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Zero Uploading Fee for TDS Returns

Thursday, July 7, 2016 | comments

Friends   As you know that Income Tax Department has provided facility to upload TDS return through http://incometaxindiaefiling.gov.in/ .  This facility is not only for uploading TDS / TCS statements but also have too many benefits in the interest of Deductor.  For example  Zero uploading fee, No need to go nodal centre for uploading TDS / TCS statements, Regular statement can be uploaded on this site  etc. 

              In the first stage , Registration for this site is complicated after that uploading through DSC is easy.  Step by step information is given below alongwith PDF view :- 

  • Login at tdscpc.gov.in       in internet explorer. 
  • click on "Register with e-Filing" available in left hand site.
  • Fill Registration Detail as required.   Specifically there is no need to upload Tan Allotment letter or Letter head of deductor if PAN of deductor automatically captured in Form. 
  • Login at www.incometaxindiaefiling.gov.in. 
  • Authorise Tan Registration Detail through e-filing site. 
  • An email will be sent at registered email alongwith SMS at registered mobile. 
  • Login your registered email and press available link to authorise , a new window will be opened to enter Activation Pin available in your mobile. 
  • Now, Registration at Income Tax File is complete. 



Income Tax :- Due Dates for the month July, 2016

Friday, July 1, 2016 | comments

Due Dates for the month July, 2016

7 July 2016 -
​Due date for deposit of Tax deducted/collected for the month of June, 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 July 2016 -
​Due date for deposit of TDS for the period April 2016 to J​une 2016 when Assessing Officer has permitted quarterly deposit of TDS under  section 192, 194A,  194D or  194H​​
7 July 2016 -
​Due date for furnishing of challan-cum-statement in respect of tax deducted under Section 194-IA in the month of June, 2016
15 July 2016 -
​Quarterly statement of TDSdeposited for the quarter ending June 30, 2016 when tax is deductedby a person other than an office of Government​
15 July 2016 -
​Quarterly statement in respect of foreign remittances (to be furnished by authorized dealers) in Form No. 15CC for quarter ending June, 2016
15 July 2016 -
​​​Quarterly statement of TCS deposited for the quarter ending 30 June, 2016
22 July 2016 -
​​​Due date for issue of TDS Certificate for tax deducted under  section 194-IA​ ​in the month of June, 2016
30 July 2016 -
​Quarterly TDS certificate (in respect of tax deducted for payments other than salary by a person not being an office of the Government) or quarterly TCS certificate (in respect of tax collected by any person) for the quarter ending June 30, 2016
31 July 2016 -
​Annual return of income for the assessment year 2016-17 for all assessee other than (a) corporate-assessee or (b) non-corporate assessee (whose books of account are required to be audited) or (c) working partner (of a firm whose accounts are required to be audited) or (d) an assessee who is required to furnish a report under section 92E​.
31 July 2016 -
​Quarterly return of non-deduction of tax at source by a banking company from interest on time deposit in respect of the quarter ending June 30, 2016
31 July 2016 -
​Quarterly statement of tax deducted if the deductor is an office of the Government for the quarter ending June 30, 2016
31 July 2016 -
​Statement by scientific research association, university, college or other association or Indian scientific research company as required by ​rules 5D, 5Eand 5F (if due date of submission of return of income is July 31, 2016)

TDS :- Change of Deductor Category in TDS Return.

Friday, June 17, 2016 | comments

Friends  Commonly, there is no need to Change Category in TDS return.   Generally it creates problem when return filer has uploaded State Govt. or Central Govt. instead of  Non-Govt. deductor or vice-versa.    There is different Category of deductors used in TDS return with their Value.  Detailed category are given below :-



Category (deductor/collector) description   Value for Category in database / FVU
Central Government A
State Government S
Statutory body (Central Govt.) D
Statutory body (State Govt.) E
Autonomous body (Central Govt.) G
Autonomous body (State Govt.) H
Local Authority (Central Govt.) L
Local Authority (State Govt.) N
Company K
Branch / Division of Company M
Association of Person (AOP) P
Association of Person (Trust) T
Artificial Juridical Person J
Body of Individuals B
Individual/HUF Q
Firm F


