Income Tax :- Due Dates for furnishing TDS Statements and Penalty amount in case failure in time

Wednesday, April 23, 2014 | comments

Statement of deduction of tax under section 200(3) [Quarterly Statement of TDS]: 

   The person deducting the tax (employer in case of salary income), is required to file  duly verified Quarterly Statements of TDS in Form 24Q for the periods [details in Table  below] of each financial year, to the TIN/facilitation Centres authorized by DGIT (System’s)  which is currently managed by M/s National Securities Depository Ltd (NSDL). Particulars of  e-TDS Intermediary at any of the TIN Facilitation Centres are available at  http://www.incometaxindia.gov.in and http://tin-nsdl.com portals. The requirement of filing an  annual return of TDS has been done away with w.e.f. 1.4.2006. The quarterly statement for  the last quarter filed in Form 24Q (as amended by Notification No. S.O.704(E) dated  12.5.2006) shall be treated as the annual return of TDS. Due dates of filing this statement  quarterwise is as in the Table below.

TABLE: Dates of filing Quarterly Statements E-TDS Return 24Q 

          The statements referred above may be furnished in paper form or electronically under  digital signature or alongwith verification of the statement in Form 27A of verified through an  electronic process in accordance with the procedures, formats and standards specified by the  Director General of Income‐tax (Systems). The procedure for furnishing the e-TDS/TCS  statement is detailed at Annexure VI. 
      All Returns in Form 24Q are required to be furnished in electronically except in case  where the number of deductee records is less than 20 and deductor is not an office of  Government, or a company or a person who is required to get his accounts audited under  section 44AB of the Act. [Notification No. 11 dated 19.02.2013]. 

Fee for default in furnishing statements (Section 234E): 
          If a person fails to deliver or caused to be delivered a statement within the time prescribed in  section 200(3) in respect of tax deducted at source on or after 1.07.2012 he shall be liable to  pay, by way of fee a sum of Rs. 200 for every day during which the failure continues.  However, the amount of such fee shall not exceed the amount of tax which was deductible at  source. This fee is mandatory in nature and to be paid before furnishing of such statement

NSDL :- NSDL_RPU_e-Tutorial Version 1.0

Sunday, April 20, 2014 | comments

Friends,    NSDL_RPU_e-Tutorial_1.0 is available for new user's of NSDL e-TDS RPU 3.8.    Presently RPU 3.8 is latest RPU for generating TDS return with FVU version 4.1 and FVU version 2.137.  

Content of e-Tutorial Version 1.0 are given as under :- 

•What is RPU?
•What is FVU?
•Features of RPU
•Steps to download & install RPU on your system
•Guidelines for installing NSDL (RPU)
•Preparation of 
        –Regular statements
             •Save the file
             •Open the saved file
             •Create the file
        –Correction statements
             •Save the file
             •Open the saved correction file
             •Create the file


Download e-Tutorial Version 1.0 click here.
Download Latest NSDL TDS RPU 3.8 click here.
                  

e-TDS :- Delete Matched or Over Booked TDS Challan

Saturday, April 19, 2014 | comments

Friends,    Income Tax Department has raised demand on account of Short payment of TDS challans.  After checking it has been found that some demands have been issued due to double entry of single challan in TDS return.  On processed by Income Tax Department, the said challans have been marked in Blue Color with remarks "Over Booked".    Earlier there was no control in TDS RPU, deductor can update or delete any challan having Matched or Over Booked etc.  But now deductor can not update all fields of  challan remarked as Matched or Over booked.  Only some fields like section code,  Interest Amount and Others Amount. 

Status of Challan may be easily clarified in following manner :-

What information does 'Challan Consumption Details' table provide?

  • Challan Consumption Details table displays the statement(s) in which the particular challan was consumed.

  • Challan status is displayed as 'Over Booked' when sum of tax deposited for underlying deductee rows against challan ('Amount Claimed') is greater than balance available for the challan in OLTAS.
  • Challan status is displayed as 'Matched' when:

    The challan is not consumed by the deductor, i.e., sum of tax deposited for underlying deductee rows against the challan ('Amount Claimed') is 'Zero',

    Or

    The challan is Partially Consumed by the deductor, i.e., sum of tax deposited for underlying deductee rows against the challan ('Amount Claimed') is less than challan amount the challan,

    Or

    The Challan is Fully Consumed by the deductor, i.e., sum of tax deposited for underlying deductee against challan, i.e., 'Amount Claimed' is equal to the challan amount.
How can I Delete Matched or Over Booked TDS Challan Amount. 
          No doubt, there is no provision of deletion of Matched or Over Booked challan in NSDL RPU or in FVU.  But effect of the same or to remove the demand of Income Tax Department raised on account of Over Booked TDS Challan, the following fields may be updated as under :-
  1. Amount Paid/Credited is equal to Zero
  2. TDS Amount is equal to Zero
  3. Surcharge Amount is equal to Zero
  4. Education Cess Amount is equal to Zero
  5. Total Tax Deposited Amount is equal to Zero
  6. Date of Deduction Amount is equal to Blank
  7. Rate on which Tax Deducted is equal to Zero

In this way effect of Matched or Over Booked TDS challan can be removed and fresh challan detail can be entered as an Addition of new TDS Challan etc. 

