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Latest New NSDL Return Prepration Utility

Thursday, March 26, 2015 | comments

NSDL has recently provided new RPU Ver 1.0 for preparing TDS/TCS statements from Financial Year 2007-208 onwards.  No doubt RPU (Version 4.2) is already running but new is with new look.   In the first attempt I have checked that only original return can be prepared with the latest RPU Ver 1.0.   Picture view of new utility is available below :- 


Download (new TDS RPU Ver. 1.0) Click here 

Solution of Defaults

I was in wait that NSDL will provide latest RPU with the solution of defaults issued by Income Tax Department.   RPU 4.2 is not generating  some FVU's  of  correction TDS return relating to F.Y. 2007-08 or onwards which are urgently required for solution of Defaults.  The same has also informed to NSDL. 

Despite issuing RPU with solution , NSDL has provided RPU only for Regular statements.  Still new RPU has no value with RPU 4.2.


TDS :- Online Correction with or without Digital Signature

Sunday, March 15, 2015 | comments

Friends
There is confusion for deductor what can he do with or without digital signature for online correction for the period 2013-14 onwards or prior to 2013-14.  The below picture clear everything for deductor.  Some corrections like Modify /Add Deductee Rows and Delete / Add Salary Deductee rows can be done only for the period 2013-14 onwards with Digital Signature. Means Prior to 2013-14  the same can not be done with digital signature. 

Deductors are requested to check below screen before taking any action for TDS return online correction which will be helpful for him  





















Type of Correction Online  Online  Online  Online 
Year 2013-14 onwards Prior to 2013-14 2013-14 onwards Prior to 2013-14
Digital Siganture Yes Yes No No
Default Summary View Yes Yes Yes Yes
Personal Information Yes Yes No No
Challan Correction (unmatached,matched) +deductee movement Yes Yes Yes Yes
Pan Correction (Annex. 1) Yes No No No
Pan Correction (Annex. 2) Yes No No No
Add Challan to statement  Yes Yes Yes Yes
Interest , Levy Payment Yes Yes Yes Yes
Modify /Add deductee rows Yes No No No
Delete / Add Salary deductee rows Yes No No No

Income Tax :- Due Advance Tax on 15th March, 2015

Saturday, March 14, 2015 | comments

Friends,   Payment of advance tax is due on 15-03-2015 for all assessees whose tax amount exceeds Rs. 10,000/- in the Financial Year 2014-15 or Assessment Year 2015-16.   There are two category of assessees named Corporate or Non-Corporate.
 

                The amount of Advance Tax can be deposited through Challan No. 280 by selecting (100) as the type of payment.  In case Advance Tax is not paid in time, Assessee has to pay interest on account of  non payment or late payment of Advance Tax under section 234B or 234C. 

To calculate Advance Tax , Advance Tax Calculator is available here. (Read & Download)