Note:
1 Deductor category for Govt. deductors can be changed  internally within Central Govt. and State Govt. only (i.e., "A" & "S")
2 Deductor category for Non. Govt. deductors (i.e., excluding Central Govt. and State Govt.) can be changed internally only  ( i.e., "D", "E", "G", "H", "L", "N", "K", "M", "P", "T", "J", "B", "Q" & "F"  )

Income Tax :- New Due dates for Advance Tax w.e.f. 01.06.2016

Tuesday, June 7, 2016 | comments

Friends   It is important to draw attention to those who had not pay Advance Income Tax  in June of every year due to their status of  Non-Corporate.  Now w.e.f. 01.06.2016 , all income tax assessees  either Corporate or Non-Corporate who are liable to pay Advance Income Tax have to deposit Advance Income Tax on or before 15th June @ 15% of advance tax.  Words as per Section -211 of  Income Tax Act -1961-2016 are given below for your perusal :-


Instalments of advance tax and due dates.
211. 8[(1) Advance tax on the current income calculated in the manner laid down in section 209 shall be payable by—
(a) all the assessees, other than the assessee referred to in clause (b), who are liable to pay the same, in four instalments during each financial year and the due date of each instalment and the amount of such instalment shall be as specified in the Table below:
TABLE
Due date of instalmentAmount payable
On or before the 15th JuneNot less than fifteen per cent of such advance tax.
On or before the 15th SeptemberNot less than forty-five per cent of such advance tax, as reduced by the amount, if any, paid in the earlier instalment.
On or before the 15th DecemberNot less than seventy-five per cent of such advance tax, as reduced by the amount or amounts, if any, paid in the earlier instalment or instalments.
On or before the 15th MarchThe whole amount of such advance tax, as reduced by the amount or amounts, if any, paid in the earlier instalment or instalments;
(b) an eligible assessee in respect of an eligible business referred to in section 44AD, to the extent of the whole amount of such advance tax during each financial year on or before the 15th March:
Provided that any amount paid by way of advance tax on or before the 31st day of March shall also be treated as advance tax paid during the financial year ending on that day for all the purposes of this Act.]
(2) If the notice of demand issued under section 156 in pursuance of an order of the Assessing Officer under sub-section (3) or sub-section (4) of section 210 is served after any of the due dates specified in sub-section (1), the appropriate part or, as the case may be, the whole of the amount of the advance tax specified in such notice shall be payable on or before each of such of those dates as fall after the date of service of the notice of demand.

Income Tax :- Due Dates for the month June, 2016

Wednesday, June 1, 2016 | comments

Due Dates for the month June, 2016

7 June 2016 -
​Due date for deposit of Tax deducted/collected for the month of May, 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 June 2016 -
​Due date for furnishing of challan-cum-statement in respect of tax deducted under Section 194-IA in the month of May, 2016
15 June 2016 -
​​​​​First instalment of advance income-tax in the case of a company for the assessment year 2017-18
22 June 2016 -
​Due date for issue of TDS Certificate for tax deducted under  section 194-IA​ in the month of May, 2016
30 June 2016 -
​Return in respect of securities transaction tax for the financial year 2015-16 ​
30 June 2016 -
​​​Quarterly return of non-deduction of tax at source by a banking company from interest on time deposit in respect of the quarter ending March 31, 2016
30 June 2016 -
​Statement to be furnished by AIF to units holders in respect of income distributed (during previous year 2015-16) to units holders
30 June 2016 -
​Report by an approved institution/public sector company under  section 35AC(4)/(5)​ for the year ending March 31, 2016
30 June 2016 -
​Due date for furnishing of statement of income distributed by business trust to its unit holders during the financial year 2015-16. This statement is required to be furnished to the unit holders in form No. 64B[As prescribed under Rule 12CA inserted by the Income-tax (First Amendment) Rules, 2015, w.e.f. 19-1-2015.]

