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Pay Income Tax , TDS, TCS online

Monday, February 1, 2016 | comments

Pay Tax Online​​

Detail for payment of Taxes are given below step by step :-

Step-1
To pay taxes online, login to http://www.tin-nsdl.com > Services > e-payment : Pay Taxes Online or click here on the tab "e-pay taxes" provided on the said website.

Step-2
Select the relevant challan i.e. ITNS 280, ITNS 281, ITNS 282, ITNS 283 or Form 26 QB as applicable.

Step-3
Enter PAN / TAN (as applicable) and other challan details like accounting head under which payment is made, address of the tax payer and the bank through which payment is to be made etc.

Step-4
On submission of data entered, a confirmation screen will be displayed. If PAN / TAN is valid as per the ITD PAN / TAN master, then the full name of the taxpayer as per the master will be displayed on the confirmation screen.

Step-5
On confirmation of the data so entered, the taxpayer will be directed to the net-banking site of the bank.

Step-6
The taxpayer has to login to the net-banking site with the user id / password provided by the bank for net-banking purpose and enter payment details at the bank site.

Step-7
On successful payment a challan counterfoil will be displayed containing CIN, payment details and bank name through which e-payment has been made. This counterfoil is proof of payment being made.

Income Tax :- Due Date for the Month Feb, 2016

| comments

Due Dates for the month February, 2016

7 February 2016 -
​Due date for deposit of Tax deducted/collected for the month of January, 2016.  ​However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan
7 February 2016 -
​​​Due date for furnishing of challan-cum-statement in respect of tax deducted under Section 194-IA in the month of January, 2016
15 February 2016 -
​Quarterly TDS certificate (in respect of tax deducted for payments other than salary) by a person being an office of the Government for the quarter ending December 31, 2015
22 February 2016 -
​​​​Due date for issue of TDS Certificate for tax deducted under  section 194-IA​ in the month of January, 2016

Income Tax Deduction from Salaries in the Financial Year 2015-16 or Assessment Year 2016-17

Friday, January 22, 2016 | comments

Friends,  Income Tax Department has issued instructions for deduction of Income Tax from Salaries in the current Financial Year i.e. 2015-16 in Circular No. :- 20/2015 dated 2nd December, 2015.  This circular solves lot of problems of deductors and also helps for Assessees to know the deductions can be claimed from salaries.  


The above circular contains many examples of computation of Income Tax.  
To Read complete Circular  No.:-20/2015 dated 2nd December 2015 (Click Here)

Last Date for Payment of Advance of Income Tax i.e. 15th December, 2015

Tuesday, December 15, 2015 | comments

Friends,
            Today is last date for payment of Advance Income Tax for the Financial Year 2015-16 or Assessment Year 2016-17 as 2nd Installment for Non-Company cases for 3rd Installment for Company cases. 

           This payment is too much important or necessary for those who are earning their Income with their own sources or who are not availing loan facility from any Financial Institute.  In the other word they are doing their business with their own funds and do not pay Interest on Loan to any financial institutions / Banks etc. 

          In case the above installment is not paid in time, the assessee has to pay penalty of income tax in the shape of Interest under section 234C or 234B

Click on below picture to deposit Advance Tax etc.

Interest on Late payment of Advance Tax :

Interest u/s 234C or 234B is liable on late payment of Advance Income Tax :-

1. Interest u/s 234C -  Interest @ 1% per month is payable if the tax is not deposit in time. 

2. Interest under section 234B- Interest @ 1% is payable if 90% of the tax is not deposit before the end of the financial year i.e. for Default in Payment of Advance Tax 

How to deposit Advance Tax :-

              There is two mode of payments for deposit Advance Tax.  
1. Manual Challan. 
2. e-Payment or Online Payment through Challan No 280. Click Here for e-Payment 

              Online payment is best method to deposit Advance Tax and it is easy or hassle free.   No need to visit Bank again and again. 

Income Tax :- Due Dates for the Month December, 2015

Monday, November 30, 2015 | comments

7 December 2015 -
​​​Due date for deposit of Tax deducted/collected for the month of November, 2015
15 December 2015 -
​​Second instalment (in the case of an assessee other than a company) or third instalment (in the case of a company) of advance income-tax for the assessment year 2016-17​
22 December 2015 -
​​​Due date for issue of TDS Certificate for tax deducted under  section 194-IA​ in the month of November, 2015

Seventh pay commission recommends overall hike of 23.55%

Thursday, November 19, 2015 | comments

The Seventh Pay Commission on Thursday submitted its report to Union finance minister Arun Jaitley recommending a 16% hike in basic pay of nearly 5 million central government employees.



The commission headed by justice AK Mathur also suggested increase in house rent and other allowances that will result in an effective 23.51% increase in salaries of central government employees.

The total increase, including the additional outgo on account of pensions, is estimated to be 23.55%.

The recommendations of the 7th Pay Commission are scheduled to take effect from January 1, 2016.

Besides justice Mathur, other members of the commission are Vivek Rae, a retired IAS officer of 1978 batch, and Rathin Roy, an economist. Meena Agarwal is secretary of the commission.

The commission was set up by the UPA government in February 2014 to revise the remuneration of about 48 lakh central government employees and 55 lakh pensioners.