Detail of Section 234B

58[Interest for defaults in payment of advance tax.
234B. (1) Subject to the other provisions of this section, where, in any financial year, an assessee who is liable to pay advance tax under section 208 has failed to pay such tax or, where the advance tax paid by such assessee under the provisions ofsection 210 is less than ninety per cent of the assessed tax, the assessee shall59 be liable to pay simple interest at the rate of 60[one] per cent for every month or part of a month comprised in the period from the 1st day of April next following such financial year 61[to the date of determination of total income under sub-section (1) of section 143 62[and where a regular assessment is made, to the date of such regular assessment, on an amount]] equal to the assessed tax or, as the case may be, on the amount by which the advance tax paid as aforesaid falls short of the assessed tax.
63[Explanation 1.—In this section, "assessed tax" 64 means the tax on the total income determined under sub-section (1) of section 143 and where a regular assessment is made, the tax on the total income determined under such regular assessment as reduced by the amount of,—
(i) any tax deducted or collected at source in accordance with the provisions of Chapter XVII on any income which is subject to such deduction or collection and which is taken into account in computing such total income;
(ii) any relief of tax allowed under section 90 on account of tax paid in a country outside India;
(iii) any relief of tax allowed under section 90A on account of tax paid in a specified territory outside India referred to in that section;
(iv) any deduction, from the Indian income-tax payable, allowed under section 91, on account of tax paid in a country outside India; and
(v) any tax credit allowed to be set off in accordance with the provisions of section 115JAA 65[or section 115JD].]
Explanation 2.—Where, in relation to an assessment year, an assessment is made for the first time under section 147 66[or section 153A], the assessment so made shall be regarded as a regular assessment for the purposes of this section.
67[Explanation 3.—In Explanation 1 and in sub-section (3) "tax on the total income determined under sub-section (1) of section 143" shall not include the additional income-tax, if any, payable under section 143.]
(2) Where, before the date of 68[determination of total income under sub-section (1) of section 143 or] completion of a regular assessment, tax is paid by the assessee under section 140A or otherwise,—
(i) interest shall be calculated in accordance with the foregoing provisions of this section up to the date on which the tax is so paid, and reduced by the interest, if any, paid under section 140A towards the interest chargeable under this section;
(ii) thereafter, interest shall be calculated at the rate aforesaid on the amount by which the tax so paid together with the advance tax paid falls short of the assessed tax.
(3) Where, as a result of an order of reassessment or recomputation under section 147 69[or section 153A], the amount on which interest was payable under sub-section (1) is increased, the assessee shall be liable to pay simple interest at the rate of70[one] per cent for every month or part of a month comprised in the period commencing on the day following 71[the date of determination of total income under sub-section (1) of section 143 72[and where a regular assessment is made as is referred to in sub-section (1) following the date of such regular assessment]] and ending on the date of the reassessment or recomputation under section 147 73[or section 153A], on the amount by which the tax on the total income determined on the basis of the reassessment or recomputation exceeds the tax on the total income determined 74[under sub-section (1) of section 143 or] on the basis of the regular assessment aforesaid.
Explanation.75[* * *]
(4) Where, as a result of an order under section 154 or section 155 or section 250 or section 254 or section 260 or section 262 or section 263 or section 264 or an order of the Settlement Commission under sub-section (4) of section 245D, the amount on which interest was payable76 under sub-section (1) or sub-section (3) has been increased or reduced, as the case may be, the interest shall be increased or reduced accordingly, and—
(i) in a case where the interest is increased, the Assessing Officer shall serve on the assessee a notice of demand in the prescribed form specifying the sum payable and such notice of demand shall be deemed to be a notice under section 156 and the provisions of this Act shall apply accordingly;
(ii) in a case where the interest is reduced, the excess interest paid, if any, shall be refunded.
(5) The provisions of this section shall apply in respect of assessments for the assessment year commencing on the 1st day of April, 1989 and subsequent assessment years.]