Income Tax :- 1% Tax Collection at Source ( T C S ) on Cash Sale w.e.f. 01-06-2016

Sunday, May 29, 2016 | comments

Friends,   New TCS @ 1%  on Cash Sale will be implemented w.e.f. 1st June, 2016 under Sub Section (1D) of Section 206C.   Being a deductor or collector the following rows of Section 206C should be read before 1st June, 2016.   Mainly this  section effect those businessmen who receive Cash from their Debtors.   The persons who receive cheques, Draft, RTGS, NEFT or E-transfer from their customers will not be effected with this section mentioned below :- 


(1D) Every person, being a seller, who receives any amount in cash as consideration for sale of bullion or jewellery 87[or any other goods (other than bullion or jewellery) or providing any service], shall, at the time of receipt of such amount in cash, collect from the buyer, a sum equal to one per cent of sale consideration as income-tax, if such consideration,—

  (i) for bullion, exceeds two hundred thousand rupees; or
 (ii) for jewellery, exceeds five hundred thousand rupees; 88[or]

88[(iii) for any goods, other than those referred to in clauses (i) and (ii), or any service, exceeds two hundred thousand rupees:

Provided that no tax shall be collected at source under this sub-section on any amount on which tax has been deducted by the payer under Chapter XVII-B.]

88[(1E) Nothing contained in sub-section (1D) in relation to sale of any goods (other than bullion or jewellery) or providing any service shall apply to such class of buyers who fulfil such conditions, as may be prescribed.

(1F) Every person, being a seller, who receives any amount as consideration for sale of a motor vehicle of the value exceeding ten lakh rupees, shall, at the time of receipt of such amount, collect from the buyer, a sum equal to one per cent of the sale consideration as income-tax.]

(2) The power to recover tax by collection under sub-section (1) or sub-section (1C) or sub-section (1D) shall be without prejudice to any other mode of recovery.

(3) Any person collecting any amount under sub-section (1) or sub-section (1C) or sub-section (1D) shall pay within 89[the prescribed time] the amount so collected to the credit of the Central Government or as the Board directs :

Provided that the person collecting tax on or after the 1st day of April, 2005 in accordance with the foregoing provisions of this section shall, after paying the tax collected to the credit of the Central Government within the prescribed time, prepare such statements for such period as may be prescribed and deliver or cause to be delivered to the prescribed income-tax authority90, or the person authorised by such authority, such statement in such form and verified in such manner and setting forth such particulars and within such time as may be prescribed.91

(3A) In case of an office of the Government, where the amount collected under sub-section (1) or sub-section (1C) or sub-section (1D) 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, who is responsible for crediting such tax to the credit of the Central Government, shall deliver or cause to be delivered to the prescribed income-tax authority, or to the person authorised by such authority, a statement in such form, verified in such manner, setting forth such particulars and within such time as may be prescribed.

(3B) The person referred to in the proviso to sub-section (3) may also deliver to the prescribed authority under the said proviso, a correction statement for rectification of any mistake or to add, delete or update the information furnished in the statement delivered under the said proviso in such form and verified in such manner, as may be specified by the authority.

(4) Any amount collected in accordance with the provisions of this section and paid to the credit of the Central Government shall be deemed to be a payment of tax on behalf of the person from whom the amount has been collected and credit shall be given to such person for the amount so collected in a particular assessment year in accordance with the rules92 as may be prescribed by the Board from time to time.

(5) Every person collecting tax in accordance with the provisions of this section shall within such period as may be prescribed93 from the time of debit or receipt of the amount furnish to the buyer or licensee or lessee to whose account such amount is debited or from whom such payment is received, a certificate to the effect that tax has been collected, and specifying the sum so collected, the rate at which the tax has been collected and such other particulars as may be prescribed94 :

Provided that the prescribed income-tax authority or the person authorised by such authority referred to in sub-section (3) shall, within the prescribed time after the end of each financial year beginning on or after the 1st day of April, 2008, prepare and deliver to the buyer referred to in sub-section (1) or, as the case may be, to the licensee or lessee referred to in sub-section (1C), a statement in the prescribed form95 specifying the amount of tax collected and such other particulars as may be prescribed.

