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TDS :- Form 16 or Form 16A

Thursday, May 21, 2015 | comments

Friends,  It is time to issue Form 16 or Form 16A certificate which is evidence of Deduction of Tax for deductee.   There is no requirement of any request from deductee side to deductor for issuing this certificate it is duty of deductor to issue Form 16 or Form 16A in time.  In case non-issue of these forms in time, Income Tax Department can issue notice to deductor for penalty @ 100/- per day for delay period.   Therefore, some FAQ's are given below which should be keep in mind for deductors :-

What is Form 16 / 16A?

It is the certificate of deduction of tax at source by any person in accordance with Chapter XVII-B of IT Act.
Form 16 is issued on deduction of tax by the employer on behalf of the employee under section 192 of IT Act, 1961.
Form 16A is issued if the deduction of tax is under any other provision of Chapter XVII-B of IT Act.
These certificates provide details of TDS / TCS for various transactions between deductor and deductee. It is mandatory to issue these certificates to Tax Payers u/s 203 of IT Act, 1961.

How are these forms generated?

These forms shall be generated by TDS CPC on processing the quarterly TDS / TCS statements filed by deductor. Deductor will have to raise a request for the same on TRACES. Deductor shall have the option to digitally sign the certificates.

What is the due date for the issue of these certificates?

Sr. No.FormPeriodicityDue Date
116AnnualBy 31st day of May of the financial year immediately following the financial year in which the income was paid and tax deducted
216AQuarterlyWithin fifteen days from the due date for furnishing the statement of tax deducted at source under rule 31A

I have worked with different branch offices during the financial year. How will information for Part B appear in my Form 16?

Part B information will be issued by the employer. TDS CPC will provide Form 16 containing only Part A details.

If a deductee comes back stating that the original TDS certificate is lost, can a duplicate certificate be issued?

Yes. Deductor will have to issue the duplicate certificate.

If I am receiving my pension through a bank who will issue Form 16 or pension statement to me - the bank or my former employer?

The bank will issue Form 16.

I have not received TDS certificate from my employer. Can I claim TDS deducted from my salary?

Yes. The claim can be made in your return. Department, however, will raise a demand which will not be enforced on you but on your employer.

How are the particulars of those employees who are employed with more than one employer in a financial year to be shown in Form 16?

The employee should declare previous salary and TDS details, if any, with the current employer and the same should be considered by the current employer while deducting TDS on salary and issuing Form 16.

Registered user on TRACES has updated the communication and address details on TRACES. However while downloading Form 16A, it shows a different address. How can deductor edit address details in Form 16A?

Details updated in 'Profile' section of your TRACES account will be saved only in TRACES and will not be updated in TAN database. To change details in TAN database, submit TAN change request form (Form 49B) at www.tin-nsdl.com.

Can deductor download Form 16 without being registered on TRACES?

No, only registered user (deductor) on TRACES can download Form 16 / 16A.

While submitting request to download Form 16 / 16A, deductor has entered details correctly in Part 1 and Part 2 in validation details screen, yet it shows error as 'Invalid Details' in Part 1 and Part 2. What should deductor do?

Details to be filled in validation screen should be exactly the same as reported in the TDS statement. If you have filed any correction statement, Token Number and other details should be as per the latest correction statement..

While converting the file by using PDF converter, I am getting an error, "The file is tampered". How to rectify the error?

Install 1.3L version of TRACES PDF converter.

When I tried to generate Form 16 / 16A by using PDF converter, I am getting an error "O PDF files generated successfully". What should I do?

Download the updated version of PDF converter utility 1.3L.

From where can I download JRE 1.7v?

You can download JRE v1.7 from www.java.com.