The central government constitutes the pay commission every 10 years to revise the pay scale of its employees and often these are adopted by states after some modifications. The Sixth Pay Commission was implemented with effect from January 1, 2006.

With the economic revival still wobbly, policymakers and economists are keenly watching the fiscal impact of the commission’s payouts to nearly 10 million central government employees and pensioners.

The Seventh Pay Commission also recommended One Rank One Pension (OROP) for civilian government employees along the lines of the OROP scheme for the armed forces.

The ceiling of gratuity has been proposed to be enhanced from Rs 10 lakh to Rs 20 lakh while it would be raised by 25 per cent whenever the DA rises by 50%.

The Cabinet Secretary is proposed to get Rs 2.5 lakh as against being kept in the Rs 90,000 per month pay band currently.

Of the financial impact of implementing the recommendations in toto, amounting to Rs 1.02 lakh crore, Rs 73,650 crore would be borne by the central budget and the remaining Rs 28,450 crore by the railway budget.


(With agency inputs)


Source :-hindustantimes.com

Happy Diwali 2015

Wednesday, November 11, 2015 | comments

Friends,   Happy Diwali 2015 to all

Diwali is celebrated every year in the winter month. This time the prestigious occasion is  on 11th November 2015. The carnival celebrations will last for more than a week when invitations to enjoy the occasional feasts will be sent by the people to each other. Not only the mob of Hindu community but also the masses from another religion jollify this event of jubilation. This year’s Deepawali event is going to end.


HAPPY DIWALI TO YOU & YOUR FAMILY
: - TDSTAXINDIA.COM

Income Tax :- Due Dates for the Month November, 2015

Saturday, October 31, 2015 | comments

7 November 2015 -
​​Due date for deposit of Tax deducted/collected for the month of October, 2015​
15 November 2015 -
​​Quarterly TDS certificate (in respect of tax deducted for payments other than salary) by a person being an office of the Government for the quarter ending September 30, 2015​
22 November 2015 -
​​​Due date for issue of TDS Certificate for tax deducted under  section 194-IA​ in the month of October, 2015​
30 November 2015 -
Annual return of income and wealth for the assessment year 2015-16 in the case of an assessee if he/it is required to submit a report under section 92E​ pertaining to international or specified domestic transaction(s)
30 November 2015 -
​​​Audit report under  section 44AB for the assessment year 2015-16 in the case of an assessee who is also required to submit a report pertaining to international or specified domestic transactions under  section 92E​​
30 November 2015 -
​​​Statement of income distribution by venture capital company or venture capital fund in respect of income distributed during 2014-15
30 November 2015 -
​​Due date for filing of statement of income distributed by business trust to unit holders during the financial year 2014-15. This statement is required to be filed electronically to Principal CIT or CIT in form No. 64A [As prescribed under Rule 12CA inserted by the Income-tax (First Amendment) Rules, 2015, w.e.f. 19-1-2015.]​

New / Revised TDS rates for the F.Y. 2015-16 or A.Y. 2016-17

Wednesday, October 14, 2015 | comments

Friends     Deductor always think about the TDS Rates.  Deductor deduct TDS on behalf of Income Tax Department and deposit the same accordingly.   But there is fear regarding change of TDS rates.  In case TDS rates have been reduced and deductor deduct / deposit higher rates (as earlier applicable) then Income Tax department has no problem.  In other side in case TDS rates goes on higher side and deductor deduct / deposit lower rate (as earlier applicable) then Income Tax department raises demand notice to deductor that you have not deducted TDS accordingly to TDS rates and you have to deposit the balance TDS with Interest. 

                  However Deductor should read below TDS  Rates before deducting TDS for the Financial Year 2015-16 or Assessment Year 2016-17

Click here to view the table of TDS Rates (Click Here)

Income Tax :- Procedure to Claim relief u/s 89(1) or How to upload 10E form

Wednesday, October 7, 2015 | comments

Friends,  Income Tax Department has disallowed relief u/s 89(1) which was claimed by Assessee during his/her filing of Income Tax Return for the Assessment Year 2015-16.   Earlier there was no doubt in claiming such relief  upto A.Y. 2014-15 from Income Tax Department. Simply Assesee claims in ITR form and Income Tax Department allows the same as claimed by Assessee.  

                But now, w.e.f. Assessment Year 2015-16, It is compulsory  to upload online 10E form otherwise claim will be rejected and demand will be raised by I.T. Department. 

                All  Assessees who had claimed rebate u/s 89(1) in the A.Y. 2015-16 have been informed by Income Tax Department through intimation order under section 143(1) that claim amount of rebate has been rejected and raised demand alongwith interest for the same. 

Procedure to upload 10E Form
                 After reading above content it is clear without uploading 10E form , relief under section 89(1) can not be claimed.  Now question is that how can we upload 10E Form alongwith ITR-1 (Sahaj), ITR-2  etc Forms.

                    After a time gap, it has been found that 10E form is not ITR forms.   10E form is other that ITR form which is available in income tax website  after login for efiling of  incometaxindiaefiling.gov.in as shown in below picture. 





                


Click here to download free calculator relief u/s 89(1) or generation of 10E forms
 
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