interest income is less than 10000 rupees in a financial year, you needn’t to give them form 15G an 15H. In the case of loan advance, interest on loan, bonds, debenture and interest income other than bank the limit is 5000 rupees.

Difference between form 15G and 15H

Form 15G:- Form 15G are to the person who is not a senior citizen, whose age is less than 65 years( the senior citizen age is reduced to 60 from the analysis year 2012-13) and Hindu Undivided Family(HUF)
Form 15H is to be filled by senior citizen.

Auto fill 15G and 15H in excel
As per high demand, auto-fill is back with the new format of form 15G and 15H. In this excel based utility one can prepare forms 15G and 15H within seconds. One need to fill simple details like name, father's name, address, PAN number etc. and form is ready with filled. One can prepare almost 50 forms in a minutes and take print-out.

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Important points of filing TDS corrective statements

The Centralized Processing Cell (TDS), in its constant endeavour to keep our stakeholders informed and educated, feels glad to remind important facts related to submitting Correction Statements. Following are some useful information to adhere before submitting Corrections, with special reference to C3 & C9: 

  

  What are C3 & C9 Corrections?     

· C3 Correction involves Updation  or Addition of Deductee details in the TDS statement.  The facility to delete Deductee records has now been discontinued for the purpose of correct reporting and is no longer permissible in the TDS statements. Accordingly, the delete option available under "Updation mode for Deductee" has been removed from RPU 3.8. 

· Revision of TDS Statement by way of Adding a new Challan and underlying Deductees is referred to as C9 Correction. 

Important points to adhere while submitting Corrections:   

· Correct and Complete Reporting: It is very important to report correct and valid particulars (TAN of the deductor, Category (Government / Non-Government) of the deductor, PAN of the deductees and other particulars of deduction of tax) in the TDS statement. Please ensure that records are corrected for all deductees reported in the corrections to avoid multiple submissions. 

· Addition of new deductee rows and thereby, challans is not encouraged by CPC (TDS), except for inadvertent errors. Please ensure that complete data is reported in the first instance, while quarterly TDS Statement is submitted. 

· Validate PAN and name of fresh deductees from TRACES before quoting it in correction statement. Download PAN Master from TRACES and use the same to file new statement to avoid quoting of incorrect and invalid PAN 

· TDS statement cannot be filed without quoting any valid challan and deductee row 

· Quote correct and valid lower rate TDS certificate in TDS statement wherever the TDS has been deducted at lower / zero rate on the basis of certificate issued by the Assessing Officer 

· Download the Justification Report to know the details of TDS defaults, if any, on processing of TDS statements and submit corrections accordingly 

· File correction statements promptly in case of incomplete and incorrect reporting. Please use the new version 3.8 of the Return Preparation Utility (RPU) and version 4.1 & 2.137 of the File Validation Utility (FVU) released by NSDL. 

Please ensure  that data for all deductees reported in TDS Statements are duly corrected which will help the deductees in claiming correct TDS Credits, besides generating correct TDS Certificates. 

For any further assistance, you can also write to ContactUs@tdscpc.gov.in or call our toll-free number 1800 103 0344. 

CPC (TDS) is committed to provide best possible services to you. 

Income tax slabs for financial year 2014-15 and analysis year 2015-16

The new income tax slabs for the financial year 2013-14 and the analysis year 2014-15 are as follows.

A. Normal Rates of tax:

Total Income	Rate of tax
Where the total income does not exceed Rs.   2,00,000/-.	Nil
Where the total income exceeds Rs. 2,00,000 but does not exceed Rs. 5,00,000/-.	10 per cent of the amount by which the total income exceeds Rs. 2,00,000/-
Where the total income exceeds Rs. 5,00,000/-        but does not exceed Rs. 10,00,000/-.	Rs. 30,000/- plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-.
Where the total income exceeds Rs. 10,00,000/-.	Rs. 1,30,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/-

B. Rates of tax for every individual, resident in India, who is of the age of sixty years or more but less than eighty years at any time during the financial year:

Sl. No	Total Income	Rate of tax
1	Where the total income does not exceed Rs. 2,50,000/-.	Nil
2	Where the total income exceeds Rs. 2,50,000 but does not exceed Rs. 5,00,000/-.	10 per cent of the amount by which the total income exceeds Rs. 2,50,000/-
3	Where the total income exceeds Rs. 5,00,000/-  but does not exceed Rs. 10,00,000/-.	Rs. 25,000/- plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-.
4	Where the total income exceeds Rs. 10,00,000/-.	Rs. 1,25,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/-

C. In case of every individual being a resident in India, who is of the age of eighty years or more at any time during the financial year:

Sl. No	Total Income	Rate of tax
1	Where the total income does not exceed Rs. 5,00,000/-.	Nil
2	Where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000/-.	20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-
3	Where the total income exceeds Rs. 10,00,000/-.	Rs. 1,00,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/-

-          Surcharge on Income tax:

There will be no surcharge on income tax payments by individual taxpayers during FY 2013-14 (AY 2014-15).

-          Education Cess on Income tax:

The amount of income-tax shall be increased by Education Cess on Income Tax at the rate of two per cent of the income-tax.

-          Secondary and Higher Education Cess on Income-tax:

From Financial Year 2007-08 onwards, an additional surcharge is chargeable at the rate of one per cent of income-tax (not including the Education Cess on income-tax).

-         There is a rebate of 2000 rupees for the income bracket of 200000-500000. This rebate is maximum of 2000 or income tax payable whichever is less.

-          

Education Cess, and Secondary and Higher Education Cess are payable by both resident and nonresident assessees.

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