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

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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