(5A) Every person collecting tax before the 1st day of April, 2005 in accordance with the provisions of this section shall prepare within the prescribed time after the end of each financial year, and deliver or cause to be delivered to the prescribed income-tax authority96 or such other authority or agency as may be prescribed such returns in such form and verified in such manner and setting forth such particulars and within such time as may be prescribed :

Provided that the Board may, if it considers necessary or expedient so to do, frame a scheme for the purposes of filing such returns with such other authority or agency referred to in this sub-section.

(5B) Without prejudice to the provisions of sub-section (5A), any person collecting tax, other than in a case where the seller is a company, the Central Government or a State Government, may at his option, deliver or cause to be delivered such return to the prescribed income-tax authority97 in accordance with such scheme as may be specified by the Board in this behalf, by notification in the Official Gazette, and subject to such conditions as may be specified therein, on or before the prescribed time after the end of each financial year, on a floppy, diskette, magnetic cartridge tape, CD-ROM or any other computer readable media (hereinafter referred to as the computer media) and in the manner as may be specified in that scheme:

Provided that where the person collecting tax is a company or the Central Government or a State Government, such person shall, in accordance with the provisions of this section, deliver or cause to be delivered, within the prescribed time after the end of each financial year, such returns on computer media under the said scheme.

(5C)Notwithstanding anything contained in any other law for the time being in force, a return filed on computer media shall be deemed to be a return for the purposes of sub-section (5A) and the rules made thereunder and shall be admissible in any proceedings made thereunder, without further proof of production of the original, as evidence of any contents of the original or of any facts stated therein.

(5D)Where the Assessing Officer considers that the return delivered or caused to be delivered under sub-section (5B) is defective, he may intimate the defect to the person collecting tax and give him an opportunity of rectifying the defect within a period of fifteen days from the date of such intimation or within such further period which, on an application made in this behalf, the Assessing Officer may, in his discretion, allow; and if the defect is not rectified within the said period of fifteen days or, as the case may be, the further period so allowed, then, notwithstanding anything contained in any other provision of this Act, such return shall be treated as an invalid return and the provisions of this Act shall apply as if such person had failed to deliver the return.

(6) Any person responsible for collecting the tax who fails to collect the tax in accordance with the provisions of this section, shall, notwithstanding such failure, be liable to pay the tax to the credit of the Central Government in accordance with the provisions of sub-section (3).

(6A) If any person responsible for collecting tax in accordance with the provisions of this section does not collect the whole or any part of the tax or after collecting, fails to pay the tax as required by or under this Act, he shall, without prejudice to any other consequences which he may incur, be deemed to be an assessee in default in respect of the tax:

Provided that any person, other than a person referred to in sub-section (1D), responsible for collecting tax in accordance with the provisions of this section, who fails to collect the whole or any part of the tax on the amount received from a buyer or licensee or lessee or on the amount debited to the account of the buyer or licensee or lessee shall not be deemed to be an assessee in default in respect of such tax if such buyer or licensee or lessee—

  (i) has furnished his return of income under section 139;
 (ii) has taken into account such amount for computing income in such return of income; and
(iii) has paid the tax due on the income declared by him in such return of income,
and the person furnishes a certificate to this effect from an accountant in such form as may be prescribed98:]

Provided further that no penalty shall be charged under section 221 from such person unless the Assessing Officer is satisfied that the person has without good and sufficient reasons failed to collect and pay the tax.

(7) Without prejudice to the provisions of sub-section (6), if the person responsible for collecting tax does not collect the tax or after collecting the tax fails to pay it as required under this section, he shall be liable to pay simple interest at the rate of one per cent per month or part thereof on the amount of such tax from the date on which such tax was collectible to the date on which the tax was actually paid and such interest shall be paid before furnishing the quarterly statement for each quarter in accordance with the provisions of sub-section (3):

Provided that in case any person, other than a person referred to in sub-section (1D), responsible for collecting tax in accordance with the provisions of this section, fails to collect the whole or any part of the tax on the amount received from a buyer or licensee or lessee or on the amount debited to the account of the buyer or licensee or lessee but is not deemed to be an assessee in default under the first proviso of sub-section (6A), the interest shall be payable from the date on which such tax was collectible to the date of furnishing of return of income by such buyer or licensee or lessee.