Detail of Section 234C
77[Interest for deferment of advance tax.
234C. (1) 78[Where in any financial year,—
(a) the company which is liable to pay advance tax under section 208 has failed to pay such tax or—
(i) the advance tax paid by the company on its current income on or before the 15th day of June is less than fifteen per cent of the tax due on the returned income or the amount of such advance tax paid on or before the 15th day of September is less than forty-five per cent of the tax due on the returned income or the amount of such advance tax paid on or before the 15th day of December is less than seventy-five per cent of the tax due on the returned income, then, the company shall79 be liable to pay simple interest at the rate of 80[one] per cent per month for a period of three months on the amount of the shortfall from fifteen per cent or forty-five per cent or seventy-five per cent, as the case may be, of the tax due on the returned income;
(ii) the advance tax paid by the company on its current income on or before the 15th day of March is less than the tax due on the returned income, then, the company shall be liable to pay simple interest at the rate of 81[one] per cent on the amount of the shortfall from the tax due on the returned income:
Provided that if the advance tax paid by the company on its current income on or before the 15th day of June or the 15th day of September, is not less than twelve per cent or, as the case may be, thirty-six per cent of the tax due on the returned income, then, it shall not be liable to pay any interest on the amount of the shortfall on those dates;
(b) the assessee, other than a company, who is liable to pay advance tax under section 208 has failed to pay such tax or,—
(i) the advance tax paid by the assessee on his current income on or before the 15th day of September is less than thirty per cent of the tax due on the returned income or the amount of such advance tax paid on or before the 15th day of December is less than sixty per cent of the tax due on the returned income, then, the assessee shall be liable to pay simple interest at the rate of 81[one] per cent per month for a period of three months on the amount of the shortfall from thirty per cent or, as the case may be, sixty per cent of the tax due on the returned income;
(ii) the advance tax paid by the assessee on his current income on or before the 15th day of March is less than the tax due on the returned income, then, the assessee shall be liable to pay simple interest at the rate of 81[one] per cent on the amount of the shortfall from the tax due on the returned income :]
82[Provided that nothing contained in this sub-section shall apply to any shortfall in the payment of the tax due on the returned income where such shortfall is on account of under-estimate or failure to estimate—
(a) the amount of capital gains; or
(b) income of the nature referred to in sub-clause (ix) of clause (24) of section 2,
and the assessee has paid the whole of the amount of tax payable in respect of income referred to in clause (a) or clause (b), as the case may be, had such income been a part of the total income, as part of the 83[remaining instalments of advance tax which are due or where no such instalments are due], by the 31st day of March of the financial year:]
84[Provided further that nothing contained in this sub-section shall apply to any shortfall in the payment of the tax due on the returned income where such shortfall is on account of increase in the rate of surcharge under section 2 of the Finance Act, 2000 (10 of 2000), as amended by the Taxation Laws (Amendment) Act, 2000 (1 of 2001), and the assessee has paid the amount of shortfall, on or before the 15th day of March, 2001 in respect of the instalment of advance tax due on the 15th day of June, 2000, the 15th day of September, 2000 and the 15th day of December, 2000 :]
85[Provided also that nothing contained in this sub-section shall apply to any shortfall in the payment of the tax due on the returned income where such shortfall is on account of increase in the rate of surcharge under section 2 of the Finance Act, 2000 (10 of 2000) as amended by the Taxation Laws (Amendment) Act, 2001 (4 of 2001) and the assessee has paid the amount of shortfall on or before the 15th day of March, 2001 in respect of the instalment of advance tax due on the 15th day of June, 2000, the 15th day of September, 2000 and 15th day of December, 2000.]
86[Explanation.—In this section, "tax due on the returned income" means the tax chargeable on the total income declared in the return of income furnished by the assessee for the assessment year commencing on the 1st day of April immediately following the financial year in which the advance tax is paid or payable, as reduced by the amount of,—
(i) any tax deductible or collectible at source in accordance with the provisions of Chapter XVII on any income which is subject to such deduction or collection and which is taken into account in computing such total income;
(ii) any relief of tax allowed under section 90 on account of tax paid in a country outside India;
(iii) any relief of tax allowed under section 90A on account of tax paid in a specified territory outside India referred to in that section;
(iv) any deduction, from the Indian income-tax payable, allowed under section 91, on account of tax paid in a country outside India; and
(v) any tax credit allowed to be set off in accordance with the provisions of section 115JAA 87[or section 115JD].]
(2) The provisions of this section shall apply in respect of assessments for the assessment year commencing on the 1st day of April, 1989 and subsequent assessment years.]]

e-TDS :- Is it Mandatory to file Electronic TDS return ?

Tuesday, March 3, 2015 | comments

Friends,  It is general question that e-TDS return is mandatory or not.   There are four categories of Deductions for which TDS returns are mandatory to file in electronic form.  Detail for categories are given below :-
  • Offices of the Government
  • Companies
  • Persons required to get their accounts audited u/s 44AB of the Income Tax Act, 1961
  • Deductors reporting more than 20 deductee records for any quarter in the financial year
Detail information regarding Section 44AB in the word of Income Tax Department  is also given below :-