Income Tax :- Procedure for Response to Arrear Demand by Taxpayer and Verification and Correction of Demand by AOs

Sunday, May 17, 2015 | comments

Friends,  Central Board of Direct Taxes has issued a circular No. 8/2015 dated 14.05.2015 regarding Procedure for Response to Arrear Demand by Taxpayer and Verification and Correction of Demand by AOs

             The CBDT vide instruction No. 4 of 2014 dated 7th April, 2014, Inter-alia, prescribed Standard Operating Procedure for verification and correction of Demand available or uploaded by AOs in CPC Demand Portal.  Further a facility has been made available to taxpayers on the E-filing website (wwww.incometaxindiaefiling.gov.in) to provide online responses to such demands.  The actions required to be performed by the taxpayer and the AO are being consolidated in this circular ... (To read more Click Here to download the complete Circular No 8 /2015 dated 14.05.15)

Pradhan Mantri Suraksha Bima Yojana or Pradhan Mantri Jeevan Jyoti Bima Yojana or Atal Pension Yojana

Sunday, May 10, 2015 | comments

Friends,  Indian Government has started good general / life policies in the interest of Indian.  Name of the schemes are given below :-
  • Pradhan Mantri Suraksha Bima Yojana 
  • Pradhan Mantri Jeevan Jyoti Bima Yojana 
  • Atal Pension Yojana 
Sometime we feel that different  policy providers force us to take policy by hook or crook and  and we feel  frustration to view the different thoughts of the policy providers.   Everyone present their  policies with new idea which creates great confusion for a general person.   Their main aim is to collect maximum money from Individual  and get maximum commision from insurance company.  Nobody wants to insure anyone. 

But now Indian Government has started above policy in the interest of  Individuals.   When we check its benefit it is totally surprise.   Payment is less than Rs. 1.00 per day and sum assured is 4 Lakh.  

State Bank of India has also provided online facility to apply the above policy to those who are using internet banking facility.   There is no need to go anywhere, amount of premium will be deducted automatically from Saving Account as auto-debit facility. 


Name of main website of above scheme is  http://www.pmjdy.gov.in/


Suraksha Bima
  • For all Bank account holders whose age is between 18 to 70 years.
  • Insurance amount can also be availed if in a handicapped state.
  • Accident insurance worth Rs. 2 lacs at just Rs. 12 per annum.
  • Period of Insurance 
    Annual : 1st June - 31st May
  • The premium will be deducted from the account holder's saving bank account through 'auto debit' facility.
  • The person would be eligible to join the scheme through one saving bank account only.
Jeevan Jyoti Bima
  • For all Bank account holders whose age is between 18 to 50 years.
  • Life Insurance amount for your family, in your absence.
  • Life insurance worth Rs. 2 lacs at just Rs. 330 per annum.
  • Period of Insurance 
    Annual : 1st June - 31st May
  • The premium will be deducted from the account holder's saving bank account through 'auto debit' facility.
  • The person would be eligible to join the scheme through one saving bank account only.
Pension Scheme
  • For all Bank account holders whose age is between 18 to 40 years.
  • Period of Insurance
    Annual : 1st June - 31st May
  • The premium will be deducted from the account holder's saving bank account through 'auto debit' facility.
  • The person would be eligible to join the scheme through one saving bank account only.

e-TDS :- Updation in Online Upload TDS return procedure

Thursday, May 7, 2015 | comments


NSDL has updated their system regarding online upload TDS retun and communicate their deductors  through email . Copy of email is given below for general awarness. 

Dear Online upload user,
We are pleased to inform you that, now you can change your Digital Signature Certificate (DSC) online, i.e. within the precincts of your office and without sending any documents to NSDL e-Gov!
An absolutely seamless procedure!! Simply login to your Online upload system with Admin ID and select ‘Change DSC details’ option. Select user IDs for which DSC is to be updated from the list of user IDs available and fill up the details of new DSC and submit. Details of new DSC will be updated instantly and you will receive system generated email intimating update of new DSC details in NSDL e-Gov system.
Note:-
1)    This option can be used only in case the validity of your existing DSC has not expired.
2)    This option is available only to Admin ID.
3)    New DSC which needs to be updated, should be installed in your computer at the time of updating new DSC details online.
We are happy to assist you in case you require any further clarification/assistance. Please find attached demo file for further assistance.
You can reach us at:
Ø  Bijal Darji at 022-2499 4709 (bijald@nsdl.co.in)
Ø  Bhalchandra Padhye at 022-2499 4674 (bhalchandrap@nsdl.co.in)
Assuring our best services at all times!!!
Thanks & Regards,
Online Upload |  NSDL e-Governance Infrastructure Limited  |  (CIN U72900MH1995PLC095642)
Email: onlineupload@nsdl.co.in |  Website: www.egov-nsdl.co.in