(8) Where the tax has not been paid as aforesaid, after it is collected, the amount of the tax together with the amount of simple interest thereon referred to in sub-section (7) shall be a charge upon all the assets of the person responsible for collecting tax.

(9) Where the Assessing Officer is satisfied that the total income of the buyer or licensee or lessee justifies the collection of the tax at any lower rate than the relevant rate specified in sub-section (1) or sub-section (1C) or sub-section (1D), the Assessing Officer shall, on an application99 made by the buyer or licensee or lessee in this behalf, give to him a certificate for collection of tax at such lower rate than the relevant rate specified in sub-section (1) or sub-section (1C) or sub-section (1D).

(10) Where a certificate under sub-section (9) is given, the person responsible for collecting the tax shall, until such certificate is cancelled by the Assessing Officer, collect the tax at the rates specified in such certificate.

(11) The Board may, having regard to the convenience of assessees and the interests of revenue, by notification in the Official Gazette, make rules specifying the cases in which, and the circumstances under which, an application may be made for the grant of a certificate under sub-section (9) and the conditions subject to which such certificate may be granted and providing for all other matters connected therewith.

Explanation.—For the purposes of this section,—
(a) "accountant" shall have the meaning assigned to it in the Explanation to sub-section (2) of section 288;
(aa) "buyer" with respect to—

  (i) sub-section (1) means a person who obtains in any sale, by way of auction, tender or any other mode, goods of the nature specified in the Table in sub-section (1) or the right to receive any such goods but does not include,—

(A) a public sector company, the Central Government, a State Government, and an embassy, a High Commission, legation, commission, consulate and the trade representation, of a foreign State and a club; or

(B) a buyer in the retail sale of such goods purchased by him for personal consumption;
 (ii) sub-section (1D) 1[or sub-section (1F)] means a person who obtains in any sale, goods of the nature specified in the said sub-section;

 (ab) "jewellery" shall have the meaning assigned to it in the Explanation to sub-clause (ii) of clause (14) of section 2;

(b) "scrap" means waste and scrap from the manufacture or mechanical working of materials which is definitely not usable as such because of breakage, cutting up, wear and other reasons;

(c) "seller" means the Central Government, a State Government or any local authority or corporation or authority established by or under a Central, State or Provincial Act, or any company or firm or co-operative society and also includes an individual or a Hindu undivided family whose total sales, gross receipts or turnover from the business or profession carried on by him exceed the monetary limits specified under clause (a) or clause (b) of section 44AB during the financial year immediately preceding the financial year in which the goods of the nature specified in the Table in sub-section (1) or sub-section (1D) are sold 2[or services referred to in sub-section (1D) are provided].

Income Tax ITR Forms :- Which Form is Required to submit Income Tax Return

Thursday, May 26, 2016 | comments

Friends,  It is a serious question that what ITR Form is required to submit Income Tax Return.   It is different for all according to their source of income.   Income may be through Salary , Interest ( either from Bank Interest or Others), Business or Profession, Capital Gain, from Proprietor Business, from Partnership Firm, from Company etc.
  
            Assessee or Return Filer should check below content before filing any Income Tax Return or to select Proper Income Tax Return Form to avoid further complication in future :-



Income Tax Return Forms for Financial Year 2015-16 or Assessment Year 2016-17

ITR 1 (SAHAJ)
For Individuals having Income from Salary & Interest.     