17[Audit of accounts of certain persons carrying on business or profession.
1844AB. 19Every person,—
(a) carrying on business shall, if his total sales, turnover or gross receipts, as the case may be, in business exceed or exceeds 20[one crore rupees] in any previous year 21[***]; or
(b) carrying on profession shall, if his gross receipts in profession exceed 22[twenty-five lakh rupees] in any 23[previous year; or
(c) carrying on the business shall, if the profits and gains from the business are deemed to be the profits and gains of such person under 24[section 44AE ] 25[or section 44BB or section 44BBB], as the case may be, and he has claimed his income to be lower than the profits or gains so deemed to be the profits and gains of his business, as the case may be, in any 26[previous year; or]] 27[***]
28[(d) carrying on the business shall, if the profits and gains from the business are deemed to be the profits and gains of such person under section 44AD and he has claimed such income to be lower than the profits and gains so deemed to be the profits and gains of his business and his income exceeds the maximum amount which is not chargeable to income-tax in any previous year,]
get his accounts of such previous year 29[***] audited by an accountant before the specified date and 30[furnish by] that date the report of such audit in the prescribed form duly signed and verified by such accountant and setting forth such particulars as may be prescribed :
31[Provided that this section shall not apply to the person, who derives income of the nature referred to in 32[***] section 44B or 33[section 44BBA], on and from the 1st day of April, 1985 or, as the case may be, the date on which the relevant section came into force, whichever is later :
Provided further that] in a case where such person is required by or under any other law to get his accounts audited 34[***], it shall be sufficient compliance with the provisions of this section if such person gets the accounts of such business or profession audited under such law before the specified date and 35[furnishes by] that date the report of the audit as required under such other law and a further report 36[by an accountant] in the form prescribed under this section.
Explanation.—For the purposes of this section,—
(i) "accountant" shall have the same meaning as in the Explanation below sub-section (2) of section 288;
37[(ii) "specified date", in relation to the accounts of the assessee of the previous year relevant to an assessment year, means 38[the due date for furnishing the return of income under sub-section (1) of section 139].]]

Income Tax :- Important Due Dates for the month March 2015

Monday, March 2, 2015 | comments

Friends,  Some Due dates like deposit of TDS, Advance Tax, issue of TDS Certificate u/s 194-IA are lying in the month March, 2015.  Therefore income tax assessee's are requested to read below mentioned due dates regarding income tax :-

7 March 2015 -
​​Due date for deposit of Tax deducted/collected for the month of February, 2015​

15 March 2015 -
​​Third instalment (in the case of an assessee other than a company) or fourth instalment (in the case of a company) of advance income tax for the assessment year 2015-16​

22 March 2015 -
​​Due date for issue of TDS Certificate for tax deducted under Section 194-IA in the month of February, 2015​

31 March 2015 -
​​Extended due date for Annual return of income and wealth for the assessment year 2014-15 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) for the taxpayers in the State of Jammu & Kashmir - . Order [F.NO.225/268/2015-ITA.II],Dated 28-11-2014​

31 March 2015 -
​​Extended due date for Audit report under section 44AB for the assessment year 2014-15 in the case of an assessee who is also required to submit a report pertaining to international or specified domestic transactions under Section 92E for the taxpayers in the state of Jammu & Kashmir - Order [F.NO.225/268/2015-ITA.II], Dated 28-11-2014​

e-TDS :- Consequences of failure to pay the demand:

Monday, February 23, 2015 | comments

Consequences of failure to pay the demand:

  • As per the provisions of section 220 of the Act, Any amount, specified as payable in a notice of demand shall be paid within thirty days of the service of the notice.

    If the amount specified in any notice of demand is not paid within the period limited under sub-section (1), the assessee shall be liable to pay simple interest at one per cent for every month or part of a month comprised in the period commencing from the day immediately following the end of the period mentioned in sub-section (1) and ending with the day on which the amount is paid.

  • If any person fails to deduct or pay the whole or any part of the tax, then, such person shall be liable to pay, by way of penalty, a sum equal to the amount of tax which such person failed to deduct or pay under Section 271C of the Act.
  • Failure to pay tax to the credit of Central Government is punishable with fine as per the provisions of section 276B/ 276BB.
  • Section 278A of the Act prescribes for punishment for second and subsequent offences, if any person has been convicted of an offence under section 276B.

Due Dates for the month February 2015

Sunday, February 1, 2015 | comments

Due Dates for the month February 2015

7 February 2015 -
​​Due date for deposit of Tax deducted/collected for the month of January, 2015​
15 February 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 December 31, 2014​
22 February 2015 -
​​Due date for issue of TDS Certificate for tax deducted under Section 194-IA in the month of January, 2015​

TDS :- Outstanding Demand , Statement on Hold or Online Correction

Wednesday, January 28, 2015 | comments

Friends,   while downloading form 16 or 16A or downloading conso file, it has been found that there is message that your statement has not been processed till date.  Reason for that may be given below :-
  • Details of manual and processed demands based on financial year are now available through a link on TRACES deductor dashboard
  • The original statement will be put on hold for 7 days if Challan Mismatch / Challan Overbooked / PAN Errors has been identified in the preliminary check.