Income Tax : - Important Due Dates for the Month May, 2015

Friday, May 1, 2015 | comments

7 May 2015 -
​​Due date for deposit of Tax deducted/collected for the month of April, 2015​
15 May 2015 -
​​Quarterly statement of TDS/TCS deposited for the quarter ending March 31, 2015​
22 May 2015 -
​​​Due date for issue of TDS Certificate for tax deducted under Section 194-IA in the month of April, 2015​
30 May 2015 -
​​Quarterly TDS/TCS certificates in respect of tax deducted (for payment other than salary) or tax collected during the quarter ending March 31, 2015​
30 May 2015 -
​​Submission of a statement by non-resident (under Section 285) having a liaison office in India for the financial year 2014-15​
31 May 2015 -
​​Certificate of tax deducted at source to employees in respect of salary paid and tax deducted during 2014-15​
31 May 2015 -
​​​Return of tax deduction from contributions paid by the trustees of an approved superannuation fund

Download Latest ITR Forms for A.Y. 2015-16 or Financial Year 2014-15

Wednesday, April 29, 2015 | comments

Friends,  Lot of persons (mainly salaried persons) are waiting for ITR forms for the Financial Year 2014-15 or Assessment Year 2015-16 .   The due date for filing of Income Tax Return is 31st July, 2015 as per Income Tax Act.  Some documents are required to file the Income Tax Returns like form 16, form 16a, interest certificate from bank or other financial institutions etc,  Presently only PDF files of ITR forms for Assessment Year 2015-16 are available to submit manual return and online facility or upload facility through excel sheets will be provided through Income Tax department. 

What is New in Forms

                  Specifically, Income Tax department has asked their assesess to provide their all Bank Accounts including opened/closed during the previous year while filing their income tax return through   new ITR Forms issued by Income Tax Department. 

What is ITR-1

The form is also known as Sahaj Form. So you don’t need to confuse over it. The form is for the assesee who have salary income during the Financial year 2015-16. There are other of ITR forms like ITR-2, 3,4,5,6,7. But these forms are used for other incomes. 

Which Incomes includes in ITR-1 Form (Sahaj Form)?

The persons who have the following income or receipts should use ITR-1 form.
  • Salary/Pension or
  • One (1) house property income
  • Other Sources Income
  • Clubbing of Income from above heads

Why I download ITR-1 Form?

The assesee should download the ITR-1 form to file income tax return online for offline. We will talk only about efiling of ITR-1 Form.  There are two ways to efile ITR-1 Form.
1) Prepare Return Offline: Download ITR-1 and fill all the complete detail then click on to prepare XML. It will make your file in XML format which should be need to uploaded on the server of income tax department.
2) Prepare ITR-1  XML file through any software.

Downloded ITR-1 now what?

Now, you have to prepare your income tax return according to the instruction given itself in ITR-1. First of all you have to prepare the documents only to get the information needs to fill up in ITR-1.
Keep the following documents ready to fill ITR-1
  • Bank Statement
  • TDS Certificates
  • Deductions
  • Salary Statements (if any)
  • Last Year Income Tax Return (ITR-1)
  • Computation of Salary Income
Statement of Taxable Salary
Basic Salary
  • Add: Taxable Allowances
  • Add: Taxable Perquisites
Gross Salary
  • Less: Entertainment Allowance
  • Less: Professional Tax
Net Taxable Salary

Download 
ITR-1 (Sahaj)    (Click Here)

ITR-2               (Click Here)    

ITR-4(S)         (Click Here)
ITR-V             (Click Here)

e-TDS :- Latest / New RPU 4.3 with FVU Version 4.6 or 2.142

Saturday, April 25, 2015 | comments

Friends,   NSDL has released new Version  of  TDS RPU named 4.3 with latest FVU version 4.6 or 2.142.  Special benefit of this FVU is that now Deduction of Rs. 1,50,000 is allowable under section 80CCE which was awaited to submit  Salary Return for the Quarter 4 of Financial Year 2014-15. However all features of new RPU or FVU are given below :-


Key Features – Return Preparation Utility (RPU) version 4.3 

 Quoting of PAN of responsible person for deducting/ collecting tax. 

 Quoting of AIN mandatory only if the TDS/TCS has been deposited by book entry i.e., through transfer voucher. 