What are the reasons to reject the correction in challan detail by TDS-CPC?

1) Rejection reasons pertaining to challan details are as follows:

  •  Challan detail record on which correction has been filed does not exist in regular / previous statement
  •  In a correction statement, verification keys from challan data should match with the corresponding            fields in regular statement
  1. Verification keys for Non Nil Statement - Last transfer voucher number, Last Bank-Branch Code / Form 24G Receipt Number, Last date of transfer voucher / bank Challan, Last deposit amount as per challan
  2. Verification keys for Nil challan - Last date of transfer voucher number / bank challan, last total deposit amount as per challan
2) If an unmatched challan is being corrected, then the sum of deposit amount of all the active deductee rows in the regular and correction statement and corrected values of claimed TDS interest and claimed TDS Others amount should be less than or equal to Total deposit amount of challan given in statement

3) If a matched challan is being corrected, then available balance amount in the challan should be sufficient for consumption of updated sum of deposit amount of all the active deductee rows in correction and corrected values of claimed TDS interest and claimed TDS Others amount

4) In case of existing matched / partially matched challan, deductor can only update Cheque / DD Number, claimed TDS Interest amount, claimed TDS Others amount and Section code

5) If deductor updates only deductee details, then claimed TDS Interest amount and claimed TDS Others amount as given in the challan should match with the corresponding values present in regular / previous return

e-TDS :- What if I forget my User Id for logging in to TRACES?

Friday, April 18, 2014 | comments

What if I forget my User Id for logging in to TRACES?
  • User Id can be recovered by using Forgot User Id process. Follow the steps as given below:
  • Click on 'Forgot User Id?' link in TRACES login page
  • Select 'Type of User' as deductor
  • Enter details in Step-1 and Step-2 of the form
  • In Step-3, registered mobile number of the deductor as in TRACES profile will be displayed. User can edit the mobile number on the screen
  • On clicking 'Proceed', One-Time Password (OTP) will be sent to the mobile number
  • Enter OTP and submit
  • If OTP is validated, existing User Id and registered email id of the user will be displayed. User can edit these details, if required
  • New password must also be entered
  • On submission, activation link and codes will be sent to the registered email id and mobile number
  • You can login to TRACES after activating your account
For more details, click here.

Income Tax :- Due date for deposit of TDS for quarter ending 31.03.2014

Thursday, April 17, 2014 | comments

Friends, 

 “Time and mode of payment to Government account of tax deducted at source or tax 
paid under sub­section (1A) of section 192.  
          
 
(1) All sums deducted in accordance with the provisions of Chapter XVII‐B by an office of  the Government shall be paid to the credit of the Central Government ‐ 

(a)  on  the  same  day  where  the  tax  is  paid  without  production  of  an income‐tax  challan; and 
(b) on or before seven days  from the end of the month in which the deduction is  made or income‐tax is due under sub‐section (1A) of section 192, where tax is  paid accompanied by an income‐tax challan.   
 
(2)  All sums deducted in accordance with  the provisions of Chapter XVII‐B by deductors  other  than  an  office  of  the  Government  shall  be  paid  to  the  credit  of  the  Central  Government ‐ 

(a)  on or before 30th day of April where the income or amount is credited or paid  in the month of March; and 
(b)  in any other case, on or before seven days from the end of the month in which‐  
    (i)  the deduction is made; or  
    (ii)  income‐tax is due under sub‐section (1A) of section 192. 
 
(3)    Notwithstanding  anything  contained  in  sub‐rule  (2),  in  special  cases,  the  Assessing  Officer  may,  with  the  prior  approval  of  the  Joint  Commissioner,  permit  quarterly payment  of  the  tax  deducted  under  section  192  or  section  194A  or  section  194D  or  section  194H  for  the  quarters  of  the  financial  year  specified  to in  column  (2)  of  the  Table below by the date referred to in column (3) of the said Table:‐ 

B.­ Mode of payment 
 
(4) In the case of an office of the Government, where tax has been paid to the credit of  the Central Government without the production of a challan, the Pay and Accounts  Officer  or  the  Treasury Officer  or  the  Cheque Drawing and Disbursing Officer  or  any other person by whatever name called to whom the deductor reports the tax  so  deducted  and  who  is  responsible  for  crediting  such  sum  to  the  credit  of  the  Central Government, shall‐ 
(a)  submit a statement in Form No. 24G within  ten days  from  the end of  the  month  to  the  agency  authorised  by  the  Director  General  of  Income‐tax  (Systems) in respect of tax deducted by the deductors and reported to him  for that month; and 
(b)  intimate  the  number  (hereinafter  referred  to  as  the  Book  Identification  Number) generated  by  the agency  to each  of  the  deductors in  respect  of  whom the sum deducted has been credited.  
 
