Complete tax solution

Tuesday, February 25, 2014

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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Monday, February 24, 2014

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.

Sunday, February 23, 2014

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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Saturday, February 22, 2014

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. 

Monday, February 17, 2014

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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