 Quoting of BIN mandatory only for the statements pertaining to FY 2013-14 onwards. 

 Update of tax deposit amount in deductee details enabled for the deductee records where tax has been deducted at higher rate. 

 Reduction in the applicable list of “Nature of Remittances” (Applicable in case of Form no. 27Q). 

 Enhancement of deduction allowed under section 80CCE from Rs. 1,00,000/- to Rs. 1,50,000/-. 

 Incorporation of latest File Validation Utility (FVU) version 4.6 (applicable for TDS/TCS statements pertaining to FY 2010-11 onwards) and FVU version 2.142 (applicable for TDS/TCS statements upto FY 2009-10).

Key Features – File Validation Utility (FVU) version 4.6 

 Quoting of PAN of responsible person for deducting/ collecting tax. 

 Quoting of AIN mandatory only if the TDS/TCS has been deposited by book entry i.e., through transfer voucher. 

 Quoting of BIN details mandatory only for the statements pertaining to FY 2013-14 onwards. 

 Update of tax deposit amount in deductee details enabled for the deductee records where tax has been deducted at higher rate. 

 Reduction in the applicable list of “Nature of Remittances” (Applicable in case of Form no. 27Q). 

 Enhancement of deduction allowed under section 80CCE from Rs. 1,00,000/- to Rs. 1,50,000/-. 

 This version of FVU will be applicable with effect from April 21, 2015.



These files are in an executable zip file. These files are required for installing the e-TDS/TCS FVU.
FVU for quarterly e-TDS/TCS statement pertaining to FY 2010-11 onwards
FVU for quarterly e-TDS/TCS statement up to FY 2009-10
Instructions for extracting the files are given in:

Income Tax :- Minor correction in Excel Based Individual Calculator

Thursday, April 23, 2015 | comments

Friends,    Minor correction has been done on 16th April, 2015 in Income Tax Calculator for the Financial Year 2014-15 or Assessment Year 2015-16.   There was error in showing amount of Income Tax after deducting 80TTA but now same has been replaced with 0 (Zero).  


                This excel based individual utility is helpful for preparing  salary TDS/TCS return for the Fourth Quarter of F.Y. 2014-15.



e-TDS :- Defaults relating to Non-Salary Returns (26Q4) for the F.Y. 2009-10 or prior to F.Y. 2009-10

Thursday, April 9, 2015 | comments

Friends,   It is already known by  all Deductors that Income Tax Department (TRACES) has issued different types of default notices.   Out of which one is explained here in the interest of deductor which relates to Non-Salary TDS returns quarter 4 for Financial Year 2009-10 or it's prior. 

In the Financial Year 2009-10 or upto 31.03.2010 , deductors  pass entry  interest or commission etc  as Debit Expenses or Credit Party/Depositor except salary in their books on the last day of Financial Year  and deduct TDS on it.  Due date for deposit of such TDS were 31th May of each year. 

In issued defaults , benefit of above due dates have not been shown.  It does not mean that there is lapse in system in generating Justification Report.  But also there is lapse in submission in TDS return. 

I mean to say that there is Flag in TDS/TCS return which is to be used like shown in below screen in NSDL RPU/software:-


If we  use proper flag in TDS return then Default will be generated with giving benefit of due date 31th May.

Specifically :- The above flag is useless in case of Salary TDS/TCS return

Income Tax :- editable Form 15G or 15H for Non Deduction of TDS in certain cases.

Tuesday, April 7, 2015 | comments

Friends,    It is perfect time to submit Form 15G or 15H in banks or financial institution  for non deduction of TDS on interest etc.  With the help of these forms, investor can stop deduction of TDS for the Financial Year 2014-2015 (Assessment Year 2015-2016).



Who can submit form 15G or 15H
                 The person who have taxable income in particular financial year Less than Taxable limit can available benefit of these forms.  Senior citizen (Age => 60 years) will use Form H to avail benefit of non-deduction of TDS. 

Download form 15G or 15H (Word Format)
To know AO area code, type , ward etc which is required in Form 15G or 15H (Click here)

                   A investor or a person who have any deposit in Bank should also submit these forms to avoid further deduction of TDS in the Financial Year 2015-16 or Assessment Year 2016-17.
 
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