(5) For the purpose of sub‐rule (4), the Director General of Income‐tax (Systems) shall  specify  the  procedures,  formats  and  standards  for  ensuring  secure  capture  and  transmission  of  data,  and  shall  also  be  responsible  for  the  day‐to‐day  administration in relation to furnishing the information in the manner so specified. 
 
(6)  (i)  Where  tax  has  been  deposited  accompanied  by  an  income‐tax  challan,  the  amount  of  tax  so  deducted  or  collected  shall  be  deposited  to  the  credit  of  the  Central  Government  by  remitting  it  within  the  time  specified  in  clause  (b)  of  sub‐rule (1) or in sub‐rule (2) or in sub‐rule (3) into any branch of the Reserve  Bank of India or of the State Bank of India or of any authorised bank; 
(ii) Where tax is to be deposited in accordance with clause (i), by persons referred  to  in  sub‐rule  (1)  of  rule  125,  the  amount  deducted  shall  be  electronically  remitted  into  the  Reserve  Bank  of  India  or  the  State  Bank  of  India  or  any  authorised bank accompanied by an electronic income‐tax challan.  
   
(7)  For  the  purpose  of  this  rule,  the  amount  shall  be  construed  as  electronically  remitted  to  the  Reserve  Bank  of  India  or  to  the  State  Bank  of  India  or  to  any  authorised bank, if the amount is remitted by way of‐ 
(a)  internet banking facility of the Reserve Bank of India or of the State  Bank of India or of any authorised bank; or 
(b)   debit card. 
 
(8) Where tax is deducted before the 1st day of April, 2010, the provisions of this  rule shall apply as they stood immediately before their substitution by the  Income‐tax (      Amendment) Rules, 2010. 

Income Tax : Bulk PAN Verification

Saturday, April 12, 2014 | comments

Steps for Bulk PAN Verification User Registration
  1. Click on ' Register Yourself' on the homepage.
  2. Select the user type as 'Bulk PAN Verification User'
  3. Provide Password details, PAN and TAN details of the Organization (if applicable), PAN details of the Principal contact,
  4. Contact details- Principal contact's and Organization's ; and Digital Signature Certificate (if applicable).
  5. Click 'SUBMIT'
  6. User to send an authorization letter from the Head of the Organization. The request is evaluated and approved post receiving the documents.
  7. On successful registration, an e-mail is sent to the registered e-mail ID alongwith the activiation link and the User ID.
  8. Click on the Activation link to activate the e-Filing account.
  9. LOGIN with the User ID and Password.
Detail required in Registration From is given below :-


Second Step for Bulk PAN registration form -External Agency 


Upload Bulk PAN Query
  1. PAN query can be done in bulk through e-Filing application OR web-service. Upload XML in prescribed schema with the
  2. PANs. Once processed, view the details.
  3. You can query for multiple PAN in e-Filing application or through Webservices

Steps to upload Bulk PAN query through e-Filing application
  1. LOGIN to e-Filing application and GO TO 'Bulk PAN Query' --> 'Upload Query'.
  2. Upload the XML containing the PANs, in the prescribed schema.
  3. Click on the 'SUBMIT' button.
  4. On successful upload, a Token Number is generated. Use this Token Number to know the PAN details.

Steps to upload Bulk PAN query through Webservices
  1. Establish a connectivity with e-Filing application through Webservice.
  2. Provide the XML containing the PANs, in the prescribed schema.
  3. On successful upload, a Token Number is generated. Use this Token Number to know the PAN details.

To know more on Webservices, please refer to help section in the e-Filing application.

Income Tax :- Submit button in Java Based Income Tax Return Utility

Thursday, April 10, 2014 | comments

Friends,    Income Tax Department has issued off-line java based income tax return utility like on-line.  It has already informed in last post that two excellent features have been added in utility  named Pre-fill and Instant Validation errors.   Now "Submit"  button is also similar to them.   After preparation all data in Java Based Income Tax return and while validation errors are nil, then submit button will be pressed and ITR-V will be generated on using e-filing User Id, e-filling Password and Date of Bire/Date of Incorporation.  Basic requirement is internet connection to avail this feature. 


Submit -Click this button to upload the XML in e-Filing portal. You'll be prompted to provide your e-Filing credentials, User ID, Password and DOB/DOI. Post submission, the success message and the acknowledgment number will be displayed. You will be able to download ITR-V. Please make sure you're connected to the internet to avail this feature. (if the return is submitted without a DSC) as well.