    Please make online correction to correct Challan Mismatch / Challan Overbooked / Pan Errors so that your statement is not processed for defaults.
  • CPC (TDS) prompts you to first close the Short payment defaults before submission of request for download of TDS Certificates (Forms 16/ 16A).
  • Short Payment default that can be closed by Online Correction displayed when submitting request of Form 16 / 16A

Income Tax :- Reminder of e-filing for Income Tax Return of Assessment Year 2014-15

Tuesday, January 20, 2015 | comments

Friends
         Reminder from Income Tax Department has been sent by email to those assessees  who have not filed their Income tax return for Financial Year 2013-14 or Assessment Year 2014-15. Reminders are  based on data available with e-filing website of Income tax India. In the reminder, department has asked some questions in  a online form in which Assessee has to inform or provide the reason for non filing of return. Assessee can choose the option applicable to him and after choosing his option he can click the submit button given in the email :- 

A format of one such letter is as follows :- 

  • Reminder for Filing of Income Tax Return for Assessment Year 2014-15 – PAN: ABCPJXXXXP
  • Dear Taxpayer,

    This is a gentle reminder for you to file your Income Tax Return for Assessment Year 2014-15. Though, the due date for filing returns for AY 2014-15 is over, there is a provision under the Income Tax Act to file a belated return which may help you to remain compliant with requirements of law. E-filing is simple, easy and convenient as you would have experienced in previous years.

    You are, therefore, kindly requested to login to https://incometaxindiaefiling.gov.in and download the free return preparation software with a host of new features to help you in preparing the Income Tax return and submit your return. You can also prepare and submit ITR-1 and ITR-4S online.

    Please take some time to browse through all the value – added services offered on the E-filing website that will help you prepare your return accurately and guide you in case of any prior pending items.

             
    Will be submitting ITR shortly.
              Already submitted the ITR of AY 2014-15 online.
              Already submitted the ITR of AY 2014-15 in paper-mode.
              Income is below taxable limit for AY 2014-15.

    Needless to mention that the quicker you submit your return and send the signed ITR-V (ITR-Verification) form to CPC, Bangalore, the faster you will get your refund, if any, credited to your bank account. As on 23rd December 2014, over 58.17 lakh refunds have already been issued for AY 2014-15! File early to get your return processed soon.

    Regards,
    e-Filing Team,
    Income Tax Department 

e-TDS : - Download / KYC at TRACES through DSC or without DSC

Wednesday, January 14, 2015 | comments

Friends    Download from TRACES is simple and too many users are being download Conso File, Form 16 or 16A, Justification Report etc after entering KYC data.  Now it may be new that what is KYC.   KYC is the Challan Detail or Pan Detail related to Challan along with Token Number related to the statement or work which use wants to download.  

                In case deductor has not registered DSC at traces , he will have to enter again and again KYC for each download.   If deductor registered his DSC on Traces than only one time KYC is required for any download till sign in.  After sign out he will have to again enter one time  KYC  for download.   It means registration of DSC is important for multiple download  at TRACES.  

Some important questions related to download or KYC is given below :-


How can I request for Form 16 / 16A?

Login to TRACES as deductor and submit download request for Form 16 / 16A under ‘Downloads’ tab. File will be available under ‘Requested Downloads’ in ‘Downloads’ tab.

Text file will be provided containing details of all requested PANs. User must convert this text file to PDF using ‘TRACES PDF Generation Utility’. This utility will convert the text file into individual PDFs for each PAN. Deductor can also opt to digitally sign the PDFs while converting.

Can deductor download Form 16 without being registered on TRACES?

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

I have submitted download request for Form 16 for all employees. All forms have been successfully downloaded except one. What should I do?

Form 16 is generated only for valid PAN. In case of invalid PAN or if the PAN is not reported in TDS statement, Form 16 will not be generated.

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..

Is there any data downloading limit for Form 16 / 16A?

There is no such limit.

I am unable to download Form 16 / 16A as the number of PANs for which Form 16 / 16A were submitted was higher, however the PDFs generated were less. What should I do?

Check the status of the PANs for which Form 16 / 16A has not been generated. These PANs might be with inactive status or not present in the TDS statement filed.

What are the different dates available on Form 16 / 16A?

Date of processing will appear on the top and date of generation of Form 16 / 16A will appear at the bottom of Form 16 /16A.

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.


 
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