Aadhaar :- On-line availability of e-Aadhaar Card

Author : Heena Jain      Blog : Tds Tax India      Date : 6/18/2013 5:21:00 PM

'Friends,   How to collect e-Aadhaar Card urgently              If  you applied for aadhaar card and have not received the same till time.  In case of urgency, you may try to collect it through    http : // eaadhaar . uidai . gov . in    Reason of non-receipt of aadhaar card may be wrong address in your application form,  not processed by government till today or lying in postal department process etc. &nb(...)'

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Advance Tax Date for 15-06-2013

Author : Heena Jain      Blog : Tds Tax India      Date : 6/15/2013 2:57:00 AM

'Friends,               To-day is 15-06-2013 which is due date for payment of advance tax.  In case you are running business under Non-Company concern or estimated income tax on estimated income  for the Assessment Year 2014-15 is greater than Rs. 10,000/- than you are liable to deposit first Advance Tax installment i.e. 15% of estimated tax of the year.  In case you deposit the same in time you can save amount of interest and pe(...)'

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Gas :- Check Your Aadhaar Status

Author : Heena Jain      Blog : Tds Tax India      Date : 6/15/2013 1:38:00 AM

'Friends,            Oil companies has started to provide the facility to "View Your Aadhaar Status".   On home page of Indian.co.in, it is available in right hand side with the Name  "Check Your Aadhaar Status" and under Transparency Portal it is available in left hand side.  What is Required to know the status of my Aadhaar Card ?              Simply enter your Gas Consumer No with the Name of(...)'

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Income Tax :- Indian Income Tax Return Forms for Assessment Year 2013-14 or Financial Year 2012-13

Author : Heena Jain      Blog : Tds Tax India      Date : 6/13/2013 3:44:00 PM

'Friends,                Now excel based SAHAJ ITR-1, ITR-2, ITR-3,ITR-4 forms are available for submission of  online income tax returns for the Financial Year 2012-13 or Assessment Year 2013-14.  Download links for RPU's  (Return Preparation Utility)  are given as under :-Mandatory e-filing having total income exceeds Rs. 5,00,000.00Online Income Tax Preparation Software for Assessment Year 2013-14Income Tax Return Prepara(...)'

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e-TDS :- Latest PDF Converter software for Form 16 or 16A

Author : Heena Jain      Blog : Tds Tax India      Date : 6/8/2013 4:36:00 PM

'Friends,             Presently, TRACES is supporting for generating form 16 or 16A instead of Tin-nsdl.com.   TRACES has provided  TRACES-PDF-CONVERTER-V1.3L.ZIP software which is easy in use and generates TDS form 16 or 16A in seconds.  It is totally free of cost.  TRACES-PDF-CONVERTER V 1.3 Light Version (Needs JRE1.6 or above - Size ~9 MB)Installation instructionTRACES Justification Report Generation Utility V 1.0 (Needs Exce(...)'

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1% TDS u/s 194 IA on Purchase/Sale of Immoveable Property

Author : Heena Jain      Blog : Tds Tax India      Date : 6/4/2013 5:12:00 PM

'Friends,                 As per Finance Bill of 2013, TDS is applicable on sale of immoveable property wherein the sale  consideration of the property exceeds or is equal to Rs 50,00,000 (Rupees Fifty Lakhs). Sec 194 IA of the Income Tax Act, 1961 states that for all transactions with effect from June 1, 2013, Tax @ 1% should be deducted by the purchaser of the property at the time of making payment of sale consideration. Tax so dedu(...)'

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IFSC codes of Banks

Author : Heena Jain      Blog : Tds Tax India      Date : 6/4/2013 2:34:00 PM

'Friends,  IFSC bank code is important to file Income Tax Return w.e.f. financial year 2012-13 or assessment year 2013-14.  There are many sources to find out the same.   Easy source is your Cheque Book.  In new CTS 2010 cheque Book , IFSC code is available on every bank.               Otherwise the same can be collected through the link given below :-List of all  IFSC/MICR Codes (All Branches)(Download)Bank Wise L(...)'

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Income Tax :- Status of e-filing State wise

Author : Heena Jain      Blog : Tds Tax India      Date : 6/3/2013 5:23:00 PM

'Friends                         Everyone knows that Income Tax Department is going on I.T. side.   Lot of work has already been computerised and some balance is going on.   Income Tax and TDS work are example for this.  Earlier Income Tax  had issued instructions for the Financial Year 2012-13 and subsequent years  vide  Notification No :- 34/2013 dated 01-05-2013 for compulsory e-filing of Inc(...)'

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Income Tax :-View Tax Credit (26AS) free of cost

Author : Heena Jain      Blog : Tds Tax India      Date : 5/31/2013 3:30:00 AM

'Friends,               It is known by everyone that Form 26AS (tax credit in your pan) can be viewed through income tax e-filing website.  Some time this link do not work due to technical reasons as at this time it is not working.  In such position,  Tax payer or user can use Internet Banking or can register himself on tdscps.gov.in as Tax Payer.  This registration is similar as earlier was on tin-nsdl.com.  Difference(...)'

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PNB :- Doorstep Banking Services

Author : Heena Jain      Blog : Tds Tax India      Date : 5/30/2013 2:23:00 AM

'Doorstep Banking ServicesSalient Features of Doorstep Banking Services (safe & secure) :Bank is offering the DSBS to its customers (Individual /Non Individual/Corporate) who are interested to avail the said services, for pick up of cash and delivery of cash from the door step of customer: The services are to be offered only to those customers in whose case proper KYC procedures have been followed. The service should be offered either at the residence or at the office of the(...)'

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Income Tax :- How can I know which form is applicable for my income?