Income Tax :- Excellent Features in Java Based Income Tax Return Utility.

Wednesday, April 9, 2014 | comments

Friends, 
                    Today, I have checked new Java Based Income Tax Return Utility issued by Income Tax department for the Financial Year 2013-14.  The two new excellent features have been added in it. 

1.       Pre-Fill 
2.       Instant Display of Validation Errors 

                  The above two features can be viewed in below screen shoots.
                    In case you are not able to view the validation errors showing in right top of  the screen.  You may click on view near with file & tool button (available in left top) and enable Show Validation or press Alt+D button for getting validation error messages. 

Pre-Fill Data
           This function is too much easy & simple that can not imagine by anyone.   Just click the button and enter e-filing User ID and e-filing Password.  There is no need of  download & upload function as used in earlier excel based utility. 



Income Tax :- Income Tax Return Utility for Assessment Year 2014-15

Tuesday, April 8, 2014 | comments

Friends  
                Income Tax Department has released following Income Tax Return Utility for assessment year 2014-15.  These income tax utilities are java based.  

              To know how to install/configure and run java, please Click Here 
              
How to use this ITR Form? 
These ITR Forms are developed using the latest in JAVA technology and effort has been made to  make it user friendly, simpler and faster preparation of tax returns. This utility can be run on operating  systems like Windows 7.0 or above and latest Linux, where Java Runtime Environment Version 7  Update 6 (jre 1.7 is also known as jre version 7) or above is installed. 
Note: 
i.Please make sure you have the latest version of the utility before you start filling the information into  the utility. 
ii. Please make sure you're connected to the internet for submission of the ITR Form. 
The following are features available in the ITR Form. 

1. New - On click of this button, a new copy of the ITR form will be available. If you have already  opened the ITR form, you will be prompted to save the earlier copy. 

2. Open -This option is for importing the XML (successfully generated earlier) of a particular A.Y.  Select the path and import the XML. You should check/validate 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. Prefill -This option can be used to auto-fill your Personal, Address and Tax details. You will be  prompted to provide your User ID, Password and DOB/DOI to fetch the data. It is advisable to  complete this activity before you start entering other data. Please check/validate the contents.  Please make sure you're connected to the internet to avail this feature. 

6. Re-Calculate - On clicking this button, the data in the utility will be re-calculated. This is to  provide with the utility based calculation/validation. 

7. Submit -Click this button to upload the XML in e-Filing portal. You'll be prompted to provide  your e-Filing credentials, User ID, Password and DOB/DOI. Post submission, the success  message and the acknowledgment number will be displayed. You will be able to download  ITR-V. Please make sure you're connected to the internet to avail this feature. (if the return is  submitted without a DSC) as well. 

8. Help - This option will let you know the shortkeys, instructions, settings and how to use this 
ITR form. 

9. Previous/Next- These will help you to navigate to the various tabs of the ITR form. 
 Shortcut keys 
1 Alt + N Opens a new ITR 
2 Alt + S Saves the ITR in the user desired path 
3 Alt + F4 Closes the utility 
4 Alt + I Imports the XML file 
5 Alt + F Pre-fills the ITR 
6 Alt + C Clears the validation errors 
7 Alt + D Hides/Shows the validation window 
8 Alt + G Opens the SUBMIT screen to submit the ITR 
9 Alt + R Re-calculates the tax details as per the Utility 
Settings 
Following are the recommended settings to use the ITR Utility : 
Software: 
Java Run time Environment Version 7 Update 6 (jre 1.7 is also known as jre version 7) or above 
Any Zip Software to unzip the utility 
Internet Connection: 
Minimum bandwidth of 256 kbps and above 

Checklist of documents and pre-requisites
1. A copy of last year's tax return.
2. Bank Statement
3. TDS certificates
4. Savings certificates/deductions. 
5. Interest statement showing interest paid t you throughout the year.
6. Balance Sheet, P&L Account statements and other Audited reports wherever applicable . 

Downloads
1.  Download ITR-1 Sahaj   for Individuals having income from Salary & Interest
2.  Download ITR-4 Sugam for Individuals/HUF having income from presumptive business. 

Income Tax :- Major Updation in Excel Based Income Tax Calculator for the Assessment Year 2014-15

Sunday, April 6, 2014 | comments

Friends,  The following updations have been done in Excel Based Income Tax Calculator for the Assessment Year 2014-15
  1. PAN validation has been inserted.  In case wrong pan structure, next column will display as False or otherwise it will display as True. 
  2. Amount in Column 80C is restricted to greater than Rs. 1,00,000.00
  3. New column 80CCG has been added. 
Download updated Excel Based Income Tax Calculator (Click Here)
 
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