ITR 2
For Individuals & HUFs not having Income from Business or Profession 

ITR 2A
For Individuals & HUFs not having Income from Business or Profession and Capital Gains and who do not hold foreign assets         

ITR 3
For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship
ITR 4
For Individuals & HUFs having income from a proprietory business or profession

ITR 4S (SUGAM)     
For Individuals/HUF/Partnership Firm having income from presumptive business

ITR 5
For persons other than,- (i) individual, (ii) HUF, (iii) company and (iv) person filing ITR-7

ITR 6
For Companies other than companies claiming exemption under section 11           


ITR 7
For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F)
       


                    
       
             
       

Income Tax :- View Tax Credit of Deductee

Tuesday, May 17, 2016 | comments

Friends,   Do you know that you can view Tax Credit Statement of your Deductees ? .  If no , then this article will be helpful for you.   Too many times, it seems that deductee comes with you and says that amount of TDS deducted from his payments by deductor has not been credited in his Form 26AS.  Everyone is not aware about Form 26AS. He have received this information from his consultant etc.   In such a position , deductor requires Login I.D and Password of Deductee to view the tax credit. But deductee has not such details.   Now mutual understanding goes in rain. 

                However to resolve such type of issues, TDSCPC has provided a link to deductor to view the Tax Credit of Deductee.   This information is available under Statements / Payments after login at www.tdscpc.gov.in.   



The above information is available PAN wise,  Quarter wise which is very much helpful between DEDUCTOR AND DEDUCTEES.
 

Excel Based Income Tax Calculator for the F.Y. 2016-17

Monday, May 9, 2016 | comments

Friends  As you know that deduction u/s 87A  of Income Tax Act has been enhanced from Rs. 2000/- to Rs. 5000/-. in new budget and the same has been updated in Excel  Income Tax Calculator.  This deduction will be applicable w.e.f. 01.04.2016 or from the Financial Year 2016-17. The said calculator is available at www.tdstaxindia.com under Free Download Link.   Benefit of this calculator is given below :-

1.  Multiple Employees Tax calculation can be done and stored their data in Calculator.
2.  By default this Excel Sheet has been prepared for 500 employees and the rows can be increased
      on user demand. 
3.  Monthly Tax Planning Can be done through this utility. 
4.  PAN Structure Validation is also available in it. However it does not check PAN as per Income 
     Tax Data 
5.  No need to calculate Income Tax manually  through calculator.  It  calculates auto Income Tax.


TDS :- Upload TDS / TCS return Through Income Tax e-filing Site instead of NSDL.

Wednesday, May 4, 2016 | comments

Friends,   Now Income Tax Department has started new facility  to upload TDS / TCS return through their e-filing website.  Earlier this type of facility was provided by NSDL.  Basic requirement of this facility is DSC.  If deductor has DSC of his DDO then he can avail benefit of this facility. I think presently there are less users / Deductors  who are availing benefit of this facility.   Benefit of online upload TDS / TCS returns directly are given below :- 
  • >No need to pay Uploading Fee. I mean to say Zero Uploading Fee.
  • >No need to sign 27A form and send it through TIN  centre in physical form.
  • >No need to stand in queue for collecting Receipt of TDS return in the shape of Token Number etc.
  • >Uploading can be done at any time (24 hours) without any interaction of other person.

Registration on incometaxefiling.gov.in is complicated.  I have got registered on it and want to share with you to avoid problem in registration for uploading TDS / TCS return. 



Step by step details are given below which i had followed :- 
  1. >Login at tdscpc.gov.in 
  2. >Click on  Registration at e-Filing Site. (Pop-up setting is required.).   This link opens / redirects automatically  Registration Form in new Tab.
  3. >After completion of the Registration Form, a link of approval will be sent in the PAN Login (Pan Registration required on incometaxindiaefiling.gov.in ).   Approval will be done through PAN login at incometaxindiaefiling.gov.in.
  4. >Codes will be sent time to time on registered / new email address and registered / new Phone Number.
  5. >In the last DSC will be registered under TAN login through DSC registration utility.  This utility is  available in TAN login for uploading TDS return through Income Tax e-filing website. 
Instruction for Ta Deductor and Collector Registration :- 
1. Register with TRACES (www.tdscpc.gov.in)
2. Login to Traces.
3. Post Login use the option "Register at e-Filing Site". Available in the left hand side after login at TRACES.

 
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