Author : Heena Jain      Blog : Tds Tax India      Date : 5/28/2013 2:15:00 AM

'Friends, You should choose a return form according to your status and nature of income from the following:ITR1  For Individuals having Income from Salary/ Pension/ family pension & InterestITR2  For Individuals and HUFs not having Income from Business or ProfessionITR3  For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorshipITR4  For individuals & HUFs having income from a proprietary business(...)'

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Electronic E-Filing of Income Tax Return Mandatory if Income Exceeds Rs. 5 Lakhs

Author : Heena Jain      Blog : Tds Tax India      Date : 5/25/2013 4:55:00 PM

'Electronic E-Filing of Income Tax Return Mandatory if Income Exceeds Rs. 5 LakhsUpto last year, e-filing was mandatory for those whose income exceeds rs. 10 Lakhs.  But from the financial year 2012-13 or Assessment Year 2013-14 it is mandatory to file electronic income tax return if income exceeds Rs. 5 Lakhs. Income Tax department has already issued Notification No. 34 / 2013 dated 01-05-2013GOVERNMENT OF INDIAMINISTRY OF FINANCEDEPARTMENT OF REVENUE[CENTRAL BOARD OF DIRECT TA(...)'

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Exemption from filing of Income Tax Return

Author : Heena Jain      Blog : Tds Tax India      Date : 5/25/2013 4:35:00 PM

'What is the purpose of this notification and who are proposed to be exempted  from the requirement of filing of the return?                   The primary objective of this notification is to exempt those salaried taxpayers  from the requirement of filing income-tax returns, who have (i) total income not  exceeding Rs.5,00,000, and (ii) the total income consists only of income  chargeable to income tax under the he(...)'

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80G :- Power of Employer to allow deduction 80G to their empoyees

Author : Heena Jain      Blog : Tds Tax India      Date : 5/25/2013 4:28:00 PM

'Circular No. 8/2010 dated 13.12.2010 which is applicable for Assessment Year  2011-12 stipulates that the Drawing and Disbursing Officer (DDO)/Employer  while deducting TDS from salary of an employee cannot allow deduction u/s  80G except donations made to the Prime Minister’s Relief Fund, the Chief  Minister’s Relief Fund or the Lt. Governor’s Relief Fund. Whether the  notification would cover only these cases? Yes. An individual cannot avail the exemp(...)'

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Gas :- DBTL (Direct Benefit Transfer of LPG)

Author : Heena Jain      Blog : Tds Tax India      Date : 5/21/2013 2:10:00 AM

'Friends,Direct Benefit Transfer of LPG (DBTL) schemeGovernment of India is launching Direct Benefit Transfer of LPG (DBTL) scheme in 20 high Aadhar coverage districts from 1.6.2013. The scheme aims to provide subsidy to consumers in their bank accounts. The list of 20 districts is given below:STATE NAMEDISTRICT NAMEAndhra PradeshAnantpurChittoorEast GodavariHyderabadRanga ReddyDaman and DiuDiuGoaNorth GoaHimachal PradeshBilaspurHamirpurMandiUnaKarnatakaMysoreTumkurKeralaPathanamthit(...)'

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Winners Verses Losers

Author : Heena Jain      Blog : Tds Tax India      Date : 5/17/2013 4:16:00 PM

'Friends,   Below are some words to generate confidence in Man.  Devote a little time to read the following words. The Winner is always part of the answer;The Loser is always part of the problem.The Winner always has a program;The Loser always has an excuse.The Winner says, "Let me do it for you";The Loser says, "That is not my job."The Winner sees an answer for every problem;The Loser sees a problem for every answer.The Winner says, "It may be difficult but it is poss(...)'

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Income tax: inter-head adjustment of losses under section 71

Author : Heena Jain      Blog : Tds Tax India      Date : 5/15/2013 4:01:00 PM

'Friends,  Today i want to share Set off of loss from one head against income from another head (inter-head adjustment) [Section 71] with you    Where in respect of any assessment year, if after setting off losses against income under the same head, the net result of the computation under any head of income, other than "Capital gains" is a loss, the assessee shall be entitled to have the amount of such a loss set off against his income, if any,(...)'

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ITR :- New ITR-1 (Sahaj) Form for the Assessment Year 2013-14 or Financial Year 2012-13

Author : Heena Jain      Blog : Tds Tax India      Date : 5/14/2013 5:35:00 PM

'Friends, Income Tax Department has started to release excel based Return forms for submission of Income Tax Return of the assessment year 2013-14 or financial year 2012-13.  In the first hand ITR-1 (Sahaj) form has been released.  Who can submit ITR-1 (Sahaj) ?               As usual for past practice an Individuals having Income from Salary / Pension / Income from One House Property (excluding loss brought forward form previous year(...)'

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Income tax: Block of assets for Depriciation

Author : Heena Jain      Blog : Tds Tax India      Date : 5/13/2013 4:44:00 PM

'Friends,   Block os assets is important when we are going to charge depreciation on assets.   Detail of the same is given below :-  "Block of assets"[Section 2(11)]  means a group of assets forming within a class of assets comprising,(a) tangible assets, being buildings, machinery, plant or furniture;(b) intangible assets, being know-how, patents, copyrights, trademarks,licences, franchises or any other business or commercial rights (...)'

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Income tax:Assessment of income in same year

Author : Heena Jain      Blog : Tds Tax India      Date : 5/12/2013 10:11:00 AM

'As a normal rule, the income earned during any previous year is assessed in the immediately succeeding assessment year. However, in the following circumstances the income is taxed in the same year in which it is earned. Therefore, the assessment year and the previous year in these exceptional circumstances will be same. These exceptions have been provided to safeguard the collection of taxes so that assesses  who may not be traceable later on, are not allowed to escape the(...)'

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